LAS VEGAS SANDS CORP.
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(Exact name of registrant as specified in its charter)
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NEVADA
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(State or other jurisdiction of incorporation)
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001-32373
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27-0099920
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(Commission File Number)
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(IRS Employer Identification No.)
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3355 LAS VEGAS BOULEVARD SOUTH
LAS VEGAS, NEVADA
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89109
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(Address of principal executive offices)
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(Zip Code)
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(702) 414-1000
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(Registrant’s Telephone Number, Including Area Code)
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NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
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ITEM 9.01
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FINANCIAL STATEMENTS AND EXHIBITS.
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(d)
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Exhibits.
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99.1
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Press Release, dated November 1, 2012.
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LAS VEGAS SANDS CORP.
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By:
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/s/ Kenneth J. Kay
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Name: |
Kenneth J. Kay
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Title: |
Executive Vice President and
Chief Financial Officer
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Three Months Ended
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||||||||||||||||
The Venetian Macao Operations
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September 30,
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|||||||||||||||
(Dollars in millions)
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2012
|
2011
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$ Change
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Change
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||||||||||||
Revenues:
|
||||||||||||||||
Casino
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$ | 671.1 | $ | 586.9 | $ | 84.2 | 14.3 | % | ||||||||
Rooms
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55.4 | 57.1 | (1.7 | ) | -3.0 | % | ||||||||||
Food and Beverage
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21.0 | 18.8 | 2.2 | 11.7 | % | |||||||||||
Mall
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36.9 | 31.4 | 5.5 | 17.5 | % | |||||||||||
Convention, Retail and Other
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19.0 | 21.7 | (2.7 | ) | -12.4 | % | ||||||||||
Less - Promotional Allowances
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(30.6 | ) | (26.7 | ) | (3.9 | ) | -14.6 | % | ||||||||
Net Revenues
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$ | 772.8 | $ | 689.2 | $ | 83.6 | 12.1 | % | ||||||||
Adjusted Property EBITDA
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$ | 299.0 | $ | 252.7 | $ | 46.3 | 18.3 | % | ||||||||
EBITDA Margin %
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38.7% | 36.7% |
2.0
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pts | ||||||||||||
Operating Income
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$ | 261.3 | $ | 206.5 | $ | 54.8 | 26.5 | % | ||||||||
Gaming Statistics
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||||||||||||||||
(Dollars in millions)
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||||||||||||||||
Rolling Chip Volume
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$ | 11,199.4 | $ | 12,706.8 | $ | (1,507.4 | ) | -11.9 | % | |||||||
Rolling Chip Win %(1)
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3.32% | 2.66% |
0.66
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pts | ||||||||||||
Non-Rolling Chip Drop
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$ | 1,140.9 | $ | 1,074.2 | $ | 66.7 | 6.2 | % | ||||||||
Non-Rolling Chip Win %(2)
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31.3% | 27.6% |
3.7
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pts | ||||||||||||
Slot Handle
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$ | 1,262.8 | $ | 897.1 | $ | 365.7 | 40.8 | % | ||||||||
Slot Hold %(3)
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4.9% | 6.4% |
-1.5
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pts | ||||||||||||
Hotel Statistics
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||||||||||||||||
Occupancy %
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93.9% | 94.1% |
-0.2
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pts | ||||||||||||
Average Daily Rate (ADR)
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$ | 227 | $ | 232 | $ | (5 | ) | -2.2 | % | |||||||
Revenue per Available Room (RevPAR)
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$ | 213 | $ | 218 | $ | (5 | ) | -2.3 | % |
(1)
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This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
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(2)
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This compares to The Venetian Macao’s trailing 12 month Non-Rolling Chip win percentage of 30.2% (calculated before discounts).
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(3)
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This compares to The Venetian Macao’s trailing 12 month slot hold percentage of 5.4% (calculated before slot club cash incentives).
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Three Months Ended
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||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino Operations
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September 30,
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|||||||||||||||
(Dollars in millions)
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2012
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2011
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$ Change
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Change
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||||||||||||
Revenues:
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||||||||||||||||
Casino
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$ | 194.7 | $ | 140.6 | $ | 54.1 | 38.5 | % | ||||||||
Rooms
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10.0 | 8.3 | 1.7 | 20.5 | % | |||||||||||
Food and Beverage
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6.1 | 5.2 | 0.9 | 17.3 | % | |||||||||||
Mall
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23.1 | 21.0 | 2.1 | 10.0 | % | |||||||||||
Convention, Retail and Other
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0.7 | 0.6 | 0.1 | 16.7 | % | |||||||||||
Less - Promotional Allowances
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(10.1 | ) | (6.6 | ) | (3.5 | ) | -53.0 | % | ||||||||
Net Revenues
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$ | 224.5 | $ | 169.1 | $ | 55.4 | 32.8 | % | ||||||||
Adjusted Property EBITDA
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$ | 54.4 | $ | 59.7 | $ | (5.3 | ) | -8.9 | % | |||||||
EBITDA Margin %
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24.2% | 35.3% |
-11.1
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pts | ||||||||||||
Operating Income
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$ | 40.3 | $ | 45.1 | $ | (4.8 | ) | -10.6 | % | |||||||
Gaming Statistics
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(Dollars in millions)
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||||||||||||||||
Rolling Chip Volume
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$ | 8,962.5 | $ | 4,160.5 | $ | 4,802.0 | 115.4 | % | ||||||||
Rolling Chip Win %(1)
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2.58% | 2.90% |
-0.32
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pts | ||||||||||||
Non-Rolling Chip Drop
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$ | 110.8 | $ | 107.6 | $ | 3.2 | 3.0 | % | ||||||||
Non-Rolling Chip Win %(2)
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32.6% | 38.9% |
-6.3
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pts | ||||||||||||
Slot Handle
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$ | 214.8 | $ | 201.5 | $ | 13.3 | 6.6 | % | ||||||||
Slot Hold %(3)
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4.4% | 6.4% |
-2.0
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pts | ||||||||||||
Hotel Statistics
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Occupancy %
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83.1% | 70.8% |
12.3
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pts | ||||||||||||
Average Daily Rate (ADR)
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$ | 349 | $ | 335 | $ | 14 | 4.2 | % | ||||||||
Revenue per Available Room (RevPAR)
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$ | 290 | $ | 237 | $ | 53 | 22.4 | % |
(1)
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This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
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(2)
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This compares to the Plaza Casino’s trailing 12 month Non-Rolling Chip win percentage of 40.4% (calculated before discounts).
