EXHIBIT 99.11
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[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 2008 RESULTS
QUARTERLY NET REVENUE INCREASES 71.8% AND REACHES $1.08 BILLION
CONSOLIDATED ADJUSTED PROPERTY EBITDAR INCREASES 34.4% TO $288.3 MILLION
LAS VEGAS, NV (APRIL 30, 2008)--Las Vegas Sands Corp. (NYSE:LVS), today
reported financial results for the quarter ended March 31, 2008.
COMPANY-WIDE OPERATING RESULTS
Net revenue for the first quarter of 2008 increased 71.8% to $1.08 billion,
compared to $628.2 million in the first quarter of 2007. Consolidated adjusted
property EBITDAR in the first quarter of 2008 was $288.3 million, an increase
of 34.4%, compared to $214.4 million in the year-ago quarter. On a GAAP
(Generally Accepted Accounting Principles) basis, operating income was $96.6
million versus operating income of $131.0 million in the first quarter of 2007.
The decrease in operating income of $34.4 million reflects increases in
operating costs as we expand our infrastructure to execute our global growth
plans, depreciation and amortization expense, and pre-opening expense related
to our preparations for the opening of the Four Seasons Macao and other
properties which will open 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 $23.6 million,
or adjusted earnings per diluted share of $0.07, compared to $114.6 million, or
adjusted earnings per diluted share of $0.32, in the first quarter of 2007. The
decrease in adjusted net income of $91.0 million was driven principally by the
increased operating costs mentioned above and increases in net interest expense
and depreciation and amortization expense. On a GAAP basis, net loss in the
first quarter of 2008 was $11.2 million, or $0.03 per diluted share, compared
to net income of $90.9 million, or $0.26 per diluted share, in the first
quarter of 2007. The decrease in GAAP net income of $102.1 million was
principally driven by the increases in operating costs, depreciation and
amortization expense, pre-opening expense, and net interest expense mentioned
above.
1
FIRST QUARTER HIGHLIGHTS
William P. Weidner, president and COO stated, "While we remain pleased with our
progress in the steady execution of our global growth strategy, our first
quarter operating results reflect both an intensely competitive operating
environment in Macao as well as a weaker economic environment here in the
United States. In Asia, our efforts to transform Macao into Asia's premier
business and leisure destination continue to move ahead. The strong and
consistent visitation to the Cotai Strip's anchor property, The Venetian Macao,
and the solid early performance of the property's hotel, retail, and group
meeting businesses, reflect that we are continuing to deliver on the
fundamental goal and commitment we share with the people of Macao - the
transformation of Macao into Asia's premier business and leisure destination.
The recent announcements by the government of Macao regarding gaming regulation
appear to be consistent with that vision and support our conviction that the
execution of our Cotai Strip development strategy will deliver significant
economic benefits to Macao and the entire region, as well as industry-leading
returns to our shareholders. In Las Vegas, despite a more challenging economic
environment, The Venetian delivered solid results, and we opened The Palazzo,
completing our master plan of the largest integrated destination resort in the
world. We have now set the stage for strong growth and industry-leading returns
in the Las Vegas market for years to come."
Weidner continued, "Since opening eight months ago, we have now welcomed more
than 14 million guests from around the region to Asia's first integrated
destination resort, The Venetian Macao. Both business and leisure visitors have
contributed to strong hotel rate and solid occupancy statistics, reflecting the
appeal of our product offering and the significant interest from around the
region in the world-class amenities of our integrated resort. Our corporate
meeting and convention businesses, although hindered somewhat by a lack of
transportation infrastructure, are enjoying significant amounts of repeat
business. Our entertainment offerings have been well received throughout the
region, driving significant visitation to Macao. Our mass gaming volumes
continue to grow and are the largest of any single property in Macao today,
reflecting the popularity and acceptance of our product offering to this
important market segment. While our VIP gaming volumes were down sequentially
due to the increasingly competitive environment that has developed in this
market segment over the last few months, we have taken actions that we believe
will enable us to grow both our share of the market and our cash flow generated
from this segment of our business in the future. We remain confident that the
world-class product offerings of The Venetian Macao, together with our
continuing investments along the remainder of the Cotai Strip, will allow us to
deliver industry-leading returns and superior financial performance.
