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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Las Vegas Sands Corp | NYSE:LVS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.04% | 46.67 | 47.22 | 46.5601 | 47.14 | 1,350,597 | 16:29:53 |
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 January 27, 2016.
|
LAS VEGAS SANDS CORP.
|
||||
|
By:
|
/s/ Robert G. Goldstein
|
||
Name: | Robert G. Goldstein | |||
Title: | President & Chief Operating Officer | |||
99.1
|
Press Release
|
— | Consolidated Adjusted Property EBITDA was $1.05 Billion |
—
|
In Macao:
|
o | Adjusted Property EBITDA was $575.3 Million |
o | Strong Cost Discipline Drove a 130 Basis Point Improvement in Hold-Normalized Adjusted Property EBITDA Margin to 34.7% |
— | At Marina Bay Sands in Singapore: |
o | Hold-Normalized Adjusted Property EBITDA was $374.8 Million, While Adjusted Property EBITDA was $338.2 Million |
o | On a Constant-Currency Basis, and Excluding the Impact of a $90.1 Million Property Tax Refund in the Quarter Ended December 31, 2014, Hold-Normalized Adjusted Property EBITDA Increased 11.8% |
— | Hold-Normalized Adjusted Earnings per Diluted Share was $0.64; Adjusted Earnings per Diluted Share was $0.62; and GAAP Earnings per Diluted Share was $0.59 |
— | The Company Paid Dividends of $0.65 per Share |
— | The Company Returned $60.0 Million of Capital to Shareholders Through its Stock Repurchase Program |
— | Net Revenue was $11.69 Billion, Consolidated Adjusted Property EBITDA was $4.17 Billion, Net Income Attributable to Las Vegas Sands was $1.97 Billion and Adjusted Earnings per Diluted Share was $2.55 |
— | The Company Paid Dividends of $2.60 per Share |
— | The Company’s Board of Directors Announced an Increase of 10.8% in the Company’s Recurring Common Stock Dividend for the 2016 Calendar Year to $2.88 per Share ($0.72 per Share per Quarter) |
— | The Company Returned $205.0 Million of Capital to Shareholders Through its Stock Repurchase Program |
The Venetian Macao Operations
|
Three Months Ended
|
|||||||||||||||
December 31,
|
||||||||||||||||
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
632.4
|
$
|
733.3
|
$
|
(100.9
|
)
|
-13.8%
|
||||||||
Rooms
|
49.5
|
65.7
|
(16.2
|
)
|
-24.7%
|
|||||||||||
Food and Beverage
|
23.8
|
26.1
|
(2.3
|
)
|
-8.8%
|
|||||||||||
Mall
|
62.1
|
60.9
|
1.2
|
2.0%
|
||||||||||||
Convention, Retail and Other
|
30.1
|
42.6
|
(12.5
|
)
|
-29.3%
|
|||||||||||
Less - Promotional Allowances
|
(37.2
|
)
|
(48.3
|
)
|
11.1
|
23.0%
|
||||||||||
Net Revenues
|
$
|
760.7
|
$
|
880.3
|
$
|
(119.6
|
)
|
-13.6%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
297.3
|
$
|
321.4
|
$
|
(24.1
|
)
|
-7.5%
|
||||||||
EBITDA Margin %
|
39.1%
|
36.5%
|
2.6 pts
|
|||||||||||||
|
||||||||||||||||
Operating Income
|
$
|
252.8
|
$
|
278.2
|
$
|
(25.4
|
)
|
-9.1%
|
||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
7,997.3
|
$
|
10,098.7
|
$
|
(2,101.4
|
)
|
-20.8%
|
||||||||
Rolling Chip Win %(1)
|
3.34%
|
2.61%
|
0.73 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
1,743.2
|
$
|
2,107.6
|
$
|
(364.4
|
)
|
-17.3%
|
||||||||
Non-Rolling Chip Win %
|
23.4%
|
24.2%
|
-0.8 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
1,009.3
|
$
|
1,325.4
|
$
|
(316.1
|
)
|
-23.8%
|
||||||||
Slot Hold %
|
4.7%
|
4.3%
|
0.4 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
83.5%
|
88.3%
|
-4.8 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
223
|
$
|
280
|
$
|
(57
|
)
|
-20.4%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
186
|
$
|
247
|
$
|
(61
|
)
|
-24.7%
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
Sands Cotai Central Operations
|
Three Months Ended
|
|||||||||||||||
December 31,
|
||||||||||||||||
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
426.1
|
$
|
611.1
|
$
|
(185.0
|
)
|
-30.3%
|
||||||||
Rooms
|
68.8
|
86.4
|
(17.6
|
)
|
-20.4%
|
|||||||||||
Food and Beverage
|
25.5
|
32.2
|
(6.7
|
)
|
-20.8%
|
|||||||||||
Mall
|
18.3
|
19.0
|
(0.7
|
)
|
-3.7%
|
|||||||||||
Convention, Retail and Other
|
6.6
|
7.8
|
(1.2
|
)
|
-15.4%
|
|||||||||||
Less - Promotional Allowances
|
(39.6
|
)
|
(51.5
|
)
|
11.9
|
23.1%
|
||||||||||
Net Revenues
|
$
|
505.7
|
$
|
705.0
|
$
|
(199.3
|
)
|
-28.3%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
160.9
|
$
|
220.3
|
$
|
(59.4
|
)
|
-27.0%
|
||||||||
EBITDA Margin %
|
31.8%
|
31.2%
|
0.6 pts
|
|||||||||||||
|
||||||||||||||||
Operating Income
|
$
|
78.7
|
$
|
144.5
|
$
|
(65.8
|
)
|
-45.5%
|
||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
4,128.7
|
$
|
8,383.7
|
$
|
(4,255.0
|
)
|
-50.8%
|
||||||||
Rolling Chip Win %(1)
|
2.62%
|
3.21%
|
-0.59 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
1,459.4
|
$
|
1,859.1
|
$
|
(399.7
|
)
|
-21.5%
|
||||||||
Non-Rolling Chip Win %
