Press Release April 17, 2019
Las Vegas Sands Reports First Quarter 2019 Results

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LAS VEGAS, April 17, 2019 /PRNewswire/ --

 

For the Quarter Ended March 31, 2019
(Compared to the Quarter Ended March 31, 2018)

 

- Consolidated Net Revenue of $3.65 Billion

 

- Net Income of $744 Million; GAAP Earnings per Diluted Share of $0.75; Adjusted Earnings per Diluted Share of $0.91

 

- Consolidated Adjusted Property EBITDA of $1.45 Billion

 

- In Macao, Adjusted Property EBITDA Increased 8.7% to $858 Million, While Hold-Normalized Adjusted Property EBITDA Increased 8.9% to $835 Million

 

- At Marina Bay Sands in Singapore, Adjusted Property EBITDA was $423 Million

 

- Our Las Vegas Operating Properties Adjusted Property EBITDA was $138 Million

 

- The Company Paid Quarterly Dividends of $0.77 per Share

 

- The Company Repurchased $174 Million of Common Stock During the Quarter

 

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, 2019.

 

First Quarter Overview

 

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "We are pleased to have delivered strong financial results in the quarter, led by consistent growth in the mass and non-gaming segments in Macao. Our market-leading Integrated Resort property portfolio in Macao delivered revenue growth of 13% in the high-margin mass gaming table segment and adjusted property EBITDA of $858 million. At Marina Bay Sands in Singapore, our hotel, retail, convention and mass gaming segments all exhibited strength, contributing to $423 million of adjusted property EBITDA for the quarter.

 

"We are also extremely pleased to have reached an agreement with the Singapore Tourism Board to invest an additional $3.3 billion to expand our Marina Bay Sands Integrated Resort in Singapore. Our investments will include spectacular new attractions including a state-of-the-art arena designed specifically for live musical entertainment and theatrical performances, a luxurious new hotel tower, additional MICE capacity and luxury retail. We believe the expansion of Marina Bay Sands will meaningfully enhance Singapore's appeal as a leisure and business tourism destination while creating an outstanding platform for growth for the company.

 

"In Macao, construction and development work on the Four Seasons Tower Suites Macao and the Londoner Macao is progressing. We believe our market-leading interconnected Integrated Resort portfolio in Macao, bolstered by our investments in additional luxurious hotel suite offerings, destination retail, MICE capacity and entertainment attractions, positions us exceedingly well to continue to contribute to Macao's economic diversification and to deliver growth in the years ahead."

 

The company paid a recurring quarterly dividend of $0.77 per common share and increased its return of capital through share repurchases of $174 million during the quarter. The company announced its next quarterly dividend of $0.77 per common share will be paid on June 27, 2019, to Las Vegas Sands shareholders of record on June 19, 2019.

 

Company-Wide Operating Results

 

Net revenue for the first quarter of 2019 increased 1.9% to $3.65 billion, compared to $3.58 billion in the first quarter of 2018. Net income decreased 54.0% to $744 million in the first quarter of 2019, and included a nonrecurring legal settlement. The $1.62 billion net income in the first quarter of 2018 included a nonrecurring non-cash income tax benefit of $670 million.

 

On a GAAP (accounting principles generally accepted in the United States of America) basis, operating income in the first quarter of 2019 decreased 16.1% to $971 million, compared to $1.16 billion in the first quarter of 2018. The decrease in operating income was primarily due to decreases in Rolling Chip win percentage and volume in Singapore and a nonrecurring legal settlement, offset by stronger operating performance in our Macao business due to an 8.1% increase in revenues. Consolidated adjusted property EBITDA (a non-GAAP measure) of $1.45 billion decreased 3.2% in the first quarter of 2019, compared to the year-ago quarter. On a hold-normalized basis, consolidated adjusted property EBITDA increased 2.7% to $1.42 billion in the first quarter of 2019.

 

On a GAAP basis, net income attributable to Las Vegas Sands in the first quarter of 2019 decreased to $582 million, compared to $1.46 billion in the first quarter of 2018, while diluted earnings per share in the first quarter of 2019 of $0.75 represented a decrease of 59.2% compared to the prior-year quarter. The decrease was due to the operating and other factors described above and increased interest expense.

 

Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) was $708 million, or $0.91 per diluted share, compared to $821 million, or $1.04 per diluted share, in the first quarter of 2018. Hold-normalized adjusted earnings per diluted share was $0.89.

