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)) | |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||
Emerging growth company ¨ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
ITEM 2.02. | Results of Operations and Financial Condition. |
ITEM 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits |
99.1 | Press Release, dated July 26, 2017 |
99.1 | Press Release, dated July 26, 2017 |
LAS VEGAS SANDS CORP. | |||
By: | /s/ Patrick Dumont | ||
Name: Patrick Dumont Title: Executive Vice President and Chief Financial Officer | |||
![]() | Press Release |
Three Months Ended | ||||||||||||||
The Venetian Macao Operations | June 30, | |||||||||||||
(Dollars in millions) | 2017 | 2016 | $ Change | Change | ||||||||||
Revenues: | ||||||||||||||
Casino | $ | 586 | $ | 568 | $ | 18 | 3.2% | |||||||
Rooms | 41 | 45 | (4 | ) | (8.9)% | |||||||||
Food and Beverage | 20 | 21 | (1 | ) | (4.8)% | |||||||||
Mall | 54 | 51 | 3 | 5.9% | ||||||||||
Convention, Retail and Other | 21 | 18 | 3 | 16.7% | ||||||||||
Less - Promotional Allowances | (35 | ) | (37 | ) | 2 | (5.4)% | ||||||||
Net Revenues | $ | 687 | $ | 666 | $ | 21 | 3.2% | |||||||
Adjusted Property EBITDA | $ | 256 | $ | 244 | $ | 12 | 4.9% | |||||||
EBITDA Margin % | 37.3 | % | 36.6 | % | 0.7 pts | |||||||||
Gaming Statistics | ||||||||||||||
(Dollars in millions) | ||||||||||||||
Rolling Chip Volume | $ | 5,172 | $ | 6,868 | $ | (1,696 | ) | (24.7)% | ||||||
Rolling Chip Win %(1) | 3.61 | % | 2.73 | % | 0.88 pts | |||||||||
Non-Rolling Chip Drop | $ | 1,695 | $ | 1,657 | $ | 38 | 2.3% | |||||||
Non-Rolling Chip Win % | 25.7 | % | 24.8 | % | 0.9 pts | |||||||||
Slot Handle | $ | 681 | $ | 979 | $ | (298 | ) | (30.4)% | ||||||
Slot Hold % | 5.3 | % | 4.6 | % | 0.7 pts | |||||||||
Hotel Statistics | ||||||||||||||
Occupancy % | 93.3 | % | 81.0 | % | 12.3 pts | |||||||||
Average Daily Rate (ADR) | $ | 209 | $ | 212 | $ | (3 | ) | (1.4)% | ||||||
Revenue per Available Room (RevPAR) | $ | 195 | $ | 172 | $ | 23 | 13.4% |
(1) | This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts and commissions). We revised the expected range due to the Rolling Chip win percentage experienced over the last several years. |
Three Months Ended | ||||||||||||||
Sands Cotai Central Operations | June 30, | |||||||||||||
(Dollars in millions) | 2017 | 2016 | $ Change | Change | ||||||||||
Revenues: | ||||||||||||||
Casino | $ | 373 | $ | 405 | $ | (32 | ) | (7.9)% | ||||||
Rooms | 65 | 64 | 1 | 1.6% | ||||||||||
Food and Beverage | 25 | 24 | 1 | 4.2% | ||||||||||
Mall | 15 | 16 | (1 | ) | (6.3)% | |||||||||
Convention, Retail and Other | 6 | 6 | — | — | ||||||||||
Less - Promotional Allowances | (39 | ) | (42 | ) | 3 | (7.1)% | ||||||||
Net Revenues | $ | 445 | $ | 473 | $ | (28 | ) | (5.9)% | ||||||
Adjusted Property EBITDA | $ | 133 | $ | 145 | $ | (12 | ) | (8.3)% | ||||||
EBITDA Margin % | 29.9 | % | 30.7 | % | (0.8) pts | |||||||||
Gaming Statistics | ||||||||||||||
(Dollars in millions) | ||||||||||||||
Rolling Chip Volume | $ | 2,522 | $ | 3,082 | $ | (560 | ) | (18.2)% | ||||||
Rolling Chip Win %(1) | 3.15 | % | 2.48 | % | 0.67 pts | |||||||||
Non-Rolling Chip Drop | $ | 1,367 | $ | 1,510 | $ | (143 | ) | (9.5)% | ||||||
Non-Rolling Chip Win % | 21.1 | % | 20.4 | % | 0.7 pts | |||||||||
Slot Handle | $ | 1,139 | $ | 1,485 | $ | (346 | ) | (23.3)% | ||||||
Slot Hold % | 4.0 | % | 3.7 | % | 0.3 pts | |||||||||
Hotel Statistics | ||||||||||||||
Occupancy % | 81.4 | % | 76.5 | % | 4.9 pts | |||||||||
Average Daily Rate (ADR) | $ | 142 | $ | 149 | $ | (7 | ) | (4.7)% | ||||||
Revenue per Available Room (RevPAR) | $ | 116 | $ | 114 | $ | 2 | 1.8% |
(1) | This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts and commissions). We revised the expected range due to the Rolling Chip win percentage experienced over the last several years. |
Three Months Ended | ||||||||||||||
The Parisian Macao Operations | June 30, | March 31, | ||||||||||||
(Dollars in millions) | 2017(1) | 2017 | $ Change | Change | ||||||||||
Revenues: | ||||||||||||||