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(3)
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This compares to the Plaza Casino’s trailing 12 month slot hold percentage of 5.1% (calculated before slot club cash incentives).
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Sands Cotai Central
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Quarter Ended
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81 Days Ended
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|||||||
(Dollars in millions)
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September 30,
2012(1)
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June 30,
2012
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|||||||
Revenues:
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|||||||||
Casino
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$ | 272.1 | $ | 249.5 | |||||
Rooms
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24.0 | 15.3 | |||||||
Food and Beverage
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11.3 | 9.4 | |||||||
Mall
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3.8 | 3.3 | |||||||
Convention, Retail and Other
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2.4 | 1.7 | |||||||
Less - Promotional Allowances
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(17.7 | ) | (13.6 | ) | |||||
Net Revenues
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$ | 295.9 | $ | 265.6 | |||||
Adjusted Property EBITDA
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$ | 53.7 | $ | 51.8 | |||||
EBITDA Margin %
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18.1% | 19.5% | |||||||
Operating Loss
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$ | (19.9 | ) | $ | (17.9 | ) | |||
Gaming Statistics
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|||||||||
(Dollars in millions)
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Rolling Chip Volume
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$ | 9,055.2 | $ | 6,820.6 | |||||
Rolling Chip Win %
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2.28% | 3.12% | |||||||
Non-Rolling Chip Drop
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$ | 542.0 | $ | 389.4 | |||||
Non-Rolling Chip Win %
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20.7% | 21.5% | |||||||
Slot Handle
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$ | 1,032.4 | $ | 665.4 | |||||
Slot Hold %
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3.1% | 4.0% | |||||||
Hotel Statistics
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|||||||||
Occupancy %
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88.9% | 75.1% | |||||||
Average Daily Rate (ADR)
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$ | 149 | $ | 141 | |||||
Revenue per Available Room (RevPAR)
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$ | 132 | $ | 106 |
(1)
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On September 20, 2012, the second phase of Sands Cotai Central opened adding additional mass gaming capacity, approximately 1,800 Sheraton-branded hotel rooms and additional retail amenities.
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Three Months Ended
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||||||||||||||||
Sands Macao Operations
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September 30,
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|||||||||||||||
(Dollars in millions)
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2012
|
2011
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$ Change
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Change
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||||||||||||
Revenues:
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||||||||||||||||
Casino
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$ | 307.7 | $ | 299.8 | $ | 7.9 | 2.6 | % | ||||||||
Rooms
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6.0 | 6.2 | (0.2 | ) | -3.2 | % | ||||||||||
Food and Beverage
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8.9 | 10.5 | (1.6 | ) | -15.2 | % | ||||||||||
Convention, Retail and Other
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2.5 | 2.3 | 0.2 | 8.7 | % | |||||||||||
Less - Promotional Allowances
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(9.8 | ) | (11.4 | ) | 1.6 | -14.0 | % | |||||||||
Net Revenues
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$ | 315.3 | $ | 307.4 | $ | 7.9 | 2.6 | % | ||||||||
Adjusted Property EBITDA
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$ | 80.9 | $ | 75.8 | $ | 5.1 | 6.7 | % | ||||||||
EBITDA Margin %
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25.6% | 24.7% |
0.9
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pts | ||||||||||||
Operating Income
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$ | 72.4 | $ | 67.2 | $ | 5.2 | 7.7 | % | ||||||||
Gaming Statistics
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(Dollars in millions)
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Rolling Chip Volume
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$ | 6,818.6 | $ | 7,902.9 | $ | (1,084.3 | ) | -13.7 | % | |||||||
Rolling Chip Win %(1)
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2.96% | 2.65% |
0.31
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pts | ||||||||||||
Non-Rolling Chip Drop
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$ | 739.0 | $ | 722.6 | $ | 16.4 | 2.3 | % | ||||||||
Non-Rolling Chip Win %(2)
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20.8% | 20.0% |
0.8
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pts | ||||||||||||
Slot Handle
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$ | 596.3 | $ | 536.5 | $ | 59.8 | 11.1 | % | ||||||||
Slot Hold %(3)
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4.2% | 5.3% |
-1.1
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pts | ||||||||||||
Hotel Statistics
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Occupancy %
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97.3% | 92.9% |
4.4
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pts | ||||||||||||
Average Daily Rate (ADR)
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$ | 236 | $ | 251 | $ | (15 | ) | -6.0 | % | |||||||
Revenue per Available Room (RevPAR)
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$ | 230 | $ | 233 | $ | (3 | ) | -1.3 | % |
(1)
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This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
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(2)
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This compares to the Sands Macao’s trailing 12 month Non-Rolling Chip win percentage of 20.8% (calculated before discounts).
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(3)
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This compares to the Sands Macao’s trailing 12 month slot hold percentage of 4.4% (calculated before slot club cash incentives).
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Three Months Ended
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||||||||||||||||
Marina Bay Sands Operations
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September 30,
|
|||||||||||||||
(Dollars in millions)
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2012
|
2011
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$ Change
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Change
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||||||||||||
Revenues:
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||||||||||||||||
Casino
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$ | 470.8 | $ | 651.9 | $ | (181.1 | ) | -27.8 | % | |||||||
Rooms
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84.0 | 74.7 | 9.3 | 12.4 | % | |||||||||||
Food and Beverage
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46.1 | 49.2 | (3.1 | ) | -6.3 | % | ||||||||||
Mall
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39.7 | 36.9 | 2.8 | 7.6 | % | |||||||||||
Convention, Retail and Other
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26.1 | 32.4 | (6.3 | ) | -19.4 | % | ||||||||||
Less - Promotional Allowances
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(41.2 | ) | (52.7 | ) | 11.5 | 21.8 | % | |||||||||
Net Revenues
|
$ | 625.5 | $ | 792.4 | $ | (166.9 | ) | -21.1 | % | |||||||
Adjusted Property EBITDA
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$ | 260.8 | $ | 413.9 | $ | (153.1 | ) | -37.0 | % | |||||||
EBITDA Margin %
|
41.7% | 52.2% |
-10.5
|
pts | ||||||||||||
Operating Income
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$ | 166.5 | $ | 315.4 | $ | (148.9 | ) | -47.2 | % | |||||||
Gaming Statistics
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||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
Rolling Chip Volume
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$ | 11,790.8 | $ | 16,720.2 | $ | (4,929.4 | ) | -29.5 | % | |||||||
Rolling Chip Win %(1)
|
1.79% | 2.69% |
-0.90
|
pts | ||||||||||||
Non-Rolling Chip Drop
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$ | 1,131.3 | $ | 1,199.2 | $ | (67.9 | ) | -5.7 | % | |||||||
Non-Rolling Chip Win %(2)
|
24.0% | 22.6% |
1.4
|
pts | ||||||||||||
Slot Handle
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$ | 2,620.8 | $ | 2,792.5 | $ | (171.7 | ) | -6.1 | % | |||||||
Slot Hold %(3)
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5.2% | 5.3% |
-0.1
|
pts | ||||||||||||
Hotel Statistics
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||||||||||||||||
Occupancy %
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99.8% | 98.1% |
1.7
|
pts | ||||||||||||
Average Daily Rate (ADR)
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$ | 361 | $ | 327 | $ | 34 | 10.4 | % | ||||||||
Revenue per Available Room (RevPAR)
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$ | 360 | $ | 321 | $ | 39 | 12.1 | % |
(1)
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This compares to Marina Bay Sands’ trailing 12 month Rolling Chip win percentage of 2.79% (calculated before discounts and commissions).
