Press Release |
— | Net Revenue of $3.01 Billion |
— | Consolidated Adjusted Property EBITDA of $1.05 Billion |
— | Consolidated Adjusted Property EBITDA Margin of 34.9% |
— | Adjusted Property EBITDA at Marina Bay Sands in Singapore was $415.3 Million (Marina Bay Sands Adjusted Property EBITDA Increased 0.2% on a Constant-Currency Basis) |
— | Adjusted Earnings per Diluted Share was $0.66 |
— | The Company Paid Dividends of $0.65 per Share, an Increase of 30.0% |
Three Months Ended | |||||||||||||||
The Venetian Macao Operations | March 31, | ||||||||||||||
(Dollars in millions) | 2015 | 2014 | $ Change | Change | |||||||||||
Revenues: | |||||||||||||||
Casino | $ | 676.9 | $ | 1,075.7 | $ | (398.8 | ) | -37.1% | |||||||
Rooms | 59.6 | 65.3 | (5.7 | ) | -8.7% | ||||||||||
Food and Beverage | 24.2 | 25.8 | (1.6 | ) | -6.2% | ||||||||||
Mall | 44.4 | 38.3 | 6.1 | 15.9% | |||||||||||
Convention, Retail and Other | 22.1 | 24.1 | (2.0 | ) | -8.3% | ||||||||||
Less - Promotional Allowances | (40.0 | ) | (44.6 | ) | 4.6 | 10.3% | |||||||||
Net Revenues | $ | 787.2 | $ | 1,184.6 | $ | (397.4 | ) | -33.5% | |||||||
Adjusted Property EBITDA | $ | 269.9 | $ | 470.1 | $ | (200.2 | ) | -42.6% | |||||||
EBITDA Margin % | 34.3% | 39.7% | -5.4 pts | ||||||||||||
Operating Income | $ | 220.0 | $ | 429.6 | $ | (209.6 | ) | -48.8% | |||||||
Gaming Statistics | |||||||||||||||
(Dollars in millions) | |||||||||||||||
Rolling Chip Volume | $ | 8,518.0 | $ | 15,315.4 | $ | (6,797.4 | ) | -44.4% | |||||||
Rolling Chip Win %(1) | 2.83% | 3.49% | -0.66 pts | ||||||||||||
Non-Rolling Chip Drop | $ | 1,868.0 | $ | 2,410.2 | $ | (542.2 | ) | -22.5% | |||||||
Non-Rolling Chip Win % | 25.0% | 26.1% | -1.1 pts | ||||||||||||
Slot Handle | $ | 1,062.5 | $ | 1,452.4 | $ | (389.9 | ) | -26.8% | |||||||
Slot Hold % | 4.9% | 5.1% | -0.2 pts | ||||||||||||
Hotel Statistics | |||||||||||||||
Occupancy % | 85.8% | 94.4% | -8.6 pts | ||||||||||||
Average Daily Rate (ADR) | $ | 270 | $ | 267 | $ | 3 | 1.1% | ||||||||
Revenue per Available Room (RevPAR) | $ | 232 | $ | 252 | $ | (20 | ) | -7.9% |
Three Months Ended | |||||||||||||||
Sands Cotai Central Operations | March 31, | ||||||||||||||
(Dollars in millions) | 2015 | 2014 | $ Change | Change | |||||||||||
Revenues: | |||||||||||||||
Casino | $ | 493.0 | $ | 750.3 | $ | (257.3 | ) | -34.3% | |||||||
Rooms | 71.9 | 79.4 | (7.5 | ) | -9.4% | ||||||||||
Food and Beverage | 28.0 | 32.8 | (4.8 | ) | -14.6% | ||||||||||
Mall | 13.5 | 8.8 | 4.7 | 53.4% | |||||||||||
Convention, Retail and Other | 6.8 | 7.5 | (0.7 | ) | -9.3% | ||||||||||
Less - Promotional Allowances | (41.4 | ) | (51.2 | ) | 9.8 | 19.1% | |||||||||
Net Revenues | $ | 571.8 | $ | 827.6 | $ | (255.8 | ) | -30.9% | |||||||
Adjusted Property EBITDA | $ | 155.9 | $ | 265.2 | $ | (109.3 | ) | -41.2% | |||||||
EBITDA Margin % | 27.3% | 32.0% | -4.7 pts | ||||||||||||
Operating Income | $ | 76.4 | $ | 195.1 | $ | (118.7 | ) | -60.8% | |||||||
Gaming Statistics | |||||||||||||||
(Dollars in millions) | |||||||||||||||
Rolling Chip Volume | $ | 6,083.0 | $ | 15,505.3 | $ | (9,422.3 | ) | -60.8% | |||||||
