-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A80cxkYUeQWGKahOdrTfl4RvquWNhKnjS9q3YUW/QDhsZ+/u1eGkPCJpniGsT3Hi svaH/7ryVIwF3cPvsTU8ng== 0000950142-99-000771.txt : 19991018 0000950142-99-000771.hdr.sgml : 19991018 ACCESSION NUMBER: 0000950142-99-000771 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991015 ITEM INFORMATION: FILED AS OF DATE: 19991015 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAS VEGAS SANDS INC CENTRAL INDEX KEY: 0000850994 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 043010100 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-42147 FILM NUMBER: 99729463 BUSINESS ADDRESS: STREET 1: 3355 LAS VEGAS BLVD SOUTH RM 1A CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: 7024141000 8-K 1 FORM 8-K CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 15, 1999 LAS VEGAS SANDS, INC. --------------------- (Exact name of registrant as specified in its charter) Nevada 333-42147 04-3010100 ------ --------- ---------- (State or other (Commission (IRS Employer jurisdiction File Number) Identification No.) of incorporation) 3355 Las Vegas Boulevard Las Vegas, Nevada 89109 - ------------------------ ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (702) 414-1000 -------------- Not applicable -------------- (Former name or former address if changed since last report) Page 1 Item 5. Other Events. On October 15, 1999, Las Vegas Sands, Inc. (the "Company") issued a press release with the following text: "Las Vegas Sands, Inc. announced today that it expects to report consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $18 to $19 million, for the quarter ended September 30, 1999. The expected results reflected a continued ramp up of operations after construction disruptions related to its May 4 opening. Consolidated total net revenue for the third quarter was approximately $100 million. The Company experienced lower than normal win percentage in its table games for the quarter of 16%, compared to the Company's estimated normal win percentage of 19%. Casino win percentage can fluctuate over short periods of time. The Company estimates that a normalized win percentage would have resulted in EBITDA of approximately $23 to $24 million for the third quarter. Total EBITDA normalized operating margin of the hotel casino, excluding the Grand Canal Shops, is expected to approximate 23% of net revenues during the quarter. Casino departmental margins were effected by costly promotions, lower win percentages and activities related to building a stronger casino database. The hotel rooms departmental margins improved as operating efficiencies were achieved throughout the third quarter. The Venetian hotel average daily room rate for July, August and September was $127, $145 and $162, respectively and room occupancy for the three months was 85%, 92% and 92%, respectively. October to date room rates have averaged $188 with 90% occupancy. Slot handle increased from $116 million in July to $126 million in August, an increase of 8.6%, and to $141 million for September, an increase of 11.9% from August. Table games drop averaged $2 million per day during the third quarter, compared to $1.3 million per day during the second quarter. The Grand Canal Shops, the Venetian's retail mall, currently has 53 tenants. In addition 12 other tenants are under construction in the Mall and when complete will bring total occupancy to approximately 95%. Most of the Grand Canal Shops tenants commenced operations during the third quarter. The 38 stores, which were open for business for Page 2 the full month of August, reported average annualized sales per square foot of approximately $1000. The Mall subsidiary contribution to consolidated EBITDA for the third quarter is expected to approximate $300,000, lower than anticipated because of tenants' staggered openings throughout the quarter and rent abatements granted for construction delay claims. The Company paid all of its scheduled interest and principal debt service payments during the third quarter. Total debt decreased during the third quarter from $934 million to $928 million. Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward- looking statements due to a number of factors, including general economic conditions, acts of god, and competition for construction, hotel, casino, food and beverage, and related labor and materials in the Las Vegas market. Reference is hereby made to the "Risk Factors" set forth in the Company's Form S-4 filed with the Securities and Exchange Commission." In addition, the Company also reported that during the third quarter the Company's principal stockholder, Sheldon G. Adelson, made available approximately $9 million to the Company for working capital purposes. Page 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. LAS VEGAS SANDS, INC. By: /s/ David Friedman ------------------ Name: David Friedman Title: Secretary and Assistant to the Chairman of the Board Dated: October 15, 1999 Page 4 -----END PRIVACY-ENHANCED MESSAGE-----