 

Sands China Ltd. Consolidated Financial Results

 

On a GAAP basis, total net revenues for SCL increased 8% to $2.33 billion in the first quarter of 2019, compared to $2.16 billion in the first quarter of 2018. Net income for SCL was unchanged at $557 million in the first quarter of 2019 and 2018.

 

Other Factors Affecting Earnings

 

Depreciation and amortization expense was $301 million in the first quarter of 2019, compared to $264 million in the first quarter of 2018. The increase relates to the acceleration of depreciation expense for certain Sands Cotai Central assets as it is converted into The Londoner Macao.

 

Interest expense, net of amounts capitalized, was $141 million for the first quarter of 2019, compared to $89 million in the prior-year quarter. The increase resulted from increased level of borrowings from the SCL Notes issued in August 2018 and from the U.S. credit facility in June 2018 and our weighted average borrowing cost in the first quarter of 2019 increasing to 4.6%, compared to 3.5% during the first quarter of 2018.

 

Our effective income tax rate for the first quarter of 2019 was 10.3% compared to (54.6)% in the prior-year quarter. The tax rate for the first quarter of 2019 is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate. The tax rate for the first quarter of 2018 was primarily driven by a non-cash tax benefit of $670 million due to the impact of the Tax Cuts and Jobs Act enacted in the U.S. in December 2017 ("U.S. tax reform") on the valuation allowance related to certain of the company's tax attributes. The effective income tax rate for the three months ended March 31, 2018, would have been 9.5% without the discrete benefit of the $670 million non-cash income tax item referenced above.

 

Balance Sheet Items

 

Unrestricted cash balances as of March 31, 2019 were $4.13 billion.

 

As of March 31, 2019, total debt outstanding, excluding finance leases, was $11.98 billion.

 

Capital Expenditures

 

Capital expenditures during the first quarter totaled $240 million, including construction, development and maintenance activities of $128 million in Macao, $61 million in Las Vegas and $49 million at Marina Bay Sands.

 

Conference Call Information

 

The company will host a conference call to discuss the company's results on Wednesday, April 17, 2019 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.

 

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, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, fluctuations in currency exchange rates and interest rates, government regulation, tax law changes and the impact of U.S. tax reform, legalization of gaming, natural or man-made disasters, terrorist acts or war, outbreaks of infectious diseases, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our subsidiaries' ability to make distribution payments to us, 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.

 

About Las Vegas Sands Corp. (NYSE: LVS )

 

Las Vegas Sands is the world's pre-eminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.

 

LVS 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, Sands Bethlehem in Eastern Pennsylvania, 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 MacaoThe Plaza and Four Seasons Hotel MacaoSands Cotai Central and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.

 

LVS 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 50,000 team members worldwide, drive social impact through the Sands Cares charitable giving and community engagement program and lead in environmental performance through the award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.

 

Contacts:

Investment
Community:

Daniel Briggs

(702) 414-1221

     

Media:

Ron Reese

(702) 414-3607

Las Vegas Sands Corp.
First Quarter 2019 Results
Non-GAAP Measures

 

Within the company's first quarter 2019 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," "adjusted earnings 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," and "hold-normalized adjusted earnings 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, which is a non-GAAP financial measure, excludes certain nonrecurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and other income or expense, attributable to Las Vegas Sands, net of income tax and an adjustment for a nonrecurring non-cash benefit due to U.S. tax reform enacted in 2017. Adjusted net income and adjusted earnings 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 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 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 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 3.15% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 3.0% to 3.3% for our Macao and Singapore properties and applying a win percentage of 22.0% for Baccarat and 20.0% for non-Baccarat games to the respective table games drops for the quarter if the actual win percentages are outside the expected ranges of 18.0% to 26.0% for Baccarat and 16.0% to 24.0% for non-Baccarat at our Las Vegas properties. No hold adjustments are made for Sands Bethlehem. We do not present adjustments for Non-Rolling Chip drop for our table games play at our Macao and Singapore properties, nor for slots at any of our properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid to third parties on the incremental win, 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 and hold-normalized adjusted earnings per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income and adjusted earnings 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,

   

2019

 

2018

Revenues:

       

  Casino

 

$

2,661

   

$

2,599

 

  Rooms

 

450

   

445

 

  Food and beverage

 

232

   

228

 

  Mall

 