Rolling Chip Win %(1) | 2.76% | 2.83% | -0.07 pts | ||||||||||||
Non-Rolling Chip Drop | $ | 1,645.1 | $ | 1,800.7 | $ | (155.6 | ) | -8.6% | |||||||
Non-Rolling Chip Win % | 20.8% | 22.9% | -2.1 pts | ||||||||||||
Slot Handle | $ | 1,643.8 | $ | 1,821.4 | $ | (177.6 | ) | -9.8% | |||||||
Slot Hold % | 3.2% | 3.7% | -0.5 pts | ||||||||||||
Hotel Statistics | |||||||||||||||
Occupancy % | 81.5% | 88.8% | -7.3 pts | ||||||||||||
Average Daily Rate (ADR) | $ | 173 | $ | 177 | $ | (4 | ) | -2.3% | |||||||
Revenue per Available Room (RevPAR) | $ | 141 | $ | 157 | $ | (16 | ) | -10.2% |
Three Months Ended | |||||||||||||||
Four Seasons Hotel Macao and Plaza Casino Operations | March 31, | ||||||||||||||
(Dollars in millions) | 2015 | 2014 | $ Change | Change | |||||||||||
Revenues: | |||||||||||||||
Casino | $ | 125.4 | $ | 340.2 | $ | (214.8 | ) | -63.1% | |||||||
Rooms | 10.7 | 12.6 | (1.9 | ) | -15.1% | ||||||||||
Food and Beverage | 6.7 | 8.3 | (1.6 | ) | -19.3% | ||||||||||
Mall | 29.7 | 23.0 | 6.7 | 29.1% | |||||||||||
Convention, Retail and Other | 0.9 | 1.1 | (0.2 | ) | -18.2% | ||||||||||
Less - Promotional Allowances | (12.1 | ) | (15.2 | ) | 3.1 | 20.4% | |||||||||
Net Revenues | $ | 161.3 | $ | 370.0 | $ | (208.7 | ) | -56.4% | |||||||
Adjusted Property EBITDA | $ | 44.5 | $ | 113.0 | $ | (68.5 | ) | -60.6% | |||||||
EBITDA Margin % | 27.6% | 30.6% | -3.0 pts | ||||||||||||
Operating Income | $ | 31.9 | $ | 99.9 | $ | (68.0 | ) | -68.1% | |||||||
Gaming Statistics | |||||||||||||||
(Dollars in millions) | |||||||||||||||
Rolling Chip Volume | $ | 3,962.6 | $ | 9,193.7 | $ | (5,231.1 | ) | -56.9% | |||||||
Rolling Chip Win %(1) | 2.81% | 3.62% | -0.81 pts | ||||||||||||
Non-Rolling Chip Drop | $ | 229.0 | $ | 352.0 | $ | (123.0 | ) | -34.9% | |||||||
Non-Rolling Chip Win % | 23.1% | 28.4% | -5.3 pts | ||||||||||||
Slot Handle | $ | 133.9 | $ | 289.8 | $ | (155.9 | ) | -53.8% | |||||||
Slot Hold % | 4.8% | 4.3% | 0.5 pts | ||||||||||||
Hotel Statistics | |||||||||||||||
Occupancy % | 77.0% | 87.1% | -10.1 pts | ||||||||||||
Average Daily Rate (ADR) | $ | 410 | $ | 429 | $ | (19 | ) | -4.4% | |||||||
Revenue per Available Room (RevPAR) | $ | 316 | $ | 373 | $ | (57 | ) | -15.3% |
Three Months Ended | |||||||||||||||
Sands Macao Operations | March 31, | ||||||||||||||
(Dollars in millions) | 2015 | 2014 | $ Change | Change | |||||||||||
Revenues: | |||||||||||||||
Casino | $ | 218.8 | $ | 306.6 | $ | (87.8 | ) | -28.6% | |||||||
Rooms | 5.6 | 7.3 | (1.7 | ) | -23.3% | ||||||||||
Food and Beverage | 9.1 | 10.2 | (1.1 | ) | -10.8% | ||||||||||
Convention, Retail and Other | 2.4 | 2.5 | (0.1 | ) | -4.0% | ||||||||||
Less - Promotional Allowances | (10.5 | ) | (12.6 | ) | 2.1 | 16.7% | |||||||||
Net Revenues | $ | 225.4 | $ | 314.0 | $ | (88.6 | ) | -28.2% | |||||||
Adjusted Property EBITDA | $ | 57.4 | $ | 91.4 | $ | (34.0 | ) | -37.2% | |||||||
EBITDA Margin % | 25.5% | 29.1% | -3.6 pts | ||||||||||||
Operating Income | $ | 44.7 | $ | 82.3 | $ | (37.6 | ) | -45.7% | |||||||
Gaming Statistics | |||||||||||||||
