LAS VEGAS, April 21, 2021 /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 March 31,
2021.
"We couldn't be more enthusiastic about the opportunity to
welcome more guests back to our properties as greater volumes of
visitors are eventually able to travel to Macao, Singapore and Las
Vegas," said Robert G.
Goldstein, chairman and chief executive officer. "We
also remain deeply committed 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 COVID-19 pandemic."
"We remain confident in the eventual recovery in travel and
tourism spending across our markets. Demand for our offerings
from our customers who have been able to visit remains robust, but
pandemic-related travel restrictions, particularly in Macao and Singapore, continue to limit visitation and
hinder our current financial performance."
"Our industry-leading investments in our team members, our
communities, and our market-leading Integrated Resort offerings
position us exceedingly well to deliver growth as these travel
restrictions eventually 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 $1.20 billion, a
decrease of 15.6% from the prior year quarter. Operating loss
was $96 million, compared to
operating income of $6 million in the
prior year quarter. Net loss from continuing operations in
the first quarter of 2021 was $280
million, compared to $92
million in the first quarter of 2020. Consolidated
adjusted property EBITDA was $244
million, compared to $349
million in the prior year quarter.
In March 2021, LVS entered into
definitive agreements to sell its Las
Vegas real property and operations for an aggregate purchase
price of approximately $6.25 billion and anticipates the
transaction to close in the fourth quarter of 2021. The financial
position, results of operations and cash flows of the Las Vegas
Operating Properties have been presented as a discontinued
operation held for sale.
Sands China Ltd. Consolidated Financial Results
On a
GAAP basis, total net revenues for SCL decreased 4.6%, compared to
the first quarter of 2020, to $771
million. Net loss for SCL was $213 million, compared to $166 million in the first quarter of 2020.
Other Factors Affecting Earnings
Interest expense, net
of amounts capitalized, was $154
million for the first quarter of 2021, compared to
$128 million for the prior year
quarter. Our weighted average borrowing cost in the first
quarter of 2021 was 4.4%, compared to 4.2% during the first quarter
of 2020, while 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 and borrowings of
$505 million under the SCL Credit
Facility in the first quarter of 2021.
Our income tax expense for the first quarter of 2021 was
$14 million, compared to $22 million in the prior year quarter. The
income tax expense for the first quarter of 2021 was primarily
driven by a 17% statutory rate on our Singapore operations and a non-cash expense of
$20 million related to an increase of a valuation allowance
related to our U.S. foreign tax credits.
Balance Sheet Items
Unrestricted cash balances as of
March 31, 2021 were $2.07 billion.
The company has access to $3.94 billion available for borrowing under
our U.S., SCL and Singapore
revolving credit facilities, net of outstanding letters of
credit.
As of March 31, 2021, total debt
outstanding, excluding finance leases, was $14.42 billion.
Capital Expenditures
Capital expenditures during the
first quarter totaled $291 million,
including construction, development and maintenance activities of
$268 million in Macao and $23
million at Marina Bay Sands.
Conference Call Information
The company will host a
conference call to discuss the company's results on Wednesday,
April 21, 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; the satisfaction of the conditions precedent to the
consummation of the proposed sale of our Las Vegas real property and operations,
including the Venetian Resort Las Vegas and the Sands Expo and
Convention Center (the "Proposed Transaction"), including the
receipt of regulatory approvals; unanticipated difficulties or
expenditures relating to the Proposed Transaction; legal
proceedings, judgments or settlements that may be instituted in
connection with the Proposed Transaction, including those against
us, our board of directors and executive officers and others;
disruptions of current plans and operations caused by the
announcement and pendency of the Proposed Transaction; potential
difficulties in employee retention due to the announcement and
pendency of the Proposed Transaction; the response of customers,
suppliers, business partners and regulators to the announcement of
the Proposed Transaction; 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.
