For the quarter ended June
30, 2022
(Compared to the quarter ended June 30,
2021)
– Pandemic-Related Restrictions and Reduced Visitation
Continue to Impact The Company's Financial Results
– Recovery in Singapore
Accelerated During the Quarter, with Marina Bay Sands Delivering
Adjusted Property EBITDA of $319
Million
– Ongoing Investments in Capacity Expansion and
Enhancement of Property Portfolio Position the Company for Future
Growth
– Safety and Security of Team Members and Guests and
Support for Local Communities Remain Fundamental to Our
Efforts
LAS
VEGAS, July 20, 2022 /PRNewswire/ -- 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,
2022.
"While pandemic-related restrictions continued to impact our
financial results this quarter, we were pleased to see the recovery
in Singapore accelerate during the
quarter, with Marina Bay Sands delivering $319 million in
adjusted property EBITDA. We remain enthusiastic about the
opportunity to welcome more guests back to our properties as
greater volumes of visitors are eventually able to travel to both
Singapore and Macao," said Robert G.
Goldstein, chairman and chief executive officer. "We
also remain steadfast in our commitment to supporting our team
members and to helping those in need in each of our local
communities as they recover from the impact of the pandemic."
"We remain confident in the recovery of travel and tourism
spending across our markets. Demand for our offerings from
customers who have been able to visit remains robust, while
pandemic-related travel restrictions continue to limit visitation
and hinder our current financial performance."
"Our industry-leading investments in our team members, our
communities, and our Integrated Resort property portfolio position
us exceedingly well to deliver future growth as travel restrictions
subside and the recovery comes to fruition. We are fortunate
that our financial strength supports our investment and capital
expenditure programs in both Macao
and Singapore, as well as our
pursuit of growth opportunities in new markets."
Net revenue was $1.05 billion,
compared to $1.17 billion in the
prior year quarter. Operating loss was $147 million, compared to $139 million in the prior year quarter. Net
loss from continuing operations in the second quarter of 2022 was
$414 million, compared to
$280 million in the second quarter of
2021.
Consolidated adjusted property EBITDA was $209 million, compared to $244 million in the prior year quarter.
Sands China Ltd. Consolidated
Financial Results
On a GAAP basis, total net revenues for SCL decreased to
$368 million, compared to $849 million in the second
quarter of 2021. Net loss for SCL was $422 million, compared to $166 million in the second quarter of 2021.
Other Factors Affecting
Earnings
Interest expense, net of amounts capitalized, was $162 million for the second quarter of 2022,
compared to $158 million in the prior
year quarter. Our weighted average borrowing cost in the
second quarter of 2022 was 4.3% compared to 4.4% during the second
quarter of 2021, while our weighted average debt balance increased
compared to the prior year quarter due to borrowings of
$951 million under the SCL Credit Facility in the last
year.
Our income tax expense for the second quarter of 2022 was
$110 million, compared to income tax
benefit of $6 million in the prior
year quarter. The income tax expense for the second quarter
of 2022 was primarily driven by a 17% statutory rate on the
increased profits of our Singapore
operations.
Balance Sheet Items
Unrestricted cash balances as of June 30,
2022 were $6.45 billion.
The company has access to $2.96 billion available for borrowing under
our U.S., SCL and Singapore
revolving credit facilities, net of outstanding letters of
credit.
As of June 30, 2022, total debt
outstanding, excluding finance leases and financed purchases, was
$15.35 billion.
Capital Expenditures
Capital expenditures during the second quarter totaled
$198 million, including construction,
development and maintenance activities of $97 million at Marina Bay Sands, $67 million in Macao, and $34
million in Corporate and Other.
###
Conference Call
Information
The company will host a conference call to discuss the company's
results on Wednesday, July 20, 2022 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 Sands (NYSE: LVS)
Sands is the world's preeminent developer and operator of
world-class Integrated Resorts.
Our iconic properties drive valuable leisure and business
tourism and deliver significant economic benefits, sustained job
creation, financial opportunities for local businesses and
community investment to help make our host regions ideal places to
live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands in
Singapore and The Venetian Macao,
The Plaza and Four Seasons Hotel Macao, The Londoner Macao, The
Parisian Macao and Sands Macao in
Macao SAR, China, through majority
ownership in Sands China Ltd.