(Dollars in millions) | |||||||||||||||
Rolling Chip Volume | $ | 2,526.2 | $ | 5,380.5 | $ | (2,854.3 | ) | -53.0% | |||||||
Rolling Chip Win %(1) | 2.86% | 2.59% | 0.27 pts | ||||||||||||
Non-Rolling Chip Drop | $ | 789.9 | $ | 1,091.9 | $ | (302.0 | ) | -27.7% | |||||||
Non-Rolling Chip Win % | 19.1% | 18.0% | 1.1 pts | ||||||||||||
Slot Handle | $ | 707.1 | $ | 803.2 | $ | (96.1 | ) | -12.0% | |||||||
Slot Hold % | 3.5% | 3.8% | -0.3 pts | ||||||||||||
Hotel Statistics | |||||||||||||||
Occupancy % | 98.4% | 96.7% | 1.7 pts | ||||||||||||
Average Daily Rate (ADR) | $ | 226 | $ | 292 | $ | (66 | ) | -22.6% | |||||||
Revenue per Available Room (RevPAR) | $ | 222 | $ | 283 | $ | (61 | ) | -21.6% |
Three Months Ended | |||||||||||||||
Marina Bay Sands Operations | March 31, | ||||||||||||||
(Dollars in millions) | 2015 | 2014 | $ Change | Change | |||||||||||
Revenues: | |||||||||||||||
Casino | $ | 631.9 | $ | 680.4 | $ | (48.5 | ) | -7.1% | |||||||
Rooms | 89.6 | 97.1 | (7.5 | ) | -7.7% | ||||||||||
Food and Beverage | 45.2 | 46.0 | (0.8 | ) | -1.7% | ||||||||||
Mall | 39.8 | 38.5 | 1.3 | 3.4% | |||||||||||
Convention, Retail and Other | 26.7 | 26.3 | 0.4 | 1.5% | |||||||||||
Less - Promotional Allowances | (48.4 | ) | (52.9 | ) | 4.5 | 8.5% | |||||||||
Net Revenues | $ | 784.8 | $ | 835.4 | $ | (50.6 | ) | -6.1% | |||||||
Adjusted Property EBITDA | $ | 415.3 | $ | 435.2 | $ | (19.9 | ) | -4.6% | |||||||
EBITDA Margin % | 52.9% | 52.1% | 0.8 pts | ||||||||||||
Operating Income | $ | 319.0 | $ | 331.5 | $ | (12.5 | ) | -3.8% | |||||||
Gaming Statistics | |||||||||||||||
(Dollars in millions) | |||||||||||||||
Rolling Chip Volume | $ | 10,090.0 | $ | 12,941.5 | $ | (2,851.5 | ) | -22.0% | |||||||
Rolling Chip Win %(1) | 3.41% | 3.41% | 0.00 pts | ||||||||||||
Non-Rolling Chip Drop | $ | 1,108.7 | $ | 1,157.4 | $ | (48.7 | ) | -4.2% | |||||||
Non-Rolling Chip Win % | 25.3% | 23.4% | 1.9 pts | ||||||||||||
Slot Handle | $ | 3,084.3 | $ | 3,050.0 | $ | 34.3 | 1.1% | ||||||||
Slot Hold % | 4.6% | 4.8% | -0.2 pts | ||||||||||||
Hotel Statistics | |||||||||||||||
Occupancy % | 94.8% | 99.3% | -4.5 pts | ||||||||||||
Average Daily Rate (ADR) | $ | 414 | $ | 428 | $ | (14 | ) | -3.3% | |||||||
Revenue per Available Room (RevPAR) | $ | 393 | $ | 425 | $ | (32 | ) | -7.5% |
Three Months Ended | |||||||||||||||
Las Vegas Operations | March 31, | ||||||||||||||
(Dollars in millions) | 2015 | 2014 | $ Change | Change | |||||||||||
Revenues: | |||||||||||||||
Casino | $ | 111.8 | $ | 109.8 | $ | 2.0 | 1.8% | ||||||||
Rooms | 130.6 | 135.7 | (5.1 | ) | -3.8% | ||||||||||
Food and Beverage | 68.9 | 72.8 | (3.9 | ) | -5.4% | ||||||||||
Convention, Retail and Other | 87.6 | 87.3 | 0.3 | 0.3% | |||||||||||
Less - Promotional Allowances | (22.5 | ) | (22.9 | ) | 0.4 | 1.7% | |||||||||
Net Revenues | $ | 376.4 | $ | 382.7 | $ | (6.3 | ) | -1.6% | |||||||
Adjusted Property EBITDA | $ | 74.1 | $ | 79.7 | $ | (5.6 | ) | -7.0% | |||||||
EBITDA Margin % | 19.7% | 20.8% | -1.1 pts | ||||||||||||
Operating Income | $ | 70.4 | $ | 68.6 | $ | 1.8 | 2.6% | ||||||||
Gaming Statistics | |||||||||||||||
