EXHIBIT 99.1
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[LOGO -- LAS VEGAS SANDS CORP.]
PRESS RELEASE
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FOR IMMEDIATE RELEASE
LAS VEGAS SANDS CORP. REPORTS RECORD FIRST QUARTER 2006 RESULTS
LAS VEGAS, NV (MAY 4, 2006) -- Las Vegas Sands Corp. (NYSE:LVS), today
reported financial results for the first quarter ended March 31, 2006.
COMPANY-WIDE OPERATING RESULTS
Net revenue for the first quarter of 2006 increased 31.3% to a record
$530.4 million compared to $403.8 million in the prior year's quarter.
Adjusted net income for the first quarter of 2006 improved to $134.8 million,
or adjusted earnings per diluted share of $0.38, versus adjusted net income of
$103.1 million, or adjusted earnings per diluted share of $0.29, in the first
quarter of 2005. (*) Adjusted net income and adjusted earnings per diluted
share in the first quarter of 2006 exclude loss on disposal of assets,
pre-opening expense, development expense, and certain stock offering costs.
Adjusted net income and adjusted earnings per diluted share in the first
quarter of 2005 exclude loss on disposal of assets, development expense,
charitable contributions, and loss on early retirement of debt. On a GAAP
(Generally Accepted Accounting Principles) basis, net income in the first
quarter of 2006 was $121.8 million, or $0.34 per diluted share, compared to
$7.1 million, or $0.02 per diluted share, in the first quarter of 2005, when
net income was affected by a significant loss on the early retirement of debt.
Consolidated adjusted property EBITDAR in the first quarter of 2006 came in at
a record $204.5 million, an increase of 23.0% compared to $166.2 million in
the year-ago quarter. Operating income improved significantly to $148.9
million versus $125.3 million in the first quarter of 2005.
"The first quarter of 2006 was another record earnings quarter for our
company," began William P. Weidner, president and COO. "We delivered
outstanding results at both our Las Vegas and Macao properties. And we
continued to execute our development plans for The Palazzo in Las Vegas and
for both The Sands Macao and The Cotai StripTM in Macao, as we lead the
historic effort to create Asia's Las VegasTM." In addition, we identified and
progressed on a series of additional growth initiatives designed to enhance
our strategic position, and are in the process of completing a $2.5 billion
credit facility to support our development plans in Macao."
-- more --
LAS VEGAS FIRST QUARTER OPERATING RESULTS
In the first quarter of 2006 in Las Vegas, table games drop increased 17.6% to
$363.5 million versus $309.1 million during the first quarter of 2005. Slot
machine handle (volume) increased 5.0% to $529.5 million versus $504.4 million
during the first quarter of 2005. Casino revenues were $97.1 million in the
first quarter of 2006 compared to $94.7 million a year ago, an increase of
2.5%. Table games win percentage (calculated before discounts) was 22.1% in
the 2006 quarter compared to 23.8% in the first quarter of last year. This
compares to our expected range of 20% to 22%.
The Venetian's average daily rate (ADR) was $249 during the first quarter of
2006, compared to $243 in the first quarter of 2005. The Venetian's occupancy
of available guestrooms was 99.9% during the first quarter of 2006, which
compares to 97.8% during the prior year period, generating revenue per
available room (REVPAR) of $248 in the 2006 period, an increase of 4.6% versus
$237 in the 2005 period. Hotel revenues were $89.6 million during the first
quarter of 2006 compared to $85.4 million in the first quarter of 2005.
Food and beverage revenues were $43.3 million in the first quarter of 2006
compared to $35.3 million in the 2005 period, an increase of 22.7%.
Convention, retail, and other operating revenues were $34.2 million in the
quarter compared to $27.3 million in the quarter last year, an increase of
25.3%.
