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)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
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.
|
ITEM 9.01
|
FINANCIAL STATEMENTS AND EXHIBITS.
|
(d)
|
Exhibits
|
99.1
|
Press Release, dated July 25, 2016
|
99.1
|
Press Release, dated July 25, 2016 |
LAS VEGAS SANDS CORP.
|
||||
|
By:
|
/s/ Patrick Dumont | ||
Name: | Patrick Dumont | |||
Title: | Executive Vice President and Chief Financial Officer | |||
![]() |
Press Release
|
— | Consolidated Net Revenue was $2.65 Billion, Net Income was $394.4 Million |
— | GAAP Earnings per Diluted Share was $0.41; Adjusted Earnings per Diluted Share was $0.52; and Hold-Normalized Adjusted Earnings per Diluted Share was $0.52 |
— | Consolidated Adjusted Property EBITDA was $955.1 Million, With Margin Expanding 120 Basis Points to 36.0% |
— | Hold-Normalized Adjusted Property EBITDA was $953.8 Million, With Margin Expanding 70 Basis Points to 35.9% |
— |
SCL Adjusted Property EBITDA was $487.7 Million, While SCL Hold-Normalized Adjusted Property EBITDA was $495.7 Million
|
— |
Strong Cost Discipline Drove a 160 Basis Point Improvement in SCL Hold-Normalized Adjusted Property EBITDA Margin to 33.1%
|
— | Adjusted Property EBITDA was $357.0 Million, While Hold-Normalized Adjusted Property EBITDA was $322.6 Million |
— | Adjusted Property EBITDA was $72.5 Million, an Increase of 33.8%, While Hold-Normalized Adjusted Property EBITDA Increased 14.4% to $97.6 Million |
— | The Company Paid Dividends of $0.72 per Share, an Increase of 10.8% |
Three Months Ended
|
||||||||||||||||
The Venetian Macao Operations
|
June 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
568.5
|
$
|
633.6
|
$
|
(65.1
|
)
|
-10.3%
|
||||||||
Rooms
|
45.0
|
51.0
|
(6.0
|
)
|
-11.8%
|
|||||||||||
Food and Beverage
|
20.9
|
19.7
|
1.2
|
6.1%
|
||||||||||||
Mall
|
51.3
|
48.5
|
2.8
|
5.8%
|
||||||||||||
Convention, Retail and Other
|
17.5
|
21.6
|
(4.1
|
)
|
-19.0%
|
|||||||||||
Less - Promotional Allowances
|
(37.1
|
)
|
(34.9
|
)
|
(2.2
|
)
|
-6.3%
|
|||||||||
Net Revenues
|
$
|
666.1
|
$
|
739.5
|
$
|
(73.4
|
)
|
-9.9%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
244.4
|
$
|
255.0
|
$
|
(10.6
|
)
|
-4.2%
|
||||||||
EBITDA Margin %
|
36.7%
|
34.5%
|
2.2 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
6,868.5
|
$
|
7,632.9
|
$
|
(764.4
|
)
|
-10.0%
|
||||||||
Rolling Chip Win %(1)
|
2.73%
|
3.07%
|
-0.34 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
1,657.4
|
$
|
1,677.0
|
$
|
(19.6
|
)
|
-1.2%
|
||||||||
Non-Rolling Chip Win %
|
24.8%
|
26.0%
|
-1.2 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
979.3
|
$
|
973.2
|
$
|
6.1
|
0.6%
|
|||||||||
Slot Hold %
|
4.6%
|
4.9%
|
-0.3 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
81.0%
|
82.2%
|
-1.2 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
212
|
$
|
239
|
$
|
(27
|
)
|
-11.3%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
172
|
$
|
196
|
$
|
(24
|
)
|
-12.2%
|
Three Months Ended
|
||||||||||||||||
Sands Cotai Central Operations
|
June 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
404.6
|
$
|
484.4
|
$
|
(79.8
|
)
|
-16.5%
|
||||||||
Rooms
|
64.0
|
63.3
|
0.7
|
1.1%
|
||||||||||||
Food and Beverage
|
24.6
|
23.7
|
0.9
|
3.8%
|
||||||||||||
Mall
|
15.7
|
14.7
|
1.0
|
6.8%
|
||||||||||||
Convention, Retail and Other
|
5.9
|
5.4
|
0.5
|
9.3%
|
||||||||||||
Less - Promotional Allowances
|
(42.1
|
)
|
(37.3
|
)
|
(4.8
|
)
|
-12.9%
|
|||||||||
Net Revenues
|
$
|
472.7
|
$
|
554.2
|
$
|
(81.5
|
)
|
-14.7%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
144.1
|
$
|
164.2
|
$
|
(20.1
|
)
|
-12.2%
|
||||||||
EBITDA Margin %
|
30.5%
|
29.6%
|
0.9 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
3,081.9
|
$
|
4,826.6
|
$
|
(1,744.7
|
)
|
-36.1%
|
||||||||
Rolling Chip Win %(1)
|
2.48%
|
3.43%
|
-0.95 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
1,509.6
|
$
|
1,462.6
|
$
|
47.0
|
3.2%
|
|||||||||
Non-Rolling Chip Win %
|
20.4%
|
22.4%
|
-2.0 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
1,485.2
|
$
|
1,500.6
|
$
|
(15.4
|
)
|
-1.0%
|
||||||||
Slot Hold %
|
3.7%
|
3.6%
|
0.1 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
76.5%
|
78.7%
|
-2.2 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
149
|
$
|
156
|
$
|
(7
|
)
|
-4.5%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
114
|
$
|
123
|
$
|
(9
|
)
|
-7.3%
|
Three Months Ended
|
||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino Operations
|
June 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$