First Quarter 2021
Results
Non-GAAP Measures
Within the company's first quarter 2021 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 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
|
|
|
March 31,
|
|
|
2021
|
|
2020
|
Revenues:
|
|
|
|
|
Casino
|
|
$
|
865
|
|
|
$
|
1,075
|
|
Rooms
|
|
96
|
|
|
141
|
|
Food and
beverage
|
|
56
|
|
|
64
|
|
Mall
|
|
156
|
|
|
103
|
|
Convention,
retail and other
|
|
23
|
|
|
34
|
|
Net
revenues
|
|
1,196
|
|
|
1,417
|
|
Operating
expenses:
|
|
|
|
|
Resort
operations
|
|
957
|
|
|
1,071
|
|
Corporate
|
|
49
|
|
|
59
|
|
Pre-opening
|
|
5
|
|
|
5
|
|
Development
|
|
9
|
|
|
6
|
|
Depreciation
and amortization
|
|
255
|
|
|
253
|
|
Amortization
of leasehold interests in land
|
|
14
|
|
|
14
|
|
Loss on
disposal or impairment of assets
|
|
3
|
|
|
3
|
|
|
|
1,292
|
|
|
1,411
|
|
Operating income
(loss)
|
|
(96)
|
|
|
6
|
|
Other income
(expense):
|
|
|
|
|
Interest
income
|
|
1
|
|
|
13
|
|
Interest
expense, net of amounts capitalized
|
|
(154)
|
|
|
(128)
|
|
Other income
(expense)
|
|
(17)
|
|
|
39
|
|
Loss from continuing
operations before income taxes
|
|
(266)
|
|
|
(70)
|
|
Income tax
expense
|
|
(14)
|
|
|
(22)
|
|
Net loss from
continuing operations
|
|
(280)
|
|
|
(92)
|
|
Income (loss) from
discontinued operations, net of income taxes
|
|
(62)
|
|
|
41
|
|
Net loss
|
|
(342)
|
|
|
(51)
|
|
Net loss attributable
to noncontrolling interests
|
|
64
|
|
|
50
|
|
Net loss attributable
to Las Vegas Sands Corp.
|
|
$
|
(278)
|
|
|
$
|
(1)
|
|
|
|
|
|
|
Earnings (loss) per
share — basic:
|
|
|
|
|
Net loss from
continuing operations
|
|
$
|
(0.28)
|
|
|
$
|
(0.05)
|
|
Net income (loss) from
discontinued operations, net of income taxes
|
|
(0.08)
|
|
|
0.05
|
|
Net loss per common
share
|
|
$
|
(0.36)
|
|
|
$
|
—
|
|
|
|
|
|
|
Earnings (loss) per
share — diluted:
|
|
|
|
|
Net loss from
continuing operations
|
|
$
|
(0.28)
|
|
|
$
|
(0.05)
|
|
Net income (loss) from
discontinued operations, net of income taxes
|
|
(0.08)
|
|
|
0.05
|
|
Net loss per common
share
|
|
$
|
(0.36)
|
|
|
$
|
—
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
Basic
|
|
764
|
|
|
764
|
|
Diluted
|
|
764
|
|
|
764
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$
|
—
|
|
|
$
|
0.79
|
|
Exhibit 2
|
Las Vegas Sands Corp.
and Subsidiaries
Net Revenues and
Adjusted Property EBITDA
(In
millions)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2021
|
|
2020
|
Net
Revenues
|
|
|
|
|
The Venetian
Macao
|
$
|
340
|
|
|
$
|
315
|
|
The Londoner
Macao
|
137
|
|
|
170
|
|
The Parisian
Macao
|
87
|
|
|
141
|
|
The Plaza Macao and
Four Seasons Macao
|
170
|
|
|
107
|
|
Sands
Macao
|
35
|
|
|
69
|
|
Ferry Operations and
Other
|
8
|
|
|
12
|
|
Macao
Operations
|
777
|
|
|
814
|
|
|
|
|
|
|
Marina Bay
Sands
|
426
|
|
|
612
|
|
Intercompany
Royalties(1)
|
25
|
|
|
35
|
|
Intersegment
Eliminations (2)
|
(32)
|
|
|
(44)
|
|
|
|
$
|
1,196
|
|
|
$
|
1,417
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
The Venetian
Macao
|
$
|
82
|
|
|
$
|
49
|
|
The Londoner
Macao
|
(23)
|
|
|
—
|
|
The Parisian
Macao
|
(8)
|
|
|
(3)
|
|
The Plaza Macao and
Four Seasons Macao
|
70
|
|
|
28
|
|
Sands
Macao
|
(18)
|
|
|
(1)
|
|
Ferry Operations and
Other
|
(3)
|
|
|
(6)
|
|
Macao
Operations
|
100
|
|
|
67
|
|
|
|
|
|
|
Marina Bay
Sands
|
144
|
|
|
282
|
|
|
$
|
244
|
|
|
$
|
349
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
The Venetian
Macao
|
24.1
|
%
|
|
15.6
|
%
|
The Londoner
Macao
|
|
|
|
The Parisian
Macao
|
|
|
|
The Plaza Macao and
Four Seasons Macao
|
41.2
|
%
|
|
26.2
|
%
|
Sands
Macao
|
|
|
|
Ferry Operations and
Other
|
|
|
|
Macao
Operations
|
12.9
|
%
|
|
8.2
|
%
|
|
|
|
|
|
Marina Bay
Sands
|
33.8
|
%
|
|
46.1
|
%
|
|
|
|
|
|
Total
|
20.4
|
%
|
|
24.6
|
%
|
____________________
Note:
|
The information for
the three months ended March 31, 2021 and 2020, excludes the
results of the Las Vegas Operating Properties, as they are
classified as a discontinued operation held for sale.
|
(1)
|
Royalties earned from
foreign operations, which were previously included in the Las Vegas
Operating Properties and will continue post-closing of the
sale.
