SANDS CHINA LTD LAS VEGAS, Oct. 21, 2015 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2015.
Third Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "While the operating environment in Macao, particularly in the high-end gaming segments, remained challenging during the quarter, our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows allowed us to again deliver in excess of one billion U.S. dollars of adjusted property EBITDA during the quarter and weather this cyclical downturn better than the industry overall. We remain sharply focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model.
"Our convention-based Integrated Resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows, and delivers the industry's highest revenue and profit from non-gaming segments while bringing unsurpassed economic and diversification benefits to the regions in which we operate. We remain confident in our ability to both further extend our global leadership position and deliver strong growth in the future.
"The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy. Accordingly, I am extremely pleased to announce that the company's Board of Directors has increased the company's recurring common stock dividend for the 2016 calendar year to $2.88 per share, an increase of 10.8%."
The company paid a recurring quarterly dividend of $0.65 per common share during the quarter, an increase of 30.0% compared to the third quarter of 2014. The company also announced that its next recurring quarterly dividend of $0.65 per common share will be paid on December 31, 2015, to Las Vegas Sands shareholders of record on December 22, 2015. That dividend represents an increase of 30.0% compared to the dividend paid in the fourth quarter of 2014. Additionally, since the inception of the company's share repurchase program in June 2013, the company has returned $2.38 billion to shareholders through the repurchase of 34.0 million shares, including $80.0 million of common stock (1.7 million shares at a weighted average price of $45.75) during the quarter ended September 30, 2015.
Mr. Adelson added, "In Macao, notwithstanding a challenging environment in the VIP and premium mass gaming segments, we delivered $536.8 million in adjusted property EBITDA across our Macao property portfolio in the third quarter. We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by the St. Regis tower at Sands Cotai Central opening in December 2015, and by The Parisian Macao, targeted to open in late 2016, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide an outstanding and diversified platform for growth in the years ahead."
Despite the negative impact of the stronger U.S. dollar, adjusted property EBITDA at Marina Bay Sands in Singapore increased 10.8% year-over-year to $389.7 million in the current quarter, driven by growth in mass play from visitors to Singapore and healthy Rolling Chip volume. Hold-normalized EBITDA increased 12.2% to $411.3 million. The property generated record mass gaming win-per-day in local currency terms while hold-normalized adjusted property EBITDA increased 22.4% year-over-year on a constant-currency basis.
Company-Wide Operating Results
Net revenue for the third quarter of 2015 decreased 18.1% to $2.89 billion, compared to $3.53 billion in the third quarter of 2014. Consolidated adjusted property EBITDA of $1.05 billion decreased 18.0% in the third quarter of 2015, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA decreased 13.4% to $1.09 billion in the third quarter of 2015.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2015 decreased 23.9% to $739.1 million, compared to $971.4 million in the third quarter of 2014. The decrease in operating income was principally due to softer results across the company's Macao property portfolio.
On a GAAP basis, net income attributable to Las Vegas Sands in the third quarter of 2015 decreased 22.7% to $519.4 million, compared to $671.7 million in the third quarter of 2014, while diluted earnings per share in the third quarter of 2015 decreased 21.7% to $0.65, compared to $0.83 in the prior-year quarter. The decrease in net income attributable to Las Vegas Sands reflected the decline in operating income described above, offset by a $90.0 million decrease in net income attributable to noncontrolling interests.
Adjusted net income (see Note 1) decreased to $529.8 million, or $0.66 per diluted share, compared to $675.7 million, or $0.84 per diluted share, in the third quarter of 2014.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. decreased 28.8% to $1.66 billion in the third quarter of 2015, compared to $2.33 billion in the third quarter of 2014. Adjusted property EBITDA for Sands China Ltd. decreased 32.8% to $545.0 million in the third quarter of 2015, compared to $811.6 million in the third quarter of 2014. Net income for Sands China Ltd. decreased 46.8% to $343.2 million in the third quarter of 2015, compared to $644.6 million in the third quarter of 2014.
The Venetian Macao Third Quarter Operating Results
Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property generated adjusted property EBITDA of $256.4 million in the third quarter with a market-leading EBITDA margin of 36.6%. Non-Rolling Chip drop was $1.74 billion for the quarter with a Non-Rolling Chip win percentage of 23.4%. Rolling Chip volume during the quarter decreased 32.1% to $6.88 billion. Rolling Chip win percentage was 3.08% in the quarter, below the 3.13% experienced in the prior-year quarter. Slot handle was $1.05 billion.
The following table summarizes the key operating results for The Venetian Macao for the third quarter of 2015 compared to the third quarter of 2014:
The Venetian Macao
Operations Three Months Ended
September 30,
-------------
(Dollars in
millions) 2015 2014 $ Change Change
---- ---- -------- ------
Revenues:
Casino $590.0 $817.8 $(227.8) -27.9%
Rooms 53.6 66.6 (13.0) -19.5%
Food and Beverage 20.5 27.4 (6.9) -25.2%
Mall 50.4 51.0 (0.6) -1.2%
Convention, Retail and Other 21.5 24.6 (3.1) -12.6%
Less - Promotional Allowances (36.4) (44.4) 8.0 18.0%
----- ----- ---
Net Revenues $699.6 $943.0 $(243.4) -25.8%
Adjusted Property
EBITDA $256.4 $352.7 $(96.3) -27.3%
EBITDA Margin % 36.6% 37.4% -0.8 pts
Operating Income $213.7 $312.4 $(98.7) -31.6%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $6,876.4 $10,127.6 $(3,251.2) -32.1%
Rolling Chip Win %(1) 3.08% 3.13% -0.05 pts
Non-Rolling Chip
Drop $1,741.5 $2,208.1 $(466.6) -21.1%
Non-Rolling Chip Win % 23.4% 24.7% -1.3 pts
Slot Handle $1,047.8 $1,440.9 $(393.1) -27.3%
Slot Hold % 4.8% 4.6% 0.2 pts
Hotel Statistics
Occupancy % 84.5% 93.3% -8.8 pts
Average Daily Rate
(ADR) $239 $269 $(30) -11.2%
Revenue per
Available Room
(RevPAR) $202 $251 $(49) -19.5%
(1) This compares to our expected
Rolling Chip win percentage of
2.7% to 3.0% (calculated before
discounts and commissions).