"Our construction, design and development work on each of our other six sites
on the Cotai Strip has continued to progress, with our second Cotai Strip
property, the Four Seasons Macao, which is adjacent to The Venetian Macao,
scheduled to open this summer.
"In Las Vegas, our properties performed well in a somewhat weaker economic
environment, delivering solid gaming volumes and REVPAR. After a soft opening
last December 30th, The Palazzo has had a steady ramp of additional amenities
added to its product offerings. Looking ahead, as its full complement of hotel
suite, retail dining and entertainment amenities finish coming on-line, we
expect this breathtaking 3,066-suite hotel, together with The Venetian and the
Sands Expo and Convention Center, to provide an ideal platform for growth in
Las Vegas in the years ahead," said Weidner.
2
LAS VEGAS FIRST QUARTER OPERATING RESULTS
Adjusted property EBITDAR for our Las Vegas operations increased 9.3% to $122.6
million in the first quarter of 2008, compared to $112.1 million in the first
quarter of 2007. On a GAAP basis, operating income for our Las Vegas operations
decreased 36.4% to $57.4 million, compared to $90.3 million in the 2007 period.
The increase in adjusted property EBITDAR was principally driven by the opening
of The Palazzo. The decrease in operating income was driven principally by the
increase in depreciation and amortization expense of $31.4 million compared to
the quarter one year ago, which is principally related to the opening of The
Palazzo.
Las Vegas operations' table games drop was $456.6 million in the first quarter
of 2008 versus $353.1 million during the first quarter of 2007, an increase of
29.3%. Slot machine handle (volume) increased 38.7% to $816.2 million in the
first quarter of 2008, compared to $588.4 million during the first quarter of
2007. The increases in table games drop and slot handle were principally driven
by the expansion of gaming capacity at The Palazzo. Table games win percentage
(calculated before discounts) was 25.3% in the first quarter of 2008, compared
to 29.1% in the first quarter of last year. This compares to our expected range
of 20% to 22%. Slot win percentage (calculated before slot club cash
incentives) was 6.0% in the first quarter of 2008, the same as in the first
quarter last year. Casino revenues for Las Vegas operations were $147.8 million
in the first quarter of 2008, compared to $119.6 million a year ago.
Las Vegas operations' hotel revenues increased 41.7% to $136.2 million versus
$96.1 million in the first quarter of 2007. The increase in hotel revenues was
principally due to the opening of The Palazzo.
The Venetian Las Vegas' average daily rate (ADR) was $274, down slightly
compared to $276 in the first quarter of 2007. The Venetian's occupancy of
available guestrooms decreased to 91.1% during the first quarter of 2008, down
from 98.8% during the prior year period. Revenue per available room (REVPAR) at
the Venetian decreased 8.4% to $250 in the 2008 period, compared to $273 in the
first quarter of 2007. In its' first quarter of operation, The Palazzo's ADR
was $244, while occupancy of available guestrooms was 79.1%, generating REVPAR
of $193.
Food and beverage revenues for Las Vegas operations increased to $55.9 million
in the first quarter of 2008, compared to $39.8 million in the 2007 period, an
increase of 40.5%. Retail and other operating revenues were $41.2 million in
the quarter, compared to $41.3 million in the first quarter last year.
"After a soft opening on December 30th, The Palazzo added amenities throughout
the quarter, including the opening of The Shoppes at the Palazzo, featuring
Barneys New York, which debuted in January, as well as more than a dozen
restaurants, many featuring James Beard Award-winning chefs. As its full suite
of features and amenities continue to ramp, including the Tony award-winning
Broadway sensation Jersey Boys, which recently opened for previews and will
formally take occupancy of its custom-built theatre in The Palazzo on Saturday
May 3rd, we expect The Palazzo's operations to continue to build momentum
throughout the year.
"The Palazzo, together with the comprehensively renovated Venetian Las Vegas
and Sands Expo and Convention Center, now comprise the largest integrated
resort and convention destination in the world, with approximately 7,100
all-suite rooms, 2.3 million square feet of meeting, convention and exhibition
space, and world-class dining, retail, and entertainment amenities. We expect
the significant back-of-house and other operating efficiencies that have been
resident in our master plan for the combined complex since its inception to
deliver industry-leading operating margins. We believe our integrated Las Vegas
facilities will provide an excellent platform for profitable growth and
industry-leading returns in the years ahead."