|
(2)
|
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
|
|
|
March 31,
|
|
|
2021
|
|
2020
|
Net loss from
continuing operations
|
$
|
(280)
|
|
|
$
|
(92)
|
|
Add
(deduct):
|
|
|
|
Income tax
expense
|
14
|
|
|
22
|
|
Other (income)
expense
|
17
|
|
|
(39)
|
|
Interest expense, net
of amounts capitalized
|
154
|
|
|
128
|
|
Interest
income
|
(1)
|
|
|
(13)
|
|
Loss on disposal or
impairment of assets
|
3
|
|
|
3
|
|
Amortization of
leasehold interests in land
|
14
|
|
|
14
|
|
Depreciation and
amortization
|
255
|
|
|
253
|
|
Development
expense
|
9
|
|
|
6
|
|
Pre-opening
expense
|
5
|
|
|
5
|
|
Stock-based
compensation (1)
|
5
|
|
|
3
|
|
Corporate
expense
|
49
|
|
|
59
|
|
Consolidated Adjusted
Property EBITDA
|
$
|
244
|
|
|
$
|
349
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
(80)
|
|
|
10
|
|
Hold-normalized casino
expense (2)
|
27
|
|
|
(5)
|
|
Consolidated
Hold-Normalized Adjusted Property
EBITDA
|
$
|
191
|
|
|
$
|
354
|
|
____________________
Note:
|
The information for
the three months ended March 31, 2021 and 2020, excludes the
results of the Las Vegas Operating Properties, as it is classified
as a discontinued operation held for sale.
|
(1)
|
During the three
months ended March 31, 2021 and 2020, the company recorded
stock-based compensation expense of $7 million and
$7 million, respectively, of which $2 million and
$4 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
March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue (1)
|
|
Expense (2)
|
|
EBITDA
|
Macao
Operations
|
|
$
|
100
|
|
|
$
|
(46)
|
|
|
$
|
21
|
|
|
$
|
75
|
|
Marina Bay
Sands
|
|
144
|
|
|
(34)
|
|
|
6
|
|
|
116
|
|
|
|
$
|
244
|
|
|
$
|
(80)
|
|
|
$
|
27
|
|
|
$
|
191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
EBITDA
|
|
Revenue (1)
|
|
Expense (2)
|
|
EBITDA
|
Macao
Operations
|
|
$
|
67
|
|
|
$
|
25
|
|
|
$
|
(8)
|
|
|
$
|
84
|
|
Marina Bay
Sands
|
|
282
|
|
|
(15)
|
|
|
3
|
|
|
270
|
|
|
|
$
|
349
|
|
|
$
|
10
|
|
|
$
|
(5)
|
|
|
$
|
354
|
|
____________________
Note:
|
The information for
the three months ended March 31, 2021 and 2020, excludes the
results of the Las Vegas Operating Properties, as they are
classified as a discontinued operation held for sale.
|
(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%.
These amounts have
been offset by the estimated commissions paid and discounts and
other incentives rebated directly or indirectly to
customers.
|
(2)
|
Represents the
estimated incremental expenses (gaming taxes and bad debt expense)
that would have been incurred or avoided on the incremental casino
revenue calculated in (1) above.
|
Exhibit 5
|
Las Vegas Sands Corp.
and Subsidiaries
Non-GAAP Measure
Reconciliation
(In millions, except
per share data)
(Unaudited)
|
|
The following is a
reconciliation of Net Loss Attributable to LVS to Adjusted Net Loss
and Hold-Normalized Adjusted Net Loss:
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2021
|
|
2020
|
Net loss attributable
to LVS
|
|
$
|
(278)
|
|
|
$
|
(1)
|
|
|
|
|
|
|
Pre-opening
expense
|
|
5
|
|
|
5
|
|
Development
expense
|
|
9
|
|
|
6
|
|
Loss on disposal or
impairment of assets
|
|
3
|
|
|
3
|
|
Other (income)
expense
|
|
17
|
|
|
(39)
|
|
(Income) loss from
discontinued operations, net of income taxes
|
|
62
|
|
|
(41)
|
|
Income tax impact on
net income adjustments (1)
|
|
(2)
|
|
|
(1)
|
|
Noncontrolling
interest impact on net income adjustments
|
|
(8)
|
|
|
3
|
|
Adjusted net loss
from continuing operations attributable to LVS
|
|
$
|
(192)
|
|
|
$
|
(65)
|
|
|
|
|
|
|
Hold-normalized
casino revenue (2)
|
|
(80)
|
|
|
10
|
|
Hold-normalized
casino expense (2)
|
|
27
|
|
|
(5)
|
|
Income tax impact on
hold adjustments (1)
|
|
5
|
|
|
2
|
|
Noncontrolling
interest impact on hold adjustments
|
|
8
|
|
|
(5)
|
|
Hold-normalized
adjusted net loss from continuing operations attributable to
LVS
|
|
$
|
(232)
|
|
|
$
|
(63)
|
|
|
|
|
|
|
The following is a
reconciliation of Diluted Loss per Share to Adjusted Loss per
Diluted Share and Hold-Normalized Adjusted Loss per Diluted
