LAS VEGAS, July 22, 2020
/PRNewswire/ --
For the quarter ended June 30,
2020
(Compared to the quarter ended June 30,
2019)
- Early Stages of Recovery Now Underway in each of our
Markets
- Greatest Priorities Remain the Safety and Security of
Team Members and Guests and Support for Local Communities in
Macao, Singapore and Las
Vegas
- The Company will Continue Capital Expenditure Programs
in both Macao and Singapore
- Strong Balance Sheet Positions the Company Well to Invest
in Future Growth Opportunities
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 June
30, 2020.
"I am pleased to say that the early stages of the recovery
process from the Covid-19 pandemic in each of our markets is now
underway," said Sheldon G. Adelson,
chairman and chief executive officer. "Our greatest priority during
this period of the recovery remains our deep commitment to
supporting our team members and to helping those in need in each of
our local communities of Macao,
Singapore and Las Vegas.
We remain optimistic about an eventual recovery of travel and
tourism spending across our markets, as well as our future growth
prospects. We are fortunate that our financial strength will enable
us to continue to execute our previously announced capital
expenditure programs in both Macao
and Singapore, while continuing to
pursue growth opportunities in new markets."
Net revenue was $98 million, a
decrease of 97.1% from the prior year quarter. Operating loss was
$922 million, compared to operating
income of $894 million in the prior
year quarter. Net loss in the second quarter of 2020 was
$985 million, compared to net income
of $1.11 billion in the second
quarter of 2019. Consolidated adjusted property EBITDA was
$(547) million, compared to
$1.27 billion in the prior year
quarter.
Sands China Ltd. Consolidated Financial Results
On a
GAAP basis, total net revenues for SCL decreased 98.1%, compared to
the second quarter of 2019, to $40
million. Net loss for SCL was $549
million, compared to net income of $511 million in the second quarter of 2019.
Other Factors Affecting Earnings
Interest expense, net
of amounts capitalized, was $118
million for the second quarter of 2020, compared to
$143 million in the prior-year
quarter. The decrease resulted from our weighted average borrowing
cost in the second quarter of 2020 decreasing to 3.6%, compared to
4.7% during the second quarter of 2019 due to the impact of the
interest rate swap hedges on $5.50
billion of our SCL Senior Notes.
Our income tax benefit for the second quarter of 2020 was
$54 million, compared to an income
tax expense of $236 million in the
prior year quarter. The income tax benefit for the second quarter
of 2020 was primarily driven by pre-tax losses experienced in the
second quarter of 2020 by our U.S. and Singapore operations.
Balance Sheet Items
Unrestricted cash balances as of
June 30, 2020 were $3.02 billion.
The company has access to $3.94 billion available for borrowing under
our U.S., SCL and Singapore
revolving credit facilities, net of outstanding letters of
credit.
As of June 30, 2020, total debt
outstanding, excluding finance leases, was $13.82 billion.
Capital Expenditures
Capital expenditures during the
second quarter totaled $382 million,
including construction, development and maintenance activities of
$337 million in Macao, $30
million in Las Vegas and
$15 million at Marina Bay Sands.
Conference Call Information
The company will host a
conference call to discuss the company's results on Wednesday,
July 22, 2020 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.
About Las Vegas Sands Corp. (NYSE: LVS)
Las Vegas
Sands is the world's pre-eminent developer and operator of
world-class Integrated Resorts. We deliver unrivaled economic
benefits to the communities in which we operate.
Sands created the meetings, incentives, convention and
exhibition (MICE)-based Integrated Resort. Our industry-leading
Integrated Resorts provide substantial contributions to our host
communities including growth in leisure and business tourism,
sustained job creation and ongoing financial opportunities for
local small and medium-sized businesses.
Our properties include The Venetian Resort and Sands Expo in
Las Vegas and the iconic Marina
Bay Sands in Singapore. Through
majority ownership in Sands China Ltd., we have developed the
largest 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.
Sands is dedicated to being a good corporate citizen, anchored
by the core tenets of serving people, planet and communities. We
deliver a great working environment for our team members worldwide,
drive social impact through the Sands Cares charitable giving and
community engagement program and lead in environmental performance
through the award-winning Sands ECO360 global sustainability
program. To learn more, please visit www.sands.com.
Forward-Looking Statements
This press release contains
forward-looking statements 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, the
uncertainty of the extent, duration and effects of the COVID-19
pandemic and the response of governments, including
government-mandated property closures or travel restrictions, and
other third parties on our business, results of operations, cash
flows, liquidity and development prospects, general economic
conditions, disruptions or reductions in travel, as well as in our
operations, due to natural or man-made disasters, pandemics,
epidemics, or outbreaks of infectious or contagious diseases, our
ability to invest in future growth opportunities, execute our
previously announced capital expenditure programs in both
Macao and Singapore, and produce future returns, new
development, construction and ventures, government regulation,
risks relating to our gaming licenses and subconcession, our
subsidiaries' ability to make distribution payments to us,
substantial leverage and debt service, fluctuations in currency
exchange rates and interest rates, gaming promoters, competition,
tax law changes, transportation infrastructure in Macao, political instability, civil unrest,
terrorist acts or war, legalization of gaming, insurance, 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.
Contacts:
Investment Community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607
Las Vegas Sands Corp.
