EXHIBIT 99.1
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[GRAPHIC OMITTED]
[LOGO - LAS VEGAS SANDS CORP.] P R E S S R E L E A S E
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LAS VEGAS SANDS CORP. REPORTS
FIRST QUARTER 2007 RESULTS
ACHIEVES RECORD FIRST QUARTER CONSOLIDATED ADJUSTED PROPERTY EBITDAR
OF $214.4 MILLION FOR THE FIRST QUARTER OF 2007
LAS VEGAS, NV (MAY 2, 2007) -- Las Vegas Sands Corp. (NYSE:LVS), today reported
record first quarter financial results for the quarter ended March 31, 2007.
COMPANY-WIDE OPERATING RESULTS
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Net revenue for the first quarter of 2007 increased 18.5% to a record $628.2
million compared to $530.4 million in the first quarter of 2006. Adjusted net
income (excluding loss on disposal of assets, pre-opening expense and
development expense) was $114.6 million, or adjusted earnings per diluted share
of $0.32, compared to adjusted net income (excluding loss on disposal of
assets, pre-opening expense, development expense and stock offering costs) of
$134.8 million, or adjusted earnings per diluted share of $0.38, in the first
quarter of 2006. On a GAAP (Generally Accepted Accounting Principles) basis,
net income in the first quarter of 2007 was $90.9 million, or $0.26 per diluted
share, compared to $121.8 million, or $0.34 per diluted share, in the first
quarter of 2006. The decreases in adjusted net income and GAAP net income were
partially affected by expense increases directly related to our preparations
for the pending openings of our new properties in Macao, Singapore, and the
United States.
Consolidated adjusted property EBITDAR in the first quarter of 2007 came in at
a first quarter record $214.4 million, an increase of 4.8% compared to $204.5
million in the year-ago quarter. On a GAAP basis, operating income was $131.0
million versus $148.9 million in the first quarter of 2006.
"The first quarter of 2007 was another quarter of strong execution for our
company," began William P. Weidner, president and COO. "We delivered solid
operating results at both our Las Vegas and Macao properties and made steady
progress in the execution of our development plans as we lead the historic
effort to create Asia's Las Vegas(TM)."
FIRST QUARTER HIGHLIGHTS
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Weidner continued, "In Asia, we delivered another strong quarter at the Sands
Macao. Our VIP gaming win and rolling volume both set all-time quarterly
records, and our first quarter visitor volume reflected healthy growth on both
a year-over-year and sequential basis, with over 2.5 million visits in the
quarter, up over 9% compared to the first quarter of 2006. Our slots business
1
also delivered an all-time record quarter in both handle and win, while our
mass table games drop and win were consistent with the quarter one year ago,
despite the addition of significant high-quality capacity in the Macao
marketplace. These trends reflect the strength of our service offering and
provide positive momentum as we prepare to open Macao's first true integrated
destination resort, The Venetian Macao, which will bring an unrivaled set of
assets and service offerings to the Macao marketplace. In Las Vegas, consistent
with the press release we issued on April 13th, we delivered strong results
across the board, with both gaming and hotel revenues reflecting healthy
increases compared to the quarter one year ago."
Weidner added, "We continued to execute our development plans for The Venetian
Macao and the Cotai Strip, where we are now preparing The Venetian Macao, the
anchor of the Cotai Strip, for a late August opening. We have advanced the
leasing of our retail space on the Cotai Strip, and have begun the tenant
fit-out work on the first phase of our initial retail development, The Grand
Canal Shoppes at The Venetian Macao. Our convention, tour and travel, and
corporate meetings businesses have also continued to mature as we move closer
to the launch of The Venetian Macao. In addition, our construction work on each
of our other six sites on the Cotai Strip continues to progress. Finally, we
continue to advance our master-plan to develop a complementary leisure and
convention destination on Hengqin Island, in Zhuhai of the People's Republic of
China and adjacent to the Cotai Strip. In Las Vegas, we continued to make
significant progress on the construction of The Palazzo, which will be topped
off in June and which is scheduled to open in late 2007."
