LAS VEGAS, April 26, 2017
/PRNewswire/ --
For the Quarter Ended March 31, 2017
(Compared to the Quarter Ended March 31, 2016)
- Consolidated Net Revenue Increased 14.3% to $3.11 Billion
- Net Income Increased 41.3% to $578
Million
- GAAP Earnings per Diluted Share Increased 50% to
$0.60; Adjusted Earnings per Diluted
Share Increased 40.4% to $0.66; and
Hold-Normalized Adjusted Earnings per Diluted Share Increased 11.9%
to $0.66
- Consolidated Adjusted Property EBITDA Increased 24.9% to
$1.15 Billion, With Margin Increasing
310 Basis Points to 36.9%
- Hold-Normalized Adjusted Property EBITDA Increased 9.5% to
$1.14 Billion, With Margin Increasing
50 Basis Points to 36.7%
In Macao:
- Adjusted Property EBITDA Increased 20.5% to $624 Million, While Hold-Normalized Adjusted
Property EBITDA Increased 14.3% to $592
Million
At Marina Bay Sands in Singapore:
- Adjusted Property EBITDA Increased 32.7% to $365 Million, With Margin Increasing 660 Basis
Points to 52.1%
- Hotel RevPAR Increased 10.3% to SGD
603 (US$422)
At Our Las Vegas Operating Properties:
- Adjusted Property EBITDA Increased 40.2% to $122 Million, Our Strongest Quarterly Result
Since 2008
- Hotel RevPAR Increased 9.5% to $253
- The Company Paid Quarterly Dividends of $0.73 per Share
- The Company Repurchased $150
Million of Common Stock
Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer
and operator of convention-based Integrated Resorts, today reported
financial results for the quarter ended March 31, 2017.
First Quarter Overview
Mr. Sheldon G. Adelson, chairman
and chief executive officer, said, "We are pleased to have
continued to execute our strategic objectives during the quarter
and to have delivered a strong operating performance in each of our
markets. The benefits of our convention-based Integrated Resort
business model were clearly evident in our financial results, with
adjusted property EBITDA increasing 24.9% compared to the first
quarter of 2016, reaching $1.15
billion. We also continued to return excess capital to
shareholders during the quarter.
"In Macao, the market overall continues to recover and has
exhibited growth in each of the last three quarters, while the
compelling attractions and entertainment offerings of our
industry-leading Cotai Strip property portfolio, recently expanded
by the addition of The Parisian Macao, allowed us to deliver
visitation growth of 30% across our property portfolio and to
increase our hotel occupancy levels by 440 basis points compared to
the year ago quarter. Our market-leading critical mass of hotel,
retail and entertainment offerings on the Cotai Strip allowed us to
grow our mass gaming business by 17% and to expand our adjusted
property EBITDA by 20.5% to $624
million.
"We have invested approximately $13
billion in Macao since
2002, while consistently contributing to Macao's diversification and appeal as a
business and leisure tourism destination. We continue to lead the
market not only in Integrated Resort development, but in the
long-term and vital investment in the marketing of Macao as Asia's leading business and leisure tourism
destination. We remain confident that our market-leading Cotai
Strip portfolio of properties will continue to provide the economic
benefits of diversification to Macao, help attract greater numbers of
business and leisure travelers, and provide both Macao and our Company with a superior platform
for future growth.
"Marina Bay Sands in Singapore
continues to attract increasing numbers of business and leisure
visitors from across the region and to deliver the economic
benefits of our convention-based business model to Singapore. We are pleased to have established
the property as a reference site for other cities and countries
that are considering harnessing the power of the convention-based
Integrated Resort business model. Marina
Bay Sands' innovative programming, consistent mass gaming
play, strength in non-gaming revenues and higher hold in VIP play
compared to the same quarter last year contributed to an increase
of 32.7% in adjusted property EBITDA, which reached $365 million for the quarter.
"At The Venetian Las Vegas and The Palazzo, including the Sands
Expo and Convention Center, record convention and group meeting
business and cost discipline enabled us to deliver 40.2% growth in
adjusted property EBITDA compared to the same quarter last year.
Adjusted property EBITDA of $122
million was our best quarterly result since 2008."
The company's recurring quarterly dividend remains the
cornerstone of our program to return excess capital to
shareholders, and the company paid a recurring quarterly dividend
of $0.73 per common share during the
quarter. The company announced that its next recurring quarterly
dividend of $0.73 per common share
will be paid on June 30, 2017, to Las
Vegas Sands shareholders of record on June
22, 2017. The company also repurchased approximately
$150 million of common stock (2.7
million shares at a weighted average price of $55.06) during the quarter ended March 31, 2017.
"Looking ahead we remain focused on the execution of our proven
global growth strategy, which leverages the power of our unique
convention-based Integrated Resort business model. We remain
confident in our ability to bring the economic benefits of our
proven business model to promising new markets around the world as
they emerge and develop in the future."
Company-Wide Operating Results
Net revenue for the first quarter of 2017 increased 14.3% to
$3.11 billion, compared to
$2.72 billion in the first quarter of
2016. Net income increased 41.3% to $578
million in the first quarter of 2017, compared to
$409 million in the year-ago
quarter.
On a GAAP (accounting principles generally accepted in
the United States of America)
basis, operating income in the first quarter of 2017 increased
30.2% to $763 million, compared to
$586 million in the first quarter of
2016. The increase in operating income was a result of stronger
results across the company's Macao, Singapore and Las
Vegas property portfolio, partially offset by higher
depreciation and amortization expenses during the quarter due
primarily to the opening of The Parisian Macao in September 2016. Consolidated adjusted property
EBITDA (a non-GAAP measure) of $1.15
billion increased 24.9% in the first quarter of 2017,
compared to the year-ago quarter. On a hold-normalized basis,
adjusted property EBITDA was $1.14
billion in the first quarter of 2017, an increase of 9.5%
from the prior-year quarter.
On a GAAP basis, net income attributable to Las Vegas Sands in
the first quarter of 2017 increased 50.0% to $480 million, compared to $320 million in the first quarter of 2016, while
diluted earnings per share in the first quarter of 2017 of
$0.60 also represented an increase of
50.0% compared to the prior-year quarter. The increase in net
income attributable to Las Vegas Sands reflected the increase in
operating income described above, partially offset by increases in
net income attributable to noncontrolling interests, interest
expense and income tax expense.
Adjusted net income attributable to Las Vegas Sands (a non-GAAP
measure) increased 40.5% to $527
million, or $0.66 per diluted
share, compared to $375 million, or
$0.47 per diluted share, in the first
quarter of 2016.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd. (SCL)
increased 15.3% to $1.88 billion in
the first quarter of 2017, compared to $1.63
billion in the first quarter of 2016. Net income for SCL
increased 11.9% to $349 million in
the first quarter of 2017, compared to $312
million in the first quarter of 2016.
The Venetian Macao First Quarter Operating Results
The property generated revenue of $741
million and adjusted property EBITDA of $289 million in the first quarter, with an
adjusted property EBITDA margin of 39.0%, reflecting 7.8% growth in
adjusted property EBITDA and a 320 basis point increase in EBITDA
margin compared to the first quarter of 2016. Non-Rolling Chip drop
was $1.73 billion for the quarter,
with a Non-Rolling Chip win percentage of 25.5%. Rolling Chip
volume was $6.15 billion, with a
Rolling Chip win percentage of 3.97%, above the expected range and
the 3.21% experienced in the prior-year quarter. Slot handle was
$653 million for the quarter.