Sands Cotai Central Third Quarter Operating Results
Net revenues and adjusted property EBITDA for the third quarter of 2015 at Sands Cotai Central were $550.2 million and $170.5 million, respectively, resulting in an EBITDA margin of 31.0%.
Non-Rolling Chip drop was $1.46 billion in the third quarter with a Non-Rolling Chip win percentage of 21.9%. Rolling Chip volume was $4.64 billion for the quarter with a Rolling Chip win percentage of 3.54%. Slot handle was $1.50 billion for the quarter. Hotel occupancy was 86.5% with ADR of $152.
The following table summarizes our key operating results for Sands Cotai Central for the third quarter of 2015 compared to the third quarter of 2014:
Sands Cotai Central
Operations Three Months Ended
September 30,
-------------
(Dollars in
millions) 2015 2014 $ Change Change
---- ---- -------- ------
Revenues:
Casino $475.1 $727.3 $(252.2) -34.7%
Rooms 68.7 81.8 (13.1) -16.0%
Food and Beverage 25.2 34.8 (9.6) -27.6%
Mall 15.8 17.7 (1.9) -10.7%
Convention, Retail and Other 5.7 8.2 (2.5) -30.5%
Less - Promotional Allowances (40.3) (53.3) 13.0 24.4%
----- ----- ----
Net Revenues $550.2 $816.5 $(266.3) -32.6%
Adjusted Property
EBITDA $170.5 $267.0 $(96.5) -36.1%
EBITDA Margin % 31.0% 32.7% -1.7 pts
Operating Income $94.5 $193.0 $(98.5) -51.0%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $4,640.5 $10,567.2 $(5,926.7) -56.1%
Rolling Chip Win %(1) 3.54% 3.48% 0.06 pts
Non-Rolling Chip
Drop $1,458.7 $1,891.2 $(432.5) -22.9%
Non-Rolling Chip Win % 21.9% 22.4% -0.5 pts
Slot Handle $1,503.6 $2,025.1 $(521.5) -25.8%
Slot Hold % 3.7% 3.4% 0.3 pts
Hotel Statistics
Occupancy % 86.5% 89.5% -3.0 pts
Average Daily Rate
(ADR) $152 $176 $(24) -13.6%
Revenue per
Available Room
(RevPAR) $131 $157 $(26) -16.6%
(1) This compares to our expected
Rolling Chip win percentage of
2.7% to 3.0% (calculated before
discounts and commissions).
Four Seasons Hotel Macao and Plaza Casino Third Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $58.8 million in the third quarter of 2015, a decrease of 41.9% compared to the year-ago quarter. Non-Rolling Chip drop was $280.9 million, while Non-Rolling Chip win percentage was 25.4%. Rolling Chip volume was $2.82 billion for the quarter. Rolling Chip win percentage was 3.13% in the quarter, below the 3.45% experienced in the prior-year quarter. Slot handle was $111.8 million during the quarter.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the third quarter of 2015 compared to the third quarter of 2014:
Four Seasons Hotel
Macao and Plaza
Casino Operations Three Months Ended
September 30,
-------------
(Dollars in
millions) 2015 2014 $ Change Change
---- ---- -------- ------
Revenues:
Casino $129.6 $221.4 $(91.8) -41.5%
Rooms 10.9 11.9 (1.0) -8.4%
Food and Beverage 6.5 7.7 (1.2) -15.6%
Mall 32.0 36.3 (4.3) -11.8%
Convention, Retail and Other 0.8 1.0 (0.2) -20.0%
Less - Promotional Allowances (11.9) (12.9) 1.0 7.8%
----- ----- ---
Net Revenues $167.9 $265.4 $(97.5) -36.7%
Adjusted Property
EBITDA $58.8 $101.2 $(42.4) -41.9%
EBITDA Margin % 35.0% 38.1% -3.1 pts
Operating Income $46.9 $88.7 $(41.8) -47.1%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $2,821.7 $6,236.9 $(3,415.2) -54.8%
Rolling Chip Win %(1) 3.13% 3.45% -0.32 pts
Non-Rolling Chip
Drop $280.9 $320.4 $(39.5) -12.3%
Non-Rolling Chip Win % 25.4% 25.2% 0.2 pts
Slot Handle $111.8 $214.6 $(102.8) -47.9%
Slot Hold % 7.3% 4.6% 2.7 pts
Hotel Statistics
Occupancy % 86.5% 88.3% -1.8 pts
Average Daily Rate
(ADR) $363 $391 $(28) -7.2%
Revenue per
Available Room
(RevPAR) $314 $345 $(31) -9.0%
(1) This compares to our expected
Rolling Chip win percentage of
2.7% to 3.0% (calculated before
discounts and commissions).
Sands Macao Third Quarter Operating Results
Sands Macao's adjusted property EBITDA was $51.1 million. Non-Rolling Chip drop was $759.7 million during the quarter, while slot handle was $710.2 million. Rolling Chip volume was $2.06 billion for the quarter. The property realized 3.57% win on Rolling Chip volume during the quarter, above the 2.76% generated in the year-ago quarter.
