EXHIBIT 99.1
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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 THIRD QUARTER 2009 RESULTS
CONSOLIDATED ADJUSTED PROPERTY EBITDAR INCREASES 11.7 PERCENT
TO $272.3 MILLION ON NET REVENUE INCREASE OF 3.2 PERCENT
VENETIAN MACAO DELIVERS RECORD QUARTERLY ADJUSTED PROPERTY EBITDAR
OF $150.4 MILLION AND RECORD QUARTERLY EBITDAR MARGIN OF 30.5%
SANDS MACAO ADJUSTED PROPERTY EBITDAR INCREASES 81.0 PERCENT TO $77.1 MILLION
LAS VEGAS, NV (OCTOBER 29, 2009)--Las Vegas Sands Corp. (NYSE: LVS) today
reported financial results for the quarter ended September 30, 2009.
COMPANY-WIDE OPERATING RESULTS
Net revenue for the third quarter of 2009 was $1.14 billion, an increase of 3.2%
compared to $1.11 billion in the third quarter of 2008. Consolidated adjusted
property EBITDAR in the third quarter of 2009 increased 11.7% to $272.3 million,
compared to $243.8 million in the year-ago quarter.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in
the third quarter of 2009 was $62.4 million, compared to $28.2 million in the
third quarter of 2008, an increase of 121.3%. The increase in operating income
was principally due to healthy gaming volumes and the steady execution of our
cost savings and efficiency initiatives in Macau, which contributed to stronger
margins at each of our properties and a record operating performance in Macau
overall. Those record results in Macau were partially offset by lower revenues
in Las Vegas and an increase in depreciation and amortization expense.
Adjusted net income (see Note 1) increased $12.0 million to $20.1 million, or
$0.03 per diluted share, compared to $8.1 million in the third quarter of 2008,
or $0.02 per diluted share.
On a GAAP basis, net loss attributable to common stockholders in the third
quarter of 2009, which reflects an increase in income tax expense of $73.7
million, or $0.11 per diluted share, was $123.0 million, compared to $32.2
million in the third quarter of 2008. Diluted loss per share was $0.19 compared
1
to a loss of $0.09 in the prior year quarter. The increase in net loss
attributable to common stockholders of $90.8 million reflects the increase in
income tax expense, which included the recording of a valuation allowance during
the quarter on certain of our United States deferred tax assets, as well as
increases in preferred stock dividends and accretion on preferred stock,
partially offset by an increase in operating income.
THIRD QUARTER OVERVIEW
Sheldon G. Adelson, chairman and CEO, stated, "We are pleased to report that our
properties in Macau delivered a record performance in adjusted property EBITDAR,
led by healthy gaming volumes in combination with the consistent execution of
our right-sizing and cost savings programs. These efforts resulted in record
adjusted property EBITDAR margin at The Venetian Macao of 30.5%, compared to
26.0% in the prior year quarter, and meaningfully improved EBITDAR margin at
Sands Macao of 27.5%, compared to 17.1% during the third quarter of last year.
"While our current quarter's results in Las Vegas reflected unusually low table
games hold, which negatively impacted our revenues by approximately $40 million,
the execution of our cost savings programs has positioned us to deliver improved
operating margins and cash flows as the economy recovers. In addition, we just
completed the best quarter in our history with respect to future group room
night bookings, and today we have more group rooms on the books for 2010 than we
expect to realize in calendar year 2009.
"We remain focused on our de-leveraging strategy and during the quarter we
increased our financial flexibility by completing both an amendment of our Macau
credit facilities and a $600 million pre-IPO exchangeable bond financing. We
also filed an application for a listing of our Macau operations on the Hong Kong
Stock Exchange.
"In Singapore, we continue to progress on the development of Marina Bay Sands.
After topping off the three 55-story hotel towers in July, we are making
progress on the installation of the SkyPark(TM), which is the final major
structural feature of the property. We are making steady progress on pre-opening
activities for each of the major operational areas of the property and remain
focused on opening Marina Bay Sands in the first quarter of 2010."
COST SAVINGS PROGRAM UPDATE
Mike Leven, president and COO, stated, "We have effectively completed the
implementation of our cost savings and operating efficiencies initiatives across
the company. Our annualized cost savings will exceed $500 million across our
entire organization and we will continue to pursue additional areas where
savings may be achieved. As of September 30, 2009, we have successfully
eliminated approximately 90% of these costs from our current expense run rate,
or approximately $450 million on an annualized basis. These ongoing efforts have
positioned us to benefit from meaningful operating leverage as economic
conditions improve. Our adjusted property EBITDAR margins for the company as a
whole reached 23.9% during the third quarter, compared to 22.1% in the year ago
quarter.