On a GAAP basis, operating income for our Las Vegas operations was $79.3
million versus $80.8 million in the 2005 period. Adjusted property EBITDAR
from our Las Vegas operations was $101.1 million. This compares to $98.4
million of EBITDAR from Las Vegas operations for the first quarter of 2005, an
increase of 2.7%
"We are seeing the benefits of our targeted capital investments at The
Venetian," noted Weidner. "The recent addition of 450,000 square feet of
carpeted meeting space continues to fuel increases in group business and
related food and beverage revenues. Our casino business was also strong, as
both table drop and slot handle reflected healthy increases compared to the
quarter one year ago. Our Blue Man Group Theater, Tao restaurant/night club
and new Poker Room, which opened last month, are driving incremental
visitation to the property, and we expect our new promotion of Phantom of the
Opera - The Las Vegas Spectacular to contribute additional visitations when it
opens in June.
"Looking further ahead, construction of The Palazzo remains on track for a
third quarter 2007 opening. Upon completion, the Venetian and Palazzo together
will encompass the largest integrated destination convention resort in the
world, with over 7,000 hotel rooms, 1.1 million square feet of carpeted
meeting space, and 1.15 million square feet of convention space. We believe
this property will provide an excellent platform for growth in Las Vegas for
years to come."
-- more --
MACAO FIRST QUARTER OPERATING RESULTS
In Macao, first quarter casino revenues increased 62.7% to $278.2 million
versus $171.0 million in the 2005 period. The Sands Macao reported record
adjusted property EBITDAR of $103.4 million for the first quarter of 2006
compared to $67.8 million in the first quarter of last year. On a GAAP basis,
operating income in Macao was $90.1 million for the first quarter of 2006, an
increase of 48.9% compared to $60.5 million in last year's first quarter.
Table games drop (the Non-Rolling Chip segment) was $1.06 billion in the first
quarter of 2006, reflecting a year-over-year increase of 23.8% versus $855.4
million in the first quarter of 2005. First quarter 2006 Rolling Chip volume
was $3.70 billion, compared to $855.7 million in the first quarter of 2005.
Non-Rolling Chip table games win percentage (calculated before discounts and
incentives) came in at 18.6% in the first quarter of 2006, while Rolling Chip
table games win percentage (calculated before discounts and commissions) was
2.5%. These results compare to our expected Non-Rolling Chip table games win
percentage (calculated before discounts and commissions) of 17% to 19% and
Rolling Chip table games win percentage (calculated before discounts and
commissions) of 2.5% to 2.8%.
Slot handle (volume) for the first quarter of 2006 was $247.0 million,
representing a 78.3% increase versus $138.6 million in the first quarter of
2005.
The substantial increases in revenues and operating income in Macao reflect
robust market demand and capacity increases at The Sands.
Weidner stated, "We are continuing to make progress in Macao at all levels. We
are particularly pleased with the continued strength of our mass market
business. Despite significant increases in capacity in the Macao marketplace,
our win per unit per day over the last twelve months has continued to
increase. Looking ahead, we are preparing for the opening in May of an
expansion to our Sands' Paiza Club, which will increase VIP gaming capacity,
and we are on track for the completion and opening of the remainder of our
Sands Macao expansion in August 2006. When the expansion is complete, The
Sands Macao will have approximately 700 tables and 1,200 slot machines."
OTHER FACTORS AFFECTING EARNINGS
Interest expense, net of amounts capitalized, was $21.4 million for the first
quarter of 2006 compared to $27.1 million during the first quarter of 2005.
The decline is the result of the company's strategic decision to retire $850.0
million of 11% Mortgage Notes, which were replaced during the first quarter of
2005 with a combination of senior notes bearing interest at a rate of 6.375%
and lower cost bank debt, and the redemption during the second quarter of 2005
of $120.0 million of floating rate notes which were secured by assets at The
Sands Macao. Capitalized interest was $8.3 million during the first quarter of
2006 compared to $4.1 million during the first quarter of 2005.
Depreciation and amortization expense was $25.0 million for the first quarter
of 2006, compared to $20.0 million for the first quarter of 2005.
-- more --
Stock-based compensation expense was $2.9 million in the first quarter of
2006. We recognized no stock-based compensation expense in the first quarter
of 2005.
Development expenses relating to our efforts in Singapore, Macao,
Pennsylvania, Europe and elsewhere were $9.2 million in the first quarter of
2006, compared to $5.2 million in the first quarter of 2005. The increase of
$4.0 million was principally related to our efforts in Singapore.
