LAS VEGAS, Jan. 27, 2021 /PRNewswire/ -- Las Vegas
Sands Corp. (NYSE: LVS), the world's leading developer and operator
of convention-based Integrated Resorts, while continuing to mourn
the loss of its visionary founder, Mr. Sheldon G. Adelson, today reported financial
results for the quarter ended December 31,
2020.
"Mr. Adelson's vision and leadership created Las Vegas Sands and
the convention-based Integrated Resort business model that forms
the bedrock of the company's success," said Mr. Robert G. Goldstein, Chairman and Chief
Executive Officer. "His impact will live on through the company's
50,000 team members and the iconic properties he developed around
the world. These last few weeks since Sheldon's passing have been
difficult for all of us, but his commitment to investing
aggressively to build iconic resorts that deliver economic benefits
to our host communities, the core of the company's operating
strategy, remains firmly in place. I am deeply committed to
continuing the execution of the strategy he created, and confident
that we will deliver growth in the years ahead while honoring his
legacy and realizing his vision for the creation of additional
Integrated Resorts in new markets."
"Mr. Adelson established the roadmap for the future of this
company, and that roadmap remains unchanged," said Patrick Dumont, President and Chief Operating
Officer. "I am dedicated to working with Rob and our leadership
team to make our strategic objectives a reality. Our path forward
is clear and remains true to the principles our founder was
committed to for so many years – we will continue supporting our
people and the local communities in which we operate, reinvesting
in our current markets, producing strong returns for our
shareholders and aggressively pursuing new development
opportunities."
"Turning to our financial results, I am pleased to share that
the recovery process from the Covid-19 pandemic continues to
progress in both Macao and
Singapore" said Mr. Goldstein.
"Our greatest priority as the recovery continues 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 the eventual recovery of travel and
tourism spending across our markets. We are fortunate that our
financial strength supports our previously announced capital
expenditure programs in both Macao
and Singapore, as well as our
pursuit of growth opportunities in new markets."
Net revenue was $1.15 billion, a
decrease of 67.3% from the prior year quarter. Operating loss was
$211 million, compared to operating
income of $934 million in the prior
year quarter. Net loss in the fourth quarter of 2020 was
$376 million, compared to net income
of $783 million in the fourth quarter
of 2019. Consolidated adjusted property EBITDA was $141 million, compared to $1.39 billion in the prior year quarter.
Full year 2020 operating loss was $1.69
billion, compared to operating income of $3.70 billion in 2019. Net loss attributable to
Las Vegas Sands was $1.69 billion, or
$(2.21) per diluted share, in 2020,
compared to net income of $2.70
billion, or $3.50 per diluted
share, in 2019.
Sands China Ltd. Consolidated Financial Results
On a
GAAP basis, total net revenues for SCL decreased 69.9%, compared to
the fourth quarter of 2019, to $672 million. Net loss for SCL
was $246 million, compared to net
income of $513 million in the fourth
quarter of 2019.
On a GAAP basis, full year 2020 total net revenues for SCL
decreased 80.8%, compared to the full year 2019, to
$1.69 billion. Net loss for SCL was
$1.52 billion in 2020, compared to
net income of $2.04 billion in
2019.
Other Factors Affecting Earnings
Interest expense, net
of amounts capitalized, was $150
million for the fourth quarter of 2020, compared to
$134 million in the prior year
quarter. Our weighted average debt balance increased compared to
the prior year quarter due to the issuance of $1.50 billion of senior notes by SCL in
June 2020, while our weighted average
borrowing cost in the fourth quarter of 2020 was 4.4%, compared to
4.3% during the fourth quarter of 2019.
Our income tax expense for the fourth quarter of 2020 was
$8 million, compared to $65 million in the prior year quarter. The income
tax expense for the fourth quarter of 2020 was primarily driven by
a 17% statutory tax rate on our Singapore operations partially offset by an
income tax benefit driven by pre-tax losses experienced by our U.S.
operations.
Balance Sheet Items
Unrestricted cash balances as of
December 31, 2020 were $2.12 billion.
SCL entered into an agreement with lenders to increase
commitments under its revolving credit facility by the U.S. dollar
equivalent of $494 million based on
exchange rates at the time of the transaction, which became
effective on January 25, 2021. After
taking into account the aforementioned increase, the total
available borrowing capacity under the SCL revolving credit
facility was $2.51 billion and the
company has access to a total of $4.46 billion available for borrowing under
our U.S., SCL and Singapore
revolving credit facilities, net of outstanding letters of
credit.
As of December 31, 2020, total
debt outstanding, excluding finance leases, was $13.98 billion.
Capital Expenditures
Capital expenditures during the
fourth quarter totaled $252 million,
including construction, development and maintenance activities of
$201 million in Macao, $27
million at Marina Bay Sands and $24
million in Las Vegas.
Conference Call Information
The company will host a
conference call to discuss the company's results on Wednesday,
January 27, 2021 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 preeminent 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, The Londoner Macao 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 community engagement
and charitable giving 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
and other third parties, including government-mandated property
closures, increased operational regulatory requirements or travel
restrictions, on our business, results of operations, cash flows,
liquidity and development prospects; general economic conditions;
disruptions or reductions in travel and 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.
