EXHIBIT 99.1
------------
[GRAPHIC OMITTED]
[LOGO - LAS VEGAS SANDS CORP.]
P R E S S R E L E A S E
- -------------------------------------------------------------------------------
LAS VEGAS SANDS CORP. REPORTS FIRST QUARTER 2009 RESULTS
VENETIAN MACAO EBITDAR INCREASES 10.1% TO $121.5 MILLION
COST SAVINGS PROGRAMS ON TRACK TO GENERATE APPROXIMATELY $470 MILLION IN
ANNUALIZED SAVINGS
LAS VEGAS, NV (MAY 5, 2009)--Las Vegas Sands Corp. (NYSE: LVS) today reported
financial results for the quarter ended March 31, 2009.
COMPANY-WIDE OPERATING RESULTS
Net revenue for the first quarter of 2009 was $1.08 billion, about the same as
the first quarter of 2008. Consolidated adjusted property EBITDAR in the first
quarter of 2009 decreased 9.8% to $260.0 million, compared to $288.3 million in
the year-ago quarter. On a GAAP (Generally Accepted Accounting Principles)
basis, operating income in the first quarter of 2009 was $36.3 million compared
to $96.6 million in the first quarter of 2008.
Adjusted net income (see note 1) was $8.9 million, or $0.01 per diluted share,
compared to $23.6 million in the first quarter of 2008, or $0.07 per diluted
share. The decrease in adjusted net income of $14.7 million reflects an
increase in depreciation and amortization expense, offset by a decrease in net
interest expense. On a GAAP basis, net loss attributable to common stockholders
in the first quarter of 2009 was $87.7 million, compared to $11.2 million in
the first quarter of 2008, resulting in a diluted loss per share of $0.14
compared to $0.03 in the prior year quarter. The increase in GAAP net loss
attributable to common stockholders of $76.4 million reflects dividends paid,
accumulated but undeclared dividend requirements and accretion on preferred
stock of $53.1 million in total, as well as increases in pre-opening expense
and depreciation and amortization expense, partially offset by a decrease in
net interest expense.
FIRST QUARTER HIGHLIGHTS
Sheldon G. Adelson, chairman and CEO, stated, "The steady execution of the
business plan we presented in November 2008, including the implementation of
our cost savings program, continues to be our primary focus as we navigate
through the current challenging economic conditions. We have made notable
progress during the quarter on each of the three basic objectives of our plan
- -- first, to maximize our cash flow from current operations in Las Vegas and
Macao, including through the implementation of approximately $470 million in
1
annualized cost savings; second, to complete on time and on budget our
properties currently under development in Singapore and Bethlehem,
Pennsylvania; and third, to enhance our financial flexibility by advancing
opportunities that will increase liquidity and allow us to execute our
de-leveraging strategy."
The Venetian Macao continues to attract large numbers of visitors, and we
remain pleased with our gaming volumes overall, which have held up relatively
well despite the challenging operating environment. Visits to The Venetian
Macao increased to over 6.0 million during the first quarter of 2009,
representing a 14.1% increase compared to visits in the first quarter of 2008.
According to the Statistics and Census Service of Macao, visitor arrivals to
the Macao market decreased by approximately 9.6% during the first quarter of
2009 compared to the same quarter in 2008. The Venetian Macao's market leading
visitor statistics, the diversification of its revenue streams and cash flows,
including its strong position in both mass table and slot play, and the initial
impact of the implementation of our cost savings programs, all contributed to
improving margins and stronger adjusted property EBITDAR for the quarter
compared to the first quarter in 2008.
Mike Leven, who was appointed president and chief operating officer of the
company on March 9, 2009, stated, "In Las Vegas, our efforts to control costs
and generate efficiencies across The Venetian Las Vegas and The Palazzo
expanded throughout the first quarter. Additional cost reductions and
efficiencies will allow us to maximize our cash flows from our Las Vegas
properties in the current environment, and will provide significant operating
leverage as conditions in Las Vegas improve in the future."
