LAS VEGAS SANDS CORP. LAS VEGAS, Jan. 27, 2016 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended December 31, 2015.
Fourth Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "The operating environment in Macao remained challenging during the quarter; however, our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows allowed us to once again deliver in excess of one billion U.S. dollars of adjusted property EBITDA during the quarter. We remain sharply focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model.
"Our convention-based Integrated Resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows and delivers the industry's highest revenue and profit from non-gaming segments, while bringing unsurpassed economic and diversification benefits to the regions in which we operate. We remain confident in our ability to both further extend our global leadership position and deliver strong growth in the future.
"The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy."
The company paid a recurring quarterly dividend of $0.65 per common share during the quarter, an increase of 30.0% compared to the fourth quarter of 2014. The company also 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. Additionally, since the inception of the company's share repurchase program in June 2013, the company has returned $2.44 billion to shareholders through the repurchase of 35.4 million shares, including $60.0 million of common stock (1.3 million shares at a weighted average price of $44.55) during the quarter ended December 31, 2015.
Mr. Adelson added, "In Macao, notwithstanding an operating environment that remains challenging, we delivered $575.3 million in adjusted property EBITDA across our Macao property portfolio during the quarter, our strongest quarterly performance of the year. We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by The Parisian Macao, targeted to open in late 2016, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide an outstanding and diversified platform for growth in the years ahead."
At Marina Bay Sands in Singapore, we continue to attract visitors from across the region to Singapore, which enabled us to generate another record mass gaming win-per-day in local currency terms. While the impact of the stronger U.S. Dollar and low win percentage on rolling table games play each negatively impacted our reported financial results for the quarter, both gaming volumes and our non-gaming segments remain resilient. On a constant currency basis, hold-normalized adjusted property EBITDA, excluding the impact of a $90.1 million property tax refund received in the prior year, increased 11.8%.
At the Venetian, Palazzo and Sands Expo Center in Las Vegas, a 22.2% year-over-year increase in RevPAR to $220 drove a 24.9% increase in adjusted property EBITDA.
Company-Wide Operating Results
Net revenue for the fourth quarter of 2015 decreased 16.2% to $2.86 billion, compared to $3.42 billion in the fourth quarter of 2014. Consolidated adjusted property EBITDA of $1.05 billion decreased 21.9% in the fourth quarter of 2015, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA decreased 16.0% to $1.07 billion in the fourth quarter of 2015.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2015 decreased 31.3% to $702.0 million, compared to $1.02 billion in the fourth quarter of 2014. 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.
On a GAAP basis, net income attributable to Las Vegas Sands in the fourth quarter of 2015 decreased 35.4% to $465.8 million, compared to $721.3 million in the fourth quarter of 2014, while diluted earnings per share in the fourth quarter of 2015 decreased 34.4% to $0.59, compared to $0.90 in the prior-year quarter. 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.
Adjusted net income (see Note 1) 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.
Full year 2015 net revenue decreased 19.9% to $11.69 billion, compared to $14.58 billion in 2014. Consolidated adjusted property EBITDA in 2015 decreased 23.1% to $4.17 billion, compared to $5.42 billion in 2014. Consolidated adjusted property EBITDA margin decreased 150 basis points to 35.7% in 2015, compared to 37.2% in 2014. Negative operating leverage from declining revenues in Macao were the primary reason for the EBITDA margin contraction in 2015, despite the partial off-set provided by the implementation of cost-control programs.
Full year adjusted net income (see Note 1) 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.
On a GAAP basis, full year 2015 operating income decreased 30.7% to $2.84 billion, compared to $4.10 billion in 2014. The decrease in operating income was principally due to weaker operating results across our Macao property portfolio. Net income attributable to Las Vegas Sands decreased 30.8% to $1.97 billion, or $2.47 per diluted share, in 2015, compared to $2.84 billion, or $3.52 per diluted share, in 2014. 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.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. decreased 21.7% to $1.66 billion in the fourth quarter of 2015, compared to $2.12 billion in the fourth quarter of 2014. Adjusted property EBITDA for Sands China Ltd. decreased 18.5% to $581.2 million in the fourth quarter of 2015, compared to $713.2 million in the fourth quarter of 2014. Net income for Sands China Ltd. decreased 29.3% to $378.4 million in the fourth quarter of 2015, compared to $535.3 million in the fourth quarter of 2014.