Second Quarter 2020
Results
Non-GAAP Measures
Within the company's second quarter 2020 press release, the
company makes reference to certain non-GAAP financial measures that
supplement the company's consolidated financial information
prepared in accordance with GAAP including "adjusted net
income/loss," "adjusted earnings/loss 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/loss," and "hold-normalized adjusted
earnings/loss per diluted share." The company believes these
measures represent important internal measures of financial
performance. Set forth in the financial schedules accompanying this
release and presentations included on the company's website 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/loss, which is a non-GAAP financial measure,
excludes certain nonrecurring corporate expenses, pre-opening
expense, development expense, gain or loss on disposal or
impairment 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/loss and adjusted
earnings/loss 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/loss 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 or impairment
of assets, interest, other income or expense, gain on sale of Sands
Bethlehem, 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/loss 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 3.30% to the Rolling Chip
volume for the quarter if the actual win percentage is outside the
expected range of 3.15% to 3.45% for our Macao and Singapore properties 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 were 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, 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/loss and hold-normalized
adjusted earnings/loss per diluted share are additional
supplemental non-GAAP financial measures that, in addition to the
aforementioned reasons for the presentation of adjusted net
income/loss and adjusted earnings/loss 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
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
10
|
|
|
$
|
2,361
|
|
|
$
|
1,187
|
|
|
$
|
5,022
|
|
Rooms
|
|
14
|
|
|
429
|
|
|
282
|
|
|
879
|
|
Food and
beverage
|
|
12
|
|
|
224
|
|
|
151
|
|
|
456
|
|
Mall
|
|
42
|
|
|
166
|
|
|
145
|
|
|
326
|
|
Convention,
retail and other
|
|
20
|
|
|
154
|
|
|
115
|
|
|
297
|
|
Net
revenues
|
|
98
|
|
|
3,334
|
|
|
1,880
|
|
|
6,980
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
651
|
|
|
2,072
|
|
|
1,999
|
|
|
4,269
|
|
Corporate
|
|
53
|
|
|
51
|
|
|
112
|
|
|
203
|
|
Pre-opening
|
|
4
|
|
|
10
|
|
|
9
|
|
|
14
|
|
Development
|
|
9
|
|
|
4
|
|
|
15
|
|
|
9
|
|
Depreciation
and amortization
|
|
285
|
|
|
289
|
|
|
575
|
|
|
590
|
|
Amortization
of leasehold interests in land
|
|
13
|
|
|
14
|
|
|
27
|
|
|
23
|
|
Loss on
disposal or impairment of assets
|
|
5
|
|
|
—
|
|
|
10
|
|
|
7
|
|
|
|
1,020
|
|
|
2,440
|
|
|
2,747
|
|
|
5,115
|
|
Operating income
(loss)
|
|
(922)
|
|
|
894
|
|
|
(867)
|
|
|
1,865
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
4
|
|
|
17
|
|
|
17
|
|
|
37
|
|
Interest
expense, net of amounts capitalized
|
|
(118)
|
|
|
(143)
|
|
|
(249)
|
|
|
(284)
|
|
Other income
(expense)
|
|
(3)
|
|
|
20
|
|
|
34
|
|
|
(1)
|
|
Gain on sale
of Sands Bethlehem
|
|
—
|
|
|
556
|
|
|
—
|
|
|
556
|
|
Income (loss) before
income taxes
|
|
(1,039)
|
|
|
1,344
|
|
|
(1,065)
|
|
|
2,173
|
|
Income tax (expense)
benefit
|
|
54
|
|
|
(236)
|
|
|
29
|
|
|
(321)
|
|
Net income
(loss)
|
|
(985)
|
|
|
1,108
|
|
|
(1,036)
|
|
|
1,852
|
|
Net (income) loss
attributable to noncontrolling interests
|
|
165
|
|
|
(154)
|
|
|
215
|
|
|
(316)
|
|
Net income (loss)
attributable to Las Vegas Sands Corp.
|
|
$
|
(820)
|
|
|
$
|
954
|
|
|
$
|
(821)
|
|
|
$
|
1,536
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(1.07)
|
|
|
$
|
1.24
|
|
|
$
|
(1.07)
|
|
|
$
|
1.99
|
|
Diluted
|
|
$
|
(1.07)
|
|
|
$
|
1.24
|
|
|
$
|
(1.07)
|
|
|
$
|
1.98
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
764
|
|
|
772
|
|
|
764
|
|
|
773
|
|
Diluted
|
|
764
|
|
|
772
|
|
|
764
|
|
|
774
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$
|
—
|
|
|
$
|
0.77
|
|
|
$
|
0.79
|
|
|
$
|
1.54
|
|
Exhibit 2
|
Las Vegas Sands Corp.