(Dollars in millions) | |||||||||||||||
Table Games Drop | $ | 533.1 | $ | 518.5 | $ | 14.6 | 2.8% | ||||||||
Table Games Win %(1) | 16.6% | 17.1% | -0.5 pts | ||||||||||||
Slot Handle | $ | 578.5 | $ | 473.2 | $ | 105.3 | 22.3% | ||||||||
Slot Hold % | 7.6% | 8.6% | -1.0 pts | ||||||||||||
Hotel Statistics | |||||||||||||||
Occupancy % | 86.2% | 88.9% | -2.7 pts | ||||||||||||
Average Daily Rate (ADR) | $ | 244 | $ | 241 | $ | 3 | 1.2% | ||||||||
Revenue per Available Room (RevPAR) | $ | 210 | $ | 214 | $ | (4 | ) | -1.9% |
Three Months Ended | |||||||||||||||
Sands Bethlehem Operations | March 31, | ||||||||||||||
(Dollars in millions) | 2015 | 2014 | $ Change | Change | |||||||||||
Revenues: | |||||||||||||||
Casino | $ | 118.8 | $ | 109.0 | $ | 9.8 | 9.0% | ||||||||
Rooms | 3.4 | 2.7 | 0.7 | 25.9% | |||||||||||
Food and Beverage | 7.4 | 6.8 | 0.6 | 8.8% | |||||||||||
Mall | 0.6 | 0.6 | - | 0.0% | |||||||||||
Convention, Retail and Other | 4.2 | 3.9 | 0.3 | 7.7% | |||||||||||
Less - Promotional Allowances | (6.7 | ) | (5.8 | ) | (0.9 | ) | -15.5% | ||||||||
Net Revenues | $ | 127.7 | $ | 117.2 | $ | 10.5 | 9.0% | ||||||||
Adjusted Property EBITDA | $ | 29.9 | $ | 26.5 | $ | 3.4 | 12.8% | ||||||||
EBITDA Margin % | 23.4% | 22.6% | 0.8 pts | ||||||||||||
Operating Income | $ | 23.2 | $ | 17.3 | $ | 5.9 | 34.1% | ||||||||
Gaming Statistics | |||||||||||||||
(Dollars in millions) | |||||||||||||||
Table Games Drop | $ | 263.4 | $ | 247.6 | $ | 15.8 | 6.4% | ||||||||
Table Games Win %(1) | 17.3% | 16.1% | 1.2 pts | ||||||||||||
Slot Handle | $ | 1,005.2 | $ | 948.5 | $ | 56.7 | 6.0% | ||||||||
Slot Hold % | 7.1% | 7.1% | 0.0 pts | ||||||||||||
Hotel Statistics | |||||||||||||||
Occupancy % | 84.5% | 68.8% | 15.7 pts | ||||||||||||
Average Daily Rate (ADR) | $ | 149 | $ | 146 | $ | 3 | 2.1% | ||||||||
Revenue per Available Room (RevPAR) | $ | 126 | $ | 101 | $ | 25 | 24.8% |
For The Three Months Ended March 31, 2015 | TTM March 31, 2015 | |||||||||||||||||||||||
(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 | $ | 44.2 | $ | 39.2 | 88.7 | % | 780,754 | 96.6 | % | $ | 1,636 | |||||||||||||
Shoppes at Four Seasons | ||||||||||||||||||||||||
Luxury Retail | 20.7 | 19.6 | 94.7 | % | 142,562 | 100.0 | % | 5,925 | ||||||||||||||||
Other Stores | 9.1 | 8.6 | 94.5 | % | 114,905 | 100.0 | % | 2,818 | ||||||||||||||||
Total | 29.8 | 28.2 | 94.6 | % | 257,467 | 100.0 | % | 5,246 | ||||||||||||||||
Shoppes at Cotai Central | 13.4 | 11.2 | 83.6 | % | 331,327 | (3) | 97.9 | % | 1,407 | |||||||||||||||
Total Cotai Strip in Macao | 87.4 | 78.6 | 89.9 | % | 1,369,548 | 97.5 | % | 2,237 | ||||||||||||||||
The Shoppes at Marina Bay Sands | 39.8 | 33.8 | 84.9 | % | 644,203 | 95.6 | % | 1,409 | ||||||||||||||||
Total | $ | 127.2 | $ | 112.4 | 88.4 | % | 2,013,751 | 96.9 | % | $ | 1,969 |
(1) Gross revenue figures are net of intersegment revenue eliminations.
Investment Community: | Daniel Briggs | (702) 414-1221 |
Media: | Ron Reese | (702) 414-3607 |
Within the company’s first quarter 2015 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.
