LAS VEGAS, Oct. 24, 2018
/PRNewswire/ --
For the Quarter Ended September 30, 2018
(Compared to the Quarter Ended September 30,
2017)
- Consolidated Net Revenue Increased 6.7% to $3.37 Billion
- Net Income Increased 2.2% to $699
Million
- GAAP Earnings per Diluted Share Increased 1.4% to
$0.73; Adjusted Earnings per Diluted
Share Was $0.77
- Consolidated Adjusted Property EBITDA Increased 6.0% to
$1.28 Billion, While Hold-Normalized
Adjusted Property EBITDA Increased 7.5% to $1.27 Billion
- In Macao, Adjusted Property EBITDA Increased 15.8% to
$754 Million, While Hold-Normalized
Adjusted Property EBITDA Increased 17.6% to $754 Million
- At Marina Bay Sands in Singapore, Adjusted Property EBITDA Was
$419 Million
- At Our Las Vegas Operating Properties, Adjusted Property
EBITDA Was $76 Million, While
Hold-Normalized Adjusted Property EBITDA Increased 7.8% to
$97 Million
- The Company Paid Quarterly Dividends of $0.75 per Share
- The Company Repurchased $300
Million of Common Stock During the Quarter
- The Company's Board of Directors Announced an $0.08 Increase in the Company's Recurring Common
Stock Dividend for the 2019 Calendar Year, its Seventh Consecutive
Annual Increase, Raising the Annual Dividend to $3.08 ($0.77 per
Share per Quarter)
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 September 30, 2018.
Third Quarter Overview
Mr. Sheldon G. Adelson, chairman
and chief executive officer, said, "We are pleased to have
delivered strong financial results in the quarter, led by continued
growth in every market segment in Macao. Our Integrated Resort property
portfolio in Macao delivered
adjusted property EBITDA of $754
million, an increase of 15.8% compared to the third quarter
of 2017. At Marina Bay Sands in Singapore, our hotel, retail, convention and
mass gaming segments all exhibited strength, contributing to
$419 million of adjusted property
EBITDA for the quarter.
"We also continued to invest in growth initiatives in each of
our markets. We remain supremely confident in the future
opportunity in Macao, and have
therefore elected to meaningfully increase the scale of our
investments in the Four Seasons Tower Suites Macao, St. Regis Tower
Suites Macao and The Londoner Macao, which will now total
$2.2 billion in investment through
2021. We believe our market-leading interconnected Integrated
Resort portfolio in Macao,
including the additional destination retail, luxurious hotel suite
offerings and world class entertainment attractions of the Four
Seasons Tower Suites Macao, St. Regis Tower Suites Macao and The
Londoner Macao, will provide an ideal platform for growth in
Macao in the years ahead.
"In addition, we announced an increase in our annual dividend
for the 2019 calendar year to $3.08,
or $0.77 per share per quarter, and
increased our return of capital through share repurchases of
$300 million during the quarter."
The company paid a recurring quarterly dividend of $0.75 per common share during the quarter. The
company announced its next quarterly dividend of $0.75 per common share will be paid on
December 27, 2018, to Las Vegas Sands
shareholders of record on December 18,
2018.
Company-Wide Operating Results
Net revenue for the third quarter of 2018 increased 6.7% to
$3.37 billion, compared to
$3.16 billion in the third quarter of
2017. Net income increased 2.2% to $699
million in the third quarter of 2018, compared to
$684 million in the year-ago
quarter.
Effective January 1, 2018, the Company adopted the new
revenue recognition standard on a full retrospective basis. The
adoption of this standard did not have a material impact on the
Company's financial condition or net income. All 2017 financial
results have been revised to conform to the current
presentation.
On a GAAP (accounting principles generally accepted in
the United States of America)
basis, operating income in the third quarter of 2018 increased 7.8%
to $922 million, compared to
$855 million in the third quarter of
2017. The increase in operating income was primarily due to
stronger operating performance in our Macao business due to a 13% increase in
revenues, offset by softer Rolling Chip volume in Singapore. Consolidated adjusted property
EBITDA (a non-GAAP measure) of $1.28
billion increased 6.0% in the third quarter of 2018,
compared to the year-ago quarter. On a hold-normalized basis,
consolidated adjusted property EBITDA increased 7.5% to
$1.27 billion in the third quarter of
2018.
On a GAAP basis, net income attributable to Las Vegas Sands in
the third quarter of 2018 increased to $571
million, compared to $569
million in the third quarter of 2017, while diluted earnings
per share in the third quarter of 2018 of $0.73 represented an increase of 1.4% compared to
the prior-year quarter. The favorable operating factors described
above were partially offset by the loss recognized upon the early
retirement of debt in connection with the unsecured notes issued by
Sands China Ltd. (SCL) and an increase in the net income
attributable to noncontrolling interests.
Adjusted net income attributable to Las Vegas Sands (a non-GAAP
measure) was $604 million, or
$0.77 per diluted share, compared to
$606 million, or $0.77 per diluted share, in the third quarter of
2017. Hold-normalized adjusted earnings per diluted share increased
2.7% to $0.75.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 13% to
$2.15 billion in the third quarter of
2018, compared to $1.90 billion in
the third quarter of 2017. Net income for SCL increased 13% to
$454 million in the third quarter of
2018, compared to $403 million in the
third quarter of 2017.
Other Factors Affecting Earnings
Depreciation and amortization expense was $284 million in the third quarter of 2018,
compared to $265 million in the third
quarter of 2017.
Interest expense, net of amounts capitalized, was $126 million for the third quarter of 2018,
compared to $83 million in the
prior-year quarter. Our weighted average borrowing cost in the
third quarter of 2018 was approximately 4.2%, compared to 3.2%
during the third quarter of 2017. We incurred a loss on early
retirement of debt of $52 million
during the third quarter of 2018. This loss and the increases in
interest expense and net weighted average borrowing cost relate to
the issuance of unsecured notes by SCL, as further described
below.
Other income, which was comprised primarily of foreign currency
gains, was $16 million for the third
quarter of 2018, compared to other expense of $19 million in the third quarter of 2017.