|
21.3%
|
20.3%
|
1.0 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
1,480.3
|
$
|
1,817.2
|
$
|
(336.9
|
)
|
-18.5%
|
||||||||
Slot Hold %
|
3.6%
|
3.5%
|
0.1 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
85.4%
|
90.9%
|
-5.5 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
151
|
$
|
183
|
$
|
(32
|
)
|
-17.5%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
129
|
$
|
167
|
$
|
(38
|
)
|
-22.8%
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
Four Seasons Hotel Macao and Plaza Casino Operations
|
Three Months Ended
|
|||||||||||||||
December 31,
|
||||||||||||||||
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$
|
113.7
|
$
|
188.8
|
$
|
(75.1
|
)
|
-39.8%
|
||||||||
Rooms
|
9.8
|
11.1
|
(1.3
|
)
|
-11.7%
|
|||||||||||
Food and Beverage
|
7.2
|
8.0
|
(0.8
|
)
|
-10.0%
|
|||||||||||
Mall
|
37.5
|
48.2
|
(10.7
|
)
|
-22.2%
|
|||||||||||
Convention, Retail and Other
|
0.9
|
0.9
|
-
|
0.0%
|
||||||||||||
Less - Promotional Allowances
|
(11.4
|
)
|
(13.2
|
)
|
1.8
|
13.6%
|
||||||||||
Net Revenues
|
$
|
157.7
|
$
|
243.8
|
$
|
(86.1
|
)
|
-35.3%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
65.8
|
$
|
92.7
|
$
|
(26.9
|
)
|
-29.0%
|
||||||||
EBITDA Margin %
|
41.7%
|
38.0%
|
3.7 pts
|
|||||||||||||
|
||||||||||||||||
Operating Income
|
$
|
53.8
|
$
|
79.8
|
$
|
(26.0
|
)
|
-32.6%
|
||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
2,425.1
|
$
|
5,994.4
|
$
|
(3,569.3
|
)
|
-59.5%
|
||||||||
Rolling Chip Win %(1)
|
3.43%
|
3.12%
|
0.31 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
271.6
|
$
|
296.9
|
$
|
(25.3
|
)
|
-8.5%
|
||||||||
Non-Rolling Chip Win %
|
20.1%
|
20.0%
|
0.1 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
103.5
|
$
|
155.4
|
$
|
(51.9
|
)
|
-33.4%
|
||||||||
Slot Hold %
|
6.6%
|
5.8%
|
0.8 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
81.1%
|
86.7%
|
-5.6 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
351
|
$
|
372
|
$
|
(21
|
)
|
-5.6%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
284
|
$
|
323
|
$
|
(39
|
)
|
-12.1%
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
Sands Macao Operations
|
Three Months Ended
|
|||||||||||||||
December 31,
|
||||||||||||||||
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
198.3
|
$
|
261.3
|
$
|
(63.0
|
)
|
-24.1%
|
||||||||
Rooms
|
5.5
|
5.6
|
(0.1
|
)
|
-1.8%
|
|||||||||||
Food and Beverage
|
8.3
|
9.9
|
(1.6
|
)
|
-16.2%
|
|||||||||||
Convention, Retail and Other
|
3.0
|
2.5
|
0.5
|
20.0%
|
||||||||||||
Less - Promotional Allowances
|
(9.8
|
)
|
(11.4
|
)
|
1.6
|
14.0%
|
||||||||||
Net Revenues
|
$
|
205.3
|
$
|
267.9
|
$
|
(62.6
|
)
|
-23.4%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
51.3
|
$
|
76.7
|
$
|
(25.4
|
)
|
-33.1%
|
||||||||
EBITDA Margin %
|
25.0%
|
28.6%
|
-3.6 pts
|
|||||||||||||
|
||||||||||||||||
Operating Income
|
$
|
42.0
|
$
|
67.6
|
$
|
(25.6
|
)
|
-37.9%
|
||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
2,695.9
|
$
|
3,312.9
|
$
|
(617.0
|
)
|
-18.6%
|
||||||||
Rolling Chip Win %(1)
|
3.18%
|
3.57%
|
-0.39 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
716.4
|
$
|
880.0
|
$
|
(163.6
|
)
|
-18.6%
|
||||||||
Non-Rolling Chip Win %
|
17.3%
|
18.0%
|
-0.7 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
661.5
|
$
|
767.1
|
$
|
(105.6
|
)
|
-13.8%
|
||||||||
Slot Hold %
|
3.3%
|
3.6%
|
-0.3 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
99.1%
|
99.9%
|
-0.8 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
209
|
$
|
225
|
$
|
(16
|
)
|
-7.1%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
207
|
$
|
225
|
$
|
(18
|
)
|
-8.0%
|
(1)
|
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
|
Marina Bay Sands Operations
|
Three Months Ended
|
|||||||||||||||
December 31,
|
||||||||||||||||
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
532.9
|
$
|
674.4
|
$
|
(141.5
|
)
|
-21.0%
|
||||||||
Rooms
|
88.3
|
92.1
|
(3.8
|
)
|
-4.1%
|
|||||||||||
Food and Beverage
|
55.3
|
50.7
|
4.6
|
9.1%
|
||||||||||||
Mall
|
41.7
|
45.7
|
(4.0
|
)
|
-8.8%
|
|||||||||||
Convention, Retail and Other
|
29.1
|
26.0
|
3.1
|
11.9%
|
||||||||||||
Less - Promotional Allowances
|
(43.4
|
)
|
(50.3
|
)
|
6.9
|
13.7%
|
||||||||||
Net Revenues
|
$
|
703.9
|
$
|
838.6
|
$
|
(134.7
|
)
|
-16.1%
|
||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
338.2
|
$
|
518.5
|
$
|
(180.3
|
)
|
-34.8%
|
||||||||
EBITDA Margin %
|
48.1%
|
61.8%
|
-13.7 pts
|
|||||||||||||
|
||||||||||||||||
Operating Income
|
$
|
246.5
|
$
|
427.4
|
$
|
(180.9
|
)
|
-42.3%
|
||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Rolling Chip Volume
|
$
|
10,116.9
|
$
|
10,048.2
|
$
|
68.7
|
0.7%
|
|||||||||
Rolling Chip Win %(1)
|
2.39%
|
3.58%
|
-1.19 pts
|
|||||||||||||
|
||||||||||||||||
Non-Rolling Chip Drop
|
$