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(2)
|
This compares to Marina Bay Sands’ trailing 12 month Non-Rolling Chip win percentage of 23.1% (calculated before discounts).
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(3)
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This compares to Marina Bay Sands’ trailing 12 month slot hold percentage of 5.3% (calculated before slot club cash incentives).
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Three Months Ended
|
||||||||||||||||
Las Vegas Operations
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September 30,
|
|||||||||||||||
(Dollars in millions)
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2012
|
2011
|
$ Change
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Change
|
||||||||||||
Revenues:
|
||||||||||||||||
Casino
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$ | 171.5 | $ | 124.3 | $ | 47.2 | 38.0 | % | ||||||||
Rooms
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105.7 | 114.0 | (8.3 | ) | -7.3 | % | ||||||||||
Food and Beverage
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42.4 | 57.2 | (14.8 | ) | -25.9 | % | ||||||||||
Convention, Retail and Other
|
68.0 | 72.7 | (4.7 | ) | -6.5 | % | ||||||||||
Less - Promotional Allowances
|
(23.2 | ) | (20.8 | ) | (2.4 | ) | 11.5 | % | ||||||||
Net Revenues
|
$ | 364.4 | $ | 347.4 | $ | 17.0 | 4.9 | % | ||||||||
Adjusted Property EBITDA
|
$ | 98.2 | $ | 94.3 | $ | 3.9 | 4.1 | % | ||||||||
EBITDA Margin %
|
26.9% | 27.1% |
-0.2
|
pts | ||||||||||||
Operating Income
|
$ | 74.0 | $ | 64.8 | $ | 9.2 | 14.2 | % | ||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
Table Games Drop
|
$ | 581.5 | $ | 536.1 | $ | 45.4 | 8.5 | % | ||||||||
Table Games Win %(1)
|
28.1% | 20.4% |
7.7
|
pts | ||||||||||||
Slot Handle
|
$ | 498.4 | $ | 490.2 | $ | 8.2 | 1.7 | % | ||||||||
Slot Hold %(2)
|
8.7% | 8.7% |
0.0
|
pts | ||||||||||||
Hotel Statistics
|
||||||||||||||||
Occupancy %
|
87.3% | 92.7% |
-5.4
|
pts | ||||||||||||
Average Daily Rate (ADR)
|
$ | 191 | $ | 191 | $ | 0 | 0.0 | % | ||||||||
Revenue per Available Room (RevPAR)
|
$ | 167 | $ | 177 | $ | (10 | ) | -5.6 | % |
(1)
|
This compares to our Las Vegas Operations’ trailing 12 month table games win percentage of 22.1% (calculated before discounts).
|
(2)
|
This compares to our Las Vegas Operations’ trailing 12 month slot hold percentage of 8.7% (calculated before slot club cash incentives).
|
Three Months Ended
|
||||||||||||||||
Sands Bethlehem Operations
|
September 30,
|
|||||||||||||||
(Dollars in millions)
|
2012
|
2011
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$ | 113.1 | $ | 99.7 | $ | 13.4 | 13.4 | % | ||||||||
Rooms
|
2.7 | 2.1 | 0.6 | 28.6 | % | |||||||||||
Food and Beverage
|
7.0 | 6.4 | 0.6 | 9.4 | % | |||||||||||
Mall(1)
|
0.4 | 0.0 | 0.4 | N/A | ||||||||||||
Convention, Retail and Other
|
4.9 | 4.1 | 0.8 | 19.5 | % | |||||||||||
Less - Promotional Allowances
|
(6.1 | ) | (5.6 | ) | (0.5 | ) | 8.9 | % | ||||||||
Net Revenues
|
$ | 122.0 | $ | 106.7 | $ | 15.3 | 14.3 | % | ||||||||
Adjusted Property EBITDA
|
$ | 32.1 | $ | 25.2 | $ | 6.9 | 27.4 | % | ||||||||
EBITDA Margin %
|
26.3% | 23.6% |
2.7
|
pts | ||||||||||||
Operating Income
|
$ | 24.3 | $ | 16.3 | $ | 8.0 | 49.1 | % | ||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
Table Games Drop
|
$ | 234.9 | $ | 188.9 | $ | 46.0 | 24.4 | % | ||||||||
Table Games Win %(2)
|
16.0% | 14.3% |
1.7
|
pts | ||||||||||||
Slot Handle
|
$ | 1,015.3 | $ | 988.4 | $ | 26.9 | 2.7 | % | ||||||||
Slot Hold %(3)
|
7.2% | 7.1% |
0.1
|
pts | ||||||||||||
Hotel Statistics
|
||||||||||||||||
Occupancy %
|
69.6% | 47.3% |
22.3
|
pts | ||||||||||||
Average Daily Rate (ADR)
|
$ | 142 | $ | 168 | (26 | ) | -15.5 | % | ||||||||
Revenue per Available Room (RevPAR)
|
$ | 99 | $ | 79 | 20 | 25.3 | % |
(1)
|
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 15.0% (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).
