0000950142-12-000980.txt : 20120425 0000950142-12-000980.hdr.sgml : 20120425 20120425161013 ACCESSION NUMBER: 0000950142-12-000980 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120425 DATE AS OF CHANGE: 20120425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAS VEGAS SANDS CORP CENTRAL INDEX KEY: 0001300514 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 270099920 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32373 FILM NUMBER: 12779727 BUSINESS ADDRESS: STREET 1: 3355 LAS VEGAS BOULEVARD, SOUTH STREET 2: ROOM 1A CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: (702) 414-1000 MAIL ADDRESS: STREET 1: 3355 LAS VEGAS BOULEVARD, SOUTH STREET 2: ROOM 1A CITY: LAS VEGAS STATE: NV ZIP: 89109 8-K 1 eh1200585_8k.htm FORM 8-K eh1200585_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported)         April 25, 2012
 
 
LAS VEGAS SANDS CORP.
(Exact name of registrant as specified in its charter)
 
NEVADA
(State or other jurisdiction of incorporation)
 
001-32373
 
27-0099920
(Commission File Number)
(IRS Employer Identification No.)
   
3355 LAS VEGAS BOULEVARD SOUTH
LAS VEGAS, NEVADA
 
89109
(Address of principal executive offices)
(Zip Code)
 
 (702) 414-1000
 (Registrant’s Telephone Number, Including Area Code)
 
NOT APPLICABLE
 (Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The following information is being furnished under Item 2.02 — Results of Operations and Financial Condition.

On April 25, 2012, Las Vegas Sands Corp. (the “Company”) issued a press release announcing its results of operations for the first quarter ended March 31, 2012. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.

Within the Company’s first quarter 2012 press release, the Company makes reference to certain non-GAAP financial measures including “adjusted net income,” “adjusted earnings per diluted share,” and “adjusted property EBITDA,” which have directly comparable generally accepted accounting principles ("GAAP") financial measures. The Company believes that these measures represent important internal measures of financial performance. 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 the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition, results of operations and cash flows are as follows:

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 gaming companies, as these non-GAAP measures are considered by many as an alternative measure on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations. Accordingly, these non-GAAP 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 property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes adjusted property EBITDA to compare the operating profitability of its casinos with those of its competitors, as well as a basis for determining certain incentive compensation. The Company is also presenting adjusted property EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported 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, gaming companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific casino properties, such as pre-opening expense, development expense and corporate expense, from their EBITDA calculations. When evaluating adjusted property EBITDA, investors should consider, among other factors, (1) increasing or decreasing trends in adjusted property EBITDA and (2) how adjusted property EBITDA compares to levels of debt and interest expense. However, 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, interest payments and debt principal repayments, which are not reflected in adjusted property EBITDA. Not all companies calculate EBITDA in the same manner. As a result, adjusted property EBITDA as presented by Las Vegas Sands Corp. may not be directly comparable to similarly titled measures presented by other companies. Adjusted property EBITDA consists of adjusted EBITDA for a particular property, such as The Venetian and The Palazzo in Las Vegas, The Venetian Macao, the Sands Macao and the Four Seasons Hotel Macao and Plaza Casino in Macao and the Marina Bay Sands in Singapore. Accordingly, the measures are presented so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in properly assessing the underlying performance of the Company on a year-over-year and a quarter sequential basis.

ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS.
 
(d)
Exhibits.
99.1
Press Release, dated April 25, 2012.


 
 
 
 
  
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Dated:  April 25, 2012
 
 
LAS VEGAS SANDS CORP.
  
     
       
 
By:
/s/ Kenneth J. Kay  
    Name:   Kenneth J. Kay  
    Title:     Executive Vice President and  
                  Chief Financial Officer  
 
 

 
 
 
 
 

 
 
 
 
 
INDEX TO EXHIBITS

 



 
 
 
 
 
 
 
 EX-99.1 2 eh1200585_ex9901.htm EXHIBIT 99.1 eh1200585_ex9901.htm
EXHIBIT 99.1
 

  graphic
Press Release


Las Vegas Sands Reports All-Time Industry
Record $1.07 Billion Adjusted Property EBITDA
Quarter

 
Adjusted Diluted EPS Jumps 89.2% to Record $0.70

Second Quarterly Dividend of $0.25 per share Declared

Adjusted Property EBITDA Soars 43.0% to Industry Record $1.07 Billion

Company Record 11th Consecutive Quarter of Adjusted Property EBITDA Growth

In the First Quarter of 2012 Compared to the First Quarter of 2011:

—  
Adjusted Property EBITDA Increases Achieved by Every Property in Global Portfolio
—  
Net Revenue Increased 30.8% to Industry-Wide Record of $2.76 Billion
—  
Consolidated Adjusted Property EBITDA Margin Expanded 330 Basis Points to 38.6%
—  
Marina Bay Sands Adjusted Property EBITDA Increased 66.1% to Record $472.5 Million
—  
Macao Property Operations Adjusted Property EBITDA Increased 20.6% to Record $456.4 Million


Las Vegas, NV (April 25, 2012) — Las Vegas Sands Corp. (NYSE: LVS) today reported record financial results for the quarter ended March 31, 2012.

First Quarter Overview

We are extremely pleased to report record financial results for the first quarter of 2012. Strong growth and EBITDA margins at our Macao property portfolio, together with continued growth at Marina Bay Sands in Singapore and a strong performance from our domestic properties contributed to record revenue, operating income, adjusted property EBITDA and adjusted earnings per share for the quarter.