160

   

156

 

  Convention, retail and other

 

143

   

151

 

Net revenues

 

3,646

   

3,579

 

Operating expenses:

       

  Resort operations

 

2,197

   

2,083

 

  Corporate

 

152

   

56

 

  Pre-opening

 

4

   

1

 

  Development

 

5

   

3

 

  Depreciation and amortization

 

301

   

264

 

  Amortization of leasehold interests in land

 

9

   

9

 

  Loss on disposal or impairment of assets

 

7

   

5

 
   

2,675

   

2,421

 

Operating income

 

971

   

1,158

 

Other income (expense):

       

  Interest income

 

20

   

5

 

  Interest expense, net of amounts capitalized

 

(141)

   

(89)

 

  Other expense

 

(21)

   

(26)

 

  Loss on modification or early retirement of debt

 

   

(3)

 

Income before income taxes

 

829

   

1,045

 

Income tax (expense) benefit

 

(85)

   

571

 

Net income

 

744

   

1,616

 

Net income attributable to noncontrolling interests

 

(162)

   

(160)

 

Net income attributable to Las Vegas Sands Corp.

 

$

582

   

$

1,456

 
         

Earnings per share:

       

  Basic

 

$

0.75

   

$

1.85

 

  Diluted

 

$

0.75

   

$

1.84

 
         

Weighted average shares outstanding:

       

  Basic

 

774

   

789

 

  Diluted

 

775

   

790

 
         

Dividends declared per common share

 

$

0.77

   

$

0.75

 

 

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)

 
   

Three Months Ended

   

March 31,

   

2019

 

2018

Net Revenues

       

The Venetian Macao

 

$

897

   

$

868

 

Sands Cotai Central

 

577

   

549

 

The Parisian Macao

 

454

   

359

 

The Plaza Macao and Four Seasons Hotel Macao

 

224

   

191

 

Sands Macao

 

152

   

154

 

Ferry Operations and Other

 

30

   

39

 

  Macao Operations

 

2,334

   

2,160

 
         

Marina Bay Sands

 

767

   

872

 

Las Vegas Operating Properties

 

471

   

477

 

Sands Bethlehem

 

137

   

134

 

Intersegment Eliminations

 

(63)

   

(64)

 
   

$

3,646

   

$

3,579

 
         

Adjusted Property EBITDA

       

The Venetian Macao

 

$

361

   

$

348

 

Sands Cotai Central

 

212

   

201

 

The Parisian Macao

 

163

   

116

 

The Plaza Macao and Four Seasons Hotel Macao

 

85

   

73

 

Sands Macao

 

40

   

47

 

Ferry Operations and Other

 

(3)

   

4

 

  Macao Operations

 

858

   

789

 
         

Marina Bay Sands

 

423

   

541

 

Las Vegas Operating Properties

 

138

   

141

 

Sands Bethlehem

 

33

   

29

 
   

$

1,452

   

$

1,500

 
         

Adjusted Property EBITDA as a Percentage of Net Revenues

       

The Venetian Macao

 

40.2

%

 

40.1

%

Sands Cotai Central

 

36.7

%

 

36.6

%

The Parisian Macao

 

35.9

%

 

32.3

%

The Plaza Macao and Four Seasons Hotel Macao

 

37.9

%

 

38.2

%

Sands Macao

 

26.3

%

 

30.5

%

Ferry Operations and Other

 

(10.0)

%

 

10.3

%

  Macao Operations

 

36.8

%

 

36.5

%

         

Marina Bay Sands

 

55.1

%

 

62.0

%

Las Vegas Operating Properties

 

29.3

%

 

29.6

%

Sands Bethlehem

 

24.1

%

 

21.6

%

         

Total

 

39.8

%

 

41.9

%

 

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

 

The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:

           
   

Three Months Ended

 
   

March 31,

 
   

2019

 

2018

 

Net income

 

$

744

   

$

1,616

   

  Add (deduct):

         

   Income tax expense (benefit)

 

85

   

(571)

   

   Loss on modification or early retirement of debt

 

   

3

   

   Other expense

 

21

   

26

   

   Interest expense, net of amounts capitalized

 

141

   

89

   

   Interest income

 

(20)

   

(5)

   

   Loss on disposal or impairment of assets

 

7

   

5

   

   Amortization of leasehold interests in land

 

9

   

9

   

   Depreciation and amortization

 