|
89.0
|
$
|
167.0
|
$
|
(78.0
|
)
|
-46.7%
|
||||||||
Rooms
|
8.1
|
10.9
|
(2.8
|
)
|
-25.7%
|
|||||||||||
Food and Beverage
|
5.5
|
6.4
|
(0.9
|
)
|
-14.1%
|
|||||||||||
Mall
|
31.4
|
31.1
|
0.3
|
1.0%
|
||||||||||||
Convention, Retail and Other
|
0.6
|
0.8
|
(0.2
|
)
|
-25.0%
|
|||||||||||
Less - Promotional Allowances
|
(9.6
|
)
|
(12.1
|
)
|
2.5
|
20.7%
|
||||||||||
Net Revenues
|
$
|
125.0
|
$
|
204.1
|
$
|
(79.1
|
)
|
-38.8%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
43.7
|
$
|
74.3
|
$
|
(30.6
|
)
|
-41.2%
|
||||||||
EBITDA Margin %
|
34.9%
|
36.4%
|
-1.5 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
1,882.6
|
$
|
4,180.8
|
$
|
(2,298.2
|
)
|
-55.0%
|
||||||||
Rolling Chip Win %(1)
|
2.13%
|
3.58%
|
-1.45 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
230.3
|
$
|
276.8
|
$
|
(46.5
|
)
|
-16.8%
|
||||||||
Non-Rolling Chip Win %
|
28.1%
|
21.8%
|
6.3 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
103.2
|
$
|
126.8
|
$
|
(23.6
|
)
|
-18.6%
|
||||||||
Slot Hold %
|
5.6%
|
6.1%
|
-0.5 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
69.2%
|
83.4%
|
-14.2 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
340
|
$
|
382
|
$
|
(42
|
)
|
-11.0%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
236
|
$
|
319
|
$
|
(83
|
)
|
-26.0%
|
Three Months Ended
|
||||||||||||||||
Sands Macao Operations
|
June 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
180.3
|
$
|
236.0
|
$
|
(55.7
|
)
|
-23.6%
|
||||||||
Rooms
|
5.1
|
5.7
|
(0.6
|
)
|
-10.5%
|
|||||||||||
Food and Beverage
|
6.2
|
7.9
|
(1.7
|
)
|
-21.5%
|
|||||||||||
Convention, Retail and Other
|
2.1
|
2.0
|
0.1
|
5.0%
|
||||||||||||
Less - Promotional Allowances
|
(8.7
|
)
|
(10.0
|
)
|
1.3
|
13.0%
|
||||||||||
Net Revenues
|
$
|
185.0
|
$
|
241.6
|
$
|
(56.6
|
)
|
-23.4%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
48.6
|
$
|
66.3
|
$
|
(17.7
|
)
|
-26.7%
|
||||||||
EBITDA Margin %
|
26.3%
|
27.4%
|
-1.1 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
1,953.6
|
$
|
2,328.2
|
$
|
(374.6
|
)
|
-16.1%
|
||||||||
Rolling Chip Win %(1)
|
3.29%
|
3.91%
|
-0.62 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
649.8
|
$
|
769.1
|
$
|
(119.3
|
)
|
-15.5%
|
||||||||
Non-Rolling Chip Win %
|
18.3%
|
19.9%
|
-1.6 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
667.7
|
$
|
658.6
|
$
|
9.1
|
1.4%
|
|||||||||
Slot Hold %
|
3.3%
|
3.6%
|
-0.3 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
96.0%
|
99.6%
|
-3.6 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
203
|
$
|
219
|
$
|
(16
|
)
|
-7.3%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
195
|
$
|
218
|
$
|
(23
|
)
|
-10.6%
|
Three Months Ended
|
||||||||||||||||
Marina Bay Sands Operations
|
June 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
556.7
|
$
|
565.7
|
$
|
(9.0
|
)
|
-1.6%
|
||||||||
Rooms
|
83.2
|
82.7
|
0.5
|
0.6%
|
||||||||||||
Food and Beverage
|
46.1
|
41.3
|
4.8
|
11.6%
|
||||||||||||
Mall
|
40.5
|
40.4
|
0.1
|
0.2%
|
||||||||||||
Convention, Retail and Other
|
23.6
|
24.4
|
(0.8
|
)
|
-3.3%
|
|||||||||||
Less - Promotional Allowances
|
(40.0
|
)
|
(41.5
|
)
|
1.5
|
3.6%
|
||||||||||
Net Revenues
|
$
|
710.1
|
$
|
713.0
|
$
|
(2.9
|
)
|
-0.4%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
357.0
|
$
|
363.3
|
$
|
(6.3
|
)
|
-1.7%
|
||||||||
EBITDA Margin %
|
50.3%
|
50.9%
|
-0.6 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
6,740.2
|
$
|
9,505.8
|
$
|
(2,765.6
|
)
|
-29.1%
|
||||||||
Rolling Chip Win %(1)
|
3.50%
|
2.78%
|
0.72 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
935.7
|
$
|
1,047.6
|
$
|
(111.9
|
)
|
-10.7%
|
||||||||
Non-Rolling Chip Win %
|
28.0%
|
27.5%
|
0.5 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
3,245.2
|
$
|
3,061.8
|
$
|
183.4
|
6.0%
|
|||||||||
Slot Hold %
|
4.5%
|
4.6%
|
-0.1 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
96.4%
|
95.9%
|
0.5 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
375
|
$
|
377
|
$
|
(2
|
)
|
-0.5%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
362
|
$
|
361
|
$
|
1
|
0.3%
|
|
Three Months Ended
|
|||||||||||||||
Las Vegas Operations
|
June 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
82.0
|
$
|
86.5
|
$
|
(4.5
|
)
|
-5.2%
|
||||||||
Rooms
|
145.7
|
133.9
|
11.8
|
8.8%
|
||||||||||||
Food and Beverage
|
76.7
|
72.5
|
4.2
|
5.8%
|
||||||||||||
Convention, Retail and Other
|
76.5
|
75.2
|
1.3
|
1.7%
|
||||||||||||
Less - Promotional Allowances
|
(24.4
|
)
|
(22.1
|
)
|
(2.3
|
)
|
-10.4%
|
|||||||||
Net Revenues
|
$
|
356.5