In Macao, we generated significantly stronger gaming volumes across our property portfolio, while adjusted property EBITDA reached a record $456.4 million with an adjusted property EBITDA margin
 
 
1
 
 
of 32.1%.  Strong growth of our higher margin mass table and slot businesses, together with the contribution from the important non-gaming (hotel, retail, mall and convention) components of our Integrated Resort business model, continue to drive revenue and EBITDA growth.  We are also pleased to report that the initial investments we have made to expand our offerings in the VIP segment were clearly evident in our quarterly operating results, with the Four Seasons Hotel Macao and Plaza Casino increasing its Rolling Chip volume by over 220% compared to the same quarter last year and generating a record quarterly EBITDA of $67.5 million.  We expect to realize additional benefits from our initiatives in the VIP segment in the future, as we roll out additional enhanced VIP facilities and service offerings throughout our property portfolio in Macao.

We are extremely gratified to have successfully opened on April 11th the first phase of the largest Integrated Resort development in the company’s history, Sands Cotai Central.  Located at the center of the COTAI Strip and directly across from The Venetian Macao and the Four Seasons Hotel Macao and Plaza Casino, Sands Cotai Central has added substantial scale to the COTAI Strip and features amenities and attractions designed to broaden and deepen Macao’s appeal as a destination for business and leisure travelers.  Importantly, Sands Cotai Central will include at completion approximately 6,400 hotel rooms, a vital component for the future growth and continued maturation of the meetings, incentive, convention and exhibition business in Macao.  We are confident that Sands Cotai Central will meaningfully contribute to important multi-night business and leisure visitation to Macao and will provide an outstanding platform for growth for our company.
 
In Singapore, Marina Bay Sands produced a record $472.5 million of adjusted property EBITDA during the quarter and an EBITDA margin of 55.7%.  Strong growth in VIP, mass gaming and slot volumes coupled with continued growth in visitation and non-gaming revenue streams including hotel, food and beverage, retail and entertainment reflect the broad appeal of the property to Singapore’s visitors from across the Asian region.  Looking ahead, as Singapore’s complementary business and leisure tourism offerings and transportation infrastructure continue to expand, we are confident that Marina Bay Sands will continue to generate outstanding returns for our company.

In Las Vegas, The Venetian and Palazzo generated $115.8 million in adjusted property EBITDA during the quarter, up 77.6% compared to the first quarter last year.  Table games drop was up 27.8% during the quarter reflecting strong baccarat play.  Slot handle was also up 18.8%.  Sands Bethlehem produced a record quarter with $27.5 million in adjusted property EBITDA.  The property continues to benefit from growth in slot handle, table games play, and hotel revenues.

The reliable and predictable nature of the cash flows generated by our Integrated Resort business model, the successful execution of our deleveraging strategy, and the healthy margin profile of our property portfolio remain evident in our financial results.  While we again achieved quarterly records for net revenue and adjusted property EBITDA, we are also pleased that the flow through to earnings remained strong, with adjusted earnings per diluted share increasing 89.2% to reach a record $0.70, compared to $0.37 in the quarter one year ago.

The board of directors of Las Vegas Sands has declared a cash dividend of $0.25 per common share to be paid on June 29, 2012 to shareholders of record as of June 20, 2012.


Company-Wide Operating Results

Net revenue for the first quarter of 2012 was a record $2.76 billion, an increase of 30.8% compared to $2.11 billion in the first quarter of
 
 
2
 
 
2011. Consolidated adjusted property EBITDA in the first quarter of 2012 increased 43.0% to a record $1.07 billion, compared to $745.7 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 330 basis points to 38.6% in the first quarter of 2012, compared to 35.3% in the first quarter of 2011.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2012 increased 45.6% to reach $707.6 million, compared to $485.9 million in the first quarter of 2011. The increase in operating income was principally due to stronger results across our portfolio of properties in Macao and at Marina Bay Sands in Singapore.

Adjusted net income (see Note 1) increased to $569.8 million, or $0.70 per diluted share, compared to $299.4 million, or $0.37 per diluted share, in the first quarter of 2011.

On a GAAP basis, net income attributable to common stockholders in the first quarter of 2012 increased 118.7% to $498.9 million, compared to $228.2 million in the first quarter of 2011, while diluted earnings per share in the first quarter of 2012 increased 117.9% to $0.61, compared to $0.28 in the prior year quarter. The improvement in our net income attributable to common stockholders reflected the increase in operating income and the discontinuation of preferred stock dividends and the accretion of preferred stock resulting from the retirement of the company’s outstanding preferred stock in November 2011, partially offset by an impairment loss.


Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 25.0% to $1.45 billion in the first quarter of 2012, compared to $1.16 billion in the first quarter of 2011. Adjusted property EBITDA for Sands China Ltd. increased 20.5% to $450.6 million in the first quarter of 2012, compared to $373.8 million in the first quarter of 2011. Net income for Sands China Ltd. increased 5.8% to $277.4 million in the first quarter of 2012, compared to $262.1 million in the first quarter of 2011.


The Venetian Macao First Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered record adjusted property EBITDA of $281.9 million, an increase of 23.4% compared to $228.4 million in the first quarter of 2011. Adjusted property EBITDA margin was 36.5% in the first quarter of 2012. The Venetian delivered solid growth in gaming volumes in each segment of the business. Non-Rolling Chip drop was a record $1.11 billion for the quarter, an increase of 12.7% compared to the same quarter last year, while Non-Rolling Chip win percentage was 30.7%. Rolling Chip volume during the quarter increased 11.4% to a record $13.80 billion. Slot handle was a record $1.24 billion, an increase of 67.0% compared to the quarter one year ago.  RevPAR increased 15.7% to a record $228 due to higher ADR and occupancy.

