Press Release January 27, 2021
Las Vegas Sands Reports Fourth Quarter 2020 Results

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LAS VEGAS, Jan. 27, 2021 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, while continuing to mourn the loss of its visionary founder, Mr. Sheldon G. Adelson, today reported financial results for the quarter ended December 31, 2020.

 

"Mr. Adelson's vision and leadership created Las Vegas Sands and the convention-based Integrated Resort business model that forms the bedrock of the company's success," said Mr. Robert G. Goldstein, Chairman and Chief Executive Officer. "His impact will live on through the company's 50,000 team members and the iconic properties he developed around the world. These last few weeks since Sheldon's passing have been difficult for all of us, but his commitment to investing aggressively to build iconic resorts that deliver economic benefits to our host communities, the core of the company's operating strategy, remains firmly in place. I am deeply committed to continuing the execution of the strategy he created, and confident that we will deliver growth in the years ahead while honoring his legacy and realizing his vision for the creation of additional Integrated Resorts in new markets."

 

"Mr. Adelson established the roadmap for the future of this company, and that roadmap remains unchanged," said Patrick Dumont, President and Chief Operating Officer. "I am dedicated to working with Rob and our leadership team to make our strategic objectives a reality. Our path forward is clear and remains true to the principles our founder was committed to for so many years – we will continue supporting our people and the local communities in which we operate, reinvesting in our current markets, producing strong returns for our shareholders and aggressively pursuing new development opportunities."

 

"Turning to our financial results, I am pleased to share that the recovery process from the Covid-19 pandemic continues to progress in both Macao and Singapore" said Mr. Goldstein. "Our greatest priority as the recovery continues remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macao, Singapore and Las Vegas."

 

"We remain optimistic about the eventual recovery of travel and tourism spending across our markets. We are fortunate that our financial strength supports our previously announced capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."

 

Net revenue was $1.15 billion, a decrease of 67.3% from the prior year quarter. Operating loss was $211 million, compared to operating income of $934 million in the prior year quarter. Net loss in the fourth quarter of 2020 was $376 million, compared to net income of $783 million in the fourth quarter of 2019. Consolidated adjusted property EBITDA was $141 million, compared to $1.39 billion in the prior year quarter.

 

Full year 2020 operating loss was $1.69 billion, compared to operating income of $3.70 billion in 2019. Net loss attributable to Las Vegas Sands was $1.69 billion, or $(2.21) per diluted share, in 2020, compared to net income of $2.70 billion, or $3.50 per diluted share, in 2019.

 

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 69.9%, compared to the fourth quarter of 2019, to $672 million. Net loss for SCL was $246 million, compared to net income of $513 million in the fourth quarter of 2019.

 

On a GAAP basis, full year 2020 total net revenues for SCL decreased 80.8%, compared to the full year 2019, to $1.69 billion. Net loss for SCL was $1.52 billion in 2020, compared to net income of $2.04 billion in 2019.

 

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $150 million for the fourth quarter of 2020, compared to $134 million in the prior year quarter. Our weighted average debt balance increased compared to the prior year quarter due to the issuance of $1.50 billion of senior notes by SCL in June 2020, while our weighted average borrowing cost in the fourth quarter of 2020 was 4.4%, compared to 4.3% during the fourth quarter of 2019.

 

Our income tax expense for the fourth quarter of 2020 was $8 million, compared to $65 million in the prior year quarter. The income tax expense for the fourth quarter of 2020 was primarily driven by a 17% statutory tax rate on our Singapore operations partially offset by an income tax benefit driven by pre-tax losses experienced by our U.S. operations.

 

Balance Sheet Items
Unrestricted cash balances as of December 31, 2020 were $2.12 billion.

 

SCL entered into an agreement with lenders to increase commitments under its revolving credit facility by the U.S. dollar equivalent of $494 million based on exchange rates at the time of the transaction, which became effective on January 25, 2021. After taking into account the aforementioned increase, the total available borrowing capacity under the SCL revolving credit facility was $2.51 billion and the company has access to a total of $4.46 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

 

As of December 31, 2020, total debt outstanding, excluding finance leases, was $13.98 billion.

