SANDS CHINA LTD LAS VEGAS, April 26, 2017 /PRNewswire/ --
For the Quarter Ended March 31, 2017
(Compared to the Quarter Ended March 31, 2016)
- Consolidated Net Revenue Increased 14.3% to $3.11 Billion
- Net Income Increased 41.3% to $578 Million
- GAAP Earnings per Diluted Share Increased 50% to $0.60; Adjusted Earnings per Diluted Share Increased 40.4% to $0.66; and Hold-Normalized Adjusted Earnings per Diluted Share Increased 11.9% to $0.66
- Consolidated Adjusted Property EBITDA Increased 24.9% to $1.15 Billion, With Margin Increasing 310 Basis Points to 36.9%
- Hold-Normalized Adjusted Property EBITDA Increased 9.5% to $1.14 Billion, With Margin Increasing 50 Basis Points to 36.7%
In Macao:
-- Adjusted Property EBITDA Increased 20.5% to $624 Million, While
Hold-Normalized Adjusted Property EBITDA Increased 14.3% to $592 Million
At Marina Bay Sands in Singapore:
-- Adjusted Property EBITDA Increased 32.7% to $365 Million, With Margin
Increasing 660 Basis Points to 52.1%
-- Hotel RevPAR Increased 10.3% to SGD 603 (US$422)
At Our Las Vegas Operating Properties:
-- Adjusted Property EBITDA Increased 40.2% to $122 Million, Our Strongest
Quarterly Result Since 2008
-- Hotel RevPAR Increased 9.5% to $253
- The Company Paid Quarterly Dividends of $0.73 per Share
- The Company Repurchased $150 Million of Common Stock
Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended March 31, 2017.
First Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "We are pleased to have continued to execute our strategic objectives during the quarter and to have delivered a strong operating performance in each of our markets. The benefits of our convention-based Integrated Resort business model were clearly evident in our financial results, with adjusted property EBITDA increasing 24.9% compared to the first quarter of 2016, reaching $1.15 billion. We also continued to return excess capital to shareholders during the quarter.
"In Macao, the market overall continues to recover and has exhibited growth in each of the last three quarters, while the compelling attractions and entertainment offerings of our industry-leading Cotai Strip property portfolio, recently expanded by the addition of The Parisian Macao, allowed us to deliver visitation growth of 30% across our property portfolio and to increase our hotel occupancy levels by 440 basis points compared to the year ago quarter. Our market-leading critical mass of hotel, retail and entertainment offerings on the Cotai Strip allowed us to grow our mass gaming business by 17% and to expand our adjusted property EBITDA by 20.5% to $624 million.
"We have invested approximately $13 billion in Macao since 2002, while consistently contributing to Macao's diversification and appeal as a business and leisure tourism destination. We continue to lead the market not only in Integrated Resort development, but in the long-term and vital investment in the marketing of Macao as Asia's leading business and leisure tourism destination. We remain confident that our market-leading Cotai Strip portfolio of properties will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide both Macao and our Company with a superior platform for future growth.
"Marina Bay Sands in Singapore continues to attract increasing numbers of business and leisure visitors from across the region and to deliver the economic benefits of our convention-based business model to Singapore. We are pleased to have established the property as a reference site for other cities and countries that are considering harnessing the power of the convention-based Integrated Resort business model. Marina Bay Sands' innovative programming, consistent mass gaming play, strength in non-gaming revenues and higher hold in VIP play compared to the same quarter last year contributed to an increase of 32.7% in adjusted property EBITDA, which reached $365 million for the quarter.
"At The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, record convention and group meeting business and cost discipline enabled us to deliver 40.2% growth in adjusted property EBITDA compared to the same quarter last year. Adjusted property EBITDA of $122 million was our best quarterly result since 2008."
The company's recurring quarterly dividend remains the cornerstone of our program to return excess capital to shareholders, and the company paid a recurring quarterly dividend of $0.73 per common share during the quarter. The company announced that its next recurring quarterly dividend of $0.73 per common share will be paid on June 30, 2017, to Las Vegas Sands shareholders of record on June 22, 2017. The company also repurchased approximately $150 million of common stock (2.7 million shares at a weighted average price of $55.06) during the quarter ended March 31, 2017.
"Looking ahead we remain focused on the execution of our proven global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. We remain confident in our ability to bring the economic benefits of our proven business model to promising new markets around the world as they emerge and develop in the future."
Company-Wide Operating Results
Net revenue for the first quarter of 2017 increased 14.3% to $3.11 billion, compared to $2.72 billion in the first quarter of 2016. Net income increased 41.3% to $578 million in the first quarter of 2017, compared to $409 million in the year-ago quarter.
On a GAAP (accounting principles generally accepted in the United States of America) basis, operating income in the first quarter of 2017 increased 30.2% to $763 million, compared to $586 million in the first quarter of 2016. The increase in operating income was a result of stronger results across the company's Macao, Singapore and Las Vegas property portfolio, partially offset by higher depreciation and amortization expenses during the quarter due primarily to the opening of The Parisian Macao in September 2016. Consolidated adjusted property EBITDA (a non-GAAP measure) of $1.15 billion increased 24.9% in the first quarter of 2017, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA was $1.14 billion in the first quarter of 2017, an increase of 9.5% from the prior-year quarter.