Casino | $ | 322 | $ | 279 | $ | 43 | 15.4% | |||||||
Rooms | 32 | 29 | 3 | 10.3% | ||||||||||
Food and Beverage | 16 | 16 | — | — | ||||||||||
Mall | 17 | 17 | — | — | ||||||||||
Convention, Retail and Other | 5 | 5 | — | — | ||||||||||
Less - Promotional Allowances | (31 | ) | (28 | ) | (3 | ) | 10.7% | |||||||
Net Revenues | $ | 361 | $ | 318 | $ | 43 | 13.5% | |||||||
Adjusted Property EBITDA | $ | 106 | $ | 82 | $ | 24 | 29.3% | |||||||
EBITDA Margin % | 29.4 | % | 25.8 | % | 3.6 pts | |||||||||
Gaming Statistics | ||||||||||||||
(Dollars in millions) | ||||||||||||||
Rolling Chip Volume | $ | 3,760 | $ | 3,722 | $ | 38 | 1.0% | |||||||
Rolling Chip Win %(2) | 3.89 | % | 2.82 | % | 1.07 pts | |||||||||
Non-Rolling Chip Drop | $ | 973 | $ | 983 | $ | (10 | ) | (1.0)% | ||||||
Non-Rolling Chip Win % | 19.7 | % | 18.2 | % | 1.5 pts | |||||||||
Slot Handle | $ | 935 | $ | 854 | $ | 81 | 9.5% | |||||||
Slot Hold % | 3.3 | % | 4.0 | % | (0.7) pts | |||||||||
Hotel Statistics | ||||||||||||||
Occupancy % | 88.0 | % | 81.9 | % | 6.1 pts | |||||||||
Average Daily Rate (ADR) | $ | 138 | $ | 136 | $ | 2 | 1.5% | |||||||
Revenue per Available Room (RevPAR) | $ | 122 | $ | 112 | $ | 10 | 8.9% |
(1) | The Parisian Macao opened in September 2016. |
(2) | This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts and commissions). We revised the expected range due to the Rolling Chip win percentage experienced over the last several years. |
The Plaza Macao and Four Seasons Hotel Macao Operations | Three Months Ended | |||||||||||||
June 30, | ||||||||||||||
(Dollars in millions) | 2017 | 2016 | $ Change | Change | ||||||||||
Revenues: | ||||||||||||||
Casino | $ | 101 | $ | 89 | $ | 12 | 13.5% | |||||||
Rooms | 8 | 9 | (1 | ) | (11.1)% | |||||||||
Food and Beverage | 6 | 5 | 1 | 20.0% | ||||||||||
Mall | 32 | 32 | — | — | ||||||||||
Convention, Retail and Other | 1 | 1 | — | — | ||||||||||
Less - Promotional Allowances | (11 | ) | (11 | ) | — | — | ||||||||
Net Revenues | $ | 137 | $ | 125 | $ | 12 | 9.6% | |||||||
Adjusted Property EBITDA | $ | 59 | $ | 44 | $ | 15 | 34.1% | |||||||
EBITDA Margin % | 43.1 | % | 35.2 | % | 7.9 pts | |||||||||
Gaming Statistics | ||||||||||||||
(Dollars in millions) | ||||||||||||||
Rolling Chip Volume | $ | 2,417 | $ | 1,883 | $ | 534 | 28.4% | |||||||
Rolling Chip Win %(1) | 1.97 | % | 2.13 | % | (0.16) pts | |||||||||
Non-Rolling Chip Drop | $ | 295 | $ | 230 | $ | 65 | 28.3% | |||||||
Non-Rolling Chip Win % | 24.3 | % | 28.1 | % | (3.8) pts | |||||||||
Slot Handle | $ | 97 | $ | 103 | $ | (6 | ) | (5.8)% | ||||||
Slot Hold % | 7.5 | % | 5.6 | % | 1.9 pts | |||||||||
Hotel Statistics | ||||||||||||||
Occupancy % | 81.3 | % | 69.2 | % | 12.1 pts | |||||||||
Average Daily Rate (ADR) | $ | 355 | $ | 340 | $ | 15 | 4.4% | |||||||
Revenue per Available Room (RevPAR) | $ | 289 | $ | 236 | $ | 53 | 22.5% |
(1) | This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts and commissions). We revised the expected range due to the Rolling Chip win percentage experienced over the last several years. |
Three Months Ended | ||||||||||||||
Sands Macao Operations | June 30, | |||||||||||||
(Dollars in millions) | 2017 | 2016 | $ Change | Change | ||||||||||
Revenues: | ||||||||||||||
Casino | $ | 157 | $ | 180 | $ | (23 | ) | (12.8)% | ||||||
Rooms | 5 | 5 | — | — | ||||||||||
Food and Beverage | 7 | 6 | 1 | 16.7% | ||||||||||
Convention, Retail and Other | 1 | 2 | (1 | ) | (50.0)% | |||||||||
Less - Promotional Allowances | (9 | ) | (8 | ) | (1 | ) | 12.5% | |||||||
Net Revenues | $ | 161 | $ | 185 | $ | (24 | ) | (13.0)% | ||||||
Adjusted Property EBITDA | $ | 39 | $ | 48 | $ | (9 | ) | (18.8)% | ||||||
EBITDA Margin % | 24.2 | % | 25.9 | % | (1.7) pts | |||||||||
Gaming Statistics | ||||||||||||||
(Dollars in millions) | ||||||||||||||
Rolling Chip Volume | $ | 968 | $ | 1,954 | $ | (986 | ) | (50.5)% | ||||||
Rolling Chip Win %(1) | 3.80 | % | 3.29 | % | 0.51 pts | |||||||||
Non-Rolling Chip Drop | $ | 626 | $ | 650 | $ | (24 | ) | (3.7)% | ||||||
Non-Rolling Chip Win % | 18.8 | % | 18.3 | % | 0.5 pts | |||||||||