On a GAAP basis, full year 2015 total net revenues for Sands China Ltd. decreased 28.3% to $6.86 billion, compared to $9.57 billion in 2014. Adjusted property EBITDA for Sands China Ltd. decreased 31.9% to $2.22 billion in 2015, compared to $3.26 billion in 2014. Net income for Sands China Ltd. decreased 43.1% to $1.45 billion in 2015, compared to $2.55 billion in 2014.
The Venetian Macao Fourth Quarter Operating Results
Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property generated adjusted property EBITDA of $297.3 million in the fourth quarter with an EBITDA margin of 39.1%. Non-Rolling Chip drop was $1.74 billion for the quarter, with a Non-Rolling Chip win percentage of 23.4%. Rolling Chip volume during the quarter decreased 20.8% to $8.0 billion. Rolling Chip win percentage was 3.34% in the quarter, above the 2.61% experienced in the prior-year quarter. Slot handle was $1.01 billion.
The following table summarizes the key operating results for The Venetian Macao for the fourth quarter of 2015 compared to the fourth quarter of 2014:
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 Fourth Quarter Operating Results
Net revenues and adjusted property EBITDA for the fourth quarter of 2015 at Sands Cotai Central were $505.7 million and $160.9 million, respectively, resulting in an EBITDA margin of 31.8%.
Non-Rolling Chip drop was $1.46 billion in the fourth quarter with a Non-Rolling Chip win percentage of 21.3%. Rolling Chip volume was $4.13 billion for the quarter with a Rolling Chip win percentage of 2.62%. Slot handle was $1.48 billion for the quarter. Hotel occupancy was 85.4% with ADR of $151.
The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2015 compared to the fourth quarter of 2014:
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 Fourth Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $65.8 million in the fourth quarter of 2015, a decrease of 29.0% compared to the year-ago quarter. Non-Rolling Chip drop was $271.6 million, while Non-Rolling Chip win percentage was 20.1%. Rolling Chip volume was $2.43 billion for the quarter. Rolling Chip win percentage was 3.43% in the quarter, above the 3.12% experienced in the prior-year quarter. Slot handle was $103.5 million during the quarter.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2015 compared to the fourth quarter of 2014:
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 Fourth Quarter Operating Results
Sands Macao's adjusted property EBITDA was $51.3 million. Non-Rolling Chip drop was $716.4 million during the quarter, while slot handle was $661.5 million. Rolling Chip volume was $2.70 billion for the quarter. The property realized 3.18% win on Rolling Chip volume during the quarter, below the 3.57% generated in the year-ago quarter.
The following table summarizes our key operating results for Sands Macao for the fourth quarter of 2015 compared to the fourth quarter of 2014:
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 Fourth Quarter Operating Results
The impact of the stronger U.S. dollar negatively impacted the financial results and key performance indicators of Marina Bay Sands in Singapore in the current quarter. Low win percentage on table games play also negatively impacted our reported financial results. The property generated adjusted property EBITDA of $338.2 million. On a hold-normalized basis, adjusted property EBITDA was $374.8 million. On a constant-currency basis, hold-normalized adjusted property EBITDA decreased 10.1%. On a constant-currency basis, and excluding the property tax refund from the prior year quarter, hold-normalized adjusted property EBITDA increased 11.8%.
Rolling Chip win percentage of 2.39% in the fourth quarter of 2015 was below the expected range and considerably below the 3.58% achieved in the fourth quarter of 2014. Rolling Chip volume was $10.12 billion for the quarter.
Non-Rolling Chip drop was $976.4 million during the quarter with a Non-Rolling Chip win percentage of 28.5%. Slot handle increased 6.3% to $3.32 billion for the quarter compared to the year-ago quarter. Total mass win-per-day during the quarter was $4.6 million and was an all-time quarterly record for the property in local currency terms.
ADR decreased to $392 during the quarter and occupancy decreased to 96.6%, resulting in a RevPAR decrease of 8.7% compared to the same quarter last year.
The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2015 compared to the fourth quarter of 2014:
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).
Las Vegas Operations Fourth Quarter Operating Results
Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $97.4 million for the quarter, an increase of 24.9% compared to the fourth quarter of 2014. On a hold-normalized basis, adjusted property EBITDA in the quarter increased 20.3% year-over-year to $105.4 million. RevPAR increased 22.2% year-over-year to $220 in the quarter, reflecting a 7.7% increase in ADR to $239 and an 11.0 percentage point increase in occupancy to 92.1%. Table games drop decreased 13.8% in the quarter to $472.5 million, reflecting softer Baccarat play, while slot handle increased 16.0% to $678.0 million.