The following table summarizes our key operating results for Sands Macao for the third quarter of 2015 compared to the third quarter of 2014:
Sands Macao
Operations Three Months Ended
September 30,
-------------
(Dollars in
millions) 2015 2014 $ Change Change
---- ---- -------- ------
Revenues:
Casino $200.8 $273.6 $(72.8) -26.6%
Rooms 6.0 5.7 0.3 5.3%
Food and Beverage 8.6 9.8 (1.2) -12.2%
Convention, Retail and Other 2.6 2.5 0.1 4.0%
Less - Promotional Allowances (10.6) (11.5) 0.9 7.8%
----- ----- ---
Net Revenues $207.4 $280.1 $(72.7) -26.0%
Adjusted Property
EBITDA $51.1 $88.1 $(37.0) -42.0%
EBITDA Margin % 24.7% 31.5% -6.8 pts
Operating Income $41.8 $78.3 $(36.5) -46.6%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $2,058.1 $4,318.5 $(2,260.4) -52.3%
Rolling Chip Win %(1) 3.57% 2.76% 0.81 pts
Non-Rolling Chip
Drop $759.7 $884.6 $(124.9) -14.1%
Non-Rolling Chip Win % 17.2% 19.1% -1.9 pts
Slot Handle $710.2 $833.4 $(123.2) -14.8%
Slot Hold % 3.7% 3.6% 0.1 pts
Hotel Statistics
Occupancy % 99.8% 99.4% 0.4 pts
Average Daily Rate
(ADR) $226 $219 $7 3.2%
Revenue per
Available Room
(RevPAR) $226 $218 $8 3.7%
(1) This compares to our expected
Rolling Chip win percentage of
2.7% to 3.0% (calculated before
discounts and commissions).
Marina Bay Sands Third Quarter Operating Results
Marina Bay Sands in Singapore generated adjusted property EBITDA of $389.7 million, an increase of 10.8% compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 12.2% to $411.3 million. On a constant-currency basis, adjusted property EBITDA increased 20.8% (on a constant-currency basis, hold-normalized adjusted property EBITDA increased 22.4% compared to the prior-year quarter). Rolling Chip win percentage of 2.61% in the third quarter of 2015 was below the expected range and slightly below the 2.64% achieved in the third quarter of 2014. Rolling Chip volume was $11.44 billion for the quarter, a 25.4% increase compared to the $9.12 billion generated in the prior-year period.
Non-Rolling Chip drop was $1.07 billion during the quarter with a Non-Rolling Chip win percentage of 27.0%. Slot handle increased 9.0% to $3.41 billion for the quarter compared to the year-ago quarter. Total mass win-per-day during the quarter was $4.77 million and was an all-time quarterly record for the property in local currency terms.
ADR decreased to $432 during the quarter and occupancy decreased to 98.0%, resulting in a RevPAR decrease of 9.0% compared to the same quarter last year. The impact of the stronger U.S. dollar negatively impacted the property's financial results and key performance indicators in the current quarter.
The following table summarizes our key operating results for Marina Bay Sands for the third quarter of 2015 compared to the third quarter of 2014:
Three Months Ended
Marina Bay Sands Operations
September 30,
-------------
(Dollars in
millions) 2015 2014 $ Change Change
---- ---- -------- ------
Revenues:
Casino $584.9 $573.5 $11.4 2.0%
Rooms 98.7 101.6 (2.9) -2.9%
Food and Beverage 51.1 47.9 3.2 6.7%
Mall 41.5 44.8 (3.3) -7.4%
Convention, Retail and Other 23.4 23.9 (0.5) -2.1%
Less - Promotional Allowances (48.9) (56.2) 7.3 13.0%
----- ----- ---
Net Revenues $750.7 $735.5 $15.2 2.1%
Adjusted Property
EBITDA $389.7 $351.7 $38.0 10.8%
EBITDA Margin % 51.9% 47.8% 4.1 pts
Operating Income $302.4 $259.0 $43.4 16.8%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $11,436.4 $9,121.8 $2,314.6 25.4%
Rolling Chip Win %(1) 2.61% 2.64% -0.03 pts
Non-Rolling Chip
Drop $1,071.7 $1,137.4 $(65.7) -5.8%
Non-Rolling Chip Win % 27.0% 25.6% 1.4 pts
Slot Handle $3,409.3 $3,126.5 $282.8 9.0%
Slot Hold % 4.4% 4.9% -0.5 pts
Hotel Statistics
Occupancy % 98.0% 99.4% -1.4 pts
Average Daily Rate
(ADR) $432 $468 $(36) -7.7%
Revenue per
Available Room
(RevPAR) $423 $465 $(42) -9.0%
(1) This compares to our expected
Rolling Chip win percentage of
2.7% to 3.0% (calculated before
discounts and commissions).
Las Vegas Operations Third Quarter Operating Results
Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $79.8 million for the quarter. On a hold-normalized basis, adjusted property EBITDA in the quarter increased 21.8% year-over-year to $101.8 million. RevPAR increased 13.9% year-over-year to $213 in the quarter, reflecting an 8.8% increase in ADR to $222 and a 4.1 percentage point increase in occupancy to 96.0%. Table games drop decreased 4.0% in the quarter to $607.9 million, reflecting softer baccarat play, while slot handle increased 3.6% to $593.7 million.