|
976.4
|
$
|
1,097.7
|
$
|
(121.3
|
)
|
-11.1%
|
||||||||
Non-Rolling Chip Win %
|
28.5%
|
26.7%
|
1.8 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
3,323.4
|
$
|
3,125.0
|
$
|
198.4
|
6.3%
|
|||||||||
Slot Hold %
|
4.4%
|
4.8%
|
-0.4 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
96.6%
|
98.3%
|
-1.7 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
392
|
$
|
422
|
$
|
(30
|
)
|
-7.1%
|
||||||||
Revenue per Available Room (RevPAR)
|
$
|
379
|
$
|
415
|
$
|
(36
|
)
|
-8.7%
|
(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
|
December 31,
|
|||||||||||||||
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
129.4
|
$
|
130.0
|
$
|
(0.6
|
)
|
-0.5%
|
||||||||
Rooms
|
141.5
|
113.6
|
27.9
|
24.6%
|
||||||||||||
Food and Beverage
|
74.0
|
61.5
|
12.5
|
20.3%
|
||||||||||||
Convention, Retail and Other
|
81.6
|
81.8
|
(0.2
|
)
|
-0.2%
|
|||||||||||
Less - Promotional Allowances
|
(26.4
|
)
|
(24.3
|
)
|
(2.1
|
)
|
-8.6%
|
|||||||||
Net Revenues
|
$
|
400.1
|
$
|
362.6
|
$
|
37.5
|
10.3%
|
|||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
97.4
|
$
|
78.0
|
$
|
19.4
|
24.9%
|
|||||||||
EBITDA Margin %
|
24.3%
|
21.5%
|
2.8 pts
|
|||||||||||||
|
||||||||||||||||
Operating Income
|
$
|
80.0
|
$
|
64.8
|
$
|
15.2
|
23.5%
|
|||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Table Games Drop
|
$
|
472.5
|
$
|
548.1
|
$
|
(75.6
|
)
|
-13.8%
|
||||||||
Table Games Win %(1)
|
18.5%
|
19.1%
|
-0.6 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
678.0
|
$
|
584.6
|
$
|
93.4
|
16.0%
|
|||||||||
Slot Hold %
|
8.0%
|
7.7%
|
0.3 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
92.1%
|
81.1%
|
11.0 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
239
|
$
|
222
|
$
|
17
|
7.7%
|
|||||||||
Revenue per Available Room (RevPAR)
|
$
|
220
|
$
|
180
|
$
|
40
|
22.2%
|
(1)
|
This compares to our expected Baccarat win percentage of 21.0% to 29.0% and our expected non-Baccarat win percentage of 16.0% to 20.0% in the current year quarter (calculated before discounts). Our expected Baccarat win percentage in the prior-year quarter was 22.0% to 30.0% and our expected non-Baccarat win percentage was 14.0% to 18.0% (calculated before discounts).
|
|
Three Months Ended
|
|||||||||||||||
Sands Bethlehem Operations
|
December 31,
|
|||||||||||||||
(Dollars in millions)
|
2015
|
2014
|
$ Change
|
Change
|
||||||||||||
Revenues:
|
|
|||||||||||||||
Casino
|
$
|
129.6
|
$
|
123.6
|
$
|
6.0
|
4.9%
|
|||||||||
Rooms
|
3.9
|
3.6
|
0.3
|
8.3%
|
||||||||||||
Food and Beverage
|
7.6
|
7.6
|
-
|
0.0%
|
||||||||||||
Mall
|
1.3
|
1.3
|
-
|
0.0%
|
||||||||||||
Convention, Retail and Other
|
5.1
|
4.7
|
0.4
|
8.5%
|
||||||||||||
Less - Promotional Allowances
|
(7.6
|
)
|
(7.2
|
)
|
(0.4
|
)
|
-5.6%
|
|||||||||
Net Revenues
|
$
|
139.9
|
$
|
133.6
|
$
|
6.3
|
4.7%
|
|||||||||
|
||||||||||||||||
Adjusted Property EBITDA
|
$
|
34.3
|
$
|
36.2
|
$
|
(1.9
|
)
|
-5.2%
|
||||||||
EBITDA Margin %
|
24.5%
|
27.1%
|
-2.6 pts
|
|||||||||||||
|
||||||||||||||||
Operating Income
|
$
|
27.1
|
$
|
28.9
|
$
|
(1.8
|
)
|
-6.2%
|
||||||||
|
||||||||||||||||
Gaming Statistics
|
||||||||||||||||
(Dollars in millions)
|
||||||||||||||||
|
||||||||||||||||
Table Games Drop
|
$
|
292.9
|
$
|
279.9
|
$
|
13.0
|
4.6%
|
|||||||||
Table Games Win %(1)
|
18.3%
|
18.7%
|
-0.4 pts
|
|||||||||||||
|
||||||||||||||||
Slot Handle
|
$
|
1,062.7
|
$
|
1,011.4
|
$
|
51.3
|
5.1%
|
|||||||||
Slot Hold %
|
6.9%
|
6.8%
|
0.1 pts
|
|||||||||||||
|
||||||||||||||||
Hotel Statistics
|
||||||||||||||||
|
||||||||||||||||
Occupancy %
|
92.8%
|
87.9%
|
4.9 pts
|
|||||||||||||
Average Daily Rate (ADR)
|
$
|
152
|
$
|
149
|
$
|
3
|
2.0%
|
|||||||||
Revenue per Available Room (RevPAR)
|
$
|
146
|
$
|
131
|
$
|
15
|
11.5%
|
(1)
|
This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).
|
For The Three Months Ended December 31, 2015
|
TTM December 31, 2015
|
|||||||||||||||||||||||
(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
|
$
|
61.9
|
$
|
56.9
|
91.9%
|
780,165
|
97.8%
|
$
|
1,469
|
|||||||||||||||
Shoppes at Four Seasons
|
||||||||||||||||||||||||
Luxury Retail
|
23.7
|
22.4
|
94.5%
|
142,562
|
100.0%
|
4,732
|
||||||||||||||||||
Other Stores
|
13.8
|
13.6
|
98.6%
|
116,832
|
97.9%
|
1,622
|
||||||||||||||||||
Total
|
37.5
|
36.0
|
96.0%
|
259,394
|
99.0%
|
3,423
|
||||||||||||||||||
Shoppes at Cotai Central
|
18.2
|
16.4
|
90.1%
|
331,499
|
(3)
|
97.9%
|
896
|
|||||||||||||||||
Total Cotai Strip in Macao
|
117.6
|
109.3
|
92.9%
|
1,371,058
|
98.0%
|
1,719
|
||||||||||||||||||
The Shoppes at Marina Bay Sands
|
41.7
|
34.5
|
82.7%
|
644,719
|
95.2%
|
1,361
|
||||||||||||||||||
Total
|
$
|
159.3
|
$
|
143.8
|
90.3%
|
2,015,777
|
97.1%
|
$
|
1,607
|
(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.
