SOURCE: Las Vegas Sands
Consolidated Second Quarter Adjusted Property EBITDA Increases 91.2% to Record $473.5 Million on Record Net Revenue of $1.59 Billion; Macau Adjusted Property EBITDA Increases 73.9% to Record of $307.0 Million and Record Adjusted Property EBITDA Margin of 29.9%; Marina Bay Sands Generates Adjusted Property EBITDA of $94.5 Million and Adjusted Property EBITDA Margin of 43.7% in First 65 Days of Operation; Consolidated Adjusted Property EBITDA Margin Increases to 29.7%, Up 630 Basis Points Compared to the Second Quarter of 2009
LAS VEGAS, NV–(Marketwire – July 28, 2010) – Las Vegas Sands Corp. (
reported financial results for the quarter ended June 30, 2010.
Company-Wide Operating Results
Net revenue for the second quarter of 2010 was a record $1.59 billion, an
increase of 50.6% compared to $1.06 billion in the second quarter of 2009.
Consolidated adjusted property EBITDA in the second quarter of 2010
increased 91.2% to $473.5 million, compared to $247.6 million in the
year-ago quarter. Consolidated adjusted property EBITDA margin increased
630 basis points to 29.7% in the second quarter of 2010, compared to 23.4%
in the second quarter of 2009.
On a GAAP (Generally Accepted Accounting Principles) basis, operating
income in the second quarter of 2010 increased to $166.8 million, compared
to a loss of $171.3 million in the second quarter of 2009. The increase in
operating income was principally due to stronger results across our
portfolio of properties in Macau and the opening of Marina Bay Sands in
Singapore. The operating loss in the second quarter of 2009 included an
impairment loss of $151.2 million.
Adjusted net income (see Note 1) increased to $129.3 million, or $0.17 per
diluted share, compared to $8.8 million, or $0.01 per diluted share, in the
second quarter of 2009.
On a GAAP basis, net loss attributable to common stockholders in the second
quarter of 2010 was $4.7 million, compared to net loss of $222.2 million in
the second quarter of 2009. Diluted loss per share in the second quarter of
2010 was less than $0.01, compared to a diluted loss per share of $0.34 in
the prior year quarter. The decrease in net loss attributable to common
stockholders of $217.5 million reflects the increase in operating income,
partially offset by increases in net income attributable to noncontrolling
interests (primarily Sands China Ltd.), net interest expense and income tax
expense principally associated with earnings from Marina Bay Sands.
Second Quarter Overview
Sheldon G. Adelson, chairman and CEO, stated, “We are pleased to report
that we delivered record revenues and adjusted property EBITDA during the
second quarter of 2010. Strong revenue growth, increases in operational
efficiency and robust operating margins at Marina Bay Sands in Singapore
all contributed to substantial margin expansion and a record financial
performance overall. In Macau, we delivered an all-time quarterly record of
$307.0 million of adjusted property EBITDA, with each of our properties,
The Venetian Macao, Sands Macao, and Four Seasons Hotel Macao and Plaza
Casino, delivering substantial revenue and adjusted property EBITDA growth,
as well as adjusted property EBITDA margin expansion. In Las Vegas,
increases in gaming volumes and hotel revenues, in concert with the impact
of our efficiency programs, allowed us to deliver $66.0 million of adjusted
property EBITDA during the quarter.
“In Singapore, Marina Bay Sands opened on April 27th and generated $94.5
million of adjusted property EBITDA and an EBITDA margin of 43.7% in its
first 65 days of operation. Both gaming volumes and visitation to the
property have been robust and we are gratified by the overwhelming
reception the property has received. We believe Marina Bay Sands will both
augment Singapore’s reputation as an international business and leisure
destination and provide an ideal platform for strong growth and outstanding
returns for our company in the years ahead.”
Sands China Ltd. Consolidated Financial Results
Sands China Ltd. is a majority-owned subsidiary of the company which owns
and operates the company’s integrated resort properties and other assets in
Macau. On a U.S. GAAP basis, total net revenues for Sands China Ltd.
increased 40.7% to $1.04 billion in the second quarter of 2010, compared to
$738.9 million in the second quarter of 2009. Adjusted Property EBITDA for
Sands China Ltd. increased 79.4% to $300.7 million in the second quarter of
2010, compared to $167.6 million in the second quarter of 2009. Net income
for Sands China Ltd. increased 328.2% to $133.6 million in the second
quarter of 2010, compared to $31.2 million in the second quarter of 2009.
The Venetian Macao Second Quarter Operating Results
The Venetian Macao continues to enjoy market-leading visitation and strong
financial performance. The property delivered adjusted property EBITDA of
$192.8 million for the second quarter of 2010 and a record 33.2% adjusted
property EBITDA margin, an increase of 840 basis points over the second
quarter of 2009. Gaming volumes were healthy in each segment of the
business. Slot handle was a record $701.6 million, increasing 31.1%
compared to the quarter one year ago, while Non-Rolling Chip drop was
$897.7 million for the quarter, an increase of 16.8% compared to the same
quarter last year. Non-Rolling Chip win percentage for the quarter was
24.8%, consistent with last year’s quarter. Rolling Chip volume during the
quarter was $9.77 billion, with the direct play portion representing
approximately $2.39 billion, or 24.5% of that amount.