Our effective income tax rate for the third quarter of 2018 was
10.6% compared to 9.6% in the prior-year quarter. The tax rate for
the third quarter of 2018 is primarily driven by a provision for
the earnings from Marina Bay Sands at the 17% Singapore income tax rate and a provision for
our domestic earnings at the 21% corporate income tax rate based on
the Tax Cuts and Jobs Act (the "Act"). The Act creates complexity
that will likely require implementation guidance from the Internal
Revenue Service and could impact our tax return filing positions,
which may impact the estimates and assumptions utilized in our
initial analysis.
The net income attributable to noncontrolling interests during
the third quarter of 2018 increased to $128
million and was principally related to SCL.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2018 were $4.77 billion.
As of September 30, 2018, total
debt outstanding, including the current portion and net of deferred
financing costs and original issue discount, was $11.98 billion.
On August 9, 2018, SCL issued, in
a private offering, three series of senior unsecured notes in an
aggregate principal amount of $5.50
billion, consisting of $1.80
billion of 4.600% Senior Notes due August 8, 2023,
$1.80 billion of 5.125% Senior Notes
due August 8, 2025 and $1.90
billion of 5.400% Senior Notes due August 8, 2028. A
portion of the net proceeds from the offering was used to repay in
full the outstanding borrowings under the 2016 VML Credit
Facility.
Capital Expenditures
Capital expenditures during the third quarter totaled
$207 million, including construction,
development and maintenance activities of $131 million in Macao, $26
million in Las Vegas,
$44 million at Marina Bay Sands and
$6 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's
results on Wednesday, October 24, 2018 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 and interest rates, government regulation,
tax law changes and the impact of U.S. tax reform, legalization of
gaming, natural or man-made disasters, terrorist acts or war,
outbreaks of infectious diseases, 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 The Company
Las Vegas Sands Corp. (NYSE: LVS) is the world's pre-eminent
developer and operator of world-class Integrated Resorts that
feature luxury hotels; best-in-class gaming; retail; dining and
entertainment; Meetings, Incentives, Convention and Exhibition
(MICE) facilities; and many other leisure and business amenities.
We pioneered the MICE-driven Integrated Resort model, a unique,
industry-leading and extremely successful concept that serves both
the leisure and business tourism markets.
Our properties include The Venetian and The Palazzo resorts and
Sands Expo in Las Vegas, Sands
Bethlehem in Eastern Pennsylvania, and the iconic Marina
Bay Sands in Singapore. Through
majority ownership in Sands China Ltd., 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
50,000 team members worldwide, driving impact through its Sands
Cares corporate giving 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.
Third Quarter 2018
Results
Non-GAAP Measures
Within the company's third quarter 2018 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 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 investors have the same financial data
management uses in evaluating financial performance with the belief
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 and
an adjustment for a nonrecurring non-cash benefit due to U.S. tax
reform enacted in 2017. 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, 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, debt principal payments and income tax 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 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.
Exhibit 1
|
Las Vegas Sands Corp.
and Subsidiaries
|
Condensed
Consolidated Statements of Operations
|
(In millions, except
per share data)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
2,413
|
|
|
$
|
2,270
|
|
|
$
|
7,358
|
|
|
$
|
6,670
|
|
Rooms
|
|
435
|
|
|
405
|
|
|
1,298
|
|
|
1,170
|
|
Food and
beverage
|
|
195
|
|
|
192
|
|
|
642
|
|
|
599
|
|
Mall
|
|
170
|
|
|
160
|
|
|
490
|
|
|
476
|
|
Convention,
retail and other
|
|
159
|
|
|
134
|
|
|
466
|
|
|
422
|
|
Net
revenues
|
|
3,372
|
|
|
3,161
|
|
|
10,254
|
|
|
9,337
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
2,093
|
|
|
1,956
|
|
|
6,257
|
|
|
5,783
|
|
Corporate
|
|
55
|
|
|
51
|
|
|
144
|
|
|
135
|
|
Pre-opening
|
|
2
|
|
|
1
|
|
|
5
|
|
|
7
|
|
Development
|
|
4
|
|
|
3
|
|
|
9
|
|
|
8
|
|
Depreciation
and amortization
|
|
284
|
|
|
265
|
|
|
822
|
|
|
913
|
|
Amortization
of leasehold interests in land
|
|
8
|
|
|
9
|
|
|
26
|
|
|
28
|
|
Loss on
disposal or impairment of assets
|
|
4
|
|
|
21
|
|
|
114
|
|
|
27
|
|
|
|
2,450
|
|
|
2,306
|
|
|
7,377
|
|
|
6,901
|
|
Operating
income
|
|
922
|
|
|
855
|
|
|
2,877
|
|
|
2,436
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
22
|
|
|
4
|
|
|
36
|
|
|
11
|
|
Interest
expense, net of amounts capitalized
|
|
(126)
|
|
|
(83)
|
|
|
(308)
|
|
|
(240)
|
|
Other income
(expense)
|
|
16
|
|
|
(19)
|
|
|
34
|
|
|
(80)
|
|
Loss on
modification or early retirement of debt
|
|
(52)
|
|
|
—
|
|
|
(55)
|
|
|
(5)
|
|
Income before income
taxes
|
|
782
|
|
|
757
|
|
|
2,584
|
|
|
2,122
|
|
Income tax (expense)
benefit
|
|
(83)
|
|
|
(73)
|
|
|
407
|
|
|
(220)
|
|
Net income
|
|
699
|
|
|
684
|
|
|
2,991
|
|
|
1,902
|
|
Net income
attributable to noncontrolling interests
|
|
(128)
|
|
|
(115)
|
|
|
(408)
|
|
|
(306)
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
|
571
|
|
|
$
|
569
|
|
|
$
|
2,583
|
|
|
$
|
1,596
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.73
|
|
|
$
|
0.72
|
|
|
$
|
3.28
|
|
|
$
|
2.02
|
|
Diluted
|
|
$
|
0.73
|
|
|
$
|
0.72
|
|
|
$
|
3.27
|
|
|
$
|
2.01
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
786
|
|
|
791
|
|
|
788
|
|
|
792
|
|
Diluted
|
|
787
|
|
|
792
|
|
|
789
|
|
|
793
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$
|
0.75
|
|
|
$
|
0.73
|
|
|
$
|
2.25
|
|
|
$
|
2.19
|
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
Exhibit 2
|
Las Vegas Sands Corp.