On a GAAP basis, net income attributable to Las Vegas Sands in the first quarter of 2017 increased 50.0% to $480 million, compared to $320 million in the first quarter of 2016, while diluted earnings per share in the first quarter of 2017 of $0.60 also represented an increase of 50.0% compared to the prior-year quarter. The increase in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by increases in net income attributable to noncontrolling interests, interest expense and income tax expense.
Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) increased 40.5% to $527 million, or $0.66 per diluted share, compared to $375 million, or $0.47 per diluted share, in the first quarter of 2016.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. (SCL) increased 15.3% to $1.88 billion in the first quarter of 2017, compared to $1.63 billion in the first quarter of 2016. Net income for SCL increased 11.9% to $349 million in the first quarter of 2017, compared to $312 million in the first quarter of 2016.
The Venetian Macao First Quarter Operating Results
The property generated revenue of $741 million and adjusted property EBITDA of $289 million in the first quarter, with an adjusted property EBITDA margin of 39.0%, reflecting 7.8% growth in adjusted property EBITDA and a 320 basis point increase in EBITDA margin compared to the first quarter of 2016. Non-Rolling Chip drop was $1.73 billion for the quarter, with a Non-Rolling Chip win percentage of 25.5%. Rolling Chip volume was $6.15 billion, with a Rolling Chip win percentage of 3.97%, above the expected range and the 3.21% experienced in the prior-year quarter. Slot handle was $653 million for the quarter.
The following table summarizes the key operating results for The Venetian Macao for the first quarter of 2017 compared to the first quarter of 2016:
The Venetian
Macao Operations
Three Months Ended
March 31,
(Dollars in
millions) 2017 2016 $ Change Change
---- ---- -------- ------
Revenues:
Casino $646 $655 $(9) (1.4)%
Rooms 44 46 (2) (4.3)%
Food and Beverage 19 21 (2) (9.5)%
Mall 51 49 2 4.1%
Convention,
Retail and Other 17 14 3 21.4%
Less -
Promotional
Allowances (36) (36) - -%
Net Revenues $741 $749 $(8) (1.1)%
Adjusted Property
EBITDA $289 $268 $21 7.8%
EBITDA Margin % 39.0% 35.8% 3.2pts
Gaming Statistics
(Dollars in
millions)
Rolling Chip
Volume $6,149 $8,226 $(2,077) (25.2)%
Rolling Chip Win
%(1) 3.97% 3.21% 0.76pts
Non-Rolling Chip
Drop $1,728 $1,770 $(42) (2.4)%
Non-Rolling Chip
Win % 25.5% 25.1% 0.4pts
Slot Handle $653 $1,070 $(417) (39.0)%
Slot Hold % 5.4% 4.4% 1.0pts
Hotel Statistics
Occupancy % 86.5% 77.7% 8.8pts
Average Daily
Rate (ADR) $209 $226 $(17) (7.5)%
Revenue per
Available Room
(RevPAR) $181 $176 $5 2.8%
(1) This compares to our expected
Rolling Chip win percentage of
3.0% to 3.3% (calculated before
discounts and commissions). We
revised the expected range due to
the Rolling Chip win percentage
experienced over the last several
years.
Sands Cotai Central First Quarter Operating Results
Revenue and adjusted property EBITDA for the first quarter of 2017 at Sands Cotai Central were $467 million and $143 million, respectively, resulting in an adjusted property EBITDA margin of 30.6%.
Non-Rolling Chip drop was $1.47 billion in the first quarter, with a Non-Rolling Chip win percentage of 20.0%. Rolling Chip volume was $2.90 billion for the quarter, with a Rolling Chip win percentage of 2.97%. Slot handle was $1.19 billion for the quarter.
The following table summarizes our key operating results for Sands Cotai Central for the first quarter of 2017 compared to the first quarter of 2016:
Sands Cotai
Central
Operations
Three Months Ended
March 31,
(Dollars in
millions) 2017 2016 $ Change Change
---- ---- -------- ------
Revenues:
Casino $390 $459 $(69) (15.0)%
Rooms 66 67 (1) (1.5)%
Food and Beverage 25 26 (1) (3.8)%
Mall 19 15 4 26.7%
Convention, Retail
and Other 6 5 1 20.0%
Less -Promotional
Allowances (39) (42) 3 (7.1)%
Net Revenues $467 $530 $(63) (11.9)%
Adjusted Property
EBITDA $143 $163 $(20) (12.3)%
EBITDA Margin % 30.6% 30.8% (0.2) pts
Gaming Statistics
(Dollars in
millions)
Rolling Chip
Volume $2,900 $3,603 $(703) (19.5)%
Rolling Chip Win
%(1) 2.97% 3.92% (0.95) pts
Non-Rolling Chip
Drop $1,469 $1,504 $(35) (2.3)%
Non-Rolling Chip
Win % 20.0% 20.9% (0.9) pts
Slot Handle $1,189 $1,559 $(370) (23.7)%
Slot Hold % 4.0% 3.5% 0.5pts
Hotel Statistics
Occupancy % 79.4% 77.1% 2.3pts
Average Daily Rate
(ADR) $150 $155 $(5) (3.2)%
Revenue per
Available Room
(RevPAR) $119 $119 $ - -%
(1) This compares to our expected
Rolling Chip win percentage of
3.0% to 3.3% (calculated before
discounts and commissions). We
revised the expected range due to
the Rolling Chip win percentage
experienced over the last several
years.