|
Investment Community:
|
Daniel Briggs
|
(702) 414-1221
|
Media:
|
Ron Reese
|
(702) 414-3607
|
Three Months Ended
|
Years Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$
|
2,162,247
|
$
|
2,722,402
|
$
|
9,083,004
|
$
|
12,004,361
|
||||||||
Rooms
|
367,324
|
378,215
|
1,469,874
|
1,540,420
|
||||||||||||
Food and beverage
|
201,610
|
195,965
|
757,512
|
778,769
|
||||||||||||
Mall
|
160,657
|
174,702
|
564,309
|
553,534
|
||||||||||||
Convention, retail and other
|
150,239
|
157,041
|
539,651
|
548,704
|
||||||||||||
3,042,077
|
3,628,325
|
12,414,350
|
15,425,788
|
|||||||||||||
Less - promotional allowances
|
(180,342
|
)
|
(212,332
|
)
|
(725,889
|
)
|
(841,939
|
)
|
||||||||
2,861,735
|
3,415,993
|
11,688,461
|
14,583,849
|
|||||||||||||
Operating expenses:
|
||||||||||||||||
Resort operations
|
1,814,934
|
2,075,747
|
7,540,140
|
9,190,275
|
||||||||||||
Corporate
|
48,893
|
36,246
|
176,169
|
174,750
|
||||||||||||
Pre-opening
|
17,649
|
8,203
|
47,509
|
26,230
|
||||||||||||
Development
|
3,344
|
5,373
|
10,372
|
14,325
|
||||||||||||
Depreciation and amortization
|
248,707
|
255,524
|
998,919
|
1,031,589
|
||||||||||||
Amortization of leasehold interests in land
|
9,585
|
10,446
|
38,645
|
40,598
|
||||||||||||
Loss on disposal of assets
|
16,642
|
1,934
|
35,232
|
6,856
|
||||||||||||
2,159,754
|
2,393,473
|
8,846,986
|
10,484,623
|
|||||||||||||
Operating income
|
701,981
|
1,022,520
|
2,841,475
|
4,099,226
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
2,487
|
8,534
|
15,085
|
25,643
|
||||||||||||
Interest expense, net of amounts capitalized
|
(66,202
|
)
|
(66,686
|
)
|
(265,220
|
)
|
(274,181
|
)
|
||||||||
Other income (expense)
|
(1,047
|
)
|
4,333
|
30,542
|
1,965
|
|||||||||||
Loss on modification or early retirement of debt
|
-
|
-
|
-
|
(19,942
|
)
|
|||||||||||
Income before income taxes
|
637,219
|
968,701
|
2,621,882
|
3,832,711
|
||||||||||||
Income tax expense
|
(62,244
|
)
|
(90,701
|
)
|
(236,185
|
)
|
(244,640
|
)
|
||||||||
Net income
|
574,975
|
878,000
|
2,385,697
|
3,588,071
|
||||||||||||
Net income attributable to noncontrolling interests
|
(109,193
|
)
|
(156,695
|
)
|
(419,461
|
)
|
(747,442
|
)
|
||||||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
465,782
|
$
|
721,305
|
$
|
1,966,236
|
$
|
2,840,629
|
||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
0.59
|
$
|
0.90
|
$
|
2.47
|
$
|
3.52
|
||||||||
Diluted
|
$
|
0.59
|
$
|
0.90
|
$
|
2.47
|
$
|
3.52
|
||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
794,963,357
|
799,851,322
|
796,785,900
|
806,130,838
|
||||||||||||
Diluted
|
795,653,442
|
801,465,931
|
797,596,082
|
808,019,219
|
||||||||||||
Dividends declared per common share
|
$
|
0.65
|
$
|
0.50
|
$
|
2.60
|
$
|
2.00
|
Three Months Ended December 31, 2015
|
||||||||||||||||||||||||||||||||||||
Amortization
|
Pre-Opening
|
|||||||||||||||||||||||||||||||||||
Depreciation
|
of Leasehold
|
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
|
$
|
252,817
|
$
|
39,681
|
$
|
1,666
|
$
|
1,344
|
$
|
-
|
$
|
-
|
$
|
1,769
|
$
|
-
|
$
|
297,277
|
||||||||||||||||||
Sands Cotai Central
|
78,653
|
67,879
|
2,139
|
2,417
|
9,060
|
-
|
799
|
-
|
160,947
|
|||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
53,782
|
9,593
|
720
|
60
|
1,436
|
-
|
208
|
-
|
65,799
|
|||||||||||||||||||||||||||
Sands Macao
|
42,000
|
8,700
|
373
|
19
|
-
|
-
|
208
|
-
|
51,300
|
|||||||||||||||||||||||||||
Macao Property Operations
|
427,252
|
125,853
|
4,898
|
3,840
|
10,496
|
-
|
2,984
|
-
|
575,323
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
246,511
|
60,902
|
4,074
|
1,977
|
233
|
24,307
|
239
|
-
|
338,243
|
|||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
79,963
|
43,092
|
-
|
10,824
|
-
|
(37,704
|
)
|
1,229
|
-
|
97,404
|
||||||||||||||||||||||||||
Sands Bethlehem
|
27,068
|
7,133
|
-
|
-
|
121
|
-
|
-
|
-
|
34,322
|
|||||||||||||||||||||||||||
United States Property Operations
|
107,031
|
50,225
|
-
|
10,824
|
121
|
(37,704
|
)
|
1,229
|
-
|
131,726
|
||||||||||||||||||||||||||
Other Asia (2)
|
(11,239
|
)
|
3,559
|
-
|
1
|
-
|
13,640
|
92
|
-
|
6,053
|
||||||||||||||||||||||||||