 

Capital Expenditures
Capital expenditures during the fourth quarter totaled $252 million, including construction, development and maintenance activities of $201 million in Macao, $27 million at Marina Bay Sands and $24 million in Las Vegas.

 

Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January 27, 2021 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.

 

About Las Vegas Sands Corp. (NYSE: LVS)
Las Vegas Sands is the world's preeminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.

 

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

 

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

 

Sands is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We deliver a great working environment for our team members worldwide, drive social impact through the Sands Cares community engagement and charitable giving program and lead in environmental performance through the award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.

 

Forward-Looking Statements

 

This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to: the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of governments and other third parties, including government-mandated property closures, increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics, or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities; execute our previously announced capital expenditure programs in both Macao and Singapore, and produce future returns; new development, construction and ventures; government regulation; risks relating to our gaming licenses and subconcession; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; gaming promoters; competition; tax law changes; transportation infrastructure in Macao; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

 

Contacts:

 

Investment Community:
Daniel Briggs
(702) 414-1221

 

Media:
Ron Reese
(702) 414-3607

 

Las Vegas Sands Corp.
Fourth Quarter 2020 Results
Non-GAAP Measures

 

Within the company's fourth quarter and full year 2020 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income/loss," "adjusted earnings/loss per diluted share," and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures along with "adjusted property EBITDA margin," "hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA margin," "hold-normalized adjusted net income/loss," and "hold-normalized adjusted earnings/loss per diluted share." The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.

 

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

 

Adjusted net income/loss, which is a non-GAAP financial measure, 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. Adjusted net income/loss and adjusted earnings/loss per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.

 

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income/loss 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 on sale of Sands Bethlehem, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income/loss from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal payments and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.

 

Hold-normalized adjusted property EBITDA, a supplemental non-GAAP financial measure, that, in addition to the aforementioned reasons for the presentation of consolidated adjusted property EBITDA, is presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period. Hold-normalized adjusted property EBITDA is based on applying a Rolling Chip win percentage of 3.30% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 3.15% to 3.45% for our Macao and Singapore properties and applying a win percentage of 22.0% for Baccarat and 20.0% for non-Baccarat games to the respective table games drops for the quarter if the actual win percentages are outside the expected ranges of 18.0% to 26.0% for Baccarat and 16.0% to 24.0% for non-Baccarat at our Las Vegas properties. We do not present adjustments for Non-Rolling Chip drop for our table games play at our Macao and Singapore properties, nor for slots at any of our properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid, bad debt expense, discounts and other incentives that would have been incurred when applying the win percentages noted above to the respective gaming volumes. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period.

 

Hold-normalized adjusted net income/loss and hold-normalized adjusted earnings/loss per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income/loss and adjusted earnings/loss per diluted share, are presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period.

 

The company may also present the above items on a constant currency basis. This information is a non-GAAP financial measure that is calculated by translating current quarter local currency amounts to U.S. dollars based on prior period exchange rates. These amounts are compared to the prior period to derive non-GAAP constant-currency growth/decline. Management considers non-GAAP constant-currency growth/decline to be a useful metric to investors and management as it allows a more direct comparison of current performance to historical performance.

 

The company also makes reference to adjusted property EBITDA margin and hold-normalized adjusted property EBITDA margin, which are calculated using the aforementioned non-GAAP financial measures.

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

 

Condensed Consolidated Statements of Operations

 

(In millions, except per share data)

 

(Unaudited)

   

Three Months Ended

 

Year Ended

   

December 31,

 

December 31,

   

2020

 

2019

 

2020

 

2019

Revenues:

               

  Casino

 

$

741

   

$

2,485

   

$

2,268

   

$

9,828

 

  Rooms

 

140

   

434

   

498

   

1,752

 

  Food and beverage

 

78

   

242

   

283

   

897

 

  Mall

 

153

   

215

   

381

   

716

 

  Convention, retail and other

 

34

   

133

   

182

   

546

 

