EXHIBIT 99.1
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S A N D S
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
SECOND QUARTER 2007 RESULTS
ACHIEVES RECORD SECOND QUARTER CONSOLIDATED ADJUSTED PROPERTY
EBITDAR OF $199.8 MILLION FOR THE SECOND QUARTER OF 2007
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LAS VEGAS, NV (AUGUST 1, 2007) -- Las Vegas Sands Corp. (NYSE:LVS), today
reported second quarter financial results for the quarter ended June 30, 2007.
COMPANY-WIDE OPERATING RESULTS
Net revenue for the second quarter of 2007 increased 18.6% to a record $612.9
million, compared to $517.0 million in the second quarter of 2006. Consolidated
adjusted property EBITDAR in the second quarter of 2007 came in at a second
quarter record $199.8 million, an increase of 11.0% compared to $180.1 million
in the year-ago quarter. On a GAAP (Generally Accepted Accounting Principles)
basis, operating income was $86.2 million versus $125.4 million in the second
quarter of 2006. The decrease in operating income of $39.2 million was driven
principally by an increase of $36.0 million in pre-opening expenses directly
related to our preparations for the opening of The Venetian Macao on August
28th and other properties to be opened in the future in Macao, Singapore, and
the United States.
Adjusted net income (excluding loss on disposal of assets, pre-opening expense,
development expense, and loss on early retirement of debt) was $81.9 million,
or adjusted earnings per diluted share of $0.23, compared to adjusted net
income (excluding loss on disposal of assets, pre-opening expense, and
development expense) of $121.3 million, or adjusted earnings per diluted share
of $0.34, in the second quarter of 2006. The decrease in adjusted net income of
$39.4 million was driven principally by increases in net interest expense of
$24.4 million and depreciation and amortization of $11.3 million. On a GAAP
basis, net income in the second quarter of 2007 was $34.4 million, or $0.10 per
diluted share, compared to $109.3 million, or $0.31 per diluted share, in the
second quarter of 2006. The decrease in GAAP net income of $74.9 million was
principally driven by the pretax increases of $36.0 million in pre-opening
expense, $24.4 million in net interest expense, and $11.3 million in
depreciation and amortization mentioned above, as well as the loss realized on
the early retirement of debt of $10.7 million.
"The second quarter of 2007 was another quarter of strong execution for our
company," began William P. Weidner, president and COO. "We again delivered
robust operating results at both our Las Vegas and Macao properties and
continued to make steady progress in the execution of our development plans
around the globe. We are now approaching a signal moment in the history of both
our company and Macao. After over five years of planning and preparation, we
are now less than four weeks away from the grand opening of The Venetian Macao,
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and the beginning of a new era in the long and vibrant history of Macao. With
the opening of The Venetian Macao, the anchor of the Cotai Strip(TM) and
Macao's first true integrated destination resort, with the complete set of
assets and service offerings needed to generate multi-night visitation from
both the region and around the world, Macao will begin in earnest to realize
her true potential as a world-class business and leisure destination."
SECOND QUARTER HIGHLIGHTS
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 second quarter visitor volume reflected healthy growth with
over 2.5 million visits in the quarter, up 12.9% compared to the second quarter
of 2006. Our slots business again delivered an all-time record quarter in both
handle and win. The Macao gaming market continues to expand in response to the
addition of high-quality capacity. That continuing strong growth in the Macao
marketplace provides 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, including world-class
entertainment, dining, shopping and leisure amenities, to Macao. In Las Vegas,
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 have continued to execute our development plans for the
Cotai Strip in all areas. We recently commenced our international marketing
programs, which are designed to transform Macao into a multi-night stay
international destination, by bringing the world's most well-known sporting
franchise, The Manchester United Football Club, to Macao. Manchester United
were the first honorary guests of The Venetian Macao, and more than 500 members
of the local, regional and international media covered their visit to Macao,
which included a large press conference and Manchester United kids clinic both
held in our new 15,000 seat arena. Each night CCTV-1 and CCTV-5, two of China's
most watched television stations, with viewing audiences estimated at more than
one billion people, detailed the team's visit to Macao and their stay at The
Venetian Macao. The match, for which The Venetian Macao was the title sponsor,
was carried around the world by additional print and media outlets to the
remainder of the Asian region, the Indian subcontinent, the Middle East, Europe
and the Americas.
