Press Release July 24, 2019
Las Vegas Sands Reports Second Quarter 2019 Results

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LAS VEGAS, July 24, 2019 /PRNewswire/ --

 

For the quarter ended June 30, 2019
(Compared to the quarter ended June 30, 2018)

 

- Consolidated Net Revenue of $3.33 Billion

 

- Net Income of $1.11 Billion; GAAP Earnings per Diluted Share of $1.24; Adjusted Earnings per Diluted Share of $0.72

 

- Consolidated Adjusted Property EBITDA of $1.27 Billion

 

- In Macao, Adjusted Property EBITDA Increased 2.0% to $765 Million, While Hold-Normalized Adjusted Property EBITDA Increased 1.9% to $744 Million

 

- At Marina Bay Sands in Singapore, Adjusted Property EBITDA was $346 Million, While Hold-Normalized Adjusted Property EBITDA was $384 Million

 

- Our Las Vegas Operating Properties Adjusted Property EBITDA was $136 Million

 

- The Company Paid Quarterly Dividends of $0.77 per Share

 

- The Company Repurchased $180 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 June 30, 2019.

 

Net revenue was $3.33 billion, an increase of 0.9% from the prior year quarter. Operating income increased 12.2% to $894 million. Net income increased 63.9% to $1.11 billion and included a gain of $556 million related to the sale of Sands Bethlehem. Consolidated adjusted property EBITDA (a non-GAAP measure) was $1.27 billion, an increase of 3.3% compared to the prior year quarter. On a hold-normalized basis, consolidated adjusted property EBITDA increased 3.6% to $1.29 billion.

 

"We delivered solid financial results in the quarter, with hold-normalized Adjusted Property EBITDA reaching nearly $1.3 billion," said Sheldon G. Adelson, chairman and chief executive officer. "We remain enthusiastic about our future growth opportunities in Asia, which will be enhanced through the introduction of our Four Seasons Tower Suites Macao later this year, the Londoner Macao throughout 2020 and 2021 and the expansion of Marina Bay Sands in Singapore thereafter. We are also aggressively pursuing additional development opportunities in new markets, including in Osaka, Japan. Finally, we remain deeply committed to maintaining our industry-leading financial strength while continuing to return capital to shareholders."

 

The company paid a recurring quarterly dividend of $0.77 per common share and increased its return of capital through share repurchases of $180 million during the quarter. The company announced its next quarterly dividend of $0.77 per common share will be paid on September 26, 2019, to Las Vegas Sands shareholders of record on September 18, 2019.

 

Net income attributable to Las Vegas Sands in the second quarter of 2019 increased to $954 million, compared to $556 million in the second quarter of 2018, while diluted earnings per share increased 77.1% to reach $1.24.

 

Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) was $555 million, or $0.72 per diluted share, compared to $588 million, or $0.74 per diluted share, in the second quarter of 2018. Hold-normalized adjusted earnings per diluted share was $0.75.

 

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 1.4%, compared to the second quarter of 2018, to $2.14 billion. Net income for SCL increased 19.7% to $511 million.

 

Other Factors Affecting Earnings
On May 31, 2019, we closed the sale of Sands Bethlehem and received $1.16 billion in net cash proceeds, before transaction costs and state income taxes. We realized a gain on the sale of $556 million.

 

Depreciation and amortization expense was $289 million in the second quarter of 2019, compared to $274 million in the second 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 $143 million for the second quarter of 2019, compared to $93 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 second quarter of 2019 increasing to 4.7%, compared to 3.5% during the second quarter of 2018.

 

Our effective income tax rate for the second quarter of 2019 was 17.6% compared to 10.7% in the prior-year quarter. The tax rate for the second quarter of 2019 is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate and the income tax impact of the sale of Sands Bethlehem. Without the sale of Sands Bethlehem, the rate for Q2 2019 would have been 9.6%.

 

Balance Sheet Items
Unrestricted cash balances as of June 30, 2019 were $4.02 billion.
As of June 30, 2019, total debt outstanding, excluding finance leases, was $12.0 billion.

 

Capital Expenditures
Capital expenditures during the second quarter totaled $213 million, including construction, development and maintenance activities of $99 million in Macao, $65 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, July 24, 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 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.

 

Sands created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses.