LAS VEGAS FIRST QUARTER OPERATING RESULTS
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In the first quarter of 2007 in Las Vegas, hotel revenues increased 7.3% to
$96.1 million versus $89.6 million in the first quarter of 2006. The Venetian's
average daily rate (ADR) increased 10.8% to $276, compared to $249 in the first
quarter of 2006. The Venetian's occupancy of available guestrooms was 98.8%
during the first quarter of 2007, which compares to 99.9% during the prior year
period, generating revenue per available room (REVPAR) of $273 in the 2007
period, an increase of 10.1% versus $248 in the 2006 period.
Food and beverage revenues were $39.8 million in the first quarter of 2007
compared to $43.3 million in the 2006 period. The decrease in food and beverage
revenues was driven principally by three group cancellations in the quarter.
The approximately $8.3 million of revenues associated with these group
cancellations are reflected in other operating revenues, which totaled $38.6
million in the quarter compared to $31.4 million in the first quarter last
year, an increase of 22.9%.
Table games drop decreased modestly to $353.1 million in the first quarter of
2007 versus $363.5 million during the first quarter of 2006. Slot machine
handle (volume) increased 11.1% to $588.4 million in the first quarter of 2007
compared to $529.5 million during the first quarter of 2006. As a result of the
above, as well as a strong hold percentage, casino revenues increased 23.2% to
$119.6 million in the first quarter of 2007 compared to $97.1 million a year
ago. Table games win percentage (calculated before discounts) was 29.1% in the
2007 quarter compared to 22.1% in the first quarter of last year. This compares
to our expected range of 20% to 22%. As discussed in our press release of April
13th, this higher than expected table games hold percentage contributed
approximately $14 million to The Venetian's adjusted property EBITDAR in the
quarter. This benefit was substantially offset by our provision for bad debt in
the quarter, which included a $10.6 million provision related to a single
premium customer. Slot win percentage (calculated before discounts) was 6.0% in
the 2007 quarter compared to 6.3% in the first quarter last year.
2
On a GAAP basis, operating income for The Venetian increased 12.9% to $90.3
million versus $80.0 million in the 2006 period. Adjusted property EBITDAR for
The Venetian increased 10.9%, to $112.1 million, compared to $101.1 million for
the first quarter of 2006.
"We continue to see strong performance across the board at The Venetian,"
continued Weidner. "Our convention-based strategy continues to drive increases
in our room rates and REVPAR. In fact, our room revenue was up over seven
percent in the quarter, despite the fact that our rooms available for occupancy
were down approximately two percent due to our ongoing remodeling program at
the property. In addition, the benefits of our targeted capital investments are
contributing to solid top-line performance at The Venetian. Our high-end
business, in particular, continues to benefit from our activities in Asia and
our investments in the infrastructure and amenities vital to our
competitiveness and success in this increasingly important segment. Our ongoing
efforts to generate operating efficiencies across the property have allowed our
top line enhancements to consistently flow through to our adjusted property
EBITDAR at the Las Vegas property.
"Looking further ahead, construction of The Palazzo, which has been designed to
include all the amenities and features necessary to service our important
premium business, continues to progress. Later this year, the comprehensively
renovated Venetian and newly opened Palazzo complex will represent the largest
integrated destination resort in the world, with 7,128 hotel rooms and 2.3
million square feet of meeting, convention and exhibition space. In addition,
we expect to obtain back-of-house and other operating efficiencies of between
$40 million and $60 million for the combined complex once The Palazzo opens. We
believe the combined Venetian and Palazzo complex will provide an excellent
platform for profitable growth in Las Vegas for years to come."
MACAO FIRST QUARTER OPERATING RESULTS
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In Macao, first quarter casino revenues increased 24.4% to an all-time
quarterly record $346.1 million versus $278.2 million in the 2006 period. The
Sands Macao reported adjusted property EBITDAR of $102.3 million for the first
quarter of 2007, compared to $103.4 million in the first quarter of 2006. The
Sands' adjusted property EBITDAR reflects an elevated level of expenses at the
Sands Macao of approximately $12 million associated with investments in our
human resources and our VIP rolling-chip program. These elevated expenses are
driven principally by our preparations for the opening of The Venetian Macao.