The Parisian Macao First Quarter Operating Results
The Parisian Macao opened on September 13, 2016. Revenue and adjusted property EBITDA at The Parisian Macao were $318 million and $82 million, respectively, resulting in an adjusted property EBITDA margin of 25.8%.
Non-Rolling Chip drop was $983 million, with a Non-Rolling Chip win percentage of 18.2%. Rolling Chip volume was $3.72 billion, with a Rolling Chip win percentage of 2.82%, below the fourth quarter 2016 win percentage of 4.52%. Slot handle was $854 million for the quarter.
The following table summarizes our key operating results for The Parisian Macao in the first quarter of 2017 compared to the fourth quarter of 2016:
Three Months Ended
The Parisian Macao
Operations March 31, December 31,
(Dollars in
millions) 2017(1) 2016 $ Change Change
------ ---- -------- ------
Revenues:
Casino $279 $301 (22) (7.3)%
Rooms 29 30 (1) (3.3)%
Food and Beverage 16 17 (1) (5.9)%
Mall 17 18 (1) (5.6)%
Convention, Retail
and Other 5 6 (1) (16.7)%
Less -Promotional
Allowances (28) (28) - -%
Net Revenues $318 $344 (26) (7.6)%
Adjusted Property
EBITDA $82 $95 (13) (13.7)%
EBITDA Margin % 25.8% 27.6% (1.8) pts
Gaming Statistics
(Dollars in
millions)
Rolling Chip
Volume $3,722 $3,313 409 12.3%
Rolling Chip Win
%(2) 2.82% 4.52% (1.70) pts
Non-Rolling Chip
Drop $983 $895 88 9.8
%
Non-Rolling Chip
Win % 18.2% 18.3% (0.1) pts
Slot Handle $854 $803 51 6.4%
Slot Hold % 4.0% 4.4% (0.4) pts
Hotel Statistics
Occupancy % 81.9% 91.1% (9.2) pts
Average Daily Rate
(ADR) $136 $138 (2) (1.4)%
Revenue per
Available Room
(RevPAR) $112 $126 (14) (11.1)%
(1) The Parisian Macao opened in
September 2016.
(2) This compares to our expected
Rolling Chip win percentage of
3.0% to 3.3% (calculated before
discounts and commissions). We
revised the expected range due to
the Rolling Chip win percentage
experienced over the last several
years.
Four Seasons Hotel Macao and Plaza Casino First Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated revenue of $143 million and adjusted property EBITDA of $51 million, resulting in an adjusted property EBITDA margin of 35.7% in the first quarter of 2017. Non-Rolling Chip drop was $303 million, with a Non-Rolling Chip win percentage of 21.8%, above the 19.1% experienced in the prior-year quarter. Rolling Chip volume was $1.83 billion for the quarter. Rolling Chip win percentage of 3.58% in the first quarter was above the prior year and the expected range. Slot handle increased 7.8% to $97 million during the quarter.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the first quarter of 2017 compared to the first quarter of 2016:
Four Seasons Hotel
Macao and Plaza
Casino Operations
Three Months Ended
March 31,
(Dollars in
millions) 2017 2016 $ Change Change
---- ---- -------- ------
Revenues:
Casino $107 $111 $(4) (3.6)%
Rooms 8 8 - -%
Food and Beverage 7 7 - -%
Mall 31 31 - -%
Convention, Retail
and Other 1 1 - -%
Less -Promotional
Allowances (11) (10) (1) 10.0%
Net Revenues $143 $148 $(5) (3.4)%
Adjusted Property
EBITDA $51 $48 $3 6.3%
EBITDA Margin % 35.7% 32.4% 3.3pts
Gaming Statistics
(Dollars in
millions)
Rolling Chip
Volume $1,830 $2,621 $(791) (30.2)%
Rolling Chip Win
%(1) 3.58% 3.22% 0.36pts
Non-Rolling Chip
Drop $303 $300 $3 1.0%
Non-Rolling Chip
Win % 21.8% 19.1% 2.7pts
Slot Handle $97 $90 $7 7.8%
Slot Hold % 7.4% 6.8% 0.6pts
Hotel Statistics
Occupancy % 79.0% 69.0% 10.0pts
Average Daily Rate
(ADR) $371 $358 $13 3.6%
Revenue per
Available Room
(RevPAR) $293 $247 $46 18.6%
(1) This compares to our expected
Rolling Chip win percentage of
3.0% to 3.3% (calculated before
discounts and commissions). We
revised the expected range due to
the Rolling Chip win percentage
experienced over the last several
years.
Sands Macao First Quarter Operating Results
Sands Macao's revenue increased 4.0% to $182 million and adjusted property EBITDA increased 74.2% to $54 million. Non-Rolling Chip drop was $613 million during the quarter, while slot handle was $596 million. Rolling Chip volume was $1.91 billion for the quarter. The property realized 2.60% win on Rolling Chip volume during the quarter, above the 2.45% experienced in the year-ago quarter.