 

Our properties include The Venetian Resort and Sands Expo in Las Vegas and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian MacaoThe Plaza and Four Seasons Hotel MacaoSands Cotai Central and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.

 

Sands is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We deliver a great working environment for 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

Daniel.Briggs@sands.com

(702) 414-1221

 

Media:

Ron Reese

Ron.Reese@sands.com

(702) 414-3607

 

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

 

Within the company's second 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 or impairment of assets, loss on modification or early retirement of debt and other income or expense, attributable to Las Vegas Sands, net of income tax 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 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 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

 

Six Months Ended

   

June 30,

 

June 30,

   

2019

 

2018

 

2019

 

2018

Revenues:

               

  Casino

 

$

2,361

   

$

2,346

   

$

5,022

   

$

4,945

 

  Rooms

 

429

   

418

   

879

   

863

 

  Food and beverage

 

224

   

219

   

456

   

447

 

  Mall

 

166

   

164

   

326

   

320

 

  Convention, retail and other

 

154

   

156

   

297

   

307

 

Net revenues

 

3,334

   

3,303

   

6,980

   

6,882

 

Operating expenses:

               

  Resort operations

 

2,072

   

2,081

   

4,269

   

4,164

 

  Corporate

 

51

   

33

   

203

   

89

 

  Pre-opening

 

10

   

2

   

14

   

3

 

  Development

 

4

   

2

   

9

   

5

 

  Depreciation and amortization

 

289

   

274

   

590

   

538

 

  Amortization of leasehold interests in land

 

14

   

9

   

23

   

18

 

  Loss on disposal or impairment of assets

 

   

105

   

7

   

110

 
   

2,440

   

2,506

   

5,115

   

4,927

 

Operating income

 

894

   

797

   

1,865

   

1,955

 

Other income (expense):

               

  Interest income

 

17

   

9

   

37

   

14

 

  Interest expense, net of amounts capitalized

 

(143)

   

(93)

   

(284)

   

(182)

 

  Other income (expense)

 

20

   

44

   

(1)

   

18

 

  Gain on sale of Sands Bethlehem

 

556

   

   

556

   

 

  Loss on modification or early retirement of debt

 

   

   

   

(3)

 

Income before income taxes

 

1,344

   

757

   

2,173

   

1,802

 

Income tax (expense) benefit

 

(236)

   

(81)

   

(321)

   

490

 

Net income

 

1,108

   

676

   

1,852

   

2,292

 

Net income attributable to noncontrolling interests

 

(154)

   

(120)

   

(316)

   

(280)

 

Net income attributable to Las Vegas Sands Corp.

 

$

954

   

$

556

   

$

1,536

   

$

2,012

 
                 

Earnings per share:

               

  Basic

 

$

1.24

   

$

0.70

   

$

1.99

   

$

2.55

 

  Diluted

 

$

1.24

   

$

0.70

   

$

1.98

   

$

2.55

 
                 

Weighted average shares outstanding:

               

  Basic

 

772

   

789

   

773

   

789

 

  Diluted

 

772

   

790

   

774

   

790

 
                 

Dividends declared per common share

 

$

0.77

   

$

0.75

   

$

1.54

   

$

1.50

 

 

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

 

Net Revenues and Adjusted Property EBITDA

 

(In millions)

 

(Unaudited)

 
   

Three Months Ended

 

Six Months Ended

   

June 30,

 

June 30,

   

2019

 

2018

 

2019

 

2018

Net Revenues

               

The Venetian Macao

 

$

854

   

$

830

   

$

1,751

   

$

1,698

 

Sands Cotai Central

 

483

   

509

   

1,060

   

1,058

 

The Parisian Macao

 

414

   

371

   

868

   

730

 

The Plaza Macao and Four Seasons Hotel Macao

 

211

   

186

   

435

   

377

 

Sands Macao

 

155

   

180

   

307

   

334

 

Ferry Operations and Other

 

30

   

42

   

60

   

81

 

  Macao Operations

 

2,147

   

2,118

   

4,481

   

4,278

 
                 

Marina Bay Sands

 

688

   

705

   

1,455

   

1,577

 

Las Vegas Operating Properties

 

466

   

402

   

937

   

879

 

Sands Bethlehem(1)

 

90

   

136

   

227

   

270

 

Intersegment Eliminations

 

(57)

   

(58)