The following table summarizes our key operating results for The Venetian
Macao for the second quarter of 2010 compared to the second quarter of
2009:
Three Months Ended
The Venetian Macao Operations June 30,
--------------------
(In millions, except for
percentages and basis points) 2010 2009 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 506.1 $ 380.0 $ 126.1 33.2%
Rooms 47.8 38.5 9.3 24.2%
Food and Beverage 15.5 12.9 2.6 20.2%
Retail and Other 37.9 33.2 4.7 14.2%
Less - Promotional Allowances (26.3) (21.0) (5.3) -25.2%
--------- --------- ---------
Net Revenues $ 581.0 $ 443.6 $ 137.4 31.0%
Adjusted Property EBITDA $ 192.8 $ 110.0 $ 82.8 75.3%
EBITDA Margin % 33.2% 24.8% 8.4 pts
Operating Income $ 134.7 $ 52.7 $ 82.0 155.6%
Gaming Statistics
(In millions, except for
percentages and basis points)
Rolling Chip Volume $ 9,765.6 $ 9,896.2 $ (130.6) -1.3%
Rolling Chip Win %(1) 3.36% 2.28% 1.08 pts
Non-Rolling Chip Drop $ 897.7 $ 768.9 $ 128.8 16.8%
Non-Rolling Chip Win %(2) 24.8% 24.8% 0.0 pts
Slot Handle $ 701.6 $ 535.3 $ 166.3 31.1%
Slot Hold %(3) 7.1% 7.5% -0.4 pts
Hotel Statistics
Occupancy % 91.9% 76.2% 15.7 pts
Average Daily Rate (ADR) $ 203 $ 201 $ 2 1.0%
Revenue per Available Room
(RevPAR) $ 187 $ 153 $ 34 22.2%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(2) This compares to The Venetian Macao's trailing 12 month Non-Rolling
Chip win percentage of 24.4% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Sands Macao Second Quarter Operating Results
Sands Macao’s second quarter operating performance reflected Sands’ strong
competitive positioning on the Macau peninsula. Gaming volumes were
healthy, while efficiency programs positively impacted financial results.
Adjusted property EBITDA rose to $81.2 million in the quarter, an increase
of 33.1% compared to the second quarter of 2009. Adjusted property EBITDA
margin expanded to 26.9% in the quarter, compared to 26.1% in the year-ago
quarter. Slot handle increased to a record $406.6 million, up 35.6%
compared to the quarter one year ago, while Rolling Chip volume increased
53.3% to $7.22 billion for the quarter.
The following table summarizes our key operating results for the Sands
Macao for the second quarter of 2010 compared to the second quarter of
2009:
Three Months Ended
Sands Macao Operations June 30,
--------------------
(In millions, except for
percentages and basis points) 2010 2009 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 297.1 $ 229.4 $ 67.7 29.5%
Rooms 6.2 6.4 (0.2) -3.1%
Food and Beverage 9.9 8.8 1.1 12.5%
Retail and Other 1.2 1.3 (0.1) -7.7%
Less - Promotional Allowances (12.2) (11.7) (0.5) -4.3%
--------- --------- ---------
Net Revenues $ 302.2 $ 234.2 $ 68.0 29.0%
Adjusted Property EBITDA $ 81.2 $ 61.0 $ 20.2 33.1%
EBITDA Margin % 26.9% 26.1% 0.8 pts
Operating Income $ 70.0 $ 48.4 $ 21.6 44.6%
Gaming Statistics
(In millions, except for
percentages and basis points)
Rolling Chip Volume $ 7,220.9 $ 4,711.4 $ 2,509.5 53.3%
Rolling Chip Win %(1) 3.05% 2.90% 0.15 pts
Non-Rolling Chip Drop $ 603.6 $ 595.5 $ 8.1 1.4%
Non-Rolling Chip Win %(2) 20.7% 19.4% 1.3 pts
Slot Handle $ 406.6 $ 299.8 $ 106.8 35.6%
Slot Hold %(3) 5.5% 6.5% -1.0 pts
Hotel Statistics
Occupancy % 97.8% 97.8% 0.0 pts
Average Daily Rate (ADR) $ 245 $ 253 $ (8) -3.2%
Revenue per Available Room
(RevPAR) $ 239 $ 247 $ (8) -3.2%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(2) This compares to the Sands Macao's trailing 12 month Non-Rolling Chip
win percentage of 19.8% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Four Seasons Hotel Macao and Plaza Casino Second Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino delivered a quarterly record
$33.0 million of adjusted property EBITDA for the second quarter of 2010,
an increase of $27.4 million, or 489.3%, compared to the second quarter of
2009. Rolling Chip volume increased to $4.85 billion during the quarter,
with the direct play portion representing approximately $2.38 billion, or
49.1% of that total. The mass gaming business continued to expand, with
slot handle achieving $107.6 million in the quarter, an increase of 91.8%
compared to last year’s second quarter. Non-Rolling Chip table games drop
increased 18.3% to $95.6 million. Hotel occupancy reached 69.1% during the
quarter, up from 44.5% in the same quarter last year.