|
For The Three Months Ended September 30, 2012
|
LTM September 30, 2012
|
|||||||||||||||||||||||
(Dollars in millions
except per square foot data)
|
Gross Revenue
|
Operating Profit
|
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
|
$ | 36.3 | $ | 30.6 | 84.3 | % | 809,204 | 91.7 | % | $ | 1,186 | |||||||||||||
The Shoppes at Four Seasons
|
||||||||||||||||||||||||
Luxury Retail
|
19.4 | 18.4 | 94.8 | % | 89,576 | 100.0 | % | 6,322 | ||||||||||||||||
Other Stores
|
3.7 | 3.4 | 91.9 | % | 99,512 | 83.4 | % | 1,453 | ||||||||||||||||
Total
|
23.1 | 21.8 | 189,088 | 91.2 | % | 4,353 | ||||||||||||||||||
The Shoppes at Sands Cotai Central
|
3.7 | 2.7 | 73.0 | % | 210,143 | 100.0 | % | - | ||||||||||||||||
Total Cotai Strip in Macao
|
63.1 | 55.1 | 87.3 | % | 1,208,255 | 93.1 | % | 1,781 | ||||||||||||||||
The Shoppes at Marina Bay Sands
|
39.7 | 31.4 | 79.1 | % | 631,024 | 96.2 | % | 1,366 | ||||||||||||||||
Total
|
$ | 102.8 | $ | 86.5 | 84.1 | % | 1,839,279 | 94.1 | % | $ | 1,617 |
(1)
|
Tenant sales per square foot reflects sales from tenants only after the tenant has been open for a period of 12 months.
|
Investment Community:
|
Daniel Briggs
|
(702) 414-1221
|
|
Media:
|
Ron Reese
|
(702) 414-3607
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$ | 2,201,030 | $ | 1,903,142 | $ | 6,534,947 | $ | 5,429,903 | ||||||||
Rooms
|
287,849 | 262,352 | 830,887 | 734,022 | ||||||||||||
Food and beverage
|
142,685 | 147,223 | 455,884 | 438,632 | ||||||||||||
Mall
|
103,232 | 89,212 | 268,390 | 218,956 | ||||||||||||
Convention, retail and other
|
117,129 | 134,629 | 363,680 | 370,182 | ||||||||||||
2,851,925 | 2,536,558 | 8,453,788 | 7,191,695 | |||||||||||||
Less - promotional allowances
|
(142,443 | ) | (127,183 | ) | (399,658 | ) | (325,305 | ) | ||||||||
2,709,482 | 2,409,375 | 8,054,130 | 6,866,390 | |||||||||||||
Operating expenses:
|
||||||||||||||||
Resort operations
|
1,839,991 | 1,492,506 | 5,288,946 | 4,317,348 | ||||||||||||
Corporate
|
54,617 | 54,031 | 162,164 | 133,983 | ||||||||||||
Pre-opening
|
39,872 | 15,823 | 134,803 | 43,472 | ||||||||||||
Development
|
4,201 | 3,308 | 12,196 | 6,301 | ||||||||||||
Depreciation and amortization
|
226,538 | 200,071 | 641,725 | 596,469 | ||||||||||||
Amortization of leasehold interests in land
|
10,014 | 10,143 | 30,016 | 33,333 | ||||||||||||
Impairment loss
|
- | - | 143,674 | - | ||||||||||||
Loss on disposal of assets
|
154 | 937 | 1,229 | 8,879 | ||||||||||||
2,175,387 | 1,776,819 | 6,414,753 | 5,139,785 | |||||||||||||
Operating income
|
534,095 | 632,556 | 1,639,377 | 1,726,605 | ||||||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
4,176 | 2,369 | 16,716 | 8,444 | ||||||||||||
Interest expense, net of amounts capitalized
|
(62,292 | ) | (70,761 | ) | (191,497 | ) | (214,938 | ) | ||||||||
Other income (expense)
|
2,352 | (6,617 | ) | 715 | (9,384 | ) | ||||||||||
Loss on modification or early retirement of debt
|
- | - | (19,234 | ) | - | |||||||||||
Income before income taxes
|
478,331 | 557,547 | 1,446,077 | 1,510,727 | ||||||||||||
Income tax expense
|
(33,351 | ) | (52,375 | ) | (135,607 | ) | (151,960 | ) | ||||||||
Net income
|
444,980 | 505,172 | 1,310,470 | 1,358,767 | ||||||||||||
Net income attributable to noncontrolling interests
|
(95,198 | ) | (80,293 | ) | (221,159 | ) | (233,928 | ) | ||||||||
Net income attributable to Las Vegas Sands Corp.