SANDS MACAO FIRST QUARTER OPERATING RESULTS
At the Sands Macao, first quarter 2008 Rolling Chip volume decreased 18.2% to
$5.61 billion, compared to $6.86 billion in the first quarter of 2007, while
table games drop (the Non-Rolling Chip segment) was $723.6 million in the first
quarter of 2008, compared to $1.04 billion in the first quarter of 2007. The
Sands' Rolling Chip table games win percentage (calculated before discounts and
3
commissions) was 2.54%, while Non-Rolling Chip table games win percentage came
in at 20.1% in the first quarter of 2008. These results compare to our expected
Rolling Chip table games win percentage (calculated before discounts and
commissions) of 3.0% and Non-Rolling Chip table games win percentage of 18% to
20%. The Sands' slot handle (volume) for the first quarter of 2008 was $253.5
million, representing a 14.7% decrease versus $297.1 million in the first
quarter of 2007.
First quarter casino revenues decreased 23.6% to $264.4 million versus $346.1
million in the 2007 period. The decreased revenues were principally driven by
lower Rolling Chip volume, a lower table games win percentage on Rolling Chip
play (2.54% in the 2008 quarter) compared to the same quarter last year (2.78%
in the 2007 quarter), and lower Non-Rolling Chip table games drop. Principally
as a result of the decreased casino revenues described above, the Sands Macao
adjusted property EBITDAR decreased to $65.6 million in the first quarter of
2008, compared to $102.3 million in the first quarter of 2007. Operating income
on a GAAP basis for the Sands Macao decreased to $49.6 million for the first
quarter of 2008, compared to $90.6 million in last year's first quarter.
Weidner stated, "While the results of the Sands Macao clearly reflect the
increasingly competitive environment on the Macao peninsula, we remain pleased
with both the competitive resilience and the long-term market positioning of
the Sands. The introduction of high-quality competitive product, including The
Venetian Macao on the Cotai Strip, has been significant in the last year, but
will slow dramatically from this point forward, particularly on the Macao
Peninsula. In the face of this competition, the Sands continues to generate
strong cash flow and market-leading cash-on-cash returns. While admittedly down
year over year, both our VIP and mass volumes reflect healthy play, and our
visitation statistics remain strong. Looking ahead, we expect to further reduce
the cost structure at the Sands Macao as we allocate our human resources more
efficiently across the larger asset and revenue base of The Venetian Macao, the
Four Seasons Macao, and additional properties on the Cotai Strip. Our new
238-room hotel tower has been well received in the marketplace and has expanded
the Sands' product offering to include nearly 300 suites. This luxurious suite
inventory, together with additional meeting rooms, our 650-seat theatre, and
our penthouse-floor gaming club, will enable the Sands Macao to offer a
complete Macao peninsula product set, in the peninsula's most convenient
location, for years to come."
VENETIAN MACAO FIRST QUARTER OPERATING RESULTS
In the property's second full quarter of operation, Rolling Chip volume at The
Venetian Macao was $8.71 billion, while Non-Rolling Chip table games drop was
$880.1 million. Casino revenues for the quarter were $383.3 million.
The Non-Rolling Chip table games win percentage was 19.5% in the first quarter
of 2008, while Rolling Chip table games win percentage (calculated before
discounts and commissions) was 2.96%. These results compare to our expected
Non-Rolling Chip table games win percentage of 18% to 20%, and Rolling Chip
table games win percentage (calculated before discounts and commissions) of
3.0%.
Slot handle (volume) for the first quarter of 2008 was $372.9 million. Slot win
percentage was 8.5%.
Hotel revenues during the quarter were $47.7 million. The Venetian Macao's ADR
was $232 while the occupancy per available guest rooms was 78.6%, generating
REVPAR of $183.
Retail and other operating revenues were $32.9 million. Food and beverage
revenues were $14.6 million.