and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net
Revenues
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
$
|
28
|
|
|
$
|
854
|
|
|
$
|
343
|
|
|
$
|
1,751
|
|
Sands Cotai
Central
|
10
|
|
|
483
|
|
|
180
|
|
|
1,060
|
|
The Parisian
Macao
|
(23)
|
|
|
414
|
|
|
118
|
|
|
868
|
|
The Plaza Macao and
Four Seasons Hotel Macao
|
19
|
|
|
211
|
|
|
126
|
|
|
435
|
|
Sands
Macao
|
7
|
|
|
155
|
|
|
76
|
|
|
307
|
|
Ferry Operations and
Other
|
6
|
|
|
30
|
|
|
18
|
|
|
60
|
|
Macao
Operations
|
47
|
|
|
2,147
|
|
|
861
|
|
|
4,481
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
23
|
|
|
688
|
|
|
635
|
|
|
1,455
|
|
Las Vegas Operating
Properties
|
36
|
|
|
466
|
|
|
436
|
|
|
937
|
|
Sands
Bethlehem(1)
|
—
|
|
|
90
|
|
|
—
|
|
|
227
|
|
Intersegment
Eliminations
|
(8)
|
|
|
(57)
|
|
|
(52)
|
|
|
(120)
|
|
|
|
$
|
98
|
|
|
$
|
3,334
|
|
|
$
|
1,880
|
|
|
$
|
6,980
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
$
|
(97)
|
|
|
$
|
336
|
|
|
$
|
(48)
|
|
|
$
|
697
|
|
Sands Cotai
Central
|
(79)
|
|
|
165
|
|
|
(79)
|
|
|
377
|
|
The Parisian
Macao
|
(81)
|
|
|
139
|
|
|
(84)
|
|
|
302
|
|
The Plaza Macao and
Four Seasons Hotel Macao
|
(18)
|
|
|
83
|
|
|
10
|
|
|
168
|
|
Sands
Macao
|
(31)
|
|
|
43
|
|
|
(32)
|
|
|
83
|
|
Ferry Operations and
Other
|
(6)
|
|
|
(1)
|
|
|
(12)
|
|
|
(4)
|
|
Macao
Operations
|
(312)
|
|
|
765
|
|
|
(245)
|
|
|
1,623
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
(113)
|
|
|
346
|
|
|
169
|
|
|
769
|
|
Las Vegas Operating
Properties
|
(122)
|
|
|
136
|
|
|
(34)
|
|
|
274
|
|
Sands
Bethlehem(1)
|
—
|
|
|
19
|
|
|
—
|
|
|
52
|
|
|
$
|
(547)
|
|
|
$
|
1,266
|
|
|
$
|
(110)
|
|
|
$
|
2,718
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
The Venetian
Macao
|
N.M.
|
|
|
39.3
|
%
|
|
N.M.
|
|
|
39.8
|
%
|
Sands Cotai
Central
|
N.M.
|
|
|
34.2
|
%
|
|
N.M.
|
|
|
35.6
|
%
|
The Parisian
Macao
|
N.M.
|
|
|
33.6
|
%
|
|
N.M.
|
|
|
34.8
|
%
|
The Plaza Macao and
Four Seasons Hotel Macao
|
N.M.
|
|
|
39.3
|
%
|
|
N.M.
|
|
|
38.6
|
%
|
Sands
Macao
|
N.M.
|
|
|
27.7
|
%
|
|
N.M.
|
|
|
27.0
|
%
|
Ferry Operations and
Other
|
N.M.
|
|
|
(3.3)
|
%
|
|
N.M.
|
|
|
(6.7)
|
%
|
Macao
Operations
|
N.M.
|
|
|
35.6
|
%
|
|
N.M.
|
|
|
36.2
|
%
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
N.M.
|
|
|
50.3
|
%
|
|
N.M.
|
|
|
52.9
|
%
|
Las Vegas Operating
Properties
|
N.M.
|
|
|
29.2
|
%
|
|
N.M.
|
|
|
29.2
|
%
|
Sands
Bethlehem(1)
|
—
|
|
|
21.1
|
%
|
|
—
|
|
|
22.9
|
%
|
|
|
|
|
|
|
|
|
|
Total
|
N.M.
|
|
|
38.0
|
%
|
|
N.M.
|
|
|
38.9
|
%
|
____________________
N.M.
|
Not
Meaningful
|
(1)
|
The company completed
the sale of Sands Bethlehem on May 31, 2019.
|
Exhibit 3
|
Las Vegas Sands Corp.
and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
|
|
The following is a
reconciliation of Net Income (Loss) to Consolidated Adjusted
Property
EBITDA and Hold-Normalized Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income
(loss)
|
$
|
(985)
|
|
|
$
|
1,108
|
|
|
$
|
(1,036)
|
|
|
$
|
1,852
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
(54)
|
|
|
236
|
|
|
(29)
|
|
|
321
|
|
Gain on sale of Sands
Bethlehem
|
—
|
|
|
(556)
|
|
|
—
|
|
|
(556)
|
|
Other (income)
expense
|
3
|
|
|
(20)
|
|
|
(34)
|
|
|
1
|
|
Interest expense, net
of amounts capitalized
|
118
|
|
|
143
|
|
|
249
|
|
|
284
|
|
Interest
income
|
(4)
|
|
|
(17)
|
|
|
(17)
|
|
|
(37)
|
|
Loss on disposal or
impairment of assets
|
5
|
|
|
—
|
|
|
10
|
|
|
7
|
|
Amortization of
leasehold interests in land
|
13
|
|
|
14
|
|
|
27
|
|
|
23
|
|
Depreciation and
amortization
|
285
|
|
|
289
|
|
|
575
|
|
|
590
|
|
Development
expense
|
9
|
|
|
4
|
|
|
15
|
|
|
9
|
|
Pre-opening
expense
|
4
|
|
|
10
|
|
|
9
|
|
|
14
|
|
Stock-based
compensation (1)
|
6
|
|
|
4
|
|
|
9
|
|
|
7
|
|
Corporate
expense
|
53
|
|
|
51
|
|
|
112
|
|
|
203
|
|
Consolidated Adjusted
Property EBITDA
|
$
|
(547)
|
|
|
$
|
1,266
|
|
|
$
|
(110)
|
|
|
$
|
2,718
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
55
|
|
|
69
|
|
|
|
|
|
Hold-normalized casino
expense (2)
|
(22)
|
|
|
(13)
|
|
|
|
|
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
$
|
(514)
|
|
|
$
|
1,322
|
|
|
|
|
|
____________________
(1)
|
During the three
months ended June 30, 2020 and 2019, the company recorded
stock-based compensation expense of $7 million and $9 million,
respectively, of which $1 million and $5 million, respectively, is
included in corporate expense on the company's condensed
consolidated statements of operations. During the six months ended
June 30, 2020 and 2019, the company recorded stock-based
compensation expense of $14 million and $18 million, respectively,