and Subsidiaries
|
Net Revenues and
Adjusted Property EBITDA
|
(In
millions)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net
Revenues
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
|
$
|
857
|
|
|
$
|
702
|
|
|
$
|
2,555
|
|
|
$
|
2,102
|
|
Sands Cotai
Central
|
|
537
|
|
|
467
|
|
|
1,595
|
|
|
1,365
|
|
The Parisian
Macao
|
|
389
|
|
|
411
|
|
|
1,119
|
|
|
1,074
|
|
The Plaza Macao and
Four Seasons Hotel Macao
|
|
167
|
|
|
140
|
|
|
544
|
|
|
413
|
|
Sands
Macao
|
|
160
|
|
|
142
|
|
|
494
|
|
|
476
|
|
Ferry Operations and
Other
|
|
42
|
|
|
40
|
|
|
123
|
|
|
119
|
|
Macao
Operations
|
|
2,152
|
|
|
1,902
|
|
|
6,430
|
|
|
5,549
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
766
|
|
|
789
|
|
|
2,343
|
|
|
2,313
|
|
Las Vegas Operating
Properties
|
|
379
|
|
|
387
|
|
|
1,258
|
|
|
1,224
|
|
Sands
Bethlehem
|
|
138
|
|
|
144
|
|
|
408
|
|
|
426
|
|
Intersegment
Eliminations
|
|
(63)
|
|
|
(61)
|
|
|
(185)
|
|
|
(175)
|
|
|
|
$
|
3,372
|
|
|
$
|
3,161
|
|
|
$
|
10,254
|
|
|
$
|
9,337
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
|
$
|
344
|
|
|
$
|
264
|
|
|
$
|
1,023
|
|
|
$
|
809
|
|
Sands Cotai
Central
|
|
188
|
|
|
154
|
|
|
565
|
|
|
431
|
|
The Parisian
Macao
|
|
122
|
|
|
136
|
|
|
352
|
|
|
324
|
|
The Plaza Macao and
Four Seasons Hotel Macao
|
|
53
|
|
|
51
|
|
|
198
|
|
|
162
|
|
Sands
Macao
|
|
41
|
|
|
41
|
|
|
140
|
|
|
134
|
|
Ferry Operations and
Other
|
|
6
|
|
|
5
|
|
|
15
|
|
|
17
|
|
Macao
Operations
|
|
754
|
|
|
651
|
|
|
2,293
|
|
|
1,877
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
419
|
|
|
442
|
|
|
1,328
|
|
|
1,298
|
|
Las Vegas Operating
Properties
|
|
76
|
|
|
76
|
|
|
294
|
|
|
277
|
|
Sands
Bethlehem
|
|
33
|
|
|
40
|
|
|
92
|
|
|
113
|
|
|
|
$
|
1,282
|
|
|
$
|
1,209
|
|
|
$
|
4,007
|
|
|
$
|
3,565
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
|
40.1
|
%
|
|
37.6
|
%
|
|
40.0
|
%
|
|
38.5
|
%
|
Sands Cotai
Central
|
|
35.0
|
%
|
|
33.0
|
%
|
|
35.4
|
%
|
|
31.6
|
%
|
The Parisian
Macao
|
|
31.4
|
%
|
|
33.1
|
%
|
|
31.5
|
%
|
|
30.2
|
%
|
The Plaza Macao and
Four Seasons Hotel Macao
|
|
31.7
|
%
|
|
36.4
|
%
|
|
36.4
|
%
|
|
39.2
|
%
|
Sands
Macao
|
|
25.6
|
%
|
|
28.9
|
%
|
|
28.3
|
%
|
|
28.2
|
%
|
Ferry Operations and
Other
|
|
14.3
|
%
|
|
12.5
|
%
|
|
12.2
|
%
|
|
14.3
|
%
|
Macao
Operations
|
|
35.0
|
%
|
|
34.2
|
%
|
|
35.7
|
%
|
|
33.8
|
%
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
54.7
|
%
|
|
56.0
|
%
|
|
56.7
|
%
|
|
56.1
|
%
|
Las Vegas Operating
Properties
|
|
20.1
|
%
|
|
19.6
|
%
|
|
23.4
|
%
|
|
22.6
|
%
|
Sands
Bethlehem
|
|
23.9
|
%
|
|
27.8
|
%
|
|
22.5
|
%
|
|
26.5
|
%
|
|
|
|
|
|
|
|
|
|
Total
|
|
38.0
|
%
|
|
38.2
|
%
|
|
39.1
|
%
|
|
38.2
|
%
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
Exhibit 3
|
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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income
|
|
$
|
699
|
|
|
$
|
684
|
|
|
$
|
2,991
|
|
|
$
|
1,902
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
83
|
|
|
73
|
|
|
(407)
|
|
|
220
|
|
Loss on modification
or early retirement of debt
|
|
52
|
|
|
—
|
|
|
55
|
|
|
5
|
|
Other (income)
expense
|
|
(16)
|
|
|
19
|
|
|
(34)
|
|
|
80
|
|
Interest expense, net
of amounts capitalized
|
|
126
|
|
|
83
|
|
|
308
|
|
|
240
|
|
Interest
income
|
|
(22)
|
|
|
(4)
|
|
|
(36)
|
|
|
(11)
|
|
Loss on disposal or
impairment of assets
|
|
4
|
|
|
21
|
|
|
114
|
|
|
27
|
|
Amortization of
leasehold interests in land
|
|
8
|
|
|
9
|
|
|
26
|
|
|
28
|
|
Depreciation and
amortization
|
|
284
|
|
|
265
|
|
|
822
|
|
|
913
|
|
Development
expense
|
|
4
|
|
|
3
|
|
|
9
|
|
|
8
|
|
Pre-opening
expense
|
|
2
|
|
|
1
|
|
|
5
|
|
|
7
|
|
Stock-based
compensation (1)
|
|
3
|
|
|
4
|
|
|
10
|
|
|
11
|
|
Corporate
expense
|
|
55
|
|
|
51
|
|
|
144
|
|
|
135
|
|
Consolidated Adjusted
Property EBITDA
|
|
$
|
1,282
|
|
|
$
|
1,209
|
|
|
$
|
4,007
|
|
|
$
|
3,565
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (2)
|
|
(16)
|
|
|
(13)
|
|
|
|
|
|
Hold-normalized
casino expense (2)
|
|
4
|
|
|
(15)
|
|
|
|
|
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
|
$
|
1,270
|
|
|
$
|
1,181
|
|
|
|
|
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
|
|
(1)
|
During the three
months ended September 30, 2018 and 2017, the company recorded
stock-based compensation expense of $7 million and $8 million,
respectively, of which $4 million in each period is included in
corporate expense on the company's condensed consolidated
statements of operations. During the nine months ended September
30, 2018 and 2017, the company recorded stock-based compensation
expense of $23 million and $26 million, respectively, of which $13
million and $15 million, respectively, is included in corporate
expense on the company's condensed consolidated statements of
operations.