   

(120)

   

(122)

 
   

$

3,334

   

$

3,303

   

$

6,980

   

$

6,882

 
                 

Adjusted Property EBITDA

               

The Venetian Macao

 

$

336

   

$

331

   

$

697

   

$

679

 

Sands Cotai Central

 

165

   

176

   

377

   

377

 

The Parisian Macao

 

139

   

114

   

302

   

230

 

The Plaza Macao and Four Seasons Hotel Macao

 

83

   

72

   

168

   

145

 

Sands Macao

 

43

   

52

   

83

   

99

 

Ferry Operations and Other

 

(1)

   

5

   

(4)

   

9

 

  Macao Operations

 

765

   

750

   

1,623

   

1,539

 
                 

Marina Bay Sands

 

346

   

368

   

769

   

909

 

Las Vegas Operating Properties

 

136

   

77

   

274

   

218

 

Sands Bethlehem(1)

 

19

   

30

   

52

   

59

 
   

$

1,266

   

$

1,225

   

$

2,718

   

$

2,725

 
                 

Adjusted Property EBITDA as a Percentage of Net Revenues

               

The Venetian Macao

 

39.3

%

 

39.9

%

 

39.8

%

 

40.0

%

Sands Cotai Central

 

34.2

%

 

34.6

%

 

35.6

%

 

35.6

%

The Parisian Macao

 

33.6

%

 

30.7

%

 

34.8

%

 

31.5

%

The Plaza Macao and Four Seasons Hotel Macao

 

39.3

%

 

38.7

%

 

38.6

%

 

38.5

%

Sands Macao

 

27.7

%

 

28.9

%

 

27.0

%

 

29.6

%

Ferry Operations and Other

 

(3.3)

%

 

11.9

%

 

(6.7)

%

 

11.1

%

  Macao Operations

 

35.6

%

 

35.4

%

 

36.2

%

 

36.0

%

                 

Marina Bay Sands

 

50.3

%

 

52.2

%

 

52.9

%

 

57.6

%

Las Vegas Operating Properties

 

29.2

%

 

19.2

%

 

29.2

%

 

24.8

%

Sands Bethlehem(1)

 

21.1

%

 

22.1

%

 

22.9

%

 

21.9

%

                 

Total

 

38.0

%

 

37.1

%

 

38.9

%

 

39.6

%

__________________________

(1)

The Company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.

 

 

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

 

Six Months Ended

   

June 30,

 

June 30,

   

2019

 

2018

 

2019

 

2018

Net income

 

$

1,108

   

$

676

   

$

1,852

   

$

2,292

 

  Add (deduct):

               

Income tax expense (benefit)

 

236

   

81

   

321

   

(490)

 

Loss on modification or early retirement of debt

 

   

   

   

3

 

Gain on sale of Sands Bethlehem (1)

 

(556)

   

   

(556)

   

 

Other (income) expense

 

(20)

   

(44)

   

1

   

(18)

 

Interest expense, net of amounts capitalized

 

143

   

93

   

284

   

182

 

Interest income

 

(17)

   

(9)

   

(37)

   

(14)

 

Loss on disposal or impairment of assets

 

   

105

   

7

   

110

 

Amortization of leasehold interests in land

 

14

   

9

   

23

   

18

 

Depreciation and amortization

 

289

   

274

   

590

   

538

 

Development expense

 

4

   

2

   

9

   

5

 

Pre-opening expense

 

10

   

2

   

14

   

3

 

Stock-based compensation (2)

 

4

   

3

   

7

   

7

 

Corporate expense

 

51

   

33

   

203

   

89

 

Consolidated Adjusted Property EBITDA

 

$

1,266

   

$

1,225

   

$

2,718

   

$

2,725

 
                 

Hold-normalized casino revenue (3)

 

20

   

11

         

Hold-normalized casino expense (3)

 

7

   

12

         

Consolidated Hold-Normalized Adjusted Property EBITDA

 

$

1,293

   

$

1,248

         

_______________________

(1)

The Company completed the sale of Sands Bethlehem on May 31, 2019.

(2)

During the three months ended June 30, 2019 and 2018, the company recorded stock-based compensation expense of $9 million and $7 million, respectively, of which $5 million and $4 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations. During the six months ended June 30, 2019 and 2018, the company recorded stock-based compensation expense of $18 million and $16 million, respectively, of which $11 million and $9 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations.