On a GAAP basis, operating income for the Sands Macao was $90.6 million for the
first quarter of 2007, compared to $93.9 million in last year's first quarter.
The Sands Macao operating income also reflects the approximately $12 million of
elevated expenses described above. First quarter 2007 Rolling Chip volume
increased 85.4% to an all-time quarterly record $6.86 billion, compared to
$3.70 billion in the first quarter of 2006. Table games drop (the Non-Rolling
Chip segment) was $1.04 billion in the first quarter of 2007, essentially flat
when compared with the first quarter of 2006.
Non-Rolling Chip table games win percentage (calculated before discounts and
incentives) came in at 18.6% in the first quarter of 2007, while Rolling Chip
table games win percentage (calculated before discounts and commissions) was
2.8%. These results compare to our expected Non-Rolling Chip table games win
percentage (calculated before discounts and commissions) of 18% to 20% and
Rolling Chip table games win percentage (calculated before discounts and
commissions) of 2.7% to 3.0%.
Slot handle (volume) for the first quarter of 2007 was a record $297.1 million,
representing a 20.3% increase versus $247.0 million in the first quarter of
2006.
3
Weidner stated, "We remain extremely pleased with our performance at the Sands.
Despite the introduction of significant high-quality, competitive product in
the Macao marketplace, our VIP business has shown strong growth, our mass
business remains extremely healthy, our visitation statistics continue to
increase, and our operating performance remains strong. We remain committed to
the investments we have been making in our labor resources and our rolling play
program, which elevated our current expense levels by approximately $12 million
for the quarter and had a corresponding negative impact on our adjusted
property EBITDAR, but which we expect to pay substantial dividends with the
opening of The Venetian Macao later this year."
OTHER FACTORS AFFECTING EARNINGS
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Interest expense, net of amounts capitalized, was $34.6 million for the first
quarter of 2007 compared to $21.4 million during the first quarter of 2006. The
increase is primarily the result of borrowings related to the $2.5 billion
credit facility to support our developments in Macao, as well as the $1.4
billion credit facility to support the development of The Marina Bay Sands in
Singapore. Capitalized interest was $46.8 million during the first quarter of
2007 compared to $8.3 million during the first quarter of 2006.
Interest income was $12.7 million for the first quarter of 2007, compared to
$10.2 million for the first quarter of 2006.
Depreciation and amortization expense was $31.2 million for the first quarter
of 2007, compared to $25.0 million for the first quarter of 2006.
Stock-based compensation expense was $4.4 million in the first quarter of 2007,
compared to $2.9 million in the first quarter of 2006.
Pre-opening expenses related principally to the opening of The Venetian Macao
and The Marina Bay Sands were $22.5 million in the first quarter of 2007,
compared to $2.2 million in the first quarter of 2006.
Development expenses relating to our efforts in Zhuhai (Hengqin Island, in the
People's Republic of China), Europe, Japan and elsewhere were $2.3 million in
the first quarter of 2007, compared to $9.2 million in the first quarter of
2006.
The effective tax rate for the first quarter of 2007 of 10.9% is lower than the
United States Federal statutory rate due primarily to a zero effective tax rate
on our Macao gaming income as a result of a temporary income tax exemption on
gaming operations, which is currently set to expire at the end of 2008.
BALANCE SHEET ITEMS
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Unrestricted cash balances at March 31, 2007 stood at $439.5 million while
restricted cash balances were $556.0 million. Of the restricted cash balances,
$292.4 million is restricted for construction activities at The Palazzo in Las
Vegas, $109.3 million is restricted for construction of The Marina Bay Sands in
Singapore, and $75.7 million is restricted for Macao related construction.
As of March 31, 2007, total debt outstanding, including the current portion,
was $4.42 billion.
4
CAPITAL EXPENDITURES AND OTHER ACTIVITIES
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Capital expenditures during the first quarter of 2007 totaled $765.0 million.