|
|
|
(2)
|
See Exhibit
4.
|
Exhibit 4
|
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
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue
(1)
|
|
Expense
(2)
|
|
EBITDA
|
Macao
Operations
|
|
$
|
754
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
754
|
|
Marina Bay
Sands
|
|
419
|
|
|
(41)
|
|
|
8
|
|
|
386
|
|
United
States:
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
76
|
|
|
25
|
|
|
(4)
|
|
|
97
|
|
Sands
Bethlehem
|
|
33
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
|
$
|
1,282
|
|
|
$
|
(16)
|
|
|
$
|
4
|
|
|
$
|
1,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue
(1)
|
|
Expense
(2)
|
|
EBITDA
|
Macao
Operations
|
|
$
|
651
|
|
|
$
|
10
|
|
|
$
|
(20)
|
|
|
$
|
641
|
|
Marina Bay
Sands
|
|
442
|
|
|
(40)
|
|
|
8
|
|
|
410
|
|
United
States:
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
76
|
|
|
17
|
|
|
(3)
|
|
|
90
|
|
Sands
Bethlehem
|
|
40
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
|
$
|
1,209
|
|
|
$
|
(13)
|
|
|
$
|
(15)
|
|
|
$
|
1,181
|
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
|
|
(1)
|
For Macao Operations
and Marina Bay Sands, this represents the estimated incremental
casino revenue related to Rolling Chip 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.
|
|
|
|
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.
|
|
|
|
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 and bad debt expense)
that would have been incurred or avoided on the incremental casino
revenue calculated in (1) above.
|
Exhibit 5
|
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 LVS to Adjusted Net
Income
and Hold-Normalized
Adjusted Net Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income attributable to
LVS
|
|
$
|
571
|
|
|
$
|
569
|
|
|
$
|
2,583
|
|
|
$
|
1,596
|
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense
|
|
2
|
|
|
1
|
|
|
5
|
|
|
7
|
|
Development
expense
|
|
4
|
|
|
3
|
|
|
9
|
|
|
8
|
|
Loss on disposal or
impairment of assets
|
|
4
|
|
|
21
|
|
|
114
|
|
|
27
|
|
Other (income)
expense
|
|
(16)
|
|
|
19
|
|
|
(34)
|
|
|
80
|
|
Loss on modification
or early retirement of debt
|
|
52
|
|
|
—
|
|
|
55
|
|
|
5
|
|
Nonrecurring non-cash
income tax benefit of U.S. tax reform (1)
|
|
—
|
|
|
—
|
|
|
(670)
|
|
|
—
|
|
Income tax impact on
net income adjustments (2)
|
|
(1)
|
|
|
—
|
|
|
(7)
|
|
|
—
|
|
Noncontrolling
interest impact on net income adjustments
|
|
(12)
|
|
|
(7)
|
|
|
(42)
|
|
|
(12)
|
|
Adjusted net income
attributable to LVS
|
|
$
|
604
|
|
|
$
|
606
|
|
|
$
|
2,013
|
|
|
$
|
1,711
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (3)
|
|
(16)
|
|
|
(13)
|
|
|
|
|
|
Hold-normalized
casino expense (3)
|
|
4
|
|
|
(15)
|
|
|
|
|
|
Income tax impact on
hold adjustments (2)
|
|
1
|
|
|
1
|
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
—
|
|
|
3
|
|
|
|
|
|
Hold-normalized
adjusted net income attributable to LVS
|
|
$
|
593
|
|
|
$
|
582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Per diluted share of
common stock:
|
|
|
|
|
|
|
|
|
Net income attributable to
LVS
|
|
$
|
0.73
|
|
|
$
|
0.72
|
|
|
$
|
3.27
|
|
|
$
|
2.01
|
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
Development
expense
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
|
Loss on disposal or
impairment of assets
|
|
0.01
|
|
|
0.03
|
|
|
0.14
|
|
|
0.03
|
|
Other (income)
expense
|
|
(0.02)
|
|
|
0.02
|
|
|
(0.04)
|
|
|
0.10
|
|
Loss on modification
or early retirement of debt
|
|
0.06
|
|
|
—
|
|
|
0.07
|
|
|
0.01
|
|
Nonrecurring non-cash
income tax benefit of U.S. tax reform
|
|
—
|
|
|
—
|
|
|
(0.85)
|
|
|
—
|
|
Income tax impact on
net income adjustments
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
—
|
|
Noncontrolling
interest impact on net income adjustments
|
|
(0.02)
|
|
|
(0.01)
|
|
|
(0.05)
|
|
|
(0.01)
|
|
Adjusted earnings per
diluted share
|
|
$
|
0.77
|
|
|
$
|
0.77
|
|
|
$
|
2.55
|
|
|
$
|
2.16
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
(0.02)
|
|
|
(0.02)
|
|
|
|
|
|
Hold-normalized
casino expense
|
|
—
|
|
|
(0.02)
|
|
|
|
|
|
Income tax impact on
hold adjustments
|
|
—
|
|
|
—
|
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
—
|
|
|
—
|
|
|
|
|
|
Hold-normalized
adjusted earnings per diluted share
|
|
$
|
0.75
|
|
|
$
|
0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
787
|
|
|
792
|
|
|
789
|
|
|
793
|
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
(1)
|
Adjustment reflects
the impact of the Tax Cuts and Jobs Act enacted in the U.S. in
December 2017 (the "Act" or "tax reform") on the valuation
allowance related to certain of the company's tax attributes. This
adjustment includes estimates and assumptions based on the
company's initial analysis of the Act in applying it to the 2018
income tax provision and may be adjusted in future periods as
required. The Act creates complexity and will require
implementation guidance from the Internal Revenue Service and could
impact the company's tax return filing positions, which may impact
the estimates and assumptions utilized in the initial
analysis.