The following table summarizes our key operating results for our Las Vegas operations for the third quarter of 2015 compared to the third quarter of 2014:
Three Months Ended
Las
Vegas
Operations September 30,
-------------
(Dollars
in
millions) 2015 2014 $ Change Change
---- ---- -------- ------
Revenues:
Casino $127.9 $165.1 $(37.2) -22.5%
Rooms 138.0 115.6 22.4 19.4%
Food
and
Beverage 69.1 51.6 17.5 33.9%
Convention,
Retail
and
Other 76.0 72.4 3.6 5.0%
Less
-
Promotional
Allowances (25.5) (24.2) (1.3) -5.4%
----- ----- ----
Net
Revenues $385.5 $380.5 $5.0 1.3%
Adjusted
Property
EBITDA $79.8 $90.2 $(10.4) -11.5%
EBITDA
Margin
% 20.7% 23.7% -3.0 pts
Operating
Income $71.6 $79.1 $(7.5) -9.5%
Gaming
Statistics
(Dollars
in
millions)
Table
Games
Drop $607.9 $632.9 $(25.0) -4.0%
Table
Games
Win
%(1) 16.9% 24.1% -7.2 pts
Slot
Handle $593.7 $573.1 $20.6 3.6%
Slot
Hold
% 8.2% 8.3% -0.1 pts
Hotel
Statistics
Occupancy % 96.0% 91.9% 4.1 pts
Average
Daily
Rate
(ADR) $222 $204 $18 8.8%
Revenue
per
Available
Room
(RevPAR) $213 $187 $26 13.9%
(1) This compares to our
expected Baccarat win
percentage of 21.0% to 29.0%
and our expected non-
Baccarat win percentage of
16.0% to 20.0% in the
current year quarter
(calculated before
discounts). Our expected
Baccarat win percentage in
the prior-year quarter was
22.0% to 30.0% and our
expected non-Baccarat win
percentage was 14.0% to
18.0% (calculated before
discounts).
Sands Bethlehem Third Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased 13.1% to $144.0 million and adjusted property EBITDA increased 25.8% to $37.5 million for the quarter, which was an all-time quarterly record for the property. Table games drop increased 5.9% to $290.7 million for the quarter, while table games win percentage was 18.7%, which was higher than the 16.2% realized in the third quarter of 2014. Slot handle increased 7.4% year-over-year to $1.11 billion for the quarter with a slot hold percentage of 7.0%.
The following table summarizes our key operating results for Sands Bethlehem for the third quarter of 2015 compared to the third quarter of 2014:
Three Months Ended
Sands
Bethlehem
Operations September 30,
-------------
(Dollars
in
millions) 2015 2014 $ Change Change
---- ---- -------- ------
Revenues:
Casino $134.3 $118.3 $16.0 13.5%
Rooms 4.0 3.6 0.4 11.1%
Food
and
Beverage 7.0 6.7 0.3 4.5%
Mall 1.2 1.2 - 0.0%
Convention,
Retail
and
Other 5.2 4.4 0.8 18.2%
Less
-
Promotional
Allowances (7.7) (6.9) (0.8) -11.6%
---- ---- ----
Net
Revenues $144.0 $127.3 $16.7 13.1%
Adjusted
Property
EBITDA $37.5 $29.8 $7.7 25.8%
EBITDA
Margin
% 26.1% 23.4% 2.7 pts
Operating
Income $30.8 $23.5 $7.3 31.1%
Gaming
Statistics
(Dollars
in
millions)
Table
Games
Drop $290.7 $274.6 $16.1 5.9%
Table
Games
Win
%(1) 18.7% 16.2% 2.5 pts
Slot
Handle $1,114.6 $1,038.0 $76.6 7.4%
Slot
Hold
% 7.0% 6.9% 0.1 pts
Hotel
Statistics
Occupancy % 96.8% 89.4% 7.4 pts
Average
Daily
Rate
(ADR) $151 $145 $6 4.1%
Revenue
per
Available
Room
(RevPAR) $146 $130 $16 12.3%
(1) This compares to our
expected table games win
percentage of 14.0% to 16.0%
(calculated before
discounts).
Asian Retail Mall Operations
Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore was $139.3 million for the third quarter of 2015, a decrease of 6.8% compared to the third quarter of 2014. Operating profit derived from these retail mall assets decreased 5.2% year-over-year to $125.0 million.
For The Three Months Ended September 30, 2015 TTM
September
30, 2015
--------
(Dollars in millions Gross Operating Operating Gross Occupancy Tenant
except per square foot data) Revenue(1) Profit Profit Leasable % at End Sales Per
Margin Area of Period Sq. Ft.(2)
(sq. ft.)
--------
Shoppes at Venetian $50.2 $44.9 89.4% 779,459 97.7% $1,540
Shoppes at Four Seasons
Luxury Retail 20.5 19.3 94.1% 142,562 100.0% 5,168
Other Stores 11.5 10.8 93.9% 115,453 100.0% 1,812
Total 32.0 30.1 94.1% 258,015 100.0% 3,858
Shoppes at Cotai Central 15.6 13.6 87.2% 331,587 (3) 97.9% 938
---- ---- ----------
97.8 88.6 90.6% 1,369,061 98.2% 1,833
Total Cotai Strip in Macao
The Shoppes at Marina Bay Sands 41.5 36.4 87.7% 644,590 95.5% 1,383
---- ---- -------
Total $139.3 $125.0 89.7% 2,013,651 97.3% $1,696
====== ====== =========
(1) Gross revenue figures are
net of intersegment revenue
eliminations.
(2) Tenant sales per square foot
reflect sales from tenants only
after the tenant has been open
for a period of 12 months.
(3) At completion of all phases,
the Shoppes at Cotai Central
will feature up to 600,000
square feet of gross leasable
area.
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $8.4 million during the quarter, compared to $3.1 million in the third quarter of 2014.
Pre-opening expense was $9.6 million in the third quarter of 2015.
Depreciation and amortization expense was $247.7 million in the third quarter of 2015, compared to $251.0 million in the third quarter of 2014.
Interest expense, net of amounts capitalized, was $67.0 million for the third quarter of 2015, compared to $66.8 million in the prior-year quarter. Capitalized interest was $7.1 million during the third quarter of 2015, compared to $2.9 million during the third quarter of 2014. Our weighted average borrowing cost in the third quarter of 2015 was approximately 3.0%.
Corporate expense was $37.5 million in the third quarter of 2015, compared to $42.7 million in the third quarter of 2014.