Slot Handle | $ | 614 | $ | 668 | $ | (54 | ) | (8.1)% | ||||||
Slot Hold % | 3.2 | % | 3.3 | % | (0.1) pts | |||||||||
Hotel Statistics | ||||||||||||||
Occupancy % | 98.5 | % | 96.0 | % | 2.5 pts | |||||||||
Average Daily Rate (ADR) | $ | 191 | $ | 203 | $ | (12 | ) | (5.9)% | ||||||
Revenue per Available Room (RevPAR) | $ | 188 | $ | 195 | $ | (7 | ) | (3.6)% |
(1) | This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts and commissions). We revised the expected range due to the Rolling Chip win percentage experienced over the last several years. |
Three Months Ended | ||||||||||||||
Marina Bay Sands Operations | June 30, | |||||||||||||
(Dollars in millions) | 2017 | 2016 | $ Change | Change | ||||||||||
Revenues: | ||||||||||||||
Casino | $ | 690 | $ | 557 | $ | 133 | 23.9% | |||||||
Rooms | 80 | 83 | (3 | ) | (3.6)% | |||||||||
Food and Beverage | 43 | 46 | (3 | ) | (6.5)% | |||||||||
Mall | 40 | 40 | — | — | ||||||||||
Convention, Retail and Other | 23 | 24 | (1 | ) | (4.2)% | |||||||||
Less - Promotional Allowances | (40 | ) | (40 | ) | — | — | ||||||||
Net Revenues | $ | 836 | $ | 710 | $ | 126 | 17.7% | |||||||
Adjusted Property EBITDA | $ | 492 | $ | 357 | $ | 135 | 37.8% | |||||||
EBITDA Margin % | 58.9 | % | 50.3 | % | 8.6 pts | |||||||||
Gaming Statistics | ||||||||||||||
(Dollars in millions) | ||||||||||||||
Rolling Chip Volume | $ | 8,709 | $ | 6,740 | $ | 1,969 | 29.2% | |||||||
Rolling Chip Win %(1) | 4.42 | % | 3.50 | % | 0.92 pts | |||||||||
Non-Rolling Chip Drop | $ | 911 | $ | 936 | $ | (25 | ) | (2.7)% | ||||||
Non-Rolling Chip Win % | 27.9 | % | 28.0 | % | (0.1) pts | |||||||||
Slot Handle | $ | 3,403 | $ | 3,245 | $ | 158 | 4.9% | |||||||
Slot Hold % | 4.3 | % | 4.5 | % | (0.2) pts | |||||||||
Hotel Statistics | ||||||||||||||
Occupancy % | 94.3 | % | 96.4 | % | (2.1) pts | |||||||||
Average Daily Rate (ADR) | $ | 397 | $ | 375 | $ | 22 | 5.9% | |||||||
Revenue per Available Room (RevPAR) | $ | 375 | $ | 362 | $ | 13 | 3.6% |
(1) | This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions). |
Three Months Ended | ||||||||||||||
Las Vegas Operations | June 30, | |||||||||||||
(Dollars in millions) | 2017 | 2016 | $ Change | Change | ||||||||||
Revenues: | ||||||||||||||
Casino | $ | 98 | $ | 82 | $ | 16 | 19.5% | |||||||
Rooms | 142 | 145 | (3 | ) | (2.1)% | |||||||||
Food and Beverage | 75 | 77 | (2 | ) | (2.6)% | |||||||||
Convention, Retail and Other | 89 | 77 | 12 | 15.6% | ||||||||||
Less - Promotional Allowances | (20 | ) | (25 | ) | 5 | (20.0)% | ||||||||
Net Revenues | $ | 384 | $ | 356 | $ | 28 | 7.9% | |||||||
Adjusted Property EBITDA | $ | 79 | $ | 72 | $ | 7 | 9.7% | |||||||
EBITDA Margin % | 20.6 | % | 20.2 | % | 0.4 pts | |||||||||
Gaming Statistics | ||||||||||||||
(Dollars in millions) | ||||||||||||||
Table Games Drop | $ | 352 | $ | 375 | $ | (23 | ) | (6.1)% | ||||||
Table Games Win %(1) | 16.3 | % | 10.6 | % | 5.7 pts | |||||||||
Slot Handle | $ | 606 | $ | 662 | $ | (56 | ) | (8.5)% | ||||||
Slot Hold % | 8.3 | % | 7.7 | % | 0.6 pts | |||||||||
Hotel Statistics | ||||||||||||||
Occupancy % | 92.7 | % | 95.0 | % | (2.3) pts | |||||||||
Average Daily Rate (ADR) | $ | 244 | $ | 240 | $ | 4 | 1.7% | |||||||
Revenue per Available Room (RevPAR) | $ | 226 | $ | 228 | $ | (2 | ) | (0.9)% |
(1) | This compares to our expected Baccarat win percentage of 18.0% to 26.0% and our expected non-Baccarat win percentage of 16.0% to 24.0% (calculated before discounts). We revised the expected ranges due to the respective win percentages experienced over the last several years. |
Three Months Ended | ||||||||||||||
Sands Bethlehem Operations | June 30, | |||||||||||||
(Dollars in millions) | 2017 | 2016 | $ Change | Change | ||||||||||
Revenues: | ||||||||||||||
Casino | $ | 137 | $ | 136 | $ | 1 | 0.7% | |||||||
Rooms | 4 | 4 | — | — | ||||||||||
Food and Beverage | 7 | 8 | (1 | ) | (12.5)% | |||||||||
Mall | 1 | 1 | — | — | ||||||||||
Convention, Retail and Other | 5 | 5 | — | — | ||||||||||
Less - Promotional Allowances | (7 | ) | (8 | ) | 1 | (12.5)% | ||||||||