Sands is dedicated to being a leader in corporate
responsibility, anchored by our core tenets of serving people,
planet and communities. Our ESG leadership has led to
inclusion on the Dow Jones Sustainability Indices for World and
North America and recognition as
one of Fortune's World's Most Admired Companies. To
learn more, 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, vaccine mandates, regular testing requirements, other
increased operational regulatory requirements or travel
restrictions, on our business, results of operations, cash flows,
liquidity and development prospects; risks relating to our gaming
license and subconcession, including the extension of our
subconcession in Macao that
expires on December 31, 2022, the
grant of any new concession in Macao and amendments to Macao's gaming laws; 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; our
subsidiaries' ability to make distribution payments to us;
substantial leverage and debt service; benchmark interest rate
transitions for some of our debt instruments; fluctuations in
currency exchange rates and interest rates; our ability to collect
gaming receivables; win rates for our gaming operations; risk of
fraud and cheating; competition; tax law changes; political
instability, civil unrest, terrorist acts or war; legalization of
gaming; insurance; the collectability of our outstanding loans
receivable; legal proceedings, judgments or settlements that may be
instituted in connection with the sale of our Las Vegas real property and operations; 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 statements and
information.
Contacts:
Investment Community:
Daniel Briggs
daniel.briggs@sands.com
Media:
Ron Reese
ron.reese@sands.com
Las Vegas Sands Corp.
Second Quarter 2022
Results
Non-GAAP Measures
Within the company's second quarter 2022 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, is net income (loss) attributable to Las Vegas Sands
excluding 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, other income or expense and income (loss) from discontinued
operations, 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) from continuing operations
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 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. We do not present
adjustments for Non-Rolling Chip drop for our table games play or
for slots at our Macao and
Singapore 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,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
|
$
709
|
|
$
843
|
|
$
1,336
|
|
$
1,708
|
Rooms
|
|
97
|
|
115
|
|
192
|
|
211
|
Food and
beverage
|
|
63
|
|
50
|
|
116
|
|
106
|
Mall
|
|
148
|
|
148
|
|
297
|
|
304
|
Convention,
retail and other
|
|
28
|
|
17
|
|
47
|
|
40
|
Net revenues
|
|
1,045
|
|
1,173
|
|
1,988
|
|
2,369
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
842
|
|
932
|
|
1,680
|
|
1,889
|
Corporate
|
|
55
|
|
56
|
|
114
|
|
105
|
Pre-opening
|
|
3
|
|
4
|
|
7
|
|
9
|
Development
|
|
22
|
|
37
|
|
82
|
|
46
|
Depreciation and
amortization
|
|
256
|
|
258
|
|
520
|
|
513
|
Amortization of
leasehold interests in land
|
|
14
|
|
14
|
|
28
|
|
28
|
Loss on disposal
or impairment of assets
|
|
—
|
|
11
|
|
6
|
|
14
|
|
|
1,192
|
|
1,312
|
|
2,437
|
|
2,604
|
Operating
loss
|
|
(147)
|
|
(139)
|
|
(449)
|
|
(235)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
14
|
|
1
|
|
18
|
|
2
|
Interest
expense, net of amounts capitalized
|
|
(162)
|
|
(158)
|
|
(318)
|
|
(312)
|
Other income
(expense)
|
|
(9)
|
|
10
|
|
(31)
|
|
(7)
|
Loss from continuing
operations before income taxes
|
|
(304)
|
|
(286)
|
|
(780)
|
|
(552)
|
Income tax (expense)
benefit
|
|
(110)
|
|
6
|
|
(112)
|
|
(8)
|
Net loss from
continuing operations
|
|
(414)
|
|
(280)
|
|
(892)
|
|
(560)
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
Income (loss) from
operations of discontinued operations,
net of tax
|
|
—
|
|
38
|
|
46
|
|
(24)
|
Gain on disposal of
discontinued operations, net of tax
|
|
—
|
|
—
|
|
2,861
|
|
—
|
Adjustment to gain on
disposal of discontinued operations,
net of tax
|
|
(3)
|
|
—
|
|
(3)
|
|
—
|
Income (loss) from
discontinued operations, net of tax
|
|
(3)
|
|
38
|
|
2,904
|
|
(24)
|
Net income
(loss)
|
|
(417)
|
|
(242)
|
|
2,012
|
|
(584)
|
Net loss attributable
to noncontrolling interests
|
|
127
|
|
50
|
|
228
|
|
114
|
Net income (loss)
attributable to Las Vegas Sands Corp.