The following table summarizes our key operating results for the Four
Seasons Hotel Macao and Plaza Casino for the second quarter of 2010
compared to the second quarter of 2009:
Four Seasons Hotel Macao and Three Months Ended
Plaza Casino Operations June 30,
--------------------
(In millions, except for
percentages and basis points) 2010 2009 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 132.5 $ 39.6 $ 92.9 234.6%
Rooms 6.9 4.2 2.7 64.3%
Food and Beverage 5.4 3.1 2.3 74.2%
Retail and Other 7.0 6.6 0.4 6.1%
Less - Promotional Allowances (7.7) (4.8) (2.9) -60.4%
--------- --------- ---------
Net Revenues $ 144.1 $ 48.7 $ 95.4 195.9%
Adjusted Property EBITDA $ 33.0 $ 5.6 $ 27.4 489.3%
EBITDA Margin % 22.9% 11.4% 11.5 pts
Operating Income (Loss) $ 20.6 $ (8.0) $ 28.6 357.5%
Gaming Statistics
(In millions, except for
percentages and basis points)
Rolling Chip Volume $ 4,845.0 $ 566.1 $ 4,278.9 755.9%
Rolling Chip Win %(1) 3.07% 3.27% -0.2 pts
Non-Rolling Chip Drop $ 95.6 $ 80.8 $ 14.8 18.3%
Non-Rolling Chip Win %(2) 28.4% 27.3% 1.1 pts
Slot Handle $ 107.6 $ 56.1 $ 51.5 91.8%
Slot Hold %(3) 5.6% 6.0% -0.4 pts
Hotel Statistics
Occupancy % 69.1% 44.5% 24.6 pts
Average Daily Rate (ADR) $ 298 $ 291 $ 7 2.4%
Revenue per Available Room
(RevPAR) $ 206 $ 130 $ 76 58.5%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(2) This compares to the Plaza Casino's trailing 12 month Non-Rolling Chip
win percentage of 24.3% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Marina Bay Sands Second Quarter Operating Results
Marina Bay Sands in Singapore began operations on April 27, 2010, with a
portion of the property’s gaming, hotel, dining, convention and exhibition,
and retail offerings open to the public for 65 days during the quarter. Net
revenues and adjusted property EBITDA for this 65-day period for Marina Bay
Sands were $216.4 million and $94.5 million, respectively, with adjusted
property EBITDA margin reaching 43.7%.
Rolling Chip volume, which was composed exclusively of non-junket direct
play, was $3.88 billion. Rolling Chip win percentage was 2.18%, which is
lower than our expected Rolling Chip win percentage of 2.7% to 3.0%. Non-
Rolling Chip table games drop was $538.3 million with Non-Rolling Chip win
percentage of 21.5%. Slot handle was $482.3 million for the period with
slot hold percentage of 7.5%.
Marina Bay Sands Operations
(In millions, except for percentages and Period Ended
basis points) June 30, 2010
-------------
Revenues:
Casino $ 190.8
Rooms 9.7
Food and Beverage 13.4
Retail and Other 12.5
Less - Promotional Allowances (10.0)
-------------
Net Revenues $ 216.4
Adjusted Property EBITDA $ 94.5
EBITDA Margin % 43.7%
Operating Income $ 52.0
Gaming Statistics
(In millions, except for percentages and
basis points)
Rolling Chip Volume $ 3,884.0
Rolling Chip Win %(1) 2.18%
Non-Rolling Chip Drop $ 538.3
Non-Rolling Chip Win % 21.5%
Slot Handle $ 482.3
Slot Hold % 7.5%
Hotel Statistics
Occupancy % 54.9%
Average Daily Rate (ADR) $ 226
Revenue per Available Room (RevPAR) $ 124
(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
Las Vegas Second Quarter Operating Results
The Venetian Las Vegas and The Palazzo enjoyed stronger gaming volumes,
improved group booking volumes and improved hotel occupancy during the
quarter. However, the quarter’s operating results were negatively impacted
by low table games win percentage of 13.8%, which was lower than both the
19.3% table games win percentage in last year’s second quarter and the
property’s trailing twelve month table games win percentage of 18.3%. Our
Las Vegas operations delivered $66.0 million of adjusted property EBITDA
for the second quarter of 2010, compared to $78.1 million in the second
quarter of 2009. Table games drop increased 8.0% to $417.1 million.
The following table summarizes our key operating results for our Las Vegas
operations for the second quarter of 2010 compared to the second quarter of
2009:
Three Months Ended
Las Vegas Operations June 30,
--------------------
(In millions, except for
percentages and basis points) 2010 2009 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 102.9 $ 119.1 $ (16.2) -13.6%
Rooms 120.2 112.8 7.4 6.6%
Food and Beverage 56.4 59.3 (2.9) -4.9%
Retail and Other 38.6 42.4 (3.8) -9.0%
Less - Promotional Allowances (41.9) (41.7) (0.2) -0.5%
--------- --------- ---------
Net Revenues $ 276.2 $ 291.9 $ (15.7) -5.4%
Adjusted Property EBITDA $ 66.0 $ 78.1 $ (12.1) -15.5%
EBITDA Margin % 23.9% 26.8% -2.9 pts
Operating Income (Loss) (1) $ 2.9 $ (137.5) $ 140.4 102.1%
Gaming Statistics
(In millions, except for
percentages and basis points)
Table Games Drop $ 417.1 $ 386.1 $ 31.0 8.0%
Table Games Win %(2) 13.8% 19.3% -5.5 pts
Slot Handle $ 670.8 $ 668.6 $ 2.2 0.3%
Slot Hold %(3) 7.8% 7.2% 0.6 pts
Hotel Statistics
The Venetian Las Vegas:
Occupancy % 97.2% 88.9% 8.3 pts
Average Daily Rate $ 184 $ 186 $ (2) -1.1%
Revenue per Available Room $ 179 $ 166 $ 13 7.8%
The Palazzo:
Occupancy % 98.5% 91.5% 7.0 pts
Average Daily Rate (ADR) $ 202 $ 207 $ (5) -2.4%
Revenue per Available Room
(RevPAR) $ 199 $ 190 $ 9 4.7%
(1) The 2009 quarter reflects an impairment charge of $151.2 million.