|
(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 Exhibit
4.
|
Exhibit 6
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Casino
Statistics:
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
14,975
|
|
|
$
|
12,648
|
|
|
$
|
15,205
|
|
|
$
|
12,845
|
|
Slot machine win per
unit per day (2)
|
|
$
|
200
|
|
|
$
|
239
|
|
|
$
|
233
|
|
|
$
|
243
|
|
Average number of
table games
|
|
598
|
|
|
565
|
|
|
597
|
|
|
560
|
|
Average number of
slot machines
|
|
1,634
|
|
|
1,675
|
|
|
1,729
|
|
|
1,623
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
12,077
|
|
|
$
|
10,264
|
|
|
$
|
11,990
|
|
|
$
|
10,286
|
|
Slot machine win per
unit per day (2)
|
|
$
|
252
|
|
|
$
|
314
|
|
|
$
|
286
|
|
|
$
|
307
|
|
Average number of
table games
|
|
410
|
|
|
392
|
|
|
410
|
|
|
398
|
|
Average number of
slot machines
|
|
1,726
|
|
|
1,798
|
|
|
1,809
|
|
|
1,726
|
|
|
|
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
12,634
|
|
|
$
|
12,258
|
|
|
$
|
11,785
|
|
|
$
|
10,055
|
|
Slot machine win per
unit per day (2)
|
|
$
|
336
|
|
|
$
|
205
|
|
|
$
|
264
|
|
|
$
|
225
|
|
Average number of
table games
|
|
332
|
|
|
377
|
|
|
345
|
|
|
381
|
|
Average number of
slot machines
|
|
1,334
|
|
|
1,507
|
|
|
1,354
|
|
|
1,523
|
|
|
|
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Hotel Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
16,933
|
|
|
$
|
14,627
|
|
|
$
|
17,856
|
|
|
$
|
14,066
|
|
Slot machine win per
unit per day (2)
|
|
$
|
491
|
|
|
$
|
380
|
|
|
$
|
523
|
|
|
$
|
444
|
|
Average number of
table games
|
|
115
|
|
|
103
|
|
|
115
|
|
|
101
|
|
Average number of
slot machines
|
|
177
|
|
|
221
|
|
|
194
|
|
|
183
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
8,521
|
|
|
$
|
6,853
|
|
|
$
|
8,820
|
|
|
$
|
8,206
|
|
Slot machine win per
unit per day (2)
|
|
$
|
241
|
|
|
$
|
220
|
|
|
$
|
243
|
|
|
$
|
240
|
|
Average number of
table games
|
|
207
|
|
|
192
|
|
|
204
|
|
|
200
|
|
Average number of
slot machines
|
|
899
|
|
|
1,000
|
|
|
918
|
|
|
919
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
9,184
|
|
|
$
|
10,832
|
|
|
$
|
9,951
|
|
|
$
|
10,980
|
|
Slot machine win per
unit per day (2)
|
|
$
|
802
|
|
|
$
|
666
|
|
|
$
|
800
|
|
|
$
|
658
|
|
Average number of
table games
|
|
605
|
|
|
580
|
|
|
574
|
|
|
576
|
|
Average number of
slot machines
|
|
2,171
|
|
|
2,499
|
|
|
2,281
|
|
|
2,493
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
3,489
|
|
|
$
|
3,193
|
|
|
$
|
3,352
|
|
|
$
|
3,331
|
|
Slot machine win per
unit per day (2)
|
|
$
|
351
|
|
|
$
|
324
|
|
|
$
|
351
|
|
|
$
|
299
|
|
Average number of
table games
|
|
232
|
|
|
233
|
|
|
232
|
|
|
241
|
|
Average number of
slot machines
|
|
1,833
|
|
|
1,892
|
|
|
1,753
|
|
|
1,945
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
3,066
|
|
|
$
|
3,651
|
|
|
$
|
3,138
|
|
|
$
|
3,539
|
|
Slot machine win per
unit per day (2)
|
|
$
|
259
|
|
|
$
|
270
|
|
|
$
|
266
|
|
|
$
|
271
|
|
Average number of
table games
|
|
189
|
|
|
175
|
|
|
182
|
|
|
176
|
|
Average number of
slot machines
|
|
3,273
|
|
|
3,148
|
|
|
3,242
|
|
|
3,154
|
|
|
|
(1)
|
Table games win per
unit per day is shown before discounts, commissions, deferring
revenue associated with the company's loyalty programs and
allocating casino revenues related to goods and services provided
to patrons on a complimentary basis.
|
(2)
|
Slot machine win per
unit per day is shown before deferring revenue associated with the
company's loyalty programs and allocating casino revenues related
to goods and services provided to patrons on a complimentary
basis.