Other Development
|
(10,918
|
)
|
162
|
613
|
-
|
10,143
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(56,656
|
)
|
8,006
|
-
|
-
|
-
|
(243
|
)
|
-
|
48,893
|
-
|
|||||||||||||||||||||||||
$
|
701,981
|
$
|
248,707
|
$
|
9,585
|
$
|
16,642
|
$
|
20,993
|
$
|
-
|
$
|
4,544
|
$
|
48,893
|
$
|
1,051,345
|
|||||||||||||||||||
Three Months Ended December 31, 2014
|
||||||||||||||||||||||||||||||||||||
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
|
$
|
278,219
|
$
|
38,116
|
$
|
2,031
|
$
|
872
|
$
|
-
|
$
|
-
|
$
|
2,209
|
$
|
-
|
$
|
321,447
|
||||||||||||||||||
Sands Cotai Central
|
144,481
|
71,266
|
2,027
|
343
|
1,101
|
-
|
1,059
|
-
|
220,277
|
|||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
79,779
|
9,767
|
1,151
|
24
|
1,658
|
-
|
341
|
-
|
92,720
|
|||||||||||||||||||||||||||
Sands Macao
|
67,586
|
8,452
|
354
|
(80
|
)
|
-
|
-
|
422
|
-
|
76,734
|
||||||||||||||||||||||||||
Macao Property Operations
|
570,065
|
127,601
|
5,563
|
1,159
|
2,759
|
-
|
4,031
|
-
|
711,178
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
427,406
|
62,310
|
4,520
|
119
|
85
|
23,823
|
258
|
-
|
518,521
|
|||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
64,777
|
47,350
|
-
|
452
|
223
|
(35,785
|
)
|
946
|
-
|
77,963
|
||||||||||||||||||||||||||
Sands Bethlehem
|
28,944
|
6,485
|
-
|
230
|
16
|
-
|
524
|
-
|
36,199
|
|||||||||||||||||||||||||||
United States Property Operations
|
93,721
|
53,835
|
-
|
682
|
239
|
(35,785
|
)
|
1,470
|
-
|
114,162
|
||||||||||||||||||||||||||
Other Asia (2)
|
(13,943
|
)
|
3,533
|
-
|
16
|
338
|
12,200
|
101
|
-
|
2,245
|
||||||||||||||||||||||||||
Other Development
|
(10,679
|
)
|
161
|
363
|
-
|
10,155
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(44,050
|
)
|
8,084
|
-
|
(42
|
)
|
-
|
(238
|
)
|
-
|
36,246
|
-
|
||||||||||||||||||||||||
$
|
1,022,520
|
$
|
255,524
|
$
|
10,446
|
$
|
1,934
|
$
|
13,576
|
$
|
-
|
$
|
5,860
|
$
|
36,246
|
$
|
1,346,106
|
|||||||||||||||||||
Year Ended December 31, 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
|
$
|
897,437
|
$
|
155,084
|
$
|
6,637
|
$
|
10,316
|
$
|
-
|
$
|
-
|
$
|
9,116
|
$
|
-
|
$
|
1,078,590
|
||||||||||||||||||
Sands Cotai Central
|
337,791
|
277,388
|
8,355
|
6,510
|
17,447
|
-
|
4,033
|
-
|
651,524
|
|||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
194,555
|
38,501
|
2,860
|
73
|
6,199
|
-
|
1,202
|
-
|
243,390
|
|||||||||||||||||||||||||||
Sands Macao
|
184,586
|
35,718
|
1,486
|
3,189
|
-
|
-
|
1,115
|
-
|
226,094
|
|||||||||||||||||||||||||||
Macao Property Operations
|
1,614,369
|
506,691
|
19,338
|
20,088
|
23,646
|
-
|
15,466
|
-
|
2,199,598
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
1,145,094
|
242,512
|
16,853
|
2,246
|
1,415
|
97,476
|
890
|
-
|
1,506,486
|
|||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
263,825
|
174,332
|
-
|
13,016
|
294
|
(151,061
|
)
|
5,063
|
-
|
305,469
|
||||||||||||||||||||||||||
Sands Bethlehem
|
108,401
|
27,291
|
-
|
(127
|
)
|
205
|
-
|
74
|
-
|
135,844
|
||||||||||||||||||||||||||
United States Property Operations
|
372,226
|
201,623
|
-
|
12,889
|
499
|
(151,061
|
)
|
5,137
|
-
|
441,313
|
||||||||||||||||||||||||||
Other Asia (2)
|
(46,253
|
)
|
14,101
|
-
|
9
|
-
|
54,560
|
416
|
-
|
22,833
|
||||||||||||||||||||||||||
Other Development
|
(35,420
|
)
|
645
|
2,454
|
-
|
32,321
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(208,541
|
)
|
33,347
|
-
|
-
|
-
|
(975
|
)
|
-
|
176,169
|
-
|
|||||||||||||||||||||||||
$
|
2,841,475
|
$
|
998,919
|
$
|
38,645
|
$
|
35,232
|
$
|
57,881
|
$
|
-
|
$
|
21,909
|
$
|
176,169
|
$
|
4,170,230
|
|||||||||||||||||||
Year Ended December 31, 2014
|
||||||||||||||||||||||||||||||||||||
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
|
$
|
1,381,460
|
$
|
146,365
|
$
|
6,992
|
$
|
1,588
|
$
|
-
|
$
|
-
|
$
|
9,918
|
$
|
-
|
$
|
1,546,323
|
||||||||||||||||||
Sands Cotai Central
|
705,780
|
275,459
|
8,487
|
1,423
|
5,464
|
-
|
4,874
|
-
|
1,001,487
|
|||||||||||||||||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
323,593
|
39,307
|
3,269
|
116
|
7,291
|
-
|
1,323
|
-
|
374,899
|
|||||||||||||||||||||||||||
Sands Macao
|
301,246