"We have advanced the leasing of our retail space on the Cotai Strip, where we
have effectively completed the leasing of our retail space at The Grand Canal
Shoppes in The Venetian Macao and at The Shoppes at the Four Seasons Macao. In
addition, we have now begun the leasing process and have signed definitive
agreements with more than 70 retailers at Cotai Central, the nearly 800,000
square foot mall in the massive podium of the complex anchored by the Sheraton
Macao, the St. Regis Macao, the Shangri-La Macao and Traders Macao, which is
located directly across the Cotai Strip from, and will be connected by
air-conditioned walkover bridge to, The Venetian Macao and the Four Seasons
Macao. Our convention, tour and travel, and corporate meetings businesses are
each ready to begin operations concurrently with the grand opening of The
Venetian Macao. In addition, our construction, design and development work on
each of our other six sites on the Cotai Strip continued to progress, and we
continued to advance our master-plan to develop a complementary trade-fair,
convention, and leisure destination on Hengqin Island, in Zhuhai of the
People's Republic of China and adjacent to the Cotai Strip. Finally, we
completed a $5.0 billion credit facility which simplified our administrative
reporting requirements and significantly increased our flexibility to move
quickly to take advantage of emerging development opportunities worldwide. In
Las Vegas, we continued to make significant progress on the construction of The
Palazzo, which was topped off in June and which is scheduled to open in late
2007," said Weidner.
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LAS VEGAS SECOND QUARTER OPERATING RESULTS
In the second quarter of 2007 in Las Vegas, hotel revenues increased 6.0% to
$93.3 million versus $88.0 million in the second quarter of 2006, despite
having approximately 4.6% fewer rooms available in the second quarter of 2007
compared to the quarter last year, due to the ongoing suite renovation program
at The Venetian. The Venetian's average daily rate (ADR) increased 9.9% to
$266, compared to $242 in the second quarter of 2006. The Venetian's occupancy
of available guestrooms increased to 100.9% during the second quarter of 2007,
which compares to 99.5% during the prior year period, generating revenue per
available room (REVPAR) of $268 in the 2007 period, an increase of 11.2% versus
$241 in the 2006 period.
Table games drop increased 10.5% to $281.0 million in the second quarter of
2007 versus $254.2 million during the second quarter of 2006. Slot machine
handle (volume) increased 7.7% to $562.8 million in the second quarter of 2007,
compared to $522.7 million during the second quarter of 2006. As a result of
the above, casino revenues increased 19.8% to $85.4 million in the second
quarter of 2007, compared to $71.3 million a year ago. Table games win
percentage (calculated before discounts) was 20.1% in the second quarter of
2007, compared to 17.6% in the second quarter of last year. This compares to
our expected range of 20% to 22%. Slot win percentage (calculated before
discounts) was 6.1% in the 2007 second quarter, compared to 6.2% in the second
quarter last year.
Food and beverage revenues increased 28.1% to $45.1 million in the second
quarter of 2007, compared to $35.2 million in the 2006 period. Retail and other
operating revenues were $29.8 million in the quarter, compared to $28.3 million
in the second quarter last year, an increase of 5.3%.
On a GAAP basis, operating income for The Venetian increased 30.8% to $57.0
million, compared to $43.6 million in the 2006 period. Adjusted property
EBITDAR for The Venetian increased 31.7%, to $83.2 million, compared to $63.2
million for the second 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 6.0% in the
quarter, despite the fact that our rooms available for occupancy were down 4.6%
due to our ongoing remodeling program at the property. The benefits of our
targeted capital investments are contributing to solid top-line performance at
The Venetian. Our high-end business continues to benefit from our activities in
Asia and our investments in the infrastructure and amenities vital to our
competitiveness and success in this 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, and we expect the opening of The Palazzo later this
year to generate significant additional operating efficiencies.
"Construction of The Palazzo, which has been designed to include all the
amenities and features necessary to service our important premium business, is
now entering its final phase. The Palazzo is scheduled to open its gaming,
hotel and restaurant products to the public on December 20th, while The Shoppes
at The Palazzo, anchored by Barneys New York and featuring many of the world's
leading luxury brands, will open in January 2008. Upon completion, 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."