301

   

264

   

   Development expense

 

5

   

3

   

   Pre-opening expense

 

4

   

1

   

   Stock-based compensation (1)

 

3

   

4

   

   Corporate expense

 

152

   

56

   

Consolidated Adjusted Property EBITDA

 

$

1,452

   

$

1,500

   
           

   Hold-normalized casino revenue (2)

 

(56)

   

(169)

   

   Hold-normalized casino expense (2)

 

26

   

53

   

Consolidated Hold-Normalized Adjusted Property EBITDA

 

$

1,422

   

$

1,384

   

____________________

(1)

During the three months ended March 31, 2019 and 2018, the company recorded stock-based compensation expense of $9 million in each period, of which $6 million and $5 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, 2019

                 
               

Hold-Normalized

   

Adjusted

 

Hold-Normalized

 

Hold-Normalized

 

Adjusted

   

Property

 

Casino

 

Casino

 

Property

   

EBITDA

 

Revenue (1)

 

Expense (2)

 

EBITDA

Macao Operations

 

$

858

   

$

(48)

   

$

25

   

$

835

 

Marina Bay Sands

 

423

   

   

   

423

 

United States:

               

   Las Vegas Operating Properties

 

138

   

(8)

   

1

   

131

 

   Sands Bethlehem

 

33

   

   

   

33

 
   

$

1,452

   

$

(56)

   

$

26

   

$

1,422

 
                 
                 
   

Three Months Ended March 31, 2018

                 
               

Hold-Normalized

   

Adjusted

 

Hold-Normalized

 

Hold-Normalized

 

Adjusted

   

Property

 

Casino

 

Casino

 

Property

   

EBITDA

 

Revenue (1)

 

Expense (2)

 

EBITDA

Macao Operations

 

$

789

   

$

(51)

   

$

29

   

$

767

 

Marina Bay Sands

 

541

   

(118)

   

24

   

447

 

United States:

               

   Las Vegas Operating Properties

 

141

   

   

   

141

 

   Sands Bethlehem

 

29

   

   

   

29

 
   

$

1,500

   

$

(169)

   

$

53

   

$

1,384

 

____________________

(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 3.15%. This calculation will only be applied if the current period win percentage is outside the expected range of 3.0% to 3.3%. The company revised the expected target and range for Marina Bay Sands due to the Rolling Chip win percentage experienced over the last several years. The prior year non-GAAP measurement for Marina Bay Sands has also been adjusted to reflect this change for comparison purposes.

   
 

For the Las Vegas Operating Properties, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the company's current period win percentage equaled 22.0% for Baccarat and 20.0% for non-Baccarat. This calculation will only be applied if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 18.0% to 26.0% and 16.0% to 24.0%, respectively.

   
 

For Sands Bethlehem, no adjustments have been made.

   
 

These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.

   

(2)

Represents the estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.

 

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 Attributable to LVS to Adjusted Net Income and Hold-Normalized Adjusted Net Income:

 
   

Three Months Ended

   

March 31,

   

2019

 

2018

             

Net income attributable to LVS

 

$

582

 

$

1,456

         

Nonrecurring legal settlement

 

96

 

Pre-opening expense

 

4

 

1

Development expense

 

5

 

3

Loss on disposal or impairment of assets

 

7

 

5

Other expense

 

21

 

26

Loss on modification or early retirement of debt

 

 

3

Nonrecurring non-cash income tax benefit of U.S. tax reform (1)

 

 

(670)

Income tax impact on net income adjustments (2)

 

(2)

 

(1)

Noncontrolling interest impact on net income adjustments

 

(5)

 

(2)

Adjusted net income attributable to LVS

 

$

708

 

$

821

         

Hold-normalized casino revenue (3)

 

(56)

 

(169)

Hold-normalized casino expense (3)

 

26

 

53

Income tax impact on hold adjustments (2)

 

1

 

16

Noncontrolling interest impact on hold adjustments

 

7

 

7

Hold-normalized adjusted net income attributable to LVS

 

$

686

 

$

728

           

The following is a reconciliation of Diluted Earnings per Share to Adjusted Earnings per Diluted Share and Hold-Normalized Adjusted Earnings per Diluted Share:

     
   

Three Months Ended

   

March 31,

   

2019

 

2018

Per diluted share of common stock:

       

Net income attributable to LVS

 

$

0.75

 