|
|
$
(290)
|
|
$
(192)
|
|
$
2,240
|
|
$
(470)
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share — basic and diluted:
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
$
(0.38)
|
|
$
(0.30)
|
|
$
(0.87)
|
|
$
(0.59)
|
Net income (loss) from
discontinued operations, net of
income taxes
|
|
—
|
|
0.05
|
|
3.80
|
|
(0.03)
|
Net income (loss) per
common share
|
|
$
(0.38)
|
|
$
(0.25)
|
|
$
2.93
|
|
$
(0.62)
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
764
|
|
764
|
|
764
|
|
764
|
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,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net
Revenues
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
$ 150
|
|
$ 391
|
|
$
377
|
|
$
731
|
The Londoner
Macao
|
79
|
|
189
|
|
200
|
|
326
|
The Parisian
Macao
|
42
|
|
101
|
|
116
|
|
188
|
The Plaza Macao and
Four Seasons Macao
|
79
|
|
125
|
|
181
|
|
295
|
Sands Macao
|
17
|
|
42
|
|
37
|
|
77
|
Ferry Operations and
Other
|
7
|
|
7
|
|
14
|
|
15
|
Macao
Operations
|
374
|
|
855
|
|
925
|
|
1,632
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
679
|
|
327
|
|
1,078
|
|
753
|
Intercompany
Royalties
|
28
|
|
25
|
|
50
|
|
50
|
Intersegment
Eliminations (1)
|
(36)
|
|
(34)
|
|
(65)
|
|
(66)
|
|
|
$
1,045
|
|
$
1,173
|
|
$
1,988
|
|
$
2,369
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
|
|
|
|
The Venetian
Macao
|
$ (21)
|
|
$ 108
|
|
$
(2)
|
|
$
190
|
The Londoner
Macao
|
(54)
|
|
(5)
|
|
(87)
|
|
(28)
|
The Parisian
Macao
|
(29)
|
|
—
|
|
(40)
|
|
(8)
|
The Plaza Macao and
Four Seasons Macao
|
17
|
|
44
|
|
49
|
|
114
|
Sands Macao
|
(22)
|
|
(13)
|
|
(39)
|
|
(31)
|
Ferry Operations and
Other
|
(1)
|
|
(2)
|
|
(2)
|
|
(5)
|
Macao
Operations
|
(110)
|
|
132
|
|
(121)
|
|
232
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
319
|
|
112
|
|
440
|
|
256
|
|
$ 209
|
|
$ 244
|
|
$
319
|
|
$
488
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
The Venetian
Macao
|
|
|
27.6 %
|
|
|
|
26.0 %
|
The Londoner
Macao
|
|
|
|
|
|
|
|
The Parisian
Macao
|
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Macao
|
21.5 %
|
|
35.2 %
|
|
27.1 %
|
|
38.6 %
|
Sands Macao
|
|
|
|
|
|
|
|
Ferry Operations and
Other
|
|
|
|
|
|
|
|
Macao
Operations
|
|
|
15.4 %
|
|
|
|
14.2 %
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
47.0 %
|
|
34.3 %
|
|
40.8 %
|
|
34.0 %
|
|
|
|
|
|
|
|
|
|
Total
|
20.0 %
|
|
20.8 %
|
|
16.0 %
|
|
20.6 %
|
____________________
|
|
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended June 30, 2021 and for the
six months ended June 30, 2022 and 2021, excludes the results of
the Las Vegas Operating Properties, as they are classified as a
discontinued operation.
|
(1)
|
Intersegment
eliminations include royalties and other intercompany
services.