Fourth Quarter 2020
Results
Non-GAAP Measures
Within the company's fourth quarter and full year 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. 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
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
741
|
|
|
$
|
2,485
|
|
|
$
|
2,268
|
|
|
$
|
9,828
|
|
Rooms
|
|
140
|
|
|
434
|
|
|
498
|
|
|
1,752
|
|
Food and
beverage
|
|
78
|
|
|
242
|
|
|
283
|
|
|
897
|
|
Mall
|
|
153
|
|
|
215
|
|
|
381
|
|
|
716
|
|
Convention,
retail and other
|
|
34
|
|
|
133
|
|
|
182
|
|
|
546
|
|
Net
revenues
|
|
1,146
|
|
|
3,509
|
|
|
3,612
|
|
|
13,739
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
1,010
|
|
|
2,125
|
|
|
3,800
|
|
|
8,364
|
|
Corporate
|
|
23
|
|
|
51
|
|
|
168
|
|
|
313
|
|
Pre-opening
|
|
5
|
|
|
11
|
|
|
19
|
|
|
34
|
|
Development
|
|
—
|
|
|
11
|
|
|
18
|
|
|
24
|
|
Depreciation
and amortization
|
|
293
|
|
|
291
|
|
|
1,160
|
|
|
1,165
|
|
Amortization
of leasehold interests in land
|
|
14
|
|
|
14
|
|
|
55
|
|
|
51
|
|
Loss on
disposal or impairment of assets
|
|
12
|
|
|
72
|
|
|
80
|
|
|
90
|
|
|
|
1,357
|
|
|
2,575
|
|
|
5,300
|
|
|
10,041
|
|
Operating income
(loss)
|
|
(211)
|
|
|
934
|
|
|
(1,688)
|
|
|
3,698
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
1
|
|
|
17
|
|
|
21
|
|
|
74
|
|
Interest
expense, net of amounts capitalized
|
|
(150)
|
|
|
(134)
|
|
|
(536)
|
|
|
(555)
|
|
Other income
(expense)
|
|
(8)
|
|
|
31
|
|
|
22
|
|
|
23
|
|
Gain on sale
of Sands Bethlehem
|
|
—
|
|
|
—
|
|
|
—
|
|
|
556
|
|
Loss on
modification or early retirement of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24)
|
|
Income (loss) before
income taxes
|
|
(368)
|
|
|
848
|
|
|
(2,181)
|
|
|
3,772
|
|
Income tax (expense)
benefit
|
|
(8)
|
|
|
(65)
|
|
|
38
|
|
|
(468)
|
|
Net income
(loss)
|
|
(376)
|
|
|
783
|
|
|
(2,143)
|
|
|
3,304
|
|
Net (income) loss
attributable to noncontrolling interests
|
|
77
|
|
|
(154)
|
|
|
458
|
|
|
(606)
|
|
Net income (loss)
attributable to Las Vegas Sands Corp.
|
|
$
|
(299)
|
|
|
$
|
629
|
|
|
$
|
(1,685)
|
|
|
$
|
2,698
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.39)
|
|
|
$
|
0.82
|
|
|
$
|
(2.21)
|
|
|
$
|
3.50
|
|
Diluted
|
|
$
|
(0.39)
|
|
|
$
|
0.82
|
|
|
$
|
(2.21)
|
|
|
$
|
3.50
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
764
|
|
|
767
|
|
|
764
|
|
|
771
|
|
Diluted
|
|
764
|
|
|
768
|
|
|
764
|
|
|
771
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$
|
—
|
|
|
$
|
0.77
|
|
|
$
|
0.79
|
|
|
$
|
3.08
|
|
Exhibit 2
|
Las Vegas Sands Corp.