The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2015 compared to the fourth quarter of 2014:
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).
Sands Bethlehem Fourth Quarter Operating Results
Net revenues for Sands Bethlehem in Pennsylvania increased 4.7% to $139.9 million and adjusted property EBITDA decreased 5.2% to $34.3 million for the quarter. Table games drop increased 4.6% to $292.9 million for the quarter, while table games win percentage was 18.3%, slightly below the 18.7% realized in the fourth quarter of 2014. Slot handle increased 5.1% year-over-year to $1.06 billion for the quarter with a slot hold percentage of 6.9%.
The following table summarizes our key operating results for Sands Bethlehem for the fourth quarter of 2015 compared to the fourth quarter of 2014:
Sands Bethlehem
Operations Three Months Ended
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).
Asian Retail Mall Operations
Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore was $159.3 million for the fourth quarter of 2015, a decrease of 8.2% compared to the fourth quarter of 2014. Operating profit derived from these retail mall assets decreased 8.6% year-over-year to $143.8 million.
For The Three Months Ended December 31, 2015 TTM December
31, 2015
-------------------------------------------- -------------
(Dollars in millions Gross Operating Operating Profit Margin Gross Occupancy % Tenant Sales
Revenue(1) Profit Leasable at End of Per
Area Period
except per square foot data) (sq. ft.) 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.
Other Factors Affecting Earnings
Other Asia, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $6.1 million during the quarter, compared to $2.2 million in the fourth quarter of 2014.
Pre-opening expense, which was principally related to the St. Regis tower at Sands Cotai Central - that opened on December 18, 2015 - was $17.6 million in the fourth quarter of 2015.
Depreciation and amortization expense was $248.7 million in the fourth quarter of 2015, compared to $255.5 million in the fourth quarter of 2014.
Interest expense, net of amounts capitalized, was $66.2 million for the fourth quarter of 2015, compared to $66.7 million in the prior-year quarter. Capitalized interest was $10.7 million during the fourth quarter of 2015, compared to $3.1 million during the fourth quarter of 2014. Our weighted average borrowing cost in the fourth quarter of 2015 was approximately 3.2%.
Corporate expense was $48.9 million in the fourth quarter of 2015, compared to $36.2 million in the fourth quarter of 2014.
Other expense was $1.0 million in the fourth quarter of 2015, compared to other income of $4.3 million in the fourth quarter of 2014.
The company's effective income tax rate for the fourth quarter of 2015 was 9.8% compared to 9.4% in the prior-year quarter. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.
The net income attributable to noncontrolling interests during the fourth quarter of 2015 of $109.2 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2015 were $2.18 billion.
As of December 31, 2015, total debt outstanding, including the current portion, was $9.47 billion.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $415.7 million, including construction, development and maintenance activities of $354.3 million in Macao, $33.1 million at Marina Bay Sands, $23.6 million in Las Vegas, and $4.7 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January 27, 2016 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our ability to meet certain development deadlines, our subsidiaries' ability to make distribution payments to us, and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.
Note 1
Adjusted net income excludes pre-opening expense, development expense, gain or loss on disposal of assets and loss on modification or early retirement of debt.
About Las Vegas Sands
Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state-of-the-art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.
Our properties include the five-diamond Venetian and Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd. (HK: 1928), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through our Sands Cares corporate citizenship program and leading innovation with the company's award-winning Sands ECO360° global sustainability program. To learn more, please visit www.sands.com.
Contacts:
Investment Community: Daniel Briggs (702) 414-1221
Media: Ron Reese (702) 414-3607
Las Vegas Sands Corp.
Fourth Quarter 2015 Results
Non-GAAP Reconciliations
Within the company's fourth quarter 2015 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.
Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, pre-opening expense, development expense, royalty fees, stock-based compensation and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized adjusted property EBITDA are included in the financial schedules accompanying this release.
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
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
===== ===== ===== =====
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:
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.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
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
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:
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
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
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
========== ========== =========== ===========
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
(Unaudited)
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%
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
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
=========== =========== =========== ===========
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
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.
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SOURCE Las Vegas Sands Corp.