(3)

See Exhibit 4.

 

 

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

 

Non-GAAP Measure Reconciliation

 

(In millions)

 

(Unaudited)

 

The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:

                 
   

Three Months Ended June 30, 2019

                 
               

Hold-Normalized

   

Adjusted

 

Hold-Normalized

 

Hold-Normalized

 

Adjusted

   

Property

 

Casino

 

Casino

 

Property

   

EBITDA

 

Revenue (1)

 

Expense (2)

 

EBITDA

Macao Operations

 

$

765

   

$

(39)

   

$

18

   

$

744

 

Marina Bay Sands

 

346

   

47

   

(9)

   

384

 

United States:

               

   Las Vegas Operating Properties

 

136

   

12

   

(2)

   

146

 

   Sands Bethlehem(3)

 

19

   

   

   

19

 
   

$

1,266

   

$

20

   

$

7

   

$

1,293

 
                 
                 
   

Three Months Ended June 30, 2018

                 
               

Hold-Normalized

   

Adjusted

 

Hold-Normalized

 

Hold-Normalized

 

Adjusted

   

Property

 

Casino

 

Casino

 

Property

   

EBITDA

 

Revenue (1)

 

Expense (2)

 

EBITDA

Macao Operations

 

$

750

   

$

(43)

   

$

23

   

$

730

 

Marina Bay Sands

 

368

   

18

   

(4)

   

382

 

United States:

               

   Las Vegas Operating Properties

 

77

   

36

   

(7)

   

106

 

   Sands Bethlehem(3)

 

30

   

   

   

30

 
   

$

1,225

   

$

11

   

$

12

   

$

1,248

 

___________________

(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.

(3)

The Company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.

 

 

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

 

Six Months Ended

   

June 30,

 

June 30,

   

2019

 

2018

 

2019

 

2018

Net income attributable to LVS

 

$

954

   

$

556

   

$

1,536

   

$

2,012

 
                 

Nonrecurring legal settlement

 

   

   

96

   

 

Pre-opening expense

 

10

   

2

   

14

   

3

 

Development expense

 

4

   

2

   

9

   

5

 

Loss on disposal or impairment of assets

 

   

105

   

7

   

110

 

Other (income) expense

 

(20)

   

(44)

   

1

   

(18)

 

Gain on sale of Sands Bethlehem(1)

 

 

 

(556)

   

   

(556)

   

 

Loss on modification or early retirement of debt

 

   

   

   

3

 

Nonrecurring non-cash income tax benefit of U.S. tax reform (2)

 

   

   

   

(670)

 

Income tax impact on net income adjustments (3)

 

159

   

(5)

   

157

   

(6)

 

Noncontrolling interest impact on net income adjustments

 

4

   

(28)

   

(1)

   

(30)

 

Adjusted net income attributable to LVS

 

$

555

   

$

588

   

$

1,263

   

$

1,409

 
                 

Hold-normalized casino revenue (4)

 

20

   

11

         

Hold-normalized casino expense (4)

 

7

   

12

         

Income tax impact on hold adjustments (3)

 

(9)

   

(8)

         

Noncontrolling interest impact on hold adjustments

 

6

   

6

         

Hold-normalized adjusted net income attributable to LVS

 

$

579

   

$

609

         
                 

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

 

Six Months Ended

   

June 30,

 

June 30,

   

2019

 

2018

 

2019

 

2018

Per diluted share of common stock:

               

Net income attributable to LVS

 

$

1.24

   

$

0.70

   

$

1.98

   

$

2.55

 
                 

Nonrecurring legal settlement

 

   

   

0.12

   

 

Pre-opening expense

 

0.01

   

   

0.02

   

 

Development expense

 

0.01

   

   

0.01

   

0.01

 

Loss on disposal or impairment of assets

 

   

0.13

   

0.01

   

0.14

 

Other (income) expense

 

(0.03)

   

(0.05)

   

   

(0.02)

 

Gain on sale of Sands Bethlehem

 

(0.72)

   

   

(0.72)

   

 

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

 

   

   

   

(0.85)

 

Income tax impact on net income adjustments

 

0.20

   

(0.01)

   

0.21

   

(0.01)

 

Noncontrolling interest impact on net income adjustments

 