The following table summarizes the key operating results for The
Venetian Macao for the first quarter of 2017 compared to the first
quarter of 2016:
|
The Venetian Macao
Operations
|
Three Months
Ended
March 31,
|
|
|
|
|
|
(Dollars in
millions)
|
2017
|
|
2016
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
|
646
|
|
|
$
|
655
|
|
|
$
|
(9)
|
|
|
(1.4)%
|
|
|
Rooms
|
44
|
|
|
46
|
|
|
(2)
|
|
|
(4.3)%
|
|
|
Food and
Beverage
|
19
|
|
|
21
|
|
|
(2)
|
|
|
(9.5)%
|
|
|
Mall
|
51
|
|
|
49
|
|
|
2
|
|
|
4.1%
|
|
|
Convention, Retail
and Other
|
17
|
|
|
14
|
|
|
3
|
|
|
21.4%
|
|
|
Less - Promotional
Allowances
|
(36)
|
|
|
(36)
|
|
|
—
|
|
|
—%
|
|
|
Net
Revenues
|
$
|
741
|
|
|
$
|
749
|
|
|
$
|
(8)
|
|
|
(1.1)%
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
289
|
|
|
$
|
268
|
|
|
$
|
21
|
|
|
7.8%
|
|
|
EBITDA Margin
%
|
39.0%
|
|
|
35.8%
|
|
|
|
|
3.2pts
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
6,149
|
|
|
$
|
8,226
|
|
|
$
|
(2,077)
|
|
|
(25.2)%
|
|
|
Rolling Chip Win
%(1)
|
3.97%
|
|
|
3.21%
|
|
|
|
|
0.76pts
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,728
|
|
|
$
|
1,770
|
|
|
$
|
(42)
|
|
|
(2.4)%
|
|
|
Non-Rolling Chip Win
%
|
25.5%
|
|
|
25.1%
|
|
|
|
|
0.4pts
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
653
|
|
|
$
|
1,070
|
|
|
$
|
(417)
|
|
|
(39.0)%
|
|
|
Slot Hold
%
|
5.4%
|
|
|
4.4%
|
|
|
|
|
1.0pts
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
86.5%
|
|
|
77.7%
|
|
|
|
|
8.8pts
|
|
|
Average Daily Rate
(ADR)
|
$
|
209
|
|
|
$
|
226
|
|
|
$
|
(17)
|
|
|
(7.5)%
|
|
|
Revenue per Available
Room (RevPAR)
|
$
|
181
|
|
|
$
|
176
|
|
|
$
|
5
|
|
|
2.8%
|
|
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.0% to 3.3% (calculated
before discounts and commissions). We revised the expected range
due to the Rolling Chip win percentage experienced over the last
several years.
|
Sands Cotai Central First Quarter Operating Results
Revenue and adjusted property EBITDA for the first quarter of
2017 at Sands Cotai Central were $467
million and $143 million,
respectively, resulting in an adjusted property EBITDA margin of
30.6%.
Non-Rolling Chip drop was $1.47
billion in the first quarter, with a Non-Rolling Chip win
percentage of 20.0%. Rolling Chip volume was $2.90 billion for the quarter, with a Rolling
Chip win percentage of 2.97%. Slot handle was $1.19 billion for the quarter.
The following table summarizes our key operating results for
Sands Cotai Central for the first quarter of 2017 compared to the
first quarter of 2016:
|
Sands Cotai
Central Operations
|
Three Months
Ended
March 31,
|
|
|
|
|
|
(Dollars in
millions)
|
2017
|
|
2016
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
|
390
|
|
|
$
|
459
|
|
|
$
|
(69)
|
|
|
(15.0)%
|
|
|
Rooms
|
66
|
|
|
67
|
|
|
(1)
|
|
|
(1.5)%
|
|
|
Food and
Beverage
|
25
|
|
|
26
|
|
|
(1)
|
|
|
(3.8)%
|
|
|
Mall
|
19
|
|
|
15
|
|
|
4
|
|
|
26.7%
|
|
|
Convention, Retail
and Other
|
6
|
|
|
5
|
|
|
1
|
|
|
20.0%
|
|
|
Less - Promotional
Allowances
|
(39)
|
|
|
(42)
|
|
|
3
|
|
|
(7.1)%
|
|
|
Net
Revenues
|
$
|
467
|
|
|
$
|
530
|
|
|
$
|
(63)
|
|
|
(11.9)%
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
143
|
|
|
$
|
163
|
|
|
$
|
(20)
|
|
|
(12.3)%
|
|
|
EBITDA Margin
%
|
30.6%
|
|
|
30.8%
|
|
|
|
|
(0.2) pts
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,900
|
|
|
$
|
3,603
|
|
|
$
|
(703)
|
|
|
(19.5)%
|
|
|
Rolling Chip Win
%(1)
|
2.97%
|
|
|
3.92%
|
|
|
|
|
(0.95) pts
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,469
|
|
|
$
|
1,504
|
|
|
$
|
(35)
|
|
|
(2.3)%
|
|
|
Non-Rolling Chip Win
%
|
20.0%
|
|
|
20.9%
|
|
|
|
|
(0.9) pts
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,189
|
|
|
$
|
1,559
|
|
|
$
|
(370)
|
|
|
(23.7)%
|
|
|
Slot Hold
%
|
4.0%
|
|
|
3.5%
|
|
|
|
|
0.5pts
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
79.4%
|
|
|
77.1%
|
|
|
|
|
2.3pts
|
|
|
Average Daily Rate
(ADR)
|
$
|
150
|
|
|
$
|
155
|
|
|
$
|
(5)
|
|
|
(3.2)%
|
|
|
Revenue per Available
Room (RevPAR)
|
$
|
119
|
|
|
$
|
119
|
|
|
$
|
—
|
|
|
—%
|
|
|
|
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.0% to 3.3% (calculated
before discounts and commissions). We revised the expected range
due to the Rolling Chip win percentage experienced over the last
several years.
|
The Parisian Macao First Quarter Operating Results
The Parisian Macao opened on September
13, 2016. Revenue and adjusted property EBITDA at The
Parisian Macao were $318 million and
$82 million, respectively, resulting
in an adjusted property EBITDA margin of 25.8%.
Non-Rolling Chip drop was $983
million, with a Non-Rolling Chip win percentage of 18.2%.
Rolling Chip volume was $3.72
billion, with a Rolling Chip win percentage of 2.82%, below
the fourth quarter 2016 win percentage of 4.52%. Slot handle was
$854 million for the quarter.