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Adjusted property EBITDAR for The Venetian Macao was $110.3 million in the
first quarter of 2008. On a GAAP basis, first quarter operating income for The
Venetian Macao was $56.8 million.
Weidner added, "In The Venetian Macao's second full quarter of operation, we
experienced strong visitation, healthy ADR and occupancy statistics, additional
progress in our corporate and group meetings business, solid retail sales
figures and healthy Non-Rolling Chip gaming volumes. We have now welcomed over
14 million people to The Venetian Macao since opening our doors last August,
illustrating the broad appeal of our market-leading investments in Asia's first
integrated resort.
"Looking ahead, our ongoing investments in Macao's transportation
infrastructure will continue to drive visitation and improve the customer
experience for Macao's visitors. We expect our CotaiJet ferry service, which is
operated by our partner Cotai Chu Kong Shipping Management Services Co., Ltd.,
to be expanded in the months ahead. Over time, we expect to offer regional
ferry service into Taipa's temporary Pac-On ferry terminal with more frequency
and on a 24 hours per day, seven days per week basis. The expansion of this
service, which carries passengers from Hong Kong's Shun Tak ferry terminal
directly to Taipa and the adjacent Cotai Strip, should enhance the customer
experience for visitors to Macao, particularly for customers who are attending
multiple day conventions and exhibitions, or evening entertainment events.
Ongoing investments in Macao's transportation infrastructure, including
expanded ferry services, local and regional busing programs, and aviation
services should not only expand the number of visitors to Macao and the Cotai
Strip and improve the customer experience of visitors to the region, but also
provide opportunities for important new customers with high discretionary
incomes from around the region to visit the market for the first time. These
new visitors and first-time customers will allow us to drive increases in both
gaming and non-gaming revenue and operating income yield per visitor, and we
expect our additional integrated resorts on the Cotai Strip to enhance and
drive this strategy in the future," said Weidner.
OTHER FACTORS AFFECTING EARNINGS
Pre-opening expenses related principally to the opening of the Four Seasons
Macao, Marina Bay Sands in Singapore, Sands Bethworks in Bethlehem,
Pennsylvania, and other resorts on the Cotai Strip were $26.6 million in the
first quarter of 2008, compared to $22.5 million in the first quarter of 2007.
Development expenses related to our efforts in the People's Republic of China,
the wider Asian region, Europe, the United States and elsewhere were $5.9
million in the first quarter of 2008, compared to $2.3 million in the first
quarter of 2007.
Depreciation and amortization expense was $113.4 million in the first quarter
of 2008, compared to $31.2 million in the first quarter of 2007. The increase
was principally driven by increases in depreciation expense related to the
openings of The Venetian Macao and The Palazzo.
Interest expense, net of amounts capitalized, was $114.7 million for the first
quarter of 2008, compared to $34.6 million during the first quarter of 2007.
The increase is primarily the result of increased borrowings to support the
company's growth pipeline and current and future development, including
borrowings related to the company's $5.0 billion domestic credit facility, the
$3.3 billion credit facility to support our developments in Macao, as well as
borrowings related to the SGD5.44 billion (approximately $3.94 billion at
exchange rates in effect as of March 31, 2008) credit facility to support the
development of Marina Bay Sands in Singapore. Capitalized interest was $30.6
million during the first quarter of 2008, compared to $46.8 million during the
first quarter of 2007.
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Stock-based compensation expense was $9.8 million in the first quarter of 2008,
compared to $4.4 million in the first quarter of 2007.
Other income, which is principally composed of foreign currency translation
gains, was $8.1 million in the first quarter of 2008, compared to other expense
of $7.0 million in the first quarter of 2007.
The company's projected effective tax rate for the full year 2008 is
approximately 6.2%, which is lower than the United States federal statutory
rate of 35% due principally to a zero effective tax rate on our Macao gaming
income.
BALANCE SHEET ITEMS
Unrestricted cash balances as of March 31, 2008, stood at $855.4 million while
restricted cash balances were $454.4 million. Of the restricted cash balances,
$100.1 million is restricted for Macao-related construction and $324.6 million
is restricted for construction of Marina Bay Sands in Singapore.
As of March 31, 2008, total debt outstanding, including the current portion,
was $8.37 billion.