Share:
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2021
|
|
2020
|
Per diluted share of
common stock:
|
|
|
|
|
Net loss attributable
to LVS
|
|
$
|
(0.36)
|
|
|
$
|
—
|
|
|
|
|
|
|
Pre-opening
expense
|
|
0.01
|
|
|
—
|
|
Development
expense
|
|
0.01
|
|
|
0.01
|
|
Loss on disposal or
impairment of assets
|
|
—
|
|
|
—
|
|
Other (income)
expense
|
|
0.02
|
|
|
(0.05)
|
|
(Income) loss from
discontinued operations, net of income taxes
|
|
0.08
|
|
|
(0.05)
|
|
Income tax impact on
net income adjustments
|
|
—
|
|
|
—
|
|
Noncontrolling
interest impact on net income adjustments
|
|
(0.01)
|
|
|
—
|
|
Adjusted loss per
diluted share from continuing operations
|
|
$
|
(0.25)
|
|
|
$
|
(0.09)
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
(0.10)
|
|
|
0.01
|
|
Hold-normalized
casino expense
|
|
0.04
|
|
|
—
|
|
Income tax impact on
hold adjustments
|
|
—
|
|
|
—
|
|
Noncontrolling
interest impact on hold adjustments
|
|
0.01
|
|
|
—
|
|
Hold-normalized
adjusted loss per diluted share from continuing
operations
|
|
$
|
(0.30)
|
|
|
$
|
(0.08)
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
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
|
|
|
March 31,
|
|
|
2021
|
|
2020
|
Casino
Statistics:
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
5,363
|
|
|
$
|
7,757
|
|
Slot machine win per
unit per day (2)
|
|
$
|
194
|
|
|
$
|
190
|
|
Average number of
table games
|
|
629
|
|
|
484
|
|
Average number of slot
machines
|
|
1,046
|
|
|
1,333
|
|
|
|
|
|
|
The Londoner
Macao:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
2,522
|
|
|
$
|
6,201
|
|
Slot machine win per
unit per day (2)
|
|
$
|
105
|
|
|
$
|
221
|
|
Average number of
table games
|
|
476
|
|
|
304
|
|
Average number of slot
machines
|
|
818
|
|
|
1,040
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
2,726
|
|
|
$
|
7,888
|
|
Slot machine win per
unit per day (2)
|
|
$
|
95
|
|
|
$
|
183
|
|
Average number of
table games
|
|
267
|
|
|
230
|
|
Average number of slot
machines
|
|
881
|
|
|
1,066
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons
Macao:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
11,466
|
|
|
$
|
11,682
|
|
Slot machine win per
unit per day (2)
|
|
$
|
106
|
|
|
$
|
173
|
|
Average number of
table games
|
|
142
|
|
|
121
|
|
Average number of slot
machines
|
|
45
|
|
|
131
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
2,871
|
|
|
$
|
6,356
|
|
Slot machine win per
unit per day (2)
|
|
$
|
113
|
|
|
$
|
152
|
|
Average number of
table games
|
|
153
|
|
|
148
|
|
Average number of slot
machines
|
|
530
|
|
|
722
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
4,077
|
|
|
$
|
8,117
|
|
Slot machine win per
unit per day (2)
|
|
$
|
942
|
|
|
$
|
572
|
|
Average number of
table games
|
|
580
|
|
|
606
|
|
Average number of slot
machines
|
|
1,853
|
|
|
2,368
|
|
|
|
|
|
|
Las Vegas Operating
Properties(3):
|
|
|
|
|
Table games win per
unit per day (1)
|
|
$
|
1,938
|
|
|
$
|
5,522
|
|
Slot machine win per
unit per day (2)
|
|
$
|
380
|
|
|
$
|
321
|
|
Average number of
table games
|
|
179
|
|
|
206
|
|
Average number of slot
machines
|
|
1,491
|
|
|
1,978
|
|
____________________
Note:
|
These casino
statistics exclude table games and slot machines shutdown due to
social distancing measures or closure of the gaming facilities as a
result of the COVID-19 pandemic. Gaming operations at The
Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza
Macao and Sands Macao were closed during a portion of February 2020
due to Macao government mandated closures of all casinos. The
Las Vegas Operating Properties were closed from March 18, 2020
through June 4, 2020, due to the statewide closure of non-essential
services by the State of Nevada. Marina Bay Sands remained in
operation during this period.
|
(1)
|
Table games win per
unit per day is shown before discounts, commissions, deferring
revenue associated with the company's loyalty programs and
allocating casino revenues related to goods and services provided
to patrons on a complimentary basis.