and Subsidiaries
Net Revenues and
Adjusted Property EBITDA
(In
millions)
(Unaudited)
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net
Revenues
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
|
$
|
327
|
|
|
$
|
908
|
|
|
$
|
738
|
|
|
$
|
3,510
|
|
The Londoner
Macao
|
|
95
|
|
|
505
|
|
|
297
|
|
|
2,052
|
|
The Parisian
Macao
|
|
101
|
|
|
401
|
|
|
259
|
|
|
1,650
|
|
The Plaza Macao and
Four Seasons Hotel Macao
|
|
114
|
|
|
246
|
|
|
265
|
|
|
877
|
|
Sands
Macao
|
|
32
|
|
|
150
|
|
|
120
|
|
|
628
|
|
Ferry Operations and
Other
|
|
6
|
|
|
31
|
|
|
28
|
|
|
117
|
|
Macao
Operations
|
|
675
|
|
|
2,241
|
|
|
1,707
|
|
|
8,834
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
345
|
|
|
853
|
|
|
1,261
|
|
|
3,101
|
|
Las Vegas Operating
Properties
|
|
150
|
|
|
475
|
|
|
738
|
|
|
1,818
|
|
Sands
Bethlehem(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
227
|
|
Intersegment
Eliminations
|
|
(24)
|
|
|
(60)
|
|
|
(94)
|
|
|
(241)
|
|
|
|
$
|
1,146
|
|
|
$
|
3,509
|
|
|
$
|
3,612
|
|
|
$
|
13,739
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
|
$
|
73
|
|
|
$
|
368
|
|
|
$
|
(53)
|
|
|
$
|
1,407
|
|
The Londoner
Macao
|
|
(34)
|
|
|
180
|
|
|
(184)
|
|
|
726
|
|
The Parisian
Macao
|
|
(7)
|
|
|
122
|
|
|
(131)
|
|
|
544
|
|
The Plaza Macao and
Four Seasons Hotel Macao
|
|
38
|
|
|
102
|
|
|
33
|
|
|
345
|
|
Sands
Macao
|
|
(18)
|
|
|
40
|
|
|
(76)
|
|
|
175
|
|
Ferry Operations and
Other
|
|
(5)
|
|
|
(1)
|
|
|
(20)
|
|
|
(8)
|
|
Macao
Operations
|
|
47
|
|
|
811
|
|
|
(431)
|
|
|
3,189
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
144
|
|
|
457
|
|
|
383
|
|
|
1,661
|
|
Las Vegas Operating
Properties
|
|
(50)
|
|
|
120
|
|
|
(124)
|
|
|
487
|
|
Sands
Bethlehem(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
|
$
|
141
|
|
|
$
|
1,388
|
|
|
$
|
(172)
|
|
|
$
|
5,389
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
|
22.3
|
%
|
|
40.5
|
%
|
|
|
|
40.1
|
%
|
The Londoner
Macao
|
|
|
|
35.6
|
%
|
|
|
|
35.4
|
%
|
The Parisian
Macao
|
|
|
|
30.4
|
%
|
|
|
|
33.0
|
%
|
The Plaza Macao and
Four Seasons Hotel Macao
|
|
33.3
|
%
|
|
41.5
|
%
|
|
12.5
|
%
|
|
39.3
|
%
|
Sands
Macao
|
|
|
|
26.7
|
%
|
|
|
|
27.9
|
%
|
Ferry Operations and
Other
|
|
|
|
(3.2)
|
%
|
|
|
|
(6.8)
|
%
|
Macao
Operations
|
|
7.0
|
%
|
|
36.2
|
%
|
|
|
|
36.1
|
%
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
41.7
|
%
|
|
53.6
|
%
|
|
30.4
|
%
|
|
53.6
|
%
|
Las Vegas Operating
Properties
|
|
|
|
25.3
|
%
|
|
|
|
26.8
|
%
|
Sands
Bethlehem(1)
|
|
|
|
|
|
|
|
22.9
|
%
|
|
|
|
|
|
|
|
|
|
Total
|
|
12.3
|
%
|
|
39.6
|
%
|
|
|
|
39.2
|
%
|
|
|
|
|
|
|
|
(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
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income
(loss)
|
|
$
|
(376)
|
|
|
$
|
783
|
|
|
$
|
(2,143)
|
|
|
$
|
3,304
|
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
8
|
|
|
65
|
|
|
(38)
|
|
|
468
|
|
Loss on modification
or early retirement of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
Gain on sale of Sands
Bethlehem
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(556)
|
|
Other (income)
expense
|
|
8
|
|
|
(31)
|
|
|
(22)
|
|
|
(23)
|
|
Interest expense, net
of amounts capitalized
|
|
150
|
|
|
134
|
|
|
536
|
|
|
555
|
|
Interest
income
|
|
(1)
|
|
|
(17)
|
|
|
(21)
|
|
|
(74)
|
|
Loss on disposal or
impairment of assets
|
|
12
|
|
|
72
|
|
|
80
|
|
|
90
|
|
Amortization of
leasehold interests in land
|
|
14
|
|
|
14
|
|
|
55
|
|
|
51
|
|
Depreciation and
amortization
|
|
293
|
|
|
291
|
|
|
1,160
|
|
|
1,165
|
|
Development
expense
|
|
—
|
|
|
11
|
|
|
18
|
|
|
24
|
|
Pre-opening
expense
|
|
5
|
|
|
11
|
|
|
19
|
|
|
34
|
|
Stock-based
compensation (1)
|
|
5
|
|
|
4
|
|
|
16
|
|
|
14
|
|
Corporate
expense
|
|
23
|
|
|
51
|
|
|
168
|
|
|
313
|
|
Consolidated Adjusted
Property EBITDA
|
|
$
|
141
|
|
|
$
|
1,388
|
|
|
$
|
(172)
|
|
|
$
|
5,389
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
70
|
|
|
(93)
|
|
|
|
|
|
Hold-normalized casino
expense (2)
|
|
(26)
|
|
|
31
|
|
|
|
|
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
|
$
|
185
|
|
|
$
|
1,326
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
During the three
months ended December 31, 2020 and 2019, the company recorded
stock-based compensation expense of $8 million and $10 million,
respectively, of which $3 million and $6 million, respectively, is
included in corporate expense on the company's condensed
consolidated statements of operations. During the years ended
December 31, 2020 and 2019, the company recorded stock-based
compensation expense of $28 million and $36 million, respectively,
of which $12 million and $22 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
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue (1)
|
|
Expense (2)
|
|
EBITDA
|
Macao
Operations
|
|
$
|
47
|
|
|
$
|
44
|
|
|
$
|
(21)
|
|
|
$
|
70
|
|
Marina Bay
Sands
|
|
144
|
|
|
3
|
|
|
(1)
|
|
|
146
|
|
Las Vegas Operating
Properties
|
|
(50)
|
|
|
23
|
|
|
(4)
|
|
|
(31)
|
|
|
|
$
|
141
|
|
|
$
|
70
|
|
|
$
|
(26)
|
|
|
$
|
185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue (1)
|
|
Expense (2)
|
|
EBITDA
|
Macao
Operations
|
|
$
|
811
|
|
|
$
|
(43)
|
|
|
$
|
21
|
|
|
$
|
789
|
|
Marina Bay
Sands
|
|
457
|
|
|
(50)
|
|
|
10
|
|
|
417
|
|
Las Vegas Operating
Properties
|
|
120
|
|
|
—
|
|
|
—
|
|
|
120
|
|
|
|
$
|
1,388
|
|
|
$
|
(93)
|
|
|
$
|
31
|
|
|
$
|
1,326
|
|
|
|
|
|
|
|
|
|
|
(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.