|
$
|
346.0
|
$
|
10.5
|
3.0%
|
|||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
72.5
|
$
|
54.2
|
$
|
18.3
|
33.8%
|
|||||||||
EBITDA Margin %
|
20.3%
|
15.7%
|
4.6 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Table Games Drop
|
$
|
374.8
|
$
|
466.5
|
$
|
(91.7
|
)
|
-19.7%
|
||||||||
Table Games Win %(1)
|
10.6%
|
11.2%
|
-0.6 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
662.0
|
$
|
558.3
|
$
|
103.7
|
18.6%
|
|||||||||
Slot Hold %
|
7.7%
|
8.4%
|
-0.7 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
95.0%
|
92.6%
|
2.4 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
240
|
$
|
231
|
$
|
9
|
3.9%
|
|||||||||
Revenue per Available Room (RevPAR)
|
$
|
228
|
$
|
214
|
$
|
14
|
6.5%
|
|
Three Months Ended
|
|||||||||||||||
Sands Bethlehem Operations
|
June 30,
|
|||||||||||||||
(Dollars in millions)
|
2016
|
2015
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
136.1
|
$
|
128.4
|
$
|
7.7
|
6.0%
|
|||||||||
Rooms
|
3.8
|
3.8
|
-
|
0.0%
|
||||||||||||
Food and Beverage
|
7.8
|
6.9
|
0.9
|
13.0%
|
||||||||||||
Mall
|
1.0
|
0.9
|
0.1
|
11.1%
|
||||||||||||
Convention, Retail and Other
|
5.2
|
4.8
|
0.4
|
8.3%
|
||||||||||||
Less - Promotional Allowances
|
(7.4
|
)
|
(7.3
|
)
|
(0.1
|
)
|
-1.4%
|
|||||||||
Net Revenues
|
$
|
146.5
|
$
|
137.5
|
$
|
9.0
|
6.5%
|
|||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
37.7
|
$
|
34.1
|
$
|
3.6
|
10.6%
|
|||||||||
EBITDA Margin %
|
25.7%
|
24.8%
|
0.9 pts
|
|||||||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Table Games Drop
|
$
|
288.6
|
$
|
286.9
|
$
|
1.7
|
0.6%
|
|||||||||
Table Games Win %(1)
|
18.6%
|
17.2%
|
1.4 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
1,116.0
|
$
|
1,091.4
|
$
|
24.6
|
2.3%
|
|||||||||
Slot Hold %
|
7.0%
|
7.0%
|
0.0 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
96.9%
|
91.9%
|
5.0 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
160
|
$
|
152
|
$
|
8
|
5.3%
|
|||||||||
Revenue per Available Room (RevPAR)
|
$
|
155
|
$
|
140
|
$
|
15
|
10.7%
|
For The Three Months Ended June 30, 2016
|
TTM June 30, 2016
|
|||||||||||||||||||||
(Dollars in millions
except per square foot data) |
Gross Revenue(1)
|
Operating Profit
|
Operating Profit Margin
|
Gross Leasable Area
(sq. ft.)
|
Occupancy % at End of Period
|
Tenant Sales Per
Sq. Ft.(2) |
||||||||||||||||
Shoppes at Venetian
|
$
|
51.1
|
$
|
46.4
|
90.8%
|
781,145
|
97.4%
|
$
|
1,359
|
|||||||||||||
Shoppes at Four Seasons
|
||||||||||||||||||||||
Luxury Retail
|
21.3
|
20.2
|
94.8%
|
142,562
|
100.0%
|
4,190
|
||||||||||||||||
Other Stores
|
10.1
|
10.0
|
99.0%
|
118,008
|
95.0%
|
1,449
|
||||||||||||||||
Total
|
31.4
|
30.2
|
96.2%
|
260,570
|
97.7%
|
2,994
|
||||||||||||||||
Shoppes at Cotai Central(3)
|
15.6
|
13.6
|
87.2%
|
331,476
|
96.7%
|
861
|
||||||||||||||||
Total Cotai Strip in Macao
|
98.1
|
90.2
|
91.9%
|
1,373,191
|
97.3%
|
1,570
|
||||||||||||||||
The Shoppes at Marina Bay Sands
|
40.5
|
35.3
|
87.2%
|
644,718
|
96.4%
|
1,334
|
||||||||||||||||
Total
|
$
|
138.6
|
$
|
125.5
|
90.5%
|
2,017,909
|
97.0%
|
$
|
1,498
|
Investment Community:
|
Daniel Briggs
|
(702) 414-1221
|
Media:
|
Ron Reese
|
(702) 414-3607
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$
|
2,017,136
|
$
|
2,301,498
|
$
|
4,099,332
|
$
|
4,678,186
|
||||||||
Rooms
|
354,740
|
351,259
|
721,040
|
722,672
|
||||||||||||
Food and beverage
|
187,695
|
178,418
|
375,262
|
367,829
|
||||||||||||
Mall
|
139,589
|
135,282
|
274,520
|
263,096
|
||||||||||||
Convention, retail and other
|
124,485
|
125,514
|
248,037
|
259,651
|
||||||||||||
2,823,645
|
3,091,971
|
5,718,191
|
6,291,434
|
|||||||||||||
Less - promotional allowances
|
(173,564
|
)
|
(170,550
|
)
|
(351,870
|
)
|
(358,391
|
)
|
||||||||
2,650,081
|
2,921,421
|
5,366,321
|
5,933,043
|
|||||||||||||
Operating expenses:
|
||||||||||||||||
Resort operations
|
1,699,129
|
1,913,909
|
3,503,314
|
3,878,998
|
||||||||||||
Corporate
|
122,376
|
44,565
|
169,004
|
89,788
|
||||||||||||
Pre-opening
|
33,230
|
10,654
|
41,839
|
20,233
|
||||||||||||
Development
|
2,010
|
2,348
|
4,387
|
3,881
|
||||||||||||
Depreciation and amortization
|
254,871
|
248,592
|
514,747
|
502,514
|
||||||||||||
Amortization of leasehold interests in land
|
9,348
|
9,485
|
18,895
|
19,323
|
||||||||||||
Loss on disposal of assets
|
10,416
|
2,558
|
9,804
|
17,881
|
||||||||||||
2,131,380
|
2,232,111
|
4,261,990
|
4,532,618
|
|||||||||||||
Operating income
|
518,701
|
689,310
|
1,104,331
|
1,400,425
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