The following table summarizes our key operating results for The
Parisian Macao in the first quarter of 2017 compared to the fourth
quarter of 2016:
|
Three Months
Ended
|
|
|
|
|
|
The Parisian Macao
Operations
|
March 31,
|
|
December
31,
|
|
|
|
|
|
(Dollars in
millions)
|
2017(1)
|
|
2016
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
|
279
|
|
|
$
|
301
|
|
|
(22)
|
|
|
(7.3)%
|
|
|
Rooms
|
29
|
|
|
30
|
|
|
(1)
|
|
|
(3.3)%
|
|
|
Food and
Beverage
|
16
|
|
|
17
|
|
|
(1)
|
|
|
(5.9)%
|
|
|
Mall
|
17
|
|
|
18
|
|
|
(1)
|
|
|
(5.6)%
|
|
|
Convention, Retail
and Other
|
5
|
|
|
6
|
|
|
(1)
|
|
|
(16.7)%
|
|
|
Less - Promotional
Allowances
|
(28)
|
|
|
(28)
|
|
|
—
|
|
|
—%
|
|
|
Net
Revenues
|
$
|
318
|
|
|
$
|
344
|
|
|
(26)
|
|
|
(7.6)%
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
82
|
|
|
$
|
95
|
|
|
(13)
|
|
|
(13.7)%
|
|
|
EBITDA Margin
%
|
25.8%
|
|
|
27.6%
|
|
|
|
|
(1.8) pts
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
3,722
|
|
|
$
|
3,313
|
|
|
409
|
|
|
12.3%
|
|
|
Rolling Chip Win
%(2)
|
2.82%
|
|
|
4.52%
|
|
|
|
|
(1.70) pts
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
983
|
|
|
$
|
895
|
|
|
88
|
|
|
9.8
%
|
|
|
Non-Rolling Chip Win
%
|
18.2%
|
|
|
18.3%
|
|
|
|
|
(0.1) pts
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
854
|
|
|
$
|
803
|
|
|
51
|
|
|
6.4%
|
|
|
Slot Hold
%
|
4.0%
|
|
|
4.4%
|
|
|
|
|
(0.4) pts
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
81.9%
|
|
|
91.1%
|
|
|
|
|
(9.2) pts
|
|
|
Average Daily Rate
(ADR)
|
$
|
136
|
|
|
$
|
138
|
|
|
(2)
|
|
|
(1.4)%
|
|
|
Revenue per Available
Room (RevPAR)
|
$
|
112
|
|
|
$
|
126
|
|
|
(14)
|
|
|
(11.1)%
|
|
|
(1)
|
The Parisian Macao
opened in September 2016.
|
|
(2)
|
This compares to our
expected Rolling Chip win percentage of 3.0% to 3.3% (calculated
before discounts and commissions). We revised the expected range
due to the Rolling Chip win percentage experienced over the last
several years.
|
Four Seasons Hotel Macao and Plaza Casino First Quarter
Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated revenue
of $143 million and adjusted property
EBITDA of $51 million, resulting in
an adjusted property EBITDA margin of 35.7% in the first quarter of
2017. Non-Rolling Chip drop was $303
million, with a Non-Rolling Chip win percentage of 21.8%,
above the 19.1% experienced in the prior-year quarter. Rolling Chip
volume was $1.83 billion for the
quarter. Rolling Chip win percentage of 3.58% in the first quarter
was above the prior year and the expected range. Slot handle
increased 7.8% to $97 million during
the quarter.
The following table summarizes our key operating results for the
Four Seasons Hotel Macao and Plaza Casino for the first quarter of
2017 compared to the first quarter of 2016:
|
Four Seasons Hotel
Macao and Plaza Casino Operations
|
Three Months
Ended
March 31,
|
|
|
|
|
|
(Dollars in
millions)
|
2017
|
|
2016
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
|
107
|
|
|
$
|
111
|
|
|
$
|
(4)
|
|
|
(3.6)%
|
|
|
Rooms
|
8
|
|
|
8
|
|
|
—
|
|
|
—%
|
|
|
Food and
Beverage
|
7
|
|
|
7
|
|
|
—
|
|
|
—%
|
|
|
Mall
|
31
|
|
|
31
|
|
|
—
|
|
|
—%
|
|
|
Convention, Retail
and Other
|
1
|
|
|
1
|
|
|
—
|
|
|
—%
|
|
|
Less - Promotional
Allowances
|
(11)
|
|
|
(10)
|
|
|
(1)
|
|
|
10.0%
|
|
|
Net
Revenues
|
$
|
143
|
|
|
$
|
148
|
|
|
$
|
(5)
|
|
|
(3.4)%
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
51
|
|
|
$
|
48
|
|
|
$
|
3
|
|
|
6.3%
|
|
|
EBITDA Margin
%
|
35.7%
|
|
|
32.4%
|
|
|
|
|
3.3pts
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,830
|
|
|
$
|
2,621
|
|
|
$
|
(791)
|
|
|
(30.2)%
|
|
|
Rolling Chip Win
%(1)
|
3.58%
|
|
|
3.22%
|
|
|
|
|
0.36pts
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
303
|
|
|
$
|
300
|
|
|
$
|
3
|
|
|
1.0%
|
|
|
Non-Rolling Chip Win
%
|
21.8%
|
|
|
19.1%
|
|
|
|
|
2.7pts
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
97
|
|
|
$
|
90
|
|
|
$
|
7
|
|
|
7.8%
|
|
|
Slot Hold
%
|
7.4%
|
|
|
6.8%
|
|
|
|
|
0.6pts
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
79.0%
|
|
|
69.0%
|
|
|
|
|
10.0pts
|
|
|
Average Daily Rate
(ADR)
|
$
|
371
|
|
|
$
|
358
|
|
|
$
|
13
|
|
|
3.6%
|
|
|
Revenue per Available
Room (RevPAR)
|
$
|
293
|
|
|
$
|
247
|
|
|
$
|
46
|
|
|
18.6%
|
|
|
|
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.0% to 3.3% (calculated
before discounts and commissions). We revised the expected range
due to the Rolling Chip win percentage experienced over the last
several years.
|
Sands Macao First Quarter Operating Results
Sands Macao's revenue increased
4.0% to $182 million and adjusted
property EBITDA increased 74.2% to $54
million. Non-Rolling Chip drop was $613 million during the quarter, while slot
handle was $596 million. Rolling Chip
volume was $1.91 billion for the
quarter. The property realized 2.60% win on Rolling Chip volume
during the quarter, above the 2.45% experienced in the year-ago
quarter.
The following table summarizes our key operating results for
Sands Macao for the first quarter of 2017 compared to the first
quarter of 2016:
|
Sands Macao
Operations
|
Three Months Ended
March 31, |
|
|
|
|
|
(Dollars in
millions)
|
2017
|
|
2016
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
|
176
|
|
|
$
|
170
|
|
|
$
|
6
|
|
|
3.5%
|
|
|
Rooms
|
5
|
|
|
5
|
|
|
—
|
|
|
—%
|
|
|
Food and
Beverage
|
7
|
|
|
7
|
|
|
—
|
|
|
—%
|
|
|
Convention, Retail
and Other
|
2
|
|
|
2
|
|
|
—
|
|
|
—%
|
|
|
Less - Promotional
Allowances
|
(8)
|
|
|
(9)
|
|
|
1
|
|
|
(11.1)%
|
|
|
Net
Revenues
|
$
|
182
|
|
|
$
|
175
|
|
|
$
|
7
|
|
|
4.0%
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
54
|
|
|
$
|
31
|
|
|
$
|
23
|
|
|
74.2%
|
|
|
EBITDA Margin
%
|
29.7%
|
|
|
17.7%
|
|
|
|
|
12.0pts
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,913
|
|
|
$
|
2,241
|
|
|
$
|
(328)
|
|
|
(14.6)%
|
|
|
Rolling Chip Win
%(1)
|
2.60%
|
|
|
2.45%
|
|
|
|
|
0.15pts
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
613
|
|
|
$
|
700
|
|
|
$
|
(87)
|
|
|
(12.4)%
|
|
|
Non-Rolling Chip Win
%
|
20.0%
|
|
|
16.9%
|
|
|
|
|
3.1pts
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
596
|
|
|
$
|
658
|
|
|
$
|
(62)
|
|
|
(9.4)%
|
|
|
Slot Hold
%
|
3.4%
|
|
|
3.3%
|
|
|
|
|
0.1pts
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
97.9%
|
|
|
95.8%
|
|
|
|
|
2.1pts
|
|
|
Average Daily Rate
(ADR)
|
$
|
195
|
|
|
$
|
207
|
|
|
$
|
(12)
|
|
|
(5.8)%
|
|
|
Revenue per Available
Room (RevPAR)
|
$
|
191
|
|
|
$
|
198
|
|
|
$
|
(7)
|
|
|
(3.5)%
|
|
|
|
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.0% to 3.3% (calculated
before discounts and commissions). We revised the expected range
due to the Rolling Chip win percentage experienced over the last
several years.
|
Marina Bay Sands First Quarter Operating Results
Marina Bay Sands' revenue
increased 15.9% to $700 million and
adjusted property EBITDA increased 32.7% to $365 million.
