For the quarter ended March 31, 2022
(Compared to the quarter ended March 31,
2021)
- Pandemic-Related Restrictions and Reduced Visitation
Continue to Impact Financial Results
- Generating Positive Adjusted Property EBITDA at Marina Bay
Sands in Singapore
- Ongoing Investments in Capacity Expansion and Enhancement
of Property Portfolio in Macao and
Singapore Position the Company for Future Growth
- Safety and Security of Team Members and Guests and Support
for Local Communities in Macao and
Singapore Remain Fundamental to Our Efforts
LAS
VEGAS, April 27, 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 March 31,
2022.
"While pandemic-related restrictions continued to impact our
financial results this quarter, we were able to generate positive
EBITDA at Marina Bay Sands in Singapore, and for the company as a
whole. 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 Macao and Singapore," 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 COVID-19 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, but
pandemic-related travel restrictions in both 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 Integrated Resort property portfolio position
us exceedingly well to deliver future growth as these 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 $943 million,
compared to $1.20 billion in the
prior year quarter. Operating loss was $302 million, compared to $96 million in the prior year quarter. Net
loss from continuing operations in the first quarter of 2022 was
$478 million, compared to
$280 million in the first quarter of
2021.
Consolidated adjusted property EBITDA was $110 million, compared to $244 million in the prior year quarter.
On February 23, 2022, LVS closed
the sale of its Las Vegas real
property and operations and received approximately $5.05 billion in cash proceeds, before working
capital adjustments, transaction costs and income taxes. In
addition, the company provided $1.20
billion in seller financing in the form of a six-year
secured term loan. The financial position, results of
operations and cash flows of the Las Vegas Operating Properties
have been presented as a discontinued operation.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased to
$547 million, compared to $771 million in the first
quarter of 2021. Net loss for SCL was $336 million, compared to $213 million in the first quarter of 2021.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $156 million for the first quarter of 2022,
compared to $154 million in the prior
year quarter. Our weighted average borrowing cost in the
first quarter of 2022 was 4.2% compared to 4.4% during the first
quarter of 2021, while our weighted average debt balance increased
compared to the prior year quarter due to borrowings of
$251 million and $201 million under the SCL Credit Facility in
October 2021 and March 2022, respectively.
Our income tax expense for the first quarter of 2022 was
$2 million, compared to income tax
expense of $14 million in the prior
year quarter. The income tax expense for the first quarter of
2022 was primarily driven by a 17% statutory rate on our
Singapore operations.
Balance Sheet Items
Unrestricted cash balances as of March
31, 2022 were $6.43
billion.
The company has access to $3.48 billion available for borrowing under
our U.S., SCL and Singapore
revolving credit facilities, net of outstanding letters of
credit.
As of March 31, 2022, total debt
outstanding, excluding finance leases and financed purchases, was
$14.95 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled
$137 million, including construction,
development and maintenance activities of $84 million in Macao, $50
million at Marina Bay Sands and $3
million in Corporate and Other.
Conference Call Information
The company will host a conference call to discuss the company's
results on Wednesday, April 27, 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 June 26, 2022, the grant
of any new concession in Macao and
proposed 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; our relationship with gaming promoters and
customers; 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.
Las Vegas Sands Corp.