Other income, which was principally composed of foreign currency gains, was $16.3 million in the third quarter of 2015, compared to $0.1 million in the third quarter of 2014.
The company's effective income tax rate for the third quarter of 2015 was 10.5%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.
The net income attributable to noncontrolling interests during the third quarter of 2015 of $98.8 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2015 were $1.86 billion.
As of September 30, 2015, total debt outstanding, including the current portion, was $9.13 billion.
Capital Expenditures
Capital expenditures during the third quarter totaled $393.7 million, including construction, development and maintenance activities of $329.2 million in Macao, $40.5 million at Marina Bay Sands, $19.6 million in Las Vegas, and $4.4 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, October 21, 2015 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.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 development, construction and ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our ability to meet certain development deadlines, our subsidiaries' ability to make distribution payments to us, 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, gain or loss on disposal of assets and loss on modification or early retirement of debt.
About Las Vegas Sands
Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state-of-the-art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.
Our properties include the five-diamond Venetian and Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through our majority ownership in Sands China Ltd. (HK: 1928), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through our Sands Cares corporate citizenship program and leading innovation with the company's award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.
Contacts:
Investment Community: Daniel Briggs (702) 414-1221
Media: Ron Reese (702) 414-3607
Las Vegas Sands Corp.
Third Quarter 2015 Results
Non-GAAP Reconciliations
Within the company's third quarter 2015 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized 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, amortization of leasehold interests in land, gain or loss on disposal of assets, pre-opening expense, development expense, royalty fees, stock-based compensation and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized 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 Nine Months Ended
September 30, September 30,
------------- -------------
2015 2014 2015 2014
---- ---- ---- ----
Revenues:
Casino $2,242,571 $2,897,084 $6,920,757 $9,281,959
Rooms 379,878 386,867 1,102,550 1,162,205
Food and beverage 188,073 185,821 555,902 582,804
Mall 140,556 150,728 403,652 378,832
Convention, retail and other 129,761 128,458 389,412 391,663
------- ------- -------
3,080,839 3,748,958 9,372,273 11,797,463
Less - promotional allowances (187,156) (215,836) (545,547) (629,607)
-------- -------- -------- --------
2,893,683 3,533,122 8,826,726 11,167,856
--------- --------- --------- ----------
Operating expenses:
Resort operations 1,846,208 2,256,479 5,725,206 7,114,528
Corporate 37,488 42,704 127,276 138,504
Pre-opening 9,627 (2,414) 29,860 18,027
Development 3,147 3,043 7,028 8,952
Depreciation and amortization 247,698 251,002 750,212 776,065
Amortization of leasehold
interests in land 9,737 10,086 29,060 30,152
Loss on disposal of assets 709 801 18,590 4,922
--- ------ -----
2,154,614 2,561,701 6,687,232 8,091,150
--------- --------- --------- ---------
Operating income 739,069 971,421 2,139,494 3,076,706
Other income (expense):
Interest income 2,158 5,609 12,598 17,109
Interest expense, net of amounts
capitalized (66,962) (66,779) (199,018) (207,495)
Other income (expense) 16,275 95 31,589 (2,368)
Loss on modification or early
retirement of debt - (1,978) - (19,942)
Income before income taxes 690,540 908,368 1,984,663 2,864,010
Income tax expense (72,347) (47,869) (173,941) (153,939)
------- ------- -------- --------
Net income 618,193 860,499 1,810,722 2,710,071
Net income attributable to
noncontrolling interests (98,835) (188,794) (310,268) (590,747)
------- -------- -------- --------
Net income attributable to Las
Vegas Sands Corp. $519,358 $671,705 $1,500,454 $2,119,324
======== ======== ========== ==========
Earnings per share:
Basic $0.65 $0.84 $1.88 $2.62
===== ===== ===== =====
Diluted $0.65 $0.83 $1.88 $2.62
Weighted average shares outstanding:
Basic 796,559,738 803,064,834 797,400,090 808,247,012
=========== =========== =========== ===========
Diluted 797,302,248 804,810,589 798,263,294 810,288,616
=========== =========== =========== ===========
Dividends declared per common
share $0.65 $0.50 $1.95 $1.50
===== ===== ===== =====
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 September 30, 2015
Amortization Pre-Opening
Depreciation of Leasehold (Gain) Loss and (1) Adjusted
Operating and Interests on Disposal Development Royalty Stock-Based Corporate Property
Income (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDA
------------ ------------ ------- --------- ------- ---- ------------ ------- ------
Macao:
The Venetian Macao $213,653 $39,083 $1,665 $172 $ - $ - $1,808 $ - $256,381
Sands Cotai Central 94,531 68,894 2,138 566 3,609 - 719 - 170,457
Four Seasons Hotel Macao and
Plaza Casino 46,923 9,596 720 - 1,331 - 215 - 58,785
Sands Macao 41,753 8,936 373 (34) - - 104 - 51,132
Macao Property Operations 396,860 126,509 4,896 704 4,940 - 2,846 - 536,755
Marina Bay Sands 302,379 58,307 4,227 29 466 24,087 222 - 389,717
United States:
Las Vegas Operating Properties 71,609 44,082 - 1 - (37,486) 1,584 - 79,790
Sands Bethlehem 30,832 6,700 - (33) 31 - - - 37,530
United States Property Operations 102,441 50,782 - (32) 31 (37,486) 1,584 - 117,320
Other Asia (2) (8,872) 3,559 - 8 - 13,640 92 - 8,427
Other Development (8,112) 161 614 - 7,337 - - - -
Corporate (45,627) 8,380 - - - (241) - 37,488 -
$739,069 $247,698 $9,737 $709 $12,774 $ - $4,744 $37,488 $1,052,219
======== ======== ====== ==== ======= =========== ====== ======= ==========
Three Months Ended September 30, 2014
Amortization Pre-Opening
Depreciation of Leasehold (Gain) Loss and (1) Adjusted
Operating and Interests on Disposal Development Royalty Stock-Based Corporate Property