The following table summarizes our key operating results for Sands Macao for the first quarter of 2017 compared to the first quarter of 2016:
Three Months Ended
Sands Macao
Operations
March 31,
(Dollars in
millions) 2017 2016 $ Change Change
---- ---- -------- ------
Revenues:
Casino $176 $170 $6 3.5%
Rooms 5 5 - -%
Food and Beverage 7 7 - -%
Convention, Retail
and Other 2 2 - -%
Less -Promotional
Allowances (8) (9) 1 (11.1)%
Net Revenues $182 $175 $7 4.0%
Adjusted Property
EBITDA $54 $31 $23 74.2%
EBITDA Margin % 29.7% 17.7% 12.0pts
Gaming Statistics
(Dollars in
millions)
Rolling Chip
Volume $1,913 $2,241 $(328) (14.6)%
Rolling Chip Win
%(1) 2.60% 2.45% 0.15pts
Non-Rolling Chip
Drop $613 $700 $(87) (12.4)%
Non-Rolling Chip
Win % 20.0% 16.9% 3.1pts
Slot Handle $596 $658 $(62) (9.4)%
Slot Hold % 3.4% 3.3% 0.1pts
Hotel Statistics
Occupancy % 97.9% 95.8% 2.1pts
Average Daily Rate
(ADR) $195 $207 $(12) (5.8)%
Revenue per
Available Room
(RevPAR) $191 $198 $(7) (3.5)%
(1) This compares to our expected
Rolling Chip win percentage of
3.0% to 3.3% (calculated before
discounts and commissions). We
revised the expected range due to
the Rolling Chip win percentage
experienced over the last several
years.
Marina Bay Sands First Quarter Operating Results
Marina Bay Sands' revenue increased 15.9% to $700 million and adjusted property EBITDA increased 32.7% to $365 million.
Rolling Chip win percentage of 2.52% in the first quarter of 2017 was above the 1.42% achieved in the first quarter of 2016. Rolling Chip volume was $8.92 billion for the quarter.
Non-Rolling Chip drop was $967 million during the quarter, with a Non-Rolling Chip win percentage of 29.5%. Slot handle increased 1.9% to $3.42 billion for the quarter compared to the year-ago quarter. Total mass win-per-day during the quarter was $4.80 million, consistent with the same quarter last year.
ADR increased 10.4% to $435, while RevPAR increased 9.3% compared to the same quarter last year, to reach $422.
The following table summarizes our key operating results for Marina Bay Sands for the first quarter of 2017 compared to the first quarter of 2016:
Three Months Ended
Marina Bay Sands
Operations March 31,
(Dollars in
millions) 2017 2016 $ Change Change
---- ---- -------- ------
Revenues:
Casino $550 $453 $97 21.4%
Rooms 94 89 5 5.6%
Food and Beverage 46 46 - -%
Mall 38 39 (1) (2.6)%
Convention, Retail
and Other 24 21 3 14.3%
Less -Promotional
Allowances (52) (44) (8) 18.2%
Net Revenues $700 $604 $96 15.9%
Adjusted Property
EBITDA $365 $275 $90 32.7%
EBITDA Margin % 52.1% 45.5% 6.6pts
Gaming Statistics
(Dollars in
millions)
Rolling Chip
Volume $8,916 $9,632 $(716) (7.4)%
Rolling Chip Win
%(1) 2.52% 1.42% 1.10pts
Non-Rolling Chip
Drop $967 $1,007 $(40) (4.0)%
Non-Rolling Chip
Win % 29.5% 29.1% 0.4pts
Slot Handle $3,420 $3,355 $65 1.9%
Slot Hold % 4.3% 4.3% -pts
Hotel Statistics
Occupancy % 96.9% 97.9% (1.0) pts
Average Daily Rate
(ADR) $435 $394 $41 10.4%
Revenue per
Available Room
(RevPAR) $422 $386 $36 9.3%
(1) This compares to our expected
Rolling Chip win percentage of
2.7% to 3.0% (calculated before
discounts and commissions).
Las Vegas Operations First Quarter Operating Results
Revenue at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, increased 12.7% to $434 million, while adjusted property EBITDA increased 40.2% to $122 million. Record convention and group meeting business contributed to the best quarterly adjusted property EBITDA performance in Las Vegas since 2008. EBITDA margin expanded 550 basis points to 28.1%. RevPAR increased 9.5% year-over-year to $253 in the quarter, reflecting a 6.8% increase in ADR to $268 and a 2.2 percentage point increase in occupancy to 94.3%. Table games drop decreased 10.5% in the quarter to $433 million, reflecting softer play in the Baccarat segment, while slot handle increased 3.1% to $604 million.