First Quarter 2022 Results
Non-GAAP Measures
Within the company's first 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 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,
|
|
2022
|
|
2021
|
|
Revenues:
|
|
|
|
|
Casino
|
$
627
|
|
$
865
|
|
Rooms
|
95
|
|
96
|
|
Food and
beverage
|
53
|
|
56
|
|
Mall
|
149
|
|
156
|
|
Convention,
retail and other
|
19
|
|
23
|
|
Net revenues
|
943
|
|
1,196
|
|
Operating
expenses:
|
|
|
|
|
Resort
operations
|
838
|
|
957
|
|
Corporate
|
59
|
|
49
|
|
Pre-opening
|
4
|
|
5
|
|
Development
|
60
|
|
9
|
|
Depreciation and
amortization
|
264
|
|
255
|
|
Amortization of
leasehold interests in land
|
14
|
|
14
|
|
Loss on disposal
or impairment of assets
|
6
|
|
3
|
|
1,245
|
|
1,292
|
|
Operating
loss
|
(302)
|
|
(96)
|
|
Other income
(expense):
|
|
|
|
|
Interest
income
|
4
|
|
1
|
|
Interest
expense, net of amounts capitalized
|
(156)
|
|
(154)
|
|
Other
expense
|
(22)
|
|
(17)
|
|
Loss from continuing
operations before income taxes
|
(476)
|
|
(266)
|
|
Income tax
expense
|
(2)
|
|
(14)
|
|
Net loss from
continuing operations
|
(478)
|
|
(280)
|
|
Discontinued
operations:
|
|
|
|
|
Income (loss)
from operations of discontinued operations, net of tax
|
46
|
|
(62)
|
|
Gain on disposal
of discontinued operations, net of tax
|
2,861
|
|
—
|
|
Income (loss) from
discontinued operations, net of tax
|
2,907
|
|
(62)
|
|
Net income
(loss)
|
2,429
|
|
(342)
|
|
Net loss attributable
to noncontrolling interests
|
101
|
|
64
|
|
Net income (loss)
attributable to Las Vegas Sands Corp.
|
$
2,530
|
|
$
(278)
|
|
|
|
|
|
Earnings (loss) per
share — basic:
|
|
|
|
|
Net loss from
continuing operations
|
$
(0.49)
|
|
$
(0.28)
|
|
Net income
(loss) from discontinued operations, net of income taxes
|
3.80
|
|
(0.08)
|
|
Net income
(loss) per common share
|
$
3.31
|
|
$
(0.36)
|
|
|
|
|
|
Earnings (loss) per
share — diluted:
|
|
|
|
|
Net loss from
continuing operations
|
$
(0.49)
|
|
$
(0.28)
|
|
Net income
(loss) from discontinued operations, net of income taxes
|
3.80
|
|
(0.08)
|
|
Net income
(loss) per common share
|
$
3.31
|
|
$
(0.36)
|
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
|
Basic
|
764
|
|
764
|
|
Diluted
|
764
|
|
764
|
|
Exhibit 2
|
|
Las Vegas
Sands Corp. and Subsidiaries
|
|
Net Revenues and
Adjusted Property EBITDA
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2022
|
|
2021
|
|
Net Revenues
|
|
|
|
|
|
The Venetian
Macao
|
$
227
|
|
$
340
|
|
The Londoner
Macao
|
121
|
|
137
|
|
The Parisian
Macao
|
74
|
|
87
|
|
The Plaza Macao and
Four Seasons Macao
|
102
|
|
170
|
|
Sands Macao
|
20
|
|
35
|
|
Ferry Operations and
Other
|
7
|
|
8
|
|
Macao
Operations
|
551
|
|
777
|
|
|
|
|
|
|
Marina Bay
Sands
|
399
|
|
426
|
|
Intercompany
Royalties
|
22
|
|
25
|
|
Intersegment
Eliminations (1)
|
(29)
|
|
(32)
|
|
|
$
943
|
|
$
1,196
|
|
|
|
|
|
|
Adjusted Property EBITDA
|
|
|
|
|
|
The Venetian
Macao
|
$
19
|
|
$
82
|
|
The Londoner
Macao
|
(33)
|
|
(23)
|
|
The Parisian
Macao
|
(11)
|
|
(8)