|
Exhibit
3
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In
millions)
|
(Unaudited)
|
|
The following is a
reconciliation of Net Loss from Continuing Operations to
Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted
Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss from
continuing operations
|
$
(414)
|
|
$
(280)
|
|
$
(892)
|
|
$
(560)
|
Add
(deduct):
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
110
|
|
(6)
|
|
112
|
|
8
|
Other (income)
expense
|
9
|
|
(10)
|
|
31
|
|
7
|
Interest expense, net
of amounts capitalized
|
162
|
|
158
|
|
318
|
|
312
|
Interest
income
|
(14)
|
|
(1)
|
|
(18)
|
|
(2)
|
Loss on disposal or
impairment of assets
|
—
|
|
11
|
|
6
|
|
14
|
Amortization of
leasehold interests in land
|
14
|
|
14
|
|
28
|
|
28
|
Depreciation and
amortization
|
256
|
|
258
|
|
520
|
|
513
|
Development
expense
|
22
|
|
37
|
|
82
|
|
46
|
Pre-opening
expense
|
3
|
|
4
|
|
7
|
|
9
|
Stock-based
compensation (1)
|
6
|
|
3
|
|
11
|
|
8
|
Corporate
expense
|
55
|
|
56
|
|
114
|
|
105
|
Consolidated Adjusted
Property EBITDA
|
$
209
|
|
$
244
|
|
$
319
|
|
$
488
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
(74)
|
|
(62)
|
|
|
|
|
Hold-normalized casino
expense (2)
|
20
|
|
28
|
|
|
|
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
$
155
|
|
$
210
|
|
|
|
|
____________________
|
|
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended June 30, 2021 and for the
six months ended June 30, 2022 and 2021, excludes the results of
the Las Vegas Operating Properties, as they are classified as a
discontinued operation.
|
(1)
|
During the three months
ended June 30, 2022 and 2021, the company recorded stock-based
compensation expense from continuing operations of $15 million and
$7 million, respectively, of which $9 million and $4 million,
respectively, is included in corporate expense on the company's
condensed consolidated statements of operations. During the
six months ended June 30, 2022 and 2021, the company recorded
stock-based compensation expense of $29 million and
$14 million, respectively, of which $18 million and
$6 million, respectively, was included in corporate expense in
the accompanying 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, 2022
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property
EBITDA
|
|
Hold-Normalized
Casino
Revenue
(1)
|
|
Hold-Normalized
Casino
Expense (2)
|
|
Hold-Normalized
Adjusted
Property
EBITDA
|
Macao
Operations
|
|
$
(110)
|
|
$
(22)
|
|
$
9
|
|
$
(123)
|
Marina Bay
Sands
|
|
319
|
|
(52)
|
|
11
|
|
278
|
|
|
$
209
|
|
$
(74)
|
|
$
20
|
|
$
155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property
EBITDA
|
|
Hold-Normalized
Casino
Revenue
(1)
|
|
Hold-Normalized
Casino
Expense (2)
|
|
Hold-Normalized
Adjusted
Property
EBITDA
|
Macao
Operations
|
|
$
132
|
|
$
(43)
|
|
$
24
|
|
$
113
|
Marina Bay
Sands
|
|
112
|
|
(19)
|
|
4
|
|
97
|
|
|
$
244
|
|
$
(62)
|
|
$
28
|
|
$
210
|
____________________
|
|
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended June 30, 2021, excludes the
results of the Las Vegas Operating Properties, as they are
classified as a discontinued operation.
|
(1)
|
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%.
These amounts have been
offset by the estimated commissions paid and discounts and other
incentives rebated directly or indirectly to customers.
|
(2)
|
This represents the
estimated incremental expenses (gaming taxes and bad debt expense)
that would have been incurred or avoided on the incremental casino
revenue calculated in (1) above.