of which $5 million and $11 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
June 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue (1)
|
|
Expense (2)
|
|
EBITDA
|
Macao
Operations
|
|
$
|
(312)
|
|
|
$
|
47
|
|
|
$
|
(20)
|
|
|
$
|
(285)
|
|
Marina Bay
Sands
|
|
(113)
|
|
|
2
|
|
|
(1)
|
|
|
(112)
|
|
Las Vegas Operating
Properties
|
|
(122)
|
|
|
6
|
|
|
(1)
|
|
|
(117)
|
|
|
|
$
|
(547)
|
|
|
$
|
55
|
|
|
$
|
(22)
|
|
|
$
|
(514)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue (1)
|
|
Expense (2)
|
|
EBITDA
|
Macao
Operations
|
|
$
|
765
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
765
|
|
Marina Bay
Sands
|
|
346
|
|
|
57
|
|
|
(11)
|
|
|
392
|
|
United
States:
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
136
|
|
|
12
|
|
|
(2)
|
|
|
146
|
|
Sands
Bethlehem(3)
|
|
19
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
|
$
|
1,266
|
|
|
$
|
69
|
|
|
$
|
(13)
|
|
|
$
|
1,322
|
|
____________________
(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 3.30%. This calculation will only be applied if the current
period win percentage is outside the expected range of 3.15% to
3.45%. The prior year non-GAAP measurement for our Macao Operations
and Marina Bay Sands has also been adjusted to conform to the
current period presentation.
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.
|
(3)
|
The company completed
the sale of Sands Bethlehem on May 31, 2019.
|
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 (Loss) Attributable to LVS to Adjusted
Net Income (Loss) and
Hold-Normalized Adjusted Net Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income (loss)
attributable to LVS
|
|
$
|
(820)
|
|
|
$
|
954
|
|
|
$
|
(821)
|
|
|
$
|
1,536
|
|
|
|
|
|
|
|
|
|
|
Nonrecurring legal
settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
Pre-opening
expense
|
|
4
|
|
|
10
|
|
|
9
|
|
|
14
|
|
Development
expense
|
|
9
|
|
|
4
|
|
|
15
|
|
|
9
|
|
Loss on disposal or
impairment of assets
|
|
5
|
|
|
—
|
|
|
10
|
|
|
7
|
|
Other (income)
expense
|
|
3
|
|
|
(20)
|
|
|
(34)
|
|
|
1
|
|
Gain on sale of Sands
Bethlehem
|
|
—
|
|
|
(556)
|
|
|
—
|
|
|
(556)
|
|
Income tax impact on
net income adjustments (1)
|
|
(2)
|
|
|
159
|
|
|
(4)
|
|
|
157
|
|
Noncontrolling
interest impact on net income adjustments
|
|
—
|
|
|
4
|
|
|
3
|
|
|
(1)
|
|
Adjusted net income
(loss) attributable to LVS
|
|
$
|
(801)
|
|
|
$
|
555
|
|
|
$
|
(822)
|
|
|
$
|
1,263
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (2)
|
|
55
|
|
|
69
|
|
|
|
|
|
Hold-normalized
casino expense (2)
|
|
(22)
|
|
|
(13)
|
|
|
|
|
|
Income tax impact on
hold adjustments (1)
|
|
(1)
|
|
|
(10)
|
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
(8)
|
|
|
—
|
|
|
|
|
|
Hold-normalized
adjusted net income (loss) attributable to LVS
|
|
$
|
(777)
|
|
|
$
|
601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a
reconciliation of Diluted Earnings (Loss) per Share to Adjusted
Earnings (Loss) per Diluted
Share and Hold-Normalized Adjusted Earnings (Loss) per Diluted
Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Per diluted share of
common stock:
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to LVS
|
|
$
|
(1.07)
|
|
|
$
|
1.24
|
|
|
$
|
(1.07)
|
|
|
$
|
1.98
|
|
|
|
|
|
|
|
|
|
|
Nonrecurring legal
settlement
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.12
|
|
Pre-opening
expense
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
|
0.02
|
|
Development
expense
|
|
0.01
|
|
|
0.01
|
|
|
0.02
|
|
|
0.01
|
|
Loss on disposal or
impairment of assets
|
|
0.01
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
Other (income)
expense
|
|
—
|
|
|
(0.03)
|
|
|
(0.04)
|
|
|
—
|
|
Gain on sale of Sands
Bethlehem
|
|
—
|
|
|
(0.72)
|
|
|
—
|
|
|
(0.72)
|
|
Income tax impact on
net income adjustments
|
|
—
|
|
|
0.20
|
|
|
(0.01)
|
|
|
0.21
|
|
Noncontrolling
interest impact on net income adjustments
|
|
—
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
Adjusted earnings
(loss) per diluted share
|
|
$
|
(1.05)
|
|
|
$
|
0.72
|
|
|
$
|
(1.08)
|
|
|
$
|
1.63
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
0.07
|
|
|
0.09
|
|
|
|
|
|
Hold-normalized
casino expense
|
|
(0.03)
|
|
|
(0.02)
|
|
|
|
|
|
Income tax impact on
hold adjustments
|
|
—
|
|
|
(0.01)
|
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
(0.01)
|
|
|
—
|
|
|
|
|
|
Hold-normalized
adjusted earnings (loss) per diluted share
|
|
$
|
(1.02)
|
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
764
|
|
|
772
|
|
|
764
|
|
|
774
|
|
____________________
(1)
|
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.