LAS VEGAS FIRST QUARTER OPERATING RESULTS
Despite the weakened economy, The Venetian Las Vegas and The Palazzo generated
solid cash flow. While slot handle was down during the quarter, table games
volumes were relatively stable for our Las Vegas operations, with table games
drop down only 2.7% compared to the first quarter last year. Our table games
win percentage of 20.6% was down significantly compared to 25.3% in last year's
first quarter. The Palazzo, which has now completed its first full year of
operations, has established a solid base of gaming and hotel customers. Our
group business continues to provide occupancy during mid-week periods, and our
market-leading convention and group meeting assets have allowed us to target
our marketing efforts to those group segments that continue holding meetings
despite weaker economic conditions. We remain focused on opportunities to
reduce our cost structure and have increased our targeted cost savings to
approximately $200 million of annualized savings across our Las Vegas
operations. These reductions in our cost structure should provide operating
leverage when market conditions improve.
Mr. Adelson added, "While EBITDAR margin in the quarter was down compared to
the quarter one year ago, it did increase by 90 basis points compared to the
EBITDAR margin in the fourth quarter of 2008. In addition, while our table
games volume was down in the months of January and February combined compared
to last year, gaming trends improved notably in March. The recent positive
trends in gaming volumes and an improving environment for future group business
bookings, together with the full implementation of our cost savings programs,
should benefit our Las Vegas property performance going forward."
The following table summarizes our key operating results for our Las Vegas
operations for the first quarter 2009 compared to 2008:
2
Three Months Ended
LAS VEGAS OPERATIONS March 31,
(In millions, except for percentages) 2009 2008 $ Change % Change
----------------- --------------- -------------- ------------
Revenues:
Casino $ 129.8 $ 147.8 $ (18.0) -12.2%
Rooms 123.0 136.3 (13.3) -9.8%
Food & Beverage 60.9 56.0 4.9 8.8%
Retail & Other 48.0 41.2 6.8 16.5%
Less - promotional allowances (44.2) (29.7) (14.5) 48.8%
----------------- --------------- --------------
Net Revenues $ 317.5 $ 351.6 $ (34.1) -9.7%
Adjusted Property EBITDAR $ 89.8 $ 122.6 $ (32.8) -26.8%
EBITDAR Margin % 28.3% 34.9% -6.6 pts
Operating Income $ 25.5 $ 57.4 $ (31.9) -55.6%
GAMING STATISTICS
(In millions, except for percentages)
Table Games Drop $ 444.4 $ 456.6 $ (12.2) -2.7%
Table Games Win %(1) 20.6% 25.3% -4.7 pts
Slot Handle $ 705.9 $ 816.2 $ (110.3) -13.5%
Slot Hold %(2) 7.0% 6.0% 1.0 pts
HOTEL STATISTICS
The Venetian Las Vegas:
Occupancy % 89.1% 91.1% -2.0 pts
Average Daily Rate $ 209 $ 274 $ (65) -23.7%
Revenue per Available Room $ 187 $ 250 $ (63) -25.2%
The Palazzo:
Occupancy % 92.7% 79.1% 13.6 pts
Average Daily Rate $ 221 $ 244 $ (23) -9.4%
Revenue per Available Room $ 204 $ 193 $ 11 5.7%
(1) This compares to our expected table games win percentage of 20% to 22%(calculated before discounts).
(2) This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
VENETIAN MACAO FIRST QUARTER OPERATING RESULTS
The Venetian Macao delivered improved operating performance during the quarter,
despite the current challenges in the operating environment in Macao.
Visitation to The Venetian Macao remained robust with more than 6.0 million
visits to the property recorded during the quarter. The Venetian Macao has now
recorded over 37 million visits since opening in August 2007, illustrating the
broad appeal of our market-leading first integrated resort in Asia. The
Venetian Macao's gaming revenues were up 7.8% in the quarter compared to the
same quarter last year, while the gaming revenues for the Macao market overall
were down approximately 13% over the same period.