$

1.84

           

Nonrecurring legal settlement

 

0.12

 

Pre-opening expense

 

 

Development expense

 

0.01

 

Loss on disposal or impairment of assets

 

0.01

 

0.01

Other expense

 

0.03

 

0.03

Loss on modification or early retirement of debt

 

 

0.01

Nonrecurring non-cash income tax benefit of U.S. tax reform

 

 

(0.85)

Income tax impact on net income adjustments

 

 

Noncontrolling interest impact on net income adjustments

 

(0.01)

 

Adjusted earnings per diluted share

 

$

0.91

 

$

1.04

         

Hold-normalized casino revenue

 

(0.07)

 

(0.21)

Hold-normalized casino expense

 

0.04

 

0.06

Income tax impact on hold adjustments

 

 

0.02

Noncontrolling interest impact on hold adjustments

 

0.01

 

0.01

Hold-normalized adjusted earnings per diluted share

 

$

0.89

 

$

0.92

         

Weighted average diluted shares outstanding

 

775

 

790

 

____________________

(1)

Adjustment reflects an initial technical interpretation of U.S. tax reform related to global intangible low-taxed income. The adjustment was reversed in Q4 2018 when the IRS issued corrective guidance.

(2)

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.

(3)

See Exhibit 4.

 

Exhibit 6

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

 
   

Three Months Ended

 
   

March 31,

 
   

2019

 

2018

 

Casino Statistics:

             

The Venetian Macao:

             

Table games win per unit per day (1)

 

$

14,820

 

$

16,059

 

Slot machine win per unit per day (2)

 

$

281

 

$

267

 

Average number of table games

 

646

596

 

Average number of slot machines

 

1,750

1,781

 
       

Sands Cotai Central:

     

Table games win per unit per day (1)

 

$

14,272

 

$

12,519

 

Slot machine win per unit per day (2)

 

$

277

 

$

306

 

Average number of table games

 

385

407

 

Average number of slot machines

 

1,740

1,836

 
       

The Parisian Macao:

     

Table games win per unit per day (1)

 

$

15,397

 

$

10,644

 

Slot machine win per unit per day (2)

 

$

331

 

$

234

 

Average number of table games

 

321

362

 

Average number of slot machines

 

1,255

1,349

 
       

The Plaza Macao and Four Seasons Hotel Macao:

     

Table games win per unit per day (1)

 

$

22,525

 

$

19,254

 

Slot machine win per unit per day (2)

 

$

356

 

$

498

 

Average number of table games

 

119

113

 

Average number of slot machines

 

229

203

 
       

Sands Macao:

     

Table games win per unit per day (1)

 

$

7,759

 

$

8,106

 

Slot machine win per unit per day (2)

 

$

279

 

$

233

 

Average number of table games

 

201

198

 

Average number of slot machines

 

854

949

 
       

Marina Bay Sands:

     

Table games win per unit per day (1)

 

$

9,338

 

$

11,789

 

Slot machine win per unit per day (2)

 

$

789

 

$

790

 

Average number of table games

 

604

573

 

Average number of slot machines

 

2,310

2,399

 
       

Las Vegas Operating Properties:

     

Table games win per unit per day (1)

 

$

4,318

 

$

5,214

 

Slot machine win per unit per day (2)

 

$

330

 

$

337

 

Average number of table games

 

245

238

 

Average number of slot machines

 

1,877

1,697

 
       

Sands Bethlehem:

     

Table games win per unit per day (1)

 

$

3,250

 

$

3,248

 

Slot machine win per unit per day (2)

 

$

257

 

$

269

 

Average number of table games

 

189

175

 

Average number of slot machines

 

3,260

3,180

 

____________________

(1)

Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

(2)

Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

 

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

 
 

Three Months Ended

 

The Venetian Macao

March 31,

 

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

 

Casino

$

740

 

$

716

 

$

24

 

3.4%

Rooms

57

 

57

 

 

—%

Food and Beverage

22

 

23

 

(1)

 

(4.3)%

Mall

56

 

53

 

3

 

5.7%

Convention, Retail and Other

22

 

19

 

3

 

15.8%

Net Revenues

$

897

 

$

868

 

$

29

 

3.3%

     

Adjusted Property EBITDA

$

361

 

$

348

 

$

13

 

3.7%

EBITDA Margin %

 

40.2%

   

40.1%

     

0.1 pts

     