The following table summarizes the key operating results for The Venetian Macao for the first quarter of 2012 compared to the first quarter of 2011:



 
3
 
 
 
   
Three Months Ended
        
The Venetian Macao Operations
  
March 31,
        
(Dollars in millions)
  
2012
    
2011
    
$ Change
    
Change
  
Revenues:
                        
Casino
   $ 673.9     $ 553.4     $ 120.5       21.8%  
Rooms
     59.0       50.2       8.8       17.5%  
Food and Beverage
     22.5       18.3       4.2       23.0%  
Mall
     26.1       23.0       3.1       13.5%  
Convention, Retail and Other
     23.1       13.6       9.5       69.9%  
Less - Promotional Allowances
     (31.8 )     (20.2 )     (11.6 )     -57.4%  
Net Revenues
   $ 772.8     $ 638.3     $ 134.5       21.1%  
                                 
Adjusted Property EBITDA
   $ 281.9     $ 228.4     $ 53.5       23.4%  
EBITDA Margin %
     36.5%       35.8%            
0.7 pts
  
                                 
Operating Income
   $ 198.6     $ 180.8     $ 17.8       9.8%  
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
                                 
Rolling Chip Volume
   $ 13,801.6     $ 12,389.0     $ 1,412.6       11.4%  
Rolling Chip Win %(1)
     2.93%       2.69%            
0.24 pts
  
                                 
Non-Rolling Chip Drop
   $ 1,105.6     $ 980.6     $ 125.0       12.7%  
Non-Rolling Chip Win %(2)
     30.7%       27.9%            
2.8 pts
  
                                 
Slot Handle
   $ 1,240.8     $ 743.1     $ 497.7       67.0%  
Slot Hold %(3)
     5.6%       6.9%            
-1.3 pts
  
                                 
Hotel Statistics
                                
                                 
Occupancy %
     93.4%       86.5%            
6.9 pts
  
Average Daily Rate (ADR)
   $ 244     $ 227     $ 17       7.5%  
Revenue per Available Room (RevPAR)
   $ 228     $ 197     $ 31       15.7%  

(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to The Venetian Macao’s trailing 12 month Non-Rolling Chip win percentage of 27.3% (calculated before discounts).
(3)This compares to The Venetian Macao’s trailing 12 month slot hold percentage of 6.4% (calculated before slot club cash incentives).


Sands Macao First Quarter Operating Results

Sands Macao’s adjusted property EBITDA increased 15.6% to $107.0 million with adjusted property EBITDA margin of 30.6%. Non-Rolling Chip drop increased to $707.8 million, the strongest performance since the first quarter of 2008. Slot handle increased 52.1% to a record $663.2 million.  Rolling Chip volume was $6.43 billion for the quarter while Rolling Chip win percentage for the quarter was 3.73%.

The following table summarizes our key operating results for the Sands Macao for the first quarter of 2012 compared to the first quarter of 2011:
 
 
4
 
 
   
Three Months Ended
        
Sands Macao Operations
  
March 31,
        
(Dollars in millions)
  
2012
    
2011
    
$ Change
    
Change
  
Revenues:
                        
Casino
   $ 341.1     $ 315.7     $ 25.4       8.0%  
Rooms
     6.2       5.5       0.7       12.7%  
Food and Beverage
     9.3       10.0       (0.7 )     -7.0%  
Convention, Retail and Other
     2.6       2.4       0.2       8.3%  
Less - Promotional Allowances
     (10.1 )     (10.8 )     0.7       6.5%  
Net Revenues
   $ 349.1     $ 322.8     $ 26.3       8.1%  
                                 
Adjusted Property EBITDA
   $ 107.0     $ 92.6     $ 14.4       15.6%  
EBITDA Margin %
     30.6%       28.7%            
1.9 pts
  
                                 
Operating Income
   $ 98.5     $ 83.9     $ 14.6       17.4%  
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
                                 
Rolling Chip Volume
   $ 6,433.5     $ 8,269.4     $ (1,835.9 )     -22.2%  
Rolling Chip Win %(1)
     3.73%       2.75%            
0.98 pts
  
                                 
Non-Rolling Chip Drop
   $ 707.8     $ 688.7     $ 19.1       2.8%  
Non-Rolling Chip Win %(2)
     21.2%       20.3%            
0.9 pts
  
                                 
Slot Handle
   $ 663.2     $ 435.9     $ 227.3       52.1%  
Slot Hold %(3)
     4.4%       6.5%            
-2.1 pts
  
                                 
Hotel Statistics
                                
                                 
Occupancy %
     93.8%       84.9%            
8.9 pts
  
Average Daily Rate (ADR)
   $ 252     $ 251     $ 1       0.4%  
Revenue per Available Room (RevPAR)
   $ 236     $ 213     $ 23       10.8%  

(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to the Sands Macao’s trailing 12 month Non-Rolling Chip win percentage of 20.5% (calculated before discounts).
(3)This compares to the Sands Macao’s trailing 12 month slot hold percentage of 5.5% (calculated before slot club cash incentives).


Four Seasons Hotel Macao and Plaza Casino First Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated record adjusted property EBITDA of $67.5 million in the first quarter of 2012, an increase of 17.4% compared to the $57.5 million for the first quarter of 2011. Rolling Chip volume reached a record $12.70 billion for the quarter, an increase of 221.8% compared to the first quarter of 2011. Slot handle continued to expand, reaching $198.2 million, an increase of 5.7% compared to last year’s first quarter. Non-Rolling Chip drop increased to $105.9 million while Non-Rolling Chip win was up 33.7% compared to the year-ago quarter.  The non-gaming offerings of the property continued to exhibit healthy growth, with increases in occupancy and RevPAR, while mall revenue was $10.5 million, a 98.1% increase compared to last year’s first quarter.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the first quarter of 2012 compared to the first quarter of 2011:

 
5
 

   
Three Months Ended
        
Four Seasons Hotel Macao and Plaza Casino Operations
  
March 31,
        
(Dollars in millions)
  
2012
    
2011
    
$ Change
    
Change
  
Revenues:
                        
Casino
   $ 282.9     $ 160.8     $ 122.1       75.9%  
Rooms
     10.1       7.5       2.6       34.7%  
Food and Beverage
     6.8       5.0       1.8       36.0%  
Mall
     10.5       5.3       5.2       98.1%  
Convention, Retail and Other
     0.7       0.5       0.2       40.0%  
Less - Promotional Allowances
     (11.4 )     (7.0 )     (4.4 )     -62.9%  
Net Revenues
   $ 299.6     $ 172.1     $ 127.5       74.1%  
                                 
