http://media.marketwire.com/attachments/201210/51839_sands.jpghttp://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=979855&ProfileId=051205&sourceType=1LAS VEGAS, NV -- (Marketwire) -- 01/30/13 -- Las Vegas Sands Corp. (NYSE: LVS)
For the Quarter Ended December 31, 2012:
- Net Revenue Increased 20.9% to a Record $3.08 Billion
- Consolidated Adjusted Property EBITDA Increased 4.4% to $1.002 Billion (Consolidated Hold-Adjusted Adjusted Property EBITDA increased 17.6% to a Record $1.09 Billion)
- Record Gaming Volumes in Macao Drove Adjusted Property EBITDA in Macao Up 43.3% to a Record $622.2 Million
- Net Income Attributable to Common Stockholders Rose 35.8% to Reach $434.8 Million or $0.53 per diluted share (Adjusted Earnings per diluted share was $0.54)
- The Company Paid a Special Dividend of $2.75 per share and a Recurring Dividend of $0.25 per share
- The Company's Board of Directors Increased the Recurring Quarterly Dividend by 40%, Declaring a $0.35 per share Dividend Payable in March of 2013
For the Year Ended December 31, 2012:
- Net Revenue Increased 18.3% to a Record $11.13 Billion from $9.41 Billion
- Consolidated Adjusted Property EBITDA Reached a Record $3.79 Billion
- Net Income Attributable to Common Stockholders Rose 20.1% to Reach $1.52 Billion or $1.85 per diluted share (Adjusted Earnings per diluted share was $2.14)
- The Company Paid Dividends of $3.75 per share
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended December 31, 2012.
Fourth Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am pleased to report that our quarterly results reflect both strong revenue and cash flow growth and the steady execution of our global growth strategy.
"In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business. We welcomed a record eleven million visitors to our Cotai Strip Properties during the quarter, including five million in the month of December. We remain confident that our market-leading Cotai Strip properties; The Venetian Macao, Four Seasons Hotel Macao and Plaza Casino, and Sands Cotai Central, with their unrivaled hotel inventory of nearly 9,000 rooms and suites, including the world's largest Sheraton, Conrad and Holiday Inn, and 28 million square feet of interconnected Integrated Resort capacity, will meaningfully enhance the appeal of Macao and the Cotai Strip to business and leisure travelers and provide an outstanding platform for growth in the years ahead.
"The prudent management of our cash flow, including the ability to both invest in future growth and to increase the return of capital to our shareholders, remains a cornerstone of our strategy. The board of directors of Las Vegas Sands has increased the recurring quarterly dividend of the company by 40% to $0.35 per common share, or $1.40 per common share per year, beginning in the first quarter of 2013. The company also declared and paid during the fourth quarter of 2012 a special dividend of $2.75 per share, as well as a $0.25 per share recurring dividend, while maintaining a strong balance sheet and ample liquidity to pursue future growth opportunities."
Company-Wide Operating Results
Net revenue for the fourth quarter of 2012 was $3.08 billion, an increase of 20.9% compared to $2.54 billion in the fourth quarter of 2011. Consolidated adjusted property EBITDA in the fourth quarter of 2012 was $1.00 billion, an increase of 4.4% compared to $960.6 million in the year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA was $1.09 billion in the fourth quarter of 2012, an increase of 17.6%. Consolidated adjusted property EBITDA margin decreased to 32.6% in the fourth quarter of 2012, compared to 37.8% in the fourth quarter of 2011. The quarter's adjusted property EBITDA and EBITDA margin were unfavorably impacted, compared to the quarter one year ago, by lower table games hold (approximately $90.2 million adjusted property EBITDA impact), as well as an additional $24.0 million property tax assessment at Marina Bay Sands.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2012 increased 1.3% to $672.0 million, compared to $663.3 million in the fourth quarter of 2011. The increase in operating income was principally due to strong operating results in Macao, offset by higher depreciation and amortization related to the opening of Sands Cotai Central and lower table games hold in Singapore.
On a GAAP basis, net income attributable to common stockholders in the fourth quarter of 2012 increased 35.8% to $434.8 million, compared to $320.1 million in the fourth quarter of 2011, while diluted earnings per share in the fourth quarter of 2012 increased 35.9% to $0.53, compared to $0.39 in the prior year quarter. The increase in net income attributable to common stockholders reflected the increase in operating income described above as well as the benefit from the discontinuation of preferred stock dividends and charges related to the retirement of our preferred stock in November 2011.
Adjusted net income (see Note 1) decreased to $450.5 million, or $0.54 per diluted share, compared to $460.9 million, or $0.57 per diluted share, in the fourth quarter of 2011. The decrease in adjusted net income was principally driven by the increase in net income attributable to noncontrolling interests, which was partially offset by the higher operating income described above.
Full year 2012 net revenue increased 18.3% to a record $11.13 billion, compared to $9.41 billion in 2011. Consolidated adjusted property EBITDA in 2012 increased 7.3% to a record $3.79 billion, compared to $3.53 billion in 2011. Consolidated adjusted property EBITDA margin decreased 340 basis points to 34.1% in 2012, compared to 37.5% in 2011. Lower hold rates in 2012 compared to 2011, as well as higher expenses at the recently opened Sands Cotai Central, contributed to the lower EBITDA margin in 2012.
Full year adjusted net income (see Note 1) was a record $1.77 billion in 2012, or $2.14 per diluted share, compared to $1.64 billion, or $2.02 per diluted share in 2011.
On a GAAP basis, full year 2012 operating income decreased 3.3% to a $2.31 billion in 2012, compared to $2.39 billion in 2011. Net income attributable to common stockholders increased 20.1% to $1.52 billion, or $1.85 per diluted share in 2012, compared to $1.27 billion, or $1.56 per diluted share in 2011. The improvement in our net income attributable to common stockholders reflects lower net interest expense, lower income tax expense as well as the benefit from the discontinuation of preferred stock dividends and charges related to the retirement of our preferred stock described above.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. increased 48.1% to $1.97 billion in the fourth quarter of 2012, compared to $1.33 billion in the fourth quarter of 2011. Adjusted property EBITDA for Sands China Ltd. increased 44.1% to $619.9 million in the fourth quarter of 2012, compared to $430.1 million in the fourth quarter of 2011. Net income for Sands China Ltd. increased 52.3% to $467.0 million in the fourth quarter of 2012, compared to $306.7 million in the fourth quarter of 2011.