Income (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDA
------------ ------------ ------- --------- ------- ---- ------------ ------- ------
Macao:
The Venetian Macao $312,439 $35,816 $1,655 $112 $ - $ - $2,713 $ - $352,735
Sands Cotai Central 193,005 70,061 2,154 469 (34) - 1,376 - 267,031
Four Seasons Hotel Macao and
Plaza Casino 88,678 9,843 706 40 1,499 - 418 - 101,184
Sands Macao 78,308 8,858 354 44 - - 535 - 88,099
Macao Property Operations 672,430 124,578 4,869 665 1,465 - 5,042 - 809,049
Marina Bay Sands 259,040 62,651 4,595 144 75 24,351 831 - 351,687
United States:
Las Vegas Operating Properties 79,053 46,142 - (5) 36 (36,307) 1,264 - 90,183
Sands Bethlehem 23,470 6,336 - (3) 29 - 14 - 29,846
------ ----- --- --- --- --- --- ---
United States Property Operations 102,523 52,478 - (8) 65 (36,307) 1,278 - 120,029
Other Asia (2) (12,640) 3,457 - - 12 12,200 101 - 3,130
Other Development 205 161 622 - (988) - - - -
Corporate (50,137) 7,677 - - - (244) - 42,704 -
$971,421 $251,002 $10,086 $801 $629 $ - $7,252 $42,704 $1,283,895
======== ======== ======= ==== ==== =========== ====== ======= ==========
Nine Months Ended September 30, 2015
Amortization Pre-Opening
Depreciation of Leasehold (Gain) Loss and (1) Adjusted
Operating and Interests on Disposal Development Royalty Stock-Based Corporate Property
Income (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDA
------------ ------------ ------- --------- ------- ---- ------------ ------- ------
Macao:
The Venetian Macao $644,620 $115,403 $4,971 $8,972 $ - $ - $7,347 $ - $781,313
Sands Cotai Central 259,138 209,509 6,216 4,093 8,387 - 3,234 - 490,577
Four Seasons Hotel Macao and
Plaza Casino 140,773 28,908 2,140 13 4,763 - 994 - 177,591
Sands Macao 142,586 27,018 1,113 3,170 - - 907 - 174,794
Macao Property Operations 1,187,117 380,838 14,440 16,248 13,150 - 12,482 - 1,624,275
Marina Bay Sands 898,583 181,610 12,779 269 1,182 73,169 651 - 1,168,243
United States:
Las Vegas Operating Properties 183,862 131,240 - 2,192 294 (113,357) 3,834 - 208,065
Sands Bethlehem 81,333 20,158 - (127) 84 - 74 - 101,522
------ ------ --- ---- --- --- --- ---
United States Property Operations 265,195 151,398 - 2,065 378 (113,357) 3,908 - 309,587
Other Asia (2) (35,014) 10,542 - 8 40,920 324 - 16,780
Other Development (24,502) 483 1,841 - 22,178 - - - -
Corporate (151,885) 25,341 - - - (732) - 127,276 -
$2,139,494 $750,212 $29,060 $18,590 $36,888 $ - $17,365 $127,276 $3,118,885
========== ======== ======= ======= ======= =========== ======= ======== ==========
Nine Months Ended September 30, 2014
Amortization Pre-Opening
Depreciation of Leasehold (Gain) Loss and (1) Adjusted
Operating and Interests on Disposal Development Royalty Stock-Based Corporate Property
Income (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDA
------------ ------------ ------- --------- ------- ---- ------------ ------- ------
Macao:
The Venetian Macao $1,103,241 $108,249 $4,961 $716 $ - $ - $7,709 $ - $1,224,876
Sands Cotai Central 561,299 204,193 6,460 1,080 4,363 - 3,815 - 781,210
Four Seasons Hotel Macao and
Plaza Casino 243,814 29,540 2,118 92 5,633 - 982 - 282,179
Sands Macao 233,660 25,542 1,061 162 - - 1,431 - 261,856
Macao Property Operations 2,142,014 367,524 14,600 2,050 9,996 - 13,937 - 2,550,121
Marina Bay Sands 899,323 209,491 13,687 3,517 75 74,887 3,646 - 1,204,626
United States:
Las Vegas Operating Properties 202,565 139,654 - (724) 133 (110,738) 5,060 - 235,950
Sands Bethlehem 61,022 23,254 - (70) 94 - (8) - 84,292
------ ------ --- --- --- --- --- ---
United States Property Operations 263,587 162,908 - (794) 227 (110,738) 5,052 - 320,242
Other Asia (2) (46,425) 10,604 - 149 46 36,600 274 - 1,248
Other Development (18,970) 470 1,865 - 16,635 - - - -
Corporate (162,823) 25,068 - - - (749) - 138,504 -
$3,076,706 $776,065 $30,152 $4,922 $26,979 $ - $22,909 $138,504 $4,076,237
========== ======== ======= ====== ======= =========== ======= ======== ==========
(1) During the three months ended
September 30, 2015 and 2014, the
Company recorded stock-based
compensation expense of $9.3
million and $11.6 million,
respectively, of which $4.4
million and $4.1 million,
respectively, is included in
corporate expense and $0.2
million and $0.3 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, 2015
and 2014, the Company recorded
stock-based compensation expense
of $36.5 million and $37.8
million, respectively, of which
$18.3 million and $14.4 million,
respectively, is included in
corporate expense and $0.8
million and $0.5 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 are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
Three Months Ended September 30, 2015
(1) (2) Hold-Normalized
Adjusted Hold-Normalized Hold-Normalized Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
------ ------- ------- ------
Macao Property Operations $536,755 $(43,578) $35,115 $528,292
Marina Bay Sands 389,717 27,129 (5,539) 411,307
United States:
Las Vegas Operating
Properties 79,790 26,732 (4,757) 101,765
Sands Bethlehem 37,530 - - 37,530
United States Property
Operations 117,320 26,732 (4,757) 139,295
Other Asia 8,427 - - 8,427
Other Development - - - -
Corporate - - - -
$1,052,219 $10,283 $24,819 $1,087,321
========== ======= ======= ==========
Three Months Ended September 30, 2014
(1) (2) Hold-Normalized
Adjusted Hold-Normalized Hold-Normalized Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
------ ------- ------- ------
Macao Property Operations $809,049 $(96,288) $59,325 $772,086
Marina Bay Sands 351,687 18,507 (3,733) 366,461
United States:
Las Vegas Operating
Properties 90,183 (8,029) 1,412 83,566
Sands Bethlehem 29,846 - - 29,846
United States Property
Operations 120,029 (8,029) 1,412 113,412
Other Asia 3,130 - - 3,130
Other Development - - - -
Corporate - - - -
$1,283,895 $(85,810) $57,004 $1,255,089
========== ======== ======= ==========
(1) For Macao Property
Operations and Marina Bay
Sands, this represents the
estimated incremental casino
revenue related to Rolling
volume play that would have
been earned or lost had the
Company's current period win
percentage equaled 2.85%. This
calculation will only be done
if the current period win
percentage is outside the
expected range of 2.7% to 3.0%.