|
(2)
|
See Exhibit
4.
|
Exhibit 6
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Casino
Statistics:
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
95
|
|
|
$
|
13,556
|
|
|
$
|
3,077
|
|
|
$
|
14,181
|
|
Slot machine win per
unit per day (2)
|
|
$
|
18
|
|
|
$
|
294
|
|
|
$
|
116
|
|
|
$
|
288
|
|
Average number of
table games
|
|
643
|
|
|
654
|
|
|
570
|
|
|
650
|
|
Average number of slot
machines
|
|
864
|
|
|
1,696
|
|
|
1,079
|
|
|
1,723
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
12
|
|
|
$
|
11,119
|
|
|
$
|
2,505
|
|
|
$
|
12,696
|
|
Slot machine win per
unit per day (2)
|
|
$
|
9
|
|
|
$
|
312
|
|
|
$
|
150
|
|
|
$
|
294
|
|
Average number of
table games
|
|
347
|
|
|
381
|
|
|
328
|
|
|
383
|
|
Average number of slot
machines
|
|
408
|
|
|
1,581
|
|
|
683
|
|
|
1,660
|
|
|
|
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
(850)
|
|
|
$
|
13,715
|
|
|
$
|
2,592
|
|
|
$
|
14,551
|
|
Slot machine win per
unit per day (2)
|
|
$
|
17
|
|
|
$
|
324
|
|
|
$
|
117
|
|
|
$
|
328
|
|
Average number of
table games
|
|
299
|
|
|
321
|
|
|
268
|
|
|
321
|
|
Average number of slot
machines
|
|
593
|
|
|
1,346
|
|
|
810
|
|
|
1,301
|
|
|
|
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Hotel Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
941
|
|
|
$
|
20,112
|
|
|
$
|
4,939
|
|
|
$
|
21,322
|
|
Slot machine win per
unit per day (2)
|
|
$
|
1
|
|
|
$
|
426
|
|
|
$
|
116
|
|
|
$
|
393
|
|
Average number of
table games
|
|
173
|
|
|
117
|
|
|
149
|
|
|
118
|
|
Average number of slot
machines
|
|
55
|
|
|
261
|
|
|
90
|
|
|
245
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
271
|
|
|
$
|
8,061
|
|
|
$
|
2,726
|
|
|
$
|
7,910
|
|
Slot machine win per
unit per day (2)
|
|
$
|
62
|
|
|
$
|
249
|
|
|
$
|
114
|
|
|
$
|
263
|
|
Average number of
table games
|
|
185
|
|
|
198
|
|
|
168
|
|
|
199
|
|
Average number of slot
machines
|
|
452
|
|
|
956
|
|
|
576
|
|
|
905
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
2,636
|
|
|
$
|
8,311
|
|
|
$
|
7,833
|
|
|
$
|
8,829
|
|
Slot machine win per
unit per day (2)
|
|
$
|
714
|
|
|
$
|
797
|
|
|
$
|
575
|
|
|
$
|
793
|
|
Average number of
table games
|
|
604
|
|
|
586
|
|
|
606
|
|
|
595
|
|
Average number of slot
machines
|
|
984
|
|
|
2,250
|
|
|
2,295
|
|
|
2,280
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
2,087
|
|
|
$
|
4,621
|
|
|
$
|
4,715
|
|
|
$
|
4,461
|
|
Slot machine win per
unit per day (2)
|
|
$
|
327
|
|
|
$
|
349
|
|
|
$
|
326
|
|
|
$
|
340
|
|
Average number of
table games
|
|
206
|
|
|
217
|
|
|
203
|
|
|
231
|
|
Average number of slot
machines
|
|
1,260
|
|
|
1,874
|
|
|
1,772
|
|
|
1,876
|
|
____________________
Note:
|
These casino
statistics exclude table games and slot machines shutdown due to
social distancing measures or closure of the gaming facilities as a
result of the COVID-19 pandemic. The Las Vegas Operating Properties
were closed effective March 18, 2020, due to the statewide closure
of non-essential services by the State of Nevada, and reopened on
June 4, 2020. Marina Bay Sands was closed effective April 7, 2020,
due to Singapore mandated government closures of all non-essential
services. Gaming operations at our Macao properties remained in
operation during this period.
|
(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
|
June 30,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
5
|
|
|
$
|
698
|
|
|
$
|
(693)
|
|
|
(99.3)
|
%
|
Rooms
|
1
|
|
|
53
|
|
|
(52)
|
|
|
(98.1)
|
%
|
Food and
Beverage
|
1
|
|
|
17
|
|
|
(16)
|
|
|
(94.1)
|
%
|
Mall
|
18
|
|
|
62
|
|
|
(44)
|
|
|
(71.0)
|
%
|
Convention, Retail
and Other
|
3
|
|
|
24
|
|
|
(21)
|
|
|
(87.5)
|
%
|
Net
Revenues
|
$
|
28
|
|
|
$
|
854
|
|
|
$
|
(826)
|
|
|
(96.7)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(97)
|
|
|
$
|
336
|
|
|
$
|
(433)
|
|
|
(128.9)
|
%
|
EBITDA Margin
%
|
N.M.