The Venetian Macao Fourth Quarter Operating Results
The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered a record adjusted property EBITDA of $333.1 million, an increase of 17.6% compared to the fourth quarter of 2011. Operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.25%, compared to 2.95% in the fourth quarter of 2011. Adjusted property EBITDA margin increased to 39.5% in the fourth quarter of 2012 from 37.1% in the year-ago quarter. Non-Rolling Chip drop was $1.22 billion for the quarter, an increase of 10.5% compared to the same quarter one year ago, while Non-Rolling Chip win percentage increased to 29.9%. Rolling Chip volume during the quarter decreased 6.6% to $12.66 billion partially due to Paiza Club renovations, which resulted in 29 fewer active rolling tables in service on average during the quarter. Slot handle was $1.29 billion, an increase of 21.3% compared to the quarter one year ago. Mall revenues increased 12.3% during the quarter compared to the quarter last year.
The following table summarizes the key operating results for The Venetian Macao for the fourth quarter of 2012 compared to the fourth quarter of 2011:
Three Months Ended
The Venetian Macao Operations December 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- ---------- ---------
Revenues:
Casino $ 722.3 $ 641.3 $ 81.0 12.6%
Rooms 59.9 61.4 (1.5) -2.4%
Food and Beverage 23.4 21.9 1.5 6.8%
Mall 46.5 41.4 5.1 12.3%
Convention, Retail and Other 23.2 27.6 (4.4) -15.9%
Less - Promotional Allowances (32.3) (29.3) (3.0) -10.2%
--------- --------- ----------
Net Revenues $ 843.0 $ 764.3 $ 78.7 10.3%
Adjusted Property EBITDA $ 333.1 $ 283.3 $ 49.8 17.6%
EBITDA Margin % 39.5% 37.1% 2.4 pts
Operating Income $ 298.2 $ 242.3 $ 55.9 23.1%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $12,662.9 $13,551.1 $ (888.2) -6.6%
Rolling Chip Win %(1) 3.25% 2.95% 0.30 pts
Non-Rolling Chip Drop $ 1,215.0 $ 1,099.8 $ 115.2 10.5%
Non-Rolling Chip Win % 29.9% 28.2% 1.7 pts
Slot Handle $ 1,293.7 $ 1,066.2 $ 227.5 21.3%
Slot Hold % 5.5% 5.9% -0.4 pts
Hotel Statistics
Occupancy % 93.4% 95.2% -1.8 pts
Average Daily Rate (ADR) $ 248 $ 246 $ 2 0.8%
Revenue per Available Room
(RevPAR) $ 231 $ 234 $ (3) -1.3%
(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 $89.7 million in the fourth quarter of 2012, an increase of 42.4% compared to the fourth quarter of 2011, despite the fact that operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.68% for the current quarter. Rolling Chip volume reached $10.73 billion for the quarter, an increase of 42.7% compared to the fourth quarter of 2011. Non-Rolling Chip drop was a record $125.5 million while Non-Rolling Chip win percentage was 45.1%. Slot handle was a record $350.4 million during the quarter, an increase of 43.7% compared to the fourth quarter of 2011. The non-gaming offerings of the property continued to exhibit healthy growth, with increases in both occupancy and ADR driving a RevPAR increase of 21.3% in the quarter. Mall revenue increased 16.7% to $28.6 million.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2012 compared to the fourth quarter of 2011:
Four Seasons Hotel Macao and Plaza Three Months Ended
Casino Operations December 31,
-------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- -------- --------- ---------
Revenues:
Casino $ 260.2 $ 183.7 $ 76.5 41.6%
Rooms 10.8 8.9 1.9 21.3%
Food and Beverage 7.5 7.0 0.5 7.1%
Mall 28.6 24.5 4.1 16.7%
Convention, Retail and Other 0.8 0.8 - 0.0%
Less - Promotional Allowances (11.7) (8.5) (3.2) -37.6%
--------- -------- ---------
Net Revenues $ 296.2 $ 216.4 $ 79.8 36.9%
Adjusted Property EBITDA $ 89.7 $ 63.0 $ 26.7 42.4%
EBITDA Margin % 30.3% 29.1% 1.2 pts
Operating Income $ 76.5 $ 48.6 $ 27.9 57.4%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $10,731.5 $7,519.6 $ 3,211.9 42.7%
Rolling Chip Win %(1) 2.68% 2.61% 0.07 pts
Non-Rolling Chip Drop $ 125.5 $ 101.3 $ 24.2 23.9%
Non-Rolling Chip Win % 45.1% 44.4% 0.7 pts
Slot Handle $ 350.4 $ 243.9 $ 106.5 43.7%
Slot Hold % 5.3% 4.8% 0.5 pts
Hotel Statistics
Occupancy % 81.8% 76.1% 5.7 pts
Average Daily Rate (ADR) $ 382 $ 339 $ 43 12.7%
Revenue per Available Room
(RevPAR) $ 313 $ 258 $ 55 21.3%
(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
The first phase of Sands Cotai Central opened on April 11, 2012 and the second phase of the property opened on September 20, 2012, adding additional mass gaming capacity, approximately 1,800 Sheraton-branded hotel rooms and additional retail amenities to the property. An additional 2,100 Sheraton rooms opened on January 28, 2013. Net revenues and adjusted property EBITDA for the fourth quarter of 2012 were $490.7 million and $108.0 million, respectively, resulting in an EBITDA margin of 22.0%. The quarter's results were positively impacted by higher than expected Rolling Chip win percentage of 3.13%.
Rolling Chip volume reflected meaningful growth and reached $10.17 billion while Non-Rolling Chip drop reached $932.5 million with Non-Rolling Chip win percentage of 20.6%. Slot handle, driven by robust electronic table games play, was $1.24 billion for the quarter. Rolling Volume per table per day expanded to reach approximately $760,000 in the quarter, an increase of 15.1% compared to the third quarter of 2012. Mass table, slot and ETG win per day climbed to $2.58 million, an increase of 65.4% compared to the third quarter of 2012. Hotel occupancy reached 84.0% during the quarter with ADR of $164.
Visitation to the property continues to expand, reaching in excess of three million visits in the quarter. An air-conditioned footbridge connecting Sands Cotai Central on the East side of the Cotai Strip with The Venetian Macao and Four Seasons Macao Hotel and Plaza Casino on the West side of the Cotai Strip opened on December 20, 2012.