For the Las Vegas Operating
Properties, this represents the
estimated incremental casino
revenue related to all table
games play that would have been
earned or lost had the
Company's current period win
percentage equaled 25.0% for
Baccarat and 18.0% for non-
Baccarat for 2015 and 26.0% for
Baccarat and 16.0% for non-
Baccarat for 2014. This
calculation will only be done
if the current period win
percentages for Baccarat and
non-Baccarat are outside the
expected ranges of 21.0% to
29.0% and 16.0% to 20.0%,
respectively, for 2015 and
22.0% to 30.0% and 14.0% to
18.0%, respectively, for 2014.
For Sands Bethlehem, no
adjustments have been, or will
be, made.
These amounts have been offset
by the estimated commissions
paid and discounts and other
incentives rebated directly or
indirectly to customers.
(2) Represents the estimated
incremental expenses (gaming
taxes, bad debt expense and
commissions paid to third
parties) that would have been
incurred or avoided on the
incremental casino revenue
calculated in (1) above.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2015 2014 2015 2014
---- ---- ---- ----
Net income attributable to Las Vegas Sands Corp. $519,358 $671,705 $1,500,454 $2,119,324
Add (deduct):
Net income attributable to noncontrolling interests 98,835 188,794 310,268 590,747
Income tax expense 72,347 47,869 173,941 153,939
Loss on modification or early retirement of debt - 1,978 - 19,942
Other (income) expense (16,275) (95) (31,589) 2,368
Interest expense, net of amounts capitalized 66,962 66,779 199,018 207,495
Interest income (2,158) (5,609) (12,598) (17,109)
Loss on disposal of assets 709 801 18,590 4,922
Amortization of leasehold interests in land 9,737 10,086 29,060 30,152
Depreciation and amortization 247,698 251,002 750,212 776,065
Development expense 3,147 3,043 7,028 8,952
Pre-opening expense 9,627 (2,414) 29,860 18,027
Stock-based compensation (1) 4,744 7,252 17,365 22,909
Corporate expense 37,488 42,704 127,276 138,504
------ ------ ------- -------
Adjusted Property EBITDA $1,052,219 $1,283,895 $3,118,885 $4,076,237
========== ========== ========== ==========
Hold-normalized casino revenue (2) 10,283 (85,810)
Hold-normalized casino expense (2) 24,819 57,004
Hold-Normalized Adjusted Property EBITDA $1,087,321 $1,255,089
========== ==========
(1) See Exhibit 2
(2) See Exhibit 3
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2015 2014 2015 2014
---- ---- ---- ----
The Venetian Macao $699,553 $943,037 $2,226,198 $3,160,374
Sands Cotai Central 550,159 816,463 1,676,154 2,428,822
Four Seasons Hotel Macao and Plaza Casino 167,947 265,432 533,314 863,940
Sands Macao 207,364 280,079 674,289 906,882
Marina Bay Sands 750,677 735,505 2,248,535 2,375,618
Las Vegas Operating Properties 385,472 380,461 1,107,871 1,116,194
Sands Bethlehem 144,003 127,338 409,204 370,644
Other Asia 43,422 41,439 117,428 113,286
Intersegment Eliminations (54,914) (56,632) (166,267) (167,904)
$2,893,683 $3,533,122 $8,826,726 $11,167,856
========== ========== ========== ===========
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2015 2014 2015 2014
---- ---- ---- ----
The Venetian Macao 36.6% 37.4% 35.1% 38.8%
Sands Cotai Central 31.0% 32.7% 29.3% 32.2%
Four Seasons Hotel Macao and Plaza Casino 35.0% 38.1% 33.3% 32.7%
Sands Macao 24.7% 31.5% 25.9% 28.9%
Marina Bay Sands 51.9% 47.8% 52.0% 50.7%
Las Vegas Operating Properties 20.7% 23.7% 18.8% 21.1%
Sands Bethlehem 26.1% 23.4% 24.8% 22.7%
Other Asia 19.4% 7.6% 14.3% 1.1%
Total 36.4% 36.3% 35.3% 36.5%
Las Vegas Sands
Corp. and
Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share
(In thousands,
except share and
per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2015 2014 2015 2014
---- ---- ---- ----
Net income
attributable to Las
Vegas Sands Corp. $519,358 $671,705 $1,500,454 $2,119,324
Pre-opening
expense, net 6,807 (1,673) 21,166 12,722
Development expense,
net 3,147 3,043 7,028 8,952
Loss on disposal of
assets, net 496 603 13,729 4,311
Loss on modification
or early retirement
of debt, net - 1,978 - 14,589
Adjusted net income $529,808 $675,656 $1,542,377 $2,159,898
======== ======== ========== ==========
Hold-normalized
casino revenue (1) 10,283 (85,810)
Hold-normalized
casino expense (1) 24,819 57,004
Income tax impact on
hold adjustments (3,670) (2,512)
Noncontrolling