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 expenses (gaming taxes and bad debt expense) that would
have been incurred or avoided on the casino revenue adjustment
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 (Loss) Attributable to LVS to Adjusted
Net Income (Loss) and Hold-Normalized Adjusted Net Income
(Loss):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net income (loss)
attributable to LVS
|
|
$
|
(299)
|
|
|
$
|
629
|
|
|
$
|
(1,685)
|
|
|
$
|
2,698
|
|
|
|
|
|
|
|
|
|
|
Nonrecurring
corporate expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96
|
|
Pre-opening
expense
|
|
5
|
|
|
11
|
|
|
19
|
|
|
34
|
|
Development
expense
|
|
—
|
|
|
11
|
|
|
18
|
|
|
24
|
|
Loss on disposal or
impairment of assets
|
|
12
|
|
|
72
|
|
|
80
|
|
|
90
|
|
Other (income)
expense
|
|
8
|
|
|
(31)
|
|
|
(22)
|
|
|
(23)
|
|
Gain on sale of Sands
Bethlehem
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(556)
|
|
Loss on modification
or early retirement of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
Income tax impact on
net income adjustments (1)
|
|
1
|
|
|
(3)
|
|
|
(5)
|
|
|
148
|
|
Noncontrolling
interest impact on net income adjustments
|
|
(6)
|
|
|
(11)
|
|
|
(21)
|
|
|
(21)
|
|
Adjusted net income
(loss) attributable to LVS
|
|
$
|
(279)
|
|
|
$
|
678
|
|
|
$
|
(1,616)
|
|
|
$
|
2,514
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (2)
|
|
70
|
|
|
(93)
|
|
|
|
|
|
Hold-normalized
casino expense (2)
|
|
(26)
|
|
|
31
|
|
|
|
|
|
Income tax impact on
hold adjustments (1)
|
|
(4)
|
|
|
7
|
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
(7)
|
|
|
7
|
|
|
|
|
|
Hold-normalized
adjusted net income (loss) attributable to LVS
|
|
$
|
(246)
|
|
|
$
|
630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Per diluted share of
common stock:
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to LVS
|
|
$
|
(0.39)
|
|
|
$
|
0.82
|
|
|
$
|
(2.21)
|
|
|
$
|
3.50
|
|
|
|
|
|
|
|
|
|
|
Nonrecurring
corporate expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.12
|
|
Pre-opening
expense
|
|
0.01
|
|
|
0.01
|
|
|
0.03
|
|
|
0.05
|
|
Development
expense
|
|
—
|
|
|
0.01
|
|
|
0.02
|
|
|
0.03
|
|
Loss on disposal or
impairment of assets
|
|
0.01
|
|
|
0.09
|
|
|
0.11
|
|
|
0.12
|
|
Other (income)
expense
|
|
0.01
|
|
|
(0.04)
|
|
|
(0.03)
|
|
|
(0.03)
|
|
Gain on sale of Sands
Bethlehem
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.72)
|
|
Loss on modification
or early retirement of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.03
|
|
Income tax impact on
net income adjustments
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
0.19
|
|
Noncontrolling
interest impact on net income adjustments
|
|
(0.01)
|
|
|
(0.01)
|
|
|
(0.03)
|
|
|
(0.03)
|
|
Adjusted earnings
(loss) per diluted share
|
|
$
|
(0.37)
|
|
|
$
|
0.88
|
|
|
$
|
(2.12)
|
|
|
$
|
3.26
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
0.09
|
|
|
(0.12)
|
|
|
|
|
|
Hold-normalized
casino expense
|
|
(0.03)
|
|
|
0.04
|
|
|
|
|
|
Income tax impact on
hold adjustments
|
|
—
|
|
|
0.01
|
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