|
|
The Plaza Macao and
Four Seasons Macao
|
32
|
|
70
|
|
Sands Macao
|
(17)
|
|
(18)
|
|
Ferry Operations and
Other
|
(1)
|
|
(3)
|
|
Macao
Operations
|
(11)
|
|
100
|
|
|
|
|
|
|
Marina Bay
Sands
|
121
|
|
144
|
|
$
110
|
|
$
244
|
|
|
|
|
|
|
Adjusted Property EBITDA as a Percentage of Net
Revenues
|
|
|
|
|
The Venetian
Macao
|
8.4%
|
|
24.1%
|
|
The Londoner
Macao
|
|
|
|
|
The Parisian
Macao
|
|
|
|
|
The Plaza Macao and
Four Seasons Macao
|
31.4%
|
|
41.2%
|
|
Sands Macao
|
|
|
|
|
Ferry Operations and
Other
|
|
|
|
|
Macao
Operations
|
|
|
12.9%
|
|
|
|
|
|
|
Marina Bay
Sands
|
30.3%
|
|
33.8%
|
|
|
|
|
|
|
Total
|
11.7%
|
|
20.4%
|
____________________
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended March 31, 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
|
|
|
March 31,
|
|
|
2022
|
|
2021
|
|
Net loss from
continuing operations
|
$
(478)
|
|
$
(280)
|
|
Add
(deduct):
|
|
|
|
|
Income tax expense
|
2
|
|
14
|
|
Other expense
|
22
|
|
17
|
|
Interest expense, net of amounts capitalized
|
156
|
|
154
|
|
Interest income
|
(4)
|
|
(1)
|
|
Loss on disposal or impairment of assets
|
6
|
|
3
|
|
Amortization of leasehold interests in land
|
14
|
|
14
|
|
Depreciation and amortization
|
264
|
|
255
|
|
Development expense
|
60
|
|
9
|
|
Pre-opening expense
|
4
|
|
5
|
|
Stock-based compensation (1)
|
5
|
|
5
|
|
Corporate expense
|
59
|
|
49
|
|
Consolidated Adjusted Property EBITDA
|
$
110
|
|
$
244
|
|
|
|
|
|
|
Hold-normalized casino revenue (2)
|
(12)
|
|
(80)
|
|
Hold-normalized casino expense (2)
|
5
|
|
27
|
|
Consolidated Hold-Normalized Adjusted Property
EBITDA
|
$
103
|
|
$
191
|
____________________
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended March 31, 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 March 31, 2022 and 2021, the company recorded
stock-based compensation expense from continuing operations of $14
million and $7 million, respectively, of which $9 million and $2
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, 2022
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property
EBITDA
|
|
Hold-Normalized
Casino
Revenue
(1)
|
|
Hold-Normalized
Casino
Expense
(2)
|
|
Hold-Normalized
Adjusted
Property
EBITDA
|
|
Macao
Operations
|
|
$
(11)
|
|
$
(12)
|
|
$
5
|
|
$
(18)
|
|
Marina Bay
Sands
|
|
121
|
|
—
|
|
—
|
|
121
|
|
|
$
110
|
|
$
(12)
|
|
$
5
|
|
$
103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Property
EBITDA
|
|
Hold-Normalized
Casino
Revenue
(1)
|
|
Hold-Normalized
Casino
Expense
(2)
|
|
Hold-Normalized
Adjusted
Property
EBITDA
|
|
Macao
Operations
|
|
$
100
|
|
$
(46)
|
|
$
21
|
|
$
75
|
|
Marina Bay
Sands
|
|
144
|
|
(34)
|
|
6
|
|
116
|
|
|
$
244
|
|
$
(80)
|
|
$
27
|
|
$
191
|
____________________
|
Note:
|
The sale of the Las
Vegas Operating Properties closed on February 23, 2022. The
information for the three months ended March 31, 2022 and 2021,
excludes the results of the Las Vegas Operating Properties, as they
are classified as a discontinued operation.