Net revenues

 

1,146

   

3,509

   

3,612

   

13,739

 

Operating expenses:

               

  Resort operations

 

1,010

   

2,125

   

3,800

   

8,364

 

  Corporate

 

23

   

51

   

168

   

313

 

  Pre-opening

 

5

   

11

   

19

   

34

 

  Development

 

   

11

   

18

   

24

 

  Depreciation and amortization

 

293

   

291

   

1,160

   

1,165

 

  Amortization of leasehold interests in land

 

14

   

14

   

55

   

51

 

  Loss on disposal or impairment of assets

 

12

   

72

   

80

   

90

 
   

1,357

   

2,575

   

5,300

   

10,041

 

Operating income (loss)

 

(211)

   

934

   

(1,688)

   

3,698

 

Other income (expense):

               

  Interest income

 

1

   

17

   

21

   

74

 

  Interest expense, net of amounts capitalized

 

(150)

   

(134)

   

(536)

   

(555)

 

  Other income (expense)

 

(8)

   

31

   

22

   

23

 

  Gain on sale of Sands Bethlehem

 

   

   

   

556

 

  Loss on modification or early retirement of debt

 

   

   

   

(24)

 

Income (loss) before income taxes

 

(368)

   

848

   

(2,181)

   

3,772

 

Income tax (expense) benefit

 

(8)

   

(65)

   

38

   

(468)

 

Net income (loss)

 

(376)

   

783

   

(2,143)

   

3,304

 

Net (income) loss attributable to noncontrolling interests

 

77

   

(154)

   

458

   

(606)

 

Net income (loss) attributable to Las Vegas Sands Corp.

 

$

(299)

   

$

629

   

$

(1,685)

   

$

2,698

 
                 

Earnings (loss) per share:

               

  Basic

 

$

(0.39)

   

$

0.82

   

$

(2.21)

   

$

3.50

 

  Diluted

 

$

(0.39)

   

$

0.82

   

$

(2.21)

   

$

3.50

 
                 

Weighted average shares outstanding:

               

  Basic

 

764

   

767

   

764

   

771

 

  Diluted

 

764

   

768

   

764

   

771

 
                 

Dividends declared per common share

 

$

   

$

0.77

   

$

0.79

   

$

3.08

 

 

 

 

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

 

Net Revenues and Adjusted Property EBITDA

 

(In millions)

 

(Unaudited)

   

Three Months Ended

 

Year Ended

   

December 31,

 

December 31,

   

2020

 

2019

 

2020

 

2019

Net Revenues

               

The Venetian Macao

 

$

327

   

$

908

   

$

738

   

$

3,510

 

The Londoner Macao

 

95

   

505

   

297

   

2,052

 

The Parisian Macao

 

101

   

401

   

259

   

1,650

 

The Plaza Macao and Four Seasons Hotel Macao

 

114

   

246

   

265

   

877

 

Sands Macao

 

32

   

150

   

120

   

628

 

Ferry Operations and Other

 

6

   

31

   

28

   

117

 

  Macao Operations

 

675

   

2,241

   

1,707

   

8,834

 
                 

Marina Bay Sands

 

345

   

853

   

1,261

   

3,101

 

Las Vegas Operating Properties

 

150

   

475

   

738

   

1,818

 

Sands Bethlehem(1)

 

   

   

   

227

 

Intersegment Eliminations

 

(24)

   

(60)

   

(94)

   

(241)

 
   

$

1,146

   

$

3,509

   

$

3,612

   

$

13,739

 
                 

Adjusted Property EBITDA

               

The Venetian Macao

 

$

73

   

$

368

   

$

(53)

   

$

1,407

 

The Londoner Macao

 

(34)

   

180

   

(184)

   

726

 

The Parisian Macao

 

(7)

   

122

   

(131)

   

544

 

The Plaza Macao and Four Seasons Hotel Macao

 

38

   

102

   

33

   

345

 

Sands Macao

 

(18)

   

40

   

(76)

   

175

 

Ferry Operations and Other

 

(5)

   

(1)

   