2,002
|
4,062
|
4,029
|
10,440
|
||||||||||||
Interest expense, net of amounts capitalized
|
(64,037
|
)
|
(65,801
|
)
|
(132,685
|
)
|
(132,056
|
)
|
||||||||
Other income (expense)
|
(7,518
|
)
|
(151
|
)
|
(54,589
|
)
|
15,314
|
|||||||||
Income before income taxes
|
449,148
|
627,420
|
921,086
|
1,294,123
|
||||||||||||
Income tax expense
|
(54,711
|
)
|
(45,929
|
)
|
(117,736
|
)
|
(101,594
|
)
|
||||||||
Net income
|
394,437
|
581,491
|
803,350
|
1,192,529
|
||||||||||||
Net income attributable to noncontrolling interests
|
(66,471
|
)
|
(112,318
|
)
|
(155,217
|
)
|
(211,433
|
)
|
||||||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
327,966
|
$
|
469,173
|
$
|
648,133
|
$
|
981,096
|
||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
0.41
|
$
|
0.59
|
$
|
0.82
|
$
|
1.23
|
||||||||
Diluted
|
$
|
0.41
|
$
|
0.59
|
$
|
0.82
|
$
|
1.23
|
||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
794,580,095
|
797,715,773
|
794,534,477
|
797,827,230
|
||||||||||||
Diluted
|
795,050,014
|
798,552,917
|
795,088,743
|
798,731,400
|
||||||||||||
Dividends declared per common share
|
$
|
0.72
|
$
|
0.65
|
$
|
1.44
|
$
|
1.30
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net income
|
$
|
394,437
|
$
|
581,491
|
$
|
803,350
|
$
|
1,192,529
|
||||||||
Add (deduct):
|
||||||||||||||||
Income tax expense
|
54,711
|
45,929
|
117,736
|
101,594
|
||||||||||||
Other (income) expense
|
7,518
|
151
|
54,589
|
(15,314
|
)
|
|||||||||||
Interest expense, net of amounts capitalized
|
64,037
|
65,801
|
132,685
|
132,056
|
||||||||||||
Interest income
|
(2,002
|
)
|
(4,062
|
)
|
(4,029
|
)
|
(10,440
|
)
|
||||||||
Loss on disposal of assets
|
10,416
|
2,558
|
9,804
|
17,881
|
||||||||||||
Amortization of leasehold interests in land
|
9,348
|
9,485
|
18,895
|
19,323
|
||||||||||||
Depreciation and amortization
|
254,871
|
248,592
|
514,747
|
502,514
|
||||||||||||
Development expense
|
2,010
|
2,348
|
4,387
|
3,881
|
||||||||||||
Pre-opening expense
|
33,230
|
10,654
|
41,839
|
20,233
|
||||||||||||
Stock-based compensation (1)
|
4,134
|
8,646
|
9,663
|
12,621
|
||||||||||||
Corporate expense
|
122,376
|
44,565
|
169,004
|
89,788
|
||||||||||||
Consolidated Adjusted Property EBITDA
|
$
|
955,086
|
$
|
1,016,158
|
$
|
1,872,670
|
$
|
2,066,666
|
||||||||
Hold-normalized casino revenue (2)
|
6,580
|
(40,902
|
)
|
|||||||||||||
Hold-normalized casino expense (2)
|
(7,832
|
)
|
38,679
|
|||||||||||||
Consolidated Hold-Normalized Adjusted Property EBITDA
|
$
|
953,834
|
$
|
1,013,935
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
The Venetian Macao
|
$
|
666,102
|
$
|
739,454
|
$
|
1,415,056
|
$
|
1,526,645
|
||||||||
Sands Cotai Central
|
472,679
|
554,231
|
1,002,959
|
1,125,995
|
||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
125,007
|
204,116
|
273,273
|
365,367
|
||||||||||||
Sands Macao
|
184,959
|
241,554
|
360,050
|
466,925
|
||||||||||||
Macao Properties
|
1,448,747
|
1,739,355
|
3,051,338
|
3,484,932
|
||||||||||||
Marina Bay Sands
|
710,135
|
713,042
|
1,313,788
|
1,497,858
|
||||||||||||
Las Vegas Operating Properties
|
356,532
|
346,016
|
741,408
|
722,399
|
||||||||||||
Sands Bethlehem
|
146,535
|
137,502
|
285,203
|
265,201
|
||||||||||||
Other Asia (1)
|
41,087
|
38,527
|
79,676
|
74,006
|
||||||||||||
Intersegment Eliminations
|
(52,955
|
)
|
(53,021
|
)
|
(105,092
|
)
|
(111,353
|
)
|
||||||||
$
|
2,650,081
|
$
|
2,921,421
|
$
|
5,366,321
|
$
|
5,933,043
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
The Venetian Macao
|
$
|
244,397
|
$
|
254,990
|
$
|
512,203
|
$
|
524,932
|
||||||||
Sands Cotai Central
|
144,095
|
164,210
|
307,561
|
320,120
|
||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
43,688
|
74,334
|
91,874
|
118,806
|
||||||||||||
Sands Macao
|
48,576
|
66,284
|
79,547
|
123,662
|
||||||||||||
Macao Properties
|
480,756
|
559,818
|
991,185
|
1,087,520
|
||||||||||||
Marina Bay Sands
|
357,033
|
363,254
|
631,905
|
778,526
|
||||||||||||
Las Vegas Operating Properties
|
72,485
|
54,166
|
159,383
|
128,275
|
||||||||||||
Sands Bethlehem
|
37,677
|
34,099
|
75,402
|
63,992
|
||||||||||||
Other Asia (1)
|
7,135
|
4,821
|
14,795
|
8,353
|
||||||||||||
$
|
955,086
|
$
|
1,016,158
|
$
|
1,872,670
|
$
|
2,066,666
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
The Venetian Macao
|
36.7%
|
|
34.5%
|
|
36.2%
|
|
34.4%
|
|
||||||||
Sands Cotai Central
|
30.5%
|
|
29.6%
|
|
30.7%
|
|
28.4%
|
|
||||||||
Four Seasons Hotel Macao and Plaza Casino
|
34.9%
|
|
36.4%
|
|
33.6%
|
|
32.5%
|
|
||||||||