This includes $457.8 million for construction and development activities in
Macao, $177.8 million for construction and development activities at The
Palazzo, $43.4 million for construction and development activities in
Singapore, $39.5 million for capital expenditures at The Venetian and The Sands
Expo and Convention Center in Las Vegas, and $46.5 million for corporate
activities.
CONCLUDING COMMENTS
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Weidner concluded, "While we continue to deliver strong financial and operating
results, our future opportunities remain significant. Our track record of
execution in the development and operation of convention-based integrated
destination resorts clearly positions us well to continue to execute on our
currently announced projects and to develop, identify and utilize our
market-leading position to win additional growth opportunities worldwide.
"We remain focused on the execution of our plans to develop `Asia's Las Vegas'
on the Cotai Strip. We have now begun construction or pre-construction
activities on all seven sites on the Cotai Strip. The Venetian Macao, the
anchor property of The Cotai Strip, remains on track for a late August opening.
"We are engaged in extensive collaboration with the Project Coordination
Committee of The Hengqin Venetian International Convention and Resort Project
in Zhuhai as we integrate our development plans with Zhuhai and Guangdong
Province's overall development plans for Hengqin Island.
"In Singapore, we held our formal groundbreaking for The Marina Bay Sands(TM)
in February, marking the progress we have made since acquiring the land in
August of last year. We have made substantial progress on the development, and
we currently have a labor force of 650 workers engaged on the site. To date, we
have poured over 60,000 cubic meters of concrete as part of the preparatory
works for the hotel sub-structure and have performed enabling works for our
three 50 + story hotel towers, including the partial completion of supporting
walls, some of which extend over 50 meters below ground. In addition, we have
entered into commitments for piling work that represents approximately two
thirds of the project's piling requirements, and actual piling works got
underway last month. We also marked another milestone last month upon the
completion of our three story project site office, which now serves as office
and meeting space for our contractors, consultants and 250 Marina Bay Sands
employees. We remain on schedule to open the property in 2009. The property
will feature nearly 2,500 hotel rooms, approximately 1.2 million square feet of
flexible meetings, incentive, convention, food and beverage, and exhibition
space, approximately 1.0 million square feet of retail space, three large
entertainment venues, and gaming space which will include our high-end Paiza
Club(TM).
"In Bethlehem, Pennsylvania, we have significantly advanced our pre-construction
activities on Sands Bethworks. We have now opened the Sands Bethworks site
office and initiated this week the demolition work necessary to begin the
construction process and to salvage the industrial icons which the finished
property will feature. The 126-acre integrated destination resort on the site
of the former Bethlehem Steel plant, which will open in late 2008, is located
on the I-78 corridor in eastern Pennsylvania, with 17.2 million people residing
within a 75 mile radius, including the lucrative northern New Jersey and New
York metropolitan markets. The property will feature in its first phase a
300-room hotel, 200,000 square feet of retail space, 5,000 slot machines, a
50,000 square foot multipurpose event center, and a variety of dining and
entertainment options. The resort will also be home to the National Museum of
Industrial History, an arts and cultural center, and the broadcast home of the
local PBS affiliate."
# # #
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CONFERENCE CALL INFORMATION
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The company will hold a conference call to discuss the company's results on
Wednesday, May 2, 2007 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are
invited to join the call by dialing (866) 383-8008 and using the access code
67585530. International callers, please dial (617) 597-5341, 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
62863330 from May 2, 2007 at approximately 6:30 p.m. PT (9:30 p.m. ET) through
May 10, 2007.
FORWARD-LOOKING STATEMENTS
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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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ABOUT LAS VEGAS SANDS CORP.
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Las Vegas Sands Corp. (NYSE: LVS) is one of the leading international
developers of multi-use integrated resorts.