Gaming Statistics

   

(Dollars in millions)

   
     

Rolling Chip Volume

$

7,501

 

$

7,866

 

$

(365)

 

(4.6)%

Rolling Chip Win %(1)

 

2.89%

   

4.20%

     

(1.31) pts

     

Non-Rolling Chip Drop

$

2,266

 

$

2,244

 

$

22

 

1.0%

Non-Rolling Chip Win %

 

28.5%

   

23.7%

     

4.8 pts

     

Slot Handle

$

891

 

$

837

 

$

54

 

6.5%

Slot Hold %

 

5.0%

   

5.1%

     

(0.1) pts

     

Hotel Statistics

   
     

Occupancy %

 

96.8%

   

95.9%

     

0.9 pts

Average Daily Rate (ADR)

$

228

 

$

232

 

$

(4)

 

(1.7)%

Revenue per Available Room (RevPAR)

$

221

 

$

223

 

$

(2)

 

(0.9)%

 

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

 
 

Three Months Ended

       

Sands Cotai Central

March 31,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

445

   

$

418

   

$

27

   

6.5

%

Rooms

84

   

82

   

2

   

2.4

%

Food and Beverage

26

   

29

   

(3)

   

(10.3)

%

Mall

16

   

14

   

2

   

14.3

%

Convention, Retail and Other

6

   

6

   

   

%

Net Revenues

$

577

   

$

549

   

$

28

   

5.1

%

               

Adjusted Property EBITDA

$

212

   

$

201

   

$

11

   

5.5

%

EBITDA Margin %

36.7

%

 

36.6

%

     

0.1

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

1,944

   

$

2,407

   

$

(463)

   

(19.2)

%

Rolling Chip Win %(1)

4.69

%

 

3.43

%

     

1.26

pts

               

Non-Rolling Chip Drop

$

1,699

   

$

1,760

   

$

(61)

   

(3.5)

%

Non-Rolling Chip Win %

23.8

%

 

21.4

%

     

2.4

pts

               

Slot Handle

$

1,063

   

$

1,276

   

$

(213)

   

(16.7)

%

Slot Hold %

4.1

%

 

4.0

%

     

0.1

pts

               

Hotel Statistics

             
               

Occupancy %

97.3

%

 

93.5

%

     

3.8

pts

Average Daily Rate (ADR)

$

157

   

$

158

   

$

(1)

   

(0.6)

%

Revenue per Available Room (RevPAR)

$

153

   

$

148

   

$

5

   

3.4

%

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (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)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

387

   

$

291

   

$

96

   

33.0

%

Rooms

32

   

33

   

(1)

   

(3.0)

%

Food and Beverage

18

   

15

   

3

   

20.0

%

Mall

12

   

15

   

(3)

   

(20.0)

%

Convention, Retail and Other

5

   

5

   

   

%

Net Revenues

$

454

   

$

359

   

$

95

   

26.5

%

               

Adjusted Property EBITDA

$

163

   

$

116

   

$

47

   

40.5

%

EBITDA Margin %

35.9

%

 

32.3

%

     

3.6

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

3,917

   

$

4,598

   

$

(681)

   

(14.8)

%

Rolling Chip Win %(1)

4.63

%

 

2.77

%

     

1.86

pts

               

Non-Rolling Chip Drop

$

1,140

   

$

1,086

   

$

54

   

5.0

%

Non-Rolling Chip Win %

23.1

%

 

20.2

%

     

2.9

pts

               

Slot Handle

$

1,124

   

$

1,044

   

$

80

   

7.7

%

Slot Hold %

3.3

%

 

2.7

%

     

0.6

pts

               

Hotel Statistics

             
               

Occupancy %

98.6

%

 

94.5

%

     

4.1

pts

Average Daily Rate (ADR)

$

158

   

$

151

   

$

7

   

4.6

%

Revenue per Available Room (RevPAR)

$

156

   

$

143

   

$

13

   

9.1

%

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

 
 

Three Months Ended

       

The Plaza Macao and Four Seasons Hotel Macao

March 31,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

173

   

$

142

   

$

31

   

21.8

%

Rooms

10

   

9

   

1

   

11.1

%

Food and Beverage

9

   

8

   

1

   

12.5

%

Mall

31

   

31

   

   

%

Convention, Retail and Other

1

   

1

   

   

%

Net Revenues

$

224

   

$

191

   