Sands Macao
|
26.3%
|
|
27.4%
|
|
22.1%
|
|
26.5%
|
|
||||||||
Macao Properties
|
33.2%
|
|
32.2%
|
|
32.5%
|
|
31.2%
|
|
||||||||
Marina Bay Sands
|
50.3%
|
|
50.9%
|
|
48.1%
|
|
52.0%
|
|
||||||||
Las Vegas Operating Properties
|
20.3%
|
|
15.7%
|
|
21.5%
|
|
17.8%
|
|
||||||||
Sands Bethlehem
|
25.7%
|
|
24.8%
|
|
26.4%
|
|
24.1%
|
|
||||||||
Other Asia (1)
|
17.4%
|
|
12.5%
|
|
18.6%
|
|
11.3%
|
|
||||||||
Total
|
36.0%
|
|
34.8%
|
|
34.9%
|
|
34.8%
|
|
Three Months Ended June 30, 2016
|
||||||||||||||||
Adjusted
Property
EBITDA |
(1)
Hold-Normalized
Casino |
(2)
Hold-Normalized
Casino |
Hold-Normalized
Adjusted |
|||||||||||||
Macao Property Operations
|
$
|
480,756
|
$
|
19,062
|
$
|
(11,013
|
)
|
$
|
488,805
|
|||||||
Marina Bay Sands
|
357,033
|
(43,168
|
)
|
8,778
|
322,643
|
|||||||||||
United States:
|
||||||||||||||||
Las Vegas Operating Properties
|
72,485
|
30,686
|
(5,597
|
)
|
97,574
|
|||||||||||
Sands Bethlehem
|
37,677
|
-
|
-
|
37,677
|
||||||||||||
United States Property Operations
|
110,162
|
30,686
|
(5,597
|
)
|
135,251
|
|||||||||||
Other Asia
|
7,135
|
-
|
-
|
7,135
|
||||||||||||
$
|
955,086
|
$
|
6,580
|
$
|
(7,832
|
)
|
$
|
953,834
|
Three Months Ended June 30, 2015
|
||||||||||||||||
Adjusted
Property
EBITDA |
(1)
Hold-Normalized
Casino |
(2)
Hold-Normalized
Casino |
Hold-Normalized
Adjusted |
|||||||||||||
Macao Property Operations
|
$
|
559,818
|
$
|
(78,741
|
)
|
$
|
45,412
|
$
|
526,489
|
|||||||
Marina Bay Sands
|
363,254
|
-
|
-
|
363,254
|
||||||||||||
United States:
|
||||||||||||||||
Las Vegas Operating Properties
|
54,166
|
37,839
|
(6,733
|
)
|
85,272
|
|||||||||||
Sands Bethlehem
|
34,099
|
-
|
-
|
34,099
|
||||||||||||
United States Property Operations
|
88,265
|
37,839
|
(6,733
|
)
|
119,371
|
|||||||||||
Other Asia
|
4,821
|
-
|
-
|
4,821
|
||||||||||||
$
|
1,016,158
|
$
|
(40,902
|
)
|
$
|
38,679
|
$
|
1,013,935
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2016
|
2015 (1)
|
2016
|
2015 (1)
|
|||||||||||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
327,966
|
$
|
469,173
|
$
|
648,133
|
$
|
981,096
|
||||||||
Nonrecurring corporate expense | 78,885 | - | 78,885 | - | ||||||||||||
Pre-opening expense
|
33,230
|
10,654
|
41,839
|
20,233
|
||||||||||||
Development expense
|
2,010
|
2,348
|
4,387
|
3,881
|
||||||||||||
Loss on disposal of assets
|
10,416
|
2,558
|
9,804
|
17,881
|
||||||||||||
Fair value adjustment of forward contracts
|
(7,727
|
)
|
-
|
28,114
|
-
|
|||||||||||
Income tax impact on net income adjustments (2)
|
(13,739
|
)
|
(79
|
)
|
(20,210
|
)
|
(122
|
)
|
||||||||
Noncontrolling interest impact on net income adjustments
|
(19,735
|
)
|
(3,191
|
)
|
(22,315
|
)
|
(10,400
|
)
|
||||||||
Adjusted net income
|
$
|
411,306
|
$
|
481,463
|
$
|
768,637
|
$
|
1,012,569
|
||||||||
Hold-normalized casino revenue (3)
|
6,580
|
(40,902
|
)
|
|||||||||||||
Hold-normalized casino expense (3)
|
(7,832
|
)
|
38,679
|
|||||||||||||
Income tax impact on hold adjustments (2)
|
5,846
|
-
|
||||||||||||||
Noncontrolling interest impact on hold adjustments
|
(2,406
|
)
|
9,959
|
|||||||||||||
Hold-normalized adjusted net income
|
$
|
413,494
|
$
|
489,199
|
Per diluted share of common stock:
|
||||||||||||||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
0.41
|
$
|
0.59
|
$
|
0.82
|
$
|
1.23
|
||||||||
Nonrecurring corporate expense | 0.10 | - | 0.10 | - | ||||||||||||
Pre-opening expense
|
0.04
|
0.01
|
0.05
|
0.03
|
||||||||||||
Development expense
|
-
|
-
|
0.01
|
-
|
||||||||||||
Loss on disposal of assets
|
0.01
|
-
|
0.01
|
0.02
|
||||||||||||
Fair value adjustment of forward contracts
|
(0.01
|
)
|
-
|
0.04
|
-
|
|||||||||||
Income tax impact on net income adjustments
|
(0.01
|
) |
-
|
(0.03
|
)
|
-
|
||||||||||
Noncontrolling interest impact on net income adjustments
|
(0.02
|
)
|
-
|
(0.03
|
)
|
(0.01
|
)
|
|||||||||
Adjusted earnings per diluted share
|
$
|
0.52
|
$
|
0.60
|
$
|
0.97
|
$
|
1.27
|
||||||||
Hold-normalized casino revenue
|
0.01
|
(0.05
|
)
|
|||||||||||||
Hold-normalized casino expense
|
(0.01
|
)
|
0.05
|
|||||||||||||
Income tax impact on hold adjustments
|
-
|
-
|
||||||||||||||
Noncontrolling interest impact on hold adjustments
|
-
|
0.01
|
||||||||||||||
Hold-normalized adjusted earnings per diluted share
|
$
|
0.52
|
$
|
0.61
|
||||||||||||
Weighted average diluted shares outstanding
|
795,050,014
|
798,552,917
|
795,088,743
|
798,731,400
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Room Statistics:
|
||||||||||||||||
The Venetian Macao:
|
||||||||||||||||