The following table summarizes our key operating results for our Las Vegas operations for the first quarter of 2017 compared to the first quarter of 2016:
Las Vegas
Operations
Three Months Ended
March 31,
(Dollars in
millions) 2017 2016 $ Change Change
---- ---- -------- ------
Revenues:
Casino $123 $104 $19 18.3%
Rooms 157 148 9 6.1%
Food and Beverage 86 74 12 16.2%
Convention, Retail
and Other 90 84 6 7.1%
Less -Promotional
Allowances (22) (25) 3 (12.0)%
Net Revenues $434 $385 $49 12.7%
Adjusted Property
EBITDA $122 $87 $35 40.2%
EBITDA Margin % 28.1% 22.6% 5.5pts
Gaming Statistics
(Dollars in
millions)
Table Games Drop $433 $484 $(51) (10.5)%
Table Games Win
%(1) 21.5% 15.9% 5.6pts
Slot Handle $604 $586 $18 3.1%
Slot Hold % 7.7% 8.1% (0.4) pts
Hotel Statistics
Occupancy % 94.3% 92.1% 2.2pts
Average Daily Rate
(ADR) $268 $251 $17 6.8%
Revenue per
Available Room
(RevPAR) $253 $231 $22 9.5%
(1) This compares to our expected
Baccarat win percentage of
18.0% to 26.0% and our expected
non-Baccarat win percentage of
16.0% to 24.0% (calculated
before discounts). We revised
the expected ranges due to the
respective win percentages
experienced over the last
several years.
Sands Bethlehem First Quarter Operating Results
Revenue and adjusted property EBITDA at Sands Bethlehem were $142 million and $36 million, respectively, for the quarter. Table games drop decreased 4.3% to $269 million for the quarter, while table games win percentage was 20.2%, above the 19.8% realized in the first quarter of 2016. Slot handle increased 7.3% year-over-year to $1.16 billion for the quarter, with a slot hold percentage of 6.7%.
The following table summarizes our key operating results for Sands Bethlehem for the first quarter of 2017 compared to the first quarter of 2016:
Three Months Ended
March 31,
Sands Bethlehem
Operations
(Dollars in
millions) 2017 2016 $ Change Change
---- ---- -------- ------
Revenues:
Casino $133 $130 $3 2.3%
Rooms 3 3 - -%
Food and Beverage 7 7 - -%
Mall 1 1 - -%
Convention, Retail
and Other 5 5 - -%
Less -Promotional
Allowances (7) (7) - -%
Net Revenues $142 $139 $3 2.2%
Adjusted Property
EBITDA $36 $38 $(2) (5.3)%
EBITDA Margin % 25.4% 27.3% (1.9) pts
Gaming Statistics
(Dollars in
millions)
Table Games Drop $269 $281 $(12) (4.3)%
Table Games Win
%(1) 20.2% 19.8% 0.4pts
Slot Handle $1,161 $1,082 $79 7.3%
Slot Hold % 6.7% 7.0% (0.3) pts
Hotel Statistics
Occupancy % 90.1% 90.7% (0.6) pts
Average Daily Rate
(ADR) $158 $153 $5 3.3%
Revenue per
Available Room
(RevPAR) $142 $138 $4 2.9%
(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, Sands Cotai Central and The Parisian Macao) and Marina Bay Sands in Singapore increased 16.4% to $156 million for the first quarter of 2017, compared to the first quarter of 2016. Operating profit derived from these retail mall assets increased 16.7% year-over-year to $140 million.
For The Three Months Ended March 31, 2017 TTM March 31,
2017
--------------
(Dollars Operating Gross Leasable Tenant Sales Per
in Profit Area (sq. ft.) Sq. Ft.(2)
millions Margin
except
per
square
foot
data) Gross Revenue(1) Operating Profit Occupancy
% at
End of Period
-------------
Shoppes
at
Venetian $51 $46 90.2% 777,509 97.6% $1,330
Shoppes
at Four
Seasons
Luxury
Retail 21 20 95.2% 142,562 100.0% 4,283
Other
Stores 10 9 90.0% 116,841 98.4% 1,451
--- --- -------
Total 31 29 93.5% 259,403 99.3% 3,053
Shoppes
at Cotai
Central(3) 19 17 89.5% 407,028 94.2% 896
Shoppes
at
Parisian(4) 17 15 88.2% 299,778 92.6% N/A
Total
Cotai
Strip in
Macao 118 107 90.7% 1,743,718 96.2% 1,581
--- --- ---------
The
Shoppes
at
Marina
Bay
Sands 38 33 86.8% 612,567 97.3% 1,431
Total $156 $140 89.7% 2,356,285 96.5% $1,536
==== ==== =========
(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.
(4) The Shoppes at Parisian opened
in September 2016.
Other Factors Affecting Earnings
Depreciation and amortization expense was $321 million in the first quarter of 2017, compared to $260 million in the first quarter of 2016. This increase was driven primarily by the opening of The Parisian Macao.
Interest expense, net of amounts capitalized, was $78 million for the first quarter of 2017, compared to $69 million in the prior-year quarter. Capitalized interest was nominal during the first quarter of 2017, compared to $10 million during the first quarter of 2016. Our weighted average borrowing cost in the first quarter of 2017 was approximately 3.0%.
Other expense, which was comprised primarily of foreign currency losses and a mark-to-market loss on Singapore dollar forward contracts, was $36 million for the first quarter of 2017, compared to $47 million in the first quarter of 2016.
The company's effective income tax rate for the first quarter of 2017 was 10.7% compared to 13.3% in the prior-year quarter. 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 first quarter of 2017 of $98 million was principally related to SCL.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2017 were $1.96 billion.