THE VENETIAN MACAO THIRD QUARTER OPERATING RESULTS
"The Venetian Macao delivered a quarterly record $150.4 million in adjusted
property EBITDAR for the third quarter. Visitation to The Venetian Macao
continues to lead the market, with over 17.7 million visits in 2009, an increase
of 4.5% over the first nine months of 2008. Gaming volumes at The Venetian Macao
remain healthy, with slot handle increasing 10.9% compared to the quarter one
2
year ago. Mass table volumes at The Venetian Macao continue to lead the market,
at nearly $835 million during the quarter. Our Rolling Volume play was $9.06
billion, with the portion of that volume representing direct play increasing to
a record 19.3% in the third quarter of 2009, compared to 14.9% in the third
quarter of 2008. The increase in direct play is an important development for
this business segment, given its meaningfully higher margin structure in
comparison to Rolling Volume play that involves the services of a gaming
promoter," continued Leven.
"We have now implemented cost savings of approximately $270 million on an
annualized basis across our Macau operations, or approximately 90% of our $300
million target. We realized approximately $45 million in cost savings across our
Macau operations in the quarter, while approximately $60 million of these
savings will be realized in the year ended December 31, 2010."
The following table summarizes our key operating results for The Venetian Macao
for the third quarter of 2009 compared to the third quarter of 2008:
Three Months Ended
VENETIAN MACAO OPERATIONS September 30,
----------------------------
(In millions, except for percentages and basis points) 2009 2008 $ Change % Change
----------- ----------- ----------- -----------
Revenues:
Casino $ 420.8 $ 432.6 $ (11.8) -2.7%
Rooms 45.0 51.1 (6.1) -11.9%
Food and Beverage 13.6 16.8 (3.2) -19.0%
Retail and Other 39.6 52.0 (12.4) -23.8%
Less - Promotional Allowances (25.4) (30.1) 4.7 15.6%
----------- ----------- -----------
Net Revenues $ 493.6 $ 522.4 $ (28.8) -5.5%
Adjusted Property EBITDAR $ 150.4 $ 135.7 $ 14.7 10.8%
EBITDAR Margin % 30.5% 26.0% 4.5 pts
Operating Income $ 95.6 $ 81.6 $ 14.0 17.2%
GAMING STATISTICS
(In millions, except for percentages and basis points)
Rolling Chip Volume $ 9,062.2 $ 9,778.7 $ (716.5) -7.3%
Rolling Chip Win %(1) 2.83% 3.06% -0.23 pts
Non-Rolling Chip Table Games Drop $ 834.9 $ 930.6 $ (95.7) -10.3%
Non-Rolling Chip Table Games Win %(2) 23.0% 19.7% 3.3 pts
Slot Handle $ 609.7 $ 549.9 $ 59.8 10.9%
Slot Hold %(3) 7.5% 7.8% -0.3 pts
HOTEL STATISTICS
Occupancy % 88.1% 92.1% -4.0 pts
Average Daily Rate $ 198 $ 211 $ (13) -6.2%
Revenue per Available Room $ 175 $ 194 $ (19) -9.8%
(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).
3
SANDS MACAO THIRD QUARTER OPERATING RESULTS
Sands Macao's third quarter operating performance reflected solid gaming volumes
and the benefits of the implementation of our cost savings and efficiency
programs, with adjusted property EBITDAR increasing to $77.1 million in the
quarter, an increase of 81.0% compared to the third quarter of 2008. EBITDAR
margin was 27.5% in the quarter, compared to 17.1% in the year-ago quarter, an
increase of 1,040 basis points. Our gaming volumes, including slot handle that
was up nearly 20% compared to the same quarter last year, continue to reflect
the strong market positioning of the Sands Macao on the Macau peninsula.