|
(2)
|
Slot machine win per
unit per day is shown before deferring revenue associated with the
company's loyalty programs and allocating casino revenues related
to goods and services provided to patrons on a complimentary
basis.
|
(3)
|
The Las Vegas
Operating Properties are classified as a discontinued operation
held for sale.
|
Exhibit 7
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Venetian
Macao
|
March 31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
266
|
|
|
$
|
251
|
|
|
$
|
15
|
|
|
6.0
|
%
|
Rooms
|
19
|
|
|
21
|
|
|
(2)
|
|
|
(9.5)
|
%
|
Food and
Beverage
|
6
|
|
|
5
|
|
|
1
|
|
|
20.0
|
%
|
Mall
|
46
|
|
|
29
|
|
|
17
|
|
|
58.6
|
%
|
Convention, Retail
and Other
|
3
|
|
|
9
|
|
|
(6)
|
|
|
(66.7)
|
%
|
Net
Revenues
|
$
|
340
|
|
|
$
|
315
|
|
|
$
|
25
|
|
|
7.9
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
82
|
|
|
$
|
49
|
|
|
$
|
33
|
|
|
67.3
|
%
|
EBITDA Margin
%
|
24.1
|
%
|
|
15.6
|
%
|
|
|
|
8.5
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,231
|
|
|
$
|
2,270
|
|
|
$
|
(1,039)
|
|
|
(45.8)
|
%
|
Rolling Chip Win
%(1)
|
4.43
|
%
|
|
3.03
|
%
|
|
|
|
1.40
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
908
|
|
|
$
|
817
|
|
|
$
|
91
|
|
|
11.1
|
%
|
Non-Rolling Chip Win
%
|
27.4
|
%
|
|
27.0
|
%
|
|
|
|
0.4
|
pts
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
462
|
|
|
$
|
438
|
|
|
$
|
24
|
|
|
5.5
|
%
|
Slot Hold
%
|
4.0
|
%
|
|
4.5
|
%
|
|
|
|
(0.5)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
47.2
|
%
|
|
39.2
|
%
|
|
|
|
8.0
|
pts
|
Average Daily Rate
(ADR)
|
$
|
157
|
|
|
$
|
238
|
|
|
$
|
(81)
|
|
|
(34.0)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
74
|
|
|
$
|
93
|
|
|
$
|
(19)
|
|
|
(20.4)
|
%
|
____________________
Note:
|
As a result of the
COVID-19 pandemic, gaming operations were closed from February
5-19, 2020 and non-gaming operations were operating at a reduced
capacity or were temporarily closed during the quarter ended March
31, 2020, due to social distancing measures and travel
restrictions. The property was open during the quarter ended
March 31, 2021; however, the property continued to operate at a
reduced capacity, with some operations temporarily closed.
Rooms utilized to house team members during the quarter ended March
31, 2020, due to travel restrictions, were excluded from the
calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Londoner
Macao
|
March 31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
91
|
|
|
$
|
123
|
|
|
$
|
(32)
|
|
|
(26.0)
|
%
|
Rooms
|
19
|
|
|
27
|
|
|
(8)
|
|
|
(29.6)
|
%
|
Food and
Beverage
|
7
|
|
|
8
|
|
|
(1)
|
|
|
(12.5)
|
%
|
Mall
|
14
|
|
|
9
|
|
|
5
|
|
|
55.6
|
%
|
Convention, Retail
and Other
|
6
|
|
|
3
|
|
|
3
|
|
|
100.0
|
%
|
Net
Revenues
|
$
|
137
|
|
|
$
|
170
|
|
|
$
|
(33)
|
|
|
(19.4)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(23)
|
|
|
$
|
—
|
|
|
$
|
(23)
|
|
|
N.M.
|
|
EBITDA Margin
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
523
|
|
|
$
|
167
|
|
|
$
|
356
|
|
|
213.2
|
%
|
Rolling Chip Win
%(1)
|
3.71
|
%
|
|
5.85
|
%
|
|
|
|
(2.14)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
408
|
|
|
$
|
556
|
|
|
$
|
(148)
|
|
|
(26.6)
|
%
|
Non-Rolling Chip Win
%
|
21.7
|
%
|
|
22.0
|
%
|
|
|
|
(0.3)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
197
|
|
|
$
|
367
|
|
|
$
|
(170)
|
|
|
(46.3)
|
%
|
Slot Hold
%
|
3.9
|
%
|
|
4.4
|
%
|
|
|
|
(0.5)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
35.5
|
%
|
|
38.1
|
%
|
|
|
|
(2.6)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
173
|
|
|
$
|
175
|
|
|
$
|
(2)
|
|
|
(1.1)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
61
|
|
|
$
|
67
|
|
|
$
|
(6)
|
|
|
(9.0)
|
%
|
____________________
N.M.