The effective tax rate for the first quarter of 2006 of 11.7% is lower than
the United States federal statutory rate due primarily to a zero effective tax
rate on our Macao net income as a result of an income tax holiday on gaming
operations through 2008.
BALANCE SHEET ITEMS
Unrestricted cash balances at March 31, 2006 stood at $317.3 million while
restricted cash balances were $690.6 million. Of the restricted cash balances,
$577.4 million is restricted for construction of The Palazzo Resort Hotel
Casino, the company's second resort hotel casino property in Las Vegas.
As of March 31, 2006, total debt outstanding, including the current portion,
was $1.69 billion.
CAPITAL EXPENDITURES
Capital expenditures during the first quarter of 2006 totaled $294.2 million.
This includes $196.0 million for construction and development activities in
Macao, $75.5 million for construction and development activities at The
Palazzo, and $22.7 million for improvements and maintenance capital
expenditures at The Venetian and The Sands Expo and Convention Center in Las
Vegas.
CONCLUDING COMMENTS
Weidner concluded, "While we continue to deliver exceptional financial and
operating results, the opportunities that lie ahead are significant and
broad-based. Our proven capabilities in the development and operation of
integrated destination resorts position us to build and execute on a robust
pipeline of growth opportunities worldwide.
"In addition, we recently submitted a proposal for a spectacular $3.6 billion
project in Singapore, The Marina Bay Sands. The Marina Bay Sands proposal
includes plans for an integrated resort with 2,500 hotel rooms, 1.2 million
square feet of flexible meetings, incentive, convention, food and beverage,
and exhibition space, one million square feet of retail space, three large
entertainment venues, and gaming space which will include our high end Paiza
Club.
"We continue to advance our proposal to develop an integrated destination
resort in Bethlehem, Pennsylvania, on the site of the Bethlehem Steel Works,
about a 90 minute drive away from Midtown Manhattan, and only one hour from
the lucrative Northern New Jersey Corridor.
-- more --
"We remain particularly pleased with the progress we are making in developing
`Asia's Las Vegas' on the Cotai Strip. Importantly, we have reached agreements
with a prestigious group of hotel operators that will participate with us in
this historic opportunity. Thus far, our hotel partners include The Four
Seasons Hotels and Resorts, Starwood Hotels and Resorts Worldwide, which will
operate both a Sheraton and a St. Regis hotel, Shangri-La Hotels and Resorts,
which will operate both a Shangri-La and a Traders hotel, and Hilton Hotels,
which will operate both a Hilton and a Conrad hotel. We are actively
negotiating the definitive agreements under which these leading operators will
manage hotels and related vacation suites for us on the Cotai Strip.
"Construction of the Venetian Macao remains on track for a summer 2007
opening. We have made additional progress in the leasing of our Macao shopping
malls, and now have reached agreement on commercial terms with over 150
retailers for approximately 500,000 square feet of retail space on the Cotai
Strip, and we continue to make good progress in the negotiation of the
definitive agreements with these retailers. In addition, we have secured a
number of commitments from the largest and most important tradeshow organizers
in the world, including Reed and Kenfair, and received dozens of tradeshow
expressions of interest for our Venetian Macao convention and meeting
facility. We have also reached an agreement with Cirque du Soleil to provide
them a permanent home, their first in Asia, in our 1,800 seat Cirque du Soleil
theatre in The Venetian Macao on the Cotai Strip.
"Looking further ahead in the Macao region, we remain enthusiastic about our
strategy to master plan a leisure and convention destination resort on Hengqin
Island, which will complement our entertainment developments just a few
hundred yards from the Cotai Strip. We have advanced our master plan design
activities and look forward to bringing another important dimension of travel
and tourism to the region over the long-term. Our Hengqin Island plans remain
subject to numerous conditions, including further government approvals."