We are pleased with the maturation of The Venetian Macao and are particularly
satisfied with the growing diversification of The Venetian Macao's revenue and
cash flow streams, and its lack of reliance on the Rolling Chip segment of the
business for cash flow generation, an important attribute in today's operating
environment. While we expect the Macao market overall to experience declining
Rolling Chip play in 2009 compared to 2008, only approximately 18% of The
3
Venetian Macao's adjusted property EBITDAR was contributed by the Rolling Chip
play segment in the first quarter of 2009. The EBITDAR margin of The Venetian
Macao was 25.1% during the quarter, an increase of 90 basis points compared to
the 2008 first quarter, and an increase of 120 basis points compared to the
fourth quarter of 2008. Our cost savings programs are also an important
component of our operating strategy in Macao, and we expect to achieve total
annualized cost savings of approximately $270 million across our Macao
operations once they are fully implemented.
Our CotaiJet ferry service increased its sailings during the quarter to provide
72 daily sailings between Hong Kong's Shun Tak ferry terminal and the Cotai
Strip. Additional ferries will be placed into service this summer, providing us
with the ability to run ferries on 15 minute intervals during periods of peak
demand.
The following table summarizes our key operating results for The Venetian Macao
for the first quarter 2009 compared to 2008:
Three Months Ended
VENETIAN MACAO OPERATIONS March 31,
(In millions, except for percentages) 2009 2008 $ Change % Change
----------------- ----------------- --------------- ------------
Revenues:
Casino $ 413.2 $ 383.2 $ 30.0 7.8%
Rooms 41.1 47.7 (6.6) -13.8%
Food & Beverage 13.2 14.6 (1.4) -9.6%
Retail & Other 39.8 32.9 6.9 21.0%
Less - promotional allowances (23.6) (22.7) (0.9) 4.0%
----------------- ----------------- ---------------
Net Revenues $ 483.7 $ 455.7 $ 28.0 6.1%
Adjusted Property EBITDAR $ 121.5 $ 110.3 $ 11.2 10.1%
EBITDAR Margin % 25.1% 24.2% 0.9 pts
Operating Income $ 67.0 $ 56.8 $ 10.2 18.0%
GAMING STATISTICS
(In millions, except for percentages)
Rolling Chip Volume $ 8,693.9 $ 8,707.0 $ (13.1) -0.2%
Rolling Chip Win %(1) 3.16% 2.96% 0.20 pts
Non-Rolling Chip Table Games Drop $ 854.3 $ 880.1 $ (25.8) -2.9%
Non-Rolling Chip Table Games Win %(2) 21.9% 19.5% 2.4 pts
Slot Handle $ 558.5 $ 372.9 $ 185.6 49.8%
Slot Hold %(3) 7.6% 8.5% -0.9 pts
HOTEL STATISTICS
Occupancy % 77.2% 78.6% -1.4 pts
Average Daily Rate $ 216 $ 232 $ (16) -6.9%
Revenue per Available Room $ 167 $ 183 $ (16) -8.7%
(1) This compares to our expected Rolling Chip win percentage of 3.0% (calculated before discounts and
commissions).
(2) This compares to our expected Non-Rolling Chip win percentage of 18% to 20% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
4
SANDS MACAO FIRST QUARTER OPERATING RESULTS
Although the results of the Sands Macao clearly reflect the competitive
environment for gaming customers on the Macao peninsula, our gaming volumes
have remained strong and continue to reflect the unique market positioning of
the Sands Macao on the Macao peninsula. While both our Rolling Chip table games
play and our mass volumes were down year over year, they continue to reflect
healthy levels of play. The Sands Macao EBITDAR margin was down 210 basis
points compared to the 2008 first quarter, but was up 120 basis points compared
to the fourth quarter of 2008. Looking ahead, we expect to improve our
performance at the property by generating further efficiencies within the
Sands' cost structure.