(20)

   

(8)

 

  Macao Operations

 

47

   

811

   

(431)

   

3,189

 
                 

Marina Bay Sands

 

144

   

457

   

383

   

1,661

 

Las Vegas Operating Properties

 

(50)

   

120

   

(124)

   

487

 

Sands Bethlehem(1)

 

   

   

   

52

 
   

$

141

   

$

1,388

   

$

(172)

   

$

5,389

 
                 

Adjusted Property EBITDA as a Percentage of Net Revenues

               

The Venetian Macao

 

22.3

%

 

40.5

%

     

40.1

%

The Londoner Macao

     

35.6

%

     

35.4

%

The Parisian Macao

     

30.4

%

     

33.0

%

The Plaza Macao and Four Seasons Hotel Macao

 

33.3

%

 

41.5

%

 

12.5

%

 

39.3

%

Sands Macao

     

26.7

%

     

27.9

%

Ferry Operations and Other

     

(3.2)

%

     

(6.8)

%

  Macao Operations

 

7.0

%

 

36.2

%

     

36.1

%

                 

Marina Bay Sands

 

41.7

%

 

53.6

%

 

30.4

%

 

53.6

%

Las Vegas Operating Properties

     

25.3

%

     

26.8

%

Sands Bethlehem(1)

             

22.9

%

                 

Total

 

12.3

%

 

39.6

%

     

39.2

%

         
   

(1)

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

 

 

 

 

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

 

Non-GAAP Measure Reconciliation

 

(In millions)

 

(Unaudited)

 

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

                 
   

Three Months Ended

 

Year Ended

   

December 31,

 

December 31,

   

2020

 

2019

 

2020

 

2019

Net income (loss)

 

$

(376)

   

$

783

   

$

(2,143)

   

$

3,304

 

  Add (deduct):

               

Income tax expense (benefit)

 

8

   

65

   

(38)

   

468

 

Loss on modification or early retirement of debt

 

   

   

   

24

 

Gain on sale of Sands Bethlehem

 

   

   

   

(556)

 

Other (income) expense

 

8

   

(31)

   

(22)

   

(23)

 

Interest expense, net of amounts capitalized

 

150

   

134

   

536

   

555

 

Interest income

 

(1)

   

(17)

   

(21)

   

(74)

 

Loss on disposal or impairment of assets

 

12

   

72

   

80

   

90

 

Amortization of leasehold interests in land

 

14

   

14

   

55

   

51

 

Depreciation and amortization

 

293

   

291

   

1,160

   

1,165

 

Development expense

 

   

11

   

18

   

24

 

Pre-opening expense

 

5

   

11

   

19

   

34

 

Stock-based compensation (1)

 

5

   

4

   

16

   

14

 

Corporate expense

 

23

   

51

   

168

   

313

 

Consolidated Adjusted Property EBITDA

 

$

141

   

$

1,388

   

$

(172)

   

$

5,389

 
                 

Hold-normalized casino revenue (2)

 

70

   

(93)

         

Hold-normalized casino expense (2)

 

(26)

   

31

         

Consolidated Hold-Normalized Adjusted Property EBITDA

 

$

185

   

$

1,326

         
             
   

(1)

During the three months ended December 31, 2020 and 2019, the company recorded stock-based compensation expense of $8 million and $10 million, respectively, of which $3 million and $6 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations. During the years ended December 31, 2020 and 2019, the company recorded stock-based compensation expense of $28 million and $36 million, respectively, of which $12 million and $22 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 December 31, 2020

                 
               

Hold-Normalized

   

Adjusted

 

Hold-Normalized

 

Hold-Normalized

 

Adjusted

   

Property

 

Casino

 

Casino

 

Property

   

EBITDA

 

Revenue (1)

 

Expense (2)

 

EBITDA

Macao Operations

 

$

47

   

$

44

   

$

(21)

   

$

70

 

Marina Bay Sands

 

144

   

3

   

(1)

   

146

 

Las Vegas Operating Properties

 

(50)

   

23

   

(4)

   

(31)

 
   