The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2012:
Quarter Ended
Sands Cotai Central December 31,
(Dollars in millions) 2012
---------------
Revenues:
Casino $ 438.7
Rooms 44.5
Food and Beverage 19.2
Mall 9.2
Convention, Retail and Other 4.6
Less - Promotional Allowances (25.5)
---------------
Net Revenues $ 490.7
Adjusted Property EBITDA $ 108.0
EBITDA Margin % 22.0%
Operating Income $ 48.0
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 10,170.3
Rolling Chip Win %(1) 3.13%
Non-Rolling Chip Drop $ 932.5
Non-Rolling Chip Win % 20.6%
Slot Handle $ 1,241.7
Slot Hold % 3.7%
Hotel Statistics
Occupancy % 84.0%
Average Daily Rate (ADR) $ 164
Revenue per Available Room (RevPAR) $ 138
(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 $91.5 million, an increase of 4.2% compared to last year, while adjusted property EBITDA margin increased 170 basis points to 29.1%. Rolling Chip volume of $5.77 billion for the quarter, which was a decrease of 24.2% compared to the prior year's quarter, reflected a 31.9% decrease in the number of Rolling Chip tables to an average of 96 tables for the quarter. Win percentage on Rolling Table games play was 3.29%, which was higher than the same quarter last year. Non-Rolling Chip drop was $708.6 million during the quarter, an increase of 3.1%, despite 106 fewer Non-Rolling chip tables in operation during the quarter. Slot handle decreased 2.5% to $605.4 million.
The following table summarizes our key operating results for Sands Macao for the fourth quarter of 2012 compared to the fourth quarter of 2011:
Three Months Ended
Sands Macao Operations December 31,
------------------
(Dollars in millions) 2012 2011 $ Change Change
-------- -------- --------- ---------
Revenues:
Casino $ 305.8 $ 311.9 $ (6.1) -2.0%
Rooms 6.4 6.6 (0.2) -3.0%
Food and Beverage 10.1 10.1 - 0.0%
Convention, Retail and Other 2.7 3.1 (0.4) -12.9%
Less - Promotional Allowances (10.4) (10.7) 0.3 2.8%
-------- -------- ---------
Net Revenues $ 314.6 $ 321.0 $ (6.4) -2.0%
Adjusted Property EBITDA $ 91.5 $ 87.8 $ 3.7 4.2%
EBITDA Margin % 29.1% 27.4% 1.7 pts
Operating Income $ 83.1 $ 79.5 $ 3.6 4.5%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $5,767.8 $7,611.7 $(1,843.9) -24.2%
Rolling Chip Win %(1) 3.29% 2.77% 0.52 pts
Non-Rolling Chip Drop $ 708.6 $ 687.2 $ 21.4 3.1%
Non-Rolling Chip Win % 22.2% 21.7% 0.5 pts
Slot Handle $ 605.4 $ 621.0 $ (15.6) -2.5%
Slot Hold % 4.3% 4.8% -0.5 pts
Hotel Statistics
Occupancy % 96.9% 96.0% 0.9 pts
Average Daily Rate (ADR) $ 250 $ 259 $ (9) -3.5%
Revenue per Available Room (RevPAR)$ 243 $ 248 $ (5) -2.0%
(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
Marina Bay Sands in Singapore had adjusted property EBITDA of $302.5 million for the fourth quarter. The operating results were unfavorably impacted by lower than expected Rolling Chip win percentage of 2.14% for the quarter. On a hold-adjusted basis, adjusted property EBITDA was $406.4 million. The operating results also reflect the recording of an additional $24.0 million property tax assessment received during the quarter for the 2011 and 2012 calendar years.
Rolling Chip volume was $16.47 billion for the quarter, the second highest quarterly volume in the property's history. Non-Rolling Chip drop decreased 3.2% to $1.11 billion and slot handle decreased 2.0% to $2.69 billion. Total mass win per day during the quarter decreased 3.4% to $4.49 million, compared to $4.64 million in the fourth quarter of 2011.
The high margin hotel room and mall segments of the property continued to reflect strong revenue growth of 10.2% and 11.5%, respectively. ADR expanded during the quarter, driving a RevPAR increase of 10.0% compared to the same quarter last year.
The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2012 compared to the fourth quarter of 2011:
Three Months Ended
Marina Bay Sands Operations December 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 549.5 $ 654.0 $ (104.5) -16.0%
Rooms 84.2 76.4 7.8 10.2%
Food and Beverage 51.9 54.2 (2.3) -4.2%
Mall 44.7 40.1 4.6 11.5%
Convention, Retail and Other 29.0 29.2 (0.2) -0.7%
Less - Promotional Allowances (42.1) (47.0) 4.9 10.4%
--------- --------- ---------
Net Revenues $ 717.2 $ 806.9 $ (89.7) -11.1%
Adjusted Property EBITDA $ 302.5 $ 426.9 $ (124.4) -29.1%
EBITDA Margin % 42.2% 52.9% -10.7 pts
Operating Income $ 202.6 $ 330.4 $ (127.8) -38.7%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $16,467.1 $10,762.3 $ 5,704.8 53.0%
Rolling Chip Win %(1) 2.14% 3.34% -1.20 pts
Non-Rolling Chip Drop $ 1,108.4 $ 1,145.2 $ (36.8) -3.2%
Non-Rolling Chip Win % 24.2% 24.2% 0.0 pts
Slot Handle $ 2,690.9 $ 2,744.8 $ (53.9) -2.0%
Slot Hold % 5.4% 5.4% 0.0 pts
Hotel Statistics
Occupancy % 98.4% 98.8% -0.4 pts
Average Daily Rate (ADR) $ 368 $ 333 $ 35 10.5%
Revenue per Available Room
(RevPAR) $ 362 $ 329 $ 33 10.0%
(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
The Venetian and The Palazzo including the Sands Expo and Convention Center delivered, on a hold-adjusted basis, adjusted property EBITDA of $87.9 million. Adjusted property EBITDA was $52.8 million for the fourth quarter of 2012, a decrease of 34.7% compared to the fourth quarter of 2011. The operating results were negatively impacted by lower than expected table games win percentage of 12.7% for the quarter. Adjusted property EBITDA margin was 17.1% for the quarter. Table games drop decreased 13.7% to $459.4 million. Slot handle decreased 0.7% to $517.3 million while slot hold percentage was 8.9%. Although hotel occupancy percentage was down 1.5%, ADR grew 4.1% compared to last year's quarter leading to overall RevPAR growth of 1.7%.