(0.01)
|
|
|
0.01
|
|
|
|
|
|
Hold-normalized
adjusted earnings (loss) per diluted share
|
|
$
|
(0.32)
|
|
|
$
|
0.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
764
|
|
|
768
|
|
|
764
|
|
|
771
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Casino
Statistics:
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
4,349
|
|
|
$
|
13,910
|
|
|
$
|
2,729
|
|
|
$
|
13,806
|
|
Slot machine win per
unit per day (2)
|
|
$
|
219
|
|
|
$
|
323
|
|
|
$
|
129
|
|
|
$
|
296
|
|
Average number of
table games
|
|
695
|
|
|
657
|
|
|
631
|
|
|
651
|
|
Average number of slot
machines
|
|
884
|
|
|
1,722
|
|
|
954
|
|
|
1,744
|
|
|
|
|
|
|
|
|
|
|
The Londoner
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
2,248
|
|
|
$
|
11,401
|
|
|
$
|
1,840
|
|
|
$
|
11,925
|
|
Slot machine win per
unit per day (2)
|
|
$
|
111
|
|
|
$
|
299
|
|
|
$
|
119
|
|
|
$
|
302
|
|
Average number of
table games
|
|
342
|
|
|
391
|
|
|
329
|
|
|
385
|
|
Average number of slot
machines
|
|
545
|
|
|
1,466
|
|
|
563
|
|
|
1,577
|
|
|
|
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
3,464
|
|
|
$
|
14,050
|
|
|
$
|
2,409
|
|
|
$
|
13,866
|
|
Slot machine win per
unit per day (2)
|
|
$
|
143
|
|
|
$
|
300
|
|
|
$
|
105
|
|
|
$
|
315
|
|
Average number of
table games
|
|
266
|
|
|
304
|
|
|
271
|
|
|
316
|
|
Average number of slot
machines
|
|
768
|
|
|
1,476
|
|
|
776
|
|
|
1,377
|
|
|
|
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Hotel Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
5,201
|
|
|
$
|
19,451
|
|
|
$
|
3,873
|
|
|
$
|
19,882
|
|
Slot machine win per
unit per day (2)
|
|
$
|
(42)
|
|
|
$
|
312
|
|
|
$
|
91
|
|
|
$
|
336
|
|
Average number of
table games
|
|
173
|
|
|
129
|
|
|
164
|
|
|
121
|
|
Average number of slot
machines
|
|
18
|
|
|
264
|
|
|
52
|
|
|
255
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
1,954
|
|
|
$
|
8,063
|
|
|
$
|
2,004
|
|
|
$
|
8,358
|
|
Slot machine win per
unit per day (2)
|
|
$
|
80
|
|
|
$
|
227
|
|
|
$
|
88
|
|
|
$
|
243
|
|
Average number of
table games
|
|
160
|
|
|
191
|
|
|
166
|
|
|
196
|
|
Average number of slot
machines
|
|
551
|
|
|
1,004
|
|
|
549
|
|
|
957
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
2,490
|
|
|
$
|
11,102
|
|
|
$
|
4,319
|
|
|
$
|
9,795
|
|
Slot machine win per
unit per day (2)
|
|
$
|
943
|
|
|
$
|
755
|
|
|
$
|
757
|
|
|
$
|
764
|
|
Average number of
table games
|
|
604
|
|
|
569
|
|
|
605
|
|
|
581
|
|
Average number of slot
machines
|
|
1,714
|
|
|
2,401
|
|
|
1,861
|
|
|
2,318
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
1,797
|
|
|
$
|
5,548
|
|
|
$
|
2,896
|
|
|
$
|
4,651
|
|
Slot machine win per
unit per day (2)
|
|
$
|
348
|
|
|
$
|
386
|
|
|
$
|
351
|
|
|
$
|
356
|
|
Average number of
table games
|
|
194
|
|
|
209
|
|
|
199
|
|
|
220
|
|
Average number of slot
machines
|
|
1,432
|
|
|
1,889
|
|
|
1,532
|
|
|
1,873
|
|
|
|
|
|
|
|
|
|
|
Note:
|
These casino
statistics exclude table games and slot machines shutdown due to
social distancing measures or closure of the gaming facilities
implemented as a result of the COVID-19 pandemic.