|
|
(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 Income (Loss) Attributable to LVS to Adjusted
Net Loss and Hold-Normalized Adjusted
Net Loss:
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2022
|
|
2021
|
|
Net income (loss)
attributable to LVS
|
|
$
2,530
|
|
$
(278)
|
|
|
|
|
|
|
Pre-opening
expense
|
|
4
|
|
5
|
|
Development
expense
|
|
60
|
|
9
|
|
Loss on disposal or
impairment of assets
|
|
6
|
|
3
|
|
Other
expense
|
|
22
|
|
17
|
|
(Income) loss from
discontinued operations, net of income taxes
|
|
(2,907)
|
|
62
|
|
Income tax impact on
net income adjustments (1)
|
|
(14)
|
|
(2)
|
|
Noncontrolling interest
impact on net income adjustments
|
|
(7)
|
|
(8)
|
|
Adjusted net loss from
continuing operations attributable to LVS
|
|
$
(306)
|
|
$
(192)
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
(12)
|
|
(80)
|
|
Hold-normalized casino
expense (2)
|
|
5
|
|
27
|
|
Income tax impact on
hold adjustments (1)
|
|
—
|
|
5
|
|
Noncontrolling interest
impact on hold adjustments
|
|
2
|
|
8
|
|
Hold-normalized
adjusted net loss from continuing operations attributable to
LVS
|
|
$
(311)
|
|
$
(232)
|
|
|
|
|
|
|
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
|
|
|
March 31,
|
|
|
2022
|
|
2021
|
|
Per diluted share of
common stock:
|
|
|
|
|
|
Net income (loss)
attributable to LVS
|
|
$
3.31
|
|
$
(0.36)
|
|
|
|
|
|
|
Pre-opening
expense
|
|
—
|
|
0.01
|
|
Development
expense
|
|
0.08
|
|
0.01
|
|
Loss on disposal or
impairment of assets
|
|
0.01
|
|
—
|
|
Other
expense
|
|
0.03
|
|
0.02
|
|
(Income) loss from
discontinued operations, net of income taxes
|
|
(3.80)
|
|
0.08
|
|
Income tax impact on
net income adjustments
|
|
(0.02)
|
|
—
|
|
Noncontrolling interest
impact on net income adjustments
|
|
(0.01)
|
|
(0.01)
|
|
Adjusted loss per
diluted share from continuing operations
|
|
$
(0.40)
|
|
$
(0.25)
|
|
|
|
|
|
|
Hold-normalized casino
revenue
|
|
(0.02)
|
|
(0.10)
|
|
Hold-normalized casino
expense
|
|
0.01
|
|
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
|
|
$
(0.41)
|
|
$
(0.30)
|
|
|
|
|
|
|
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,
|
|
|
2022
|
|
2021
|
|
Casino Statistics:
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$
3,202
|
|
$
5,363
|
|
Slot machine win per unit per day (2)
|
|
$
101
|
|
$
194
|
|
Average number of table games
|
|
631
|
|
629
|
|
Average number of slot machines
|
|
1,418
|
|
1,046
|
|
|
|
|
|
|
The Londoner
Macao:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$
2,242
|
|
$
2,522
|
|
Slot machine win per unit per day (2)
|
|
$
60
|
|
$
105
|
|
Average number of table games
|
|
476
|
|
476
|
|
Average number of slot machines
|
|
1,350
|
|
818
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$
2,395
|
|
$
2,726
|
|
Slot machine win per unit per day (2)
|
|
$
41
|
|
$
95
|
|
Average number of table games
|
|
272
|
|
267
|
|
Average number of slot machines
|
|
1,101
|
|
881
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Macao:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$
5,839
|
|
$
11,466
|
|
Slot machine win per unit per day (2)
|
|
$
52
|
|
$
106
|
|
Average number of table games
|
|
142
|
|
142
|
|
Average number of slot machines
|
|
165
|
|
45
|
|
|
|
|
|
|