###
CONFERENCE CALL INFORMATION
The company will hold a conference call to discuss the company's results on
Thursday, May 4, 2006 at 1:30 p.m. PDT (4:30 p.m. EDT). Interested parties are
invited to join the call by dialing (800) 798-2796 and using the access code
88051388. International callers, please dial (617) 614-6204, and use the same
access code. The conference call will also be available through a live audio
webcast at WWW.LASVEGASSANDS.COM (click on Investor Relations). A telephone
replay will be available at (888) 286-8010 and (617) 801-6888, access code
58501821 from May 4, 2006 at approximately 6:30 p.m. PDT (9:30 p.m. EDT)
through May 14, 2006.
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,
insurance, gaming junket operators, risks relating to our Macao gaming
concession, 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.
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(*) See the accompanying tables and footnotes, which reconcile net income to
adjusted net income, reconcile net income and operating income (loss) to
EBITDA and adjusted property EBITDAR, reconcile earnings per share to adjusted
earnings per share. See also Note 1 following the tables at the end of this
release.
(1) Adjusted net income (and adjusted earnings per share) is presented solely
as a supplemental disclosure because management believes that it is (1) a
widely used measure of performance, and (2) a principal basis for valuation of
gaming companies, as this measure is considered by many to be a better measure
on which to base expectations of future results than income from continuing
operations computed in accordance with GAAP. Reconciliations of GAAP net
income and earnings per share to adjusted net income and adjusted earnings per
share are included in the financial schedules accompanying this release.
ABOUT LAS VEGAS SANDS CORP.
Las Vegas Sands Corp. is a hotel, gaming, resort and exhibition/convention
company headquartered in Las Vegas, Nevada. The company owns The Venetian
Resort Hotel Casino and the Sands Expo and Convention Center, where it hosts
exhibitions and conventions, in Las Vegas and the Sands Macao in the People's
Republic of China Special Administrative Region of Macao. The company is also
developing additional casino hotel resort properties, including The Palazzo
Resort Hotel Casino in Las Vegas and The Venetian Macao Casino Resort in
Macao.
CONTACTS:
Investment Community: Scott Henry, Chief Financial Officer, (702) 733-5502
Media: Ron Reese, Director of Corporate Communications, (702) 414-3607
Page 7
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands,except share and per share data)
(Unaudited)
Three Months Ended
March 31,
------------------------------
2006 2005
------------- -------------
Revenues:
Casino $ 375,382 $ 265,786
Rooms 91,138 86,077
Food and beverage 51,816 43,489
Retail 2,771 2,155
Other 32,234 26,299
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553,341 423,806
Less - Promotional allowances (22,977) (20,012)
------------- -------------
530,364 403,794
------------- -------------
Operating Costs and Expenses:
Casino-Hotel operations 327,350 237,568
Rental expense 3,707 3,705
Corporate expense 12,954 10,882
Pre-opening expense 2,219 --
Development expense 9,168 5,175
Depreciation and amortization 25,005 19,965
Loss on disposal of assets 1,081 1,163
------------- -------------
381,484 278,458
------------- -------------
Operating income 148,880 125,336
Interest expense, net of amounts capitalized (21,415) (27,083)
Interest income 10,214 7,394
Other income 164 --
Loss on early retirement of debt -- (132,834)
------------- -------------
Income (loss) before income taxes 137,843 (27,187)
Benefit (provision) for income taxes (16,060) 34,299
------------- -------------
Net income $ 121,783 $ 7,112
============= =============
Basic earnings per share $ 0.34 $ 0.02
Diluted earnings per share $ 0.34 $ 0.02
Weighted average shares outstanding
Basic 354,199,253 354,160,692
Diluted 354,592,597 355,029,968
Page 8
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data-Adjusted Net Income and Earnings Per Share
(In thousands,except share and per share data)
(Unaudited)
Three Months Ended
March 31,
---------------------------
2006 2005
------------ ------------
Net income $ 121,783 $ 7,112
Loss on disposal of assets, net 1,077 1,163
Pre-opening expense, net 2,006 --
Development expense, net 8,649 4,887
Stock offering costs, net 1,327 --
Charitable contributions, net -- 3,575
Loss on early retirement of debt, net -- 86,342
------------ ------------
Adjusted net income (1) $ 134,842 $ 103,079
============ ============
Per diluted share of common stock:
Net income $ 0.34 $ 0.02
Loss on disposal of assets, net -- 0.01
Pre-opening expense, net 0.01 --
Development expense, net 0.02 0.01
Stock offering costs, net 0.01 --
Charitable contributions, net -- 0.01
Loss on early retirement of debt, net -- 0.24
------------ ------------
Adjusted Earnings Per Share (1) $ 0.38 $ 0.29
============ ============
Weighted average diluted shares outstanding 354,592,597 355,029,968
- -----------------------
(1) Adjusted net income and adjusted earnings per share are supplemental
non-GAAP financial measures used by management, as well as industry
analysts, to evaluate operations. Management also believes that these
measures are considered by many to be more useful measures on which to
base expectations of future results than net income and earnings per
share computed in accordance with generally accepted accounting
principles ("GAAP").