Adjusted Property EBITDA
   $ 67.5     $ 57.5     $ 10.0       17.4%  
EBITDA Margin %
     22.5%       33.4%            
-10.9 pts
  
                                 
Operating Income
   $ 53.4     $ 42.7     $ 10.7       25.1%  
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
                                 
Rolling Chip Volume
   $ 12,703.2     $ 3,948.0     $ 8,755.2       221.8%  
Rolling Chip Win %(1)
     2.83%       3.90%            
-1.07 pts
  
                                 
Non-Rolling Chip Drop
   $ 105.9     $ 82.4     $ 23.5       28.5%  
Non-Rolling Chip Win %(2)
     41.7%       40.1%            
1.6 pts
  
                                 
Slot Handle
   $ 198.2     $ 187.5     $ 10.7       5.7%  
Slot Hold %(3)
     6.0%       6.5%            
-0.5 pts
  
                                 
Hotel Statistics
                                
                                 
Occupancy %
     82.3%       64.6%            
17.7 pts
  
Average Daily Rate (ADR)
   $ 360     $ 341     $ 19       5.6%  
Revenue per Available Room (RevPAR)
   $ 296     $ 220     $ 76       34.5%  

(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to the Plaza Casino’s trailing 12 month Non-Rolling Chip win percentage of 40.3% (calculated before discounts).
 (3)This compares to the Plaza Casino’s trailing 12 month slot hold percentage of 5.7% (calculated before slot club cash incentives).


Marina Bay Sands First Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $472.5 million for the first quarter of 2012, an increase of 66.1% compared to $284.5 million in the first quarter of 2011. Adjusted property EBITDA margin was 55.7% for the quarter.

Gaming volumes reflected strong growth in each segment of the business. Rolling Chip volume increased 26.4% to reach $12.80 billion for the quarter while Rolling Chip win percentage was 3.58%.  Non-Rolling Chip drop increased 18.3% to reach $1.17 billion with a Non-Rolling Chip win percentage of 22.2%. Slot handle increased 34.2% to reach $2.74 billion for the quarter with slot hold percentage of 5.4%. Total mass win per day during the quarter increased 21.5% to reach $4.47 million, compared to $3.68 million in the first quarter of 2011.
 
 
6
 
 
The high margin hotel room and mall segments of the property both reflected strong revenue growth of 38.2% and 25.0%, respectively, as the property’s full complement of offerings and amenities continued to mature.  Occupancy and ADR both expanded during the quarter, driving a RevPAR increase of 36.2% compared to the same quarter last year.

The following table summarizes our key operating results for Marina Bay Sands for the first quarter of 2012 compared to the first quarter of 2011:

   
Three Months Ended
        
Marina Bay Sands Operations
  
March 31,
        
(Dollars in millions)
  
2012
    
2011
    
$ Change
    
Change
  
Revenues:
                        
Casino
   $ 701.3     $ 464.4     $ 236.9       51.0%  
Rooms
     77.1       55.8       21.3       38.2%  
Food and Beverage
     47.1       43.2       3.9       9.0%  
Mall
     34.5       27.6       6.9       25.0%  
Convention, Retail and Other
     29.8       25.7       4.1       16.0%  
Less - Promotional Allowances
     (41.1 )     (31.8 )     (9.3 )     -29.2%  
Net Revenues
   $ 848.7     $ 584.9     $ 263.8       45.1%  
                                 
Adjusted Property EBITDA
   $ 472.5     $ 284.5     $ 188.0       66.1%  
EBITDA Margin %
     55.7%       48.6%            
7.1 pts
  
                                 
Operating Income
   $ 373.2     $ 196.7     $ 176.5       89.7%  
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
                                 
Rolling Chip Volume
   $ 12,804.5     $ 10,132.3     $ 2,672.2       26.4%  
Rolling Chip Win %(1)
     3.58%       2.56%            
1.02 pts
  
                                 
Non-Rolling Chip Drop
   $ 1,167.0     $ 986.4     $ 180.6       18.3%  
Non-Rolling Chip Win %(2)
     22.2%       22.6%            
-0.4 pts
  
                                 
Slot Handle
   $ 2,740.6     $ 2,041.8     $ 698.8       34.2%  
Slot Hold %(3)
     5.4%       5.3%            
0.1 pts
  
                                 
Hotel Statistics
                                
                                 
Occupancy %
     98.4%       86.3%            
12.1 pts
  
Average Daily Rate (ADR)
   $ 341     $ 285     $ 56       19.6%  
Revenue per Available Room (RevPAR)
   $ 335     $ 246     $ 89       36.2%  
 
(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to Marina Bay Sands trailing 12 month Non-Rolling Chip win percentage of 23.0% (calculated before discounts).
(3)This compares to Marina Bay Sands trailing 12 month slot hold percentage of 5.3% (calculated before slot club cash incentives).


Las Vegas First Quarter Operating Results

The Venetian and The Palazzo delivered adjusted property EBITDA of $115.8 million for the first quarter of 2012, an increase of 77.6% compared to the $65.2 million generated in the first quarter of 2011. Adjusted property EBITDA margin was 30.1% for the quarter. Strong baccarat play drove a 27.8% increase in table games drop to $609.0 million. Stronger group meeting and convention business during the quarter drove a 4.9% increase in cash hotel ADR.