The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2012 compared to the fourth quarter of 2011:
Three Months Ended
Las Vegas Operations December 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 87.9 $ 118.3 $ (30.4) -25.7%
Rooms 114.3 110.6 3.7 3.3%
Food and Beverage 53.5 60.9 (7.4) -12.2%
Convention, Retail and Other 74.5 71.9 2.6 3.6%
Less - Promotional Allowances (21.9) (22.2) 0.3 1.4%
--------- --------- ---------
Net Revenues $ 308.3 $ 339.5 $ (31.2) -9.2%
Adjusted Property EBITDA $ 52.8 $ 80.9 $ (28.1) -34.7%
EBITDA Margin % 17.1% 23.8% -6.7 pts
Operating Income $ 22.2 $ 48.5 $ (26.3) -54.2%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 459.4 $ 532.4 $ (73.0) -13.7%
Table Games Win %(1) 12.7% 17.9% -5.2 pts
Slot Handle $ 517.3 $ 520.8 $ (3.5) -0.7%
Slot Hold % 8.9% 8.8% 0.1 pts
Hotel Statistics
Occupancy % 87.6% 89.1% -1.5 pts
Average Daily Rate (ADR) $ 203 $ 195 $ 8 4.1%
Revenue per Available Room
(RevPAR) $ 177 $ 174 $ 3 1.7%
(1) This compares to our expected Non-Rolling Chip win percentage of 20% and 22% (calculated before discounts).
Sands Bethlehem Fourth Quarter Operating Results
Net revenue for Sands Bethlehem in Pennsylvania was $117.8 million and adjusted property EBITDA reached $27.5 million for the fourth quarter of 2012. Table games drop was $230.6 million for the quarter, an increase of 19.0% compared to the quarter one year ago, while table games win percentage was 15.8%. Slot handle increased 1.2% to reach $967.8 million for the quarter with slot hold percentage of 7.2%. The hotel, together with the addition of the retail mall and the events center, which debuted in May 2012, should contribute to future growth.
The following table summarizes our key operating results for Sands Bethlehem for the fourth quarter of 2012 compared to the fourth quarter of 2011:
Three Months Ended
Sands Bethlehem Operations December 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 108.8 $ 97.9 $ 10.9 11.1%
Rooms 3.0 2.1 0.9 42.9%
Food and Beverage 7.1 6.2 0.9 14.5%
Mall(1) 0.4 0.2 0.2 100.0%
Convention, Retail and Other 4.6 4.4 0.2 4.5%
Less - Promotional Allowances (6.1) (5.8) (0.3) -5.2%
--------- --------- ---------
Net Revenues $ 117.8 $ 105.0 $ 12.8 12.2%
Adjusted Property EBITDA $ 27.5 $ 22.5 $ 5.0 22.2%
EBITDA Margin % 23.4% 21.4% 2.0 pts
Operating Income $ 18.7 $ 13.2 $ 5.5 41.7%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 230.6 $ 193.8 $ 36.8 19.0%
Table Games Win %(2) 15.8% 14.7% 1.1 pts
Slot Handle $ 967.8 $ 956.1 $ 11.7 1.2%
Slot Hold % 7.2% 7.0% 0.2 pts
Hotel Statistics
Occupancy % 78.2% 54.5% 23.7 pts
Average Daily Rate (ADR) $ 136 $ 156 (20) -12.8%
Revenue per Available Room
(RevPAR) $ 107 $ 85 22 25.9%
(1) The first phase of the Retail Mall opened on November 1, 2011.
(2) This compares to our expected Non-Rolling Chip win percentage of 14% and 16% (calculated before discounts).
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 reached $128.1 million for the fourth quarter of 2012, an increase of 21.0% compared to the fourth quarter of 2011. Operating profit derived from these retail mall assets increased 20.5% for the quarter to reach $110.7 million.
LTM
December
For The Three Months Ended December 31, 2012 31, 2012
-------------------------------------------------- ---------
(Dollars in Gross
millions Leasable Tenant
except per Gross Operating Area Occupancy Sales
square foot Revenue Operating Profit (sq. % at End Per Sq.
data) (1) Profit Margin ft.) of Period Ft.(2)
-------- ---------- --------- --------- --------- ---------
The Grand
Canal Shoppes
at The
Venetian
Macao $ 45.7 $ 40.2 88.0% 805,976 92.3% $ 1,214
The Shoppes at
Four Seasons
Luxury Retail 22.0 20.9 95.0% 140,206 100.0% 6,488
Other Stores 6.6 6.3 95.5% 99,512 81.1% 1,478
-------- ---------- ---------
Total 28.6 27.2 95.1% 239,718 92.1% 4,356
-------- ---------- ---------
The Shoppes at
Sands Cotai
Central 9.1 7.6 83.5% 210,143 100.0% N/A
-------- ---------- ---------
Total Cotai
Strip in
Macao 83.4 75.0 89.9% 1,255,837 93.5% 1,818
-------- ---------- ---------
The Shoppes at
Marina Bay
Sands 44.7 35.7 79.9% 637,980 96.0% 1,393
-------- ---------- ---------
Total $ 128.1 $ 110.7 86.4% 1,893,817 94.4% $ 1,648
======== ========== =========
(1) Gross revenue figures are net of intersegment revenue eliminations.
(2) Tenant sales per square foot reflects sales from tenants only after the tenant has been open for a period of 12 months.
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally composed of our CotaiJet ferry operation, was negative $2.1 million during the quarter, compared to negative $3.8 million in the fourth quarter of 2011.
Pre-opening expenses, related primarily to Sands Cotai Central on the Cotai Strip in Macao, decreased to $9.0 million in the fourth quarter of 2012, compared to $22.4 million in the fourth quarter of 2011.
Depreciation and amortization expense was $250.3 million in the fourth quarter of 2012, compared to $197.9 million in the fourth quarter of 2011.
Interest expense, net of amounts capitalized, was $67.1 million for the fourth quarter of 2012, compared to $68.0 million during the fourth quarter of 2011. Capitalized interest was $5.0 million during the fourth quarter of 2012, compared to $29.8 million during the fourth quarter of 2011. Our weighted average borrowing cost in the fourth quarter of 2012 was 2.8%.
Corporate expense was $44.9 million in the fourth quarter of 2012, compared to $51.7 million in the fourth quarter of 2011.
Other income, which was principally composed of foreign currency gains, was $5.0 million in the fourth quarter of 2012, compared to $5.4 million in the fourth quarter of 2011.
The company's effective income tax rate for the fourth quarter of 2012 was 7.3%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.
Net income attributable to noncontrolling interests during the fourth quarter of 2012 of $136.6 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2012, were $2.51 billion.