The following table summarizes our key operating results for Sands Macao for
the first quarter of 2009 compared to 2008:
Three Months Ended
SANDS MACAO OPERATIONS March 31,
(In millions, except for percentages) 2009 2008 $ Change % Change
----------------- -------------- ---------------- --------------
Revenues:
Casino $ 219.5 $ 264.4 $ (44.9) -17.0%
Rooms 6.7 6.8 (0.1) -1.5%
Food & Beverage 9.7 12.7 (3.0) -23.6%
Retail & Other 1.3 1.5 (0.2) -13.3%
Less - promotional allowances (12.8) (17.1) 4.3 -25.1%
----------------- -------------- ----------------
Net Revenues $ 224.4 $ 268.3 $ (43.9) -16.3%
Adjusted Property EBITDAR $ 50.4 $ 65.6 $ (15.2) -23.3%
EBITDAR Margin % 22.4% 24.5% -2.1 pts
Operating Income $ 36.8 $ 49.6 $ (12.8) -25.8%
GAMING STATISTICS
(In millions, except for percentages)
Rolling Chip Volume $ 5,133.8 $ 5,608.4 $ (474.6) -8.5%
Rolling Chip Win %(1) 2.59% 2.54% 0.05 pts
Non-Rolling Chip Table Games Drop $ 612.9 $ 723.6 $ (110.7) -15.3%
Non-Rolling Chip Table Games Win %(2) 18.8% 20.1% -1.3 pts
Slot Handle $ 277.4 $ 253.5 $ 23.9 9.4%
Slot Hold %(3) 7.0% 8.4% -1.4 pts
HOTEL STATISTICS
Occupancy % 96.8% 97.5% -0.7 pts
Average Daily Rate (ADR) $ 268 $ 278 $ (10) -3.6%
Revenue per Available Room (RevPAR) $ 260 $ 271 $ (11) -4.1%
(1) This compares to our expected Rolling Chip win percentage of 3.0% (calculated before discounts and
commissions).
(2) This compares to our expected Non-Rolling Chip win percentage of 18% to 20% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7% (calculated before slot club cash incentives).
5
FOUR SEASONS MACAO FIRST QUARTER OPERATING RESULTS
The opening of the Four Seasons Macao in August 2008 brought the world-class
Four Seasons brand service to the Cotai Strip, broadening and enhancing the
appeal of Macao as a world-class business and leisure destination. While the
property's financial performance to date has not met our expectations, the
Average Daily Rate at the property is among the highest in the Macao
marketplace, and mass gaming revenues are expanding. The future operating
performance of the Four Seasons Macao will benefit from the opening of
additional amenities, including two floors of Paiza Club gaming capacity, and
19 private Paiza mansions, each with its own private gaming salon. These new
offerings are targeted to open in June, and the introduction of these amenities
will coincide with the launch of a new marketing campaign to introduce the
property's complete set of amenities to the marketplace.
Net revenues for the Four Seasons Macao were $47.0 million in the first quarter
of 2009, which consisted primarily of casino revenues of $35.4 million. Rolling
Chip volume for the quarter was $559.1 million and our Rolling Chip win
percentage was 3.09%. Non-Rolling Chip drop was $86.7 million and our
Non-Rolling Chip win percentage was 23.2%. Slot handle totaled $43.9 million
and our hold percentage was 5.4%. Adjusted property EBITDAR for the first
quarter of 2009 was $4.4 million.
OTHER FACTORS AFFECTING EARNINGS
Other Asia adjusted property EBITDAR had a negative impact on consolidated
adjusted property EBITDAR of $6.0 million, of which $4.9 million related to the
current operations of our CotaiJet ferry service and $1.1 million related to
regional marketing activities.
Pre-opening expenses, related principally to Marina Bay Sands in Singapore,
Sands Bethlehem, and resorts under development on the Cotai Strip, were $44.9
million in the first quarter of 2009, compared to $26.6 million in the first
quarter of 2008.
Depreciation and amortization expense was $139.2 million in the first quarter
of 2009, compared to $113.4 million in the first quarter of 2008. The increase
was principally driven by increased depreciation related to the openings of The
Palazzo and the Four Seasons Macao.