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MACAO SECOND QUARTER OPERATING RESULTS
In Macao, second quarter casino revenues increased 21.6% to an all-time
quarterly record $373.5 million versus $307.1 million in the 2006 period. The
Sands Macao reported adjusted property EBITDAR of $116.6 million for the second
quarter of 2007, compared to $116.9 million in the second quarter of 2006. The
Sands' adjusted property EBITDAR continues to reflect an elevated level of
expenses at the Sands Macao. In the second quarter, we experienced
approximately $11 million of elevated expenses associated with investments in
our human resources and the retention bonus portion of our VIP rolling-chip
program. These elevated expenses are driven principally by our preparations for
the opening of The Venetian Macao, and we expect them to be eliminated from the
Sands Macao upon the opening of The Venetian Macao. On a GAAP basis, operating
income for the Sands Macao was $104.7 million for the second quarter of 2007,
compared to $105.6 million in last year's second quarter. The Sands Macao
operating income also reflects the approximately $11 million of elevated
expenses described above.
Second quarter 2007 Rolling Chip volume increased 70.4% to an all-time
quarterly record $7.3 billion, compared to $4.3 billion in the second quarter
of 2006. Table games drop (the Non-Rolling Chip segment) was $0.9 billion in
the second quarter of 2007, compared to $1.0 billion in the second quarter of
2006.
Non-Rolling Chip table games win percentage (calculated before discounts and
commissions) came in at 18.4% in the second quarter of 2007, while Rolling Chip
table games win percentage (calculated before discounts and commissions) was
3.44%. 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 3.0%.
Slot handle (volume) for the second quarter of 2007 was a record $317.4
million, representing a 20.6% increase versus $263.2 million in the second
quarter of 2006.
Food and beverage revenues increased 43.2% to $12.6 million in the second
quarter of 2007, compared to $8.8 million in the 2006 period. Retail and other
operating revenues increased 66.7% to $1.5 million in the quarter, compared to
$0.9 million in the second quarter of last year.
Weidner stated, "We remain extremely pleased with our performance at the Sands
Macao. Despite the introduction of significant high-quality, competitive
product in the Macao marketplace, our VIP business has shown strong growth, our
visitation statistics continue to increase, and our operating performance
remains strong. With the opening of The Venetian Macao later this month, we
will have the ability to significantly reduce the cost structure at the Sands
Macao, as we allocate our human resources more efficiently across a larger
asset and revenue base. Looking ahead to September, the completion of our new
238 suite hotel tower will add a significant amount of increasingly important
suite inventory to the Sands' product offering, enabling the Sands Macao to
offer a world-class suite product to a far greater number of its customers in
the years ahead."
OTHER FACTORS AFFECTING EARNINGS
Interest expense, net of amounts capitalized, was $54.4 million for the second
quarter of 2007, compared to $23.7 million during the second quarter of 2006.
The increase is primarily the result of increased borrowings which support the
company's growth pipeline and current and future development, including
borrowings related to the company's new $5.0 billion credit facility, the $3.3
billion credit facility to support our developments in Macao, as well as
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borrowings related to the $1.4 billion credit facility to support the
development of The Marina Bay Sands in Singapore. Capitalized interest was
$58.0 million during the second quarter of 2007, compared to $20.9 million
during the second quarter of 2006.
Stock-based compensation expense was $8.6 million in the second quarter of
2007, compared to $2.9 million in the second quarter of 2006.
Pre-opening expenses related principally to the pending opening of The Venetian
Macao, as well as The Marina Bay Sands and The Palazzo, were $40.3 million in
the second quarter of 2007, compared to $4.4 million in the second 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 $1.3 million in
the second quarter of 2007, compared to $7.9 million in the second quarter of
2006.
Loss on the early retirement of debt was $10.7 million in the second quarter of
2007. This was a direct result of the early retirement of the company's senior
secured credit facility, which was retired with a portion of the proceeds of
the Company's new $5.0 billion credit facility.
The effective tax rate for the second quarter of 2007 of 14.4% is lower than
the United States Federal statutory rate due principally 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
Unrestricted cash balances as of June 30, 2007 stood at $1.79 billion while
restricted cash balances were $1.04 billion. Of the restricted cash balances,
$891.7 million is restricted for Macao related construction and $93.5 million
is restricted for construction of The Marina Bay Sands in Singapore.
As of June 30, 2007, total debt outstanding, including the current portion, was
$7.11 billion.
CAPITAL EXPENDITURES AND OTHER ACTIVITIES
Capital expenditures during the second quarter of 2007 totaled $927.1 million.
This includes $484.8 million for construction and development activities in
Macao, $289.9 million for construction and development activities at The
Palazzo, $85.3 million for construction and development activities in
Singapore, $39.2 million for capital expenditures at The Venetian and The Sands
Expo and Convention Center in Las Vegas, and $27.9 million for corporate and
other activities.