|
33,994
|
1,415
|
82
|
-
|
-
|
1,853
|
-
|
338,590
|
|||||||||||||||||||||||||||
Macao Property Operations
|
2,712,079
|
495,125
|
20,163
|
3,209
|
12,755
|
-
|
17,968
|
-
|
3,261,299
|
|||||||||||||||||||||||||||
Marina Bay Sands
|
1,326,729
|
271,801
|
18,207
|
3,636
|
160
|
98,710
|
3,904
|
-
|
1,723,147
|
|||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||||
Las Vegas Operating Properties
|
267,342
|
187,004
|
-
|
(272
|
)
|
356
|
(146,523
|
)
|
6,006
|
-
|
313,913
|
|||||||||||||||||||||||||
Sands Bethlehem
|
89,966
|
29,739
|
-
|
160
|
110
|
-
|
516
|
-
|
120,491
|
|||||||||||||||||||||||||||
United States Property Operations
|
357,308
|
216,743
|
-
|
(112
|
)
|
466
|
(146,523
|
)
|
6,522
|
-
|
434,404
|
|||||||||||||||||||||||||
Other Asia (2)
|
(60,368
|
)
|
14,137
|
-
|
165
|
384
|
48,800
|
375
|
-
|
3,493
|
||||||||||||||||||||||||||
Other Development
|
(29,649
|
)
|
631
|
2,228
|
-
|
26,790
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Corporate
|
(206,873
|
)
|
33,152
|
-
|
(42
|
)
|
-
|
(987
|
)
|
-
|
174,750
|
-
|
||||||||||||||||||||||||
$
|
4,099,226
|
$
|
1,031,589
|
$
|
40,598
|
$
|
6,856
|
$
|
40,555
|
$
|
-
|
$
|
28,769
|
$
|
174,750
|
$
|
5,422,343
|
(1)
|
During the three months ended December 31, 2015 and 2014, the Company recorded stock-based compensation expense of $9.3 million and $10.3 million, respectively, of which $4.5 million and $4.3 million, respectively, is included in corporate expense and $0.3 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 year ended December 31, 2015 and 2014, the Company recorded stock-based compensation expense of $45.8 million and $48.1 million, respectively, of which $22.8 million and $18.7 million, respectively, is included in corporate expense and $1.1 million and $0.6 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 December 31, 2015
|
||||||||||||||||
(1) | (2) |
Hold-Normalized
|
||||||||||||||
Adjusted
|
Hold-Normalized
|
Hold-Normalized
|
Adjusted
|
|||||||||||||
Property
|
Casino
|
Casino
|
Property
|
|||||||||||||
EBITDA
|
Revenue
|
Expense
|
EBITDA
|
|||||||||||||
Macao Property Operations
|
$
|
575,323
|
$
|
(48,374
|
)
|
$
|
22,191
|
$
|
549,140
|
|||||||
Marina Bay Sands
|
338,243
|
45,992
|
(9,390
|
)
|
374,845
|
|||||||||||
United States:
|
||||||||||||||||
Las Vegas Operating Properties
|
97,404
|
9,762
|
(1,737
|
)
|
105,429
|
|||||||||||
Sands Bethlehem
|
34,322
|
-
|
-
|
34,322
|
||||||||||||
United States Property Operations
|
131,726
|
9,762
|
(1,737
|
)
|
139,751
|
|||||||||||
Other Asia
|
6,053
|
-
|
-
|
6,053
|
||||||||||||
Other Development
|
-
|
-
|
-
|
-
|
||||||||||||
Corporate
|
-
|
-
|
-
|
-
|
||||||||||||
$
|
1,051,345
|
$
|
7,380
|
$
|
11,064
|
$
|
1,069,789
|
Three Months Ended December 31, 2014
|
||||||||||||||||
(1) |
|
(2) |
|
Hold-Normalized
|
||||||||||||
Adjusted
|
Hold-Normalized
|
Hold-Normalized
|
Adjusted
|
|||||||||||||
Property
|
Casino
|
Casino
|
Property
|
|||||||||||||
EBITDA
|
Revenue
|
Expense
|
EBITDA
|
|||||||||||||
Macao Property Operations
|
$
|
711,178
|
$
|
(43,795
|
)
|
$
|
18,798
|
$
|
686,181
|
|||||||
Marina Bay Sands
|
518,521
|
(72,014
|
)
|
14,527
|
461,034
|
|||||||||||
United States:
|
||||||||||||||||
Las Vegas Operating Properties
|
77,963
|
11,705
|
(2,058
|
)
|
87,610
|
|||||||||||
Sands Bethlehem
|
36,199
|
-
|
-
|
36,199
|
||||||||||||
United States Property Operations
|
114,162
|
11,705
|
(2,058
|
)
|
123,809
|
|||||||||||
Other Asia
|
2,245
|
-
|
-
|
2,245
|
||||||||||||
Other Development
|
-
|
-
|
-
|
-
|
||||||||||||
Corporate
|
-
|
-
|
-
|
-
|
||||||||||||
$
|
1,346,106
|
$
|
(104,104
|
)
|
$
|
31,267
|
$
|
1,273,269
|
(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 2.85%. 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, 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 25.0% for Baccarat and 18.0% for non-Baccarat for 2015 and 26.0% for Baccarat and 16.0% for non-Baccarat for 2014. This calculation will only be done if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 21.0% to 29.0% and 16.0% to 20.0%, respectively, for 2015 and 22.0% to 30.0% and 14.0% to 18.0%, respectively, for 2014.