As of December 31, 2012, total debt outstanding, including the current portion, was $10.23 billion. Total principal payments for the full year 2013 are expected to be approximately $97.8 million.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $386.5 million, including construction and development activities of $243.7 million in Macao, $117.4 million in Las Vegas, $21.3 million at Marina Bay Sands, and $4.1 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January 30, 2013 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.lasvegassands.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 ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao 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, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder's family, and preferred stock inducement, repurchase and redemption premiums.
About Las Vegas Sands
Las Vegas Sands (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (Integrated Resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.
The Venetian® and The Palazzo®, Five-Diamond luxury resorts on the Las Vegas Strip, and Sands® Bethlehem in Eastern Pennsylvania are the company's properties in the United States. Marina Bay Sands® is the company's iconic Integrated Resort in Singapore's downtown Marina Bay district.
Through its majority-owned subsidiary Sands China Ltd., the company owns a portfolio of properties on Macao's Cotai Strip®, including The Venetian® Macao, Four Seasons Hotel Macao, and Sands Cotai Central. The company also owns the Sands® Macao on the Macao Peninsula.
Las Vegas Sands is committed to global sustainability through its Sands ECO360 degrees program and is an active community partner through its various charitable organizations.
For more information, please visit www.lasvegassands.com.
Las Vegas Sands Corp.
Fourth Quarter 2012 Results
Non-GAAP Reconciliations
Within the company's fourth quarter 2012 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-adjusted 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, impairment loss, 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-adjusted 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 Year Ended
December 31, December 31,
2012 2011 2012 2011
------------ ------------ ------------ ------------
Revenues:
Casino $ 2,473,211 $ 2,007,099 $ 9,008,158 $ 7,437,002
Rooms 323,137 266,013 1,154,024 1,000,035
Food and beverage 172,644 160,191 628,528 598,823
Mall 128,537 106,167 396,927 325,123
Convention, retail
and other 133,352 131,169 497,032 501,351
------------ ------------ ------------ ------------
3,230,881 2,670,639 11,684,669 9,862,334
Less - promotional
allowances (153,879) (126,284) (553,537) (451,589)
------------ ------------ ------------ ------------
3,077,002 2,544,355 11,131,132 9,410,745
------------ ------------ ------------ ------------
Operating expenses:
Resort operations 2,081,896 1,592,709 7,370,842 5,910,057
Corporate 44,866 51,711 207,030 185,694
Pre-opening 8,992 22,353 143,795 65,825
Development 7,762 5,008 19,958 11,309
Depreciation and
amortization 250,321 197,935 892,046 794,404
Amortization of
leasehold
interests in land 10,149 10,033 40,165 43,366
Impairment loss - - 143,674 -
Loss on disposal
of assets 1,011 1,324 2,240 10,203
------------ ------------ ------------ ------------
2,404,997 1,881,073 8,819,750 7,020,858
------------ ------------ ------------ ------------
Operating income 672,005 663,282 2,311,382 2,389,887
Other income
(expense):
Interest income 6,536 5,950 23,252 14,394
Interest expense,
net of amounts
capitalized (67,067) (68,011) (258,564) (282,949)
Other income
(expense) 5,025 5,429 5,740 (3,955)
Loss on
modification or
early retirement
of debt - (22,554) (19,234) (22,554)
------------ ------------ ------------ ------------
Income before income
taxes 616,499 584,096 2,062,576 2,094,823
Income tax expense (45,156) (59,744) (180,763) (211,704)
------------ ------------ ------------ ------------
Net income 571,343 524,352 1,881,813 1,883,119
Net income
attributable to
noncontrolling
interests (136,561) (89,068) (357,720) (322,996)
------------ ------------ ------------ ------------
Net income
attributable to Las
Vegas Sands Corp. 434,782 435,284 1,524,093 1,560,123
Preferred stock
dividends - (5,967) - (63,924)
Accretion to
redemption value of
preferred stock
issued to
Principal
Stockholder's
family - (11,567) - (80,975)
Preferred stock
inducement,
repurchase
and redemption
premiums - (97,636) - (145,716)
------------ ------------ ------------ ------------
Net income
attributable to
common stockholders $ 434,782 $ 320,114 $ 1,524,093 $ 1,269,508
============ ============ ============ ============
Earnings per share:
Basic $ 0.53 $ 0.44 $ 1.89 $ 1.74
============ ============ ============ ============
Diluted $ 0.53 $ 0.39 $ 1.85 $ 1.56
============ ============ ============ ============
Weighted average
shares outstanding:
Basic 822,214,678 731,412,225 806,395,660 728,343,428
============ ============ ============ ============
Diluted 826,662,036 812,718,294 824,556,036 811,816,687
============ ============ ============ ============
Dividends declared
per common share $ 3.00 $ - $ 3.75 $ -
============ ============ ============ ============
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, 2012
(Gain)
Loss
Amortization on Pre-Opening
Operating Depreciation of Leasehold Disposal and
Income and Interests of Development
(Loss) Amortization in Land Assets Expense
---------- ------------ ------------ ---------- -----------
Macao:
The Venetian
Macao $ 298,218 $ 32,133 $ 1,655 $ (413) $ 22
Sands Macao 83,060 7,606 354 198 -
Four Seasons
Hotel Macao
and Plaza
Casino 76,451 11,385 705 6 1,119
Sands Cotai
Central 48,040 51,235 2,154 177 5,834
---------- ------------ ------------ ---------- -----------
Macao Property
Operations 505,769 102,359 4,868 (32) 6,975
Marina Bay
Sands 202,631 72,261 4,659 1,156 -
United States:
Las Vegas
Operating
Properties 22,170 58,051 - (115) 1,909
Sands
Bethlehem 18,685 8,578 - - 40
---------- ------------ ------------ ---------- -----------
United States
Property
Operations 40,855 66,629 - (115) 1,949
Other Asia (2) (19,774) 3,688 - 2 35
Other