Net Revenues | $ | 147 | $ | 146 | $ | 1 | 0.7% | |||||||
Adjusted Property EBITDA | $ | 37 | $ | 38 | $ | (1 | ) | (2.6)% | ||||||
EBITDA Margin % | 25.2 | % | 26.0 | % | (0.8) pts | |||||||||
Gaming Statistics | ||||||||||||||
(Dollars in millions) | ||||||||||||||
Table Games Drop | $ | 276 | $ | 289 | $ | (13 | ) | (4.5)% | ||||||
Table Games Win %(1) | 20.8 | % | 18.6 | % | 2.2 pts | |||||||||
Slot Handle | $ | 1,179 | $ | 1,116 | $ | 63 | 5.6% | |||||||
Slot Hold % | 6.6 | % | 7.0 | % | (0.4) pts | |||||||||
Hotel Statistics | ||||||||||||||
Occupancy % | 93.9 | % | 96.9 | % | (3.0) pts | |||||||||
Average Daily Rate (ADR) | $ | 162 | $ | 160 | $ | 2 | 1.3% | |||||||
Revenue per Available Room (RevPAR) | $ | 152 | $ | 155 | $ | (3 | ) | (1.9)% |
(1) | This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts). |
For The Three Months Ended June 30, 2017 | TTM June 30, 2017 | ||||||||||||||||||||
(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 | $ | 55 | $ | 50 | 90.9 | % | 779,025 | 97.7 | % | $ | 1,340 | ||||||||||
Shoppes at Four Seasons | |||||||||||||||||||||
Luxury Retail | 21 | 20 | 95.2 | % | 142,562 | 100.0 | % | 4,337 | |||||||||||||
Other Stores | 11 | 10 | 90.9 | % | 116,971 | 98.9 | % | 1,483 | |||||||||||||
Total | 32 | 30 | 93.8 | % | 259,533 | 99.5 | % | 3,097 | |||||||||||||
Shoppes at Cotai Central(3) | 14 | 12 | 85.7 | % | 425,630 | 93.5 | % | 676 | |||||||||||||
Shoppes at Parisian(4) | 17 | 14 | 82.4 | % | 299,053 | 92.7 | % | N/A | |||||||||||||
Total Cotai Strip in Macao | 118 | 106 | 89.8 | % | 1,763,241 | 96.1 | % | 1,483 | |||||||||||||
The Shoppes at Marina Bay Sands | 40 | 35 | 87.5 | % | 608,947 | 97.4 | % | 1,482 | |||||||||||||
Total | $ | 158 | $ | 141 | 89.2 | % | 2,372,188 | 96.5 | % | $ | 1,483 |
(1) | Gross revenue figures are net of intersegment revenue eliminations. |
(2) | Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. |
(3) | At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area. |
(4) | The Shoppes at Parisian opened in September 2016. |
Investment Community: | Daniel Briggs | (702) 414-1221 |
Media: | Ron Reese | (702) 414-3607 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Revenues: | ||||||||||||||||
Casino | $ | 2,464 | $ | 2,017 | $ | 4,868 | $ | 4,099 | ||||||||
Rooms | 377 | 355 | 783 | 721 | ||||||||||||
Food and beverage | 199 | 187 | 412 | 375 | ||||||||||||
Mall | 159 | 140 | 316 | 275 | ||||||||||||
Convention, retail and other | 138 | 124 | 272 | 248 | ||||||||||||
3,337 | 2,823 | 6,651 | 5,718 | |||||||||||||
Less - promotional allowances | (196 | ) | (174 | ) | (404 | ) | (352 | ) | ||||||||
3,141 | 2,649 | 6,247 | 5,366 | |||||||||||||
Operating expenses: | ||||||||||||||||
Resort operations | 1,937 | 1,699 | 3,899 | 3,503 | ||||||||||||
Corporate | 43 | 122 | 85 | 169 | ||||||||||||
Pre-opening | 4 | 33 | 6 | 42 | ||||||||||||
Development | 2 | 2 | 5 | 4 | ||||||||||||
Depreciation and amortization | 327 | 255 | 648 | 515 | ||||||||||||
Amortization of leasehold interests in land | 9 | 9 | 19 | 19 | ||||||||||||
Loss on disposal or impairment of assets | 3 | 11 | 6 | 10 | ||||||||||||
2,325 | 2,131 | 4,668 | 4,262 | |||||||||||||
Operating income | 816 | 518 | 1,579 | 1,104 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 4 | 2 | 7 | 4 | ||||||||||||
Interest expense, net of amounts capitalized | (79 | ) | (64 | ) | (157 | ) | (133 | ) | ||||||||
Other expense | (25 | ) | (7 | ) | (61 | ) | (54 | ) | ||||||||
Loss on modification or early retirement of debt | — | — | (5 | ) | — | |||||||||||
Income before income taxes | 716 | 449 | 1,363 | 921 | ||||||||||||
Income tax expense | (78 | ) | (55 | ) | (147 | ) | (118 | ) | ||||||||
Net income | 638 | 394 | 1,216 | 803 | ||||||||||||
Net income attributable to noncontrolling interests | (93 | ) | (66 | ) | (191 | ) | (155 | ) | ||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 545 | $ | 328 | $ | 1,025 | $ | 648 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.69 | $ | 0.41 | $ | 1.29 | $ | 0.82 | ||||||||