For Sands Bethlehem, no adjustments have been, or will be, 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. |
Three Months Ended
|
Years Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
465,782
|
$
|
721,305
|
$
|
1,966,236
|
$
|
2,840,629
|
||||||||
Add (deduct):
|
||||||||||||||||
Net income attributable to noncontrolling interests
|
109,193
|
156,695
|
419,461
|
747,442
|
||||||||||||
Income tax expense
|
62,244
|
90,701
|
236,185
|
244,640
|
||||||||||||
Loss on modification or early retirement of debt
|
-
|
-
|
-
|
19,942
|
||||||||||||
Other (income) expense
|
1,047
|
(4,333
|
)
|
(30,542
|
)
|
(1,965
|
)
|
|||||||||
Interest expense, net of amounts capitalized
|
66,202
|
66,686
|
265,220
|
274,181
|
||||||||||||
Interest income
|
(2,487
|
)
|
(8,534
|
)
|
(15,085
|
)
|
(25,643
|
)
|
||||||||
Loss on disposal of assets
|
16,642
|
1,934
|
35,232
|
6,856
|
||||||||||||
Amortization of leasehold interests in land
|
9,585
|
10,446
|
38,645
|
40,598
|
||||||||||||
Depreciation and amortization
|
248,707
|
255,524
|
998,919
|
1,031,589
|
||||||||||||
Development expense
|
3,344
|
5,373
|
10,372
|
14,325
|
||||||||||||
Pre-opening expense
|
17,649
|
8,203
|
47,509
|
26,230
|
||||||||||||
Stock-based compensation (1)
|
4,544
|
5,860
|
21,909
|
28,769
|
||||||||||||
Corporate expense
|
48,893
|
36,246
|
176,169
|
174,750
|
||||||||||||
Adjusted Property EBITDA
|
$
|
1,051,345
|
$
|
1,346,106
|
$
|
4,170,230
|
$
|
5,422,343
|
||||||||
Hold-normalized casino revenue (2)
|
7,380
|
(104,104
|
)
|
|||||||||||||
Hold-normalized casino expense (2)
|
11,064
|
31,267
|
||||||||||||||
Hold-Normalized Adjusted Property EBITDA
|
$
|
1,069,789
|
$
|
1,273,269
|
||||||||||||
(1) See Exhibit 2
|
||||||||||||||||
(2) See Exhibit 3
|
||||||||||||||||
_______________________
|
Three Months Ended
|
Years Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
The Venetian Macao
|
$
|
760,653
|
$
|
880,307
|
$
|
2,986,851
|
$
|
4,040,681
|
||||||||
Sands Cotai Central
|
505,723
|
705,042
|
2,181,877
|
3,133,864
|
||||||||||||
Four Seasons Hotel Macao and Plaza Casino
|
157,723
|
243,839
|
691,037
|
1,107,779
|
||||||||||||
Sands Macao
|
205,274
|
267,913
|
879,563
|
1,174,795
|
||||||||||||
Marina Bay Sands
|
703,865
|
838,592
|
2,952,400
|
3,214,210
|
||||||||||||
Las Vegas Operating Properties
|
400,135
|
362,575
|
1,508,006
|
1,478,769
|
||||||||||||
Sands Bethlehem
|
139,905
|
133,593
|
549,109
|
504,237
|
||||||||||||
Other Asia
|
42,370
|
38,492
|
159,798
|
151,778
|
||||||||||||
Intersegment Eliminations
|
(53,913
|
)
|
(54,360
|
)
|
(220,180
|
)
|
(222,264
|
)
|
||||||||
$
|
2,861,735
|
$
|
3,415,993
|
$
|
11,688,461
|
$
|
14,583,849
|
|||||||||
_______________________
|
Three Months Ended
|
Years Ended
|
|||||||||||
December 31,
|
December 31,
|
|||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||
The Venetian Macao
|
39.1%
|
|
36.5%
|
|
36.1%
|
|
38.3%
|
|
||||
Sands Cotai Central
|
31.8%
|
|
31.2%
|
|
29.9%
|
|
32.0%
|
|
||||
Four Seasons Hotel Macao and Plaza Casino
|
41.7%
|
|
38.0%
|
|
35.2%
|
|
33.8%
|
|
||||
Sands Macao
|
25.0%
|
|
28.6%
|
|
25.7%
|
|
28.8%
|
|
||||
Marina Bay Sands
|
48.1%
|
|
61.8%
|
|
51.0%
|
|
53.6%
|
|
||||
Las Vegas Operating Properties
|
24.3%
|
|
21.5%
|
|
20.3%
|
|
21.2%
|
|
||||
Sands Bethlehem
|
24.5%
|
|
27.1%
|
|
24.7%
|
|
23.9%
|
|
||||
Other Asia
|
14.3%
|
|
5.8%
|
|
14.3%
|
|
2.3%
|
|
||||
Total
|
36.7%
|
|
39.4%
|
|
35.7%
|
|
37.2%
|
|
Three Months Ended
|
Years Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
465,782
|
$
|
721,305
|
$
|
1,966,236
|
$
|
2,840,629
|
||||||||
Pre-opening expense, net
|
12,251
|
5,929
|
33,417
|
18,651
|
||||||||||||
Development expense, net
|
3,339
|
5,373
|
10,367
|
14,325
|
||||||||||||
Loss on disposal of assets, net
|
10,983
|
1,589
|
24,712
|
5,900
|
||||||||||||
Loss on modification or early retirement of debt, net
|
-
|
-
|
-
|
14,589
|
||||||||||||
Adjusted net income
|
$
|
492,355
|
$
|
734,196
|
$
|
2,034,732
|
$
|
2,894,094
|
||||||||
Hold-normalized casino revenue (1)
|
7,380
|
(104,104
|
)
|
|||||||||||||
Hold-normalized casino expense (1)
|
11,064
|
31,267
|
||||||||||||||
Income tax impact on hold adjustments
|
(6,222
|
)
|
9,773
|
|||||||||||||
Noncontrolling interest impact on hold adjustments
|
7,825
|
7,467
|
||||||||||||||
Hold-normalized adjusted net income
|
$
|
512,402
|
$
|
678,599
|
||||||||||||
(1) See Exhibit 3
|
||||||||||||||||
Per diluted share of common stock:
|
||||||||||||||||
Net income attributable to Las Vegas Sands Corp.