The Las Vegas, Nevada-based company owns and operates The Venetian
Resort-Hotel-Casino and the Sands Expo and Convention Center in Las Vegas and
the Sands Macao in the People's Republic of China (PRC) Special Administrative
Region of Macao. The company is currently constructing four additional
integrated resorts: The Venetian Macao Resort-Hotel in Macao; The Palazzo
Resort-Hotel-Casino in Las Vegas; Sands Bethworks(TM) in Bethlehem,
Pennsylvania; and The Marina Bay Sands(TM) in Singapore.
LVS is also creating The Cotai Strip(TM), a master-planned development
of resort-casino properties in Macao. Additionally, the company is working with
the Zhuhai Municipal People's Government of the PRC to master-plan the
development of a leisure resort and convention complex on Hengqin Island in the
PRC.
CONTACTS:
Investment Community: Scott Henry (702) 733-5502
Media: Ron Reese (702) 414-3607
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FIRST QUARTER 2007 RESULTS
NON-GAAP RECONCILIATIONS
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Within the company's first quarter 2007 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 net income and adjusted earnings per diluted share in the first
quarter of 2007 exclude loss on disposal of assets, pre-opening expense, and
development expense. 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 stock offering costs.
Reconciliations of GAAP net income and GAAP earnings per diluted share to
adjusted net income and adjusted earnings per diluted share are included in the
financial schedules accompanying this release.
Adjusted EBITDA consists of operating income before depreciation and
amortization, gain or loss on disposal of assets, pre-opening expense,
development expense, and stock-based compensation. Adjusted property EBITDAR
consists of operating income before depreciation and amortization, 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 and GAAP net income to adjusted EBITDA and adjusted property
EBITDAR are included in the financial schedules accompanying this release.
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,
2007 2006
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Revenues:
Casino $ 465,734 $ 375,382
Rooms 97,868 91,138
Food and beverage 54,359 51,816
Retail 2,694 2,771
Other 40,352 32,234
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661,007 553,341
Less - Promotional allowances (32,789) (22,977)
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628,218 530,364
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Operating Costs and Expenses:
Casino-Hotel operations 415,772 327,350
Rental expense 6,708 3,707
Corporate expense 18,519 12,954
Pre-opening expense 22,457 2,219
Development expense 2,346 9,168
Depreciation and amortization 31,232 25,005
Loss on disposal of assets 178 1,081
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497,212 381,484
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Operating income 131,006 148,880
Interest income 12,664 10,214
Interest expense, net of amounts capitalized (34,612) (21,415)
Other income (expense) (7,033) 164
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Income before income taxes 102,025 137,843
Provision for income taxes (11,111) (16,060)
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Net income $ 90,914 $ 121,783
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Basic earnings per share $ 0.26 $ 0.34
Diluted earnings per share $ 0.26 $ 0.34
Weighted average shares outstanding
Basic 354,613,724 354,199,253
Diluted 356,114,292 354,592,597
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure-Adjusted Net Income and Earnings Per Share (In
thousands,except share and per share data) (Unaudited)
Three Months Ended
March 31,
2007 2006
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Net income $ 90,914 $ 121,783
Loss on disposal of assets, net 119 1,077
Pre-opening expense, net 21,507 2,006
Development expense, net 2,057 8,649
Stock offering costs, net - 1,327
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Adjusted net income $ 114,597 $ 134,842
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Per diluted share of common stock:
Net income $ 0.26 $ 0.34
Loss on disposal of assets, net - -
Pre-opening expense, net 0.06 0.01
Development expense, net - 0.02
Stock offering costs, net - 0.01
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Adjusted earnings per diluted share $ 0.32 $ 0.38
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Weighted average diluted shares outstanding 356,114,292 354,592,597
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues by Resort
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2007 2006
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The Venetian $ 277,844 $ 248,727