CONCLUDING COMMENTS
Weidner concluded, "While we continue to deliver strong financial and operating
results, and are increasingly focused on the advance marketing and related
events and activities leading to the grand opening of The Venetian Macao, 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.
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"We remain focused on the execution of our plans to develop `Asia's Las Vegas',
a convention and leisure destination with both the scale and the world-class
array of leisure and entertainment amenities necessary to generate extended,
multi-night visitation, on the Cotai Strip. We continue to progress our
construction and development activities on all seven sites on the Cotai Strip.
"We remain engaged in continuing 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 continue to make steady progress on construction and other
development activities of The Marina Bay Sands, which remains on track for an
opening in late 2009. We currently have over 1,100 workers on site with work
progressing on a 24/7 basis. We have now begun to accept indications of
interest from retailers, restauranteurs, and other potential tenants from
around the globe for tenancy at The Shoppes at The Marina Bay Sands, and we are
pleased to report that the indicative rents reflected in these indications of
interest reflect the strength and vibrancy of that robust market. The Marina
Bay Sands will feature approximately 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 continue to advance our construction activities
on Sands Bethworks(TM). The preservation and refurbishment work on the
industrial icons that will be prominently featured in the Sands Bethworks
complex is now nearly completed. Upgrades to the utility systems have now been
completed, enabling construction of the foundation systems of the complex to
begin shortly. The 126-acre integrated destination resort on the site of the
former Bethlehem Steel plant 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."
# # #
CONFERENCE CALL INFORMATION
The company will hold a conference call to discuss the company's results on
Wednesday, August 1, 2007 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties
are invited to join the call by dialing (866) 825-3308 and using the access
code 32359895. International callers, please dial (617) 213-8062, 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 86644007, from August 1, 2007, at approximately 3:30 p.m. PT (6:30 p.m.
ET) through August 8, 2007.
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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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ABOUT LAS VEGAS SANDS CORP.
ABOUT LAS VEGAS SANDS CORP.
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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LAS VEGAS SANDS
SECOND QUARTER 2007 RESULTS
NON-GAAP RECONCILIATIONS
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Within the company's second 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.
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Adjusted net income and adjusted earnings per diluted share in the second
quarter of 2007 exclude loss on disposal of assets, pre-opening expense,
development expense, and loss on early retirement of debt. Adjusted net income
and adjusted earnings per diluted share in the second quarter of 2006 exclude
loss on disposal of assets, pre-opening expense, and development expense.
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, 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, 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.
8
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
--------- --------- --------- ---------
Revenues:
Casino $ 458,879 $ 378,462 $ 924,613 $ 753,844
Rooms 95,002 89,654 192,870 180,792
Food and beverage 57,738 44,023 112,097 95,839
Retail 2,795 3,385 5,489 6,156
Other 28,498 25,891 68,850 58,125
--------- --------- --------- ---------
642,912 541,415 1,303,919 1,094,756
Less - Promotional allowances (29,986) (24,408) (62,775) (47,385)
--------- --------- --------- ---------
612,926 517,007 1,241,144 1,047,371
--------- --------- --------- ---------
Operating Costs and Expenses:
Casino-Hotel operations 416,340 338,439 832,112 665,789
Rental expense 8,297 3,803 15,005 7,510
Corporate expense 24,694 12,251 43,213 25,205
Pre-opening expense 40,320 4,354 62,777 6,573
Development expense 1,260 7,861 3,606 17,029