Rolling Chip win percentage of 2.52% in the first quarter of
2017 was above the 1.42% achieved in the first quarter of 2016.
Rolling Chip volume was $8.92 billion
for the quarter.
Non-Rolling Chip drop was $967
million during the quarter, with a Non-Rolling Chip win
percentage of 29.5%. Slot handle increased 1.9% to $3.42 billion for the quarter compared to the
year-ago quarter. Total mass win-per-day during the quarter was
$4.80 million, consistent with the
same quarter last year.
ADR increased 10.4% to $435, while
RevPAR increased 9.3% compared to the same quarter last year, to
reach $422.
The following table summarizes our key operating results for
Marina Bay Sands for the first quarter of 2017 compared to the
first quarter of 2016:
|
Marina Bay Sands
Operations
|
Three Months Ended
March 31,
|
|
|
|
|
|
(Dollars in
millions)
|
2017
|
|
2016
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
|
550
|
|
|
$
|
453
|
|
|
$
|
97
|
|
|
21.4%
|
|
|
Rooms
|
94
|
|
|
89
|
|
|
5
|
|
|
5.6%
|
|
|
Food and
Beverage
|
46
|
|
|
46
|
|
|
—
|
|
|
—%
|
|
|
Mall
|
38
|
|
|
39
|
|
|
(1)
|
|
|
(2.6)%
|
|
|
Convention, Retail
and Other
|
24
|
|
|
21
|
|
|
3
|
|
|
14.3%
|
|
|
Less - Promotional
Allowances
|
(52)
|
|
|
(44)
|
|
|
(8)
|
|
|
18.2%
|
|
|
Net
Revenues
|
$
|
700
|
|
|
$
|
604
|
|
|
$
|
96
|
|
|
15.9%
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
365
|
|
|
$
|
275
|
|
|
$
|
90
|
|
|
32.7%
|
|
|
EBITDA Margin
%
|
52.1%
|
|
|
45.5%
|
|
|
|
|
6.6pts
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
8,916
|
|
|
$
|
9,632
|
|
|
$
|
(716)
|
|
|
(7.4)%
|
|
|
Rolling Chip Win
%(1)
|
2.52%
|
|
|
1.42%
|
|
|
|
|
1.10pts
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
967
|
|
|
$
|
1,007
|
|
|
$
|
(40)
|
|
|
(4.0)%
|
|
|
Non-Rolling Chip Win
%
|
29.5%
|
|
|
29.1%
|
|
|
|
|
0.4pts
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
3,420
|
|
|
$
|
3,355
|
|
|
$
|
65
|
|
|
1.9%
|
|
|
Slot Hold
%
|
4.3%
|
|
|
4.3%
|
|
|
|
|
—pts
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
96.9%
|
|
|
97.9%
|
|
|
|
|
(1.0) pts
|
|
|
Average Daily Rate
(ADR)
|
$
|
435
|
|
|
$
|
394
|
|
|
$
|
41
|
|
|
10.4%
|
|
|
Revenue per Available
Room (RevPAR)
|
$
|
422
|
|
|
$
|
386
|
|
|
$
|
36
|
|
|
9.3%
|
|
|
|
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 2.7% to 3.0% (calculated
before discounts and commissions).
|
Las Vegas Operations First Quarter Operating Results
Revenue at The Venetian Las Vegas and The Palazzo, including the
Sands Expo and Convention Center, increased 12.7% to $434 million, while adjusted property EBITDA
increased 40.2% to $122 million.
Record convention and group meeting business contributed to the
best quarterly adjusted property EBITDA performance in Las Vegas since 2008. EBITDA margin expanded
550 basis points to 28.1%. RevPAR increased 9.5% year-over-year to
$253 in the quarter, reflecting a
6.8% increase in ADR to $268 and a
2.2 percentage point increase in occupancy to 94.3%. Table
games drop decreased 10.5% in the quarter to $433 million, reflecting softer play in the
Baccarat segment, while slot handle increased 3.1% to $604 million.
The following table summarizes our key operating results for our
Las Vegas operations for the first
quarter of 2017 compared to the first quarter of 2016:
|
Las Vegas
Operations
|
Three Months
Ended
March 31,
|
|
|
|
|
|
(Dollars in
millions)
|
2017
|
|
2016
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
|
123
|
|
|
$
|
104
|
|
|
$
|
19
|
|
|
18.3%
|
|
|
Rooms
|
157
|
|
|
148
|
|
|
9
|
|
|
6.1%
|
|
|
Food and
Beverage
|
86
|
|
|
74
|
|
|
12
|
|
|
16.2%
|
|
|
Convention, Retail
and Other
|
90
|
|
|
84
|
|
|
6
|
|
|
7.1%
|
|
|
Less - Promotional
Allowances
|
(22)
|
|
|
(25)
|
|
|
3
|
|
|
(12.0)%
|
|
|
Net
Revenues
|
$
|
434
|
|
|
$
|
385
|
|
|
$
|
49
|
|
|
12.7%
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
122
|
|
|
$
|
87
|
|
|
$
|
35
|
|
|
40.2%
|
|
|
EBITDA Margin
%
|
28.1%
|
|
|
22.6%
|
|
|
|
|
5.5pts
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
433
|
|
|
$
|
484
|
|
|
$
|
(51)
|
|
|
(10.5)%
|
|
|
Table Games Win
%(1)
|
21.5%
|
|
|
15.9%
|
|
|
|
|
5.6pts
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
604
|
|
|
$
|
586
|
|
|
$
|
18
|
|
|
3.1%
|
|
|
Slot Hold
%
|
7.7%
|
|
|
8.1%
|
|
|
|
|
(0.4) pts
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
94.3%
|
|
|
92.1%
|
|
|
|
|
2.2pts
|
|
|
Average Daily Rate
(ADR)
|
$
|
268
|
|
|
$
|
251
|
|
|
$
|
17
|
|
|
6.8%
|
|
|
Revenue per Available
Room (RevPAR)
|
$
|
253
|
|
|
$
|
231
|
|
|
$
|
22
|
|
|
9.5%
|
|
|
|
|
(1)
|
This compares to our
expected Baccarat win percentage of 18.0% to 26.0% and our expected
non-Baccarat win percentage of 16.0% to 24.0% (calculated before
discounts). We revised the expected ranges due to the respective
win percentages experienced over the last several years.
|
Sands Bethlehem First Quarter Operating Results
Revenue and adjusted property EBITDA at Sands Bethlehem were
$142 million and $36 million, respectively, for the quarter. Table
games drop decreased 4.3% to $269
million for the quarter, while table games win percentage
was 20.2%, above the 19.8% realized in the first quarter of 2016.