(2) This compares to our Las Vegas Operations trailing 12 month table games
win percentage of 18.3% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Sands Bethlehem Second Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania were $68.6 million and
adjusted property EBITDA reached $12.1 million for the second quarter of
2010, the highest total since the opening of the property in May 2009. Slot
handle at the property continued to expand, reaching $947.4 million for the
quarter. This represents a 2.8% sequential increase compared to the $921.6
million of slot handle in the quarter ended March 31, 2010. Slot hold
percentage was 6.9% during the quarter.
The company introduced 89 table games to Sands Bethlehem on July 18, 2010,
which should benefit the property in the future. Additionally, construction
of the property’s 300-room hotel tower is progressing. The hotel is
expected to open in May 2011.
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally composed of
losses in our CotaiJet ferry operation, was negative $6.2 million in the
quarter.
Pre-opening expenses, related principally to Marina Bay Sands in Singapore
and the Shangri-La Traders Sheraton Resort on Parcels 5 & 6 of the Cotai
Strip, increased to $50.1 million in the second quarter of 2010, compared
to $41.8 million in the second quarter of 2009.
Depreciation and amortization expense was $170.7 million in the second
quarter of 2010, compared to $143.6 million in the second quarter of 2009.
The increase was principally driven by the opening of Marina Bay Sands in
April 2010 and Sands Bethlehem in May 2009.
Interest expense, net of amounts capitalized, was $77.0 million for the
second quarter of 2010, compared to $64.9 million during the second quarter
of 2009. Our weighted average borrowing cost in the second quarter of 2010
was 3.7%. Capitalized interest was $22.7 million during the second quarter
of 2010, compared to $14.1 million during the second quarter of 2009.
Corporate expense was $26.0 million in the second quarter of 2010, compared
to $64.3 million in the second quarter of 2009. The second quarter of 2009
amount included a legal settlement expense of $42.5 million.
Loss on disposal of assets was $37.7 million in the second quarter of 2010,
compared to $4.7 million in the second quarter of 2009. The loss reflects
the removal and disposition of certain building and construction materials
and equipment in Macau and Las Vegas.
Other expense, which was principally composed of foreign currency
translation losses, was $6.2 million in the second quarter of 2010,
compared to other income of $0.8 million in the second quarter of 2009.
The company’s effective tax rate for the second quarter of 2010 was 9.3%.
The effective tax rate includes a provision for the earnings from Marina
Bay Sands at the 17% Singapore income tax rate.
Net income attributable to noncontrolling interests during the second
quarter of $36.7 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances and short-term investments as of June 30, 2010,
were $3.69 billion, while restricted cash balances were $96.6 million. Of
the restricted cash balances, $25.0 million pertains to Macau-related
construction and interest and principal payments under the Macau Credit
Facility, and $58.5 million is restricted for construction of Marina Bay
Sands in Singapore.
As of June 30, 2010, total debt outstanding, including the current portion,
was $10.40 billion. Scheduled principal payments required in 2010 and 2011
total $90.2 million and $1.00 billion, respectively.
During the quarter, the company paid down $350 million of its Macau Credit
Facility. Additionally, the company purchased approximately $27.6 million
at face value of its 6.375% Senior Notes at an average purchase price of
96.1%.
Capital Expenditures
Capital expenditures during the second quarter totaled $589.1 million,
including construction and development activities of $497.2 million at
Marina Bay Sands, $75.7 million in Macau, $10.9 million at Sands Bethlehem,
and $5.3 million in Las Vegas.
Conference Call Information
The company will hold a conference call to discuss the company’s results on
Wednesday, July 28, 2010 at 8:00 a.m. Eastern Time. Interested parties may
listen to the conference call through a webcast available on the Company’s
website at www.lasvegassands.com.
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, gain on early retirement of
debt, legal settlement expense, preferred stock dividends, and accretion to
redemption value of preferred stock issued to the Principal Stockholder’s
family.
About Las Vegas Sands Corp.
Las Vegas Sands Corp. (
destination properties (integrated resorts) that feature premium
accommodations, world-class gaming and entertainment, convention and
exhibition facilities, celebrity chef restaurants, and many other
amenities.
THE VENETIAN® and THE
PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, are among
the company’s properties in the United States. In Singapore, the iconic MARINA BAY SANDS® is the most recent addition to the
company’s portfolio.
Through its majority-owned subsidiary Sands China Ltd., the company also
owns a collection of properties in Macau, including THE VENETIAN® Macao, Four
Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at its
COTAI STRIP® development, as well as the SANDS® Macao on the Macau peninsula.
The company is currently constructing a 6,400-room complex at the COTAI
STRIP, which will feature the Shangri-La, Traders, Sheraton, and St. Regis
hotel brands.
Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360 program and is an active community partner
through its various charitable organizations.
Las Vegas Sands Corp. Second Quarter 2010 Results Non-GAAP Reconciliations
Within the company’s second quarter 2010 press release, the company makes
reference to certain non-GAAP financial measures including “adjusted net
income,” “adjusted earnings per diluted share,” and “adjusted property
EBITDA.” 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 property EBITDA 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 (loss) attributable to Las Vegas Sands
Corp. to adjusted property EBITDA are included in the financial schedules
accompanying this release.
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
------------ ------------ ------------ ------------
Revenues:
Casino $ 1,294,301 $ 798,053 $ 2,356,071 $ 1,595,978
Rooms 190,767 161,969 371,549 336,357
Food and beverage 105,079 87,087 197,158 174,395
Convention, retail
and other 115,266 95,885 223,481 209,372
------------ ------------ ------------ ------------
1,705,413 1,142,994 3,148,259 2,316,102
Less - promotional
allowances (110,937) (84,294) (218,895) (178,340)
------------ ------------ ------------ ------------
1,594,476 1,058,700 2,929,364 2,137,762
------------ ------------ ------------ ------------
Operating expenses:
Resort operations 1,129,774 816,560 2,099,471 1,643,422
Corporate expense 25,954 64,307 49,430 87,731
Rental expense 12,806 7,877 21,504 15,806
Pre-opening
expense 50,118 41,830 87,577 86,764
Development
expense 676 10 833 264
Depreciation and
amortization 170,694 143,633 323,783 282,882
Impairment loss - 151,175 - 151,175
Loss on disposal
of assets 37,679 4,653 38,171 4,784
------------ ------------ ------------ ------------
1,427,701 1,230,045 2,620,769 2,272,828
------------ ------------ ------------ ------------
Operating income
(loss) 166,775 (171,345) 308,595 (135,066)
Interest income 2,073 2,692 3,706 8,241
Interest expense,
net of amounts
capitalized (76,987) (64,871) (155,152) (135,989)
Other income
(expense) (6,201) 773 (12,649) (4,970)
Gain on early
retirement of
debt 961 - 3,137 -
------------ ------------ ------------ ------------
Income (loss) before
income taxes 86,621 (232,751) 147,637 (267,784)
Income tax benefit
(expense) (8,073) 54,488 (21,275) 53,675
------------ ------------ ------------ ------------
Net income (loss) 78,548 (178,263) 126,362 (214,109)
Net (income) loss
attributable to
noncontrolling
interests (36,741) 2,323 (66,974) 3,563
------------ ------------ ------------ ------------
Net income (loss)
attributable to Las
Vegas Sands Corp. 41,807 (175,940) 59,388 (210,546)
Preferred stock
dividends (23,350) (23,172) (46,700) (46,326)
Accretion to
redemption value of
preferred stock
issued to Principal
Stockholder's
family (23,136) (23,136) (46,272) (46,272)
------------ ------------ ------------ ------------
Net loss
attributable
to common
stockholders $ (4,679) $ (222,248) $ (33,584) $ (303,144)
============ ============ ============ ============
Basic and diluted
loss per share $ (0.01) $ (0.34) $ (0.05) $ (0.46)
============ ============ ============ ============
Basic and diluted
weighted average
shares outstanding 660,364,559 658,877,256 660,322,428 653,370,686
============ ============ ============ ============
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted
Property EBITDA:
Three Months Ended June 30, 2010
(Gain)
Depreciation Loss
Operating and on Pre-
Income Amortiz- Disposal Opening Development
(Loss) ation of Assets Expense Expense
---------- ----------- ---------- ---------- -----------
The Venetian
Macao $ 134,667 $ 51,073 $ 218 $ - $ -
Sands Macao 70,009 10,373 (278) - -
Four Seasons
Hotel Macao
and Plaza
Casino 20,553 10,218 - 780 -
---------- ----------- ---------- ---------- -----------
Macau Property
Operations 225,229 71,664 (60) 780 -
Las Vegas
Operating
Properties 2,923 58,874 277 - -
Sands Bethlehem 3,679 7,034 - 840 -
---------- ----------- ---------- ---------- -----------
United States
Property
Operations 6,602 65,908 277 840 -
Marina Bay Sands 52,043 25,282 (9) 13,409 -
Other Asia (2) (10,523) 4,043 - 46 -
Other
Development (77,605) 780 37,471 35,043 676
Corporate (28,971) 3,017 - - -
---------- ----------- ---------- ---------- -----------
$ 166,775 $ 170,694 $ 37,679 $ 50,118 $ 676
========== =========== ========== ========== ===========
Three Months Ended June 30, 2010
(1) Adjusted
Stock-Based Corporate Rental Property
Compensation Expense Expense EBITDA
------------ ----------- ----------- -----------
The Venetian
Macao $ 1,859 $ - $ 5,012 $ 192,829