|
349,782 | 424,879 | 1,089,311 | 1,124,839 | ||||||||||||
Preferred stock dividends
|
- | (19,140 | ) | - | (57,957 | ) | ||||||||||
Accretion to redemption value of preferred stock
|
||||||||||||||||
issued to Principal Stockholder's family
|
- | (23,136 | ) | - | (69,408 | ) | ||||||||||
Preferred stock inducement and repurchase premiums
|
- | (28,972 | ) | - | (48,080 | ) | ||||||||||
Net income attributable to common stockholders
|
$ | 349,782 | $ | 353,631 | $ | 1,089,311 | $ | 949,394 | ||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$ | 0.43 | $ | 0.48 | $ | 1.36 | $ | 1.31 | ||||||||
Diluted
|
$ | 0.42 | $ | 0.44 | $ | 1.32 | $ | 1.17 | ||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
821,482,154 | 729,773,246 | 801,084,165 | 727,309,255 | ||||||||||||
Diluted
|
825,606,248 | 812,543,534 | 823,361,035 | 811,550,683 | ||||||||||||
Dividends declared per common share
|
$ | 0.25 | $ | - | $ | 0.75 | $ | - |
Three Months Ended September 30, 2012
|
||||||||||||||||||||||||||||||||||||
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1)
|
Adjusted
|
|||||||||||||||||||||||||||||||
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
Macao:
|
||||||||||||||||||||||||||||||||||||
The Venetian Macao
|
$ | 261,294 | $ | 34,973 | $ | 1,652 | $ | (300 | ) | $ | 60 | $ | - | $ | 1,322 | $ | - | $ | 299,001 | |||||||||||||||||
Sands Macao
|
72,425 | 7,752 | 354 | (15 | ) | - | - | 353 | - | 80,869 | ||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
40,284 | 12,448 | 706 | 172 | 731 | - | 45 | - | 54,386 | |||||||||||||||||||||||||||
Sands Cotai Central
|
(19,873 | ) | 32,085 | 2,152 | 62 | 38,858 | - | 370 | - | 53,654 | ||||||||||||||||||||||||||
Macao Property Operations
|
354,130 | 87,258 | 4,864 | (81 | ) | 39,649 | - | 2,090 | - | 487,910 | ||||||||||||||||||||||||||
Marina Bay Sands
|
166,452 | 65,601 | 4,528 | 185 | - | 21,810 | 2,212 | - | 260,788 | |||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
74,011 | 54,795 | - | (64 | ) | - | (33,464 | ) | 2,928 | - | 98,206 | |||||||||||||||||||||||||
Sands Bethlehem
|
24,329 | 7,593 | - | 1 | 64 | - | 131 | - | 32,118 | |||||||||||||||||||||||||||
United States Property Operations
|
98,340 | 62,388 | - | (63 | ) | 64 | (33,464 | ) | 3,059 | - | 130,324 | |||||||||||||||||||||||||
Other Asia (2)
|
(16,800 | ) | 3,706 | - | 9 | 43 | 10,872 | 46 | - | (2,124 | ) | |||||||||||||||||||||||||
Other Development
|
(5,196 | ) | 153 | 622 | 104 | 4,317 | - | - | - | - | ||||||||||||||||||||||||||
Corporate
|
(62,831 | ) | 7,432 | - | - | - | 782 | - | 54,617 | - | ||||||||||||||||||||||||||
$ | 534,095 | $ | 226,538 | $ | 10,014 | $ | 154 | $ | 44,073 | $ | - | $ | 7,407 | $ | 54,617 | $ | 876,898 | |||||||||||||||||||
Three Months Ended September 30, 2011
|
||||||||||||||||||||||||||||||||||||
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1) |
Adjusted
|
|||||||||||||||||||||||||||||||
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
Macao:
|
||||||||||||||||||||||||||||||||||||
The Venetian Macao
|
$ | 206,513 | $ | 40,078 | $ | 1,646 | $ | 68 | $ | 2,958 | $ | - | $ | 1,457 | $ | - | $ | 252,720 | ||||||||||||||||||
Sands Macao
|
67,218 | 7,696 | 352 | 156 | - | - | 399 | - | 75,821 | |||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
45,120 | 12,684 | 704 | 1 | 1,138 | - | 72 | - | 59,719 | |||||||||||||||||||||||||||
Macao Property Operations
|
318,851 | 60,458 | 2,702 | 225 | 4,096 | - | 1,928 | - | 388,260 | |||||||||||||||||||||||||||
Marina Bay Sands
|
315,435 | 65,776 | 4,678 | (5 | ) | 672 | 25,621 | 1,716 | - | 413,893 | ||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
64,781 | 56,885 | - | - | - | (30,365 | ) | 3,010 | - | 94,311 | ||||||||||||||||||||||||||
Sands Bethlehem
|
16,302 | 8,349 | - | - | 119 | - | 400 | - | 25,170 | |||||||||||||||||||||||||||
United States Property Operations
|
81,083 | 65,234 | - | - | 119 | (30,365 | ) | 3,410 | - | 119,481 | ||||||||||||||||||||||||||
Other Asia (2)
|
(6,659 | ) | 3,775 | - | - | 173 | 5,000 | 226 | - | 2,515 | ||||||||||||||||||||||||||
Other Development
|
(17,725 | ) | 174 | 2,763 | 717 | 14,071 | - | - | - | - | ||||||||||||||||||||||||||
Corporate
|
(58,429 | ) | 4,654 | - | - | - | (256 | ) | - | 54,031 | - | |||||||||||||||||||||||||
$ | 632,556 | $ | 200,071 | $ | 10,143 | $ | 937 | $ | 19,131 | $ | - | $ | 7,280 | $ | 54,031 | $ | 924,149 | |||||||||||||||||||
Nine Months Ended September 30, 2012
|
||||||||||||||||||||||||||||||||||||
Amortization
|
Impairment
|
Pre-Opening
|
||||||||||||||||||||||||||||||||||
Depreciation
|
of Leasehold
|
and (Gain) Loss
|
and
|
(1) |
Adjusted
|
|||||||||||||||||||||||||||||||
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
Macao:
|
||||||||||||||||||||||||||||||||||||
The Venetian Macao
|
$ | 649,780 | $ | 108,085 | $ | 4,954 | $ | 42,649 | $ | 113 | $ | - | $ | 4,594 | $ | - | $ | 810,175 | ||||||||||||||||||
Sands Macao
|
234,259 | 22,779 | 1,060 | (184 | ) | - | - | 1,215 | - | 259,129 | ||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
155,679 | 37,352 | 2,116 | 209 | 2,953 | - | 183 | - | 198,492 | |||||||||||||||||||||||||||
Sands Cotai Central
|
(37,749 | ) | 57,643 | 4,304 | 62 | 80,629 | - | 603 | - | 105,492 | ||||||||||||||||||||||||||
Macao Property Operations
|
1,001,969 | 225,859 | 12,434 | 42,736 | 83,695 | - | 6,595 | - | 1,373,288 | |||||||||||||||||||||||||||
Marina Bay Sands
|
774,941 | 196,668 | 13,570 | 184 | - | 72,600 | 5,749 | - | 1,063,712 | |||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