The following table summarizes our key operating results for the Sands Macao for
the third quarter of 2009 compared to the third quarter of 2008:
Three Months Ended
SANDS MACAO OPERATIONS September 30,
----------------------------
(In millions, except for percentages and basis points) 2009 2008 $ Change % Change
----------- ----------- ----------- -----------
Revenues:
Casino $ 275.4 $ 243.5 $ 31.9 13.1%
Rooms 6.6 6.7 (0.1) -1.5%
Food and Beverage 9.4 12.0 (2.6) -21.7%
Retail and Other 1.2 1.4 (0.2) -14.3%
Less - Promotional Allowances (11.8) (15.2) 3.4 22.4%
----------- ----------- -----------
Net Revenues $ 280.8 $ 248.4 $ 32.4 13.0%
Adjusted Property EBITDAR $ 77.1 $ 42.6 $ 34.5 81.0%
EBITDAR Margin % 27.5% 17.1% 10.4 pts
Operating Income $ 64.4 $ 28.5 $ 35.9 126.0%
GAMING STATISTICS
(In millions, except for percentages and basis points)
Rolling Chip Volume $ 5,479.1 $ 7,256.4 $ (1,777.3) -24.5%
Rolling Chip Win %(1) 3.37% 2.35% 1.02 pts
Non-Rolling Chip Table Games Drop $ 626.4 $ 652.3 $ (25.9) -4.0%
Non-Rolling Chip Table Games Win %(2) 19.0% 17.9% 1.1 pts
Slot Handle $ 327.5 $ 273.1 $ 54.4 19.9%
Slot Hold %(3) 6.6% 7.3% -0.7 pts
HOTEL STATISTICS
Occupancy % 97.9% 98.8% -0.9 pts
Average Daily Rate (ADR) $ 254 $ 258 $ (4) -1.6%
Revenue per Available Room (RevPAR) $ 248 $ 255 $ (7) -2.7%
(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
FOUR SEASONS MACAO & PLAZA CASINO MACAO THIRD QUARTER OPERATING RESULTS
Net revenues for the Four Seasons Macao were $67.1 million in the third quarter
of 2009, with casino revenues representing $54.8 million of that total. The
debut of our Paiza mansion suites drove higher Rolling Chip play during the
quarter, with Rolling Chip volume for the quarter reaching $2.18 billion. Nearly
50% of that Rolling Chip play was generated in our higher-margin direct rolling
program. Rolling Chip win percentage was 2.31%. Adjusted property EBITDAR for
the third quarter of 2009 was $10.2 million.
The following table summarizes our key operating results for the Four Seasons
Macao for the third quarter of 2009 compared to the second quarter of 2009. This
sequential comparison is presented because the Four Seasons Macao opened on
August 28, 2008, and was only open for 34 days during the third quarter of 2008.
FOUR SEASONS MACAO & PLAZA CASINO MACAO OPERATIONS Three Months Ended
----------------------------
September 30 June 30,
(In millions, except for percentages and basis points) 2009 2008 $ Change % Change
------------ ----------- ----------- -----------
Revenues:
Casino $ 54.8 $ 39.6 $ 15.2 38.4%
Rooms 5.5 4.2 1.3 31.0%
Food and Beverage 3.9 3.1 0.8 25.8%
Retail and Other 8.0 6.6 1.4 21.2%
Less - Promotional Allowances (5.1) (4.8) (0.3) -6.3%
------------ ----------- -----------
Net Revenues $ 67.1 $ 48.7 $ 18.4 37.8%
Adjusted Property EBITDAR $ 10.2 $ 5.6 $ 4.6 82.1%
EBITDAR Margin % 15.1% 11.4% 3.7 pts
Operating Loss $ (4.3) $ (8.0) $ 3.7 46.3%
GAMING STATISTICS
(In millions, except for percentages)
Rolling Chip Volume $ 2,183.7 $ 566.1 $ 1,617.6 285.8%
Rolling Chip Win %(1) 2.31% 3.27% -0.96 pts
Non-Rolling Chip Table Games Drop $ 82.9 $ 80.8 $ 2.1 2.6%
Non-Rolling Chip Table Games Win %(2) 22.3% 27.3% -5.0 pts
Slot Handle $ 60.6 $ 56.1 $ 4.5 8.0%
Slot Hold %(3) 5.4% 6.0% 0.6 pts
HOTEL STATISTICS
Occupancy % 56.2% 44.5% 11.7 pts
Average Daily Rate (ADR) $ 294 $ 291 $ 3 1.0%
Revenue per Available Room (RevPAR) $ 165 $ 130 $ 35 26.9%
(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
LAS VEGAS THIRD QUARTER OPERATING RESULTS
"The Venetian Las Vegas and The Palazzo produced an adjusted property EBITDAR of
$34.5 million for the quarter. The greatest impact to our operating results in
Las Vegas was low table hold, which negatively impacted our revenues by
approximately $40 million. Hotel revenues were also down as a result of a lower
ADR at both properties.