The Sands Macao 350,374 281,637
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$ 628,218 $ 530,364
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Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income to Adjusted EBITDA and
Adjusted Property EBITDAR
Three Months Ended March 31, 2007
Operating Depreciation Loss on (1)
Income and Disposal Pre-Opening Development Stock-Based Adjusted
(Loss) Amortization of Assets Expense Expense Compensation EBITDA
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The Venetian $ 90,320 $ 17,992 $ 168 $ 103 $ - $ 1,379 $ 109,962
The Sands Macao 90,563 10,796 9 - - 573 101,941
Other development (30,631) 1,717 1 22,354 2,346 - (4,213)
Corporate (19,246) 727 - - - - (18,519)
--------- -------- -------- -------- --------- --------- ---------
$131,006 $ 31,232 $ 178 $ 22,457 $ 2,346 $ 1,952 $ 189,171
========= ======== ======== ======== ========= ========= =========
Adjusted
Corporate Rental Property
Expense Expense EBITDAR
-----------------------------------
The Venetian $ - $ 2,140 $ 112,102
The Sands Macao - 355 102,296
Other development - 4,213 -
Corporate 18,519 - -
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$ 18,519 $ 6,708 $ 214,398
========= ========= =========
Three Months Ended March 31, 2006
Operating Depreciation Loss on (1)
Income and Disposal Pre-Opening Development Stock-Based Adjusted
(Loss) Amortization of Assets Expense Expense Compensation EBITDA
------------------------------------------------------------------------------------------
The Venetian $ 79,974 $ 16,027 $ 12 $ 608 $ - $ 942 $ 97,563
The Sands Macao 93,927 7,690 1,069 - - 573 103,259
Other development (11,552) 773 - 1,611 9,168 - -
Corporate (13,469) 515 - - - - (12,954)
--------- -------- -------- -------- --------- --------- ---------
$ 148,880 $ 25,005 $ 1,081 $ 2,219 $ 9,168 $ 1,515 $ 187,868
========= ======== ======== ======== ========= ========= =========
Adjusted
Corporate Rental Property
Expense Expense EBITDAR
------------------------------------
The Venetian $ - $ 3,519 $ 101,082
The Sands Macao - 188 103,447
Other development - - -
Corporate 12,954 - -
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$ 12,954 $ 3,707 $ 204,529
========= ========= =========
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(1) The Company recorded $4.4 million of stock-based compensation expense
during the three months ended March 31, 2007, $1.7 million of which is
included in corporate expense and $0.7 million of which is included in
pre-opening expense on our condensed statement of operations. During the
three months ended March 31, 2006, the Company recorded $2.9 million of
share-based compensation expense, $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.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following is a reconciliation of Net Income to Adjusted EBITDA and Adjusted
Property EBITDAR:
Three Months Ended
March 31,
2007 2006
--------- ---------
Net income $ 90,914 $ 121,783
Add (deduct) :
Provision for income taxes 11,111 16,060
Other (income) expense 7,033 (164)
Interest income (12,664) (10,214)
Interest expense, net of amounts capitalized 34,612 21,415
Depreciation and amortization 31,232 25,005
Loss on disposal of assets 178 1,081
Pre-opening expense 22,457 2,219
Development expense 2,346 9,168
Stock-based compensation (1) 1,952 1,515
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Adjusted EBITDA 189,171 187,868
Add :
Rental expense 6,708 3,707
Corporate expense 18,519 12,954
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Adjusted Property EBITDAR $ 214,398 $ 204,529
========= =========
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(1) From prior page
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(In thousands except room and other information)
(Unaudited)
Three Months Ended
March 31,
2007 2006
-------- --------
Room Statistics for the Venetian:
Occupancy % 98.8% 99.9%
Average daily room rate (ADR) (1) $ 276 $ 249
Revenue per available room (REVPAR) (2) $ 273 $ 248
Other Information:
The Venetian:
Table games win per unit per day (3) $ 8,366 $ 6,584
Slot machine win per unit per day (4) $ 233 $ 213
Average number of table games 136 136
Average number of slot machines 1,694 1,741
The Sands Macao:
Table games win per unit per day (3) $ 5,421 $ 7,430
Slot machine win per unit per day (4) $ 153 $ 236
Average number of table games 787 434
Average number of slot machines 1,571 907
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(1) ADR is Average Daily Rate and is calculated by dividing total room
revenue by total rooms occupied.
(2) REVPAR is defined as Revenue Per Available Room and is calculated by
dividing total room revenue by 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.