Occupancy %
|
81.0%
|
|
82.2%
|
|
79.3%
|
|
84.0%
|
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
212
|
$
|
239
|
$
|
219
|
$
|
255
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
172
|
$
|
196
|
$
|
174
|
$
|
214
|
||||||||
Sands Cotai Central:
|
||||||||||||||||
Occupancy %
|
76.5%
|
|
78.7%
|
|
76.8%
|
|
80.1%
|
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
149
|
$
|
156
|
$
|
152
|
$
|
164
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
114
|
$
|
123
|
$
|
117
|
$
|
132
|
||||||||
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
Occupancy %
|
69.2%
|
|
83.4%
|
|
69.1%
|
|
80.2%
|
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
340
|
$
|
382
|
$
|
349
|
$
|
395
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
236
|
$
|
319
|
$
|
241
|
$
|
317
|
||||||||
Sands Macao:
|
||||||||||||||||
Occupancy %
|
96.0%
|
|
99.6%
|
|
95.9%
|
|
99.0%
|
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
203
|
$
|
219
|
$
|
205
|
$
|
222
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
195
|
$
|
218
|
$
|
196
|
$
|
220
|
||||||||
Marina Bay Sands:
|
||||||||||||||||
Occupancy %
|
96.4%
|
|
95.9%
|
|
97.2%
|
|
95.4%
|
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
375
|
$
|
377
|
$
|
385
|
$
|
396
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
362
|
$
|
361
|
$
|
374
|
$
|
377
|
||||||||
Las Vegas Operating Properties:
|
||||||||||||||||
Occupancy %
|
95.0%
|
|
92.6%
|
|
93.5%
|
|
89.4%
|
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
240
|
$
|
231
|
$
|
245
|
$
|
237
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
228
|
$
|
214
|
$
|
229
|
$
|
212
|
||||||||
Sands Bethlehem:
|
||||||||||||||||
Occupancy %
|
96.9%
|
|
91.9%
|
|
93.8%
|
|
88.2%
|
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
160
|
$
|
152
|
$
|
157
|
$
|
151
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
155
|
$
|
140
|
$
|
147
|
$
|
133
|
||||||||
Casino Statistics:
|
||||||||||||||||
The Venetian Macao:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
10,124
|
$
|
12,182
|
$
|
11,110
|
$
|
12,616
|
||||||||
Slot machine win per unit per day (4)
|
$
|
252
|
$
|
249
|
$
|
260
|
$
|
263
|
||||||||
Average number of table games
|
650
|
605
|
646
|
604
|
||||||||||||
Average number of slot machines
|
1,969
|
2,118
|
1,941
|
2,114
|
||||||||||||
Sands Cotai Central:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
8,176
|
$
|
10,806
|
$
|
8,943
|
$
|
10,872
|
||||||||
Slot machine win per unit per day (4)
|
$
|
316
|
$
|
353
|
$
|
316
|
$
|
347
|
||||||||
Average number of table games
|
516
|
501
|
516
|
509
|
||||||||||||
Average number of slot machines
|
1,896
|
1,694
|
1,899
|
1,701
|
||||||||||||
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
11,854
|
$
|
18,862
|
$
|
13,839
|
$
|
16,320
|
||||||||
Slot machine win per unit per day (4)
|
$
|
427
|
$
|
548
|
$
|
443
|
$
|
517
|
||||||||
Average number of table games
|
97
|
122
|
98
|
127
|
||||||||||||
Average number of slot machines
|
148
|
154
|
147
|
150
|
||||||||||||
Sands Macao:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
7,671
|
$
|
9,409
|
$
|
7,414
|
$
|
9,043
|
||||||||
Slot machine win per unit per day (4)
|
$
|
263
|
$
|
274
|
$
|
263
|
$
|
288
|
||||||||
Average number of table games
|
262
|
285
|
264
|
285
|
||||||||||||
Average number of slot machines
|
925
|
944
|
920
|
931
|
||||||||||||
Marina Bay Sands:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
9,336
|
$
|
10,471
|
$
|
8,537
|
$
|
11,011
|
||||||||
Slot machine win per unit per day (4)
|
$
|
650
|
$
|
641
|
$
|
657
|
$
|
657
|
||||||||
Average number of table games
|
586
|
580
|
597
|
590
|
||||||||||||
Average number of slot machines
|
2,491
|
2,439
|
2,451
|
2,397
|
||||||||||||
Las Vegas Operating Properties:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
1,784
|
$
|
2,342
|
$
|
2,626
|
$
|
3,182
|
||||||||
Slot machine win per unit per day (4)
|
$
|
284
|
$
|
231
|
$
|
271
|
$
|
223
|
||||||||
Average number of table games
|
244
|
245
|
244
|
244
|
||||||||||||
Average number of slot machines
|
1,979
|
2,227
|
2,008
|
2,250
|
||||||||||||
Sands Bethlehem:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
3,336
|
$
|
3,069
|
$
|
3,395
|
$
|
2,964
|
||||||||
Slot machine win per unit per day (4)
|
$
|
287
|
$
|
279
|
$
|
282
|
$
|
270
|
||||||||
Average number of table games
|
177
|
177
|
177
|
177
|
||||||||||||
Average number of slot machines
|
2,987
|
3,013
|
3,000
|
3,013
|
(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.