"Despite an extremely low table hold and reduced room revenues, the quarter
yielded an increase in our slot hold percentage and we saw demand for future
group rooms continue to accelerate. In fact, we put more future group room
nights on the books this quarter than we have during any other 90-day period in
our history," stated Leven.
The following table summarizes our key operating results for our Las Vegas
operations for the third quarter of 2009 compared to the third quarter of 2008:
Three Months Ended
LAS VEGAS OPERATIONS September 30,
----------------------------
(In millions, except for percentages and basis points) 2009 2008 $ Change % Change
----------- ----------- ----------- -----------
Revenues:
Casino $ 99.0 $ 113.2 $ (14.2) -12.5%
Rooms 98.6 130.5 (31.9) -24.4%
Food and Beverage 41.8 61.6 (19.8) -32.1%
Retail and Other 30.7 48.5 (17.8) -36.7%
Less - Promotional Allowances (42.0) (45.8) 3.8 8.3%
----------- ----------- -----------
Net Revenues $ 228.1 $ 308.0 $ (79.9) -25.9%
Adjusted Property EBITDAR $ 34.5 $ 73.3 $ (38.8) -52.9%
EBITDAR Margin % 15.1% 23.8% -8.7 pts
Operating Income (Loss) $ (28.9) $ 6.1 $ (35.0) -573.8%
GAMING STATISTICS
(In millions, except for percentages and basis points)
Table Games Drop $ 429.7 $ 477.2 $ (47.5) -10.0%
Table Games Win %(1) 12.2% 13.8% -1.6 pts
Slot Handle $ 672.2 $ 976.6 $ (304.4) -31.2%
Slot Hold %(2) 7.8% 6.0% 1.8 pts
HOTEL STATISTICS
The Venetian Las Vegas:
Occupancy % 88.7% 92.0% -3.3 pts
Average Daily Rate $ 171 $ 207 $ (36) -17.4%
Revenue per Available Room $ 152 $ 191 $ (39) -20.4%
The Palazzo:
Occupancy % 87.9% 94.5% -6.6 pts
Average Daily Rate $ 174 $ 231 $ (57) -24.7%
Revenue per Available Room $ 153 $ 218 $ (65) -29.8%
(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).
6
SANDS BETHLEHEM THIRD QUARTER OPERATING RESULTS
Sands Bethlehem in Bethlehem, Pennsylvania opened the first phase of its
facilities for business in May 2009, featuring 3,000 slot machines, dining and
entertainment amenities. In the property's first full quarter of operations, net
revenues were $63.0 million, operating income was $0.9 million, and adjusted
property EBITDAR was $8.3 million. Slot handle was $813.3 million while slot
hold percentage was 7.2%.
OTHER FACTORS AFFECTING EARNINGS
Other Asia adjusted property EBITDAR was negative $8.1 million, which was mainly
from losses generated by our CotaiJet ferry service in the quarter.
Pre-opening expenses, related principally to Marina Bay Sands in Singapore, Four
Seasons Macao and resorts for which development is currently suspended on the
Cotai Strip, decreased to $28.9 million in the third quarter of 2009, compared
to $40.8 million in the third quarter of 2008.
Depreciation and amortization expense was $148.7 million in the third quarter of
2009, compared to $132.2 million in the third quarter of 2008. The increase was
principally driven by increased depreciation related to the openings of the Four
Seasons Macao and Sands Bethlehem.
Interest expense, net of amounts capitalized, was $88.5 million for the third
quarter of 2009, compared to $90.5 million during the third quarter of 2008. Our
average borrowing cost in the third quarter of 2009 was 3.8% compared to 5.6% in
the third quarter of 2008. Capitalized interest was $16.9 million during the
third quarter of 2009, compared to $38.4 million during the third quarter of
2008.
Corporate expense was $17.5 million in the third quarter of 2009, compared to
$23.4 million in the third quarter of 2008.
Other expense was $1.6 million in the third quarter of 2009 compared to other
income of $7.2 million in the third quarter of 2008. The other expense relates
principally to a decrease in the value of interest rate caps in the quarter,
which was partially offset by foreign exchange gains recognized in the quarter.
The company's effective tax rate reflects the recording of a valuation allowance
of $67.8 million in the current quarter related to certain of our United States
deferred tax assets.
BALANCE SHEET ITEMS
Unrestricted cash balances as of September 30, 2009, were $3.09 billion, while
restricted cash balances were $229.1 million. Of the restricted cash balances,
$196.7 million is restricted for Macau-related construction and $15.5 million is
restricted for construction of Marina Bay Sands in Singapore.