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Revenues: | ||||||||
Casino | $ | 2,376,688 | $ | 3,372,065 | ||||
Rooms | 371,413 | 400,222 | ||||||
Food and beverage | 189,411 | 202,787 | ||||||
Mall | 127,814 | 109,031 | ||||||
Convention, retail and other | 134,137 | 137,376 | ||||||
3,199,463 | 4,221,481 | |||||||
Less - promotional allowances | (187,841 | ) | (211,097 | ) | ||||
3,011,622 | 4,010,384 | |||||||
Operating expenses: | ||||||||
Resort operations | 1,965,089 | 2,538,292 | ||||||
Corporate | 45,223 | 50,677 | ||||||
Pre-opening | 9,579 | 4,300 | ||||||
Development | 1,533 | 1,692 | ||||||
Depreciation and amortization | 253,922 | 261,047 | ||||||
Amortization of leasehold interests in land | 9,838 | 10,026 | ||||||
Loss on disposal of assets | 15,323 | 525 | ||||||
2,300,507 | 2,866,559 | |||||||
Operating income | 711,115 | 1,143,825 | ||||||
Other income (expense): | ||||||||
Interest income | 6,378 | 5,803 | ||||||
Interest expense, net of amounts capitalized | (66,255 | ) | (71,126 | ) | ||||
Other income (expense) | 15,465 | (4,657 | ) | |||||
Loss on modification or early retirement of debt | - | (17,964 | ) | |||||
Income before income taxes | 666,703 | 1,055,881 | ||||||
Income tax expense | (55,665 | ) | (59,153 | ) | ||||
Net income | 611,038 | 996,728 | ||||||
Net income attributable to noncontrolling interests | (99,115 | ) | (220,543 | ) | ||||
Net income attributable to Las Vegas Sands Corp. | $ | 511,923 | $ | 776,185 | ||||
Earnings per share: | ||||||||
Basic | $ | 0.64 | $ | 0.95 | ||||
Diluted | $ | 0.64 | $ | 0.95 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 797,935,314 | 814,766,709 | ||||||
Diluted | 798,877,040 | 817,537,615 | ||||||
Dividends declared per common share | $ | 0.65 | $ | 0.50 |
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||||||||||
Amortization | Pre-Opening | |||||||||||||||||||||||||||||||||||
Depreciation | of Leasehold | (Gain) Loss | and | (1) | Adjusted | |||||||||||||||||||||||||||||||
Operating | and | Interests | on Disposal | Development | Royalty | Stock-Based | Corporate | Property | ||||||||||||||||||||||||||||
Income (Loss) | Amortization | in Land | of Assets | Expense | Fees | Compensation | Expense | EBITDA | ||||||||||||||||||||||||||||
Macao: | ||||||||||||||||||||||||||||||||||||
The Venetian Macao | $ | 220,030 | $ | 38,116 | $ | 1,666 | $ | 8,573 | $ | - | $ | - | $ | 1,557 | $ | - | $ | 269,942 | ||||||||||||||||||
Sands Cotai Central | 76,423 | 71,683 | 2,147 | 3,313 | 1,873 | - | 471 | - | 155,910 | |||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino | 31,935 | 9,741 | 720 | 7 | 1,892 | - | 177 | - | 44,472 | |||||||||||||||||||||||||||
Sands Macao | 44,731 | 9,028 | 367 | 3,006 | - | - | 246 | - | 57,378 | |||||||||||||||||||||||||||
Macao Property Operations | 373,119 | 128,568 | 4,900 | 14,899 | 3,765 | - | 2,451 | - | 527,702 | |||||||||||||||||||||||||||
Marina Bay Sands | 319,017 | 64,416 | 4,325 | 274 | 252 | 26,776 | 212 | - | 415,272 | |||||||||||||||||||||||||||
United States: | ||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties | 70,415 | 42,337 | - | 244 | 136 | (40,148 | ) | 1,125 | - | 74,109 | ||||||||||||||||||||||||||
Sands Bethlehem | 23,200 | 6,701 | - | (94 | ) | 12 | - | 74 | - | 29,893 | ||||||||||||||||||||||||||
United States Property Operations | 93,615 | 49,038 | - | 150 | 148 | (40,148 | ) | 1,199 | - | 104,002 | ||||||||||||||||||||||||||
Other Asia (2) | (13,731 | ) | 3,510 | - | - | - | 13,640 | 113 | - | 3,532 | ||||||||||||||||||||||||||
Other Development | (7,722 | ) | 162 | 613 | - | 6,947 | - | - | - | - | ||||||||||||||||||||||||||
Corporate | (53,183 | ) | 8,228 | - | - | - | (268 | ) | - | 45,223 | - | |||||||||||||||||||||||||
$ | 711,115 | $ | 253,922 | $ | 9,838 | $ | 15,323 | $ | 11,112 | $ | - | $ | 3,975 | $ | 45,223 | $ | 1,050,508 |
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||||||
Amortization | Pre-Opening | |||||||||||||||||||||||||||||||||||
Depreciation | of Leasehold | (Gain) Loss | and | (1) | Adjusted | |||||||||||||||||||||||||||||||