|
Exhibit
5
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In millions, except
per share data)
|
(Unaudited)
|
|
The following is a
reconciliation of Net Income (Loss) Attributable to LVS to Adjusted
Net Loss and Hold-Normalized Adjusted Net Loss:
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net income (loss)
attributable to LVS
|
|
$
(290)
|
|
$
(192)
|
|
$
2,240
|
|
$
(470)
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense
|
|
3
|
|
4
|
|
7
|
|
9
|
Development
expense
|
|
22
|
|
37
|
|
82
|
|
46
|
Loss on disposal or
impairment of assets
|
|
—
|
|
11
|
|
6
|
|
14
|
Other (income)
expense
|
|
9
|
|
(10)
|
|
31
|
|
7
|
(Income) loss from
discontinued operations, net of income
taxes
|
|
3
|
|
(38)
|
|
(2,904)
|
|
24
|
Income tax impact on
net income adjustments (1)
|
|
(5)
|
|
(9)
|
|
(19)
|
|
(11)
|
Noncontrolling interest
impact on net income adjustments
|
|
(4)
|
|
1
|
|
(11)
|
|
(7)
|
Adjusted net loss from
continuing operations attributable to LVS
|
|
$
(262)
|
|
$
(196)
|
|
$
(568)
|
|
$
(388)
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
(74)
|
|
(62)
|
|
|
|
|
Hold-normalized casino
expense (2)
|
|
20
|
|
28
|
|
|
|
|
Income tax impact on
hold adjustments (1)
|
|
7
|
|
3
|
|
|
|
|
Noncontrolling interest
impact on hold adjustments
|
|
4
|
|
6
|
|
|
|
|
Hold-normalized
adjusted net loss from continuing operations
attributable to LVS
|
|
$
(305)
|
|
$
(221)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a
reconciliation of Diluted Income (Loss) per Share to Adjusted Loss
per Diluted Share and Hold-Normalized Adjusted Loss per Diluted
Share:
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Per diluted share of
common stock:
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to LVS
|
|
$
(0.38)
|
|
$
(0.25)
|
|
$
2.93
|
|
$
(0.62)
|
|
|
|
|
|
|
|
|
|
Pre-opening
expense
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
Development
expense
|
|
0.03
|
|
0.05
|
|
0.11
|
|
0.06
|
Loss on disposal or
impairment of assets
|
|
—
|
|
0.01
|
|
—
|
|
0.02
|
Other (income)
expense
|
|
0.01
|
|
(0.01)
|
|
0.04
|
|
0.01
|
(Income) loss from
discontinued operations, net of income
taxes
|
|
—
|
|
(0.05)
|
|
(3.80)
|
|
0.03
|
Income tax impact on
net income adjustments
|
|
—
|
|
(0.01)
|
|
(0.02)
|
|
(0.01)
|
Noncontrolling interest
impact on net income adjustments
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
Adjusted loss per
diluted share from continuing operations
|
|
$
(0.34)
|
|
$
(0.26)
|
|
$
(0.74)
|
|
$
(0.51)
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue
|
|
(0.10)
|
|
(0.08)
|
|
|
|
|
Hold-normalized casino
expense
|
|
0.02
|
|
0.04
|
|
|
|
|
Income tax impact on
hold adjustments
|
|
0.01
|
|
—
|
|
|
|
|
Noncontrolling interest
impact on hold adjustments
|
|
0.01
|
|
0.01
|
|
|
|
|
Hold-normalized
adjusted loss per diluted share from continuing
operations
|
|
$
(0.40)
|
|
$
(0.29)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
764
|
|
764
|
|
764
|
|
764
|
____________________
|
|
|
(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
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Casino
Statistics:
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
1,756
|
|
$
6,104
|
|
$
2,481
|
|
$
5,736
|
Slot machine win per
unit per day (2)
|
|
$
101
|
|
$
192
|
|
$
101
|
|
$
193
|
Average number of
table games
|
|
622
|
|
630
|
|
626
|
|
629
|
Average number of slot
machines
|
|
1,341
|
|
1,170
|
|
1,380
|
|
1,108
|
|
|
|
|
|
|
|
|
|
The Londoner
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
1,170
|
|
$
3,919
|
|
$
1,706
|
|
$
3,224
|
Slot machine win per
unit per day (2)
|
|
$
53
|
|
$
134
|
|
$
56
|
|
$
120
|