199,997 | 167,511 | - | 503 | - | (99,020 | ) | 9,371 | - | 278,362 | ||||||||||||||||||||||||||
Sands Bethlehem
|
59,869 | 25,332 | - | 414 | 305 | - | 617 | - | 86,537 | |||||||||||||||||||||||||||
United States Property Operations
|
259,866 | 192,843 | - | 917 | 305 | (99,020 | ) | 9,988 | - | 364,899 | ||||||||||||||||||||||||||
Other Asia (2)
|
(51,816 | ) | 11,089 | - | 33 | 165 | 26,146 | 582 | - | (13,801 | ) | |||||||||||||||||||||||||
Other Development
|
(168,455 | ) | 575 | 4,012 | 101,034 | 62,834 | - | - | - | - | ||||||||||||||||||||||||||
Corporate
|
(177,128 | ) | 14,691 | - | (1 | ) | - | 274 | - | 162,164 | - | |||||||||||||||||||||||||
$ | 1,639,377 | $ | 641,725 | $ | 30,016 | $ | 144,903 | $ | 146,999 | $ | - | $ | 22,914 | $ | 162,164 | $ | 2,788,098 | |||||||||||||||||||
Nine Months Ended September 30, 2011
|
||||||||||||||||||||||||||||||||||||
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1) |
Adjusted
|
|||||||||||||||||||||||||||||||
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
Macao:
|
||||||||||||||||||||||||||||||||||||
The Venetian Macao
|
$ | 601,814 | $ | 125,489 | $ | 4,943 | $ | (652 | ) | $ | 3,173 | $ | - | $ | 4,719 | $ | - | $ | 739,486 | |||||||||||||||||
Sands Macao
|
238,113 | 23,245 | 1,057 | 278 | - | - | 1,349 | - | 264,042 | |||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
110,402 | 39,188 | 2,111 | 123 | 2,769 | - | 293 | - | 154,886 | |||||||||||||||||||||||||||
Macao Property Operations
|
950,329 | 187,922 | 8,111 | (251 | ) | 5,942 | - | 6,361 | - | 1,158,414 | ||||||||||||||||||||||||||
Marina Bay Sands
|
827,454 | 183,760 | 16,926 | 738 | 3,516 | 66,896 | 4,433 | - | 1,103,723 | |||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
149,910 | 176,002 | - | (1,778 | ) | - | (81,227 | ) | 9,478 | - | 252,385 | |||||||||||||||||||||||||
Sands Bethlehem
|
42,928 | 23,202 | - | - | 758 | - | 1,430 | - | 68,318 | |||||||||||||||||||||||||||
United States Property Operations
|
192,838 | 199,204 | - | (1,778 | ) | 758 | (81,227 | ) | 10,908 | - | 320,703 | |||||||||||||||||||||||||
Other Asia (2)
|
(39,208 | ) | 11,745 | - | 2 | 365 | 15,000 | 775 | - | (11,321 | ) | |||||||||||||||||||||||||
Other Development
|
(50,517 | ) | 523 | 8,296 | 2,506 | 39,192 | - | - | - | - | ||||||||||||||||||||||||||
Corporate
|
(154,291 | ) | 13,315 | - | 7,662 | - | (669 | ) | - | 133,983 | - | |||||||||||||||||||||||||
$ | 1,726,605 | $ | 596,469 | $ | 33,333 | $ | 8,879 | $ | 49,773 | $ | - | $ | 22,477 | $ | 133,983 | $ | 2,571,519 |
(1)
|
During the three months ended September 30, 2012 and 2011, the Company recorded stock-based compensation expense of $17.4 million and $13.9 million, respectively, of which $9.8 million and $6.5 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. During the nine months ended September 30, 2012 and 2011, the Company recorded stock-based compensation expense of $50.3 million and $47.2 million, respectively, of which $26.7 million and $24.4 million, respectively, is included in corporate expense and $0.7 million and $0.3 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.
|
Three Months Ended September 30, 2012
|
||||||||||||||||
(1)
|
(2)
|
Hold-Adjusted
|
||||||||||||||
Adjusted
|
Hold-Adjusted
|
Hold-Adjusted
|
Adjusted
|
|||||||||||||
Property
|
Casino
|
Casino
|
Property
|
|||||||||||||
EBITDA
|
Revenue
|
Expense
|
EBITDA
|
|||||||||||||
Macao Property Operations
|
$ | 487,910 | $ | - | $ | - | $ | 487,910 | ||||||||
Marina Bay Sands
|
260,788 | 118,070 | (13,236 | ) | 365,622 | |||||||||||
United States:
|
||||||||||||||||
Las Vegas Operating Properties
|
98,206 | (31,459 | ) | 2,359 | 69,106 | |||||||||||
Sands Bethlehem
|
32,118 | (2,288 | ) | 343 | 30,173 | |||||||||||
United States Property Operations
|
130,324 | (33,747 | ) | 2,702 | 99,279 | |||||||||||
Other Asia
|
(2,124 | ) | - | - | (2,124 | ) | ||||||||||
Other Development
|
- | - | - | - | ||||||||||||
Corporate
|
- | - | - | - | ||||||||||||
$ | 876,898 | $ | 84,323 | $ | (10,534 | ) | $ | 950,687 | ||||||||
Three Months Ended September 30, 2011
|
||||||||||||||||
(1) | (2) |
Hold-Adjusted
|
||||||||||||||
Adjusted
|
Hold-Adjusted
|
Hold-Adjusted
|
Adjusted
|
|||||||||||||
Property
|
Casino
|
Casino
|
Property
|
|||||||||||||
EBITDA
|
Revenue
|
Expense
|
EBITDA
|
|||||||||||||
Macao Property Operations
|
$ | 388,260 | $ | 42,887 | $ | (16,726 | ) | $ | 414,421 | |||||||
Marina Bay Sands
|
413,893 | 20,643 | (2,314 | ) | 432,222 | |||||||||||
United States:
|
||||||||||||||||
Las Vegas Operating Properties
|
94,311 | (9,921 | ) | 744 | 85,134 | |||||||||||
Sands Bethlehem
|
25,170 | 379 | (66 | ) | 25,483 | |||||||||||
United States Property Operations
|
119,481 | (9,542 | ) | 678 | 110,617 | |||||||||||
Other Asia
|
2,515 | - | - | 2,515 | ||||||||||||
Other Development
|
- | - | - | - | ||||||||||||
Corporate
|
- | - | - | - | ||||||||||||
$ | 924,149 | $ | 53,988 | $ | (18,362 | ) | $ | 959,775 |
(1)
|
For Macao and Singapore 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 the win percentage for the trailing twelve months. This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%.
|
For the Las Vegas Operating Properties and Sands Bethlehem 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 the win percentage for the trailing twelve months.
|
|
|
|
(2)
|
Represents the estimated incremental gaming taxes that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net income attributable to Las Vegas Sands Corp.