Operating | and | Interests | on Disposal | Development | Royalty | Stock-Based | Corporate | Property | ||||||||||||||||||||||||||||
Income (Loss) | Amortization | in Land | of Assets | Expense | Fees | Compensation | Expense | EBITDA | ||||||||||||||||||||||||||||
Macao: | ||||||||||||||||||||||||||||||||||||
The Venetian Macao | $ | 429,611 | $ | 36,238 | $ | 1,653 | $ | 147 | $ | - | $ | - | $ | 2,435 | $ | - | $ | 470,084 | ||||||||||||||||||
Sands Cotai Central | 195,096 | 66,105 | 2,153 | 320 | 415 | - | 1,117 | - | 265,206 | |||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino | 99,917 | 9,778 | 706 | 38 | 2,329 | - | 273 | - | 113,041 | |||||||||||||||||||||||||||
Sands Macao | 82,305 | 8,254 | 354 | 83 | - | - | 442 | - | 91,438 | |||||||||||||||||||||||||||
Macao Property Operations | 806,929 | 120,375 | 4,866 | 588 | 2,744 | - | 4,267 | - | 939,769 | |||||||||||||||||||||||||||
Marina Bay Sands | 331,454 | 71,471 | 4,539 | 38 | - | 26,252 | 1,407 | - | 435,161 | |||||||||||||||||||||||||||
United States: | ||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties | 68,593 | 47,538 | - | (285 | ) | 97 | (38,189 | ) | 1,898 | - | 79,652 | |||||||||||||||||||||||||
Sands Bethlehem | 17,344 | 9,172 | - | 35 | 2 | - | (22 | ) | - | 26,531 | ||||||||||||||||||||||||||
United States Property Operations | 85,937 | 56,710 | - | (250 | ) | 99 | (38,189 | ) | 1,876 | - | 106,183 | |||||||||||||||||||||||||
Other Asia (2) | (17,437 | ) | 3,588 | - | 149 | 29 | 12,200 | 57 | - | (1,414 | ) | |||||||||||||||||||||||||
Other Development | (3,892 | ) | 151 | 621 | - | 3,120 | - | - | - | - | ||||||||||||||||||||||||||
Corporate | (59,166 | ) | 8,752 | - | - | - | (263 | ) | - | 50,677 | - | |||||||||||||||||||||||||
$ | 1,143,825 | $ | 261,047 | $ | 10,026 | $ | 525 | $ | 5,992 | $ | - | $ | 7,607 | $ | 50,677 | $ | 1,479,699 |
(2) Primarily includes the results of the CotaiJet ferry operations.
Three Months Ended March 31, 2015 | ||||||||||||||||
(1) | (2) | Hold-Normalized | ||||||||||||||
Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||||||||||
Property | Casino | Casino | Property | |||||||||||||
EBITDA | Revenue | Expense | EBITDA | |||||||||||||
Macao Property Operations | $ | 527,702 | $ | - | $ | - | $ | 527,702 | ||||||||
Marina Bay Sands | 415,272 | (55,265 | ) | 11,283 | 371,290 | |||||||||||
United States: | ||||||||||||||||
Las Vegas Operating Properties | 74,109 | 18,311 | (3,258 | ) | 89,162 | |||||||||||
Sands Bethlehem | 29,893 | - | - | 29,893 | ||||||||||||
United States Property Operations | 104,002 | 18,311 | (3,258 | ) | 119,055 | |||||||||||
Other Asia | 3,532 | - | - | 3,532 | ||||||||||||
Other Development | - | - | - | - | ||||||||||||
Corporate | - | - | - | - | ||||||||||||
$ | 1,050,508 | $ | (36,954 | ) | $ | 8,025 | $ | 1,021,579 |
Three Months Ended March 31, 2014 | ||||||||||||||||
(1) | (2) | Hold-Normalized | ||||||||||||||
Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||||||||||
Property | Casino | Casino | Property | |||||||||||||
EBITDA | Revenue | Expense | EBITDA | |||||||||||||
Macao Property Operations | $ | 939,769 | $ | (138,933 | ) | $ | 64,012 | $ | 864,848 | |||||||
Marina Bay Sands | 435,161 | (71,741 | ) | 14,472 | 377,892 | |||||||||||
United States: | ||||||||||||||||
Las Vegas Operating Properties | 79,652 | 21,430 | (3,768 | ) | 97,314 | |||||||||||
Sands Bethlehem | 26,531 | - | - | 26,531 | ||||||||||||
United States Property Operations | 106,183 | 21,430 | (3,768 | ) | 123,845 | |||||||||||
Other Asia | (1,414 | ) | - | - | (1,414 | ) | ||||||||||
Other Development | - | - | - | - | ||||||||||||
Corporate | - | - | - | - | ||||||||||||
$ | 1,479,699 | $ | (189,244 | ) | $ | 74,716 | $ | 1,365,171 |
For the Las Vegas Operating Properties, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the Company's current period win percentage equaled 25.0% for Baccarat and 18.0% for non-Baccarat for 2015 and 26.0% for Baccarat and 16.0% for non-Baccarat for 2014. This calculation will only be done if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 21.0% to 29.0% and 16.0% to 20.0%, respectively, for 2015 and 22.0% to 30.0% and 14.0% to 18.0%, respectively, for 2014.