$

33

   

17.3

%

               

Adjusted Property EBITDA

$

85

   

$

73

   

$

12

   

16.4

%

EBITDA Margin %

37.9

%

 

38.2

%

     

(0.3)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

4,488

   

$

3,055

   

$

1,433

   

46.9

%

Rolling Chip Win %(1)

3.36

%

 

3.25

%

     

0.11

pts

               

Non-Rolling Chip Drop

$

356

   

$

416

   

$

(60)

   

(14.4)

%

Non-Rolling Chip Win %

25.1

%

 

23.2

%

     

1.9

pts

               

Slot Handle

$

149

   

$

135

   

$

14

   

10.4

%

Slot Hold %

4.9

%

 

6.7

%

     

(1.8)

pts

               

Hotel Statistics

             
               

Occupancy %

89.7

%

 

88.7

%

     

1.0

pts

Average Daily Rate (ADR)

$

335

   

$

322

   

$

13

   

4.0

%

Revenue per Available Room (RevPAR)

$

300

   

$

285

   

$

15

   

5.3

%

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (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)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

139

   

$

142

   

$

(3)

   

(2.1)

%

Rooms

4

   

4

   

   

%

Food and Beverage

7

   

7

   

   

%

Mall

1

   

   

1

   

N.M.

Convention, Retail and Other

1

   

1

   

   

%

Net Revenues

$

152

   

$

154

   

$

(2)

   

(1.3)

%

               

Adjusted Property EBITDA

$

40

   

$

47

   

$

(7)

   

(14.9)

%

EBITDA Margin %

26.3

%

 

30.5

%

     

(4.2)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

1,201

   

$

897

   

$

304

   

33.9

%

Rolling Chip Win %(1)

1.86

%

 

2.78

%

     

(0.92)

pts

               

Non-Rolling Chip Drop

$

663

   

$

657

   

$

6

   

0.9

%

Non-Rolling Chip Win %

17.8

%

 

18.2

%

     

(0.4)

pts

               

Slot Handle

$

615

   

$

640

   

$

(25)

   

(3.9)

%

Slot Hold %

3.5

%

 

3.1

%

     

0.4

pts

               

Hotel Statistics

             
               

Occupancy %

99.9

%

 

98.8

%

     

1.1

pts

Average Daily Rate (ADR)

$

178

   

$

165

   

$

13

   

7.9

%

Revenue per Available Room (RevPAR)

$

177

   

$

163

   

$

14

   

8.6

%

____________________

N.M.

Not Meaningful

(1)

This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (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)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

544

   

$

652

   

$

(108)

   

(16.6)

%

Rooms

102

   

100

   

2

   

2.0

%

Food and Beverage

53

   

52

   

1

   

1.9

%

Mall

43

   

42

   

1

   

2.4

%

Convention, Retail and Other

25

   

26

   

(1)

   

(3.8)

%

Net Revenues

$

767

   

$

872

   

$

(105)

   

(12.0)

%

               

Adjusted Property EBITDA

$

423

   

$

541

   

$

(118)

   

(21.8)

%

EBITDA Margin %

55.1

%

 

62.0

%

     

(6.9)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

7,128

   

$

7,375

   

$

(247)

   

(3.3)

%

Rolling Chip Win %(1)

3.13

%

 

4.77

%

     

(1.64)

pts

               

Non-Rolling Chip Drop

$

1,343

   

$

1,397

   

$

(54)

   

(3.9)

%

Non-Rolling Chip Win %

21.2

%

 

18.4

%

     

2.8

pts

               

Slot Handle

$

3,560

   

$

3,885

   

$

(325)

   

(8.4)

%

Slot Hold %

4.6

%

 

4.4

%

     

0.2

pts

               

Hotel Statistics

             
               

Occupancy %

98.1

%

 

96.8

%

     

1.3

pts

Average Daily Rate (ADR)

$

454

   

$

455

   

$

(1)

   

(0.2)

%

Revenue per Available Room (RevPAR)

$

446

   

$

440

   

$

6

   

1.4

%

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (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). We revised the expected target and range due to the Rolling Chip win percentage experienced over the last several years.