$

141

   

$

70

   

$

(26)

   

$

185

 
                 
                 
   

Three Months Ended December 31, 2019

                 
               

Hold-Normalized

   

Adjusted

 

Hold-Normalized

 

Hold-Normalized

 

Adjusted

   

Property

 

Casino

 

Casino

 

Property

   

EBITDA

 

Revenue (1)

 

Expense (2)

 

EBITDA

Macao Operations

 

$

811

   

$

(43)

   

$

21

   

$

789

 

Marina Bay Sands

 

457

   

(50)

   

10

   

417

 

Las Vegas Operating Properties

 

120

   

   

   

120

 
   

$

1,388

   

$

(93)

   

$

31

   

$

1,326

 
             
   

(1)

For Macao Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling Chip volume play that would have been earned or lost had the company's current period win percentage equaled 3.30%. This calculation will only be applied if the current period win percentage is outside the expected range of 3.15% to 3.45%. The prior year non-GAAP measurement for our Macao Operations and Marina Bay Sands has also been adjusted to conform to the current period presentation.

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.

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

 

 

 

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

 

Non-GAAP Measure Reconciliation

 

(In millions, except per share data)

 

(Unaudited)

 

The following is a reconciliation of Net Income (Loss) Attributable to LVS to Adjusted Net Income (Loss) and Hold-Normalized Adjusted Net Income (Loss):

                 
   

Three Months Ended

 

Year Ended

   

December 31,

 

December 31,

   

2020

 

2019

 

2020

 

2019

Net income (loss) attributable to LVS

 

$

(299)

   

$

629

   

$

(1,685)

   

$

2,698

 
                 

Nonrecurring corporate expense

 

   

   

   

96

 

Pre-opening expense

 

5

   

11

   

19

   

34

 

Development expense

 

   

11

   

18

   

24

 

Loss on disposal or impairment of assets

 

12

   

72

   

80

   

90

 

Other (income) expense

 

8

   

(31)

   

(22)

   

(23)

 

Gain on sale of Sands Bethlehem

 

   

   

   

(556)

 

Loss on modification or early retirement of debt

 

   

   

   

24

 

Income tax impact on net income adjustments (1)

 

1

   

(3)

   

(5)

   

148

 

Noncontrolling interest impact on net income adjustments

 

(6)

   

(11)

   

(21)

   

(21)

 

Adjusted net income (loss) attributable to LVS

 

$

(279)

   

$

678

   

$

(1,616)

   

$

2,514

 
                 

Hold-normalized casino revenue (2)

 

70

   

(93)

         

Hold-normalized casino expense (2)

 

(26)

   

31

         

Income tax impact on hold adjustments (1)

 

(4)

   

7

         

Noncontrolling interest impact on hold adjustments

 

(7)

   

7

         

Hold-normalized adjusted net income (loss) attributable to LVS

 

$

(246)

   

$

630

         
                 

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

                 
   

Three Months Ended

 

Year Ended

   

December 31,

 

December 31,

   

2020

 

2019

 

2020

 

2019

Per diluted share of common stock:

               

Net income (loss) attributable to LVS

 

$

(0.39)

   

$

0.82

   

$

(2.21)

   

$

3.50

 
                 

Nonrecurring corporate expense

 

   

   

   

0.12

 

Pre-opening expense

 

0.01

   

0.01

   

0.03

   

0.05

 

Development expense

 

   

0.01

   

0.02

   

0.03

 

Loss on disposal or impairment of assets

 

0.01

   

0.09

   

0.11

   

0.12

 

Other (income) expense

 

0.01

   

(0.04)

   

(0.03)

   

(0.03)

 

Gain on sale of Sands Bethlehem

 

   

   

   

(0.72)

 

Loss on modification or early retirement of debt

 

   

   

   

0.03

 

Income tax impact on net income adjustments

 

   

   

(0.01)

   

0.19

 

Noncontrolling interest impact on net income adjustments

 

(0.01)

   

(0.01)

   

(0.03)

   

(0.03)

 

Adjusted earnings (loss) per diluted share

 