 
7
 
 
The following table summarizes our key operating results for our Las Vegas operations for the first quarter of 2012 compared to the first quarter of 2011:

   
Three Months Ended
        
Las Vegas Operations
  
March 31,
        
(Dollars in millions)
  
2012
    
2011
    
$ Change
    
Change
  
Revenues:
                        
Casino
   $ 158.7     $ 83.1     $ 75.6       91.0%  
Rooms
     113.4       112.9       0.5       0.4%  
Food and Beverage
     61.0       64.0       (3.0 )     -4.7%  
Convention, Retail and Other
     74.7       63.5       11.2       17.6%  
Less - Promotional Allowances
     (23.2 )     (18.4 )     (4.8 )     -26.1%  
Net Revenues
   $ 384.6     $ 305.1     $ 79.5       26.1%  
                                 
Adjusted Property EBITDA
   $ 115.8     $ 65.2     $ 50.6       77.6%  
EBITDA Margin %
     30.1%       21.4%            
8.7 pts
  
                                 
Operating Income
   $ 87.7     $ 31.3     $ 56.4       180.2%  
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
                                 
Table Games Drop
   $ 609.0     $ 476.6     $ 132.4       27.8%  
Table Games Win %(1)
     24.0%       13.3%            
10.7 pts
  
                                 
Slot Handle
   $ 483.8     $ 407.3     $ 76.5       18.8%  
Slot Hold %(2)
     8.5%       8.5%            
0.0 pts
  
                                 
Hotel Statistics
                                
                                 
Occupancy %
     83.4%       83.9%            
-0.5 pts
  
Average Daily Rate (ADR)
   $ 214     $ 212     $ 2       0.9%  
Revenue per Available Room (RevPAR)
   $ 178     $ 178     $ 0       0.0%  
                                 
(1)  This compares to our Las Vegas Operation’s trailing 12 month table games win percentage of 17.9% (calculated before discounts).
(2)  This compares to our Las Vegas Operation’s trailing 12 month slot hold percentage of 8.7% (calculated before slot club cash incentives).


Sands Bethlehem First Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $115.6 million and adjusted property EBITDA reached $27.5 million for the first quarter of 2012. Table games drop was $201.5 million for the quarter, an increase of 69.3% compared to the quarter one year ago, while table games win percentage was 14.9%. Slot handle increased 17.3% to reach $1.03 billion for the quarter with slot hold percentage of 7.3%. The property’s 300-room hotel tower opened on May 27, 2011, and contributed $1.9 million of room revenue during the quarter ended March 31, 2012. The hotel, together with the addition of the retail mall, the first phase of which opened in November 2011, and the events center, which will debut in May 2012, should contribute to future growth of both gaming and non-gaming offerings at the property.
 
 
8
 
 
The following table summarizes our key operating results for Sands Bethlehem for the first quarter of 2012 compared to the first quarter of 2011:

   
Three Months Ended
        
Sands Bethlehem Operations
  
March 31,
        
(Dollars in millions)
  
2012
    
2011(1)
    
$ Change
    
Change
  
Revenues:
                        
Casino
   $ 108.7     $ 87.1     $ 21.6       24.8%  
Rooms
     1.9       N/A       1.9       N/A  
Food and Beverage
     6.7       5.0       1.7       34.0%  
Mall
     0.3       N/A       0.3       N/A  
Convention, Retail and Other
     3.8       2.6       1.2       46.2%  
Less - Promotional Allowances
     (5.8 )     (3.7 )     (2.1 )     -56.8%  
Net Revenues
   $ 115.6     $ 91.0     $ 24.6       27.0%  
                                 
Adjusted Property EBITDA
   $ 27.5     $ 22.1     $ 5.4       24.4%  
EBITDA Margin %
     23.8%       24.3%            
-0.5 pts
  
                                 
Operating Income
   $ 18.2     $ 14.1     $ 4.1       29.1%  
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
                                 
Table Games Drop
   $ 201.5     $ 119.0     $ 82.5       69.3%  
Table Games Win %(2)
     14.9%       16.7%            
-1.8 pts
  
                                 
Slot Handle
   $ 1,033.7     $ 881.4     $ 152.3       17.3%  
Slot Hold %(3)
     7.3%       7.4%            
-0.1 pts
  
                                 
Hotel Statistics
                                
                                 
Occupancy %
     50.3%    
NA
       N/A       N/A  
Average Daily Rate (ADR)
   $ 139     NA       N/A       N/A  
Revenue per Available Room (RevPAR)
   $ 70     NA       N/A       N/A  
                                 
(1)  The hotel tower opened on May 27, 2011 and the first phase of the retail mall opened on November 1, 2011.
(2)  This compares to Sands Bethlehem’s trailing 12 month table games win percentage of 14.8% (calculated before discounts).
(3) This compares to Sands Bethlehem’s trailing 12 month slot hold percentage of 7.2% (calculated before slot club cash incentives).


Retail Mall Operations

Gross revenue from tenants in the company’s retail malls at The Venetian Macao, the Four Seasons Macao and Marina Bay Sands in Singapore reached $71.1 million for the first quarter of 2012, an increase of 27.3% compared to the first quarter of 2011.  Operating profit derived from these retail mall assets increased 25.2% for the quarter to reach $55.2 million.


 
 
9
 
 
 
    For The Three Months Ended March 31, 2012    
LTM
March 31,
2012
  
(Dollars in millions
except per square foot data)
  
Gross Revenue
    
Operating
Profit1
    
Operating
Profit
Margin
    
Gross
Leasable
Area
(sq. ft.)
     Occupancy
% at End
of Period
    
Tenant
Sales Per
Sq. Ft.2
  
                                     
The Grand Canal Shoppes at The
Venetian Macao
   $ 26.1     $ 20.5       78.5%       817,361       89.8%     $ 1,121  
                                                 
The Shoppes at Four Seasons
                                                
Luxury Retail
     6.7       5.9       88.1%       87,063       100.0%       5,989  
Other Stores
     3.8       2.9       76.3%       102,019       84.4%       1,108  
Total
     10.5       8.8       83.8%       189,082       91.6%       3,744  
                                                 
The Shoppes at Marina Bay Sands
     34.5       25.9       75.1%       629,982       94.9%       1,302  
                                                 
Total
   $ 71.1     $ 55.2       77.6%       1,636,425       92.0%     $ 1,526  

(1)  Operating profit excludes bad debt credit of $0.2 million at The Grand Canal Shoppes at The Venetian Macao and bad debt expense of $0.2 million at The Shoppes at Four Seasons. No bad debt expense was recorded for the quarter at The Shoppes at Marina Bay Sands.
(2)  Tenant sales per square foot reflects sales from tenants only after the tenant has been open for a period of 12 months.


Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of our CotaiJet ferry operation, was negative $5.7 million during the quarter.

Pre-opening expenses, related primarily to Sands Cotai Central on the COTAI Strip in Macao, increased to $51.5 million in the first quarter of 2012, compared to $9.5 million in the first quarter of 2011.

Depreciation and amortization expense was $194.7 million in the first quarter of 2012, compared to $190.2 million in the first quarter of 2011.

Interest expense, net of amounts capitalized, was $64.7 million for the first quarter of 2012, compared to $73.6 million during the first quarter of 2011. The decrease was principally the result of a lower average borrowing cost as well as lower debt balances outstanding in the quarter compared to the first quarter of 2011.  Capitalized interest was $22.1 million during the first quarter of 2012, compared to $30.6 million during the first quarter of 2011.  Our weighted average borrowing cost in the first quarter of 2012 was 3.3%.

Corporate expense was $49.0 million in the first quarter of 2012, compared to $37.6 million in the first quarter of 2011. The increase was primarily driven by higher legal fees.

The company recorded an impairment loss of $42.9 million related to the closing of the entertainment show Zaia at The Venetian Macao.

Other expense, which was principally composed of foreign currency losses, was $3.4 million in the first quarter of 2012, compared to $4.7 million in the first quarter of 2011.

 
10
 
 
The company’s effective tax rate for the first quarter of 2012 was 9.8%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the first quarter of 2012 of $80.2 million was principally related to Sands China Ltd.


Balance Sheet Items

Unrestricted cash balances as of March 31, 2012, were $4.06 billion, while restricted cash balances were $7.3 million.

As of March 31, 2012, total debt outstanding, including the current portion, was $9.9 billion. Total principal payments for the remainder of 2012 and the full year 2013, which principally relate to our Singapore Credit Facility, are approximately $352.0 million and $543.4 million, respectively.

During the quarter, the company elected to redeem all of its outstanding 6.375% Senior Notes due 2015 at a total cash cost of $193.2 million, which included accrued interest through the redemption date.


Capital Expenditures

Capital expenditures during the first quarter totaled $398.3 million, including construction and development activities of $305.3 million in Macao, $62.4 million at Marina Bay Sands, $21.6 million in Las Vegas and $9.0 million at Sands Bethlehem.



###

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, April 25, 2012 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.lasvegassands.com.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

 
11
 
 
Note 1

Adjusted net income excludes pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder’s family, and preferred stock inducement, repurchase and redemption premiums.

 
About Las Vegas Sands

Las Vegas Sands (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (Integrated Resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.
 
THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, and SANDS® Bethlehem in Eastern Pennsylvania are the company's properties in the United States.
MARINA BAY SANDS® is the company's iconic Integrated Resort in Singapore's downtown Marina Bay district.

Through its majority-owned subsidiary Sands China Ltd., the company also owns a portfolio of properties on Macao's COTAISTRIP®, including THE VENETIAN® Macao, Four Seasons Hotel Macao, and Sands Cotai Central, a 13.7 million square foot 6,400-room Integrated Resort, the first phase of which debuted in April 2012. The company also owns the SANDS® Macao on the Macao Peninsula.

Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360 program and is an active community partner through its various charitable organizations.


Contacts:

Investment Community:
Sam Levenson
(702) 414-1228
Daniel Briggs
  
(702) 414-1221
     
Media:
Ron Reese
(702) 414-3607



Las Vegas Sands Corp.
First Quarter 2012 Results
Non-GAAP Reconciliations
 

Within the company’s first quarter 2012 press release, the company makes reference to certain non-GAAP financial measures including “adjusted net income,” “adjusted earnings per diluted share,” and “adjusted property EBITDA.”  Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K.  The specific reasons why the company’s management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.’s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.
 


 
12
 

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, impairment loss, pre-opening expense, development expense, royalty fees, stock-based compensation, and corporate expense.  Reconciliations of GAAP operating income and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA are included in the financial schedules accompanying this release.


 
 
 
 
 
 
 
 
13
 
 
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
 
   
Three Months Ended
  
   
March 31,
  
   
2012
    
2011
  
             
Revenues:
            
Casino
   $ 2,266,493     $ 1,664,489  
Rooms
     267,727       231,974  
Food and beverage
     153,455       145,393  
Mall
     71,418       55,865  
Convention, retail and other
     129,717       108,790  
      2,888,810       2,206,511  
Less - promotional allowances
     (126,068 )     (94,592 )
      2,762,742       2,111,919  
                 
Operating expenses:
                
Resort operations
     1,705,398       1,374,480  
Corporate
     48,955       37,576  
Pre-opening
     51,459       9,471  
Development
     1,198       573  
Depreciation and amortization
     194,747       190,237  
Amortization of leasehold interests in land
     9,945       13,156  
Impairment loss
     42,893       -  
Loss on disposal of assets
     593       499  
      2,055,188       1,625,992  
                 
Operating income
     707,554       485,927  
                 
Interest income
     5,648       2,047  
Interest expense, net of amounts capitalized
     (64,672 )     (73,585 )
Other expense
     (3,419 )     (4,675 )
Loss on early retirement of debt
     (2,831 )     -  
                 
Income before income taxes
     642,280       409,714  
                 
Income tax expense
     (63,171 )     (45,211 )
                 
Net income
     579,109       364,503  
                 
Net income attributable to noncontrolling interests
     (80,167 )     (75,180 )
                 