As of September 30, 2009, total debt outstanding, including the current portion,
was $11.76 billion. Scheduled principal payments required for the remainder of
2009 and in 2010 total $35.6 million and $191.4 million, respectively.
7
CAPITAL EXPENDITURES
Capital expenditures during the third quarter totaled $516.5 million. This
includes construction and development activities of $370.9 million at Marina Bay
Sands, $100.7 million in Macau, $38.3 million at Sands Bethlehem, and $6.6
million in Las Vegas.
# # #
CONFERENCE CALL INFORMATION
The company will hold a conference call to discuss the company's results on
Thursday, October 29, 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, influenza, insurance, gaming
promoters, risks relating to our Macau gaming subconcession, infrastructure in
Macau 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,
impairment loss, loss on disposal of assets, loss on modification or early
retirement of debt, legal settlement expense, preferred stock dividends,
accretion to redemption value of preferred stock issued to the Principal
Stockholder's family, and United States deferred tax valuation allowance.
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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 Sands Casino Resort Bethlehem(TM) in
Eastern Pennsylvania. The company also owns and operates The Venetian Macao
Resort-Hotel and the Sands Macao in the People's Republic of China (PRC) Special
Administrative Region of Macau. In addition, LVS owns the Four Seasons Hotel
Macao and is also developing the Marina Bay Sands(TM) integrated resort in
Singapore.
LVS is also creating the Cotai Strip(R), a master-planned development of
resort-casino properties in Macau. 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.
For more information, please visit WWW.LASVEGASSANDS.COM
CONTACTS:
Investment Community: Daniel Briggs (702) 414-1221
Media: Ron Reese (702) 414-3607
LAS VEGAS SANDS CORP.
THIRD QUARTER 2009 RESULTS
NON-GAAP RECONCILIATIONS
================================================================================
Within the company's third 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 (loss) 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 (loss) 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 (loss) 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 Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
------------- ------------- ------------- --------------
Revenues:
Casino $ 908,255 $ 805,258 $ 2,504,233 $ 2,404,973
Rooms 155,673 188,794 492,030 575,172
Food and beverage 74,457 91,025 248,852 272,315
Retail and other 95,604 123,233 304,976 290,791
------------- ------------- ------------- --------------
1,233,989 1,208,310 3,550,091 3,543,251
Less - promotional allowances (92,845) (102,876) (271,185) (246,680)
------------- ------------- ------------- --------------
1,141,144 1,105,434 3,278,906 3,296,571
------------- ------------- ------------- --------------
Operating expenses:
Resort operations 877,224 871,290 2,520,646 2,501,723
Rental expense 6,691 8,437 22,497 25,573
Corporate expense 17,519 23,390 105,250 82,529
Pre-opening expense 28,855 40,777 115,619 105,470
Development expense 80 1,153 344 11,504
Depreciation and amortization 148,677 132,239 431,559 364,753
Impairment loss - - 151,175 -
(Gain) loss on disposal of assets (284) (47) 4,500 6,977
------------- ------------- ------------- --------------
1,078,762 1,077,239 3,351,590 3,098,529
------------- ------------- ------------- --------------
Operating income (loss) 62,382 28,195 (72,684) 198,042
Interest income 1,599 3,215 9,840 11,813
Interest expense, net of amounts capitalized (88,514) (90,535) (224,503) (293,709)
Other income (expense) (1,564) 7,209 (6,534) 11,624
Loss on modification or early retirement of debt (204) - (204) (4,022)
------------- ------------- ------------- --------------
Loss before income taxes (26,301) (51,916) (294,085) (76,252)
Income tax benefit (expense) (54,316) 19,425 (641) 19,533
------------- ------------- ------------- --------------
Net loss (80,617) (32,491) (294,726) (56,719)
Noncontrolling interest 4,111 283 7,674 4,481
------------- ------------- ------------- --------------