Sands Macao 754 - 354 81,212
Four Seasons
Hotel Macao
and Plaza
Casino 118 - 1,330 32,999
------------ ----------- ----------- -----------
Macau Property
Operations 2,731 - 6,696 307,040
Las Vegas
Operating
Properties 3,918 - - 65,992
Sands Bethlehem 568 - - 12,121
------------ ----------- ----------- -----------
United States
Property
Operations 4,486 - - 78,113
Marina Bay Sands 1,266 - 2,475 94,466
Other Asia (2) 280 - - (6,154)
Other
Development - - 3,635 -
Corporate - 25,954 - -
------------ ----------- ----------- -----------
$ 8,763 $ 25,954 $ 12,806 $ 473,465
============ =========== =========== ===========
Three Months Ended June 30, 2009
Impairment
Depreciation and Loss
Operating and on Pre-
Income Amortiz- Disposal Opening Development
(Loss) ation of Assets Expense Expense
---------- ----------- ---------- ---------- -----------
The Venetian
Macao $ 52,678 $ 50,911 $ 4,636 $ (218) $ -
Sands Macao 48,446 12,248 30 - -
Four Seasons
Hotel Macao
and Plaza
Casino (8,043) 12,749 37 (186) -
---------- ----------- ---------- ---------- -----------
Macau Property
Operations 93,081 75,908 4,703 (404) -
Las Vegas
Operating
Properties (137,507) 58,052 151,125 1 -
Sands Bethlehem 563 1,965 - - -
---------- ----------- ---------- ---------- -----------
United States
Property
Operations (136,944) 60,017 151,125 1 -
Other Asia (2) (13,399) 3,265 - 319 -
Other
Development (47,084) 1,751 - 41,914 10
Corporate (66,999) 2,692 - - -
---------- ----------- ---------- ---------- -----------
$ (171,345) $ 143,633 $ 155,828 $ 41,830 $ 10
========== =========== ========== ========== ===========
Three Months Ended June 30, 2009
(1) Adjusted
Stock-Based Corporate Rental Property
Compensation Expense Expense EBITDA
------------ ----------- ----------- -----------
The Venetian
Macao $ (87) $ - $ 2,054 $ 109,974
Sands Macao (29) - 354 61,049
Four Seasons
Hotel Macao
and Plaza
Casino 350 - 656 5,563
------------ ----------- ----------- -----------
Macau Property
Operations 234 - 3,064 176,586
Las Vegas
Operating
Properties 5,035 - 1,404 78,110
Sands Bethlehem 309 - - 2,837
------------ ----------- ----------- -----------
United States
Property
Operations 5,344 - 1,404 80,947
Other Asia (2) (76) - - (9,891)
Other
Development - - 3,409 -
Corporate - 64,307 - -
------------ ----------- ----------- -----------
$ 5,502 $ 64,307 $ 7,877 $ 247,642
============ =========== =========== ===========
Six Months Ended June 30, 2010
(Gain)
Depreciation Loss
Operating and on Pre-
Income Amortiz- Disposal Opening Development
(Loss) ation of Assets Expense Expense
---------- ----------- ---------- ---------- -----------
The Venetian
Macao $ 248,554 $ 104,235 $ 272 $ - $ -
Sands Macao 128,829 20,815 (589) - -
Four Seasons
Hotel Macao
and Plaza
Casino 24,731 24,571 (5) 988 -
---------- ----------- ---------- ---------- -----------
Macau Property
Operations 402,114 149,621 (322) 988 -
Las Vegas
Operating
Properties 44,240 118,990 277 - -
Sands Bethlehem 7,311 13,892 - 875 -
---------- ----------- ---------- ---------- -----------
United States
Property
Operations 51,551 132,882 277 875 -
Marina Bay Sands 52,043 25,282 (9) 13,409 -
Other Asia (2) (19,054) 7,961 - 44 -
Other
Development (122,593) 2,001 38,225 72,261 833
Corporate (55,466) 6,036 - - -
---------- ----------- ---------- ---------- -----------
$ 308,595 $ 323,783 $ 38,171 $ 87,577 $ 833
========== =========== ========== ========== ===========
Six Months Ended June 30, 2010
(1) Adjusted
Stock-Based Corporate Rental Property
Compensation Expense Expense EBITDA
------------ ----------- ----------- -----------
The Venetian
Macao $ 2,619 $ - $ 7,064 $ 362,744
Sands Macao 1,211 - 707 150,973
Four Seasons
Hotel Macao
and Plaza
Casino 224 - 1,985 52,494
------------ ----------- ----------- -----------
Macau Property
Operations 4,054 - 9,756 566,211
Las Vegas
Operating
Properties 7,777 - - 171,284
Sands Bethlehem 1,011 - - 23,089
------------ ----------- ----------- -----------
United States
Property
Operations 8,788 - - 194,373
Marina Bay Sands 1,266 - 2,475 94,466
Other Asia (2) 463 - - (10,586)
Other
Development - - 9,273 -
Corporate - 49,430 - -
------------ ----------- ----------- -----------
$ 14,571 $ 49,430 $ 21,504 $ 844,464
============ =========== =========== ===========
Six Months Ended June 30, 2009
Impairment
Depreciation and Loss
Operating and on Pre-
Income Amortiz- Disposal Opening Development
(Loss) ation of Assets Expense Expense
---------- ----------- ---------- ---------- -----------
The Venetian
Macao $ 119,653 $ 100,918 $ 4,770 $ (95) $ -
Sands Macao 85,199 24,632 87 - -
Four Seasons