|
Three Months Ended June 30, 2016
|
||||||||||||||||||||||||||||||||||||
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
|
$
|
200,144
|
$
|
40,555
|
$
|
1,635
|
$
|
29
|
$
|
74
|
$
|
-
|
$
|
1,960
|
$
|
-
|
$
|
244,397
|
||||||||||||||||||
Sands Cotai Central
|
69,691
|
71,685
|
1,881
|
83
|
15
|
-
|
740
|
-
|
144,095
|
|||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
32,159
|
9,744
|
718
|
2
|
737
|
-
|
328
|
-
|
43,688
|
|||||||||||||||||||||||||||
Sands Macao
|
38,369
|
9,616
|
373
|
13
|
-
|
-
|
205
|
-
|
48,576
|
|||||||||||||||||||||||||||
Macao Property Operations
|
340,363
|
131,600
|
4,607
|
127
|
826
|
-
|
3,233
|
-
|
480,756
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
270,243
|
61,076
|
4,192
|
42
|
-
|
21,320
|
160
|
-
|
357,033
|
|||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
54,911
|
43,539
|
-
|
9,957
|
679
|
(37,289
|
)
|
688
|
-
|
72,485
|
||||||||||||||||||||||||||
Sands Bethlehem
|
30,473
|
7,172
|
-
|
(54
|
)
|
86
|
-
|
-
|
-
|
37,677
|
||||||||||||||||||||||||||
United States Property Operations
|
85,384
|
50,711
|
-
|
9,903
|
765
|
(37,289
|
)
|
688
|
-
|
110,162
|
||||||||||||||||||||||||||
Other Asia
|
(12,985
|
)
|
3,660
|
-
|
(52
|
)
|
91
|
16,368
|
53
|
-
|
7,135
|
|||||||||||||||||||||||||
Other Development
|
(34,125
|
)
|
18
|
549
|
-
|
33,558
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(130,179
|
)
|
7,806
|
-
|
396
|
-
|
(399
|
)
|
-
|
122,376
|
-
|
|||||||||||||||||||||||||
$
|
518,701
|
$
|
254,871
|
$
|
9,348
|
$
|
10,416
|
$
|
35,240
|
$
|
-
|
$
|
4,134
|
$
|
122,376
|
$
|
955,086
|
|||||||||||||||||||
Three Months Ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1) |
Adjusted
|
|||||||||||||||||||||||||||||||
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
Macao:
|
||||||||||||||||||||||||||||||||||||
The Venetian Macao
|
$
|
210,937
|
$
|
38,204
|
$
|
1,640
|
$
|
227
|
$
|
-
|
$
|
-
|
$
|
3,982
|
$
|
-
|
$
|
254,990
|
||||||||||||||||||
Sands Cotai Central
|
88,184
|
68,932
|
1,931
|
214
|
2,905
|
-
|
2,044
|
-
|
164,210
|
|||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
61,915
|
9,571
|
700
|
6
|
1,540
|
-
|
602
|
-
|
74,334
|
|||||||||||||||||||||||||||
Sands Macao
|
56,102
|
9,054
|
373
|
198
|
-
|
-
|
557
|
-
|
66,284
|
|||||||||||||||||||||||||||
Macao Property Operations
|
417,138
|
125,761
|
4,644
|
645
|
4,445
|
-
|
7,185
|
-
|
559,818
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
277,187
|
58,887
|
4,227
|
(34
|
)
|
464
|
22,306
|
217
|
-
|
363,254
|
||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
41,838
|
44,821
|
-
|
1,947
|
158
|
(35,723
|
)
|
1,125
|
-
|
54,166
|
||||||||||||||||||||||||||
Sands Bethlehem
|
27,301
|
6,757
|
-
|
-
|
41
|
-
|
-
|
-
|
34,099
|
|||||||||||||||||||||||||||
United States Property Operations
|
69,139
|
51,578
|
-
|
1,947
|
199
|
(35,723
|
)
|
1,125
|
-
|
88,265
|
||||||||||||||||||||||||||
Other Asia
|
(12,411
|
)
|
3,473
|
-
|
-
|
-
|
13,640
|
119
|
-
|
4,821
|
||||||||||||||||||||||||||
Other Development
|
(8,668
|
)
|
160
|
614
|
-
|
7,894
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(53,075
|
)
|
8,733
|
-
|
-
|
-
|
(223
|
)
|
-
|
44,565
|
-
|
|||||||||||||||||||||||||
$
|
689,310
|
$
|
248,592
|
$
|
9,485
|
$
|
2,558
|
$
|
13,002
|
$
|
-
|
$
|
8,646
|
$
|
44,565
|
$
|
1,016,158
|
|||||||||||||||||||
Six Months Ended June 30, 2016
|
||||||||||||||||||||||||||||||||||||
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
|
$
|
424,093
|
$
|
80,187
|
$
|
3,297
|
$
|
141
|
$
|
138
|
$
|
-
|
$
|
4,347
|
$
|
-
|
$
|
512,203
|
||||||||||||||||||
Sands Cotai Central
|
155,234
|
146,066
|
4,015
|
456
|
110
|
-
|
1,680
|
-
|
307,561
|
|||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
68,969
|
19,449
|
1,437
|
12
|
1,429
|
-
|
578
|
-
|
91,874
|
|||||||||||||||||||||||||||
Sands Macao
|
60,164
|
18,217
|
745
|
(9
|
)
|
-
|
-
|
430
|
-
|
79,547
|
||||||||||||||||||||||||||
Macao Property Operations
|
708,460
|
263,919
|
9,494
|
600
|
1,677
|
-
|
7,035
|
-
|
991,185
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
456,200
|
127,522
|
8,240
|
(1,591
|
)
|
-
|
41,199
|
335
|
-
|
631,905
|
||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