|
Not
Meaningful
|
Note:
|
As a result of the
COVID-19 pandemic, gaming operations were closed from February
5-26, 2020, while hotel operations were closed for a period in
February and March of 2020 and non-gaming operations were operating
at a reduced capacity or were temporarily closed during the quarter
ended March 31, 2020, due to social distancing measures and travel
restrictions. The property was open during the quarter ended
March 31, 2021; however, the property continued to operate at a
reduced capacity, with some operations temporarily closed. Rooms
utilized for government quarantine purposes during the quarters
ended March 31, 2021 and 2020, and to provide lodging for team
members during the quarter ended March 31, 2020, due to travel
restrictions, were excluded from the calculation of hotel
statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Parisian
Macao
|
March 31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
59
|
|
|
$
|
115
|
|
|
$
|
(56)
|
|
|
(48.7)
|
%
|
Rooms
|
12
|
|
|
13
|
|
|
(1)
|
|
|
(7.7)
|
%
|
Food and
Beverage
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
%
|
Mall
|
10
|
|
|
6
|
|
|
4
|
|
|
66.7
|
%
|
Convention, Retail
and Other
|
1
|
|
|
2
|
|
|
(1)
|
|
|
(50.0)
|
%
|
Net
Revenues
|
$
|
87
|
|
|
$
|
141
|
|
|
$
|
(54)
|
|
|
(38.3)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(8)
|
|
|
$
|
(3)
|
|
|
$
|
(5)
|
|
|
166.7
|
%
|
EBITDA Margin
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
114
|
|
|
$
|
1,890
|
|
|
$
|
(1,776)
|
|
|
(94.0)
|
%
|
Rolling Chip Win
%(1)
|
(3.01)
|
%
|
|
2.49
|
%
|
|
|
|
(5.50)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
300
|
|
|
$
|
390
|
|
|
$
|
(90)
|
|
|
(23.1)
|
%
|
Non-Rolling Chip Win
%
|
23.0
|
%
|
|
23.8
|
%
|
|
|
|
(0.8)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
223
|
|
|
$
|
432
|
|
|
$
|
(209)
|
|
|
(48.4)
|
%
|
Slot Hold
%
|
3.4
|
%
|
|
3.5
|
%
|
|
|
|
(0.1)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
46.7
|
%
|
|
40.3
|
%
|
|
|
|
6.4
|
pts
|
Average Daily Rate
(ADR)
|
$
|
118
|
|
|
$
|
169
|
|
|
$
|
(51)
|
|
|
(30.2)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
55
|
|
|
$
|
68
|
|
|
$
|
(13)
|
|
|
(19.1)
|
%
|
____________________
Note:
|
As a result of the
COVID-19 pandemic, gaming operations were closed from February
5-19, 2020 and non-gaming operations were operating at a reduced
capacity or were temporarily closed during the quarter ended March
31, 2020, due to social distancing measures and travel
restrictions. The property was open during the quarter ended
March 31, 2021; however, the property continued to operate at a
reduced capacity, with some operations temporarily closed.
Rooms utilized to house team members during the quarter ended March
31, 2020, due to travel restrictions, were excluded from the
calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Plaza Macao
and Four Seasons Macao
|
March 31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
115
|
|
|
$
|
83
|
|
|
$
|
32
|
|
|
38.6
|
%
|
Rooms
|
11
|
|
|
4
|
|
|
7
|
|
|
175.0
|
%
|
Food and
Beverage
|
4
|
|
|
3
|
|
|
1
|
|
|
33.3
|
%
|
Mall
|
39
|
|
|
17
|
|
|
22
|
|
|
129.4
|
%
|
Convention, Retail
and Other
|
1
|
|
|
—
|
|
|
1
|
|
|
N.M.
|
|
Net
Revenues
|
$
|
170
|
|
|
$
|
107
|
|
|
$
|
63
|
|
|
58.9
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
70
|
|
|
$
|
28
|
|
|
$
|
42
|
|
|
150.0
|
%
|
EBITDA Margin
%
|
41.2
|
%
|
|
26.2
|
%
|
|
|
|
15.0
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,436
|
|
|
$
|
1,626
|
|
|
$
|
(190)
|
|
|
(11.7)
|
%
|
Rolling Chip Win
%(1)
|
5.93
|
%
|
|
2.84
|
%
|
|
|
|
3.09
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
256
|
|
|
$
|
210
|
|
|
$
|
46
|
|
|
21.9
|
%
|
Non-Rolling Chip Win
%
|
24.1
|
%
|
|
29.9
|
%
|
|
|
|
(5.8)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
4
|
|
|
$
|
37
|
|
|
$
|
(33)
|
|
|
(89.2)
|
%
|
Slot Hold
%
|
10.8
|
%
|
|
4.7
|
%
|
|
|
|
6.1
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
43.7
|
%
|
|
48.4
|
%
|
|
|
|
(4.7)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
432
|
|
|
$
|
329
|
|
|
$
|
103
|
|
|
31.3
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
189
|
|
|
$
|
159
|
|
|
$
|
30
|
|
|
18.9
|
%
|
____________________
N.M.
|
Not
Meaningful
|
Note:
|
As a result of the
COVID-19 pandemic, gaming operations were closed from February
5-19, 2020 and non-gaming operations were operating at a reduced
capacity or were temporarily closed during the quarter ended March
31, 2020, due to social distancing measures and travel
restrictions. The property was open during the quarter ended
March 31, 2021; however, the property continued to operate at a
reduced capacity, with some operations temporarily closed.