0.01

   

(0.03)

   

   

(0.04)

 

Adjusted earnings per diluted share

 

$

0.72

   

$

0.74

   

$

1.63

   

$

1.78

 
                 

Hold-normalized casino revenue

 

0.03

   

0.01

         

Hold-normalized casino expense

 

   

0.02

         

Income tax impact on hold adjustments

 

(0.01)

   

(0.01)

         

Noncontrolling interest impact on hold adjustments

 

0.01

   

0.01

         

Hold-normalized adjusted earnings per diluted share

 

$

0.75

   

$

0.77

         
                 

Weighted average diluted shares outstanding

 

772

   

790

   

774

   

790

 

__________________

(1)

The Company completed the sale of Sands Bethlehem on May 31, 2019.

(2)

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.

(3)

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.

(4)

See Exhibit 4.

 

 

Exhibit 6

Las Vegas Sands Corp. and Subsidiaries

 

Supplemental Data

 

(Unaudited)

 
   

Three Months Ended

 

Six Months Ended

   

June 30,

 

June 30,

   

2019

 

2018

 

2019

 

2018

Casino Statistics:

               

The Venetian Macao:

               

Table games win per unit per day (1)

 

$

13,556

   

$

14,594

   

$

14,181

   

$

15,322

 

Slot machine win per unit per day (2)

 

$

294

   

$

229

   

$

288

   

$

248

 

Average number of table games

 

654

   

598

   

650

   

597

 

Average number of slot machines

 

1,696

   

1,774

   

1,723

   

1,777

 
                 

Sands Cotai Central:

               

Table games win per unit per day (1)

 

$

11,119

   

$

11,387

   

$

12,696

   

$

11,946

 

Slot machine win per unit per day (2)

 

$

312

   

$

299

   

$

294

   

$

303

 

Average number of table games

 

381

   

412

   

383

   

409

 

Average number of slot machines

 

1,581

   

1,866

   

1,660

   

1,851

 
                 

The Parisian Macao:

               

Table games win per unit per day (1)

 

$

13,715

   

$

12,148

   

$

14,551

   

$

11,377

 

Slot machine win per unit per day (2)

 

$

324

   

$

223

   

$

328

   

$

229

 

Average number of table games

 

321

   

340

   

321

   

351

 

Average number of slot machines

 

1,346

   

1,380

   

1,301

   

1,364

 
                 

The Plaza Macao and Four Seasons Hotel Macao:

               

Table games win per unit per day (1)

 

$

20,112

   

$

17,439

   

$

21,322

   

$

18,328

 

Slot machine win per unit per day (2)

 

$

426

   

$

575

   

$

393

   

$

537

 

Average number of table games

 

117

   

117

   

118

   

115

 

Average number of slot machines

 

261

   

202

   

245

   

203

 
                 

Sands Macao:

               

Table games win per unit per day (1)

 

$

8,061

   

$

9,801

   

$

7,910

   

$

8,975

 

Slot machine win per unit per day (2)

 

$

249

   

$

256

   

$

263

   

$

244

 

Average number of table games

 

198

   

207

   

199

   

203

 

Average number of slot machines

 

956

   

906

   

905

   

928

 
                 

Marina Bay Sands:

               

Table games win per unit per day (1)

 

$

8,311

   

$

8,897

   

$

8,829

   

$

10,372

 

Slot machine win per unit per day (2)

 

$

797

   

$

807

   

$

793

   

$

798

 

Average number of table games

 

586

   

544

   

595

   

559

 

Average number of slot machines

 

2,250

   

2,275

   

2,280

   

2,337

 
                 

Las Vegas Operating Properties:

               

Table games win per unit per day (1)

 

$

4,621

   

$

1,291

   

$

4,461

   

$

3,299

 

Slot machine win per unit per day (2)

 

$

349

   

$

367

   

$

340

   

$

352

 

Average number of table games

 

217

   

224

   

231

   

231

 

Average number of slot machines

 

1,874

   

1,722

   

1,876

   

1,710

 
                 

Sands Bethlehem:(3)

               

Table games win per unit per day (1)

 

$

3,186

   

$

3,110

   

$

3,224

   

$

3,177

 

Slot machine win per unit per day (2)

 

$

262

   

$

269

   

$

259

   

$

269

 

Average number of table games

 

189

   

181

   

189

   

178

 

Average number of slot machines

 

3,257

   

3,271

   

3,260

   

3,226

 

___________________________

(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 Company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.