|
$
|
0.59
|
$
|
0.90
|
$
|
2.47
|
$
|
3.52
|
||||||||
Pre-opening expense, net
|
0.02
|
0.01
|
0.04
|
0.02
|
||||||||||||
Development expense, net
|
-
|
0.01
|
0.01
|
0.02
|
||||||||||||
Loss on disposal of assets, net
|
0.01
|
-
|
0.03
|
-
|
||||||||||||
Loss on modification or early retirement of debt, net
|
-
|
-
|
-
|
0.02
|
||||||||||||
Adjusted earnings per diluted share
|
$
|
0.62
|
$
|
0.92
|
$
|
2.55
|
$
|
3.58
|
||||||||
Hold-normalized casino revenue
|
0.01
|
(0.13
|
)
|
|||||||||||||
Hold-normalized casino expense
|
0.01
|
0.04
|
||||||||||||||
Income tax impact on hold adjustments
|
(0.01
|
)
|
0.01
|
|||||||||||||
Noncontrolling interest impact on hold adjustments
|
0.01
|
0.01
|
||||||||||||||
Hold-normalized adjusted earnings per diluted share
|
$
|
0.64
|
$
|
0.85
|
||||||||||||
Weighted average diluted shares outstanding
|
795,653,442
|
801,465,931
|
797,596,082
|
808,019,219
|
Three Months Ended
|
Years Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Room Statistics:
|
||||||||||||||||
The Venetian Macao:
|
||||||||||||||||
Occupancy %
|
83.5
|
%
|
88.3
|
%
|
84.0
|
%
|
91.3
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
223
|
$
|
280
|
$
|
243
|
$
|
270
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
186
|
$
|
247
|
$
|
204
|
$
|
246
|
||||||||
Sands Cotai Central:
|
||||||||||||||||
Occupancy %
|
85.4
|
%
|
90.9
|
%
|
83.1
|
%
|
88.5
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
151
|
$
|
183
|
$
|
157
|
$
|
176
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
129
|
$
|
167
|
$
|
131
|
$
|
156
|
||||||||
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
Occupancy %
|
81.1
|
%
|
86.7
|
%
|
82.0
|
%
|
87.0
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
351
|
$
|
372
|
$
|
376
|
$
|
400
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
284
|
$
|
323
|
$
|
308
|
$
|
348
|
||||||||
Sands Macao:
|
||||||||||||||||
Occupancy %
|
99.1
|
%
|
99.9
|
%
|
99.3
|
%
|
98.6
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
209
|
$
|
225
|
$
|
220
|
$
|
238
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
207
|
$
|
225
|
$
|
218
|
$
|
235
|
||||||||
Marina Bay Sands:
|
||||||||||||||||
Occupancy %
|
96.6
|
%
|
98.3
|
%
|
96.3
|
%
|
99.0
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
392
|
$
|
422
|
$
|
404
|
$
|
431
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
379
|
$
|
415
|
$
|
389
|
$
|
427
|
||||||||
Las Vegas Operating Properties:
|
||||||||||||||||
Occupancy %
|
92.1
|
%
|
81.1
|
%
|
91.8
|
%
|
88.0
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
239
|
$
|
222
|
$
|
233
|
$
|
222
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
220
|
$
|
180
|
$
|
214
|
$
|
196
|
||||||||
Sands Bethlehem:
|
||||||||||||||||
Occupancy %
|
92.8
|
%
|
87.9
|
%
|
91.5
|
%
|
83.4
|
%
|
||||||||
Average daily room rate (ADR) (1)
|
$
|
152
|
$
|
149
|
$
|
151
|
$
|
146
|
||||||||
Revenue per available room (RevPAR) (2)
|
$
|
146
|
$
|
131
|
$
|
138
|
$
|
122
|
||||||||
Casino Statistics:
|
||||||||||||||||
The Venetian Macao:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
11,563
|
$
|
13,530
|
$
|
11,864
|
$
|
16,286
|
||||||||
Slot machine win per unit per day (4)
|
$
|
267
|
$
|
309
|
$
|
261
|
$
|
360
|
||||||||
Average number of table games
|
635
|
622
|
618
|
639
|
||||||||||||
Average number of slot machines
|
1,925
|
2,011
|
2,077
|
2,018
|
||||||||||||
Sands Cotai Central:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
9,035
|
$
|
13,611
|
$
|
10,340
|
$
|
16,862
|
||||||||
Slot machine win per unit per day (4)
|
$
|
320
|
$
|
422
|
$
|
341
|
$
|
426
|
||||||||
Average number of table games
|
503
|
517
|
504
|
498
|
||||||||||||
Average number of slot machines
|
1,791
|
1,635
|
1,726
|
1,725
|
||||||||||||
Four Seasons Hotel Macao and Plaza Casino:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
15,024
|
$
|
19,003
|
$
|
15,801
|
$
|
25,518
|
||||||||
Slot machine win per unit per day (4)
|
$
|
471
|
$
|
663
|
$
|
501
|
$
|
748
|
||||||||
Average number of table games
|
100
|
141
|
116
|
132
|
||||||||||||
Average number of slot machines
|
157
|
149
|
159
|
156
|
||||||||||||
Sands Macao:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
8,309
|
$
|
12,158
|
$
|
8,616
|
$
|
13,165
|
||||||||
Slot machine win per unit per day (4)
|
$
|
260
|
$
|
323
|
$
|
281
|
$
|
346
|
||||||||
Average number of table games
|
274
|
247
|
280
|
258
|
||||||||||||
Average number of slot machines
|
912
|
919
|
945
|
942
|
||||||||||||
Marina Bay Sands:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
9,218
|
$
|
11,617
|
$
|
10,434
|
$
|
11,159
|
||||||||
Slot machine win per unit per day (4)
|
$
|
661
|
$
|
666
|
$
|
659
|
$
|
684
|
||||||||
Average number of table games
|
613
|
611
|
600
|
622
|
||||||||||||
Average number of slot machines
|
2,402
|
2,455
|
2,411
|
2,412
|
||||||||||||
Las Vegas Operating Properties:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
3,856
|
$
|
4,843
|
$
|
3,698
|
$
|
4,965
|
||||||||
Slot machine win per unit per day (4)
|
$
|
284
|
$
|
216
|
$
|
242
|
$
|
203
|
||||||||
Average number of table games
|
247
|
236
|
245
|
235
|
||||||||||||
Average number of slot machines
|
2,080
|
2,275
|
2,193
|
2,344
|
||||||||||||
Sands Bethlehem:
|
||||||||||||||||
Table games win per unit per day (3)
|
$
|
3,332
|
$
|
3,235
|
$
|
3,159
|
$
|
2,937
|
||||||||
Slot machine win per unit per day (4)
|
$
|
270
|
$
|
250
|
$
|
274
|
$
|
255
|
||||||||
Average number of table games
|
175
|
176
|
176
|
167
|
||||||||||||
Average number of slot machines
|
2,976
|
3,012
|
2,992
|
3,011
|
(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. |
1 Year Las Vegas Sands Chart |
1 Month Las Vegas Sands Chart |
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