Rooms utilized to house team members during the quarter ended March
31, 2020, due to travel restrictions, were excluded from the
calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Sands
Macao
|
March 31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
31
|
|
|
$
|
64
|
|
|
$
|
(33)
|
|
|
(51.6)
|
%
|
Rooms
|
3
|
|
|
2
|
|
|
1
|
|
|
50.0
|
%
|
Food and
Beverage
|
1
|
|
|
2
|
|
|
(1)
|
|
|
(50.0)
|
%
|
Convention, Retail
and Other
|
—
|
|
|
1
|
|
|
(1)
|
|
|
(100.0)
|
%
|
Net
Revenues
|
$
|
35
|
|
|
$
|
69
|
|
|
$
|
(34)
|
|
|
(49.3)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(18)
|
|
|
$
|
(1)
|
|
|
$
|
(17)
|
|
|
1,700.0
|
%
|
EBITDA Margin
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
484
|
|
|
$
|
507
|
|
|
$
|
(23)
|
|
|
(4.5)
|
%
|
Rolling Chip Win
%(1)
|
4.34
|
%
|
|
4.37
|
%
|
|
|
|
(0.03)
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
122
|
|
|
$
|
250
|
|
|
$
|
(128)
|
|
|
(51.2)
|
%
|
Non-Rolling Chip Win
%
|
15.1
|
%
|
|
20.1
|
%
|
|
|
|
(5.0)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
158
|
|
|
$
|
276
|
|
|
$
|
(118)
|
|
|
(42.8)
|
%
|
Slot Hold
%
|
3.4
|
%
|
|
3.0
|
%
|
|
|
|
0.4
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
71.5
|
%
|
|
59.8
|
%
|
|
|
|
11.7
|
pts
|
Average Daily Rate
(ADR)
|
$
|
138
|
|
|
$
|
179
|
|
|
$
|
(41)
|
|
|
(22.9)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
99
|
|
|
$
|
107
|
|
|
$
|
(8)
|
|
|
(7.5)
|
%
|
____________________
Note:
|
As a result of the
COVID-19 pandemic, gaming operations were closed from February
5-19, 2020 and non-gaming operations were operating at a reduced
capacity or were temporarily closed during the quarter ended March
31, 2020, due to social distancing measures and travel
restrictions. The property was open during the quarter ended
March 31, 2021; however, the property continued to operate at a
reduced capacity, with some operations temporarily closed.
Rooms utilized to house team members during the quarter ended March
31, 2020, due to travel restrictions, were excluded from the
calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
Las Vegas Sands Corp.
and Subsidiaries
Supplemental
Data
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Marina Bay
Sands
|
March 31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
303
|
|
|
$
|
439
|
|
|
$
|
(136)
|
|
|
(31.0)
|
%
|
Rooms
|
32
|
|
|
74
|
|
|
(42)
|
|
|
(56.8)
|
%
|
Food and
Beverage
|
33
|
|
|
41
|
|
|
(8)
|
|
|
(19.5)
|
%
|
Mall
|
47
|
|
|
42
|
|
|
5
|
|
|
11.9
|
%
|
Convention, Retail
and Other
|
11
|
|
|
16
|
|
|
(5)
|
|
|
(31.3)
|
%
|
Net
Revenues
|
$
|
426
|
|
|
$
|
612
|
|
|
$
|
(186)
|
|
|
(30.4)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
144
|
|
|
$
|
282
|
|
|
$
|
(138)
|
|
|
(48.9)
|
%
|
EBITDA Margin
%
|
33.8
|
%
|
|
46.1
|
%
|
|
|
|
(12.3)
|
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,512
|
|
|
$
|
6,639
|
|
|
$
|
(5,127)
|
|
|
(77.2)
|
%
|
Rolling Chip Win
%(1)
|
5.59
|
%
|
|
3.53
|
%
|
|
|
|
2.06
|
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
674
|
|
|
$
|
1,077
|
|
|
$
|
(403)
|
|
|
(37.4)
|
%
|
Non-Rolling Chip Win
%
|
19.1
|
%
|
|
19.8
|
%
|
|
|
|
(0.7)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
3,745
|
|
|
$
|
2,870
|
|
|
$
|
875
|
|
|
30.5
|
%
|
Slot Hold
%
|
4.2
|
%
|
|
4.3
|
%
|
|
|
|
(0.1)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
63.0
|
%
|
|
81.0
|
%
|
|
|
|
(18.0)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
228
|
|
|
$
|
417
|
|
|
$
|
(189)
|
|
|
(45.3)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
143
|
|
|
$
|
338
|
|
|
$
|
(195)
|
|
|
(57.7)
|
%
|
____________________
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity
during the quarter ended March 31, 2021, with some operations
temporarily closed.