|
(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
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
243
|
|
|
$
|
748
|
|
|
$
|
(505)
|
|
|
(67.5)
|
%
|
Rooms
|
21
|
|
|
54
|
|
|
(33)
|
|
|
(61.1)
|
%
|
Food and
Beverage
|
6
|
|
|
17
|
|
|
(11)
|
|
|
(64.7)
|
%
|
Mall
|
51
|
|
|
71
|
|
|
(20)
|
|
|
(28.2)
|
%
|
Convention, Retail
and Other
|
6
|
|
|
18
|
|
|
(12)
|
|
|
(66.7)
|
%
|
Net
Revenues
|
$
|
327
|
|
|
$
|
908
|
|
|
$
|
(581)
|
|
|
(64.0)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
73
|
|
|
$
|
368
|
|
|
$
|
(295)
|
|
|
(80.2)
|
%
|
EBITDA Margin
%
|
22.3
|
%
|
|
40.5
|
%
|
|
|
|
(18.2)
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,209
|
|
|
$
|
5,876
|
|
|
$
|
(4,667)
|
|
|
(79.4)
|
%
|
Rolling Chip Win
%(1)
|
3.31
|
%
|
|
4.14
|
%
|
|
|
|
(0.83)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
975
|
|
|
$
|
2,324
|
|
|
$
|
(1,349)
|
|
|
(58.0)
|
%
|
Non-Rolling Chip Win
%
|
24.4
|
%
|
|
25.7
|
%
|
|
|
|
(1.3)
|
pts
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
444
|
|
|
$
|
1,044
|
|
|
$
|
(600)
|
|
|
(57.5)
|
%
|
Slot Hold
%
|
4.0
|
%
|
|
4.9
|
%
|
|
|
|
(0.9)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
49.3
|
%
|
|
97.2
|
%
|
|
|
|
(47.9)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
167
|
|
|
$
|
224
|
|
|
$
|
(57)
|
|
|
(25.4)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
82
|
|
|
$
|
218
|
|
|
$
|
(136)
|
|
|
(62.4)
|
%
|
|
|
|
|
|
|
|
|
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced
capacity.
|
(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 Londoner
Macao
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
63
|
|
|
$
|
379
|
|
|
$
|
(316)
|
|
|
(83.4)
|
%
|
Rooms
|
13
|
|
|
78
|
|
|
(65)
|
|
|
(83.3)
|
%
|
Food and
Beverage
|
5
|
|
|
23
|
|
|
(18)
|
|
|
(78.3)
|
%
|
Mall
|
13
|
|
|
20
|
|
|
(7)
|
|
|
(35.0)
|
%
|
Convention, Retail
and Other
|
1
|
|
|
5
|
|
|
(4)
|
|
|
(80.0)
|
%
|
Net
Revenues
|
$
|
95
|
|
|
$
|
505
|
|
|
$
|
(410)
|
|
|
(81.2)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(34)
|
|
|
$
|
180
|
|
|
$
|
(214)
|
|
|
(118.9)
|
%
|
EBITDA Margin
%
|
|
|
35.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume(1)
|
$
|
—
|
|
|
$
|
1,041
|
|
|
$
|
(1,041)
|
|
|
(100.0)
|
%
|
Rolling Chip Win
%(2)
|
|
|
2.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
291
|
|
|
$
|
1,650
|
|
|
$
|
(1,359)
|
|
|
(82.4)
|
%
|
Non-Rolling Chip Win
%
|
24.3
|
%
|
|
23.0
|
%
|
|
|
|
1.3
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
118
|
|
|
$
|
1,015
|
|
|
$
|
(897)
|
|
|
(88.4)
|
%
|
Slot Hold
%
|
4.7
|
%
|
|
4.0
|
%
|
|
|
|
0.7
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
22.2
|
%
|
|
98.5
|
%
|
|
|
|
(76.3)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
151
|
|
|
$
|
167
|
|
|
$
|
(16)
|
|
|
(9.6)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
34
|
|
|
$
|
164
|
|
|
$
|
(130)
|
|
|
(79.3)
|
%
|
|
|
|
|
|
|
|
|
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity.
Rooms being utilized for government quarantine purposes were
excluded from the calculation of hotel statistics above.
|
(1)
|
No Rolling Chip
volume for the three months ended December 31, 2020, due to closure
of tables for premium patrons in connection with The Londoner Macao
renovations.
|
(2)
|
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
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
69
|
|
|
$
|
334
|
|
|
$
|
(265)
|
|
|
(79.3)
|
%
|
Rooms
|
15
|
|
|
33
|
|
|
(18)
|
|
|
(54.5)
|
%
|
Food and
Beverage
|
5
|
|
|
17
|
|
|
(12)
|
|
|
(70.6)
|
%
|
Mall
|
11
|
|
|
13
|
|
|
(2)
|
|
|
(15.4)
|
%
|
Convention, Retail
and Other
|
1
|
|
|
4
|
|
|
(3)
|
|
|
(75.0)
|
%
|
Net
Revenues
|
$
|
101
|
|
|
$
|
401
|
|
|
$
|
(300)
|
|
|
(74.8)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(7)
|
|
|
$
|
122
|
|
|
$
|
(129)
|
|
|
(105.7)
|
%
|
EBITDA Margin
%
|
|
|
30.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
534
|
|
|
$
|
4,181
|
|
|
$
|
(3,647)
|
|
|
(87.2)
|
%
|
Rolling Chip Win
%(1)
|
(1.40)
|
%
|
|
3.10
|
%
|
|
|
|
(4.50)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
404
|
|
|
$
|
1,124
|
|
|
$
|
(720)
|
|
|
(64.1)
|
%
|
Non-Rolling Chip Win
%
|
22.8
|
%
|
|
23.5
|
%
|
|
|
|
(0.7)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
268
|
|
|
$
|
1,066
|
|
|
$
|
(798)
|
|
|
(74.9)
|
%
|
Slot Hold
%
|
3.8
|
%
|
|
3.8
|
%
|
|
|
|
—
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
50.0
|
%
|
|
97.6
|
%
|
|
|
|
(47.6)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
132
|
|
|
$
|
159
|
|
|
$
|
(27)
|
|
|
(17.0)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
66
|
|
|
$
|
155
|
|
|
$
|
(89)
|
|
|
(57.4)
|
%
|
|
|
|
|
|
|
|
|
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced
capacity.