CAPITAL EXPENDITURES AND OTHER ACTIVITIES
Capital expenditures during the first quarter of 2008 totaled $943.5 million.
This includes construction and development activities of $471.4 million in
Macao, $219.9 million at The Palazzo and The Shoppes at The Palazzo, $173.3
million in Singapore, $38.5 million at Sands Bethworks, $13.1 million at The
Venetian Las Vegas and the Sands Expo and Convention Center in Las Vegas, and
$27.3 million for corporate and other activities.
CONCLUDING COMMENTS
Weidner concluded, "While we are clearly pleased with the positive reception
that the people of Macao, Hong Kong, the People's Republic of China and the
wider Asian region have given The Venetian Macao, as well as the recent
announcement by the Macao government of the outline for the future development
of the gaming industry in Macao in support of destination resorts, we realize
we remain in the early stages of fulfilling our promise to Macao. The opening
of The Venetian Macao and, later this year, the opening of the Four Seasons
Macao, are only the initial steps in delivering on our commitment to lead the
transformation of Macao into Asia's premier destination resort, and the leading
host for tradeshows and conventions in the region. We have much work ahead of
us as we continue to partner with Macao to realize the vision of transforming
Macao into Asia's premier business and leisure destination.
"Elsewhere, our track record of execution in the development and operation of
convention-based integrated destination resorts positions us to execute on our
currently announced projects and to develop, identify and utilize our
market-leading position to win additional growth opportunities worldwide.
"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 an average of more than 2,500 workers
on site, with work progressing on a 24/7 basis. The Marina Bay Sands will
feature approximately 2,700 hotel rooms, approximately 1.2 million square feet
of flexible meetings, incentive, convention, food and beverage, and exhibition
space, more than 750,000 square feet of retail space, three large entertainment
venues, and gaming space, which will include our high-end Paiza Club(TM).
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"In Bethlehem, Pennsylvania we continue to advance our construction activities
on Sands Bethworks. Erection of the casino steel began on schedule in February
with approximately 60% of the structure now completed. The concrete foundations
for both the parking garage and retail mall have been completed and the garage
steel erection has now begun. The 124-acre integrated destination resort,
located on the site of the former Bethlehem Steel plant, is on the I-78
corridor in eastern Pennsylvania, with 17.2 million people, including the
lucrative northern New Jersey and New York metropolitan markets, residing
within a 75-mile radius. The property will feature in its first phase a hotel,
retail space, 5,000 slot machines, a 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
The company will hold a conference call to discuss the company's results on
Wednesday, April 30, 2008 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
Interested parties are invited to join the call by dialing (888) 713-4205 and
using the access code 87036260. International callers, please dial (617)
213-4862 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 71955593, from April 30, 2008, at approximately
3:30 p.m. Pacific Time (6:30 p.m. Eastern Time) through May 7, 2008.
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 the leading international
developer of multi-use integrated resorts.
The Las Vegas, Nevada-based company owns and operates The Venetian
Resort-Hotel-Casino, The Palazzo Resort-Hotel-Casino and the Sands Expo and
Convention Center in Las Vegas, as well as the Sands Macao and The Venetian
Macao in the People's Republic of China (PRC) Special Administrative Region of
Macao. The company is currently constructing two additional integrated resorts:
Sands Bethworks(TM) in Bethlehem, Pennsylvania, and the Marina Bay Sands(TM) in
Singapore.
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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
LAS VEGAS SANDS
FIRST QUARTER 2008 RESULTS
NON-GAAP RECONCILIATIONS
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Within the company's first quarter 2008 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 first
quarter of 2008 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 first quarter of 2007 exclude
loss on disposal of assets, pre-opening expense, and development expense.