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues by Resort
(In thousands)
(Unaudited)
Three Months Ended
March 31,
-------------------------
2006 2005
----------- -----------
The Venetian $ 248,727 $ 228,738
The Sands Macao 281,637 175,056
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$ 530,364 $ 403,794
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Page 9
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income to Adjusted EBITDA and Adjusted Property EBITDAR
Three Months Ended March 31, 2006
Depreciation Loss on Pre- (1) Adjusted
Operating and Disposal Opening Development Stock-Based Adjusted Corporate Rental Property
Income (Loss) Amortization of Assets Expense Expense Compensation EBITDA Expense Expense EBITDAR
------------- ------------ --------- --------- ----------- ------------ -------- --------- -------- ---------
The Venetian $ 79,263 $ 16,738 $ 12 $ 608 $ -- $ 942 $ 97,563 $ -- $ 3,519 $ 101,082
The Sands Macao 90,084 7,752 1,069 1,611 2,170 573 103,259 -- 188 103,447
Other development (6,998) -- -- -- 6,998 -- -- -- -- --
Corporate (13,469) 515 -- -- -- -- (12,954) 12,954 -- --
------------- ------------ --------- --------- ----------- ------------ -------- --------- -------- ---------
$ 148,880 $ 25,005 $ 1,081 $ 2,219 $ 9,168 $ 1,515 $187,868 $ 12,954 $ 3,707 $ 204,529
============= ============ ========= ========= =========== ============ ======== ========= ======== =========
Three Months Ended March 31, 2005
Depreciation Loss on Pre- Adjusted
Operating and Disposal Opening Development Stock-Based Adjusted Corporate Rental Property
Income (Loss) Amortization of Assets Expense Expense Compensation EBITDA Expense Expense EBITDAR
------------- ------------ --------- --------- ----------- ------------ -------- --------- -------- ---------
The Venetian $ 80,778 $ 14,141 $ -- $ -- $ -- $ -- $ 94,919 $ -- $ 3,502 $ 98,421
The Sands Macao 60,509 5,824 -- -- 1,269 -- 67,602 -- 203 67,805
Other development (5,069) -- 1,163 -- 3,906 -- -- -- -- --
Corporate (10,882) -- -- -- -- -- (10,882) 10,882 -- --
------------- ------------ --------- --------- ----------- ------------ -------- --------- -------- ---------
$ 125,336 $ 19,965 $ 1,163 $ -- $ 5,175 $ -- $151,639 $ 10,882 $ 3,705 $ 166,226
============= ============ ========= ========= =========== ============ ======== ========= ======== =========
(1) The Company adopted Statement of Financial Accounting Standards No. 123R,
"Share-Based Payments", on January 1, 2006 and recorded $2.9 million of
stock-based compensation expense during the three months ended March 31,
2006, $1.1 million of which is included in corporate expense and $0.3
million of which is included in development expense on our condensed
statement of operations.
Note: The prior period presentation has been revised to conform to the current
period presentation.