Average number of
table games
|
|
471
|
|
475
|
|
474
|
|
475
|
Average number of slot
machines
|
|
1,354
|
|
889
|
|
1,352
|
|
854
|
|
|
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
1,117
|
|
$
3,116
|
|
$
1,757
|
|
$
2,923
|
Slot machine win per
unit per day (2)
|
|
$
30
|
|
$
87
|
|
$
35
|
|
$
91
|
Average number of
table games
|
|
268
|
|
270
|
|
270
|
|
269
|
Average number of slot
machines
|
|
1,093
|
|
914
|
|
1,097
|
|
898
|
|
|
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
3,937
|
|
$
7,597
|
|
$
4,885
|
|
$
9,520
|
Slot machine win per
unit per day (2)
|
|
$
10
|
|
$
61
|
|
$
30
|
|
$
74
|
Average number of
table games
|
|
141
|
|
142
|
|
142
|
|
142
|
Average number of slot
machines
|
|
181
|
|
115
|
|
173
|
|
80
|
|
|
|
|
|
|
|
|
|
Sands Macao:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
1,045
|
|
$
3,079
|
|
$
1,133
|
|
$
2,976
|
Slot machine win per
unit per day (2)
|
|
$
52
|
|
$
106
|
|
$
57
|
|
$
109
|
Average number of
table games
|
|
154
|
|
156
|
|
155
|
|
154
|
Average number of slot
machines
|
|
692
|
|
549
|
|
703
|
|
540
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
9,381
|
|
$
2,770
|
|
$
6,835
|
|
$
3,417
|
Slot machine win per
unit per day (2)
|
|
$
730
|
|
$
773
|
|
$
703
|
|
$
851
|
Average number of
table games
|
|
518
|
|
559
|
|
522
|
|
570
|
Average number of slot
machines
|
|
2,701
|
|
1,947
|
|
2,465
|
|
1,900
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties(3):
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
|
|
|
|
|
$
3,355
|
|
$
2,683
|
Slot machine win per
unit per day (2)
|
|
|
|
|
|
$
518
|
|
$
503
|
Average number of
table games
|
|
|
|
|
|
197
|
|
186
|
Average number of slot
machines
|
|
|
|
|
|
1,778
|
|
1,504
|
____________________
|
|
|
Note:
|
These casino statistics
exclude table games and slot machines shutdown due to social
distancing measures 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.
|
(3)
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
Las Vegas Operating Properties are classified as a discontinued
operation.
|
Exhibit 7
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
The Venetian
Macao
|
June 30,
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
91
|
|
$
307
|
|
$ (216)
|
Rooms
|
12
|
|
24
|
|
(12)
|
Food and
Beverage
|
3
|
|
7
|
|
(4)
|
Mall
|
41
|
|
49
|
|
(8)
|
Convention, Retail and
Other
|
3
|
|
4
|
|
(1)
|
Net Revenues
|
$
150
|
|
$
391
|
|
$ (241)
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(21)
|
|
$
108
|
|
$ (129)
|
EBITDA Margin
%
|
|
|
27.6 %
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
264
|
|
$ 1,510
|
|
$
(1,246)
|
Rolling Chip Win
%(1)
|
4.76 %
|
|
4.91 %
|
|
(0.15) pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
332
|
|
$
999
|
|
$ (667)
|
Non-Rolling Chip Win
%
|
26.2 %
|
|
27.6 %
|
|
(1.4) pts
|
|
|
|
|
|
|
Slot Handle
|
$
254
|
|
$
551
|
|
$ (297)
|
Slot Hold %
|
4.9 %
|
|
3.7 %
|
|
1.2 pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
36.8 %
|
|
58.6 %
|
|
(21.8) pts
|
Average Daily Rate
(ADR)
|
$
137
|
|
$
159
|
|
$ (22)
|
Revenue per Available
Room (RevPAR)
|
$
50
|
|
$
93
|
|
$ (43)
|
____________________
|
|
|
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 at various times during
2021 and 2022. Rooms utilized to house team members due to travel
restrictions during 2022 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 Londoner
Macao
|
June 30,
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
42
|
|
$
133
|
|
$
(91)
|
Rooms
|
14
|
|
28
|
|
(14)
|
Food and
Beverage
|
7
|
|
9
|
|
(2)
|
Mall
|
12
|
|
16
|
|
(4)
|
Convention, Retail and
Other
|
4
|
|
3
|
|
1
|
Net Revenues
|
$
79
|
|
$
189
|
|
$