Reconciliations of GAAP net income (loss) and GAAP earnings (loss) 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 (loss) 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 (loss) 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 (loss) 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
March 31,
2008 2007
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Revenues:
Casino $ 795,441 $ 465,734
Rooms 190,689 97,868
Food and beverage 83,240 54,359
Retail 31,333 2,694
Other 47,525 40,352
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1,148,228 661,007
Less - Promotional allowances (69,205) (32,789)
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1,079,023 628,218
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Operating Costs and Expenses:
Resort operations 796,841 415,772
Rental expense 9,064 6,708
Corporate expense 25,537 18,519
Pre-opening expense 26,590 22,457
Development expense 5,892 2,346
Depreciation and amortization 113,413 31,232
Loss on disposal of assets 5,121 178
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982,458 497,212
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Operating income 96,565 131,006
Interest income 5,465 12,664
Interest expense, net of amounts capitalized (114,700) (34,612)
Other income (expense) 8,099 (7,033)
Loss on early retirement of debt (3,989) -
------------ -------------
Income (loss) before income taxes (8,560) 102,025
Provision for income taxes (2,674) (11,111)
------------ -------------
Net income (loss) $ (11,234) $ 90,914
============ =============
Basic earnings (loss) per share $ (0.03) $ 0.26
Diluted earnings (loss) per share $ (0.03) $ 0.26
Weighted average shares outstanding
Basic 355,274,537 354,613,724
Diluted 355,274,537 356,114,292
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,
2008 2007
------------ ------------
Net income (loss) $ (11,234) $ 90,914
Loss on disposal of assets, net 3,657 119
Pre-opening expense, net 22,990 21,507
Development expense, net 4,171 2,057
Loss on early retirement of debt, net 3,989 -
------------ ------------
Adjusted net income $ 23,573 $ 114,597
============ ============
Per diluted share of common stock:
Net income (loss) $ (0.03) $ 0.26
Loss on disposal of assets, net 0.01 -
Pre-opening expense, net 0.07 0.06
Development expense, net 0.01 -
Loss on early retirement of debt, net 0.01 -
------------ ------------
Adjusted earnings per diluted share $ 0.07 $ 0.32
============ ============
Weighted average diluted shares outstanding 356,056,927 356,114,292
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Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues by Resort
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2008 2007
----------- -----------
Las Vegas Operations $ 351,573 $ 277,844
Sands Macao 268,250 350,374
The Venetian Macao 455,741 -
Other Asia 3,459 -
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$ 1,079,023 $ 628,218
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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, 2008
(1)
(Gain) Stock-
Depreciation Loss on Pre- Based Adjusted
Operating and Disposal Opening Development Compen- Adjusted Corporate Rental Property
Income(Loss) Amortization of Assets Expense Expense sation EBITDA Expense Expense EBITDAR
------------ ------------ --------- --------- ----------- ------- ---------- ---------- -------- ----------
Sands Macao $ 49,556 $ 13,483 $ 1,038 $ 132 $ - $1,056 $ 65,265 $ - $ 353 $ 65,618
The Venetian Macao 56,839 46,578 38 3,808 - 1,048 108,311 - 2,024 110,335
--------- --------- ------- -------- ------- ------ -------- ------- ------ --------
Macao Operating
Properties 106,395 60,061 1,076 3,940 - 2,104 173,576 - 2,377 175,953
Las Vegas Operating
Properties 57,411 49,349 4,184 5,825 - 3,323 120,092 - 2,469 122,561
--------- --------- ------- -------- ------- ------ -------- ------- ------ --------
Property Operations 163,806 109,410 5,260 9,765 - 5,427 293,668 - 4,846 298,514
Other Asia (2) (13,090) 1,532 (139) - 792 643 (10,262) - - (10,262)
Other development (26,447) 304 - 16,825 5,100 - (4,218) - 4,218 -
Corporate (27,704) 2,167 - - - - (25,537) 25,537 - -
--------- --------- ------- -------- ------- ------ -------- ------- ------ --------
$ 96,565 $ 113,413 $ 5,121 $ 26,590 $ 5,892 $6,070 $253,651 $25,537 $9,064 $288,252
========= ========= ======= ======== ======= ====== ======== ======= ====== ========
Three Months Ended March 31, 2007
(1)
(Gain) Stock-
Depreciation Loss on Pre- Based Adjusted
Operating and Disposal Opening Development Compen- Adjusted Corporate Rental Property
Income(Loss) Amortization of Assets Expense Expense sation EBITDA Expense Expense EBITDAR
------------ ------------ --------- --------- ----------- ------- ---------- ---------- -------- ----------
Sands Macao $ 90,563 $ 10,796 $ 9 $ - $ - $ 573 $101,941 $ - $ 355 $102,296
The Venetian Las Vegas 90,320 17,992 168 103 - 1,379 109,962 - 2,140 112,102
--------- -------- ------ -------- ------- ------ -------- ------- ------ --------
Property Operations 180,883 28,788 177 103 - 1,952 211,903 - 2,495 214,398
Other development (30,631) 1,717 1 22,354 2,346 - (4,213) - 4,213 -
Corporate (19,246) 727 - - - - (18,519) 18,519 - -
--------- -------- ------ -------- ------- ------ -------- ------- ------ --------
$ 131,006 $ 31,232 $ 178 $ 22,457 $ 2,346 $1,952 $189,171 $18,519 $6,708 $214,398
========= ======== ====== ======== ======= ====== ======== ======= ====== ========
(1) The Company recorded $9.8 million and $4.4 million of stock-based
compensation expense during the three months ended March 31, 2008 and
2007, respectively, of which $3.3 million and $1.7 million, respectively,
is included in corporate expense and $0.4 million and $0.7 million,
respectively, is included in pre-opening and development expense on our
condensed consolidated statements of operations.