Diluted | $ | 0.69 | $ | 0.41 | $ | 1.29 | $ | 0.82 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 792 | 795 | 793 | 795 | ||||||||||||
Diluted | 792 | 795 | 794 | 795 | ||||||||||||
Dividends declared per common share | $ | 0.73 | $ | 0.72 | $ | 1.46 | $ | 1.44 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Revenues | ||||||||||||||||
The Venetian Macao | $ | 687 | $ | 666 | $ | 1,428 | $ | 1,415 | ||||||||
Sands Cotai Central | 445 | 473 | 912 | 1,003 | ||||||||||||
The Parisian Macao | 361 | — | 679 | — | ||||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 137 | 125 | 280 | 273 | ||||||||||||
Sands Macao | 161 | 185 | 343 | 360 | ||||||||||||
Ferry Operations and Other | 45 | 41 | 86 | 80 | ||||||||||||
Macao Operations | 1,836 | 1,490 | 3,728 | 3,131 | ||||||||||||
Marina Bay Sands | 836 | 710 | 1,536 | 1,314 | ||||||||||||
Las Vegas Operating Properties | 384 | 356 | 818 | 741 | ||||||||||||
Sands Bethlehem | 147 | 146 | 289 | 285 | ||||||||||||
Intersegment Eliminations | (62 | ) | (53 | ) | (124 | ) | (105 | ) | ||||||||
$ | 3,141 | $ | 2,649 | $ | 6,247 | $ | 5,366 | |||||||||
Adjusted Property EBITDA | ||||||||||||||||
The Venetian Macao | $ | 256 | $ | 244 | $ | 545 | $ | 512 | ||||||||
Sands Cotai Central | 133 | 145 | 276 | 308 | ||||||||||||
The Parisian Macao | 106 | — | 188 | — | ||||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 59 | 44 | 110 | 92 | ||||||||||||
Sands Macao | 39 | 48 | 93 | 79 | ||||||||||||
Ferry Operations and Other | 7 | 7 | 12 | 15 | ||||||||||||
Macao Operations | 600 | 488 | 1,224 | 1,006 | ||||||||||||
Marina Bay Sands | 492 | 357 | 857 | 632 | ||||||||||||
Las Vegas Operating Properties | 79 | 72 | 201 | 159 | ||||||||||||
Sands Bethlehem | 37 | 38 | 73 | 76 | ||||||||||||
$ | 1,208 | $ | 955 | $ | 2,355 | $ | 1,873 | |||||||||
Adjusted Property EBITDA as a Percentage of Net Revenues | ||||||||||||||||
The Venetian Macao | 37.3 | % | 36.6 | % | 38.2 | % | 36.2 | % | ||||||||
Sands Cotai Central | 29.9 | % | 30.7 | % | 30.3 | % | 30.7 | % | ||||||||
The Parisian Macao | 29.4 | % | — | % | 27.7 | % | — | % | ||||||||
The Plaza Macao and Four Seasons Hotel Macao | 43.1 | % | 35.2 | % | 39.3 | % | 33.7 | % | ||||||||
Sands Macao | 24.2 | % | 25.9 | % | 27.1 | % | 21.9 | % | ||||||||
Ferry Operations and Other | 15.6 | % | 17.1 | % | 14.0 | % | 18.8 | % | ||||||||
Macao Operations | 32.7 | % | 32.8 | % | 32.8 | % | 32.1 | % | ||||||||
Marina Bay Sands | 58.9 | % | 50.3 | % | 55.8 | % | 48.1 | % | ||||||||
Las Vegas Operating Properties | 20.6 | % | 20.2 | % | 24.6 | % | 21.5 | % | ||||||||
Sands Bethlehem | 25.2 | % | 26.0 | % | 25.3 | % | 26.7 | % | ||||||||
Total | 38.5 | % | 36.1 | % | 37.7 | % | 34.9 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Casino Statistics: | ||||||||||||||||
The Venetian Macao: | ||||||||||||||||
Table games win per unit per day (1) | $ | 12,096 | $ | 10,124 | $ | 12,947 | $ | 11,110 | ||||||||
Slot machine win per unit per day (2) | $ | 232 | $ | 252 | $ | 245 | $ | 260 | ||||||||
Average number of table games | 565 | 650 | 558 | 646 | ||||||||||||
Average number of slot machines | 1,694 | 1,969 | 1,596 | 1,941 | ||||||||||||
Sands Cotai Central: | ||||||||||||||||
Table games win per unit per day (1) | $ | 10,167 | $ | 8,176 | $ | 10,296 | $ | 8,943 | ||||||||
Slot machine win per unit per day (2) | $ | 276 | $ | 316 | $ | 303 | $ | 316 | ||||||||
Average number of table games | 398 | 516 | 401 | 516 | ||||||||||||
Average number of slot machines | 1,797 | 1,896 | 1,689 | 1,899 | ||||||||||||
The Parisian Macao: (3) | ||||||||||||||||
Table games win per unit per day (1) | $ | 9,702 | $ | 8,955 | ||||||||||||
Slot machine win per unit per day (2) | $ | 222 | $ | 235 | ||||||||||||
Average number of table games | 382 | 383 | ||||||||||||||
Average number of slot machines | 1,523 | 1,532 | ||||||||||||||
The Plaza Macao and Four Seasons Hotel Macao: | ||||||||||||||||
Table games win per unit per day (1) | $ | 13,073 | $ | 11,854 | $ | 13,774 | $ | 13,839 | ||||||||