As of March 31, 2017, total debt outstanding, including the current portion and net of deferred financing costs (excluding those costs related to our revolving facilities) and original issue discount, was $9.79 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled $202 million, including construction, development and maintenance activities of $114 million in Macao, $56 million at Marina Bay Sands, $27 million in Las Vegas and $5 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, April 26, 2017 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, fluctuations in currency exchange rates, 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 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.
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 Venetian and The Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through 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, Sands Cotai Central, and The Parisian Macao, 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 more than 50,000 employees worldwide, driving impact through its 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.
First Quarter 2017 Results
Non-GAAP Measures
Within the company's first quarter 2017 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") including "adjusted net income," "adjusted earnings per diluted share," and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures along with "adjusted property EBITDA margin," "hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA margin," "hold-normalized adjusted net income," and "hold-normalized adjusted earnings per diluted share." The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this release are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so that investors have the same financial data that management uses in evaluating financial performance with the belief that it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income, which is a non-GAAP financial measure, excludes certain non-recurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and other income or expense, attributable to Las Vegas Sands, net of income tax. Adjusted net income and adjusted earnings per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands Corp. may not be directly comparable to similarly titled measures presented by other companies.
Hold-normalized adjusted property EBITDA, a supplemental non-GAAP financial measure, that, in addition to the aforementioned reasons for the presentation of consolidated adjusted property EBITDA, is presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period. Hold-normalized adjusted property EBITDA is based on applying a Rolling Chip win percentage of 3.15% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 3.0% to 3.3% for our Macao properties, applying a Rolling Chip win percentage of 2.85% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 2.7% to 3.0% for our Singapore property, and applying a win percentage of 22.0% for Baccarat and 20.0% for non-Baccarat games to the respective table games drops for the quarter if the actual win percentages are outside the expected ranges of 18.0% to 26.0% for Baccarat and 16.0% to 24.0% for non-Baccarat at our Las Vegas properties. No hold adjustments are made for Sands Bethlehem. We do not present adjustments for Non-Rolling Chip drop for our table games play at our Macao and Singapore properties, nor for slots at any of our properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid to third parties on the incremental win, bad debt expense, discounts and other incentives that would have been incurred when applying the win percentages noted above to the respective gaming volumes. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period.
Hold-normalized adjusted net income and hold-normalized adjusted earnings per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income and adjusted earnings per diluted share, are presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period.
The company may also present the above items on a constant currency basis. This information is a non-GAAP financial measure that is calculated by translating current quarter local currency amounts to U.S. dollars based on prior period exchange rates. These amounts are compared to the prior period to derive non-GAAP constant-currency growth/decline. Management considers non-GAAP constant-currency growth/decline to be a useful metric to investors and management as it allows a more direct comparison of current performance to historical performance.
The company also makes reference to adjusted property EBITDA margin and hold-normalized adjusted property EBITDA margin, which are calculated using the aforementioned non-GAAP financial measures.
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
Three Months Ended
March 31,
2017 2016
---- ----
Revenues:
Casino $2,404 $2,082
Rooms 406 366
Food and beverage 213 188
Mall 157 135
Convention, retail and
other 134 124
--- ---
3,314 2,895
Less -promotional
allowances (208) (178)
---- ----
3,106 2,717
Operating expenses:
Resort operations 1,962 1,804
Corporate 42 47
Pre-opening 2 9
Development 3 2
Depreciation and
amortization 321 260
Amortization of
leasehold interests in
land 10 10
(Gain) loss on disposal
or impairment of assets 3 (1)
--- ---
2,343 2,131
Operating income 763 586
Other income (expense):
Interest income 3 2
Interest expense, net of
amounts capitalized (78) (69)
Other expense (36) (47)
Loss on modification or
early retirement of
debt (5) -
--- ---
Income before income
taxes 647 472
Income tax expense (69) (63)
--- ---
Net income 578 409
Net income attributable
to noncontrolling
interests (98) (89)
--- ---
Net income attributable
to Las Vegas Sands
Corp. $480 $320
==== ====
Earnings per share:
Basic $0.60 $0.40
===== =====
Diluted $0.60 $0.40
===== =====
Weighted average shares
outstanding:
Basic 794 794
=== ===
Diluted 795 795
=== ===
Dividends declared per
common share $0.73 $0.72
===== =====
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
Three Months Ended
March 31,
2017 2016
---- ----
Net Revenues
The Venetian Macao $741 $749
Sands Cotai Central 467 530
The Parisian Macao 318 -
Four Seasons Hotel Macao and
Plaza Casino 143 148
Sands Macao 182 175
Ferry Operations and Other 41 39
--- ---
Macao Operations 1,892 1,641
Marina Bay Sands 700 604
Las Vegas Operating
Properties 434 385
Sands Bethlehem 142 139
Intersegment Eliminations (62) (52)
--- ---
$3,106 $2,717
====== ======
Adjusted Property EBITDA
The Venetian Macao $289 $268
Sands Cotai Central 143 163
The Parisian Macao 82 -
Four Seasons Hotel Macao and
Plaza Casino 51 48
Sands Macao 54 31
Ferry Operations and Other 5 8
--- ---
Macao Operations 624 518
Marina Bay Sands 365 275
Las Vegas Operating
Properties 122 87
Sands Bethlehem 36 38
--- ---
$1,147 $918
====== ====
Adjusted Property EBITDA as a
Percentage of Net Revenues
The Venetian Macao 39.0% 35.8%
Sands Cotai Central 30.6% 30.8%
The Parisian Macao 25.8% -%
Four Seasons Hotel Macao and
Plaza Casino 35.7% 32.4%
Sands Macao 29.7% 17.7%
Ferry Operations and Other 12.2% 20.5%
Macao Operations 33.0% 31.6%
Marina Bay Sands 52.1% 45.5%
Las Vegas Operating
Properties 28.1% 22.6%
Sands Bethlehem 25.4% 27.3%
Total 36.9% 33.8%
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
March 31,
Casino Statistics:
The Venetian Macao: 2017 2016
---- ----
Table games win per unit
per day (1) $13,829 $12,107
Slot machine win per unit
per day (2) $260 $270
Average number of table
games 550 643
Average number of slot
machines 1,498 1,914
Sands Cotai Central:
Table games win per unit
per day (1) $10,425 $9,708
Slot machine win per unit
per day (2) $334 $316
Average number of table
games 404 517
Average number of slot
machines 1,581 1,901
The Parisian Macao: (3)
Table games win per unit
per day (1) $8,203
Slot machine win per unit
per day (2) $248
Average number of table
games 384
Average number of slot
machines 1,540
Four Seasons Hotel Macao
and Plaza Casino:
Table games win per unit
per day (1) $14,478 $15,792
Slot machine win per unit
per day (2) $641 $459
Average number of table
games 101 99
Average number of slot
machines 126 146
Sands Macao:
Table games win per unit
per day (1) $9,241 $7,162
Slot machine win per unit
per day (2) $280 $264
Average number of table
games 207 266
Average number of slot
machines 809 916
Marina Bay Sands:
Table games win per unit
per day (1) $9,708 $7,769
Slot machine win per unit
per day (2) $653 $664
Average number of table
games 583 608
Average number of slot
machines 2,499 2,411
Las Vegas Operating
Properties:
Table games win per unit
per day (1) $4,110 $3,468
Slot machine win per unit
per day (2) $258 $258
Average number of table
games 252 244
Average number of slot
machines 1,996 2,036
Sands Bethlehem:
Table games win per unit
per day (1) $3,401 $3,455
Slot machine win per unit
per day (2) $272 $276
Average number of table
games 177 177
Average number of slot
machines 3,159 3,012
(1) Table games
win per unit
per day is
shown before
discounts
and
commissions.
(2) Slot machine
win per unit
per day is
shown before
deducting
cost for
slot points.
(3) The Parisian
Macao opened
on September
13, 2016.
Three Months Ended
March 31,
2017 2016
---- ----
Room Statistics:
The Venetian Macao:
Occupancy % 86.5% 77.7%
Average daily room rate (ADR)
(1) $209 $226
Revenue per available room
(RevPAR) (2) $181 $176
Sands Cotai Central:
Occupancy % 79.4% 77.1%
Average daily room rate (ADR)
(1) $150 $155
Revenue per available room
(RevPAR) (2) $119 $119
The Parisian Macao: (3)
Occupancy % 81.9%
Average daily room rate (ADR)
(1) $136
Revenue per available room
(RevPAR) (2) $112
Four Seasons Hotel Macao and
Plaza Casino:
Occupancy % 79.0% 69.0%
Average daily room rate (ADR)
(1) $371 $358
Revenue per available room
(RevPAR) (2) $293 $247
Sands Macao:
Occupancy % 97.9% 95.8%
Average daily room rate (ADR)
(1) $195 $207
Revenue per available room
(RevPAR) (2) $191 $198
Marina Bay Sands:
Occupancy % 96.9% 97.9%
Average daily room rate (ADR)
(1) $435 $394
Revenue per available room
(RevPAR) (2) $422 $386
Las Vegas Operating Properties:
Occupancy % 94.3% 92.1%
Average daily room rate (ADR)
(1) $268 $251
Revenue per available room
(RevPAR) (2) $253 $231
Sands Bethlehem:
Occupancy % 90.1% 90.7%
Average daily room rate (ADR)
(1) $158 $153
Revenue per available room
(RevPAR) (2) $142 $138
(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) The Parisian Macao opened on
September 13, 2016.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA and Hold-Normalized
Adjusted Property EBITDA:
Three Months Ended
March 31,
2017 2016
---- ----
Net income $578 $409
Add (deduct):
Income tax expense 69 63
Loss on modification or
early retirement of debt 5 -
Other expense 36 47
Interest expense, net of
amounts capitalized 78 69
Interest income (3) (2)
(Gain) loss on disposal or
impairment of assets 3 (1)
Amortization of leasehold
interests in land 10 10
Depreciation and
amortization 321 260
Development expense 3 2
Pre-opening expense 2 9
Stock-based compensation
(1) 3 5
Corporate expense 42 47
--- ---
Consolidated Adjusted
Property EBITDA $1,147 $918
====== ====
Hold-normalized casino
revenue (2) (14) 148
Hold-normalized casino
expense (2) 3 (29)
--- ---
Consolidated Hold-
Normalized Adjusted
Property EBITDA $1,136 $1,037
====== ======
(1) During the
three months
ended March
31, 2017 and
2016, the
company
recorded
stock-based
compensation
expense of
$10 million
and $14
million,
respectively,
of which $7
million and
$8 million,
respectively,
is included
in corporate
expense and
$1 million,
during the
three months
ended March
31, 2016, is
included in
pre-opening
and
development
expense on
the
company's
condensed
consolidated
statements
of
operations.