Depreciation and amortization 35,721 24,428 66,953 49,433
Loss on disposal of assets 61 456 239 1,537
--------- --------- --------- ---------
526,693 391,592 1,023,905 773,076
--------- --------- --------- ---------
Operating income 86,233 125,415 217,239 274,295
Interest income 21,352 15,018 34,016 25,232
Interest expense, net of amounts capitalized (54,409) (23,685) (89,021) (45,100)
Other income (expense) (2,304) (14) (9,337) 150
Loss on early retirement of debt (10,705) - (10,705) -
--------- --------- --------- ---------
Income before income taxes 40,167 116,734 142,192 254,577
Provision for income taxes (5,769) (7,405) (16,880) (23,465)
--------- --------- --------- ---------
Net income $ 34,398 $ 109,329 $ 125,312 $ 231,112
========= ========= ========= =========
Basic earnings per share $ 0.10 $ 0.31 $ 0.35 $ 0.65
Diluted earnings per share $ 0.10 $ 0.31 $ 0.35 $ 0.65
Weighted average shares outstanding
Basic 354,726,843 354,255,635 354,645,879 354,227,600
Diluted 355,896,858 355,259,487 356,013,961 354,803,220
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 Six Months Ended
June 30, June 30,
2007 2006 2007 2006
----------- ----------- ----------- -----------
Net income $ 34,398 $ 109,329 $ 125,312 $ 231,112
Loss on disposal of assets, net 53 456 173 1,533
Pre-opening expense, net 39,459 4,294 60,966 6,424
Development expense, net 1,010 7,205 3,066 15,854
Stock offering costs, net - - - 1,327
Loss on early retirement of debt 6,958 - 6,958 -
----------- ----------- ----------- -----------
Adjusted net income $ 81,878 $ 121,284 $ 196,475 $ 256,250
----------- ----------- ----------- -----------
Per diluted share of common stock:
Net income $ 0.10 $ 0.31 $ 0.35 $ 0.65
Loss on disposal of assets, net - - - 0.01
Pre-opening expense, net 0.11 0.01 0.17 0.02
Development expense, net - 0.02 0.01 0.04
Stock offering costs, net - - - -
Loss on early retirement of debt, net 0.02 - 0.02 -
----------- ----------- ----------- -----------
Adjusted earnings per diluted share $ 0.23 $ 0.34 $ 0.55 $ 0.72
=========== =========== =========== ===========
Weighted average diluted shares outstanding 355,896,858 355,259,487 356,013,961 354,803,220
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Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues by Resort
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
--------- --------- ----------- -----------
The Venetian $ 235,512 $ 206,575 $ 513,356 $ 455,302
The Sands Macao 377,414 310,432 727,788 592,069
--------- --------- ----------- -----------
$ 612,926 $ 517,007 $ 1,241,144 $ 1,047,371
========= ========= =========== ===========
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 June 30, 2007
Depreciation Loss on (1) Adjusted
Operating and Disposal Pre-Opening Development Stock-Based Adjusted Corporate Rental Property
Income(Loss) Amortization of Assets Expense Expense Compensation EBITDA Expense Expense EBITDAR
------------ ------------ --------- ----------- ---------- ------------ -------- --------- ------- --------
The Venetian $ 57,016 $ 21,310 $ 22 $ 408 $ - $ 2,328 $ 81,084 $ - $ 2,137 $ 83,221
The Sands Macao 104,749 10,649 39 - - 900 116,337 - 256 116,593
Other development (48,965) 1,889 - 39,912 1,260 - (5,904) - 5,904 -
Corporate (26,567) 1,873 - - - - (24,694) 24,694 - -
-------- -------- ------- -------- -------- -------- --------- ------- ------- --------
$ 86,233 $ 35,721 $ 61 $ 40,320 $ 1,260 $ 3,228 $ 166,823 $24,694 $ 8,297 $199,814
======== ======== ======= ======== ======== ======== ========= ======= ======= ========
Three Months Ended June 30, 2006
Depreciation Loss on (1) Adjusted
Operating and Disposal Pre-Opening Development Stock-Based Adjusted Corporate Rental Property
Income(Loss) Amortization of Assets Expense Expense Compensation EBITDA Expense Expense EBITDAR
------------ ------------ --------- ----------- ---------- ------------ -------- --------- ------- --------
The Venetian $ 43,598 $ 15,028 $ - $ (181) $ 38 $ 942 $ 59,425 $ - $ 3,751 $ 63,176
The Sands Macao 105,581 7,967 456 2,278 - 573 116,855 - 52 116,907
Other development (10,981) 901 - 2,257 7,823 - - - - -
Corporate (12,783) 532 - - - - (12,251) 12,251 - -
--------- -------- ------- -------- -------- -------- --------- ------- ------- --------
$ 125,415 $ 24,428 $ 456 $ 4,354 $ 7,861 $ 1,515 $ 164,029 $12,251 $ 3,803 $180,083
========= ======== ======= ======== ======== ======== ========= ======= ======= ========
Six Months Ended June 30, 2007
Depreciation Loss on (1) Adjusted