Slot machine win per unit per day (2) | $ | 394 | $ | 427 | $ | 488 | $ | 443 | ||||||||
Average number of table games | 100 | 97 | 101 | 98 | ||||||||||||
Average number of slot machines | 202 | 148 | 164 | 147 | ||||||||||||
Sands Macao: | ||||||||||||||||
Table games win per unit per day (1) | $ | 8,461 | $ | 7,671 | $ | 8,852 | $ | 7,414 | ||||||||
Slot machine win per unit per day (2) | $ | 229 | $ | 263 | $ | 252 | $ | 263 | ||||||||
Average number of table games | 201 | 262 | 204 | 264 | ||||||||||||
Average number of slot machines | 946 | 925 | 878 | 920 | ||||||||||||
Marina Bay Sands: | ||||||||||||||||
Table games win per unit per day (1) | $ | 12,433 | $ | 9,336 | $ | 11,057 | $ | 8,537 | ||||||||
Slot machine win per unit per day (2) | $ | 656 | $ | 650 | $ | 654 | $ | 657 | ||||||||
Average number of table games | 565 | 586 | 574 | 597 | ||||||||||||
Average number of slot machines | 2,480 | 2,491 | 2,489 | 2,451 | ||||||||||||
Las Vegas Operating Properties: | ||||||||||||||||
Table games win per unit per day (1) | $ | 2,655 | $ | 1,784 | $ | 3,398 | $ | 2,626 | ||||||||
Slot machine win per unit per day (2) | $ | 283 | $ | 284 | $ | 270 | $ | 271 | ||||||||
Average number of table games | 238 | 244 | 245 | 244 | ||||||||||||
Average number of slot machines | 1,946 | 1,979 | 1,971 | 2,008 | ||||||||||||
Sands Bethlehem: | ||||||||||||||||
Table games win per unit per day (1) | $ | 3,564 | $ | 3,336 | $ | 3,483 | $ | 3,395 | ||||||||
Slot machine win per unit per day (2) | $ | 272 | $ | 287 | $ | 272 | $ | 282 | ||||||||
Average number of table games | 177 | 177 | 177 | 177 | ||||||||||||
Average number of slot machines | 3,155 | 2,987 | 3,157 | 3,000 |
(1) | Table games win per unit per day is shown before discounts and commissions. |
(2) | Slot machine win per unit per day is shown before deducting cost for slot points. |
(3) | The Parisian Macao opened on September 13, 2016. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Room Statistics: | ||||||||||||||||
The Venetian Macao: | ||||||||||||||||
Occupancy % | 93.3 | % | 81.0 | % | 89.6 | % | 79.3 | % | ||||||||
Average daily room rate (ADR) (1) | $ | 209 | $ | 212 | $ | 209 | $ | 219 | ||||||||
Revenue per available room (RevPAR) (2) | $ | 195 | $ | 172 | $ | 187 | $ | 174 | ||||||||
Sands Cotai Central: | ||||||||||||||||
Occupancy % | 81.4 | % | 76.5 | % | 80.4 | % | 76.8 | % | ||||||||
Average daily room rate (ADR) (1) | $ | 142 | $ | 149 | $ | 146 | $ | 152 | ||||||||
Revenue per available room (RevPAR) (2) | $ | 116 | $ | 114 | $ | 118 | $ | 117 | ||||||||
The Parisian Macao: (3) | ||||||||||||||||
Occupancy % | 88.0 | % | 84.9 | % | ||||||||||||
Average daily room rate (ADR) (1) | $ | 138 | $ | 137 | ||||||||||||
Revenue per available room (RevPAR) (2) | $ | 122 | $ | 117 | ||||||||||||
The Plaza Macao and Four Seasons Hotel Macao: | ||||||||||||||||
Occupancy % | 81.3 | % | 69.2 | % | 80.2 | % | 69.1 | % | ||||||||
Average daily room rate (ADR) (1) | $ | 355 | $ | 340 | $ | 363 | $ | 349 | ||||||||
Revenue per available room (RevPAR) (2) | $ | 289 | $ | 236 | $ | 291 | $ | 241 | ||||||||
Sands Macao: | ||||||||||||||||
Occupancy % | 98.5 | % | 96.0 | % | 98.2 | % | 95.9 | % | ||||||||
Average daily room rate (ADR) (1) | $ | 191 | $ | 203 | $ | 193 | $ | 205 | ||||||||
Revenue per available room (RevPAR) (2) | $ | 188 | $ | 195 | $ | 190 | $ | 196 | ||||||||
Marina Bay Sands: | ||||||||||||||||
Occupancy % | 94.3 | % | 96.4 | % | 95.6 | % | 97.2 | % | ||||||||
Average daily room rate (ADR) (1) | $ | 397 | $ | 375 | $ | 417 | $ | 385 | ||||||||
Revenue per available room (RevPAR) (2) | $ | 375 | $ | 362 | $ | 399 | $ | 374 | ||||||||
Las Vegas Operating Properties: | ||||||||||||||||
Occupancy % | 92.7 | % | 95.0 | % | 93.5 | % | 93.5 | % | ||||||||
Average daily room rate (ADR) (1) | $ | 244 | $ | 240 | $ | 256 | $ | 245 | ||||||||
Revenue per available room (RevPAR) (2) | $ | 226 | $ | 228 | $ | 239 | $ | 229 | ||||||||
Sands Bethlehem: | ||||||||||||||||
Occupancy % | 93.9 | % | 96.9 | % | 92.0 | % | 93.8 | % | ||||||||