Hotel Macao
and Plaza
Casino (17,487) 24,641 37 1,286 -
---------- ----------- ---------- ---------- -----------
Macau Property
Operations 187,365 150,191 4,894 1,191 -
Las Vegas
Operating
Properties (112,005) 116,557 151,065 (54) -
Sands Bethlehem 563 1,965 - - -
---------- ----------- ---------- ---------- -----------
United States
Property
Operations (111,442) 118,522 151,065 (54) -
Other Asia (2) (23,716) 6,478 - 895 5
Other
Development (94,229) 2,378 - 84,732 259
Corporate (93,044) 5,313 - - -
---------- ----------- ---------- ---------- -----------
$ (135,066) $ 282,882 $ 155,959 $ 86,764 $ 264
========== =========== ========== ========== ===========
Six Months Ended June 30, 2009
(1) Adjusted
Stock-Based Corporate Rental Property
Compensation Expense Expense EBITDA
------------ ----------- ----------- -----------
The Venetian
Macao $ 2,107 $ - $ 4,107 $ 231,460
Sands Macao 782 - 707 111,407
Four Seasons
Hotel Macao
and Plaza
Casino 143 - 1,311 9,931
------------ ----------- ----------- -----------
Macau Property
Operations 3,032 - 6,125 352,798
Las Vegas
Operating
Properties 9,500 - 2,821 167,884
Sands Bethlehem 309 - - 2,837
------------ ----------- ----------- -----------
United States
Property
Operations 9,809 - 2,821 170,721
Other Asia (2) 437 - - (15,901)
Other
Development - - 6,860 -
Corporate - 87,731 - -
------------ ----------- ----------- -----------
$ 13,278 $ 87,731 $ 15,806 $ 507,618
============ =========== =========== ===========
(1) During the three months ended June 30, 2010 and 2009, the Company
recorded stock-based compensation expense of $13.8 million and
$9.3 million, respectively, of which $4.8 million and $2.4 million,
respectively, is included in corporate expense and $0.2 million and
$1.4 million, respectively, is included in pre-opening and development
expense on the Company's condensed consolidated statements of
operations. During the six months ended June 30, 2010 and 2009, the
Company recorded stock-based compensation expense of $28.9 million and
$20.9 million, respectively, of which $12.5 million and $4.7 million,
respectively, is included in corporate expense and $1.8 million and
$2.9 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 Income (Loss) Attributable to Las
Vegas Sands Corp. to Adjusted Property EBITDA:
Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
---------- ---------- ---------- ----------
Net income (loss)
attributable to Las
Vegas Sands Corp. $ 41,807 $ (175,940) $ 59,388 $ (210,546)
Add (deduct) :
Net income (loss)
attributable to
noncontrolling
interests 36,741 (2,323) 66,974 (3,563)
Income tax (benefit)
expense 8,073 (54,488) 21,275 (53,675)
Gain on early
retirement of debt (961) - (3,137) -
Other (income)
expense 6,201 (773) 12,649 4,970
Interest expense,
net of amounts
capitalized 76,987 64,871 155,152 135,989
Interest income (2,073) (2,692) (3,706) (8,241)
Loss on disposal of
assets 37,679 4,653 38,171 4,784
Impairment loss - 151,175 - 151,175
Depreciation and
amortization 170,694 143,633 323,783 282,882
Development expense 676 10 833 264
Pre-opening expense 50,118 41,830 87,577 86,764
Stock-based
compensation (1) 8,763 5,502 14,571 13,278
Rental expense 12,806 7,877 21,504 15,806
Corporate expense 25,954 64,307 49,430 87,731
---------- ---------- ---------- ----------
Adjusted Property EBITDA $ 473,465 $ 247,642 $ 844,464 $ 507,618
========== ========== ========== ==========
(1) See prior page
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
---------- ---------- ---------- ----------
The Venetian Macao $ 581,032 $ 443,608 $1,130,727 $ 927,708
Sands Macao 302,212 234,198 586,018 458,610
Four Seasons Hotel Macao
and Plaza Casino 144,096 48,700 246,440 95,691
Las Vegas Operating
Properties 276,219 291,940 601,729 610,578
Sands Bethlehem 68,624 32,711 135,865 32,711
Marina Bay Sands 216,393 - 216,393 -
Other Asia 28,386 19,110 52,558 43,039
Eliminations (22,486) (11,567) (40,366) (30,575)
---------- ---------- ---------- ----------
$1,594,476 $1,058,700 $2,929,364 $2,137,762
========== ========== ========== ==========
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net
Revenues
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
---------- ---------- ---------- ----------
The Venetian Macao 33.2% 24.8% 32.1% 24.9%
Sands Macao 26.9% 26.1% 25.8% 24.3%
Four Seasons Hotel Macao
and Plaza Casino 22.9% 11.4% 21.3% 10.4%
Las Vegas Operating
Properties 23.9% 26.8% 28.5% 27.5%
Sands Bethlehem 17.7% 8.7% 17.0% 8.7%
Marina Bay Sands 43.7% N/A 43.7% N/A
Other Asia -21.7% -51.8% -20.1% -36.9%
Total 29.7% 23.4% 28.8% 23.7%
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 Six Months Ended