$

(0.37)

   

$

0.88

   

$

(2.12)

   

$

3.26

 
                 

Hold-normalized casino revenue

 

0.09

   

(0.12)

         

Hold-normalized casino expense

 

(0.03)

   

0.04

         

Income tax impact on hold adjustments

 

   

0.01

         

Noncontrolling interest impact on hold adjustments

 

(0.01)

   

0.01

         

Hold-normalized adjusted earnings (loss) per diluted share

 

$

(0.32)

   

$

0.82

         
                 

Weighted average diluted shares outstanding

 

764

   

768

   

764

   

771

 
             
   

(1)

The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

(2)

See Exhibit 4.

 

 

 

 

Exhibit 6

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)

   

Three Months Ended

 

Year Ended

   

December 31,

 

December 31,

   

2020

 

2019

 

2020

 

2019

Casino Statistics:

               

The Venetian Macao:

               

Table games win per unit per day (1)

 

$

4,349

   

$

13,910

   

$

2,729

   

$

13,806

 

Slot machine win per unit per day (2)

 

$

219

   

$

323

   

$

129

   

$

296

 

Average number of table games

 

695

   

657

   

631

   

651

 

Average number of slot machines

 

884

   

1,722

   

954

   

1,744

 
                 

The Londoner Macao:

               

Table games win per unit per day (1)

 

$

2,248

   

$

11,401

   

$

1,840

   

$

11,925

 

Slot machine win per unit per day (2)

 

$

111

   

$

299

   

$

119

   

$

302

 

Average number of table games

 

342

   

391

   

329

   

385

 

Average number of slot machines

 

545

   

1,466

   

563

   

1,577

 
                 

The Parisian Macao:

               

Table games win per unit per day (1)

 

$

3,464

   

$

14,050

   

$

2,409

   

$

13,866

 

Slot machine win per unit per day (2)

 

$

143

   

$

300

   

$

105

   

$

315

 

Average number of table games

 

266

   

304

   

271

   

316

 

Average number of slot machines

 

768

   

1,476

   

776

   

1,377

 
                 

The Plaza Macao and Four Seasons Hotel Macao:

               

Table games win per unit per day (1)

 

$

5,201

   

$

19,451

   

$

3,873

   

$

19,882

 

Slot machine win per unit per day (2)

 

$

(42)

   

$

312

   

$

91

   

$

336

 

Average number of table games

 

173

   

129

   

164

   

121

 

Average number of slot machines

 

18

   

264

   

52

   

255

 
                 

Sands Macao:

               

Table games win per unit per day (1)

 

$

1,954

   

$

8,063

   

$

2,004

   

$

8,358

 

Slot machine win per unit per day (2)

 

$

80

   

$

227

   

$

88

   

$

243

 

Average number of table games

 

160

   

191

   

166

   

196

 

Average number of slot machines

 

551

   

1,004

   

549

   

957

 
                 

Marina Bay Sands:

               

Table games win per unit per day (1)

 

$

2,490

   

$

11,102

   

$

4,319

   

$

9,795

 

Slot machine win per unit per day (2)

 

$

943

   

$

755

   

$

757

   

$

764

 

Average number of table games

 

604

   

569

   

605

   

581

 

Average number of slot machines

 

1,714

   

2,401

   

1,861

   

2,318

 
                 

Las Vegas Operating Properties:

               

Table games win per unit per day (1)

 

$

1,797

   

$

5,548

   

$

2,896

   

$

4,651

 

Slot machine win per unit per day (2)

 

$

348

   

$

386

   

$

351

   

$

356

 

Average number of table games

 

194

   

209

   

199

   

220

 

Average number of slot machines

 

1,432

   

1,889

   

1,532

   

1,873

 
             
   

Note:

These casino statistics exclude table games and slot machines shutdown due to social distancing measures or closure of the gaming facilities implemented as a result of the COVID-19 pandemic.