Average daily room rate (ADR) (1) | $ | 162 | $ | 160 | $ | 160 | $ | 157 | ||||||||
Revenue per available room (RevPAR) (2) | $ | 152 | $ | 155 | $ | 147 | $ | 147 |
(1) | ADR is calculated by dividing total room revenue by total rooms occupied. |
(2) | RevPAR is calculated by dividing total room revenue by total rooms available. |
(3) | The Parisian Macao opened on September 13, 2016. |
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 638 | $ | 394 | $ | 1,216 | $ | 803 | ||||||||
Add (deduct): | ||||||||||||||||
Income tax expense | 78 | 55 | 147 | 118 | ||||||||||||
Loss on modification or early retirement of debt | — | — | 5 | — | ||||||||||||
Other expense | 25 | 7 | 61 | 54 | ||||||||||||
Interest expense, net of amounts capitalized | 79 | 64 | 157 | 133 | ||||||||||||
Interest income | (4 | ) | (2 | ) | (7 | ) | (4 | ) | ||||||||
Loss on disposal or impairment of assets | 3 | 11 | 6 | 10 | ||||||||||||
Amortization of leasehold interests in land | 9 | 9 | 19 | 19 | ||||||||||||
Depreciation and amortization | 327 | 255 | 648 | 515 | ||||||||||||
Development expense | 2 | 2 | 5 | 4 | ||||||||||||
Pre-opening expense | 4 | 33 | 6 | 42 | ||||||||||||
Stock-based compensation (1) | 4 | 5 | 7 | 10 | ||||||||||||
Corporate expense | 43 | 122 | 85 | 169 | ||||||||||||
Consolidated Adjusted Property EBITDA | $ | 1,208 | $ | 955 | $ | 2,355 | $ | 1,873 | ||||||||
Hold-normalized casino revenue (2) | (142 | ) | 36 | |||||||||||||
Hold-normalized casino expense (2) | 40 | (26 | ) | |||||||||||||
Consolidated Hold-Normalized Adjusted Property EBITDA | $ | 1,106 | $ | 965 |
(1) | During the three months ended June 30, 2017 and 2016, the company recorded stock-based compensation expense of $8 million, of which $4 million and $3 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations. During the six months ended June 30, 2017 and 2016, the company recorded stock-based compensation expense of $18 million and $21 million, respectively, of which $11 million is included in corporate expense on the company's condensed consolidated statements of operations. |
(2) | See the reconciliation of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA. |
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA: | ||||||||||||||||
Three Months Ended June 30, 2017 | ||||||||||||||||
Hold-Normalized | ||||||||||||||||
Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||||||||||
Property | Casino | Casino | Property | |||||||||||||
EBITDA | Revenue (1) | Expense (2) | EBITDA | |||||||||||||
Macao Operations | $ | 600 | $ | (17 | ) | $ | 14 | $ | 597 | |||||||
Marina Bay Sands | 492 | (134 | ) | 28 | 386 | |||||||||||
United States: | ||||||||||||||||
Las Vegas Operating Properties | 79 | 9 | (2 | ) | 86 | |||||||||||
Sands Bethlehem | 37 | — | — | 37 | ||||||||||||
$ | 1,208 | $ | (142 | ) | $ | 40 | $ | 1,106 | ||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||
Hold-Normalized | ||||||||||||||||
Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||||||||||
Property | Casino | Casino | Property | |||||||||||||
EBITDA | Revenue (1) | Expense (2) | EBITDA | |||||||||||||
Macao Operations | $ | 488 | $ | 52 | $ | (30 | ) | $ | 510 | |||||||
Marina Bay Sands | 357 | (43 | ) | 9 | 323 | |||||||||||
United States: | ||||||||||||||||
Las Vegas Operating Properties | 72 | 27 | (5 | ) | 94 | |||||||||||
Sands Bethlehem | 38 | — | — | 38 | ||||||||||||
$ | 955 | $ | 36 | $ | (26 | ) | $ | 965 |
(1) | For Macao Property Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling volume play that would have been earned or lost had the company's current period win percentage equaled 3.15% for Macao Operations and 2.85% for Marina Bay Sands. This calculation will only be applied if the current period win percentage is outside the expected range of 3.0% to 3.3% for Macao Operations and 2.7% to 3.0% for Marina Bay Sands. The company revised the expected target and range for its Macao Operations due to the Rolling win percentage experienced over the last several years. The prior year non-GAAP measurement for our Macao Operations has also been