|
(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 -
Discontinued Operation Held for Sale
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Las Vegas
Operating Properties(1)
|
March 31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
|
53
|
|
|
$
|
102
|
|
|
$
|
(49)
|
|
|
(48.0)
|
%
|
Rooms
|
45
|
|
|
127
|
|
|
(82)
|
|
|
(64.6)
|
%
|
Food and
Beverage
|
24
|
|
|
75
|
|
|
(51)
|
|
|
(68.0)
|
%
|
Convention, Retail
and Other(2)
|
17
|
|
|
61
|
|
|
(44)
|
|
|
(72.1)
|
%
|
Net
Revenues
|
$
|
139
|
|
|
$
|
365
|
|
|
$
|
(226)
|
|
|
(61.9)
|
%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
(47)
|
|
|
$
|
88
|
|
|
$
|
(135)
|
|
|
(153.4)
|
%
|
EBITDA Margin
%
|
|
|
24.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
335
|
|
|
$
|
446
|
|
|
$
|
(111)
|
|
|
(24.9)
|
%
|
Table Games Win
%(3)
|
9.3
|
%
|
|
19.9
|
%
|
|
|
|
(10.6)
|
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
625
|
|
|
$
|
603
|
|
|
$
|
22
|
|
|
3.6
|
%
|
Slot Hold
%
|
8.1
|
%
|
|
8.2
|
%
|
|
|
|
(0.1)
|
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
42.6
|
%
|
|
87.2
|
%
|
|
|
|
(44.6)
|
pts
|
Average Daily Rate
(ADR)
|
$
|
185
|
|
|
$
|
266
|
|
|
$
|
(81)
|
|
|
(30.5)
|
%
|
Revenue per Available
Room (RevPAR)
|
$
|
79
|
|
|
$
|
232
|
|
|
$
|
(153)
|
|
|
(65.9)
|
%
|
____________________
Note:
|
Due to the statewide
closure of non-essential services by the State of Nevada as a
result of the COVID-19 pandemic, the property was closed beginning
on March 18, 2020, and reopened on June 4, 2020. For the
quarter ended March 31, 2021, 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 that remained closed for a
portion of the quarter ended March 31, 2021, were excluded from the
calculation of hotel statistics above.
|
(1)
|
In March 2021, LVS
entered into definitive agreements to sell its Las Vegas real
property and operations and as a result have been classified as a
discontinued operation held for sale.
|
(2)
|
Prior year amounts
have been adjusted to conform to the current period presentation,
which excludes intercompany royalties as these will continue
post-closing of the sale. See Exhibit 2.
|
(3)
|
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 March 31, 2021
|
|
TTM
March 31,
2021
|
(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
|
|
$
|
46
|
|
|
$
|
42
|
|
|
91.3
|
%
|
|
812,936
|
|
|
79.9
|
%
|
|
$
|
940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
21
|
|
|
20
|
|
|
95.2
|
%
|
|
125,466
|
|
|
100.0
|
%
|
|
5,150
|
|
Other
Stores
|
|
18
|
|
|
17
|
|
|
94.4
|
%
|
|
118,638
|
|
|
87.7
|
%
|
|
1,632
|
|
Total
|
|
39
|
|
|
37
|
|
|
94.9
|
%
|
|
244,104
|
|
|
94.0
|
%
|
|
3,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Londoner(3)
|
|
14
|
|
|
12
|
|
|
85.7
|
%
|
|
515,958
|
|
|
81.0
|
%
|
|
576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian
|
|
10
|
|
|
9
|
|
|
90.0
|
%
|
|
296,145
|
|
|
79.8
|
%
|
|
422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
109
|
|
|
100
|
|
|
91.7
|
%
|
|
1,869,143
|
|
|
82.0
|
%
|
|
1,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
47
|
|
|
41
|
|
|
87.2
|
%
|
|
620,297
|
|
|
98.9
|
%
|
|
1,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
156
|
|
|
$
|
141
|
|
|
90.4
|
%
|
|
2,489,440
|
|
|
86.2
|
%
|
|
$
|
1,138
|
|
____________________
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
$13 million at our Macao properties and $6 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 upon completion of all phases of the
renovation, rebranding and expansion to The Londoner
Macao.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-first-quarter-2021-results-301274229.html
SOURCE Las Vegas Sands