133,163
|
86,775
|
-
|
9,943
|
936
|
(73,337
|
)
|
1,903
|
-
|
159,383
|
||||||||||||||||||||||||||
Sands Bethlehem
|
60,169
|
14,406
|
-
|
507
|
320
|
-
|
-
|
-
|
75,402
|
|||||||||||||||||||||||||||
United States Property Operations
|
193,332
|
101,181
|
-
|
10,450
|
1,256
|
(73,337
|
)
|
1,903
|
-
|
234,785
|
||||||||||||||||||||||||||
Other Asia
|
(25,684
|
)
|
7,285
|
-
|
(52
|
)
|
120
|
32,736
|
390
|
-
|
14,795
|
|||||||||||||||||||||||||
Other Development
|
(44,361
|
)
|
27
|
1,161
|
-
|
43,173
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(183,616
|
)
|
14,813
|
-
|
397
|
-
|
(598
|
)
|
-
|
169,004
|
-
|
|||||||||||||||||||||||||
$
|
1,104,331
|
$
|
514,747
|
$
|
18,895
|
$
|
9,804
|
$
|
46,226
|
$
|
-
|
$
|
9,663
|
$
|
169,004
|
$
|
1,872,670
|
|||||||||||||||||||
Six Months Ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
Depreciation
|
of Leasehold
|
(Gain) Loss
|
and
|
(1) |
Adjusted
|
|||||||||||||||||||||||||||||||
Operating
|
and
|
Interests
|
on Disposal
|
Development
|
Royalty
|
Stock-Based
|
Corporate
|
Property
|
||||||||||||||||||||||||||||
Income (Loss)
|
Amortization
|
in Land
|
of Assets
|
Expense
|
Fees
|
Compensation
|
Expense
|
EBITDA
|
||||||||||||||||||||||||||||
Macao:
|
||||||||||||||||||||||||||||||||||||
The Venetian Macao
|
$
|
430,967
|
$
|
76,320
|
$
|
3,306
|
$
|
8,800
|
$
|
-
|
$
|
-
|
$
|
5,539
|
$
|
-
|
$
|
524,932
|
||||||||||||||||||
Sands Cotai Central
|
164,607
|
140,615
|
4,078
|
3,527
|
4,778
|
-
|
2,515
|
-
|
320,120
|
|||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
93,850
|
19,312
|
1,420
|
13
|
3,432
|
-
|
779
|
-
|
118,806
|
|||||||||||||||||||||||||||
Sands Macao
|
100,833
|
18,082
|
740
|
3,204
|
-
|
-
|
803
|
-
|
123,662
|
|||||||||||||||||||||||||||
Macao Property Operations
|
790,257
|
254,329
|
9,544
|
15,544
|
8,210
|
-
|
9,636
|
-
|
1,087,520
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
596,204
|
123,303
|
8,552
|
240
|
716
|
49,082
|
429
|
-
|
778,526
|
|||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
112,253
|
87,158
|
-
|
2,191
|
294
|
(75,871
|
)
|
2,250
|
-
|
128,275
|
||||||||||||||||||||||||||
Sands Bethlehem
|
50,501
|
13,458
|
-
|
(94
|
)
|
53
|
-
|
74
|
-
|
63,992
|
||||||||||||||||||||||||||
United States Property Operations
|
162,754
|
100,616
|
-
|
2,097
|
347
|
(75,871
|
)
|
2,324
|
-
|
192,267
|
||||||||||||||||||||||||||
Other Asia
|
(26,142
|
)
|
6,983
|
-
|
-
|
-
|
27,280
|
232
|
-
|
8,353
|
||||||||||||||||||||||||||
Other Development
|
(16,390
|
)
|
322
|
1,227
|
-
|
14,841
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(106,258
|
)
|
16,961
|
-
|
-
|
-
|
(491
|
)
|
-
|
89,788
|
-
|
|||||||||||||||||||||||||
$
|
1,400,425
|
$
|
502,514
|
$
|
19,323
|
$
|
17,881
|
$
|
24,114
|
$
|
-
|
$
|
12,621
|
$
|
89,788
|
$
|
2,066,666
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Sands China Ltd. Net Income
|
$
|
237,034
|
$
|
388,654
|
$
|
548,681
|
$
|
733,350
|
||||||||
Add (deduct):
|
||||||||||||||||
Income tax (benefit) expense
|
5,967
|
(5,473
|
)
|
21,639
|
(10,660
|
)
|
||||||||||
Other (income) expense
|
(1,725
|
)
|
150
|
(2,949
|
)
|
(1,142
|
)
|
|||||||||
Interest expense, net of amounts capitalized
|
14,796
|
14,095
|
29,427
|
28,051
|
||||||||||||
Interest income
|
(652
|
)
|
(3,301
|
)
|
(1,554
|
)
|
(8,736
|
)
|
||||||||
Loss on disposal of assets
|
75
|
645
|
548
|
15,544
|
||||||||||||
Amortization of leasehold interests in land
|
5,155
|
5,257
|
10,655
|
10,771
|
||||||||||||
Depreciation and amortization
|
135,188
|
129,219
|
271,060
|
261,264
|
||||||||||||
Pre-opening expense
|
32,500
|
10,029
|
40,652
|
19,241
|
||||||||||||
Stock-based compensation
|
3,286
|
7,304
|
7,425
|
9,868
|
||||||||||||
Corporate expense
|
56,026
|
17,872
|
79,942
|
37,947
|
||||||||||||
Sands China Ltd. Adjusted Property EBITDA
|
$
|
487,650
|
$
|
564,451
|
$
|
1,005,526
|
$
|
1,095,498
|
||||||||
Hold-normalized casino revenue (1)
|
19,062
|
(78,741
|
)
|
|||||||||||||
Hold-normalized casino expense (1)
|
(11,013
|
)
|
45,412
|
|||||||||||||
Sands China Ltd. Hold-Normalized Adjusted Property EBITDA
|
$
|
495,699
|
$
|
531,122
|
(1)
|
See Exhibit 3
|
"W3(Q@>G I;?3X[:99$DE)6)8L,^
M05&:'";8