Development (8,571) 154 622 - 7,795
Corporate (48,905) 5,230 - - -
---------- ------------ ------------ ---------- -----------
$ 672,005 $ 250,321 $ 10,149 $ 1,011 $ 16,754
========== ============ ============ ========== ===========
Three Months Ended December 31, 2012
(1) Adjusted
Royalty Stock-Based Corporate Property
Fees Compensation Expense EBITDA
---------- ------------ ---------- ----------
Macao:
The Venetian
Macao $ - $ 1,455 $ - $ 333,070
Sands Macao - 292 - 91,510
Four Seasons
Hotel Macao
and Plaza
Casino - 12 - 89,678
Sands Cotai
Central - 544 - 107,984
---------- ------------ ---------- ----------
Macao Property
Operations - 2,303 - 622,242
Marina Bay
Sands 19,081 2,745 - 302,533
United States:
Las Vegas
Operating
Properties (31,744) 2,549 - 52,820
Sands
Bethlehem - 215 - 27,518
---------- ------------ ---------- ----------
United States
Property
Operations (31,744) 2,764 - 80,338
Other Asia (2) 13,854 46 - (2,149)
Other
Development - - - -
Corporate (1,191) - 44,866 -
---------- ------------ ---------- ----------
$ - $ 7,858 $ 44,866 $1,002,964
========== ============ ========== ==========
Three Months Ended December 31, 2011
Amortization Loss
of on Pre-Opening
Operating Depreciation Leasehold Disposal and
Income and Interests of Development
(Loss) Amortization in Land Assets Expense
---------- ------------ ------------ --------- -------------
Macao:
The
Venetian
Macao $ 242,298 $ 37,696 $ 1,647 $ 117 $ -
Sands Macao 79,501 7,478 353 38 -
Four
Seasons
Hotel
Macao and
Plaza
Casino 48,596 12,706 702 40 895
---------- ------------ ------------ --------- -------------
Macao
Property
Operations 370,395 57,880 2,702 195 895
Marina Bay
Sands 330,371 65,363 4,567 94 (10)
United
States:
Las Vegas
Operating
Properties 48,480 56,947 - 563 -
Sands
Bethlehem 13,217 8,687 - - 93
---------- ------------ ------------ --------- -------------
United States
Property
Operations 61,697 65,634 - 563 93
Other Asia
(2) (13,636) 3,681 - 472 440
Other
Development (28,906) 199 2,764 - 25,943
Corporate (56,639) 5,178 - - -
---------- ------------ ------------ --------- -------------
$ 663,282 $ 197,935 $ 10,033 $ 1,324 $ 27,361
========== ============ ============ ========= =============
Three Months Ended December 31, 2011
(1) Adjusted
Royalty Stock-Based Corporate Property
Fees Compensation Expense EBITDA
---------- ------------ ---------- ----------
Macao:
The
Venetian
Macao $ - $ 1,534 $ - $ 283,292
Sands Macao - 465 - 87,835
Four
Seasons
Hotel
Macao and
Plaza
Casino - 98 - 63,037
---------- ------------ ---------- ----------
Macao
Property
Operations - 2,097 - 434,164
Marina Bay
Sands 25,040 1,475 - 426,900
United
States:
Las Vegas
Operating
Properties (29,790) 4,710 - 80,910
Sands
Bethlehem - 487 - 22,484
---------- ------------ ---------- ----------
United States
Property
Operations (29,790) 5,197 - 103,394
Other Asia
(2) 5,000 221 - (3,822)
Other
Development - - - -
Corporate (250) - 51,711 -
---------- ------------ ---------- ----------
$ - $ 8,990 $ 51,711 $ 960,636
========== ============ ========== ==========
Year Ended December 31, 2012
Impairment
Amortization and (Gain)
of Loss
Operating Depreciation Leasehold on
Income and Interests Disposal
(Loss) Amortization in Land of Assets
---------- ------------- ------------- -----------
Macao:
The Venetian
Macao $ 947,998 $ 140,218 $ 6,609 $ 42,236
Sands Macao 317,319 30,385 1,414 14
Four Seasons
Hotel Macao
and Plaza
Casino 232,130 48,737 2,821 215
Sands Cotai
Central 10,291 108,878 6,458 239
---------- ------------- ------------- -----------
Macao Property
Operations 1,507,738 328,218 17,302 42,704
Marina Bay
Sands 977,572 268,929 18,229 1,340
United States:
Las Vegas
Operating
Properties 222,167 225,562 - 388
Sands
Bethlehem 78,554 33,910 - 414
---------- ------------- ------------- -----------
United States
Property
Operations 300,721 259,472 - 802
Other Asia (2) (71,590) 14,777 - 35
Other
Development (177,026) 729 4,634 101,034
Corporate (226,033) 19,921 - (1)
---------- ------------- ------------- -----------
$2,311,382 $ 892,046 $ 40,165 $ 145,914
========== ============= ============= ===========
Year Ended December 31, 2012
Pre-Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ ---------- ------------ ---------- ----------
Macao:
The Venetian
Macao $ 135 $ - $ 6,049 $ - $1,143,245
Sands Macao - - 1,507 - 350,639
Four Seasons
Hotel Macao
and Plaza
Casino 4,072 - 195 - 288,170
Sands Cotai
Central 86,463 - 1,147 - 213,476
------------ ---------- ------------ ---------- ----------
Macao Property
Operations 90,670 - 8,898 - 1,995,530
Marina Bay
Sands - 91,681 8,494 - 1,366,245
United States:
Las Vegas
Operating
Properties 1,909 (130,764) 11,920 - 331,182
Sands
Bethlehem 345 - 832 - 114,055
------------ ---------- ------------ ---------- ----------
United States
Property
Operations 2,254 (130,764) 12,752 - 445,237
Other Asia (2) 200 40,000 628 - (15,950)
Other
Development 70,629 - - - -
Corporate - (917) - 207,030 -
------------ ---------- ------------ ---------- ----------
$ 163,753 $ - $ 30,772 $ 207,030 $3,791,062
============ ========== ============ ========== ==========
Year Ended December 31, 2011
Amortization (Gain)
of Loss on
Operating Depreciation Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
---------- ------------- ------------ ----------
Macao:
The Venetian
Macao $ 844,112 $ 163,185 $ 6,590 $ (535)
Sands Macao 317,614 30,723 1,410 316
Four Seasons
Hotel Macao
and Plaza
Casino 158,998 51,894 2,813 163
---------- ------------- ------------ ----------
Macao Property
Operations 1,320,724 245,802 10,813 (56)
Marina Bay
Sands 1,157,825 249,123 21,493 832
United States:
Las Vegas
Operating
Properties 198,390 232,949 - (1,215)
Sands
Bethlehem 56,145 31,889 - -
---------- ------------- ------------ ----------
United States
Property
Operations 254,535 264,838 - (1,215)
Other Asia (2) (52,844) 15,426 - 474
Other
Development (79,423) 722 11,060 2,506
Corporate (210,930) 18,493 - 7,662
---------- ------------- ------------ ----------
$2,389,887 $ 794,404 $ 43,366 $ 10,203
========== ============= ============ ==========
Year Ended December 31, 2011
Pre-Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ ---------- ------------ ---------- ----------