June 30, June 30,
2010 2009 2010 2009
------------ ------------ ------------ ------------
Net loss
attributable to
common
stockholders $ (4,679) $ (222,248) $ (33,584) $ (303,144)
Pre-opening
expense, net 50,118 39,316 87,577 82,476
Development
expense, net 676 7 833 207
Impairment loss,
net - 98,264 - 98,264
Loss on disposal
of assets, net 37,679 4,671 38,171 4,823
Gain on early
retirement of
debt (961) - (3,137) -
Legal settlement
expense - 42,500 - 42,500
Preferred stock
dividends 23,350 23,172 46,700 46,326
Accretion to
redemption
value of
preferred stock
issued to
Principal
Stockholder's
family 23,136 23,136 46,272 46,272
------------ ------------ ------------ ------------
Adjusted net
income $ 129,319 $ 8,818 $ 182,832 $ 17,724
============ ============ ============ ============
Per diluted
share of common
stock:
Net loss
attributable to
common
stockholders $ (0.01) $ (0.32) $ (0.04) $ (0.46)
Pre-opening
expense, net 0.07 0.06 0.11 0.13
Development
expense, net - - - -
Impairment loss,
net - 0.14 - 0.15
Loss on disposal
of assets, net 0.05 0.01 0.05 0.01
Gain on early
retirement of
debt - - - -
Legal settlement
expense - 0.06 - 0.06
Preferred stock
dividends 0.03 0.03 0.06 0.07
Accretion to
redemption
value of
preferred stock
issued to
Principal
Stockholder's
family 0.03 0.03 0.06 0.07
------------ ------------ ------------ ------------
Adjusted
earnings per
diluted share $ 0.17 $ 0.01 $ 0.24 $ 0.03
============ ============ ============ ============
Weighted average
diluted shares
outstanding 782,625,373 700,796,549 776,713,399 661,053,146
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
------- ------- ------- -------
Room Statistics:
The Venetian Macao:
Occupancy % 91.9% 76.2% 92.4% 76.7%
Average daily room rate
(ADR) (1) $ 203 $ 201 $ 203 $ 209
Revenue per available room
(RevPAR) (2) $ 187 $ 153 $ 187 $ 160
Sands Macao:
Occupancy % 97.8% 97.8% 97.6% 97.3%
Average daily room rate
(ADR) (1) $ 245 $ 253 $ 253 $ 261
Revenue per available room
(RevPAR) (2) $ 239 $ 247 $ 247 $ 253
Four Seasons Hotel Macao and
Plaza Casino:
Occupancy % 69.1% 44.5% 71.0% 41.5%
Average daily room rate
(ADR) (1) $ 298 $ 291 $ 288 $ 293
Revenue per available room
(RevPAR) (2) $ 206 $ 130 $ 204 $ 122
The Venetian Las Vegas:
Occupancy % 97.2% 88.9% 93.3% 89.0%
Average daily room rate
(ADR) (1) $ 184 $ 186 $ 192 $ 198
Revenue per available room
(RevPAR) (2) $ 179 $ 166 $ 179 $ 176
The Palazzo:
Occupancy % 98.5% 91.5% 96.2% 92.1%
Average daily room rate
(ADR) (1) $ 202 $ 207 $ 208 $ 214
Revenue per available room
(RevPAR) (2) $ 199 $ 190 $ 200 $ 197
Marina Bay Sands:
Occupancy % 54.9% N/A 54.9% N/A
Average daily room rate
(ADR) (1) $ 226 N/A $ 226 N/A
Revenue per available room
(RevPAR) (2) $ 124 N/A $ 124 N/A
Casino Statistics:
The Venetian Macao:
Table games win per unit
per day (3) $10,193 $ 7,625 $ 9,973 $ 7,965
Slot machine win per unit
per day (4) $ 251 $ 201 $ 252 $ 212
Average number of table
games 594 600 596 609
Average number of slot
machines 2,181 2,184 2,183 2,150
Sands Macao:
Table games win per unit
per day (3) $ 9,116 $ 6,818 $ 8,889 $ 6,518
Slot machine win per unit
per day (4) $ 209 $ 193 $ 211 $ 196
Average number of table
games 416 407 415 425
Average number of slot
machines 1,180 1,105 1,173 1,097
Four Seasons Hotel Macao and
Plaza Casino:
Table games win per unit
per day (3) $16,579 $ 4,717 $13,818 $ 4,053
Slot machine win per unit
per day (4) $ 352 $ 147 $ 426 $ 145
Average number of table
games 117 94 117 106
Average number of slot
machines 187 253 185 219
The Venetian Las Vegas:
Table games win per unit
per day (3) $ 2,155 $ 2,437 $ 2,442 $ 3,313
Slot machine win per unit
per day (4) $ 253 $ 209 $ 231 $ 209
Average number of table
games 114 113 114 121
Average number of slot
machines 1,284 1,435 1,364 1,457
The Palazzo:
Table games win per unit
per day (3) $ 3,360 $ 3,937 $ 6,347 $ 3,829
Slot machine win per unit
per day (4) $ 175 $ 163 $ 175 $ 166
Average number of table
games 116 138 117 135
Average number of slot
machines 1,417 1,420 1,415 1,408
Sands Bethlehem:
Slot machine win per unit
per day (4) $ 229 $ 250 $ 224 $ 250
Average number of slot
machines 3,121 3,000 3,170 3,000
Marina Bay Sands:
Table games win per unit
per day (3) $ 5,255 N/A $ 5,255 N/A
Slot machine win per unit
per day (4) $ 364 N/A $ 364 N/A
Average number of table
games 588 N/A 588 N/A
Average number of slot
machines 1,523 N/A 1,523 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.
Investment Community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607
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