|
|
|
39.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
108
|
|
|
$
|
6,444
|
|
|
$
|
(6,336)
|
|
|
(98.3)
|
%
|
Rolling Chip Win
%(1)
|
1.48
|
%
|
|
3.53
|
%
|
|
|
|
(2.05)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
16
|
|
|
$
|
2,346
|
|
|
$
|
(2,330)
|
|
|
(99.3)
|
%
|
Non-Rolling Chip Win
%
|
24.8
|
%
|
|
24.7
|
%
|
|
|
|
0.1
|
pts
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
58
|
|
|
$
|
1,021
|
|
|
$
|
(963)
|
|
|
(94.3)
|
%
|
Slot Hold
%
|
2.5
|
%
|
|
4.4
|
%
|
|
|
|
(1.9)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
2.1
|
%
|
|
93.9
|
%
|
|
|
|
(91.8)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
220
|
|
|
$
|
221
|
|
|
$
|
(1)
|
|
|
(0.5)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
5
|
|
|
$
|
208
|
|
|
$
|
(203)
|
|
|
(97.6)
|
%
|
____________________
N.M.
|
Not
Meaningful
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed. Rooms being utilized to
house team members due to travel restrictions were excluded from
the calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
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).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Sands Cotai
Central
|
June 30,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
1
|
|
|
$
|
358
|
|
|
$
|
(357)
|
|
|
(99.7)
|
%
|
Rooms
|
—
|
|
|
77
|
|
|
(77)
|
|
|
(100.0)
|
%
|
Food and
Beverage
|
1
|
|
|
24
|
|
|
(23)
|
|
|
(95.8)
|
%
|
Mall
|
7
|
|
|
16
|
|
|
(9)
|
|
|
(56.3)
|
%
|
Convention, Retail
and Other
|
1
|
|
|
8
|
|
|
(7)
|
|
|
(87.5)
|
%
|
Net
Revenues
|
$
|
10
|
|
|
$
|
483
|
|
|
$
|
(473)
|
|
|
(97.9)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(79)
|
|
|
$
|
165
|
|
|
$
|
(244)
|
|
|
(147.9)
|
%
|
EBITDA Margin
%
|
N.M.
|
|
|
34.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
—
|
|
|
$
|
1,272
|
|
|
$
|
(1,272)
|
|
|
(100.0)
|
%
|
Rolling Chip Win
%(1)
|
—
|
%
|
|
2.56
|
%
|
|
|
|
(2.56)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
6
|
|
|
$
|
1,627
|
|
|
$
|
(1,621)
|
|
|
(99.6)
|
%
|
Non-Rolling Chip Win
%
|
6.9
|
%
|
|
21.7
|
%
|
|
|
|
(14.8)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
11
|
|
|
$
|
1,014
|
|
|
$
|
(1,003)
|
|
|
(98.9)
|
%
|
Slot Hold
%
|
3.3
|
%
|
|
4.4
|
%
|
|
|
|
(1.1)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
1.1
|
%
|
|
94.8
|
%
|
|
|
|
(93.7)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
144
|
|
|
$
|
155
|
|
|
$
|
(11)
|
|
|
(7.1)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
2
|
|
|
$
|
147
|
|
|
$
|
(145)
|
|
|
(98.6)
|
%
|
____________________
N.M.
|
Not
Meaningful
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed. Rooms being utilized for
government quarantine purposes and to provide lodging for team
members due to travel restrictions, as well as the hotel tower
consisting of rooms under the Conrad brand that remained closed for
a portion of the quarter, were excluded from the calculation of
hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
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).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Parisian
Macao
|
June 30,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
(30)
|
|
|
$
|
343
|
|
|
$
|
(373)
|
|
|
(108.7)
|
%
|
Rooms
|
1
|
|
|
32
|
|
|
(31)
|
|
|
(96.9)
|
%
|
Food and
Beverage
|
1
|
|
|
17
|
|
|
(16)
|
|
|
(94.1)
|
%
|
Mall
|
4
|
|
|
15
|
|
|
(11)
|
|
|
(73.3)
|
%
|
Convention, Retail
and Other
|
1
|
|
|
7
|
|
|
(6)
|
|
|
(85.7)
|
%
|
Net
Revenues
|
$
|
(23)
|
|
|
$
|
414
|
|
|
$
|
(437)
|
|
|
(105.6)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(81)
|
|
|
$
|
139
|
|
|
$
|
(220)
|
|
|
(158.3)
|
%
|
EBITDA Margin
%
|
N.M.
|
|
|
33.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
382
|
|
|
$
|
4,146
|
|
|
$
|
(3,764)
|
|
|
(90.8)
|
%
|
Rolling Chip Win
%(1)
|
(6.40)
|
%
|
|
3.39
|
%
|
|
|
|
(9.79)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
6
|
|
|
$
|
1,136
|
|
|
$
|
(1,130)
|
|
|
(99.5)
|
%
|
Non-Rolling Chip Win
%
|
20.4
|
%
|
|
22.9
|
%
|
|
|
|
(2.5)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
19
|
|
|
$
|
1,016
|
|
|
$
|
(997)
|
|
|
(98.1)
|
%
|
Slot Hold
%
|
4.7
|
%
|
|
3.9
|
%
|
|
|
|
0.8
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
3.5
|
%
|
|
95.8
|
%
|
|
|
|
(92.3)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
148
|
|
|
$
|
157
|
|
|
$
|
(9)
|
|
|
(5.7)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
5
|
|
|
$
|
150
|
|
|
$
|
(145)
|
|
|
(96.7)
|
%
|
____________________
N.M.