Macao:
The Venetian
Macao $ 3,173 $ - $ 6,253 $ - $1,022,778
Sands Macao - - 1,814 - 351,877
Four Seasons
Hotel Macao
and Plaza
Casino 3,664 - 391 - 217,923
------------ ---------- ------------ ---------- ----------
Macao Property
Operations 6,837 - 8,458 - 1,592,578
Marina Bay
Sands 3,506 91,936 5,908 - 1,530,623
United States:
Las Vegas
Operating
Properties - (111,017) 14,188 - 333,295
Sands
Bethlehem 851 - 1,917 - 90,802
------------ ---------- ------------ ---------- ----------
United States
Property
Operations 851 (111,017) 16,105 - 424,097
Other Asia (2) 805 20,000 996 - (15,143)
Other
Development 65,135 - - - -
Corporate - (919) - 185,694 -
------------ ---------- ------------ ---------- ----------
$ 77,134 $ - $ 31,467 $ 185,694 $3,532,155
============ ========== ============ ========== ==========
(1) During the three months ended December 31, 2012 and 2011, the Company
recorded stock-based compensation expense of $15.1 million and $15.5
million, respectively, of which $7.2 million and $6.4 million, respectively,
is included in corporate expense and $0.0 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, 2012 and 2011, the Company recorded stock-based
compensation expense of $65.4 million and $62.7 million, respectively, of
which $33.9 million and $30.8 million, respectively, is included in
corporate expense and $0.7 million and $0.4 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-
Adjusted Adjusted Property EBITDA:
Three Months Ended December 31, 2012
(1) (2) Hold-
Hold- Hold- Adjusted
Adjusted Adjusted Adjusted Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
----------- ----------- ----------- -----------
Macao Property
Operations $ 622,242 $ (76,822) $ 29,961 $ 575,381
Marina Bay Sands 302,533 117,003 (13,116) 406,420
United States:
Las Vegas Operating
Properties 52,820 37,976 (2,848) 87,948
Sands Bethlehem 27,518 (2,292) 355 25,581
----------- ----------- ----------- -----------
United States Property
Operations 80,338 35,684 (2,493) 113,529
Other Asia (2,149) - - (2,149)
Other Development - - - -
Corporate - - - -
----------- ----------- ----------- -----------
$ 1,002,964 $ 75,865 $ 14,352 $ 1,093,181
=========== =========== =========== ===========
Three Months Ended December 31, 2011
(1) (2) Hold-
Hold- Hold- Adjusted
Adjusted Adjusted Adjusted Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
----------- ----------- ----------- -----------
Macao Property
Operations $ 434,164 $ - $ - $ 434,164
Marina Bay Sands 426,900 (52,497) 5,885 380,288
United States:
Las Vegas Operating
Properties 80,910 16,426 (1,232) 96,104
Sands Bethlehem 22,484 191 (33) 22,642
----------- ----------- ----------- -----------
United States Property
Operations 103,394 16,617 (1,265) 118,746
Other Asia (3,822) - - (3,822)
Other Development - - - -
Corporate - - - -
----------- ----------- ----------- -----------
$ 960,636 $ (35,880) $ 4,620 $ 929,376
=========== =========== =========== ===========
(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 and Sands Bethlehem 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 21.0% and 14.8%, respectively.
(2) Represents the estimated incremental gaming taxes 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:
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
----------- ----------- ----------- -----------
Net income attributable
to Las Vegas Sands
Corp. $ 434,782 $ 435,284 $ 1,524,093 $ 1,560,123
Add (deduct):
Net income
attributable to
noncontrolling
interests 136,561 89,068 357,720 322,996
Income tax expense 45,156 59,744 180,763 211,704
Loss on modification
or early retirement
of debt - 22,554 19,234 22,554
Other (income)
expense (5,025) (5,429) (5,740) 3,955
Interest expense,
net of amounts
capitalized 67,067 68,011 258,564 282,949
Interest income (6,536) (5,950) (23,252) (14,394)
Loss on disposal of
assets 1,011 1,324 2,240 10,203
Impairment loss - - 143,674 -
Amortization of
leasehold interests
in land 10,149 10,033 40,165 43,366
Depreciation and
amortization 250,321 197,935 892,046 794,404
Development expense 7,762 5,008 19,958 11,309
Pre-opening expense 8,992 22,353 143,795 65,825
Stock-based
compensation (1) 7,858 8,990 30,772 31,467
Corporate expense 44,866 51,711 207,030 185,694
----------- ----------- ----------- -----------
Adjusted Property EBITDA $ 1,002,964 $ 960,636 $ 3,791,062 $ 3,532,155
=========== =========== =========== ===========
Hold-adjusted casino
revenue (2) 75,865 (35,880)
Hold-adjusted casino
expense (2) 14,352 4,620
----------- -----------
Hold-Adjusted Adjusted
Property EBITDA $ 1,093,181 $ 929,376
=========== ===========
(1) See Exhibit 2
(2) See Exhibit 3
_______________________
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data - Net
Revenues
(In thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
----------- ----------- ----------- -----------
The Venetian Macao $ 843,000 $ 764,257 $ 3,037,975 $ 2,827,174
Sands Macao 314,586 321,028 1,250,552 1,282,201
Four Seasons Hotel Macao
and Plaza Casino 296,237 216,379 1,086,456 678,293
Sands Cotai Central 490,668 - 1,052,124 -
Marina Bay Sands 717,160 806,942 2,886,139 2,921,863
Las Vegas Operating
Properties 308,287 339,462 1,384,629 1,324,505
Sands Bethlehem 117,834 105,030 470,458 399,900
Other Asia 37,538 37,910 148,330 147,323
Intersegment
Eliminations (48,308) (46,653) (185,531) (170,514)
----------- ----------- ----------- -----------
$ 3,077,002 $ 2,544,355 $11,131,132 $ 9,410,745
=========== =========== =========== ===========
_______________________
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data - Adjusted
Property EBITDA as a Percentage of
Net Revenues
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
----------- ----------- ----------- -----------
The Venetian Macao 39.5% 37.1% 37.6% 36.2%
Sands Macao 29.1% 27.4% 28.0% 27.4%
Four Seasons Hotel Macao
and Plaza Casino 30.3% 29.1% 26.5% 32.1%
Sands Cotai Central 22.0% N/A 20.3% N/A
Marina Bay Sands 42.2% 52.9% 47.3% 52.4%
Las Vegas Operating
Properties 17.1% 23.8% 23.9% 25.2%
Sands Bethlehem 23.4% 21.4% 24.2% 22.7%
Other Asia -5.7% -10.1% -10.8% -10.3%
Total 32.6% 37.8% 34.1% 37.5%
Las Vegas Sands Corp.