|
(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
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
58
|
|
|
$
|
169
|
|
|
$
|
(111)
|
|
|
(65.7)
|
%
|
Rooms
|
11
|
|
|
11
|
|
|
—
|
|
|
—
|
%
|
Food and
Beverage
|
5
|
|
|
8
|
|
|
(3)
|
|
|
(37.5)
|
%
|
Mall
|
40
|
|
|
57
|
|
|
(17)
|
|
|
(29.8)
|
%
|
Convention, Retail
and Other
|
—
|
|
|
1
|
|
|
(1)
|
|
|
(100.0)
|
%
|
Net
Revenues
|
$
|
114
|
|
|
$
|
246
|
|
|
$
|
(132)
|
|
|
(53.7)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
38
|
|
|
$
|
102
|
|
|
$
|
(64)
|
|
|
(62.7)
|
%
|
EBITDA Margin
%
|
33.3
|
%
|
|
41.5
|
%
|
|
|
|
(8.2)
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,070
|
|
|
$
|
3,030
|
|
|
$
|
(1,960)
|
|
|
(64.7)
|
%
|
Rolling Chip Win
%(1)
|
1.76
|
%
|
|
4.02
|
%
|
|
|
|
(2.26)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
274
|
|
|
$
|
433
|
|
|
$
|
(159)
|
|
|
(36.7)
|
%
|
Non-Rolling Chip Win
%
|
23.3
|
%
|
|
25.2
|
%
|
|
|
|
(1.9)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
—
|
|
|
$
|
125
|
|
|
$
|
(125)
|
|
|
(100.0)
|
%
|
Slot Hold
%
|
|
|
6.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
42.0
|
%
|
|
92.9
|
%
|
|
|
|
(50.9)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
449
|
|
|
$
|
333
|
|
|
$
|
116
|
|
|
34.8
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
189
|
|
|
$
|
310
|
|
|
$
|
(121)
|
|
|
(39.0)
|
%
|
|
|
|
|
|
|
|
|
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced
capacity.
|
(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
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
27
|
|
|
$
|
137
|
|
|
$
|
(110)
|
|
|
(80.3)
|
%
|
Rooms
|
3
|
|
|
5
|
|
|
(2)
|
|
|
(40.0)
|
%
|
Food and
Beverage
|
2
|
|
|
7
|
|
|
(5)
|
|
|
(71.4)
|
%
|
Mall
|
—
|
|
|
1
|
|
|
(1)
|
|
|
(100.0)
|
%
|
Net
Revenues
|
$
|
32
|
|
|
$
|
150
|
|
|
$
|
(118)
|
|
|
(78.7)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(18)
|
|
|
$
|
40
|
|
|
$
|
(58)
|
|
|
(145.0)
|
%
|
EBITDA Margin
%
|
|
|
26.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
506
|
|
|
$
|
1,049
|
|
|
$
|
(543)
|
|
|
(51.8)
|
%
|
Rolling Chip Win
%(1)
|
1.15
|
%
|
|
2.58
|
%
|
|
|
|
(1.43)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
127
|
|
|
$
|
612
|
|
|
$
|
(485)
|
|
|
(79.2)
|
%
|
Non-Rolling Chip Win
%
|
18.1
|
%
|
|
18.8
|
%
|
|
|
|
(0.7)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
129
|
|
|
$
|
632
|
|
|
$
|
(503)
|
|
|
(79.6)
|
%
|
Slot Hold
%
|
3.1
|
%
|
|
3.3
|
%
|
|
|
|
(0.2)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
69.6
|
%
|
|
100.0
|
%
|
|
|
|
(30.4)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
141
|
|
|
$
|
178
|
|
|
$
|
(37)
|
|
|
(20.8)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
98
|
|
|
$
|
178
|
|
|
$
|
(80)
|
|
|
(44.9)
|
%
|
|
|
|
|
|
|
|
|
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced
capacity.