Sands Macao:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$
1,221
|
|
$
2,871
|
|
Slot machine win per unit per day (2)
|
|
$
63
|
|
$
113
|
|
Average number of table games
|
|
156
|
|
153
|
|
Average number of slot machines
|
|
714
|
|
530
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$
4,302
|
|
$
4,077
|
|
Slot machine win per unit per day (2)
|
|
$
671
|
|
$
942
|
|
Average number of table games
|
|
526
|
|
580
|
|
Average number of slot machines
|
|
2,226
|
|
1,853
|
|
|
|
|
|
|
Las Vegas Operating
Properties(3):
|
|
|
|
|
|
Table games win per unit per day (1)
|
|
$
3,355
|
|
$
1,938
|
|
Slot machine win per unit per day (2)
|
|
$
518
|
|
$
380
|
|
Average number of table games
|
|
197
|
|
179
|
|
Average number of slot machines
|
|
1,778
|
|
1,491
|
____________________
|
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
|
March 31,
|
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$
157
|
|
$
266
|
|
$ (109)
|
|
Rooms
|
16
|
|
19
|
|
(3)
|
|
Food and
Beverage
|
6
|
|
6
|
|
—
|
|
Mall
|
44
|
|
46
|
|
(2)
|
|
Convention, Retail and
Other
|
4
|
|
3
|
|
1
|
|
Net Revenues
|
$
227
|
|
$
340
|
|
$ (113)
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
19
|
|
$
82
|
|
$ (63)
|
|
EBITDA Margin
%
|
8.4%
|
|
24.1%
|
|
(15.7) pts
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
720
|
|
$ 1,231
|
|
$ (511)
|
|
Rolling Chip Win %(1)
|
3.25%
|
|
4.43%
|
|
(1.18) pts
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
636
|
|
$
908
|
|
$ (272)
|
|
Non-Rolling Chip Win %
|
24.9%
|
|
27.4%
|
|
(2.5) pts
|
|
|
|
|
|
|
|
Slot Handle
|
$
423
|
|
$
462
|
|
$ (39)
|
|
Slot Hold %
|
3.0%
|
|
4.0%
|
|
(1.0) pts
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
42.7%
|
|
47.2%
|
|
(4.5) pts
|
|
Average Daily Rate
(ADR)
|
$
153
|
|
$
157
|
|
$
(4)
|
|
Revenue per Available
Room (RevPAR)
|
$
65
|
|
$
74
|
|
$
(9)
|
____________________
|
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
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).
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
Supplemental
Data
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
The Londoner Macao
|
March 31,
|
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$
79
|
|
$
91
|
|
$ (12)
|
|
Rooms
|
19
|
|
19
|
|
—
|
|
Food and
Beverage
|
8
|
|
7
|
|
1
|
|
Mall
|
14
|
|
14
|
|
—
|
|
Convention, Retail and
Other
|
1
|
|
6
|
|
(5)
|
|
Net Revenues
|
$
121
|
|
$
137
|
|
$ (16)
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(33)
|
|
$
(23)
|
|
$ (10)
|
|
EBITDA Margin
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
369
|
|
$
523
|
|
$ (154)
|
|
Rolling Chip Win %(1)
|
4.72%
|
|
3.71%
|
|
1.01
pts
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
354
|
|
$
408
|
|
$ (54)
|
|
Non-Rolling Chip Win %
|
22.2%
|
|
21.7%
|
|
0.5 pts
|
|
|
|
|
|
|
|
Slot Handle
|
$
232
|
|
$
197
|
|
$
35
|
|
Slot Hold %
|
3.1%
|
|
3.9%
|
|
(0.8) pts
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
28.0%
|
|
35.5%
|
|
(7.5) pts
|
|
Average Daily Rate
(ADR)
|
$
154
|
|
$
173
|
|
$ (19)
|
|
Revenue per Available
Room (RevPAR)
|
$
43
|
|
$
61
|
|
$ (18)
|
____________________
|
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
during 2021 and 2022, and to house team members during 2022 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)