|
Exhibit 7
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Venetian
Macao
|
September
30,
|
|
|
|
|
(Dollars in
millions)
|
2018
|
|
2017
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
689
|
|
|
$
|
564
|
|
|
$
|
125
|
|
|
22.2
|
%
|
Rooms
|
58
|
|
|
44
|
|
|
14
|
|
|
31.8
|
%
|
Food and
Beverage
|
21
|
|
|
19
|
|
|
2
|
|
|
10.5
|
%
|
Mall
|
60
|
|
|
55
|
|
|
5
|
|
|
9.1
|
%
|
Convention, Retail
and Other
|
29
|
|
|
20
|
|
|
9
|
|
|
45.0
|
%
|
Net
Revenues
|
$
|
857
|
|
|
$
|
702
|
|
|
$
|
155
|
|
|
22.1
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
344
|
|
|
$
|
264
|
|
|
$
|
80
|
|
|
30.3
|
%
|
EBITDA Margin
%
|
40.1
|
%
|
|
37.6
|
%
|
|
|
|
2.5
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
7,425
|
|
|
$
|
6,898
|
|
|
$
|
527
|
|
|
7.6
|
%
|
Rolling Chip Win
%(1)
|
3.75
|
%
|
|
3.28
|
%
|
|
|
|
0.47
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
2,175
|
|
|
$
|
1,892
|
|
|
$
|
283
|
|
|
15.0
|
%
|
Non-Rolling Chip Win
%
|
25.1
|
%
|
|
22.8
|
%
|
|
|
|
2.3
|
pts
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
807
|
|
|
$
|
718
|
|
|
$
|
89
|
|
|
12.4
|
%
|
Slot Hold
%
|
3.7
|
%
|
|
5.1
|
%
|
|
|
|
(1.4)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
95.7
|
%
|
|
90.7
|
%
|
|
|
|
5.0
|
pts
|
Average Daily Rate
(ADR)
|
$
|
229
|
|
|
$
|
218
|
|
|
$
|
11
|
|
|
5.0
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
219
|
|
|
$
|
198
|
|
|
$
|
21
|
|
|
10.6
|
%
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.0% to 3.3% (calculated
before discounts and commissions).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Sands Cotai
Central
|
September
30,
|
|
|
|
|
(Dollars in
millions)
|
2018
|
|
2017
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
400
|
|
|
$
|
341
|
|
|
$
|
59
|
|
|
17.3
|
%
|
Rooms
|
85
|
|
|
78
|
|
|
7
|
|
|
9.0
|
%
|
Food and
Beverage
|
25
|
|
|
26
|
|
|
(1)
|
|
|
(3.8)
|
%
|
Mall
|
19
|
|
|
15
|
|
|
4
|
|
|
26.7
|
%
|
Convention, Retail
and Other
|
8
|
|
|
7
|
|
|
1
|
|
|
14.3
|
%
|
Net
Revenues
|
$
|
537
|
|
|
$
|
467
|
|
|
$
|
70
|
|
|
15.0
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
188
|
|
|
$
|
154
|
|
|
$
|
34
|
|
|
22.1
|
%
|
EBITDA Margin
%
|
35.0
|
%
|
|
33.0
|
%
|
|
|
|
2.0
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
2,564
|
|
|
$
|
2,846
|
|
|
$
|
(282)
|
|
|
(9.9)
|
%
|
Rolling Chip Win
%(1)
|
3.95
|
%
|
|
2.66
|
%
|
|
|
|
1.29
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,650
|
|
|
$
|
1,442
|
|
|
$
|
208
|
|
|
14.4
|
%
|
Non-Rolling Chip Win
%
|
21.5
|
%
|
|
20.4
|
%
|
|
|
|
1.1
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,134
|
|
|
$
|
1,182
|
|
|
$
|
(48)
|
|
|
(4.1)
|
%
|
Slot Hold
%
|
3.5
|
%
|
|
4.4
|
%
|
|
|
|
(0.9)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
96.1
|
%
|
|
93.0
|
%
|
|
|
|
3.1
|
pts
|
Average Daily Rate
(ADR)
|
$
|
159
|
|
|
$
|
147
|
|
|
$
|
12
|
|
|
8.2
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
153
|
|
|
$
|
137
|
|
|
$
|
16
|
|
|
11.7
|
%
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.0% to 3.3% (calculated
before discounts and commissions).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Parisian
Macao
|
September
30,
|
|
|
|
|
(Dollars in
millions)
|
2018
|
|
2017
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
321
|
|
|
$
|
341
|
|
|
$
|
(20)
|
|
|
(5.9)
|
%
|
Rooms
|
30
|
|
|
34
|
|
|
(4)
|
|
|
(11.8)
|
%
|
Food and
Beverage
|
17
|
|
|
15
|
|
|
2
|
|
|
13.3
|
%
|
Mall
|
13
|
|
|
16
|
|
|
(3)
|
|
|
(18.8)
|
%
|
Convention, Retail
and Other
|
8
|
|
|
5
|
|
|
3
|
|
|
60.0
|
%
|
Net
Revenues
|
$
|
389
|
|
|
$
|
411
|
|
|
$
|
(22)
|
|
|
(5.4)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
122
|
|
|
$
|
136
|
|
|
$
|
(14)
|
|
|
(10.3)
|
%
|
EBITDA Margin
%
|
31.4
|
%
|
|
33.1
|
%
|
|
|
|
(1.7)
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
5,155
|
|
|
$
|
6,948
|
|
|
$
|
(1,793)
|
|
|
(25.8)
|
%
|
Rolling Chip Win
%(1)
|
3.10
|
%
|
|
3.11
|
%
|
|
|
|
(0.01)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,046
|
|
|
$
|
1,001
|
|
|
$
|
45
|
|
|
4.5
|
%
|
Non-Rolling Chip Win
%
|
21.6
|
%
|
|
20.9
|
%
|
|
|
|
0.7
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,386
|
|
|
$
|
927
|
|
|
$
|
459
|
|
|
49.5
|
%
|
Slot Hold
%
|
3.0
|
%
|
|
3.1
|
%
|
|
|
|
(0.1)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
97.7
|
%
|
|
94.1
|
%
|
|
|
|
3.6
|
pts
|
Average Daily Rate
(ADR)
|
$
|
158
|
|
|
$
|
143
|
|
|
$
|
15
|
|
|
10.5
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
154
|
|
|
$
|
134
|
|
|
$
|
20
|
|
|
14.9
|
%
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.0% to 3.3% (calculated
before discounts and commissions).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Plaza Macao