(110)
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(54)
|
|
$
(5)
|
|
$
(49)
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
222
|
|
$
1,126
|
|
$
(904)
|
Rolling Chip Win
%(1)
|
4.35 %
|
|
4.76 %
|
|
(0.41) pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
175
|
|
$
551
|
|
$
(376)
|
Non-Rolling Chip Win
%
|
23.2 %
|
|
21.0 %
|
|
2.2 pts
|
|
|
|
|
|
|
Slot Handle
|
$
163
|
|
$
286
|
|
$
(123)
|
Slot Hold %
|
4.0 %
|
|
3.8 %
|
|
0.2 pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
24.9 %
|
|
44.2 %
|
|
(19.3) pts
|
Average Daily Rate
(ADR)
|
$
137
|
|
$
152
|
|
$
(15)
|
Revenue per Available
Room (RevPAR)
|
$
34
|
|
$
67
|
|
$
(33)
|
____________________
|
|
|
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 at various times during
2021 and 2022. Rooms utilized for government quarantine purposes
and to house team members due to travel restrictions during 2021
and 2022 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)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
24
|
|
$
69
|
|
$ (45)
|
Rooms
|
7
|
|
17
|
|
(10)
|
Food and
Beverage
|
3
|
|
4
|
|
(1)
|
Mall
|
7
|
|
10
|
|
(3)
|
Convention, Retail and
Other
|
1
|
|
1
|
|
—
|
Net Revenues
|
$
42
|
|
$
101
|
|
$ (59)
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(29)
|
|
$
—
|
|
$ (29)
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
48
|
|
$
32
|
|
$
16
|
Rolling Chip Win
%(1)
|
14.20 %
|
|
8.24 %
|
|
5.96
pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
91
|
|
$
358
|
|
$ (267)
|
Non-Rolling Chip Win
%
|
22.4 %
|
|
20.6 %
|
|
1.8
pts
|
|
|
|
|
|
|
Slot Handle
|
$
64
|
|
$
244
|
|
$ (180)
|
Slot Hold %
|
4.7 %
|
|
3.0 %
|
|
1.7
pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
37.0 %
|
|
58.4 %
|
|
(21.4) pts
|
Average Daily Rate
(ADR)
|
$
100
|
|
$
119
|
|
$ (19)
|
Revenue per Available
Room (RevPAR)
|
$
37
|
|
$
70
|
|
$ (33)
|
____________________
|
|
|
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 at various times during
2021 and 2022. Rooms utilized for government quarantine purposes
and to house team members due to travel restrictions during 2022
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 Macao
|
June 30,
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
38
|
|
$
74
|
|
$ (36)
|
Rooms
|
6
|
|
12
|
|
(6)
|
Food and
Beverage
|
1
|
|
5
|
|
(4)
|
Mall
|
33
|
|
34
|
|
(1)
|
Convention, Retail and
Other
|
1
|
|
—
|
|
1
|
Net Revenues
|
$
79
|
|
$
125
|
|
$ (46)
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
17
|
|
$
44
|
|
$ (27)
|
EBITDA Margin
%
|
21.5 %
|
|
35.2 %
|
|
(13.7) pts
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
489
|
|
$
529
|
|
$ (40)
|
Rolling Chip Win
%(1)
|
4.90 %
|
|
4.42 %
|
|
0.48
pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
101
|
|
$
350
|
|
$ (249)
|
Non-Rolling Chip Win
%
|
26.4 %
|
|
21.4 %
|
|
5.0
pts
|
|
|
|
|
|
|
Slot Handle
|
$
3
|
|
$
18
|
|
$ (15)
|
Slot Hold %
|
5.9 %
|
|
3.5 %
|
|
2.4
pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
23.3 %
|
|
48.4 %
|
|
(25.1) pts
|
Average Daily Rate
(ADR)
|
$
412
|
|
$
445
|
|
$ (33)
|
Revenue per Available
Room (RevPAR)
|
$
96
|
|
$
215
|
|
$ (119)
|
____________________
|
|
|
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 at various times during
2021 and 2022. Rooms utilized to house team members due to travel
restrictions during 2021 and 2022 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)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
14
|
|
$
37
|
|
$ (23)
|
Rooms
|
2
|
|
2
|
|
—
|
Food and
Beverage
|
1
|
|
1
|
|
—
|
Mall
|
—
|
|
1
|
|
(1)
|
Convention, Retail and
Other
|
—
|
|
1
|
|
(1)
|
Net Revenues
|
$
17
|
|
$
42
|
|
$ (25)
