Las Vegas Sands Corp. Announces Quarterly Dividend, Payable on March 31, 2016; Announces Increase of Recurring Common Stock Dividend for the Year 2016; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2015
January 28, 2016 at 02:39 am IST
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Las Vegas Sands Corp. announced that its next recurring quarterly dividend of $0.72 per common share will be paid on March 31, 2016, to Las Vegas Sands shareholders of record on March 22, 2016. That dividend represents an increase of 10.8% compared to the dividend paid in the first quarter of 2015.
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 reported unaudited consolidated earnings results for the fourth quarter and year ended Dec. 31, 2015. For the quarter, the company reported revenues of $2,861,735,000 compared to $3,415,993,000 a year ago. Operating income was $701,981,000 compared to $1,022,520,000 a year ago. Income before income taxes was $637,219,000 compared to $968,701,000 a year ago. Net income attributable to the company was $465,782,000 or $0.59 per diluted share compared to $721,305,000 or $0.90 per diluted share a year ago. Adjusted Property EBITDA was $ 1,051,345,000 compared to $1,346,106,000 a year ago. The decrease in operating income was principally due to softer results across the company's Macao property portfolio and a $90.1 million benefit in the fourth quarter of 2014 relating to a property tax refund at Marina Bay Sands in Singapore. Adjusted net income decreased to $492.4 million, or $0.62 per diluted share, compared to $734.2 million, or $0.92 per diluted share, in the fourth quarter of 2014. The decrease in net income attributable to Las Vegas Sands reflected the decline in operating income described above, partially offset by a $47.5 million decrease in net income attributable to noncontrolling interests.
For the year, the company reported revenues of $11,688,461,000 compared to $14,583,849,000 a year ago. Operating income was $2,841,475,000 compared to $4,099,226,000 a year ago. Income before income taxes was $2,621,882,000 compared to $3,832,711,000 a year ago. Net income attributable to the company was $1,966,236,000 or $2.47 per diluted share compared to $2,840,629,000 or $3.52 per diluted share a year ago. Adjusted Property EBITDA was $4,170,230,000 compared to $5,422,343,000 a year ago. Adjusted net income was $2.03 billion in 2015, or $2.55 per diluted share, compared to $2.89 billion, or $3.58 per diluted share, in 2014. The decrease in operating income was principally due to weaker operating results across Macao property portfolio. The decline in net income attributable to Las Vegas Sands reflected the decrease in operating income described above, partially offset by a decrease in net income attributable to noncontrolling interests.
Las Vegas Sands Corp. specialises in the ownership and operation of casinos and resorts. Net sales break down by activity as follows:
- casino operations (72.5%): operation, at the end of 2023, of about 2,200 gaming tables and about 7,100 slot machines;
- accommodation services (11.6%): owned 7 hotels in Macao (6; The Venetian Macao Resort Hotel, The Londoner Macao, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Cotai Strip and Sands Macao) and Singapore (Marina Bay Sands);
- operation of shopping malls (7.4%);
- catering services (5.6%);
- other (2.9%): in particular the operation of conference rooms, shops, etc.;
Net sales are distributed geographically as follows: Macau (63%) and Singapore (37%).
Las Vegas Sands Corp. Announces Quarterly Dividend, Payable on March 31, 2016; Announces Increase of Recurring Common Stock Dividend for the Year 2016; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended Dec. 31, 2015