Interest expense, net of amounts capitalized, was $71.1 million for the first
quarter of 2009, compared to $114.7 million during the first quarter of 2008.
The decrease is primarily the result of lower market interest rates on our
outstanding borrowings, offset by lower capitalized interest. Our average
borrowing cost in the first quarter of 2009 was 3.25% as compared to 7.19% for
the first quarter of 2008. Capitalized interest was $14.1 million during the
first quarter of 2009, compared to $30.6 million during the first quarter of
2008.
Corporate expense was $23.4 million in the first quarter of 2009, compared to
$25.5 million in the first quarter of 2008.
Other income (expense) reflects an expense of $5.7 million in the first quarter
of 2009, principally for foreign exchange losses on our U. S. Dollar
denominated debt in Macao and a decrease in the value of interest rate caps.
The caption reflected income of $8.1 million in the first quarter of 2008,
which was principally related to foreign exchange gains recognized.
Our effective tax rate for the first quarter of 2009 was 2.3%. The main drivers
of the rate include the 0% tax rate on our Macao gaming operations offset by
the non-deductible pre-opening expenses and non-gaming losses in foreign
jurisdictions for which no tax benefit is provided.
6
BALANCE SHEET ITEMS
Unrestricted cash balances as of March 31, 2009, stood at $2.76 billion, while
restricted cash balances were $101.9 million. Of the restricted cash balances,
$82.2 million is restricted for Macao-related construction and $10.9 million is
restricted for construction of Marina Bay Sands in Singapore.
As of March 31, 2009, total debt outstanding, including the current portion,
was $10.41 billion. Scheduled principal payments required for the remainder of
2009 and in 2010 total $95.3 million and $198.4 million, respectively.
CAPITAL EXPENDITURES
Capital expenditures during the first quarter totaled $523.8 million. This
includes construction and development activities of $262.7 million at Marina
Bay Sands, $116.8 million in Macao, $86.8 million at Sands Bethlehem, and $57.5
million in Las Vegas. The Las Vegas capital expenditures were principally for
The Palazzo and The Shoppes at The Palazzo, and included approximately $22.9
million at the suspended St. Regis Residences in Las Vegas.
MANAGEMENT UPDATE, DEVELOPMENT UPDATE AND CONCLUDING COMMENTS
Mr. Adelson noted, "I am pleased to have both Mike Leven, our president and
chief operating officer, and Ken Kay, our chief financial officer, in place to
lead our cost control and efficiency initiatives throughout the organization.
Mike and Ken's experience leading global organizations will prove valuable as
we streamline our operations, implement efficiencies, and prepare the company
for its next phase of profitable growth.
"Our current developments in Bethlehem, Pennsylvania and Singapore remain on
track. In less than three weeks, on May 22nd, we plan the debut and soft
opening of our newest property, Sands Bethlehem, with a formal grand opening
celebration planned for June 9th. This expansive complex, developed on the site
of Pennsylvania's historic Bethlehem Steel Works in the Lehigh Valley, will
bring a unique entertainment destination, including a slot floor with 3,000 of
the most popular slot machines featuring the latest releases from the major
slot manufacturers, to one of the few gaming markets in the country that has
experienced healthy growth throughout 2008 and into 2009. In Singapore, we
continue to target a late 2009 / early 2010 opening of Marina Bay Sands. Both
our construction timeline and development budget remain on track for this
important project. We look forward to bringing the economic benefits of our
latest convention-based integrated resort destination to the people of
Singapore.
"We remain focused on the reduction of our financial leverage. The complete
implementation of our $470 million cost savings program, together with the
future addition of operating cash flows from the openings of our properties
currently under development in Bethlehem, Pennsylvania and Singapore, will
significantly enhance our financial position. We believe we have opportunities
to generate additional liquidity, should we choose to do so, through the
monetization of non-core assets or the sale of minority interests in certain of
our operating assets or subsidiaries in Macao. We remain confident that our
currently available liquidity and capital resources, coupled with our
opportunities to generate additional liquidity, provide sufficient means to
complete our current development plans and meet our obligations," concluded Mr.