Slot handle increased 7.3% year-over-year to $1.16 billion for the quarter, with a slot hold
percentage of 6.7%.
The following table summarizes our key operating results for
Sands Bethlehem for the first quarter of 2017 compared to the first
quarter of 2016:
|
Sands Bethlehem
Operations
|
Three Months Ended
March 31,
|
|
|
|
|
|
(Dollars in
millions)
|
2017
|
|
2016
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$
|
133
|
|
|
$
|
130
|
|
|
$
|
3
|
|
|
2.3%
|
|
|
Rooms
|
3
|
|
|
3
|
|
|
—
|
|
|
—%
|
|
|
Food and
Beverage
|
7
|
|
|
7
|
|
|
—
|
|
|
—%
|
|
|
Mall
|
1
|
|
|
1
|
|
|
—
|
|
|
—%
|
|
|
Convention, Retail
and Other
|
5
|
|
|
5
|
|
|
—
|
|
|
—%
|
|
|
Less - Promotional
Allowances
|
(7)
|
|
|
(7)
|
|
|
—
|
|
|
—%
|
|
|
Net
Revenues
|
$
|
142
|
|
|
$
|
139
|
|
|
$
|
3
|
|
|
2.2%
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
36
|
|
|
$
|
38
|
|
|
$
|
(2)
|
|
|
(5.3)%
|
|
|
EBITDA Margin
%
|
25.4%
|
|
|
27.3%
|
|
|
|
|
(1.9) pts
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
269
|
|
|
$
|
281
|
|
|
$
|
(12)
|
|
|
(4.3)%
|
|
|
Table Games Win
%(1)
|
20.2%
|
|
|
19.8%
|
|
|
|
|
0.4pts
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,161
|
|
|
$
|
1,082
|
|
|
$
|
79
|
|
|
7.3%
|
|
|
Slot Hold
%
|
6.7%
|
|
|
7.0%
|
|
|
|
|
(0.3) pts
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
90.1%
|
|
|
90.7%
|
|
|
|
|
(0.6) pts
|
|
|
Average Daily Rate
(ADR)
|
$
|
158
|
|
|
$
|
153
|
|
|
$
|
5
|
|
|
3.3%
|
|
|
Revenue per Available
Room (RevPAR)
|
$
|
142
|
|
|
$
|
138
|
|
|
$
|
4
|
|
|
2.9%
|
|
|
|
|
(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, Sands Cotai Central and The Parisian
Macao) and Marina Bay Sands in Singapore increased 16.4% to $156 million for the first quarter of 2017,
compared to the first quarter of 2016. Operating profit derived
from these retail mall assets increased 16.7% year-over-year to
$140 million.
|
|
For The Three Months
Ended March 31, 2017
|
|
TTM March 31,
2017
|
|
(Dollars in millions
except per square foot data)
|
|
Gross
Revenue(1)
|
|
Operating
Profit
|
|
Operating Profit
Margin
|
|
Gross Leasable Area
(sq. ft.)
|
|
Occupancy
% at
End of
Period
|
|
Tenant Sales Per Sq.
Ft.(2)
|
|
Shoppes at
Venetian
|
|
$
|
51
|
|
|
$
|
46
|
|
|
90.2%
|
|
|
777,509
|
|
|
97.6%
|
|
|
$
|
1,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
21
|
|
|
20
|
|
|
95.2%
|
|
|
142,562
|
|
|
100.0%
|
|
|
4,283
|
|
|
Other
Stores
|
|
10
|
|
|
9
|
|
|
90.0%
|
|
|
116,841
|
|
|
98.4%
|
|
|
1,451
|
|
|
Total
|
|
31
|
|
|
29
|
|
|
93.5%
|
|
|
259,403
|
|
|
99.3%
|
|
|
3,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Cotai
Central(3)
|
|
19
|
|
|
17
|
|
|
89.5%
|
|
|
407,028
|
|
|
94.2%
|
|
|
896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian(4)
|
|
17
|
|
|
15
|
|
|
88.2%
|
|
|
299,778
|
|
|
92.6%
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
118
|
|
|
107
|
|
|
90.7%
|
|
|
1,743,718
|
|
|
96.2%
|
|
|
1,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
38
|
|
|
33
|
|
|
86.8%
|
|
|
612,567
|
|
|
97.3%
|
|
|
1,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
156
|
|
|
$
|
140
|
|
|
89.7%
|
|
|
2,356,285
|
|
|
96.5%
|
|
|
$
|
1,536
|
|
|
|
|
(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.
|
|
(4)
|
The Shoppes at
Parisian opened in September 2016.
|
Other Factors Affecting Earnings
Depreciation and amortization expense was $321 million in the first quarter of 2017,
compared to $260 million in the first
quarter of 2016. This increase was driven primarily by the opening
of The Parisian Macao.
Interest expense, net of amounts capitalized, was $78 million for the first quarter of 2017,
compared to $69 million in the
prior-year quarter. Capitalized interest was nominal during the
first quarter of 2017, compared to $10
million during the first quarter of 2016. Our weighted
average borrowing cost in the first quarter of 2017 was
approximately 3.0%.
Other expense, which was comprised primarily of foreign currency
losses and a mark-to-market loss on Singapore dollar forward contracts, was
$36 million for the first quarter of
2017, compared to $47 million in the
first quarter of 2016.
The company's effective income tax rate for the first quarter of
2017 was 10.7% compared to 13.3% 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 first quarter of 2017 of $98
million was principally related to SCL.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2017 were
$1.96 billion.
As of March 31, 2017, total debt outstanding, including the
current portion and net of deferred financing costs (excluding
those costs related to our revolving facilities) and original issue
discount, was $9.79 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled
$202 million, including construction,
development and maintenance activities of $114 million in Macao, $56
million at Marina Bay Sands, $27
million in Las Vegas and
$5 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's
results on Wednesday, April 26, 2017 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, fluctuations in
currency exchange rates, 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 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.
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 Venetian and The 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, Sands Cotai Central, and The Parisian
Macao, 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 more than 50,000 employees worldwide, driving impact
through its 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.
First Quarter 2017
Results
Non-GAAP Measures
Within the company's first quarter 2017 press release, the
company makes reference to certain non-GAAP financial measures that
supplement the company's consolidated financial information
prepared in accordance with accounting principles generally
accepted in the United States of
America ("GAAP") including "adjusted net income," "adjusted
earnings per diluted share," and "consolidated adjusted property
EBITDA," which have directly comparable GAAP financial measures
along with "adjusted property EBITDA margin," "hold-normalized
adjusted property EBITDA," "hold-normalized adjusted property
EBITDA margin," "hold-normalized adjusted net income," and
"hold-normalized adjusted earnings per diluted share." The company
believes these measures represent important internal measures of
financial performance. Set forth in the financial schedules
accompanying this release are reconciliations of the non-GAAP
financial measures to the most directly comparable GAAP financial
measures. The non-GAAP financial measure disclosure by the company
has limitations and should not be considered a substitute for, or
superior to, the financial measures prepared in accordance with
GAAP. The definitions of our non-GAAP financial measures and the
specific reasons why the company's management believes that the
presentation of the non-GAAP financial measures provides useful
information to investors regarding the company's financial
condition, results of operations and cash flows are presented
below.