|
Not
Meaningful
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed. Rooms being utilized to
house team members due to travel restrictions were excluded from
the calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
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).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Plaza Macao
and Four Seasons Hotel Macao
|
June 30,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
8
|
|
|
$
|
162
|
|
|
$
|
(154)
|
|
|
(95.1)
|
%
|
Rooms
|
1
|
|
|
10
|
|
|
(9)
|
|
|
(90.0)
|
%
|
Food and
Beverage
|
1
|
|
|
7
|
|
|
(6)
|
|
|
(85.7)
|
%
|
Mall
|
9
|
|
|
31
|
|
|
(22)
|
|
|
(71.0)
|
%
|
Convention, Retail
and Other
|
—
|
|
|
1
|
|
|
(1)
|
|
|
(100.0)
|
%
|
Net
Revenues
|
$
|
19
|
|
|
$
|
211
|
|
|
$
|
(192)
|
|
|
(91.0)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(18)
|
|
|
$
|
83
|
|
|
$
|
(101)
|
|
|
(121.7)
|
%
|
EBITDA Margin
%
|
N.M.
|
|
|
39.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
563
|
|
|
$
|
3,238
|
|
|
$
|
(2,675)
|
|
|
(82.6)
|
%
|
Rolling Chip Win
%(1)
|
2.42
|
%
|
|
4.19
|
%
|
|
|
|
(1.77)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
19
|
|
|
$
|
331
|
|
|
$
|
(312)
|
|
|
(94.3)
|
%
|
Non-Rolling Chip Win
%
|
6.5
|
%
|
|
23.5
|
%
|
|
|
|
(17.0)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
—
|
|
|
$
|
132
|
|
|
$
|
(132)
|
|
|
(100.0)
|
%
|
Slot Hold
%
|
—
|
%
|
|
7.7
|
%
|
|
|
|
(7.7)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
6.2
|
%
|
|
89.9
|
%
|
|
|
|
(83.7)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
358
|
|
|
$
|
335
|
|
|
$
|
23
|
|
|
6.9
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
22
|
|
|
$
|
301
|
|
|
$
|
(279)
|
|
|
(92.7)
|
%
|
____________________
N.M.
|
Not
Meaningful
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed. Rooms being utilized to
house team members due to travel restrictions were excluded from
the calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
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).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Sands
Macao
|
June 30,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
5
|
|
|
$
|
141
|
|
|
$
|
(136)
|
|
|
(96.5)
|
%
|
Rooms
|
1
|
|
|
5
|
|
|
(4)
|
|
|
(80.0)
|
%
|
Food and
Beverage
|
—
|
|
|
7
|
|
|
(7)
|
|
|
(100.0)
|
%
|
Mall
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
%
|
Convention, Retail
and Other
|
—
|
|
|
1
|
|
|
(1)
|
|
|
(100.0)
|
%
|
Net
Revenues
|
$
|
7
|
|
|
$
|
155
|
|
|
$
|
(148)
|
|
|
(95.5)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(31)
|
|
|
$
|
43
|
|
|
$
|
(74)
|
|
|
(172.1)
|
%
|
EBITDA Margin
%
|
N.M.
|
|
|
27.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
219
|
|
|
$
|
1,261
|
|
|
$
|
(1,042)
|
|
|
(82.6)
|
%
|
Rolling Chip Win
%(1)
|
0.78
|
%
|
|
1.90
|
%
|
|
|
|
(1.12)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
28
|
|
|
$
|
699
|
|
|
$
|
(671)
|
|
|
(96.0)
|
%
|
Non-Rolling Chip Win
%
|
10.2
|
%
|
|
17.3
|
%
|
|
|
|
(7.1)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
77
|
|
|
$
|
691
|
|
|
$
|
(614)
|
|
|
(88.9)
|
%
|
Slot Hold
%
|
3.3
|
%
|
|
3.1
|
%
|
|
|
|
0.2
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
10.6
|
%
|
|
99.5
|
%
|
|
|
|
(88.9)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
153
|
|
|
$
|
170
|
|
|
$
|
(17)
|
|
|
(10.0)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
16
|
|
|
$
|
169
|
|
|
$
|
(153)
|
|
|
(90.5)
|
%
|
____________________
N.M.
|
Not
Meaningful
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed. Rooms being utilized to
house team members due to travel restrictions were excluded from
the calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
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).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Marina Bay
Sands
|
June 30,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
7
|
|
|
$
|
468
|
|
|
$
|
(461)
|
|
|
(98.5)
|
%
|
Rooms
|
1
|
|
|
93
|
|
|
(92)
|
|
|
(98.9)
|
%
|
Food and
Beverage
|
2
|
|
|
58
|
|
|
(56)
|
|
|
(96.6)
|
%
|
Mall
|
3
|
|
|
42
|
|
|
(39)
|
|
|
(92.9)
|
%
|
Convention, Retail
and Other
|
10
|
|
|
27
|
|
|
(17)
|
|
|
(63.0)
|
%
|
Net
Revenues
|
$
|
23
|
|
|
$
|
688
|
|
|
$
|
(665)
|
|
|
(96.7)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(113)
|
|
|
$
|
346
|
|
|
$
|
(459)
|
|
|
(132.7)
|
%
|
EBITDA Margin
%
|
N.M.