and Four Seasons Hotel Macao
|
September
30,
|
|
|
|
|
(Dollars in
millions)
|
2018
|
|
2017
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
116
|
|
|
$
|
93
|
|
|
$
|
23
|
|
|
24.7
|
%
|
Rooms
|
10
|
|
|
8
|
|
|
2
|
|
|
25.0
|
%
|
Food and
Beverage
|
6
|
|
|
7
|
|
|
(1)
|
|
|
(14.3)
|
%
|
Mall
|
33
|
|
|
31
|
|
|
2
|
|
|
6.5
|
%
|
Convention, Retail
and Other
|
2
|
|
|
1
|
|
|
1
|
|
|
100.0
|
%
|
Net
Revenues
|
$
|
167
|
|
|
$
|
140
|
|
|
$
|
27
|
|
|
19.3
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
53
|
|
|
$
|
51
|
|
|
$
|
2
|
|
|
3.9
|
%
|
EBITDA Margin
%
|
31.7
|
%
|
|
36.4
|
%
|
|
|
|
(4.7)
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
4,031
|
|
|
$
|
3,132
|
|
|
$
|
899
|
|
|
28.7
|
%
|
Rolling Chip Win
%(1)
|
2.44
|
%
|
|
2.23
|
%
|
|
|
|
0.21
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
286
|
|
|
$
|
297
|
|
|
$
|
(11)
|
|
|
(3.7)
|
%
|
Non-Rolling Chip Win
%
|
28.4
|
%
|
|
23.1
|
%
|
|
|
|
5.3
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
141
|
|
|
$
|
117
|
|
|
$
|
24
|
|
|
20.5
|
%
|
Slot Hold
%
|
5.7
|
%
|
|
6.6
|
%
|
|
|
|
(0.9)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
89.0
|
%
|
|
80.8
|
%
|
|
|
|
8.2
|
pts
|
Average Daily Rate
(ADR)
|
$
|
315
|
|
|
$
|
333
|
|
|
$
|
(18)
|
|
|
(5.4)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
280
|
|
|
$
|
269
|
|
|
$
|
11
|
|
|
4.1
|
%
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.0% to 3.3% (calculated
before discounts and commissions).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Sands
Macao
|
September
30,
|
|
|
|
|
(Dollars in
millions)
|
2018
|
|
2017
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
146
|
|
|
$
|
130
|
|
|
$
|
16
|
|
|
12.3
|
%
|
Rooms
|
4
|
|
|
5
|
|
|
(1)
|
|
|
(20.0)
|
%
|
Food and
Beverage
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
%
|
Mall
|
1
|
|
|
—
|
|
|
1
|
|
|
N.M.
|
Convention, Retail
and Other
|
3
|
|
|
1
|
|
|
2
|
|
|
200.0
|
%
|
Net
Revenues
|
$
|
160
|
|
|
$
|
142
|
|
|
$
|
18
|
|
|
12.7
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
41
|
|
|
$
|
41
|
|
|
$
|
—
|
|
|
—
|
%
|
EBITDA Margin
%
|
25.6
|
%
|
|
28.9
|
%
|
|
|
|
(3.3)
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,799
|
|
|
$
|
680
|
|
|
$
|
1,119
|
|
|
164.6
|
%
|
Rolling Chip Win
%(1)
|
2.72
|
%
|
|
1.13
|
%
|
|
|
|
1.59
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
619
|
|
|
$
|
603
|
|
|
$
|
16
|
|
|
2.7
|
%
|
Non-Rolling Chip Win
%
|
18.3
|
%
|
|
18.7
|
%
|
|
|
|
(0.4)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
646
|
|
|
$
|
602
|
|
|
$
|
44
|
|
|
7.3
|
%
|
Slot Hold
%
|
3.1
|
%
|
|
3.4
|
%
|
|
|
|
(0.3)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
97.5
|
%
|
|
95.7
|
%
|
|
|
|
1.8
|
pts
|
Average Daily Rate
(ADR)
|
$
|
155
|
|
|
$
|
191
|
|
|
$
|
(36)
|
|
|
(18.8)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
151
|
|
|
$
|
183
|
|
|
$
|
(32)
|
|
|
(17.5)
|
%
|
|
|
N.M.
|
Not
Meaningful
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.0% to 3.3% (calculated
before discounts and commissions).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Marina Bay
Sands
|
September
30,
|
|
|
|
|
(Dollars in
millions)
|
2018
|
|
2017
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
532
|
|
|
$
|
583
|
|
|
$
|
(51)
|
|
|
(8.7)
|
%
|
Rooms
|
106
|
|
|
94
|
|
|
12
|
|
|
12.8
|
%
|
Food and
Beverage
|
53
|
|
|
46
|
|
|
7
|
|
|
15.2
|
%
|
Mall
|
44
|
|
|
42
|
|
|
2
|
|
|
4.8
|
%
|
Convention, Retail
and Other
|
31
|
|
|
24
|
|
|
7
|
|
|
29.2
|
%
|
Net
Revenues
|
$
|
766
|
|
|
$
|
789
|
|
|
$
|
(23)
|
|
|
(2.9)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
419
|
|
|
$
|
442
|
|
|
$
|
(23)
|
|
|
(5.2)
|
%
|
EBITDA Margin
%
|
54.7
|
%
|
|
56.0
|
%
|
|
|
|
(1.3)
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
7,093
|
|
|
$
|
9,443
|
|
|
$
|
(2,350)
|
|
|
(24.9)
|
%
|
Rolling Chip Win
%(1)
|
3.43
|
%
|
|
3.29
|
%
|
|
|
|
0.14
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop(2)
|
$
|
1,358
|
|
|
$
|
1,374
|
|
|
$
|
(16)
|
|
|
(1.2)
|
%
|
Non-Rolling Chip Win
%(2)
|
19.7
|
%
|
|
19.5
|
%
|
|
|
|
0.2
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
3,624
|
|
|
$
|
3,658
|
|
|
$
|
(34)
|
|
|
(0.9)
|
%
|
Slot Hold
%
|
4.4
|
%
|
|
4.2
|
%
|
|
|
|
0.2
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
97.5
|
%
|
|
96.6
|
%
|
|
|
|
0.9
|
pts
|
Average Daily Rate
(ADR)
|
$
|
466
|
|
|
$
|
447
|
|
|
$
|
19
|
|
|
4.3
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
455
|
|
|
$
|
432
|
|
|
$
|
23
|
|
|
5.3
|
%
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 2.7% to 3.0% (calculated
before discounts and commissions).
|
(2)
|
As of Q1 2018, Non-Rolling Chip
drop at MBS includes chips purchased and exchanged at the cage.