and Subsidiaries
Non-GAAP Measure - Adjusted Net Income and
Adjusted Earnings Per Diluted Share
(In thousands, except
share and per share
data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
------------ ------------ ------------ ------------
Net income attributable
to common stockholders $ 434,782 $ 320,114 $ 1,524,093 $ 1,269,508
Pre-opening expense, net 6,908 4,193 101,775 47,067
Development expense, net 7,762 5,008 19,958 11,309
Impairment loss, net - - 101,009 -
Loss on disposal of
assets, net 1,021 456 2,211 9,335
Loss on modification or
early retirement of
debt, net - 16,005 18,714 16,005
Preferred stock
dividends - 5,967 - 63,924
Accretion to redemption
value of preferred
stock issued to
Principal Stockholder's
family - 11,567 - 80,975
Preferred stock
inducement, repurchase
and redemption premiums - 97,636 - 145,716
------------ ------------ ------------ ------------
Adjusted net income $ 450,473 $ 460,946 $ 1,767,760 $ 1,643,839
============ ============ ============ ============
Per diluted share of
common stock:
Net income attributable
to common stockholders $ 0.53 $ 0.39 $ 1.85 $ 1.56
Pre-opening expense, net - 0.01 0.12 0.06
Development expense, net 0.01 0.01 0.03 0.01
Impairment loss, net - - 0.12 -
Loss on disposal of
assets, net - - - 0.01
Loss on modification or
early retirement of
debt, net - 0.02 0.02 0.02
Preferred stock
dividends - 0.01 - 0.08
Accretion to redemption
value of preferred
stock issued to
Principal Stockholder's
family - 0.01 - 0.10
Preferred stock
inducement, repurchase
and redemption premiums - 0.12 - 0.18
------------ ------------ ------------ ------------
Adjusted earnings per
diluted share $ 0.54 $ 0.57 $ 2.14 $ 2.02
============ ============ ============ ============
Weighted average diluted
shares outstanding 826,662,036 812,718,294 824,556,036 811,816,687
Las Vegas Sands Corp. and
Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
-------- -------- -------- --------
Room Statistics:
The Venetian Macao:
Occupancy % 93.4% 95.2% 91.9% 91.4%
Average daily room rate (ADR)
(1) $ 248 $ 246 $ 237 $ 232
Revenue per available room
(RevPAR) (2) $ 231 $ 234 $ 218 $ 212
Sands Macao:
Occupancy % 96.9% 96.0% 95.3% 90.5%
Average daily room rate (ADR)
(1) $ 250 $ 259 $ 245 $ 251
Revenue per available room
(RevPAR) (2) $ 243 $ 248 $ 234 $ 227
Four Seasons Hotel Macao and Plaza
Casino:
Occupancy % 81.8% 76.1% 80.1% 69.9%
Average daily room rate (ADR)
(1) $ 382 $ 339 $ 362 $ 334
Revenue per available room
(RevPAR) (2) $ 313 $ 258 $ 290 $ 234
Sands Cotai Central:
Occupancy % 84.0% N/A 83.4% N/A
Average daily room rate (ADR)
(1) $ 164 N/A $ 155 N/A
Revenue per available room
(RevPAR) (2) $ 138 N/A $ 129 N/A
Marina Bay Sands:
Occupancy % 98.4% 98.8% 98.9% 93.6%
Average daily room rate (ADR)
(1) $ 368 $ 333 $ 355 $ 311
Revenue per available room
(RevPAR) (2) $ 362 $ 329 $ 351 $ 291
Las Vegas Operating Properties:
Occupancy % 87.6% 89.1% 86.1% 88.6%
Average daily room rate (ADR)
(1) $ 203 $ 195 $ 203 $ 199
Revenue per available room
(RevPAR) (2) $ 177 $ 174 $ 175 $ 177
Sands Bethlehem:
Occupancy % 78.2% 54.5% 65.1% 50.5%
Average daily room rate (ADR)
(1) $ 136 $ 156 $ 140 $ 162
Revenue per available room
(RevPAR) (2) $ 107 $ 85 $ 91 $ 82
Casino Statistics:
The Venetian Macao:
Table games win per unit per day
(3) $ 18,424 $ 13,371 $ 15,496 $ 12,402
Slot machine win per unit per
day (4) $ 357 $ 328 $ 325 $ 297
Average number of table games 457 577 504 591
Average number of slot machines 2,183 2,089 2,210 2,112
Sands Macao:
Table games win per unit per day
(3) $ 14,362 $ 9,482 $ 11,518 $ 9,632
Slot machine win per unit per
day (4) $ 235 $ 279 $ 247 $ 273
Average number of table games 263 413 330 414
Average number of slot machines 1,216 1,165 1,168 1,141
Four Seasons Hotel Macao and Plaza
Casino:
Table games win per unit per day
(3) $ 25,986 $ 18,928 $ 23,693 $ 15,360
Slot machine win per unit per
day (4) $ 1,052 $ 728 $ 749 $ 704
Average number of table games 144 139 154 125
Average number of slot machines 192 176 185 185
Sands Cotai Central:
Table games win per unit per day
(3) $ 11,995 N/A $ 10,758 N/A
Slot machine win per unit per
day (4) $ 214 N/A $ 273 N/A
Average number of table games 462 N/A 395 N/A
Average number of slot machines 2,310 N/A 1,429 N/A
Marina Bay Sands:
Table games win per unit per day
(3) $ 10,950 $ 11,508 $ 10,543 $ 11,140
Slot machine win per unit per
day (4) $ 682 $ 661 $ 644 $ 616
Average number of table games 616 602 613 604
Average number of slot machines 2,299 2,459 2,426 2,366
Las Vegas Operating Properties:
Table games win per unit per day
(3) $ 2,660 $ 4,511 $ 5,171 $ 4,241
Slot machine win per unit per
day (4) $ 215 $ 195 $ 209 $ 166
Average number of table games 239 230 232 228
Average number of slot machines 2,329 2,557 2,222 2,638
Sands Bethlehem:
Table games win per unit per day
(3) $ 3,244 $ 2,921 $ 3,049 $ 2,779
Slot machine win per unit per
day (4) $ 251 $ 241 $ 264 $ 246
Average number of table games 122 106 121 95
Average number of slot machines 3,018 3,021 3,015 3,021
(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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Contacts:
Investment Community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607