|
2022
|
|
2021
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$
51
|
|
$
59
|
|
$
(8)
|
|
Rooms
|
11
|
|
12
|
|
(1)
|
|
Food and
Beverage
|
3
|
|
5
|
|
(2)
|
|
Mall
|
8
|
|
10
|
|
(2)
|
|
Convention, Retail and
Other
|
1
|
|
1
|
|
—
|
|
Net Revenues
|
$
74
|
|
$
87
|
|
$ (13)
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(11)
|
|
$
(8)
|
|
$
(3)
|
|
EBITDA Margin
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
160
|
|
$
114
|
|
$
46
|
|
Rolling Chip Win %(1)
|
7.95%
|
|
(3.01)%
|
|
10.96
pts
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
180
|
|
$
300
|
|
$ (120)
|
|
Non-Rolling Chip Win %
|
25.5%
|
|
23.0%
|
|
2.5 pts
|
|
|
|
|
|
|
|
Slot Handle
|
$
123
|
|
$
223
|
|
$ (100)
|
|
Slot Hold %
|
3.3%
|
|
3.4%
|
|
(0.1) pts
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
41.3%
|
|
46.7%
|
|
(5.4) pts
|
|
Average Daily Rate
(ADR)
|
$
119
|
|
$
118
|
|
$
1
|
|
Revenue per Available
Room (RevPAR)
|
$
49
|
|
$
55
|
|
$
(6)
|
____________________
|
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 during 2022 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)
|
2022
|
|
2021
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$
55
|
|
$
115
|
|
$ (60)
|
|
Rooms
|
9
|
|
11
|
|
(2)
|
|
Food and
Beverage
|
4
|
|
4
|
|
—
|
|
Mall
|
34
|
|
39
|
|
(5)
|
|
Convention, Retail and
Other
|
—
|
|
1
|
|
(1)
|
|
Net Revenues
|
$
102
|
|
$
170
|
|
$ (68)
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
32
|
|
$
70
|
|
$ (38)
|
|
EBITDA Margin
%
|
31.4%
|
|
41.2%
|
|
(9.8) pts
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
574
|
|
$ 1,436
|
|
$ (862)
|
|
Rolling Chip Win %(1)
|
3.29%
|
|
5.93%
|
|
(2.64) pts
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
215
|
|
$
256
|
|
$ (41)
|
|
Non-Rolling Chip Win %
|
25.9%
|
|
24.1%
|
|
1.8 pts
|
|
|
|
|
|
|
|
Slot Handle
|
$
9
|
|
$
4
|
|
$
5
|
|
Slot Hold %
|
8.7%
|
|
10.8%
|
|
(2.1) pts
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
35.8%
|
|
43.7%
|
|
(7.9) pts
|
|
Average Daily Rate
(ADR)
|
$
440
|
|
$
432
|
|
$
8
|
|
Revenue per Available
Room (RevPAR)
|
$
157
|
|
$
189
|
|
$ (32)
|
____________________
|
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 during 2022 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)
|
2022
|
|
2021
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$
17
|
|
$
31
|
|
$ (14)
|
|
Rooms
|
2
|
|
3
|
|
(1)
|
|
Food and
Beverage
|
1
|
|
1
|
|
—
|
|
Net Revenues
|
$
20
|
|
$
35
|
|
$ (15)
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(17)
|
|
$
(18)
|
|
$
1
|
|
EBITDA Margin
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
80
|
|
$
484
|
|
$ (404)
|
|
Rolling Chip Win %(1)
|
2.83%
|
|
4.34%
|
|
(1.51) pts
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
77
|
|
$
122
|
|
$ (45)
|
|
Non-Rolling Chip Win %
|
19.4%
|
|
15.1%
|
|
4.3 pts
|
|
|
|
|
|
|
|
Slot Handle
|
$
124
|
|
$
158
|
|
$ (34)
|
|
Slot Hold %
|
3.3%
|
|
3.4%
|
|
(0.1) pts
|
|
|
|
|
|
|
|
Hotel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
57.1%
|
|
71.5%
|
|
(14.4) pts
|
|
Average Daily Rate
(ADR)
|
$
137
|
|
$
138
|
|
$
(1)
|
|
Revenue per Available
Room (RevPAR)
|
$
78
|
|
$
99
|
|
$ (21)
|
____________________
|
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).