 

 

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

 

Supplemental Data

 

(Unaudited)

 
 

Three Months Ended

       

The Venetian Macao

June 30,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

698

   

$

677

   

$

21

   

3.1

%

Rooms

53

   

52

   

1

   

1.9

%

Food and Beverage

17

   

18

   

(1)

   

(5.6)

%

Mall

62

   

56

   

6

   

10.7

%

Convention, Retail and Other

24

   

27

   

(3)

   

(11.1)

%

Net Revenues

$

854

   

$

830

   

$

24

   

2.9

%

               

Adjusted Property EBITDA

$

336

   

$

331

   

$

5

   

1.5

%

EBITDA Margin %

39.3

%

 

39.9

%

     

(0.6)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

6,444

   

$

7,464

   

$

(1,020)

   

(13.7)

%

Rolling Chip Win %(1)

3.53

%

 

3.10

%

     

0.43

pts

               

Non-Rolling Chip Drop

$

2,346

   

$

2,245

   

$

101

   

4.5

%

Non-Rolling Chip Win %

24.7

%

 

25.1

%

     

(0.4)

pts

               

Slot Handle

$

1,021

   

$

819

   

$

202

   

24.7

%

Slot Hold %

4.4

%

 

4.5

%

     

(0.1)

pts

               

Hotel Statistics

             
               

Occupancy %

93.9

%

 

95.6

%

     

(1.7)

pts

Average Daily Rate (ADR)

$

221

   

$

217

   

$

4

   

1.8

%

Revenue per Available Room (RevPAR)

$

208

   

$

208

   

$

   

%

_________________

(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

June 30,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

358

   

$

386

   

$

(28)

   

(7.3)

%

Rooms

77

   

78

   

(1)

   

(1.3)

%

Food and Beverage

24

   

23

   

1

   

4.3

%

Mall

16

   

15

   

1

   

6.7

%

Convention, Retail and Other

8

   

7

   

1

   

14.3

%

Net Revenues

$

483

   

$

509

   

$

(26)

   

(5.1)

%

               

Adjusted Property EBITDA

$

165

   

$

176

   

$

(11)

   

(6.3)

%

EBITDA Margin %

34.2

%

 

34.6

%

     

(0.4)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

1,272

   

$

2,592

   

$

(1,320)

   

(50.9)

%

Rolling Chip Win %(1)

2.56

%

 

3.24

%

     

(0.68)

pts

               

Non-Rolling Chip Drop

$

1,627

   

$

1,635

   

$

(8)

   

(0.5)

%

Non-Rolling Chip Win %

21.7

%

 

21.0

%

     

0.7

pts

               

Slot Handle

$

1,014

   

$

1,236

   

$

(222)

   

(18.0)

%

Slot Hold %

4.4

%

 

4.1

%

     

0.3

pts

               

Hotel Statistics

             
               

Occupancy %

94.8

%

 

93.0

%

     

1.8

pts

Average Daily Rate (ADR)

$

155

   

$

150

   

$

5

   

3.3

%

Revenue per Available Room (RevPAR)

$

147

   

$

140

   

$

7

   

5.0

%

____________________

(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

June 30,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

343

   

$

308

   

$

35

   

11.4

%

Rooms

32

   

28

   

4

   

14.3

%

Food and Beverage

17

   

16

   

1

   

6.3

%

Mall

15

   

15

   

   

%

Convention, Retail and Other

7

   

4

   

3

   

75.0

%

Net Revenues

$

414

   

$

371

   

$

43

   

11.6

%

               

Adjusted Property EBITDA

$

139

   

$

114

   

$

25

   

21.9

%

EBITDA Margin %

33.6

%

 

30.7

%

     

2.9

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

4,146

   

$

4,479

   

$

(333)

   

(7.4)

%

Rolling Chip Win %(1)

3.39

%

 

3.76

%

     

(0.37)

pts

               

Non-Rolling Chip Drop

$

1,136

   

$

1,057

   

$

79

   

7.5

%

Non-Rolling Chip Win %

22.9

%

 

19.6

%

     

3.3

pts

               

Slot Handle

$

1,016

   