|
$ | 349,782 | $ | 424,879 | $ | 1,089,311 | $ | 1,124,839 | ||||||||
Add (deduct):
|
||||||||||||||||
Net income attributable to noncontrolling interests
|
95,198 | 80,293 | 221,159 | 233,928 | ||||||||||||
Income tax expense
|
33,351 | 52,375 | 135,607 | 151,960 | ||||||||||||
Loss on modification or early retirement of debt
|
- | - | 19,234 | - | ||||||||||||
Other (income) expense
|
(2,352 | ) | 6,617 | (715 | ) | 9,384 | ||||||||||
Interest expense, net of amounts capitalized
|
62,292 | 70,761 | 191,497 | 214,938 | ||||||||||||
Interest income
|
(4,176 | ) | (2,369 | ) | (16,716 | ) | (8,444 | ) | ||||||||
Loss on disposal of assets
|
154 | 937 | 1,229 | 8,879 | ||||||||||||
Impairment loss
|
- | - | 143,674 | - | ||||||||||||
Amortization of leasehold interests in land
|
10,014 | 10,143 | 30,016 | 33,333 | ||||||||||||
Depreciation and amortization
|
226,538 | 200,071 | 641,725 | 596,469 | ||||||||||||
Development expense
|
4,201 | 3,308 | 12,196 | 6,301 | ||||||||||||
Pre-opening expense
|
39,872 | 15,823 | 134,803 | 43,472 | ||||||||||||
Stock-based compensation (1)
|
7,407 | 7,280 | 22,914 | 22,477 | ||||||||||||
Corporate expense
|
54,617 | 54,031 | 162,164 | 133,983 | ||||||||||||
Adjusted Property EBITDA
|
$ | 876,898 | $ | 924,149 | $ | 2,788,098 | $ | 2,571,519 | ||||||||
Hold-adjusted casino revenue (2)
|
84,323 | 53,988 | ||||||||||||||
Hold-adjusted casino expense (2)
|
(10,534 | ) | (18,362 | ) | ||||||||||||
Hold-Adjusted Adjusted Property EBITDA
|
$ | 950,687 | $ | 959,775 |
(1)
|
See Exhibit 2
|
(2)
|
See Exhibit 3
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
The Venetian Macao
|
$ | 772,769 | $ | 689,243 | $ | 2,194,975 | $ | 2,062,917 | ||||||||
Sands Macao
|
315,280 | 307,420 | 935,966 | 961,173 | ||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
224,478 | 169,050 | 790,219 | 461,914 | ||||||||||||
Sands Cotai Central
|
295,855 | - | 561,456 | - | ||||||||||||
Marina Bay Sands
|
625,548 | 792,427 | 2,168,979 | 2,114,921 | ||||||||||||
Las Vegas Operating Properties
|
364,426 | 347,446 | 1,076,342 | 985,043 | ||||||||||||
Sands Bethlehem
|
121,966 | 106,720 | 352,624 | 294,870 | ||||||||||||
Other Asia
|
37,289 | 43,190 | 110,792 | 109,413 | ||||||||||||
Intersegment Eliminations
|
(48,129 | ) | (46,121 | ) | (137,223 | ) | (123,861 | ) | ||||||||
$ | 2,709,482 | $ | 2,409,375 | $ | 8,054,130 | $ | 6,866,390 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
The Venetian Macao
|
38.7 | % | 36.7 | % | 36.9 | % | 35.8 | % | ||||||||
Sands Macao
|
25.6 | % | 24.7 | % | 27.7 | % | 27.5 | % | ||||||||
Four Seasons Hotel Macao and Plaza Casino
|
24.2 | % | 35.3 | % | 25.1 | % | 33.5 | % | ||||||||
Sands Cotai Central
|
18.1 | % | N/A | 18.8 | % | N/A | ||||||||||
Marina Bay Sands
|
41.7 | % | 52.2 | % | 49.0 | % | 52.2 | % | ||||||||
Las Vegas Operating Properties
|
26.9 | % | 27.1 | % | 25.9 | % | 25.6 | % | ||||||||
Sands Bethlehem
|
26.3 | % | 23.6 | % | 24.5 | % | 23.2 | % | ||||||||
Other Asia
|
-5.7 | % | 5.8 | % | -12.5 | % | -10.3 | % | ||||||||
Total
|
32.4 | % | 38.4 | % | 34.6 | % | 37.5 | % |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net income attributable to common stockholders
|
$ | 349,782 | $ | 353,631 | $ | 1,089,311 | $ | 949,394 | ||||||||
Pre-opening expense, net
|
28,057 | 15,709 | 94,867 | 42,874 | ||||||||||||
Development expense, net
|
4,201 | 3,308 | 12,196 | 6,301 | ||||||||||||
Impairment loss, net
|
- | - | 101,009 | - | ||||||||||||
Loss on disposal of assets, net
|
144 | 937 | 1,190 | 8,879 | ||||||||||||
Loss on modification or early retirement of debt, net
|
- | - | 18,714 | - | ||||||||||||
Preferred stock dividends
|
- | 19,140 | - | 57,957 | ||||||||||||
Accretion to redemption value of preferred stock
|
||||||||||||||||
issued to Principal Stockholder's family
|
- | 23,136 | - | 69,408 | ||||||||||||
Preferred stock inducement and repurchase premiums
|
- | 28,972 | - | 48,080 | ||||||||||||
Adjusted net income
|
$ | 382,184 | $ | 444,833 | $ | 1,317,287 | $ | 1,182,893 | ||||||||
Per diluted share of common stock:
|
||||||||||||||||
Net income attributable to common stockholders
|
$ | 0.42 | $ | 0.44 | $ | 1.32 | $ | 1.17 | ||||||||
Pre-opening expense, net
|
0.03 | 0.02 | 0.12 | 0.05 | ||||||||||||
Development expense, net
|
0.01 | - | 0.01 | 0.01 | ||||||||||||
Impairment loss, net
|
- | - | 0.13 | - | ||||||||||||
Loss on disposal of assets, net
|
- | - | - | 0.01 | ||||||||||||
Loss on modification or early retirement of debt, net
|
- | - | 0.02 | - | ||||||||||||
Preferred stock dividends
|
- | 0.02 | - | 0.07 | ||||||||||||
Accretion to redemption value of preferred stock
|
||||||||||||||||
issued to Principal Stockholder's family
|
- | 0.03 | - | 0.09 | ||||||||||||
Preferred stock inducement and repurchase premiums
|
- | 0.04 | - | 0.06 | ||||||||||||
Adjusted earnings per diluted share
|
$ | 0.46 | $ | 0.55 | $ | 1.60 | $ | 1.46 | ||||||||