|
|
|
50.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
122
|
|
|
$
|
7,195
|
|
|
$
|
(7,073)
|
|
|
(98.3)
|
%
|
Rolling Chip Win
%(1)
|
1.91
|
%
|
|
2.49
|
%
|
|
|
|
(0.58)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
25
|
|
|
$
|
1,201
|
|
|
$
|
(1,176)
|
|
|
(97.9)
|
%
|
Non-Rolling Chip Win
%
|
22.2
|
%
|
|
22.0
|
%
|
|
|
|
0.2
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
94
|
|
|
$
|
3,675
|
|
|
$
|
(3,581)
|
|
|
(97.4)
|
%
|
Slot Hold
%
|
3.7
|
%
|
|
4.4
|
%
|
|
|
|
(0.7)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
40.2
|
%
|
|
97.2
|
%
|
|
|
|
(57.0)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
328
|
|
|
$
|
420
|
|
|
$
|
(92)
|
|
|
(21.9)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
132
|
|
|
$
|
408
|
|
|
$
|
(276)
|
|
|
(67.6)
|
%
|
____________________
N.M.
|
Not
Meaningful
|
Note:
|
Due to government
mandated closure of non-essential services as a result of the
COVID-19 pandemic, the property closed effective April 7, 2020.
Certain retail and restaurant operations resumed on June 19, 2020,
but at a reduced capacity due to social distancing measures. Gaming
operations resumed on July 1, 2020, but also at a reduced capacity.
Rooms utilized for government quarantine purposes were excluded
from the calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
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).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Las Vegas
Operating Properties
|
June 30,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
14
|
|
|
$
|
112
|
|
|
$
|
(98)
|
|
|
(87.5)
|
%
|
Rooms
|
9
|
|
|
156
|
|
|
(147)
|
|
|
(94.2)
|
%
|
Food and
Beverage
|
6
|
|
|
90
|
|
|
(84)
|
|
|
(93.3)
|
%
|
Convention, Retail
and Other
|
7
|
|
|
108
|
|
|
(101)
|
|
|
(93.5)
|
%
|
Net
Revenues
|
$
|
36
|
|
|
$
|
466
|
|
|
$
|
(430)
|
|
|
(92.3)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(122)
|
|
|
$
|
136
|
|
|
$
|
(258)
|
|
|
(189.7)
|
%
|
EBITDA Margin
%
|
N.M.
|
|
|
29.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
99
|
|
|
$
|
514
|
|
|
$
|
(415)
|
|
|
(80.7)
|
%
|
Table Games Win
%(1)
|
11.8
|
%
|
|
17.8
|
%
|
|
|
|
(6.0)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
192
|
|
|
$
|
712
|
|
|
$
|
(520)
|
|
|
(73.0)
|
%
|
Slot Hold
%
|
5.8
|
%
|
|
8.4
|
%
|
|
|
|
(2.6)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
33.5
|
%
|
|
97.2
|
%
|
|
|
|
(63.7)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
162
|
|
|
$
|
251
|
|
|
$
|
(89)
|
|
|
(35.5)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
54
|
|
|
$
|
244
|
|
|
$
|
(190)
|
|
|
(77.9)
|
%
|
____________________
N.M.
|
Not
Meaningful
|
Note:
|
Due to the statewide
closure of non-essential services by the State of Nevada as a
result of the COVID-19 pandemic, the property closed on March 18,
2020. The property resumed operations on June 4, 2020, at a reduced
capacity with some operations temporarily closed due to social
distancing measures. Rooms within the property's Venezia tower that
remained closed were excluded from the calculation of hotel
statistics above.
|
(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 - Asian Retail Mall Operations
(Unaudited)
|
|
|
|
For the Three Months
Ended June 30, 2020
|
|
TTM
June 30, 2020
|
(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
|
|
$
|
18
|
|
|
$
|
14
|
|
|
77.8
|
%
|
|
812,934
|
|
|
85.6
|
%
|
|
$
|
1,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
6
|
|
|
5
|
|
|
83.3
|
%
|
|
125,466
|
|
|
100.0
|
%
|
|
4,756
|
|
Other
Stores
|
|
3
|
|
|
3
|
|
|
100.0
|
%
|
|
116,959
|
|
|
88.7
|
%
|
|
1,924
|
|
Total
|
|
9
|
|
|
8
|
|
|
88.9
|
%
|
|
242,425
|
|
|
94.6
|
%
|
|
3,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Cotai
Central(3)
|
|
7
|
|
|
5
|
|
|
71.4
|
%
|
|
525,497
|
|
|
87.6
|
%
|
|
603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian
|
|
4
|
|
|
2
|
|
|
50.0
|
%
|
|
295,963
|
|
|
86.8
|
%
|
|
561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
38
|
|
|
29
|
|
|
76.3
|
%
|
|
1,876,819
|
|
|
87.5
|
%
|
|
1,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
3
|
|
|
1
|
|
|
33.3
|
%
|
|
593,756
|
|
|
95.3
|
%
|
|
1,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
41
|
|
|
$
|
30
|
|
|
73.2
|
%
|
|
2,470,575
|
|
|
89.4
|
%
|
|
$
|
1,335
|
|
____________________
Note:
|
This table excludes
the results of our mall operations at Sands Macao. As a result of
the COVID-19 pandemic, tenants were provided rent concessions of
$78 million at our Macao properties and $33 million at
Marina Bay Sands.
|
(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-second-quarter-2020-results-301098310.html
SOURCE Las Vegas Sands Corp.