Adelson.
###
7
CONFERENCE CALL INFORMATION
The company will hold a conference call to discuss the company's results on
Tuesday, May 5, 2009 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
Interested parties can listen to the conference call through a live audio
webcast at WWW.LASVEGASSANDS.COM (click on Investor Information).
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 subconcession,
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.
NOTE 1
Adjusted net income excludes pre-opening expense, development expense, loss on
disposal of assets, loss on early retirement of debt, accumulated but
undeclared dividends on preferred stock, dividends declared and paid, and
accretion to redemption value of preferred stock issued to Principal
Stockholder's family.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
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 and The Venetian Macao Resort-Hotel and the
Sands Macao in the People's Republic of China (PRC) Special Administrative
Region of Macao. The company also owns the Four Seasons Hotel Macao and is
constructing two additional integrated resorts: Sands Casino Resort
Bethlehem(TM) in Eastern Pennsylvania and Marina Bay Sands(TM) in Singapore.
LVS is also creating the Cotai Strip(TM), a master-planned development of
resort-casino properties in Macao. At completion, the Cotai Strip will feature
approximately 21,000 rooms from world-renowned hotel brands such as St. Regis,
Sheraton, Shangri-La, Traders, Hilton, Conrad, Fairmont, Raffles, Holiday Inn,
and InterContinental.
CONTACTS:
Investment Community: Daniel Briggs (702) 414-1221
Media: Ron Reese (702) 414-3607
8
LAS VEGAS SANDS CORP.
FIRST QUARTER 2009 RESULTS
NON-GAAP RECONCILIATIONS
- -------------------------------------------------------------------------------
Within the company's first quarter 2009 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 EBITDA consists of operating income before depreciation and
amortization, impairment loss, 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,
impairment loss, 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 (loss)
to adjusted EBITDA and adjusted property EBITDAR are included in the financial
schedules accompanying this release.
9
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,
2009 2008
------------- -------------
Revenues:
Casino $ 797,925 $ 795,441
Rooms 174,388 190,689
Food and beverage 87,308 83,240
Retail 42,541 31,333
Other 70,946 47,525
------------- -------------
1,173,108 1,148,228
Less - promotional allowances (94,046) (69,205)
------------- -------------
1,079,062 1,079,023
------------- -------------
Operating Costs and Expenses:
Resort operations 826,862 796,841
Rental expense 7,929 9,064
Corporate expense 23,424 25,537
Pre-opening expense 44,934 26,590
Development expense 254 5,892
Depreciation and amortization 139,249 113,413
Loss on disposal of assets 131 5,121
------------- -------------
1,042,783 982,458
------------- -------------
Operating income 36,279 96,565
Interest income 5,549 5,465
Interest expense, net of amounts capitalized (71,118) (114,700)
Other income (expense) (5,743) 8,099
Loss on early retirement of debt - (3,989)
------------- -------------
Loss before income taxes (35,033) (8,560)
Provision for income taxes (813) (2,674)
------------- -------------
Net loss (35,846) (11,234)
Noncontrolling interest 1,240 -
------------- -------------
Net loss attributable to Las Vegas Sands Corp. (34,606) (11,234)
Dividends declared and paid (17,619) -
Accumulated but undeclared dividend requirement on
preferred stock (5,465) -
Accumulated but undeclared dividend requirement on
preferred stock issued to Principal Stockholder's family (6,854) -
Accretion to redemption value of preferred stock
issued to Principal Stockholder's family (23,136) -
------------- -------------
Net loss attributable to common stockholders $ (87,680) $ (11,234)
============= =============