For Sands Bethlehem, no adjustments have been, or will be, made.
These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net income attributable to Las Vegas Sands Corp. | $ | 511,923 | $ | 776,185 | ||||
Add (deduct): | ||||||||
Net income attributable to noncontrolling interests | 99,115 | 220,543 | ||||||
Income tax expense | 55,665 | 59,153 | ||||||
Loss on modification or early retirement of debt | - | 17,964 | ||||||
Other (income) expense | (15,465 | ) | 4,657 | |||||
Interest expense, net of amounts capitalized | 66,255 | 71,126 | ||||||
Interest income | (6,378 | ) | (5,803 | ) | ||||
Loss on disposal of assets | 15,323 | 525 | ||||||
Amortization of leasehold interests in land | 9,838 | 10,026 | ||||||
Depreciation and amortization | 253,922 | 261,047 | ||||||
Development expense | 1,533 | 1,692 | ||||||
Pre-opening expense | 9,579 | 4,300 | ||||||
Stock-based compensation (1) | 3,975 | 7,607 | ||||||
Corporate expense | 45,223 | 50,677 | ||||||
Adjusted Property EBITDA | $ | 1,050,508 | $ | 1,479,699 | ||||
Hold-normalized casino revenue (2) | (36,954 | ) | (189,244 | ) | ||||
Hold-normalized casino expense (2) | 8,025 | 74,716 | ||||||
Hold-Normalized Adjusted Property EBITDA | $ | 1,021,579 | $ | 1,365,171 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
The Venetian Macao | $ | 787,191 | $ | 1,184,591 | ||||
Sands Cotai Central | 571,764 | 827,583 | ||||||
Four Seasons Hotel Macao and Plaza Casino | 161,251 | 370,016 | ||||||
Sands Macao | 225,371 | 313,961 | ||||||
Marina Bay Sands | 784,816 | 835,423 | ||||||
Las Vegas Operating Properties | 376,383 | 382,658 | ||||||
Sands Bethlehem | 127,699 | 117,183 | ||||||
Other Asia | 35,479 | 35,161 | ||||||
Intersegment Eliminations | (58,332 | ) | (56,192 | ) | ||||
$ | 3,011,622 | $ | 4,010,384 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
The Venetian Macao | 34.3% | 39.7% | ||||||
Sands Cotai Central | 27.3% | 32.0% | ||||||
Four Seasons Hotel Macao and Plaza Casino | 27.6% | 30.6% | ||||||
Sands Macao | 25.5% | 29.1% | ||||||
Marina Bay Sands | 52.9% | 52.1% | ||||||
Las Vegas Operating Properties | 19.7% | 20.8% | ||||||
Sands Bethlehem | 23.4% | 22.6% | ||||||
Other Asia | 10.0% | -4.0% | ||||||
Total | 34.9% | 36.9% |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Net income attributable to Las Vegas Sands Corp. | $ | 511,923 | $ | 776,185 | ||||
Pre-opening expense, net | 6,782 | 3,052 | ||||||
Development expense, net | 1,533 | 1,692 | ||||||
Loss on disposal of assets, net | 10,868 | 350 | ||||||
Loss on modification or early retirement of debt, net | - | 12,611 | ||||||
Adjusted net income | $ | 531,106 | $ | 793,890 | ||||
Hold-normalized casino revenue (1) | (36,954 | ) | (189,244 | ) | ||||
Hold-normalized casino expense (1) | 8,025 | 74,716 | ||||||
Income tax impact on hold adjustments | 7,477 | 9,736 | ||||||
Noncontrolling interest impact on hold adjustments | - | 22,356 | ||||||
Hold-normalized adjusted net income | $ | 509,654 | $ | 711,454 | ||||
(1) See Exhibit 3 | ||||||||
Per diluted share of common stock: | ||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 0.64 | $ | 0.95 | ||||
Pre-opening expense, net | 0.01 | - | ||||||
Development expense, net | - | - | ||||||
Loss on disposal of assets, net | 0.01 | - | ||||||
Loss on modification or early retirement of debt, net | - | 0.02 | ||||||
Adjusted earnings per diluted share | $ | 0.66 | $ | 0.97 | ||||
Hold-normalized casino revenue | (0.04 | ) | (0.23 | ) | ||||
Hold-normalized casino expense | 0.01 | 0.09 | ||||||
Income tax impact on hold adjustments | 0.01 | 0.01 | ||||||
Noncontrolling interest impact on hold adjustments | - | 0.03 | ||||||