Net loss attributable to Las Vegas Sands Corp. (76,506) (32,208) (287,052) (52,238)
Preferred stock dividends (23,350) - (69,676) -
Accretion to redemption value of preferred stock
issued to Principal Stockholder's family (23,136) - (69,408) -
------------- ------------- ------------- --------------
Net loss attributable to common stockholders $ (122,992) $ (32,208) $ (426,136) $ (52,238)
============= ============= ============= ==============
Basic and diluted loss per share $ (0.19) $ (0.09) $ (0.65) $ (0.15)
============= ============= ============= ==============
Basic and diluted weighted average shares outstanding 660,245,590 355,393,259 655,687,503 355,344,306
============= ============= ============= ==============
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 September 30, 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
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
The Venetian Macao $ 95,580 $ 51,056 $ (323) $ (10) $ - $ 2,032 $ 148,335 $ - $ 2,054 $ 150,389
Sands Macao 64,432 11,430 6 - - 892 76,760 - 355 77,115
Four Seasons Macao (4,322) 12,876 28 722 - 193 9,497 - 655 10,152
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
Macau Property
Operations 155,690 75,362 (289) 712 - 3,117 234,592 - 3,064 237,656
Las Vegas Operating
Properties (28,908) 58,706 3 (1) - 4,578 34,378 - 74 34,452
Sands Bethlehem 917 7,033 - (262) - 635 8,323 - - 8,323
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
United States
Property
Operations (27,991) 65,739 3 (263) - 5,213 42,701 - 74 42,775
Other Asia (2) (12,344) 3,701 2 460 - 93 (8,088) - - (8,088)
Other Development (32,389) 810 - 27,946 80 - (3,553) - 3,553 -
Corporate (20,584) 3,065 - - - - (17,519) 17,519 - -
------------ ------------ ---------- --------- ----------- ------------ --------- --------- ------- ---------
$ 62,382 $ 148,677 $ (284) $ 28,855 $ 80 $ 8,423 $ 248,133 $ 17,519 $ 6,691 $ 272,343
============ ============ ========== ========= =========== ============ ========= ========= ======== =========
Three Months Ended September 30, 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
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
The Venetian Macao $ 81,641 $ 48,935 $ 2 $ 840 $ - $ 2,279 $ 133,697 $ - $ 2,040 $ 135,737
Sands Macao 28,492 12,689 14 - - 1,045 42,240 - 351 42,591
Four Seasons Macao (4,178) 3,562 - 3,264 - 136 2,784 - 179 2,963
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
Macau Property
Operations 105,955 65,186 16 4,104 - 3,460 178,721 - 2,570 181,291
Las Vegas Operating
Properties 6,095 60,024 (63) 208 - 5,306 71,570 - 1,746 73,316
Other Asia (2) (16,505) 2,552 - 2,217 39 849 (10,848) - - (10,848)
Other Development (41,327) 1,844 - 34,248 1,114 - (4,121) - 4,121 -
Corporate (26,023) 2,633 - - - - (23,390) 23,390 - -
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
$ 28,195 $ 132,239 $ (47) $ 40,777 $ 1,153 $ 9,615 $ 211,932 $ 23,390 $ 8,437 $ 243,759
============ ============ ========== ========= =========== ============ ========= ========= ======== =========
Nine Months Ended September 30, 2009
Impairment
Depreciation and 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
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
The Venetian Macao $ 215,233 $ 151,974 $ 4,447 $ (105) $ - $ 4,139 $ 375,688 $ - $ 6,161 $ 381,849
Sands Macao 149,631 36,062 93 - - 1,674 187,460 - 1,062 188,522
Four Seasons Macao (21,809) 37,517 65 2,008 - 336 18,117 - 1,966 20,083
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
Macau Property
Operations 343,055 225,553 4,605 1,903 - 6,149 581,265 - 9,189 590,454
Las Vegas Operating
Properties (140,913) 175,263 151,068 (55) - 14,078 199,441 - 2,895 202,336
Sands Bethlehem 1,480 8,998 - (262) - 944 11,160 - - 11,160
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
United States
Property
Operations (139,433) 184,261 151,068 (317) - 15,022 210,601 - 2,895 213,496
Other Asia (2) (36,060) 10,179 2 1,355 5 530 (23,989) - - (23,989)
Other Development (126,618) 3,188 - 112,678 339 - (10,413) - 10,413 -
Corporate (113,628) 8,378 - - - - (105,250) 105,250 - -
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
$ (72,684) $ 431,559 $ 155,675 $ 115,619 $ 344 $ 21,701 $ 652,214 $105,250 $ 22,497 $ 779,961