Net income attributable to Las Vegas Sands Corp.
     498,942       289,323  
                 
Preferred stock dividends
     -       (19,598 )
Accretion to redemption value of preferred stock
                
issued to Principal Stockholder's family
     -       (23,136 )
Preferred stock inducement and repurchase premiums
     -       (18,433 )
                 
Net income attributable to common stockholders
   $ 498,942     $ 228,156  
                 
Earnings per share:
                
Basic
   $ 0.66     $ 0.32  
Diluted
   $ 0.61     $ 0.28  
                 
Weighted average shares outstanding:
                
Basic
     760,437,437       723,389,226  
Diluted
     818,797,155       811,239,242  
                 
Dividends declared per common share
   $ 0.25     $ -  
 
Exhibit 1
 
 
 
 
 
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 March 31, 2012
                            
                                                         
   
 Operating
Income
(Loss)
    
Depreciation
and
Amortization
    
Amortization
of Leasehold
Interests
in Land
    
Impairment
and
(Gain) Loss on Disposal
of Assets
    
Pre-Opening
and
Development
Expense
    
Royalty
Fees
    
(1)
Stock-Based
Compensation
    
Corporate
Expense
    
Adjusted
Property
EBITDA
  
Macao:
                                                        
   The Venetian Macao
   $ 198,568     $ 36,768     $ 1,650     $ 42,932     $ -     $ -     $ 2,015     $ -     $ 281,933  
   Sands Macao
     98,542       7,411       353       92       -       -       558       -       106,956  
Four Seasons Hotel Macao and Plaza Casino
     53,410       12,424       705       4       882       -       94       -       67,519  
Macao Property Operations
     350,520       56,603       2,708       43,028       882       -       2,667       -       456,408  
Marina Bay Sands
     373,198       65,051       4,468       (139 )     -       28,141       1,800       -       472,519  
United States:
                                                                        
Las Vegas Operating Properties
     87,704       56,682       -       402       -       (32,860 )     3,878       -       115,806  
   Sands Bethlehem
     18,178       8,874       -       8       94       -       348       -       27,502  
United States Property Operations
     105,882       65,556       -       410       94       (32,860 )     4,226       -       143,308  
Other Asia (2)
     (14,950 )     3,681       -       -       71       5,000       476       -       (5,722 )
Other Development
     (54,835 )     269       2,769       187       51,610       -       -       -       -  
Corporate
     (52,261 )     3,587       -       -       -       (281 )     -       48,955       -  
    $ 707,554     $ 194,747     $ 9,945     $ 43,486     $ 52,657     $ -     $ 9,169     $ 48,955     $ 1,066,513  
 
 
               
Three Months Ended March 31, 2011
                          
                                                       
   
 Operating
Income
(Loss)
    
Depreciation
and
Amortization
    
Amortization
of Leasehold
Interests
in Land
    
(Gain) Loss
on Disposal
of Assets
    
Pre-Opening
and
Development
Expense
    
Royalty
Fees
    
(1)
Stock-Based
Compensation
    
Corporate
Expense
    
Adjusted
Property
EBITDA
  
Macao:
                                                        
The Venetian Macao
   $ 180,841     $ 43,279     $ 2,269     $ 373     $ 197     $ -     $ 1,441     $ -     $ 228,400  
Sands Macao
     83,913       7,812       353       101       -       -       469       -       92,648  
Four Seasons Hotel Macao and Plaza Casino
     42,680       13,354       704       85       629       -       95       -       57,547  
Macao Property Operations
     307,434       64,445       3,326       559       826       -       2,005       -       378,595  
Marina Bay Sands
     196,727       55,906       7,683       687       2,570       18,941       1,957       -       284,471  
United States:
                                                                        
Las Vegas Operating Properties
     31,318       54,080       -       (63 )     -       (23,751 )     3,581       -       65,165  
Sands Bethlehem
     14,118       7,321       -       -       155       -       515       -       22,109  
United States Property Operations
     45,436       61,401       -       (63 )     155       (23,751 )     4,096       -       87,274  
Other Asia (2)
     (14,027 )     4,127       -       (2 )     59       5,000       237       -       (4,606 )
Other Development
     (8,074 )     175       2,147       (682 )     6,434       -       -       -       -  
Corporate
     (41,569 )     4,183       -       -       -       (190 )     -       37,576       -  
    $ 485,927     $ 190,237     $ 13,156     $ 499     $ 10,044     $ -     $ 8,295     $ 37,576     $ 745,734  
 
(1)  During the three months ended March 31, 2012 and 2011, the Company recorded stock-based compensation expense of $19.2 million and $20.2 million, respectively, of which $9.8 million and $11.8 million, respectively, is included in corporate expense and $0.2 million and $0.1 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.
 
Exhibit 2
 
 
 
 
 
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:
 
   
Three Months Ended
  
   
March 31,
  
   
2012
    
2011
  
Net income attributable to Las Vegas Sands Corp.
   $ 498,942     $ 289,323  
  Add (deduct):
                
     Net income attributable to noncontrolling interests
     80,167       75,180  
     Income tax expense
     63,171       45,211  
     Loss on early retirement of debt
     2,831       -  
     Other (income) expense
     3,419       4,675  
     Interest expense, net of amounts capitalized
     64,672       73,585  
     Interest income
     (5,648 )     (2,047 )
     Loss on disposal of assets
     593       499  
     Impairment loss
     42,893       -  
     Amortization of leasehold interests in land
     9,945       13,156  
     Depreciation and amortization
     194,747       190,237  
     Development expense
     1,198       573  
     Pre-opening expense
     51,459       9,471  
     Stock-based compensation (1)
     9,169       8,295  
     Corporate expense
     48,955       37,576  
                 
Adjusted Property EBITDA
   $ 1,066,513     $ 745,734  
 
(1)  See prior page (Exhibit 2)
 