Basic and diluted loss per share $ (0.14) $ (0.03)
============= =============
Basic and diluted weighted average shares outstanding 647,802,932 355,274,537
============= =============
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted EBITDA and Adjusted Property EBITDAR
Three Months Ended March 31, 2009
Depreciation (Gain)Loss Pre- (1) Adjusted
Operating and on Disposal Opening Development Stock-Based Adjusted Corporate Rental Property
Income(Loss) Amortization of Assets Expense Expense Compensation EBITDA Expense Expense EBITDAR
------------ ------------ --------- ----------- ---------- ------------ -------- --------- ------- ---------
Sands Macao $ 36,753 $ 12,384 $ 57 $ - $ - $ 811 $ 50,005 $ - $ 353 $ 50,358
The Venetian Macao 66,975 50,007 134 123 - 2,194 119,433 - 2,053 121,486
Four Seasons Macao (9,444) 11,892 - 1,472 - (207) 3,713 - 655 4,368
--------- --------- --------- --------- --------- --------- --------- --------- ------- ---------
Macao Operating
Properties 94,284 74,283 191 1,595 - 2,798 173,151 - 3,061 176,212
Las Vegas Operating
Properties 25,502 58,505 (60) (55) - 4,465 88,357 - 1,417 89,774
--------- --------- --------- --------- --------- --------- --------- --------- ------- ---------
Property
Operations 119,786 132,788 131 1,540 - 7,263 261,508 - 4,478 265,986
Other Asia (2) (10,317) 3,213 - 576 5 513 (6,010) - - (6,010)
Other development (47,145) 627 - 42,818 249 - (3,451) - 3,451 -
Corporate (26,045) 2,621 - - - - (23,424) 23,424 - -
--------- --------- --------- --------- --------- --------- --------- --------- ------- ---------
$ 36,279 $ 139,249 $ 131 $ 44,934 $ 254 $ 7,776 $ 228,623 $ 23,424 $ 7,929 $ 259,976
========= ========= ========= ========= ========= ========= ========= ========= ======= =========
Three Months Ended March 31, 2008
Depreciation (Gain)Loss Pre- (1) Adjusted
Operating and on Disposal Opening Development Stock-Based Adjusted Corporate Rental Property
Income(Loss) Amortization of Assets Expense Expense Compensation 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
========= ========= ========= ========= ========= ========= ========= ========= ======= =========
(1) The Company recorded $11.6 million and $9.8 million of stock-based compensation expense during the three
months ended March 31, 2009 and 2008, respectively, of which $2.3 million and $3.3 million, respectively, is
included in corporate expense and $1.5 million and $0.4 million, respectively, is included in pre-opening
and development expense on the Company's 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 Loss Attributable to Las Vegas Sands
Corp. to Adjusted EBITDA and Adjusted Property EBITDAR:
Three Months Ended
March 31,
2009 2008
---------- ----------
Net loss attributable to Las Vegas Sands Corp. $ (34,606) $ (11,234)
Add (deduct) :
Noncontrolling interest (1,240) -
Provision for income taxes 813 2,674
Other (income) expense 5,743 (8,099)
Interest income (5,549) (5,465)
Interest expense, net of amounts capitalized 71,118 114,700
Loss on early retirement of debt - 3,989
Depreciation and amortization 139,249 113,413
Loss on disposal of assets 131 5,121
Pre-opening expense 44,934 26,590
Development expense 254 5,892
Stock-based compensation (1) 7,776 6,070
--------- ---------
Adjusted EBITDA 228,623 253,651
Add:
Rental expense 7,929 9,064
Corporate expense 23,424 25,537
--------- ---------
Adjusted Property EBITDAR $ 259,976 $ 288,252
========= =========
(1) See prior page
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues by Resort
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2009 2008
---------- ----------
Las Vegas Operating Properties $ 317,504 $ 351,573
Sands Macao 224,412 268,250
The Venetian Macao 483,653 455,741
Four Seasons Macao 46,991 -
Other Asia 6,502 3,459
---------- ----------
$1,079,062 $1,079,023
========== ==========
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDAR as a Percentage of Net Revenues