$

1,173

   

$

(157)

   

(13.4)

%

Slot Hold %

3.9

%

 

2.4

%

     

1.5

pts

               

Hotel Statistics

             
               

Occupancy %

95.8

%

 

96.4

%

     

(0.6)

pts

Average Daily Rate (ADR)

$

157

   

$

149

   

$

8

   

5.4

%

Revenue per Available Room (RevPAR)

$

150

   

$

143

   

$

7

   

4.9

%

______________________

(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

       

The Plaza Macao and Four Seasons Hotel Macao

June 30,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

162

   

$

136

   

$

26

   

19.1

%

Rooms

10

   

10

   

   

%

Food and Beverage

7

   

7

   

   

%

Mall

31

   

33

   

(2)

   

(6.1)

%

Convention, Retail and Other

1

   

   

1

   

N.M.

Net Revenues

$

211

   

$

186

   

$

25

   

13.4

%

               

Adjusted Property EBITDA

$

83

   

$

72

   

$

11

   

15.3

%

EBITDA Margin %

39.3

%

 

38.7

%

     

0.6

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

3,238

   

$

2,649

   

$

589

   

22.2

%

Rolling Chip Win %(1)

4.19

%

 

3.75

%

     

0.44

pts

               

Non-Rolling Chip Drop

$

331

   

$

318

   

$

13

   

4.1

%

Non-Rolling Chip Win %

23.5

%

 

27.0

%

     

(3.5)

pts

               

Slot Handle

$

132

   

$

135

   

$

(3)

   

(2.2)

%

Slot Hold %

7.7

%

 

7.8

%

     

(0.1)

pts

               

Hotel Statistics

             
               

Occupancy %

89.9

%

 

86.8

%

     

3.1

pts

Average Daily Rate (ADR)

$

335

   

$

310

   

$

25

   

8.1

%

Revenue per Available Room (RevPAR)

$

301

   

$

269

   

$

32

   

11.9

%

____________________

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

       

Sands Macao

June 30,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

141

   

$

166

   

$

(25)

   

(15.1)

%

Rooms

5

   

4

   

1

   

25.0

%

Food and Beverage

7

   

7

   

   

%

Mall

1

   

2

   

(1)

   

(50.0)

%

Convention, Retail and Other

1

   

1

   

   

%

Net Revenues

$

155

   

$

180

   

$

(25)

   

(13.9)

%

               

Adjusted Property EBITDA

$

43

   

$

52

   

$

(9)

   

(17.3)

%

EBITDA Margin %

27.7

%

 

28.9

%

     

(1.2)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

1,261

   

$

1,374

   

$

(113)

   

(8.2)

%

Rolling Chip Win %(1)

1.90

%

 

4.48

%

     

(2.58)

pts

               

Non-Rolling Chip Drop

$

699

   

$

659

   

$

40

   

6.1

%

Non-Rolling Chip Win %

17.3

%

 

18.6

%

     

(1.3)

pts

               

Slot Handle

$

691

   

$

641

   

$

50

   

7.8

%

Slot Hold %

3.1

%

 

3.3

%

     

(0.2)

pts

               

Hotel Statistics

             
               

Occupancy %

99.5

%

 

99.0

%

     

0.5

pts

Average Daily Rate (ADR)

$

170

   

$

159

   

$

11

   

6.9

%

Revenue per Available Room (RevPAR)

$

169

   

$

158

   

$

11

   

7.0

%

______________________

(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

June 30,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

468

   

$

494

   

$

(26)

   

(5.3)

%

Rooms

93

   

93

   

   

%

Food and Beverage

58

   

51

   

7

   

13.7

%

Mall

42

   

42

   

   

%

Convention, Retail and Other

27

   

25

   

2

   

8.0

%

Net Revenues

$

688

   

$

705

   

$

(17)

   

(2.4)

%

               

Adjusted Property EBITDA

$

346

   

$

368

   

$

(22)

   

(6.0)

%

EBITDA Margin %

50.3

%

 

52.2

%

     

(1.9)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

7,195

   

$

5,870

   

$

1,325

   

22.6

%

Rolling Chip Win %(1)

2.49

%

 

2.84

%

     

(0.35)

pts

               

Non-Rolling Chip Drop

$

1,201

   

$

1,337

   

$

(136)

   

(10.2)