 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

 
 

Three Months Ended

       

Las Vegas Operating Properties

March 31,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

113

   

$

120

   

$

(7)

   

(5.8)

%

Rooms

157

   

156

   

1

   

0.6

%

Food and Beverage

90

   

88

   

2

   

2.3

%

Convention, Retail and Other

111

   

113

   

(2)

   

(1.8)

%

Net Revenues

$

471

   

$

477

   

$

(6)

   

(1.3)

%

               

Adjusted Property EBITDA

$

138

   

$

141

   

$

(3)

   

(2.1)

%

EBITDA Margin %

29.3

%

 

29.6

%

     

(0.3)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Table Games Drop

$

419

   

$

491

   

$

(72)

   

(14.7)

%

Table Games Win %(1)

22.8

%

 

22.7

%

     

0.1

pts

               

Slot Handle

$

668

   

$

618

   

$

50

   

8.1

%

Slot Hold %

8.4

%

 

8.3

%

     

0.1

pts

               

Hotel Statistics

             
               

Occupancy %

94.9

%

 

95.8

%

     

(0.9)

pts

Average Daily Rate (ADR)

$

263

   

$

257

   

$

6

   

2.3

%

Revenue per Available Room (RevPAR)

$

250

   

$

246

   

$

4

   

1.6

%

____________________

(1)

This compares to our expected Baccarat win percentage of 18.0% to 26.0% and our expected non-Baccarat win percentage of 16.0% to 24.0% (calculated before discounts).

 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

 
 

Three Months Ended

       

Sands Bethlehem

March 31,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

120

   

$

118

   

$

2

   

1.7

%

Rooms

4

   

4

   

   

%

Food and Beverage

7

   

6

   

1

   

16.7

%

Mall

1

   

1

   

   

%

Convention, Retail and Other

5

   

5

   

   

%

Net Revenues

$

137

   

$

134

   

$

3

   

2.2

%

               

Adjusted Property EBITDA

$

33

   

$

29

   

$

4

   

13.8

%

EBITDA Margin %

24.1

%

 

21.6

%

     

2.5

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Table Games Drop

$

274

   

$

281

   

$

(7)

   

(2.5)

%

Table Games Win %

20.2

%

 

18.2

%

     

2.0

pts

               

Slot Handle

$

1,193

   

$

1,171

   

$

22

   

1.9

%

Slot Hold %

6.3

%

 

6.6

%

     

(0.3)

pts

               

Hotel Statistics

             
               

Occupancy %

92.3

%

 

88.2

%

     

4.1

pts

Average Daily Rate (ADR)

$

157

   

$

159

   

$

(2)

   

(1.3)

%

Revenue per Available Room (RevPAR)

$

145

   

$

140

   

$

5

   

3.6

%

 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Asian Retail Mall Operations

(Unaudited)

 
   

For the Three Months Ended March 31, 2019

 

TTM
March 31, 2019

(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

 

$

56

   

$

51

   

91.1

%

 

813,416

   

90.8

%

 

$

1,732

 
                         

Shoppes at Four Seasons

                       

Luxury Retail

 

20

   

19

   

95.0

%

 

125,566

   

100.0

%

 

6,051

 

Other Stores

 

11

   

10

   

90.9

%

 

115,982

   

98.6

%

 

2,123

 

Total

 

31

   

29

   

93.5

%

 

241,548

   

99.3

%

 

4,420

 
                         

Shoppes at Cotai Central(3)

 

16

   

14

   

87.5

%

 

519,666

   

92.2

%

 

880

 
                         

Shoppes at Parisian

 

12

   

10

   

83.3

%

 

295,915

   

89.6

%

 

640

 
                         

Total Cotai Strip in Macao

 

115

   

104

   

90.4

%

 

1,870,545

   

92.1

%

 

1,766

 
                         

The Shoppes at Marina Bay Sands

 

43

   

38

   

88.4

%

 

601,226

   

95.5

%

 

1,918

 
                         

Total

 

$

158

   

$

142

   

89.9

%

 

2,471,771

   

92.9

%

 

$

1,804

 

____________________

Note:

This table excludes the results of our mall operations at Sands Macao and Sands Bethlehem.

(1)

Gross revenue figures are net of intersegment revenue eliminations.

(2)

Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

(3)

The Shoppes at Cotai Central will feature up to an estimated 600,000 square feet of gross leasable area at completion of all phases of Sands Cotai Central's renovation, rebranding and expansion to The Londoner Macao.

 

 

CisionView original content to download multimedia:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-first-quarter-2019-results-300834091.html

 

SOURCE Las Vegas Sands Corp.