The following non-GAAP financial measures are used by
management, as well as industry analysts, to evaluate the company's
operations and operating performance. These non-GAAP financial
measures are presented so that investors have the same financial
data that management uses in evaluating financial performance with
the belief that it will assist the investment community in properly
assessing the underlying financial performance of the company on a
year-over-year and a quarter sequential basis.
Adjusted net income, which is a non-GAAP financial measure,
excludes certain non-recurring corporate expenses, pre-opening
expense, development expense, gain or loss on disposal of assets,
loss on modification or early retirement of debt and other income
or expense, attributable to Las Vegas Sands, net of income tax.
Adjusted net income and adjusted earnings per diluted share are
presented as supplemental disclosures as management believes they
are (1) each widely used measures of performance by industry
analysts and investors and (2) a principal basis for valuation
of Integrated Resort companies, as these non-GAAP
measures are considered by many as alternative measures on which to
base expectations for future results. These measures also form the
basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP
financial measure, is net income before stock-based compensation
expense, corporate expense, pre-opening expense, development
expense, depreciation and amortization, amortization of leasehold
interests in land, gain or loss on disposal of assets, interest,
other income or expense, gain or loss on modification or early
retirement of debt and income taxes. Management utilizes
consolidated adjusted property EBITDA to compare the operating
profitability of its operations with those of its competitors, as
well as a basis for determining certain incentive compensation.
Integrated Resort companies have historically reported
adjusted property EBITDA as a supplemental performance measure to
GAAP financial measures. In order to view the operations of their
casinos on a more stand-alone basis, Integrated Resort companies,
including Las Vegas Sands Corp., have historically excluded certain
expenses that do not relate to the management of specific
properties, such as pre-opening expense, development expense and
corporate expense, from their adjusted property EBITDA
calculations. Consolidated adjusted property EBITDA should not be
interpreted as an alternative to income from operations (as an
indicator of operating performance) or to cash flows from
operations (as a measure of liquidity), in each case, as determined
in accordance with GAAP. The company has significant uses of cash
flow, including capital expenditures, dividend payments, interest
payments and debt principal payments, which are not reflected in
consolidated adjusted property EBITDA. Not all companies calculate
adjusted property EBITDA in the same manner. As a result,
consolidated adjusted property EBITDA as presented by Las Vegas
Sands Corp. may not be directly comparable to similarly titled
measures presented by other companies.
Hold-normalized adjusted property EBITDA, a supplemental
non-GAAP financial measure, that, in addition to the aforementioned
reasons for the presentation of consolidated adjusted property
EBITDA, is presented to adjust for the impact of certain variances
in table games' win percentages, which can vary from period to
period. Hold-normalized adjusted property EBITDA is based on
applying a Rolling Chip win percentage of 3.15% to the Rolling Chip
volume for the quarter if the actual win percentage is outside the
expected range of 3.0% to 3.3% for our Macao properties, applying a Rolling Chip win
percentage of 2.85% to the Rolling Chip volume for the quarter if
the actual win percentage is outside the expected range of 2.7% to
3.0% for our Singapore property,
and applying a win percentage of 22.0% for Baccarat and 20.0% for
non-Baccarat games to the respective table games drops for the
quarter if the actual win percentages are outside the expected
ranges of 18.0% to 26.0% for Baccarat and 16.0% to 24.0% for
non-Baccarat at our Las Vegas
properties. No hold adjustments are made for Sands Bethlehem. We do
not present adjustments for Non-Rolling Chip drop for our table
games play at our Macao and
Singapore properties, nor for
slots at any of our properties. Hold-normalized adjusted property
EBITDA is also adjusted for the estimated gaming taxes, commissions
paid to third parties on the incremental win, bad debt expense,
discounts and other incentives that would have been incurred when
applying the win percentages noted above to the respective gaming
volumes. The hold-normalized adjusted property EBITDA measure
presents a consistent measure for evaluating the operating
performance of our properties from period to period.
Hold-normalized adjusted net income and hold-normalized adjusted
earnings per diluted share are additional supplemental non-GAAP
financial measures that, in addition to the aforementioned reasons
for the presentation of adjusted net income and adjusted earnings
per diluted share, are presented to adjust for the impact of
certain variances in table games' win percentages, which can vary
from period to period.
The company may also present the above items on a constant
currency basis. This information is a non-GAAP financial measure
that is calculated by translating current quarter local currency
amounts to U.S. dollars based on prior period exchange rates. These
amounts are compared to the prior period to derive non-GAAP
constant-currency growth/decline. Management considers non-GAAP
constant-currency growth/decline to be a useful metric to investors
and management as it allows a more direct comparison of current
performance to historical performance.
The company also makes reference to adjusted property EBITDA
margin and hold-normalized adjusted property EBITDA margin, which
are calculated using the aforementioned non-GAAP financial
measures.
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
Condensed
Consolidated Statements of Operations
|
|
(In millions, except
per share data)
|
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2017
|
|
2016
|
|
Revenues:
|
|
|
|
|
|
Casino
|
|
$
|
2,404
|
|
|
$
|
2,082
|
|
|
Rooms
|
|
406
|
|
|
366
|
|
|
Food and
beverage
|
|
213
|
|
|
188
|
|
|
Mall
|
|
157
|
|
|
135
|
|
|
Convention,
retail and other
|
|
134
|
|
|
124
|
|
|
|
3,314
|
|
|
2,895
|
|
|
Less -
promotional allowances
|
|
(208)
|
|
|
(178)
|
|
|
|
3,106
|
|
|
2,717
|
|
|
Operating
expenses:
|
|
|
|
|
|
Resort
operations
|
|
1,962
|
|
|
1,804
|
|
|
Corporate
|
|
42
|
|
|
47
|
|
|
Pre-opening
|
|
2
|
|
|
9
|
|
|
Development
|
|
3
|
|
|
2
|
|
|
Depreciation
and amortization
|
|
321
|
|
|
260
|
|
|
Amortization
of leasehold interests in land
|
|
10
|
|
|
10
|
|
|
(Gain) loss on
disposal or impairment of assets
|
|
3
|
|
|
(1)
|
|
|
|
2,343
|
|
|
2,131
|
|
|
Operating
income
|
|
763
|
|
|
586
|
|
|
Other income
(expense):
|
|
|
|
|
|
Interest
income
|
|
3
|
|
|
2
|
|
|
Interest
expense, net of amounts capitalized
|
|
(78)
|
|
|
(69)
|
|
|
Other
expense
|
|
(36)
|
|
|
(47)
|