|
(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
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
229
|
|
|
$
|
602
|
|
|
$
|
(373)
|
|
|
(62.0)
|
%
|
Rooms
|
36
|
|
|
100
|
|
|
(64)
|
|
|
(64.0)
|
%
|
Food and
Beverage
|
32
|
|
|
69
|
|
|
(37)
|
|
|
(53.6)
|
%
|
Mall
|
39
|
|
|
54
|
|
|
(15)
|
|
|
(27.8)
|
%
|
Convention, Retail
and Other
|
9
|
|
|
28
|
|
|
(19)
|
|
|
(67.9)
|
%
|
Net
Revenues
|
$
|
345
|
|
|
$
|
853
|
|
|
$
|
(508)
|
|
|
(59.6)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
144
|
|
|
$
|
457
|
|
|
$
|
(313)
|
|
|
(68.5)
|
%
|
EBITDA Margin
%
|
41.7
|
%
|
|
53.6
|
%
|
|
|
|
(11.9)
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,257
|
|
|
$
|
7,916
|
|
|
$
|
(6,659)
|
|
|
(84.1)
|
%
|
Rolling Chip Win
%(1)
|
3.09
|
%
|
|
3.93
|
%
|
|
|
|
(0.84)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
556
|
|
|
$
|
1,231
|
|
|
$
|
(675)
|
|
|
(54.8)
|
%
|
Non-Rolling Chip Win
%
|
17.9
|
%
|
|
22.0
|
%
|
|
|
|
(4.1)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
3,315
|
|
|
$
|
3,459
|
|
|
$
|
(144)
|
|
|
(4.2)
|
%
|
Slot Hold
%
|
4.5
|
%
|
|
4.8
|
%
|
|
|
|
(0.3)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
69.0
|
%
|
|
97.3
|
%
|
|
|
|
(28.3)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
229
|
|
|
$
|
450
|
|
|
$
|
(221)
|
|
|
(49.1)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
158
|
|
|
$
|
438
|
|
|
$
|
(280)
|
|
|
(63.9)
|
%
|
|
|
|
|
|
|
|
|
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced
capacity.
|
(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
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2020
|
|
2019
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
52
|
|
|
$
|
116
|
|
|
$
|
(64)
|
|
|
(55.2)
|
%
|
Rooms
|
41
|
|
|
153
|
|
|
(112)
|
|
|
(73.2)
|
%
|
Food and
Beverage
|
23
|
|
|
101
|
|
|
(78)
|
|
|
(77.2)
|
%
|
Convention, Retail
and Other
|
34
|
|
|
105
|
|
|
(71)
|
|
|
(67.6)
|
%
|
Net
Revenues
|
$
|
150
|
|
|
$
|
475
|
|
|
$
|
(325)
|
|
|
(68.4)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(50)
|
|
|
$
|
120
|
|
|
$
|
(170)
|
|
|
(141.7)
|
%
|
EBITDA Margin
%
|
|
|
25.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
289
|
|
|
$
|
540
|
|
|
$
|
(251)
|
|
|
(46.5)
|
%
|
Table Games Win
%(1)
|
11.1
|
%
|
|
19.8
|
%
|
|
|
|
(8.7)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
569
|
|
|
$
|
841
|
|
|
$
|
(272)
|
|
|
(32.3)
|
%
|
Slot Hold
%
|
8.1
|
%
|
|
8.0
|
%
|
|
|
|
0.1
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
43.9
|
%
|
|
94.5
|
%
|
|
|
|
(50.6)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
185
|
|
|
$
|
253
|
|
|
$
|
(68)
|
|
|
(26.9)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
81
|
|
|
$
|
239
|
|
|
$
|
(158)
|
|
|
(66.1)
|
%
|
|
|
|
|
|
|
|
|
|
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 due to social distancing
measures. Rooms within the property's Venezia tower and Palazzo
tower closed during the period 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 December 31, 2020
|
|
TTM
December 31,
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
|
|
$
|
51
|
|
|
$
|
47
|
|
|
92.2
|
%
|
|
812,936
|
|
|
83.8
|
%
|
|
$
|
794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
27
|
|
|
23
|
|
|
85.2
|
%
|
|
125,466
|
|
|
100.0
|
%
|
|
3,750
|
|
Other
Stores
|
|
13
|
|
|
12
|
|
|
92.3
|
%
|
|
118,638
|
|
|
89.5
|
%
|
|
1,245
|
|
Total
|
|
40
|
|
|
35
|
|
|
87.5
|
%
|
|
244,104
|
|
|
94.9
|
%
|
|
2,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Londoner(3)
|
|
12
|
|
|
10
|
|
|
83.3
|
%
|
|
525,206
|
|
|
83.9
|
%
|
|
409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian
|
|
11
|
|
|
10
|
|
|
90.9
|
%
|
|
295,963
|
|
|
78.5
|
%
|
|
349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
114
|
|
|
102
|
|
|
89.5
|
%
|
|
1,878,209
|
|
|
84.4
|
%
|
|
902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
39
|
|
|
34
|
|
|
87.2
|
%
|
|
620,330
|
|
|
98.2
|
%
|
|
1,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
153
|
|
|
$
|
136
|
|
|
88.9
|
%
|
|
2,498,539
|
|
|
87.8
|
%
|
|
$
|
936
|
|
|
|
|
|
|
|
|
|
|
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
$16 million at our Macao properties and $8 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
Londoner will feature up to an estimated 600,000 square feet of
gross leasable area at completion of all phases of the renovation,
rebranding and expansion to The Londoner Macao.
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SOURCE Las Vegas Sands Corp.