Weighted average diluted shares outstanding
|
825,606,248 | 812,543,534 | 823,361,035 | 811,550,683 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Room Statistics:
|
||||||||||||||||
The Venetian Macao:
|
||||||||||||||||
Occupancy %
|
93.9 | % | 94.1 | % | 91.4 | % | 90.1 | % | ||||||||
Average daily room rate (ADR) (1)
|
$ | 227 | $ | 232 | $ | 233 | $ | 227 | ||||||||
Revenue per available room (RevPAR) (2)
|
$ | 213 | $ | 218 | $ | 213 | $ | 205 | ||||||||
Sands Macao:
|
||||||||||||||||
Occupancy %
|
97.3 | % | 92.9 | % | 94.8 | % | 88.6 | % | ||||||||
Average daily room rate (ADR) (1)
|
$ | 236 | $ | 251 | $ | 243 | $ | 248 | ||||||||
Revenue per available room (RevPAR) (2)
|
$ | 230 | $ | 233 | $ | 231 | $ | 220 | ||||||||
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
Occupancy %
|
83.1 | % | 70.8 | % | 79.6 | % | 67.8 | % | ||||||||
Average daily room rate (ADR) (1)
|
$ | 349 | $ | 335 | $ | 355 | $ | 333 | ||||||||
Revenue per available room (RevPAR) (2)
|
$ | 290 | $ | 237 | $ | 282 | $ | 225 | ||||||||
Sands Cotai Central:
|
||||||||||||||||
Occupancy %
|
88.9 | % | N/A | 82.8 | % | N/A | ||||||||||
Average daily room rate (ADR) (1)
|
$ | 149 | N/A | $ | 146 | N/A | ||||||||||
Revenue per available room (RevPAR) (2)
|
$ | 132 | N/A | $ | 121 | N/A | ||||||||||
Marina Bay Sands:
|
||||||||||||||||
Occupancy %
|
99.8 | % | 98.1 | % | 99.1 | % | 91.8 | % | ||||||||
Average daily room rate (ADR) (1)
|
$ | 361 | $ | 327 | $ | 351 | $ | 303 | ||||||||
Revenue per available room (RevPAR) (2)
|
$ | 360 | $ | 321 | $ | 348 | $ | 278 | ||||||||
Las Vegas Operating Properties:
|
||||||||||||||||
Occupancy %
|
87.3 | % | 92.7 | % | 85.6 | % | 88.5 | % | ||||||||
Average daily room rate (ADR) (1)
|
$ | 191 | $ | 191 | $ | 203 | $ | 201 | ||||||||
Revenue per available room (RevPAR) (2)
|
$ | 167 | $ | 177 | $ | 174 | $ | 178 | ||||||||
Sands Bethlehem:
|
||||||||||||||||
Occupancy %
|
69.6 | % | 47.3 | % | 60.7 | % | 47.7 | % | ||||||||
Average daily room rate (ADR) (1)
|
$ | 142 | $ | 168 | $ | 141 | $ | 168 | ||||||||
Revenue per available room (RevPAR) (2)
|
$ | 99 | $ | 79 | $ | 86 | $ | 80 | ||||||||
Casino Statistics:
|
||||||||||||||||
The Venetian Macao:
|
||||||||||||||||
Table games win per unit per day (3)
|
$ | 15,697 | $ | 11,705 | $ | 14,632 | $ | 12,086 | ||||||||
Slot machine win per unit per day (4)
|
$ | 312 | $ | 303 | $ | 314 | $ | 287 | ||||||||
Average number of table games
|
504 | 589 | 520 | 596 | ||||||||||||
Average number of slot machines
|
2,155 | 2,057 | 2,219 | 2,120 | ||||||||||||
Sands Macao:
|
||||||||||||||||
Table games win per unit per day (3)
|
$ | 12,337 | $ | 9,303 | $ | 10,808 | $ | 9,683 | ||||||||
Slot machine win per unit per day (4)
|
$ | 224 | $ | 280 | $ | 251 | $ | 271 | ||||||||
Average number of table games
|
313 | 413 | 353 | 414 | ||||||||||||
Average number of slot machines
|
1,205 | 1,109 | 1,152 | 1,133 | ||||||||||||
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
Table games win per unit per day (3)
|
$ | 19,480 | $ | 13,964 | $ | 22,989 | $ | 13,980 | ||||||||
Slot machine win per unit per day (4)
|
$ | 545 | $ | 766 | $ | 642 | $ | 696 | ||||||||
Average number of table games
|
149 | 127 | 157 | 121 | ||||||||||||
Average number of slot machines
|
188 | 182 | 183 | 189 | ||||||||||||
Sands Cotai Central:
|
||||||||||||||||
Table games win per unit per day (3)
|
$ | 9,728 | N/A | $ | 9,909 | N/A | ||||||||||
Slot machine win per unit per day (4)
|
$ | 316 | N/A | $ | 349 | N/A | ||||||||||
Average number of table games
|
356 | N/A | 359 | N/A | ||||||||||||
Average number of slot machines
|
1,086 | N/A | 961 | N/A | ||||||||||||
Marina Bay Sands:
|
||||||||||||||||
Table games win per unit per day (3)
|
$ | 8,480 | $ | 13,205 | $ | 10,406 | $ | 11,017 | ||||||||
Slot machine win per unit per day (4)
|
$ | 603 | $ | 662 | $ | 632 | $ | 601 | ||||||||
Average number of table games
|
619 | 593 | 612 | 605 | ||||||||||||
Average number of slot machines
|
2,441 | 2,416 | 2,468 | 2,334 | ||||||||||||
Las Vegas Operating Properties:
|
||||||||||||||||
Table games win per unit per day (3)
|
$ | 7,648 | $ | 5,267 | $ | 6,047 | $ | 4,149 | ||||||||
Slot machine win per unit per day (4)
|
$ | 238 | $ | 175 | $ | 207 | $ | 156 | ||||||||
Average number of table games
|
232 | 226 | 230 | 227 | ||||||||||||
Average number of slot machines
|
1,975 | 2,663 | 2,186 | 2,665 | ||||||||||||
Sands Bethlehem:
|
||||||||||||||||
Table games win per unit per day (3)
|
$ | 3,341 | $ | 2,763 | $ | 2,983 | $ | 2,723 | ||||||||
Slot machine win per unit per day (4)
|
$ | 262 | $ | 253 | $ | 268 | $ | 247 | ||||||||
Average number of table games
|
122 | 106 | 121 | 92 | ||||||||||||
Average number of slot machines
|
3,024 | 3,023 | 3,014 | 3,021 |
(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.
|
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