 
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
 
   
Three Months Ended
  
 
  
March 31,
  
   
2012
    
2011
  
             
The Venetian Macao
   $ 772,760     $ 638,269  
Sands Macao
     349,083       322,793  
Four Seasons Hotel Macao and Plaza Casino
     299,604       172,107  
Marina Bay Sands
     848,669       584,925  
Las Vegas Operating Properties
     384,603       305,075  
Sands Bethlehem
     115,562       91,030  
Other Asia
     35,568       33,773  
Intersegment Eliminations
     (43,107 )     (36,053 )
                 
    $ 2,762,742     $ 2,111,919  
 
 
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
(Unaudited)
 
   
Three Months Ended
  
   
March 31,
  
   
2012
    
2011
  
The Venetian Macao
   36.5%     35.8%  
Sands Macao
   30.6%     28.7%  
Four Seasons Hotel Macao and Plaza Casino
   22.5%     33.4%  
Marina Bay Sands
   55.7%     48.6%  
Las Vegas Operating Properties
   30.1%     21.4%  
Sands Bethlehem
   23.8%     24.3%  
Other Asia
   -16.1%     -13.6%  
             
Total
   38.6%     35.3%  
 
Exhibit 3
 
 
 
 
 
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
 
 
   
Three Months Ended
  
   
March 31,
  
   
2012
    
2011
  
             
Net income attributable to common stockholders
   $ 498,942     $ 228,156  
                 
Pre-opening expense, net
     36,199       9,034  
Development expense, net
     1,198       573  
Impairment loss, net
     30,154       -  
Loss on disposal of assets, net
     497       499  
Loss on early retirement of debt, net
     2,831       -  
Preferred stock dividends
     -       19,598  
Accretion to redemption value of preferred stock issued to Principal Stockholder's family
     -       23,136  
Preferred stock inducement and repurchase premiums
     -       18,433  
                 
Adjusted net income
   $ 569,821     $ 299,429  
                 
                 
Per diluted share of common stock:
                
Net income attributable to common stockholders
   $ 0.61     $ 0.29  
                 
Pre-opening expense, net
     0.05       0.01  
Development expense, net
     -       -  
Impairment loss, net
     0.04       -  
Loss on disposal of assets, net
     -       -  
Loss on early retirement of debt, net
     -       -  
Preferred stock dividends
     -       0.02  
Accretion to redemption value of preferred stock issued to Principal Stockholder's family
     -       0.03  
Preferred stock inducement and repurchase premiums
     -       0.02  
                 
Adjusted earnings per diluted share
   $ 0.70     $ 0.37  
                 
Weighted average diluted shares outstanding
     818,797,155       811,239,242  
 
Exhibit 4
 
 
 
 
 
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
 
   
Three Months Ended
  
   
March 31,
  
   
2012
    
2011
  
             
Room Statistics:
            
The Venetian Macao:
            
Occupancy %
     93.4%       86.5%  
Average daily room rate (ADR) (1)
   $ 244     $ 227  
Revenue per available room (RevPAR) (2)
   $ 228     $ 197  
                 
Sands Macao:
                
Occupancy %
     93.8%       84.9%  
Average daily room rate (ADR) (1)
   $ 252     $ 251  
Revenue per available room (RevPAR) (2)
   $ 236     $ 213  
                 
Four Seasons Hotel Macao and Plaza Casino:
          
Occupancy %
     82.3%       64.6%  
Average daily room rate (ADR) (1)
   $ 360     $ 341  
Revenue per available room (RevPAR) (2)
   $ 296     $ 220  
                 
Marina Bay Sands:
                
Occupancy %
     98.4%       86.3%  
Average daily room rate (ADR) (1)
   $ 341     $ 285  
Revenue per available room (RevPAR) (2)
   $ 335     $ 246  
                 
Las Vegas Operating Properties:
                
Occupancy %
     83.4%       83.9%  
Average daily room rate (ADR) (1)
   $ 214     $ 212  
Revenue per available room (RevPAR) (2)
   $ 178     $ 178  
                 
Sands Bethlehem:
                
Occupancy %
     50.3%       N/A  
Average daily room rate (ADR) (1)
   $ 139       N/A  
Revenue per available room (RevPAR) (2)
   $ 70       N/A  
                 
Casino Statistics:
                
The Venetian Macao:
                
Table games win per unit per day (3)
   $ 14,334     $ 11,268  
Slot machine win per unit per day (4)
   $ 334     $ 263  
Average number of table games
     570       598  
Average number of slot machines
     2,282       2,151  
                 
Sands Macao:
                
Table games win per unit per day (3)
   $ 10,733     $ 9,824  
Slot machine win per unit per day (4)
   $ 295     $ 277  
Average number of table games
     399       416  
Average number of slot machines
     1,093       1,133  
                 
Four Seasons Hotel Macao and Plaza Casino:
          
Table games win per unit per day (3)
   $ 26,933     $ 17,596  
Slot machine win per unit per day (4)
   $ 740     $ 697  
Average number of table games
     165       118  
Average number of slot machines
     176       193  
                 
Marina Bay Sands:
                
Table games win per unit per day (3)
   $ 12,975     $ 8,693  
Slot machine win per unit per day (4)
   $ 665     $ 525  
Average number of table games
     607       615  
Average number of slot machines
     2,479       2,289  
                 
Las Vegas Operating Properties:
                
Table games win per unit per day (3)
   $ 7,085     $ 3,127  
Slot machine win per unit per day (4)
   $ 188     $ 142  
Average number of table games
     227       226  
Average number of slot machines
     2,417       2,725  
                 
Sands Bethlehem:
                
Table games win per unit per day (3)
   $ 2,784     $ 2,874  
Slot machine win per unit per day (4)
   $ 279     $ 239  
Average number of table games
     119       77  
Average number of slot machines
     2,995       3,015  
 
 
(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.
 
Exhibit 5
 
 
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