Prior period amounts have been updated to conform
to the current period presentation.
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Las Vegas
Operating Properties
|
September
30,
|
|
|
|
|
(Dollars in
millions)
|
2018
|
|
2017
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
88
|
|
|
$
|
92
|
|
|
$
|
(4)
|
|
|
(4.3)
|
%
|
Rooms
|
138
|
|
|
138
|
|
|
—
|
|
|
—
|
%
|
Food and
Beverage
|
60
|
|
|
66
|
|
|
(6)
|
|
|
(9.1)
|
%
|
Convention, Retail
and Other
|
93
|
|
|
91
|
|
|
2
|
|
|
2.2
|
%
|
Net
Revenues
|
$
|
379
|
|
|
$
|
387
|
|
|
$
|
(8)
|
|
|
(2.1)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
76
|
|
|
$
|
76
|
|
|
$
|
—
|
|
|
—
|
%
|
EBITDA Margin
%
|
20.1
|
%
|
|
19.6
|
%
|
|
|
|
0.5
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
507
|
|
|
$
|
401
|
|
|
$
|
106
|
|
|
26.4
|
%
|
Table Games Win
%(1)
|
14.7
|
%
|
|
17.1
|
%
|
|
|
|
(2.4)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
692
|
|
|
$
|
658
|
|
|
$
|
34
|
|
|
5.2
|
%
|
Slot Hold
%
|
8.6
|
%
|
|
8.6
|
%
|
|
|
|
—
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
94.4
|
%
|
|
97.0
|
%
|
|
|
|
(2.6)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
225
|
|
|
$
|
227
|
|
|
$
|
(2)
|
|
|
(0.9)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
213
|
|
|
$
|
220
|
|
|
$
|
(7)
|
|
|
(3.2)
|
%
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
(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).
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Sands
Bethlehem
|
September
30,
|
|
|
|
|
(Dollars in
millions)
|
2018
|
|
2017
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
121
|
|
|
$
|
126
|
|
|
$
|
(5)
|
|
|
(4.0)%
|
|
Rooms
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
%
|
Food and
Beverage
|
7
|
|
|
7
|
|
|
—
|
|
|
—
|
%
|
Mall
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
%
|
Convention, Retail
and Other
|
5
|
|
|
6
|
|
|
(1)
|
|
|
(16.7)
|
%
|
Net
Revenues
|
$
|
138
|
|
|
$
|
144
|
|
|
$
|
(6)
|
|
|
(4.2)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
33
|
|
|
$
|
40
|
|
|
$
|
(7)
|
|
|
(17.5)
|
%
|
EBITDA Margin
%
|
23.9
|
%
|
|
27.8
|
%
|
|
|
|
(3.9)
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
288
|
|
|
$
|
293
|
|
|
$
|
(5)
|
|
|
(1.7)
|
%
|
Table Games Win
%
|
18.5
|
%
|
|
20.1
|
%
|
|
|
|
(1.6)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,219
|
|
|
$
|
1,210
|
|
|
$
|
9
|
|
|
0.7
|
%
|
Slot Hold
%
|
6.4
|
%
|
|
6.5
|
%
|
|
|
|
(0.1)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
94.5
|
%
|
|
96.1
|
%
|
|
|
|
(1.6)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
165
|
|
|
$
|
164
|
|
|
$
|
1
|
|
|
0.6
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
156
|
|
|
$
|
158
|
|
|
$
|
(2)
|
|
|
(1.3)
|
%
|
|
|
Note:
|
The prior period
presentation has been adjusted for the adoption of ASC 606, Revenue
from Contracts with Customers, and conformed to the current period
presentation.
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental Data -
Asian Retail Mall Operations
|
(Unaudited)
|
|
|
|
For the Three Months
Ended September 30, 2018
|
|
TTM
September 30,
2018
|
(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
|
|
$
|
59
|
|
|
$
|
53
|
|
|
89.8
|
%
|
|
786,649
|
|
|
89.7
|
%
|
|
$
|
1,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
22
|
|
|
21
|
|
|
95.5
|
%
|
|
142,562
|
|
|
100.0
|
%
|
|
5,656
|
|
Other
Stores
|
|
11
|
|
|
10
|
|
|
90.9
|
%
|
|
115,982
|
|
|
98.2
|
%
|
|
1,918
|
|
Total
|
|
33
|
|
|
31
|
|
|
93.9
|
%
|
|
258,544
|
|
|
99.2
|
%
|
|
4,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Cotai
Central(3)
|
|
19
|
|
|
16
|
|
|
84.2
|
%
|
|
509,929
|
|
|
92.3
|
%
|
|
862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian
|
|
13
|
|
|
10
|
|
|
76.9
|
%
|
|
295,896
|
|
|
90.7
|
%
|
|
657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
124
|
|
|
110
|
|
|
88.7
|
%
|
|
1,851,018
|
|
|
91.9
|
%
|
|
1,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
44
|
|
|
38
|
|
|
86.4
|
%
|
|
611,004
|
|
|
93.8
|
%
|
|
1,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
168
|
|
|
$
|
148
|
|
|
88.1
|
%
|
|
2,462,022
|
|
|
92.4
|
%
|
|
$
|
1,748
|
|
|
|
Note:
|
This table excludes
the results of our mall operations at Sands Macao and Sands
Bethlehem.
|
(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)
|
The Shoppes at Cotai
Central will feature up to an estimated 600,000 square feet of
gross leasable area at completion of all phases of Sands Cotai
Central's renovation, rebranding and expansion to The Londoner
Macao.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-third-quarter-2018-results-300736876.html
SOURCE Las Vegas Sands Corp.