|
|
Loss on
modification or early retirement of debt
|
|
(5)
|
|
|
—
|
|
|
Income before income
taxes
|
|
647
|
|
|
472
|
|
|
Income tax
expense
|
|
(69)
|
|
|
(63)
|
|
|
Net income
|
|
578
|
|
|
409
|
|
|
Net income
attributable to noncontrolling interests
|
|
(98)
|
|
|
(89)
|
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
|
480
|
|
|
$
|
320
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
|
$
|
0.60
|
|
|
$
|
0.40
|
|
|
Diluted
|
|
$
|
0.60
|
|
|
$
|
0.40
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
Basic
|
|
794
|
|
|
794
|
|
|
Diluted
|
|
795
|
|
|
795
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$
|
0.73
|
|
|
$
|
0.72
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
Net Revenues and
Adjusted Property EBITDA
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2017
|
|
2016
|
|
Net
Revenues
|
|
|
|
|
|
The Venetian
Macao
|
|
$
|
741
|
|
|
$
|
749
|
|
|
Sands Cotai
Central
|
|
467
|
|
|
530
|
|
|
The Parisian
Macao
|
|
318
|
|
|
—
|
|
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
143
|
|
|
148
|
|
|
Sands
Macao
|
|
182
|
|
|
175
|
|
|
Ferry Operations and
Other
|
|
41
|
|
|
39
|
|
|
Macao
Operations
|
|
1,892
|
|
|
1,641
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
700
|
|
|
604
|
|
|
Las Vegas Operating
Properties
|
|
434
|
|
|
385
|
|
|
Sands
Bethlehem
|
|
142
|
|
|
139
|
|
|
Intersegment
Eliminations
|
|
(62)
|
|
|
(52)
|
|
|
|
$
|
3,106
|
|
|
$
|
2,717
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
|
The Venetian
Macao
|
|
$
|
289
|
|
|
$
|
268
|
|
|
Sands Cotai
Central
|
|
143
|
|
|
163
|
|
|
The Parisian
Macao
|
|
82
|
|
|
—
|
|
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
51
|
|
|
48
|
|
|
Sands
Macao
|
|
54
|
|
|
31
|
|
|
Ferry Operations and
Other
|
|
5
|
|
|
8
|
|
|
Macao
Operations
|
|
624
|
|
|
518
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
365
|
|
|
275
|
|
|
Las Vegas Operating
Properties
|
|
122
|
|
|
87
|
|
|
Sands
Bethlehem
|
|
36
|
|
|
38
|
|
|
|
$
|
1,147
|
|
|
$
|
918
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
The Venetian
Macao
|
|
39.0%
|
|
|
35.8%
|
|
|
Sands Cotai
Central
|
|
30.6%
|
|
|
30.8%
|
|
|
The Parisian
Macao
|
|
25.8%
|
|
|
—%
|
|
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
35.7%
|
|
|
32.4%
|
|
|
Sands
Macao
|
|
29.7%
|
|
|
17.7%
|
|
|
Ferry Operations and
Other
|
|
12.2%
|
|
|
20.5%
|
|
|
Macao
Operations
|
|
33.0%
|
|
|
31.6%
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
52.1%
|
|
|
45.5%
|
|
|
Las Vegas Operating
Properties
|
|
28.1%
|
|
|
22.6%
|
|
|
Sands
Bethlehem
|
|
25.4%
|
|
|
27.3%
|
|
|
|
|
|
|
|
Total
|
|
36.9%
|
|
|
33.8%
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
Supplemental
Data
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
Casino
Statistics:
|
|
|
|
|
|
The Venetian
Macao:
|
|
2017
|
|
2016
|
|
Table games win per
unit per day (1)
|
|
$
|
13,829
|
|
|
$
|
12,107
|
|
|
Slot machine win per
unit per day (2)
|
|
$
|
260
|
|
|
$
|
270
|
|
|
Average number of
table games
|
|
550
|
|
|
643
|
|
|
Average number of
slot machines
|
|
1,498
|
|
|
1,914
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
10,425
|
|
|
$
|
9,708
|
|
|
Slot machine win per
unit per day (2)
|
|
$
|
334
|
|
|
$
|
316
|
|
|
Average number of
table games
|
|
404
|
|
|
517
|
|
|
Average number of
slot machines
|
|
1,581
|
|
|
1,901
|
|
|
|
|
|
|
|
The Parisian Macao:
(3)
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
8,203
|
|
|
|
|
Slot machine win per
unit per day (2)
|
|
$
|
248
|
|
|
|
|
Average number of
table games
|
|
384
|
|
|
|
|
Average number of
slot machines
|
|
1,540
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
14,478
|
|
|
$
|
15,792
|
|
|
Slot machine win per
unit per day (2)
|
|
$
|
641
|
|
|
$
|
459
|
|
|
Average number of
table games
|
|
101
|
|
|
99
|
|
|
Average number of
slot machines
|
|
126
|
|
|
146
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
9,241
|
|
|
$
|
7,162
|
|
|
Slot machine win per
unit per day (2)
|
|
$
|
280
|
|
|
$
|
264
|
|
|
Average number of
table games
|
|
207
|
|
|
266
|
|
|
Average number of
slot machines
|
|
809
|
|
|
916
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
9,708
|
|
|
$
|
7,769
|
|
|
Slot machine win per
unit per day (2)
|
|
$
|
653
|
|
|
$
|
664
|
|
|
Average number of
table games
|
|
583
|
|
|
608
|
|
|
Average number of
slot machines
|
|
2,499
|
|
|
2,411
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
4,110
|
|
|
$
|
3,468
|
|
|
Slot machine win per
unit per day (2)
|
|
$
|
258
|
|
|
$
|
258
|
|
|
Average number of
table games
|
|
252
|
|
|
244
|
|
|
Average number of
slot machines
|
|
1,996
|
|
|
2,036
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
3,401
|
|
|
$
|
3,455
|
|
|
Slot machine win per
unit per day (2)
|
|
$
|
272
|
|
|
$
|
276
|
|
|
Average number of
table games
|
|
177
|
|
|
177
|
|
|
Average number of
slot machines
|
|
3,159
|
|
|
3,012
|
|
|
(1)
|
Table games win per
unit per day is shown before discounts and commissions.
|
|
(2)
|
Slot machine win per
unit per day is shown before deducting cost for slot
points.
|
|
(3)
|
The Parisian Macao
opened on September 13, 2016.
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2017
|
|
2016
|
|
Room
Statistics:
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
Occupancy
%
|
|
86.5%
|
|
|
77.7%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
|
209
|
|
|
$
|
226
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
|
181
|
|
|
$
|
176
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
Occupancy
%
|
|
79.4%
|
|
|
77.1%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
|
150
|
|
|
$
|
155
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
|
119
|
|
|
$
|
119
|
|
|
|
|
|
|
|
The Parisian Macao:
(3)
|
|
|
|
|
|
Occupancy
%
|
|
81.9%
|
|
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
|
136
|
|
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
|
112
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
Occupancy
%
|
|
79.0%
|
|
|
69.0%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
|
371
|
|
|
$
|
358
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
|
293
|
|
|
$
|
247
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
Occupancy
%
|
|
97.9%
|
|
|
95.8%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
|
195
|
|
|
$
|
207
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
|
191
|
|
|
$
|
198
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
Occupancy
%
|
|
96.9%
|
|
|
97.9%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
|
435
|
|
|
$
|
394
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
|
422
|
|
|
$
|
386
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
Occupancy
%
|
|
94.3%
|
|
|
92.1%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
|
268
|
|
|
$
|
251
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
|
253
|
|
|
$
|
231
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
Occupancy
%
|
|
90.1%
|
|
|
90.7%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
|
158
|
|
|
$
|
153
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
|
142
|
|
|
$
|
138
|
|
|
|
|
(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)
|
The Parisian Macao
opened on September 13, 2016.