Page 10
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(In thousands)
(Unaudited)
The following is a reconciliation of Net Income to Adjusted EBITDA and
Adjusted Property EBITDAR:
Three Months Ended
March 31,
----------------------
2006 2005
--------- ---------
Net income $ 121,783 $ 7,112
Add (deduct) :
(Benefit) provision for income taxes 16,060 (34,299)
Other income (164) --
Interest income (10,214) (7,394)
Interest expense, net of amounts capitalized 21,415 27,083
Loss on early retirement of debt -- 132,834
Depreciation and amortization 25,005 19,965
Loss on disposal of assets 1,081 1,163
Pre-opening expense 2,219 --
Development expense 9,168 5,175
Stock-based compensation 1,515 --
--------- ---------
Adjusted EBITDA 187,868 151,639
Add :
Rental expense 3,707 3,705
Corporate expense 12,954 10,882
--------- ---------
Adjusted Property EBITDAR $ 204,529 $ 166,226
========= =========
Page 11
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(In thousands except room and other information)
(Unaudited)
Three Months Ended
March 31,
--------------------
2006 2005
-------- --------
Total Adjusted Property EBITDAR (1) $204,529 $166,226
Room Statistics for the Venetian:
Occupany % 99.9% 97.8%
Average daily room rate (ADR) (2) $ 249 $ 243
Revenue per available room (REVPAR) (3) $ 248 $ 237
Other Information:
The Venetian:
Table games win per unit per day (4) $ 6,584 $ 6,105
Slot machine win per unit per day (5) $ 213 $ 176
Average number of table games 136 134
Average number of slot machines 1,741 1,993
The Sands Macao:
Table games win per unit per day (4) $ 7,430 $ 5,467
Slot machine win per unit per day (5) $ 236 $ 179
Average number of table games 434 336
Average number of slot machines 907 764
- -------------------------
(1) Adjusted property EBITDAR consists of operating income before
depreciation and amortization, rental expense, pre-opening expense,
development expense, loss on disposal of assets, stock-based compensation
and corporate expense. Adjusted property EBITDAR and adjusted EBITDA are
supplemental non-GAAP financial measures used by management, as well as
industry analysts, to evaluate operations. In particular, management
utilizes adjusted property EBITDAR to compare the operating profitability
of its casinos with those of its competitors. Rental expense is added to
adjusted EBITDA because the Company leases its HVAC plant and believes
this provides a comparison of operating profitability to Las Vegas
competitors who own their HVAC plants. Las Vegas Sands Corp. is also
presenting adjusted property EBITDAR because it is used by some investors
as a way to measure a company's ability to incur and service debt, make
capital expenditures and meet working capital requirements. Gaming
companies have hitorically reported EBITDAR as a supplemental performance
measure to GAAP financial measures. In order to view the operations of
their casinos on a more stand-alone basis, gaming companies, including
Las Vegas Sands Corp. have historically excluded pre-opening expense,
development expense, and corporate expense, which do not relate to the
management of specific casino properties from their EBITDAR calculations.
When evaluating adjusted property EBITDAR, investors should consider,
among other factors, (1) increasing or decreasing trends in adjusted
property EBITDAR and (2) how adjusted property EBITDAR compares to levels
of debt and interest expense. However, adjusted property EBITDAR should
not be interpreted as an alternative to income from operations (as an
indicator of operating performance) or to cash flows from operations (as
a measure of liquidity) as determined in accordance with generally
accepted accounting principles. Las Vegas Sands Corp. has significant
uses of cash flow, including capital expenditures, interest payments and
debt principal repayments, which are not reflected in adjusted property
EBITDAR. Not all companies calculate EBITDAR in the same manner. As a
result, adjusted property EBITDAR as presented by Las Vegas Sands Corp.
may not be comparable to similarly titled measures presented by other
companies. Adjusted property EBITDAR consists of adjusted EBITDAR for a
particular property, such as The Venetian in Las Vegas and The Sands
Macao in Macao.
(2) ADR is Average Daily Rate and is calculated by dividing total room
revenue by total rooms occupied.
(3) REVPAR is defined as Revenue Per Available Room and is calculated by
dividing total room revenue by rooms available.
(4) Table games win per unit per day is shown before discounts and
commissions.
(5) Slot machine win per unit per day is shown before deducting cost for slot
points.