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
Supplemental
Data
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Marina Bay Sands
|
March 31,
|
|
|
|
(Dollars in
millions)
|
2022
|
|
2021
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
Casino
|
$
268
|
|
$
303
|
|
$ (35)
|
|
Rooms
|
38
|
|
32
|
|
6
|
|
Food and
Beverage
|
31
|
|
33
|
|
(2)
|
|
Mall
|
49
|
|
47
|
|
2
|
|
Convention, Retail and
Other
|
13
|
|
11
|
|
2
|
|
Net Revenues
|
$
399
|
|
$
426
|
|
$ (27)
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
121
|
|
$
144
|
|
$ (23)
|
|
EBITDA Margin
%
|
30.3%
|
|
33.8%
|
|
(3.5) pts
|
|
|
|
|
|
|
|
Gaming Statistics
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$ 1,899
|
|
$ 1,512
|
|
$ 387
|
|
Rolling Chip Win %(1)
|
3.30%
|
|
5.59%
|
|
(2.29) pts
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
795
|
|
$
674
|
|
$ 121
|
|
Non-Rolling Chip Win %
|
17.7%
|
|
19.1%
|
|
(1.4) pts
|
|
|
|
|
|
|
|
Slot Handle
|
$ 3,282
|
|
$ 3,745
|
|
$ (463)
|
|
Slot Hold %
|
4.1%
|
|
4.2%
|
|
(0.1) pts
|
|
|
|
|
|
|
|
Hotel Statistics(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
83.8%
|
|
63.0%
|
|
20.8
pts
|
|
Average Daily Rate
(ADR)
|
$
257
|
|
$
228
|
|
$
29
|
|
Revenue per Available
Room (RevPAR)
|
$
215
|
|
$
143
|
|
$
72
|
____________________
|
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 March 31, 2022, approximately 500 rooms were under
construction for renovation purposes.
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
Supplemental Data -
Discontinued Operation
|
|
(Unaudited)
|
|
|
|
Las Vegas Operating
Properties(1)
|
53-Day Period
Ended
February 22,
|
|
|
(Dollars in
millions)
|
2022
|
|
Revenues:
|
|
|
Casino
|
$
61
|
|
Rooms
|
78
|
|
Food and
Beverage
|
43
|
|
Convention, Retail and
Other
|
46
|
|
Net Revenues
|
$
228
|
|
|
|
Adjusted Property
EBITDA
|
$
63
|
|
EBITDA Margin
%
|
27.6%
|
|
|
|
Gaming Statistics
|
|
|
(Dollars in
millions)
|
|
|
|
|
Table Games
Drop
|
$
257
|
|
Table Games Win %(2)
|
13.6%
|
|
|
|
Slot Handle
|
$
599
|
|
Slot Hold %
|
8.2%
|
|
|
|
Hotel Statistics
|
|
|
|
|
Occupancy %
|
84.6%
|
|
Average Daily Rate
(ADR)
|
$
247
|
|
Revenue per Available
Room (RevPAR)
|
$
209
|
____________________
|
(1)
|
On February 23, 2022,
LVS closed on the sale of its Las Vegas Operating Properties and as
a result have been classified as a discontinued operation. Results
of the Las Vegas Operating Properties are through February 22,
2022.
|
|
(2)
|
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, 2022
|
|
TTM
March 31,
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
|
|
$
44
|
|
$
39
|
|
88.6%
|
|
814,720
|
|
77.6%
|
|
$
1,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
22
|
|
20
|
|
90.9%
|
|
125,466
|
|
100.0%
|
|
9,144
|
|
Other Stores
|
|
12
|
|
11
|
|
91.7%
|
|
118,742
|
|
88.2%
|
|
2,548
|
|
Total
|
|
34
|
|
31
|
|
91.2%
|
|
244,208
|
|
94.3%
|
|
6,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Londoner(3)
|
|
14
|
|
12
|
|
85.7%
|
|
555,806
|
|
56.7%
|
|
1,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian
|
|
8
|
|
6
|
|
75.0%
|
|
296,322
|
|
73.3%
|
|
586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
|
100
|
|
88
|
|
88.0%
|
|
1,911,056
|
|
73.0%
|
|
2,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay
Sands
|
|
49
|
|
44
|
|
89.8%
|
|
622,242
|
|
98.9%
|
|
1,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
149
|
|
$ 132
|
|
88.6%
|
|
2,533,298
|
|
79.4%
|
|
$
2,021
|
____________________
|
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
$10 million at our Macao properties and $2 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 more than 600,000 square feet of gross
leasable area upon completion of all phases of the renovation and
expansion to The Londoner Macao.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/las-vegas-sands-reports-first-quarter-2022-results-301534700.html
SOURCE Las Vegas Sands Corp.