============ ============ ========== ========= =========== ============ ========= ========= ======== =========
Nine Months Ended September 30, 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
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
The Venetian Macao $ 222,105 $ 142,573 $ 41 $ 9,565 $ - $ 5,806 $ 380,090 $ - $ 6,137 $ 386,227
Sands Macao 118,247 39,118 1,159 128 - 2,576 161,228 - 1,055 162,283
Four Seasons Macao (4,178) 3,562 - 3,264 - 136 2,784 - 179 2,963
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
Macau Property
Operations 336,174 185,253 1,200 12,957 - 8,518 544,102 - 7,371 551,473
Las Vegas Operating
Properties 105,606 163,988 5,915 7,095 - 14,302 296,906 - 5,591 302,497
Other Asia (2) (46,492) 5,929 (138) 3,254 1,145 2,216 (34,086) - - (34,086)
Other Development (107,487) 2,353 - 82,164 10,359 - (12,611) - 12,611 -
Corporate (89,759) 7,230 - - - - (82,529) 82,529 - -
------------ ------------ ---------- --------- ----------- ------------ --------- --------- -------- ---------
$ 198,042 $ 364,753 $ 6,977 $ 105,470 $ 11,504 $ 25,036 $ 711,782 $ 82,529 $ 25,573 $ 819,884
============ ============ ========== ========= =========== ============ ========= ========= ======== =========
(1) During the three months ended September 30, 2009 and 2008, the Company recorded stock-based compensation expense of $12.0
million and $15.4 million, respectively, of which $2.2 million and $4.5 million, respectively, is included in corporate
expense and $1.4 million and $1.3 million, respectively, is included in pre-opening and development expense on the Company's
condensed consolidated statements of operations. During the nine months ended September 30, 2009 and 2008, the Company
recorded stock-based compensation expense of $32.9 million and $39.2 million, respectively, of which $6.9 million and $10.8
million, respectively, is included in corporate expense and $4.3 million and $3.4 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 the CotaiJet ferry operations.
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 Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---------- ---------- ----------- ----------
Net loss attributable to Las Vegas Sands Corp. $ (76,506) $ (32,208) $ (287,052) $ (52,238)
Add (deduct) :
Noncontrolling interest (4,111) (283) (7,674) (4,481)
Income tax (benefit) expense 54,316 (19,425) 641 (19,533)
Other (income) expense 1,564 (7,209) 6,534 (11,624)
Interest income (1,599) (3,215) (9,840) (11,813)
Interest expense, net of amounts capitalized 88,514 90,535 224,503 293,709
Loss on modification or early retirement of debt 204 -- 204 4,022
Depreciation and amortization 148,677 132,239 431,559 364,753
(Gain) loss on disposal of assets (284) (47) 4,500 6,977
Impairment loss -- -- 151,175 --
Pre-opening expense 28,855 40,777 115,619 105,470
Development expense 80 1,153 344 11,504
Stock-based compensation (1) 8,423 9,615 21,701 25,036
--------- --------- ---------- ---------
Adjusted EBITDA 248,133 211,932 652,214 711,782
Add :
Rental expense 6,691 8,437 22,497 25,573
Corporate expense 17,519 23,390 105,250 82,529
--------- --------- ---------- ---------
Adjusted Property EBITDAR $ 272,343 $ 243,759 $ 779,961 $ 819,884
========= ========= ========== =========
(1) See prior page
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
502005 Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---------- ---------- ---------- ----------
The Venetian Macao $ 493,579 $ 522,409 $1,420,445 $1,471,823
Sands Macao 280,794 248,444 739,404 784,943
Four Seasons Macao 67,052 20,303 162,743 20,303
Las Vegas Operating Properties 228,095 307,965 836,601 1,007,942
Sands Bethlehem 62,994 -- 95,705 --
Other Asia 8,630 6,313 24,008 11,560
---------- ---------- ---------- ----------
$1,141,144 $1,105,434 $3,278,906 $3,296,571
========== ========== ========== ==========
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDAR as a Percentage of Net Revenues
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
----------- ----------- ----------- ----------
The Venetian Macao 30.5% 26.0% 26.9% 26.2%
Sands Macao 27.5% 17.1% 25.5% 20.7%
Four Seasons Macao 15.1% 14.6% 12.3% 14.6%
Las Vegas Operating Properties 15.1% 23.8% 24.2% 30.0%