interest impact on
hold adjustments 2,529 11,036
Hold-normalized
adjusted net income $563,769 $655,374
======== ========
(1) See Exhibit 3
Per diluted share of
common stock:
Net income
attributable to Las
Vegas Sands Corp. $0.65 $0.83 $1.88 $2.62
Pre-opening
expense, net 0.01 - 0.02 0.02
Development expense,
net - 0.01 0.01 0.01
Loss on disposal of
assets, net - - 0.02 -
Loss on modification
or early retirement
of debt, net - - - 0.02
Adjusted earnings
per diluted share $0.66 $0.84 $1.93 $2.67
===== ===== ===== =====
Hold-normalized
casino revenue 0.02 (0.11)
Hold-normalized
casino expense 0.03 0.07
Income tax impact on
hold adjustments - -
Noncontrolling
interest impact on
hold adjustments - 0.01
Hold-normalized
adjusted earnings
per diluted share $0.71 $0.81
===== =====
Weighted average
diluted shares
outstanding 797,302,248 804,810,589 798,263,294 810,288,616
=========== =========== =========== ===========
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2015 2014 2015 2014
---- ---- ---- ----
Room Statistics:
The Venetian
Macao:
Occupancy % 84.5% 93.3% 84.2% 92.2%
Average daily
room rate
(ADR) (1) $239 $269 $249 $266
Revenue per
available
room (RevPAR)
(2) $202 $251 $210 $246
Sands Cotai
Central:
Occupancy % 86.5% 89.5% 82.3% 87.7%
Average daily
room rate
(ADR) (1) $152 $176 $160 $174
Revenue per
available
room (RevPAR)
(2) $131 $157 $131 $153
Four Seasons Hotel
Macao and Plaza
Casino:
Occupancy % 86.5% 88.3% 82.4% 87.1%
Average daily
room rate
(ADR) (1) $363 $391 $384 $410
Revenue per
available
room (RevPAR)
(2) $314 $345 $316 $357
Sands Macao:
Occupancy % 99.8% 99.4% 99.3% 98.2%
Average daily
room rate
(ADR) (1) $226 $219 $224 $242
Revenue per
available
room (RevPAR)
(2) $226 $218 $222 $238
Marina Bay Sands:
Occupancy % 98.0% 99.4% 96.2% 99.3%
Average daily
room rate
(ADR) (1) $432 $468 $408 $435
Revenue per
available
room (RevPAR)
(2) $423 $465 $393 $431
Las Vegas
Operating
Properties:
Occupancy % 96.0% 91.9% 91.7% 90.3%
Average daily
room rate
(ADR) (1) $222 $204 $232 $222
Revenue per
available
room (RevPAR)
(2) $213 $187 $212 $201
Sands Bethlehem:
Occupancy % 96.8% 89.4% 91.1% 81.9%
Average daily
room rate
(ADR) (1) $151 $145 $151 $145
Revenue per
available
room (RevPAR)
(2) $146 $130 $137 $119
Casino Statistics:
The Venetian
Macao:
Table games
win per unit
per day (3) $10,743 $15,341 $11,969 $17,181
Slot machine
win per unit
per day (4) $252 $385 $259 $377
Average number
of table
games 627 610 612 645
Average number
of slot
machines 2,158 1,887 2,129 2,020
Sands Cotai
Central:
Table games
win per unit
per day (3) $10,591 $16,685 $10,779 $18,015
Slot machine
win per unit
per day (4) $350 $465 $348 $427
Average number
of table
games 496 515 505 491
Average number
of slot
machines 1,709 1,624 1,704 1,755
Four Seasons Hotel
Macao and Plaza
Casino:
Table games
win per unit
per day (3) $15,344 $24,350 $16,015 $27,913
Slot machine
win per unit
per day (4) $501 $711 $511 $775
Average
number of
table
games 113 132 122 129
Average
number of
slot
machines 177 152 159 158
Sands Macao:
Table games
win per unit
per day (3) $8,053 $11,949 $8,717 $13,486
Slot machine
win per unit
per day (4) $287 $378 $287 $353
Average number
of table
games 276 262 282 261
Average number
of slot
machines 1,006 852 957 949
Marina Bay Sands:
Table games
win per unit
per day (3) $10,560 $9,422 $10,856 $11,008
Slot machine
win per unit
per day (4) $662 $674 $658 $691
Average number
of table
games 605 614 595 625
Average number
of slot
machines 2,445 2,465 2,413 2,397
Las Vegas
Operating
Properties:
Table games
win per unit
per day (3) $4,551 $7,130 $3,644 $5,007
Slot machine
win per unit
per day (4) $241 $222 $229 $199
Average number
of table
games 245 233 245 235
Average number
of slot
machines 2,196 2,334 2,232 2,368
Sands Bethlehem:
Table games
win per unit
per day (3) $3,375 $2,936 $3,101 $2,829
Slot machine
win per unit
per day (4) $284 $258 $275 $257
Average number
of table
games 175 165 176 163
Average number
of slot
machines 2,968 3,012 2,998 3,011
(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.
http://photos.prnewswire.com/prnvar/20150528/219021LOGO
Logo - http://photos.prnewswire.com/prnh/20150528/219021LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-third-quarter-2015-results-300163966.html
SOURCE Las Vegas Sands Corp.