Operating and Disposal Pre-Opening Development Stock-Based Adjusted Corporate Rental Property
Income(Loss) Amortization of Assets Expense Expense Compensation EBITDA Expense Expense EBITDAR
------------ ------------ --------- ----------- ---------- ------------ -------- --------- ------- --------
The Venetian $ 147,336 $ 39,302 $ 190 $ 511 $ - $ 3,707 $ 191,046 $ - $ 4,277 $195,323
The Sands Macao 195,312 21,445 48 - - 1,473 218,278 - 611 218,889
Other development (79,596) 3,606 1 62,266 3,606 - (10,117) - 10,117 -
Corporate (45,813) 2,600 - - - - (43,213) 43,213 - -
--------- -------- ------- -------- -------- -------- --------- ------- ------- --------
$ 217,239 $ 66,953 $ 239 $ 62,777 $ 3,606 $ 5,180 $ 355,994 $43,213 $15,005 $414,212
========= ======== ======= ======== ======== ======== ========= ======= ======= ========
Six Months Ended June 30, 2006
Depreciation Loss on (1) Adjusted
Operating and Disposal Pre-Opening Development Stock-Based Adjusted Corporate Rental Property
Income(Loss) Amortization of Assets Expense Expense Compensation EBITDA Expense Expense EBITDAR
------------ ------------ --------- ----------- ---------- ------------ -------- --------- ------- --------
The Venetian $ 123,572 $ 31,055 $ 12 $ 427 $ 38 $ 1,884 $ 156,988 $ - $ 7,270 $164,258
The Sands Macao 199,508 15,657 1,525 2,278 - 1,146 220,114 - 240 220,354
Other development (22,533) 1,674 - 3,868 16,991 - - - - -
Corporate (26,252) 1,047 - - - - (25,205) 25,205 - -
--------- ------- ------- ------- -------- -------- --------- ------- ------- --------
$ 274,295 $49,433 $ 1,537 $ 6,573 $ 17,029 $ 3,030 $ 351,897 $25,205 $ 7,510 $384,612
========= ======= ======= ======= ======== ======== ========= ======= ======= ========
(1) The Company recorded $8.6 million and $2.9 million of stock-based
compensation expense during the three months ended June 30, 2007 and 2006,
respectively, of which $3.1 million and $1.1 million, respectively, is
included in corporate expense and $2.3 million and $0.3 million,
respectively, is included in pre-opening and development expense on our
condensed statement of operations. During the six months ended June 30,
2007 and 2006, the Company recorded stock-based compensation expense of
$13.0 million and $5.7 million, respectively, of which $4.8 million and
$2.1 million, respectively, is included in corporate expense and $3.0
million and $0.6 million, respectively, is included in pre-opening and
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 Six Months Ended
June 30, June 30,
2007 2006 2007 2006
-------- -------- -------- --------
Net income $ 34,398 $ 109,329 $ 125,312 $ 231,112
Add (deduct) :
Provision for income taxes 5,769 7,405 16,880 23,465
Other (income) expense 2,304 14 9,337 (150)
Interest income (21,352) (15,018) (34,016) (25,232)
Interest expense, net of amounts capitalized 54,409 23,685 89,021 45,100
Loss on early retirement of debt 10,705 - 10,705 -
Depreciation and amortization 35,721 24,428 66,953 49,433
Loss on disposal of assets 61 456 239 1,537
Pre-opening expense 40,320 4,354 62,777 6,573
Development expense 1,260 7,861 3,606 17,029
Stock-based compensation (1) 3,228 1,515 5,180 3,030
--------- --------- --------- ---------
Adjusted EBITDA 166,823 164,029 355,994 351,897
Add :
Rental expense 8,297 3,803 15,005 7,510
Corporate expense 24,694 12,251 43,213 25,205
--------- --------- --------- ---------
Adjusted Property EBITDAR $ 199,814 $ 180,083 $ 414,212 $ 384,612
========= ========= ========= =========
(1) From prior page
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(In thousands, except room and other information)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
-------- -------- -------- --------
Room Statistics for The Venetian:
Occupancy % 100.9% 99.5% 99.8% 99.7%
Average daily room rate (ADR) (1) $ 266 $ 242 $ 271 $ 246
Revenue per available room (REVPAR) (2) $ 268 $ 241 $ 271 $ 245
Other Information:
The Venetian:
Table games win per unit per day (3) $ 4,660 $ 3,778 $ 6,523 $ 5,204
Slot machine win per unit per day (4) $ 227 $ 204 $ 230 $ 209
Average number of table games 133 130 135 133
Average number of slot machines 1,672 1,753 1,683 1,747
The Sands Macao:
Table games win per unit per day (3) $ 6,131 $ 7,760 $ 5,768 $ 7,600
Slot machine win per unit per day (4) $ 157 $ 247 $ 155 $ 242
Average number of table games 745 454 766 444
Average number of slot machines 1,541 895 1,556 901
- ---------------
(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.