Sands Bethlehem 13.2% N/A 11.7% N/A
Other Asia -93.7% -171.8% -99.9% -294.9%
Total 23.9% 22.1% 23.8% 24.9%
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
-------------- -------------- -------------- --------------
Net loss attributable to common stockholders $ (122,992) $ (32,208) $ (426,136) $ (52,238)
U.S. deferred tax valuation allowance 67,797 - - -
Pre-opening expense 28,855 39,061 115,619 97,755
Development expense 80 913 344 8,137
Impairment loss - - 151,175 -
(Gain) loss on disposal of assets (284) 377 4,500 4,907
Loss on modification or early retirement of debt 204 - 204 4,022
Legal settlement expense - - 42,500 -
Preferred stock dividends 23,350 - 69,676 -
Accretion to redemption value of preferred stock
issued to Principal Stockholder's family 23,136 - 69,408 -
-------------- -------------- -------------- --------------
Adjusted net income $ 20,146 $ 8,143 $ 27,290 $ 62,583
============== ============== ============== ==============
Per diluted share of common stock:
Net loss attributable to common stockholders $ (0.16) $ (0.09) $ (0.60) $ (0.15)
U.S. deferred tax valuation allowance 0.09 - - -
Pre-opening expense 0.04 0.11 0.16 0.28
Development expense - - - 0.02
Impairment loss - - 0.21 -
(Gain) loss on disposal of assets - - 0.01 0.02
Loss on modification or early retirement of debt - - - 0.01
Legal settlement expense - - 0.06 -
Preferred stock dividends 0.03 - 0.10 -
Accretion to redemption value of preferred stock
issued to Principal Stockholder's family 0.03 - 0.10 -
-------------- -------------- -------------- --------------
Adjusted earnings per diluted share $ 0.03 $ 0.02 $ 0.04 $ 0.18
============== ============== ============== ==============
Weighted average diluted shares outstanding 746,216,623 355,629,027 705,728,431 355,928,046
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
--------- --------- --------- ---------
Room Statistics:
The Venetian Macao:
Occupancy % 88.1% 92.1% 80.6% 83.7%
Average daily room rate (ADR) (1) $ 198 $ 211 $ 205 $ 222
Revenue per available room (RevPAR) (2) $ 175 $ 194 $ 165 $ 186
Sands Macao:
Occupancy % 97.9% 98.8% 97.5% 98.4%
Average daily room rate (ADR) (1) $ 254 $ 258 $ 258 $ 266
Revenue per available room (RevPAR) (2) $ 248 $ 255 $ 252 $ 262
Four Seasons Macao:
Occupancy % 56.2% 31.4% 46.5% 31.4%
Average daily room rate (ADR) (1) $ 294 $ 440 $ 293 $ 440
Revenue per available room (RevPAR) (2) $ 165 $ 138 $ 136 $ 138
The Venetian Las Vegas:
Occupancy % 88.7% 92.0% 88.9% 91.2%
Average daily room rate (ADR) (1) $ 171 $ 207 $ 189 $ 242
Revenue per available room (RevPAR) (2) $ 152 $ 191 $ 168 $ 221
The Palazzo:
Occupancy % 87.9% 94.5% 90.7% 89.4%
Average daily room rate (ADR) (1) $ 174 $ 231 $ 201 $ 239
Revenue per available room (RevPAR) (2) $ 153 $ 218 $ 182 $ 213
Casino Statistics:
The Venetian Macao:
Table games win per unit per day (3) $ 8,244 $ 7,380 $ 8,057 $ 6,670
Slot machine win per unit per day (4) $ 230 $ 207 $ 218 $ 170
Average number of table games 591 711 603 757
Average number of slot machines 2,163 2,247 2,154 2,375
Sands Macao:
Table games win per unit per day (3) $ 8,080 $ 5,689 $ 7,031 $ 5,487
Slot machine win per unit per day (4) $ 202 $ 172 $ 198 $ 177
Average number of table games 408 549 419 584
Average number of slot machines 1,156 1,254 1,117 1,278
Four Seasons Macao:
Table games win per unit per day (3) $ 6,928 $ 5,220 $ 5,032 $ 5,220
Slot machine win per unit per day (4) $ 173 $ 70 $ 154 $ 70
Average number of table games 108 95 107 95
Average number of slot machines 207 210 215 210
The Venetian Las Vegas:
Table games win per unit per day (3) $ 2,944 $ 1,501 $ 3,191 $ 4,134
Slot machine win per unit per day (4) $ 213 $ 233 $ 210 $ 203
Average number of table games 115 131 119 131
Average number of slot machines 1,486 1,633 1,467 1,664
The Palazzo:
Table games win per unit per day (3) $ 1,779 $ 4,053 $ 3,157 $ 3,347
Slot machine win per unit per day (4) $ 181 $ 181 $ 171 $ 170
Average number of table games 130 129 133 128
Average number of slot machines 1,408 1,392 1,408 1,393
Sands Bethlehem:
Slot machine win per unit per day (4) $ 213 N/A $ 224 N/A
Average number of slot machines 2,977 N/A 2,984 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.