(Unaudited)
Three Months Ended
March 31,
2009 2008
------ -------
Las Vegas Operating Properties 28.3% 34.9%
Sands Macao 22.4% 24.5%
The Venetian Macao 25.1% 24.2%
Four Seasons Macao 9.3% N/A
Other Asia -92.4% -296.7%
------ -------
Total 24.1% 26.7%
====== =======
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,
2009 2008
-------------- --------------
Net loss attributable to common stockholders $ (87,680) $ (11,234)
Pre-opening expense, net 43,160 22,990
Development expense, net 200 4,171
Loss on disposal of assets, net 152 3,657
Loss on early retirement of debt - 3,989
Dividends declared and paid 17,619 -
Accumulated but undeclared dividend requirement on
preferred stock 5,465 -
Accumulated but undeclared dividend requirement on
preferred stock issued to Principal Stockholder's family 6,854 -
Accretion to redemption value of preferred stock
issued to Principal Stockholder's family 23,136 -
------------- -------------
Adjusted net income $ 8,906 $ 23,573
============= =============
Per diluted share of common stock:
Net loss attributable to common stockholders $ (0.14) $ (0.03)
Pre-opening expense, net 0.07 0.07
Development expense, net - 0.01
Loss on disposal of assets, net - 0.01
Loss on early retirement of debt - 0.01
Dividends declared and paid 0.02 -
Accumulated but undeclared dividend requirement on
preferred stock 0.01 -
Accumulated but undeclared dividend requirement on
preferred stock issued to Principal Stockholder's family 0.01 -
Accretion to redemption value of preferred stock
issued to Principal Stockholder's family 0.04 -
------------- -------------
Adjusted earnings per diluted share $ 0.01 $ 0.07
============= =============
Weighted average diluted shares outstanding 647,802,932 356,056,927
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended
March 31,
2009 2008
------- -------
Room Statistics:
The Venetian Las Vegas:
Occupancy % 89.1% 91.1%
Average daily room rate (ADR) (1) $ 209 $ 274
Revenue per available room (REVPAR) (2) $ 187 $ 250
The Palazzo:
Occupancy % 92.7% 79.1%
Average daily room rate (ADR) (1) $ 221 $ 244
Revenue per available room (REVPAR) (2) $ 204 $ 193
Sands Macao:
Occupancy % 96.8% 97.5%
Average daily room rate (ADR) (1) $ 268 $ 278
Revenue per available room (REVPAR) (2) $ 260 $ 271
The Venetian Macao:
Occupancy % 77.2% 78.6%
Average daily room rate (ADR) (1) $ 216 $ 232
Revenue per available room (REVPAR) (2) $ 167 $ 183
Four Seasons Macao:
Occupancy % 38.6% N/A
Average daily room rate (ADR) (1) $ 295 N/A
Revenue per available room (REVPAR) (2) $ 114 N/A
Other Information:
The Venetian Las Vegas:
Table games win per unit per day (3) $4,093 $6,604
Slot machine win per unit per day (4) $ 209 $ 193
Average number of table games 128 130
Average number of slot machines 1,479 1,669
The Palazzo:
Table games win per unit per day (3) $3,715 $3,236
Slot machine win per unit per day (4) $ 171 $ 154
Average number of table games 132 128
Average number of slot machines 1,396 1,390
Sands Macao:
Table games win per unit per day (3) $6,240 $5,058
Slot machine win per unit per day (4) $ 198 $ 173
Average number of table games 443 626
Average number of slot machines 1,089 1,344
The Venetian Macao:
Table games win per unit per day (3) $8,300 $5,840
Slot machine win per unit per day (4) $ 223 $ 130
Average number of table games 618 808
Average number of slot machines 2,115 2,662
Four Seasons Macao:
Table games win per unit per day (3) $3,516 N/A
Slot machine win per unit per day (4) $ 142 N/A
Average number of table games 118 N/A
Average number of slot machines 184 N/A
- ----------------
(1) ADR is calculated by dividing total room revenue by total rooms occupied.
(2) REVPAR is calculated by dividing total room revenue by total rooms
available.
(3) Table games win per unit per day is shown before discounts and commissions.
(4) Slot machine win per unit per day is shown before deducting cost for slot
points.