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(22)
|
|
$
(13)
|
|
$
(9)
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
66
|
|
$
332
|
|
$ (266)
|
Rolling Chip Win
%(1)
|
6.86 %
|
|
6.51 %
|
|
0.35
pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
57
|
|
$
131
|
|
$ (74)
|
Non-Rolling Chip Win
%
|
17.6 %
|
|
16.9 %
|
|
0.7 pts
|
|
|
|
|
|
|
Slot Handle
|
$
120
|
|
$
161
|
|
$ (41)
|
Slot Hold %
|
2.7 %
|
|
3.3 %
|
|
(0.6)
pts
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
56.6 %
|
|
71.1 %
|
|
(14.5) pts
|
Average Daily Rate
(ADR)
|
$
127
|
|
$
141
|
|
$ (14)
|
Revenue per Available
Room (RevPAR)
|
$
72
|
|
$
100
|
|
$ (28)
|
____________________
|
|
|
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 at various times during
2021 and 2022. Rooms utilized to house team members due to
travel restrictions during 2022 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)
|
2022
|
|
2021
|
|
Change
|
Revenues:
|
|
|
|
|
|
Casino
|
$
500
|
|
$
223
|
|
$ 277
|
Rooms
|
56
|
|
32
|
|
24
|
Food and
Beverage
|
48
|
|
24
|
|
24
|
Mall
|
55
|
|
39
|
|
16
|
Convention, Retail and
Other
|
20
|
|
9
|
|
11
|
Net Revenues
|
$
679
|
|
$
327
|
|
$ 352
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
319
|
|
$
112
|
|
$ 207
|
EBITDA Margin
%
|
47.0 %
|
|
34.3 %
|
|
12.7
pts
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$ 5,394
|
|
$
612
|
|
$
4,782
|
Rolling Chip Win
%(1)
|
4.29 %
|
|
6.44 %
|
|
(2.15) pts
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$ 1,137
|
|
$
553
|
|
$ 584
|
Non-Rolling Chip Win
%
|
18.5 %
|
|
18.1 %
|
|
0.4 pts
|
|
|
|
|
|
|
Slot Handle
|
$ 4,090
|
|
$ 3,165
|
|
$ 925
|
Slot Hold %
|
4.4 %
|
|
4.3 %
|
|
0.1 pts
|
|
|
|
|
|
|
Hotel
Statistics(2)
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
93.9 %
|
|
67.9 %
|
|
26.0
pts
|
Average Daily Rate
(ADR)
|
$
330
|
|
$
221
|
|
$ 109
|
Revenue per Available
Room (RevPAR)
|
$
310
|
|
$
150
|
|
$ 160
|
____________________
|
|
|
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 at various times during
2021 and 2022.
|
(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).
|
(2)
|
During the three months
ended June 30, 2022, approximately 500 rooms were under
construction for renovation purposes.
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental Data -
Asian Retail Mall Operations
|
(Unaudited)
|
|
|
|
For the Three Months
Ended June 30, 2022
|
|
TTM
June 30,
2022
|
(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
|
|
$
41
|
|
$
36
|
|
87.8 %
|
|
814,720
|
|
75.1 %
|
|
$
1,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
21
|
|
20
|
|
95.2 %
|
|
129,921
|
|
100.0 %
|
|
7,648
|
Other Stores
|
|
12
|
|
11
|
|
91.7 %
|
|
118,742
|
|
88.2 %
|
|
2,105
|
Total
|
|
33
|
|
31
|
|
93.9 %
|
|
248,663
|
|
94.4 %
|
|
5,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Londoner
|
|
12
|
|
9
|
|
75.0 %
|
|
605,429
|
|
58.3 %
|
|
1,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian
|
|
7
|
|
5
|
|
71.4 %
|
|
296,322
|
|
73.2 %
|
|
475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
93
|
|
81
|
|
87.1 %
|
|
1,965,134
|
|
72.1 %
|
|
1,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
55
|
|
48
|
|
87.3 %
|
|
622,038
|
|
99.7 %
|
|
2,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
148
|
|
$ 129
|
|
87.2 %
|
|
2,587,172
|
|
78.7 %
|
|
$
1,913
|
____________________
|
|
|
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
$14 million at our Macao properties.
|
(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.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/las-vegas-sands-reports-second-quarter-2022-results-301590406.html
SOURCE Las Vegas Sands Corp.