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
Non-GAAP Measure
Reconciliation
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
The following is a
reconciliation of Net Income to Consolidated Adjusted Property
EBITDA and Hold-Normalized Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2017
|
|
2016
|
|
Net income
|
|
$
|
578
|
|
|
$
|
409
|
|
|
Add
(deduct):
|
|
|
|
|
|
Income tax
expense
|
|
69
|
|
|
63
|
|
|
Loss on modification or
early retirement of debt
|
|
5
|
|
|
—
|
|
|
Other expense
|
|
36
|
|
|
47
|
|
|
Interest expense, net of
amounts capitalized
|
|
78
|
|
|
69
|
|
|
Interest income
|
|
(3)
|
|
|
(2)
|
|
|
(Gain) loss on disposal or
impairment of assets
|
|
3
|
|
|
(1)
|
|
|
Amortization of leasehold
interests in land
|
|
10
|
|
|
10
|
|
|
Depreciation and
amortization
|
|
321
|
|
|
260
|
|
|
Development
expense
|
|
3
|
|
|
2
|
|
|
Pre-opening
expense
|
|
2
|
|
|
9
|
|
|
Stock-based compensation
(1)
|
|
3
|
|
|
5
|
|
|
Corporate expense
|
|
42
|
|
|
47
|
|
|
Consolidated Adjusted
Property EBITDA
|
|
$
|
1,147
|
|
|
$
|
918
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
(14)
|
|
|
148
|
|
|
Hold-normalized casino
expense (2)
|
|
3
|
|
|
(29)
|
|
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
|
$
|
1,136
|
|
|
$
|
1,037
|
|
|
(1)
|
During the three
months ended March 31, 2017 and 2016, the company recorded
stock-based compensation expense of $10 million and $14 million,
respectively, of which $7 million and $8 million, respectively, is
included in corporate expense and $1 million, during the three
months ended March 31, 2016, is included in pre-opening and
development expense on the company's condensed consolidated
statements of operations.
|
|
(2)
|
See the
reconciliation of Adjusted Property EBITDA to Hold-Normalized
Adjusted Property EBITDA.
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
Non-GAAP Measure
Reconciliation
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
The following are
reconciliations of Adjusted Property EBITDA to Hold-Normalized
Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Hold-Normalized
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue
(1)
|
|
Expense
(2)
|
|
EBITDA
|
|
Macao
Operations
|
|
$
|
624
|
|
|
$
|
(41)
|
|
|
$
|
9
|
|
|
$
|
592
|
|
|
Marina Bay
Sands
|
|
365
|
|
|
29
|
|
|
(6)
|
|
|
388
|
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
122
|
|
|
(2)
|
|
|
—
|
|
|
120
|
|
|
Sands
Bethlehem
|
|
36
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
|
$
|
1,147
|
|
|
$
|
(14)
|
|
|
$
|
3
|
|
|
$
|
1,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Hold-Normalized
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue
(1)
|
|
Expense
(2)
|
|
EBITDA
|
|
Macao
Operations
|
|
$
|
518
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
518
|
|
|
Marina Bay
Sands
|
|
275
|
|
|
135
|
|
|
(27)
|
|
|
383
|
|
|
United
States:
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
87
|
|
|
13
|
|
|
(2)
|
|
|
98
|
|
|
Sands
Bethlehem
|
|
38
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
|
$
|
918
|
|
|
$
|
148
|
|
|
$
|
(29)
|
|
|
$
|
1,037
|
|
|
|
|
(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 3.15% for Macao Operations and 2.85% for Marina
Bay Sands. This calculation will only be applied if the current
period win percentage is outside the expected range of 3.0% to 3.3%
for Macao Operations and 2.7% to 3.0% for Marina Bay Sands. The
company revised the expected target and range for its Macao
Operations due to the Rolling win percentage experienced over the
last several years. The prior year non-GAAP measurement for our
Macao Operations has also been adjusted to reflect this change for
comparison purposes.
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 22.0% for Baccarat
and 20.0% for non-Baccarat. This calculation will only be applied
if the current period win percentages for Baccarat and non-Baccarat
are outside the expected ranges of 18.0% to 26.0% and 16.0% to
24.0%, respectively. The company revised the expected target and
range for its Las Vegas Operating Properties due to the win
percentage experienced over the last several years. The prior year
non-GAAP measurement has also been adjusted to reflect this change
for comparison purposes.
For Sands Bethlehem,
no adjustments have been 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
Reconciliation
|
|
(In millions, except
per share data)
|
|
(Unaudited)
|
|
|
The following is a
reconciliation of Net Income Attributable to Las Vegas Sands Corp.
to Adjusted Net Income and Hold-Normalized Adjusted Net
Income:
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2017
|
|
2016
(1)
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
|
480
|
|
|
$
|
320
|
|
|
|
|
|
|
|
Pre-opening
expense
|
|
2
|
|
|
9
|
|
|
Development
expense
|
|
3
|
|
|
2
|
|
|
(Gain) loss on
disposal or impairment of assets
|
|
3
|
|
|
(1)
|
|
|
Other
expense
|
|
36
|
|
|
47
|
|
|
Loss on modification
or early retirement of debt
|
|
5
|
|
|
—
|
|
|
Income tax impact on
net income adjustments (2)
|
|
—
|
|
|
—
|
|
|
Noncontrolling
interest impact on net income adjustments
|
|
(2)
|
|
|
(2)
|
|
|
Adjusted net
income
|
|
$
|
527
|
|
|
$
|
375
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (3)
|
|
(14)
|
|
|
148
|
|
|
Hold-normalized
casino expense (3)
|
|
3
|
|
|
(29)
|
|
|
Income tax impact on
hold adjustments (2)
|
|
(3)
|
|
|
(22)
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
10
|
|
|
—
|
|
|
Hold-normalized
adjusted net income
|
|
$
|
523
|
|
|
$
|
472
|
|
|
|
|
|
|
|
The following is a
reconciliation of Diluted Earnings per Share to Adjusted Earnings
per Diluted Share and Hold-Normalized Adjusted Earnings per Diluted
Share:
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2017
|
|
2016
(1)
|
|
Per diluted share of
common stock:
|
|
|
|
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
|
0.60
|
|
|
0.40
|
|
|
|
|
|
|
|
Pre-opening
expense
|
|
—
|
|
|
0.01
|
|
|
Development
expense
|
|
—
|
|
|
—
|
|
|
(Gain) loss on
disposal or impairment of assets
|
|
—
|
|
|
—
|
|
|
Other
expense
|
|
0.05
|
|
|
0.06
|
|
|
Loss on modification
or early retirement of debt
|
|
0.01
|
|
|
—
|
|
|
Income tax impact on
net income adjustments
|
|
—
|
|
|
—
|
|
|
Noncontrolling
interest impact on net income adjustments
|
|
—
|
|
|
—
|
|
|
Adjusted earnings per
diluted share
|
|
$
|
0.66
|
|
|
$
|
0.47
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
(0.01)
|
|
|
0.19
|
|
|
Hold-normalized
casino expense
|
|
—
|
|
|
(0.04)
|
|
|
Income tax impact on
hold adjustments
|
|
—
|
|
|
(0.03)
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
0.01
|
|
|
—
|
|
|
Hold-normalized
adjusted earnings per diluted share
|
|
$
|
0.66
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
795
|
|
|
795
|
|
|
|
|
(1)
|
The information for
the three months ended March 31, 2016, has been updated to conform
to the current presentation.
|
|
(2)
|
The income tax impact
for each adjustment is derived by applying the effective tax rate,
including current and deferred income tax expense, based upon the
jurisdiction and the nature of the adjustment.
|
|
(3)
|
See the
reconciliation of Adjusted Property EBITDA to Hold-Normalized
Adjusted Property EBITDA.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-first-quarter-2017-results-300446552.html
SOURCE Las Vegas Sands Corp.