adjusted to reflect this change for comparison purposes. For the Las Vegas Operating Properties, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the company's current period win percentage equaled 22.0% for Baccarat and 20.0% for non-Baccarat. This calculation will only be applied if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 18.0% to 26.0% and 16.0% to 24.0%, respectively. The company revised the expected target and range for its Las Vegas Operating Properties due to the win percentage experienced over the last several years. The prior year non-GAAP measurement has also been adjusted to reflect this change for comparison purposes. For Sands Bethlehem, no adjustments have been made. These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers. |
(2) | Represents the estimated incremental expenses (gaming taxes, bad debt expense and commissions paid to third parties) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above. |
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Net Income and Hold-Normalized Adjusted Net Income: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 (1) | 2017 | 2016 (1) | |||||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 545 | $ | 328 | $ | 1,025 | $ | 648 | ||||||||
Nonrecurring corporate expense | — | 79 | — | 79 | ||||||||||||
Pre-opening expense | 4 | 33 | 6 | 42 | ||||||||||||
Development expense | 2 | 2 | 5 | 4 | ||||||||||||
Loss on disposal or impairment of assets | 3 | 11 | 6 | 10 | ||||||||||||
Other expense | 25 | 7 | 61 | 54 | ||||||||||||
Loss on modification or early retirement of debt | — | — | 5 | — | ||||||||||||
Income tax impact on net income adjustments (2) | — | (20 | ) | — | (20 | ) | ||||||||||
Noncontrolling interest impact on net income adjustments | (3 | ) | (19 | ) | (5 | ) | (21 | ) | ||||||||
Adjusted net income | $ | 576 | $ | 421 | $ | 1,103 | $ | 796 | ||||||||
Hold-normalized casino revenue (3) | (142 | ) | 36 | |||||||||||||
Hold-normalized casino expense (3) | 40 | (26 | ) | |||||||||||||
Income tax impact on hold adjustments (2) | 16 | (2 | ) | |||||||||||||
Noncontrolling interest impact on hold adjustments | 1 | (7 | ) | |||||||||||||
Hold-normalized adjusted net income | $ | 491 | $ | 422 | ||||||||||||
The following is a reconciliation of Diluted Earnings per Share to Adjusted Earnings per Diluted Share and Hold-Normalized Adjusted Earnings per Diluted Share: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 (1) | 2017 | 2016 (1) | |||||||||||||
Per diluted share of common stock: | ||||||||||||||||
Net income attributable to Las Vegas Sands Corp. | $ | 0.69 | $ | 0.41 | $ | 1.29 | $ | 0.82 | ||||||||
Nonrecurring corporate expense | — | 0.10 | — | 0.10 | ||||||||||||
Pre-opening expense | 0.01 | 0.04 | 0.01 | 0.05 | ||||||||||||
Development expense | — | — | 0.01 | 0.01 | ||||||||||||
Loss on disposal or impairment of assets | — | 0.01 | 0.01 | 0.01 | ||||||||||||
Other expense | 0.03 | 0.01 | 0.07 | 0.07 | ||||||||||||
Loss on modification or early retirement of debt | — | — | 0.01 | — | ||||||||||||
Income tax impact on net income adjustments | — | (0.02 | ) | — | (0.03 | ) | ||||||||||
Noncontrolling interest impact on net income adjustments | — | (0.02 | ) | (0.01 | ) | (0.03 | ) | |||||||||
Adjusted earnings per diluted share | $ | 0.73 | $ | 0.53 | $ | 1.39 | $ | 1.00 | ||||||||
Hold-normalized casino revenue | (0.18 | ) | 0.04 | |||||||||||||
Hold-normalized casino expense | 0.05 | (0.03 | ) | |||||||||||||
Income tax impact on hold adjustments | 0.02 | — | ||||||||||||||
Noncontrolling interest impact on hold adjustments | — | (0.01 | ) | |||||||||||||
Hold-normalized adjusted earnings per diluted share | $ | 0.62 | $ | 0.53 | ||||||||||||
Weighted average diluted shares outstanding | 792 | 795 | 794 | 795 |
(1) | The information for the three and six months ended June 30, 2016, has been updated to conform to the current presentation. |
(2) | The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. |
(3) | See the reconciliation of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA. |