(2) See the
reconciliation
of Adjusted
Property
EBITDA to
Hold-
Normalized
Adjusted
Property
EBITDA.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
Three Months Ended March 31, 2017
Hold-
Normalized
Adjusted
Adjusted Hold- Hold-
Normalized Normalized
Property Casino Casino Property
EBITDA Revenue (1) Expense (2) EBITDA
------ ---------- ---------- ------
Macao Operations $624 $(41) $9 $592
Marina Bay Sands 365 29 (6) 388
United States:
Las Vegas Operating
Properties 122 (2) - 120
Sands Bethlehem 36 - - 36
--- --- ---
$1,147 $(14) $3 $1,136
====== ==== === ======
Three Months Ended March 31, 2016
Hold-
Normalized
Adjusted
Adjusted Hold- Hold-
Normalized Normalized
Property Casino Casino Property
EBITDA Revenue (1) Expense (2) EBITDA
------ ---------- ---------- ------
Macao Operations $518 $ - $ - $518
Marina Bay Sands 275 135 (27) 383
United States:
Las Vegas Operating
Properties 87 13 (2) 98
Sands Bethlehem 38 - - 38
--- --- ---
$918 $148 $(29) $1,037
==== ==== ==== ======
(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
3.15% for
Macao
Operations
and 2.85%
for Marina
Bay Sands.
This
calculation
will only be
applied if
the current
period win
percentage
is outside
the expected
range of
3.0% to 3.3%
for Macao
Operations
and 2.7% to
3.0% for
Marina Bay
Sands. The
company
revised the
expected
target and
range for
its Macao
Operations
due to the
Rolling win
percentage
experienced
over the
last several
years. The
prior year
non-GAAP
measurement
for our
Macao
Operations
has also
been
adjusted to
reflect this
change for
comparison
purposes.
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
22.0% for
Baccarat and
20.0% for
non-
Baccarat.
This
calculation
will only be
applied if
the current
period win
percentages
for Baccarat
and non-
Baccarat are
outside the
expected
ranges of
18.0% to
26.0% and
16.0% to
24.0%,
respectively.
The company
revised the
expected
target and
range for
its Las
Vegas
Operating
Properties
due to the
win
percentage
experienced
over the
last several
years. The
prior year
non-GAAP
measurement
has also
been
adjusted to
reflect this
change for
comparison
purposes.
For Sands
Bethlehem,
no
adjustments
have been
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 Reconciliation
(In millions, except per share data)
(Unaudited)
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Net Income
and Hold-Normalized Adjusted Net Income:
Three Months Ended
March 31,
2017 2016 (1)
---- -------
Net income attributable to
Las Vegas Sands Corp. $480 $320
Pre-opening expense 2 9
Development expense 3 2
(Gain) loss on disposal or
impairment of assets 3 (1)
Other expense 36 47
Loss on modification or early
retirement of debt 5 -
Income tax impact on net
income adjustments (2) - -
Noncontrolling interest
impact on net income
adjustments (2) (2)
--- ---
Adjusted net income $527 $375
==== ====
Hold-normalized casino
revenue (3) (14) 148
Hold-normalized casino
expense (3) 3 (29)
Income tax impact on hold
adjustments (2) (3) (22)
Noncontrolling interest
impact on hold adjustments 10 -
--- ---
Hold-normalized adjusted net
income $523 $472
==== ====
The following is a reconciliation of Diluted Earnings per Share to Adjusted Earnings per Diluted Share and
Hold-Normalized Adjusted Earnings per Diluted Share:
Three Months Ended
March 31,
2017 2016 (1)
---- -------
Per diluted share of common
stock:
Net income attributable to
Las Vegas Sands Corp. $0.60 0.40
Pre-opening expense - 0.01
Development expense - -
(Gain) loss on disposal or
impairment of assets - -
Other expense 0.05 0.06
Loss on modification or early
retirement of debt 0.01 -
Income tax impact on net
income adjustments - -
Noncontrolling interest
impact on net income
adjustments - -
--- ---
Adjusted earnings per diluted
share $0.66 $0.47
===== =====
Hold-normalized casino
revenue (0.01) 0.19
Hold-normalized casino
expense - (0.04)
Income tax impact on hold
adjustments - (0.03)
Noncontrolling interest
impact on hold adjustments 0.01 -
---- ---
Hold-normalized adjusted
earnings per diluted share $0.66 $0.59
===== =====
Weighted average diluted
shares outstanding 795 795
=== ===
(1) The information for the three
months ended March 31, 2016,
has been updated to conform to
the current presentation.
(2) The income tax impact for each
adjustment is derived by
applying the effective tax
rate, including current and
deferred income tax expense,
based upon the jurisdiction and
the nature of the adjustment.
(3) See the reconciliation of
Adjusted Property EBITDA to
Hold-Normalized Adjusted
Property EBITDA.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-first-quarter-2017-results-300446552.html
SOURCE Las Vegas Sands Corp.