Hold-normalized adjusted earnings per diluted share | $ | 0.64 | $ | 0.87 | ||||
Weighted average diluted shares outstanding | 798,877,040 | 817,537,615 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Room Statistics: | ||||||||
The Venetian Macao: | ||||||||
Occupancy % | 85.8 | % | 94.4 | % | ||||
Average daily room rate (ADR) (1) | $ | 270 | $ | 267 | ||||
Revenue per available room (RevPAR) (2) | $ | 232 | $ | 252 | ||||
Sands Cotai Central: | ||||||||
Occupancy % | 81.5 | % | 88.8 | % | ||||
Average daily room rate (ADR) (1) | $ | 173 | $ | 177 | ||||
Revenue per available room (RevPAR) (2) | $ | 141 | $ | 157 | ||||
Four Seasons Hotel Macao and Plaza Casino: | ||||||||
Occupancy % | 77.0 | % | 87.1 | % | ||||
Average daily room rate (ADR) (1) | $ | 410 | $ | 429 | ||||
Revenue per available room (RevPAR) (2) | $ | 316 | $ | 373 | ||||
Sands Macao: | ||||||||
Occupancy % | 98.4 | % | 96.7 | % | ||||
Average daily room rate (ADR) (1) | $ | 226 | $ | 292 | ||||
Revenue per available room (RevPAR) (2) | $ | 222 | $ | 283 | ||||
Marina Bay Sands: | ||||||||
Occupancy % | 94.8 | % | 99.3 | % | ||||
Average daily room rate (ADR) (1) | $ | 414 | $ | 428 | ||||
Revenue per available room (RevPAR) (2) | $ | 393 | $ | 425 | ||||
Las Vegas Operating Properties: | ||||||||
Occupancy % | 86.2 | % | 88.9 | % | ||||
Average daily room rate (ADR) (1) | $ | 244 | $ | 241 | ||||
Revenue per available room (RevPAR) (2) | $ | 210 | $ | 214 | ||||
Sands Bethlehem: | ||||||||
Occupancy % | 84.5 | % | 68.8 | % | ||||
Average daily room rate (ADR) (1) | $ | 149 | $ | 146 | ||||
Revenue per available room (RevPAR) (2) | $ | 126 | $ | 101 | ||||
Casino Statistics: | ||||||||
The Venetian Macao: | ||||||||
Table games win per unit per day (3) | $ | 13,054 | $ | 19,130 | ||||
Slot machine win per unit per day (4) | $ | 277 | $ | 389 | ||||
Average number of table games | 603 | 675 | ||||||
Average number of slot machines | 2,111 | 2,126 | ||||||
Sands Cotai Central: | ||||||||
Table games win per unit per day (3) | $ | 10,937 | $ | 20,446 | ||||
Slot machine win per unit per day (4) | $ | 341 | $ | 390 | ||||
Average number of table games | 517 | 462 | ||||||
Average number of slot machines | 1,709 | 1,896 | ||||||
Four Seasons Hotel Macao and Plaza Casino: | ||||||||
Table games win per unit per day (3) | $ | 13,917 | $ | 37,641 | ||||
Slot machine win per unit per day (4) | $ | 484 | $ | 818 | ||||
Average number of table games | 131 | 128 | ||||||
Average number of slot machines | 147 | 171 | ||||||
Sands Macao: | ||||||||
Table games win per unit per day (3) | $ | 8,673 | $ | 13,868 | ||||
Slot machine win per unit per day (4) | $ | 302 | $ | 316 | ||||
Average number of table games | 286 | 269 | ||||||
Average number of slot machines | 918 | 1,084 | ||||||
Marina Bay Sands: | ||||||||
Table games win per unit per day (3) | $ | 11,538 | $ | 12,257 | ||||
Slot machine win per unit per day (4) | $ | 673 | $ | 686 | ||||
Average number of table games | 601 | 646 | ||||||
Average number of slot machines | 2,355 | 2,391 | ||||||
Las Vegas Operating Properties: | ||||||||
Table games win per unit per day (3) | $ | 4,041 | $ | 3,966 | ||||
Slot machine win per unit per day (4) | $ | 215 | $ | 188 | ||||
Average number of table games | 243 | 249 | ||||||
Average number of slot machines | 2,274 | 2,395 | ||||||
Sands Bethlehem: | ||||||||
Table games win per unit per day (3) | $ | 2,857 | $ | 2,740 | ||||
Slot machine win per unit per day (4) | $ | 262 | $ | 248 | ||||
Average number of table games | 177 | 161 | ||||||
Average number of slot machines | 3,013 | 3,009 |
(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 |