%

Non-Rolling Chip Win %

22.0

%

 

20.5

%

     

1.5

pts

               

Slot Handle

$

3,675

   

$

3,619

   

$

56

   

1.5

%

Slot Hold %

4.4

%

 

4.6

%

     

(0.2)

pts

               

Hotel Statistics

             
               

Occupancy %

97.2

%

 

96.9

%

     

0.3

pts

Average Daily Rate (ADR)

$

420

   

$

418

   

$

2

   

0.5

%

Revenue per Available Room (RevPAR)

$

408

   

$

405

   

$

3

   

0.7

%

___________________

(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

June 30,

       

(Dollars in millions)

2019

 

2018

 

$ Change

 

Change

Revenues:

             

Casino

$

112

   

$

60

   

$

52

   

86.7

%

Rooms

156

   

149

   

7

   

4.7

%

Food and Beverage

90

   

91

   

(1)

   

(1.1)

%

Convention, Retail and Other

108

   

102

   

6

   

5.9

%

Net Revenues

$

466

   

$

402

   

$

64

   

15.9

%

               

Adjusted Property EBITDA

$

136

   

$

77

   

$

59

   

76.6

%

EBITDA Margin %

29.2

%

 

19.2

%

     

10.0

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Table Games Drop

$

514

   

$

342

   

$

172

   

50.3

%

Table Games Win %(1)

17.8

%

 

7.7

%

     

10.1

pts

               

Slot Handle

$

712

   

$

683

   

$

29

   

4.2

%

Slot Hold %

8.4

%

 

8.4

%

     

pts

               

Hotel Statistics

             
               

Occupancy %

97.2

%

 

97.3

%

     

(0.1)

pts

Average Daily Rate (ADR)

$

251

   

$

241

   

$

10

   

4.1

%

Revenue per Available Room (RevPAR)

$

244

   

$

235

   

$

9

   

3.8

%

____________________

(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)

 
 

Sixty-Day Period

Sands Bethlehem (1)

Ended May 30,

(Dollars in millions)

2019

Revenues:

 

Casino

$

79

 

Rooms

3

 

Food and Beverage

4

 

Mall

 

Convention, Retail and Other

4

 

Net Revenues

$

90

 
   

Adjusted Property EBITDA

$

19

 

EBITDA Margin %

21.1

%

   

Gaming Statistics

 

(Dollars in millions)

 
   

Table Games Drop

$

179

 

Table Games Win %

20.2

%

   

Slot Handle

$

813

 

Slot Hold %

6.3

%

   

Hotel Statistics

 
   

Occupancy %

93.2

%

Average Daily Rate (ADR)

$

160

 

Revenue per Available Room (RevPAR)

$

149

 

_________________

(1)

The Company completed the sale of Sands Bethlehem on May 31, 2019.

 

Las Vegas Sands Corp. and Subsidiaries

 

Supplemental Data - Asian Retail Mall Operations

 

(Unaudited)

 
   

For the Three Months Ended June 30, 2019

 

TTM
June 30, 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

 

$

62

   

$

56

   

90.3

%

 

812,966

   

91.3

%

 

$

1,688

 
                         

Shoppes at Four Seasons

                       

Luxury Retail

 

20

   

19

   

95.0

%

 

125,566

   

100.0

%

 

6,247

 

Other Stores

 

11

   

10

   

90.9

%

 

115,982

   

94.9

%

 

2,186

 

Total

 

31

   

29

   

93.5

%

 

241,548

   

97.6

%

 

4,505

 
                         

Shoppes at Cotai Central(3)

 

16

   

13

   

81.3

%

 

523,511

   

91.3

%

 

967

 
                         

Shoppes at Parisian

 

14

   

11

   

78.6

%

 

295,915

   

89.9

%

 

650

 
                         

Total Cotai Strip in Macao

 

123

   

109

   

88.6

%

 

1,873,940

   

91.9

%

 

1,743

 
                         

The Shoppes at Marina Bay Sands

 

42

   

37

   

88.1

%

 

601,313

   

94.7

%

 

1,945

 
                         

Total

 

$

165

   

$

146

   

88.5

%

 

2,475,253

   

92.6

%

 

$

1,791

 

___________________

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-second-quarter-2019-results-300890511.html

 

SOURCE Las Vegas Sands Corp.