(2) Primarily includes the results of operations for Cotai Waterjets.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following is a reconciliation of Net Income (Loss) to Adjusted EBITDA and
Adjusted Property EBITDAR:
Three Months Ended
March 31,
2008 2007
----------- ----------
Net Income (loss) $ (11,234) $ 90,914
Add (deduct) :
Provision for income taxes 2,674 11,111
Other (income) expense (8,099) 7,033
Interest income (5,465) (12,664)
Interest expense, net of amounts capitalized 114,700 34,612
Loss on early retirement of debt 3,989 -
Depreciation and amortization 113,413 31,232
Loss on disposal of assets 5,121 178
Pre-opening expense 26,590 22,457
Development expense 5,892 2,346
Stock-based compensation (1) 6,070 1,952
----------- ----------
Adjusted EBITDA 253,651 189,171
Add :
Rental expense 9,064 6,708
Corporate expense 25,537 18,519
----------- ----------
Adjusted Property EBITDAR $ 288,252 $ 214,398
=========== ==========
- ---------------
(1) See prior page
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended
March 31,
2008 2007
---------- ----------
Room Statistics:
The Venetian Las Vegas:
Occupancy % 91.1% 98.8%
Average daily room rate (ADR) (1) $ 274 $ 276
Revenue per available room (REVPAR) (2) $ 250 $ 273
The Palazzo:
Occupancy % 79.1% N/A
Average daily room rate (ADR) (1) $ 244 N/A
Revenue per available room (REVPAR) (2) $ 193 N/A
Sands Macao:
Occupancy % 97.5% 97.5%
Average daily room rate (ADR) (1) $ 278 $ 400
Revenue per available room (REVPAR) (2) $ 271 $ 390
The Venetian Macao:
Occupancy % 78.6% N/A
Average daily room rate (ADR) (1) $ 232 N/A
Revenue per available room (REVPAR) (2) $ 183 N/A
Other Information:
The Venetian Las Vegas:
Table games win per unit per day (3) $ 6,604 $ 8,366
Slot machine win per unit per day (4) $ 193 $ 233
Average number of table games 130 136
Average number of slot machines 1,669 1,694
The Palazzo:
Table games win per unit per day (3) $ 3,236 N/A
Slot machine win per unit per day (4) $ 154 N/A
Average number of table games 128 N/A
Average number of slot machines 1,390 N/A
Sands Macao:
Table games win per unit per day (3) $ 5,058 $ 5,421
Slot machine win per unit per day (4) $ 173 $ 153
Average number of table games 626 787
Average number of slot machines 1,344 1,571
The Venetian Macao:
Table games win per unit per day (3) $ 5,840 N/A
Slot machine win per unit per day (4) $ 130 N/A
Average number of table games 808 N/A
Average number of slot machines 2,662 N/A
(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 total rooms available.
(3) Table games win per unit per day is shown before discounts and
commissions.
(4) Slot machine win per unit per day is shown before deducting cost for slot
points.