(1)

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

(2)

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

 

 

 

 

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

 

Supplemental Data

 

(Unaudited)

 

Three Months Ended

       

The Venetian Macao

December 31,

       

(Dollars in millions)

2020

 

2019

 

$ Change

 

Change

Revenues:

             

Casino

$

243

   

$

748

   

$

(505)

   

(67.5)

%

Rooms

21

   

54

   

(33)

   

(61.1)

%

Food and Beverage

6

   

17

   

(11)

   

(64.7)

%

Mall

51

   

71

   

(20)

   

(28.2)

%

Convention, Retail and Other

6

   

18

   

(12)

   

(66.7)

%

Net Revenues

$

327

   

$

908

   

$

(581)

   

(64.0)

%

               

Adjusted Property EBITDA

$

73

   

$

368

   

$

(295)

   

(80.2)

%

EBITDA Margin %

22.3

%

 

40.5

%

     

(18.2)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

1,209

   

$

5,876

   

$

(4,667)

   

(79.4)

%

Rolling Chip Win %(1)

3.31

%

 

4.14

%

     

(0.83)

pts

               

Non-Rolling Chip Drop

$

975

   

$

2,324

   

$

(1,349)

   

(58.0)

%

Non-Rolling Chip Win %

24.4

%

 

25.7

%

     

(1.3)

pts

               

Slot Handle

$

444

   

$

1,044

   

$

(600)

   

(57.5)

%

Slot Hold %

4.0

%

 

4.9

%

     

(0.9)

pts

               

Hotel Statistics

             
               

Occupancy %

49.3

%

 

97.2

%

     

(47.9)

pts

Average Daily Rate (ADR)

$

167

   

$

224

   

$

(57)

   

(25.4)

%

Revenue per Available Room (RevPAR)

$

82

   

$

218

   

$

(136)

   

(62.4)

%

             
   

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

 

 

Las Vegas Sands Corp. and Subsidiaries

 

Supplemental Data

 

(Unaudited)

 

Three Months Ended

       

The Londoner Macao

December 31,

       

(Dollars in millions)

2020

 

2019

 

$ Change

 

Change

Revenues:

             

Casino

$

63

   

$

379

   

$

(316)

   

(83.4)

%

Rooms

13

   

78

   

(65)

   

(83.3)

%

Food and Beverage

5

   

23

   

(18)

   

(78.3)

%

Mall

13

   

20

   

(7)

   

(35.0)

%

Convention, Retail and Other

1

   

5

   

(4)

   

(80.0)

%

Net Revenues

$

95

   

$

505

   

$

(410)

   

(81.2)

%

               

Adjusted Property EBITDA

$

(34)

   

$

180

   

$

(214)

   

(118.9)

%

EBITDA Margin %

   

35.6

%

       
               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume(1)

$

   

$

1,041

   

$

(1,041)

   

(100.0)

%

Rolling Chip Win %(2)

   

2.94

%

       
               

Non-Rolling Chip Drop

$

291

   

$

1,650

   

$

(1,359)

   

(82.4)

%

Non-Rolling Chip Win %

24.3

%

 

23.0

%

     

1.3

pts

               

Slot Handle

$

118

   

$

1,015

   

$

(897)

   

(88.4)

%

Slot Hold %

4.7

%

 

4.0

%

     

0.7

pts

               

Hotel Statistics

             
               

Occupancy %

22.2

%

 

98.5

%

     

(76.3)

pts

Average Daily Rate (ADR)

$

151

   

$

167

   

$

(16)

   

(9.6)

%

Revenue per Available Room (RevPAR)

$

34

   

$

164

   

$

(130)

   

(79.3)

%

             
   

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity. Rooms being utilized for government quarantine purposes were excluded from the calculation of hotel statistics above.

(1)

No Rolling Chip volume for the three months ended December 31, 2020, due to closure of tables for premium patrons in connection with The Londoner Macao renovations.

(2)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

 

 

Las Vegas Sands Corp. and Subsidiaries

 

Supplemental Data

 

(Unaudited)

 

Three Months Ended

       

The Parisian Macao

December 31,

       

(Dollars in millions)

2020

 

2019

 

$ Change

 

Change

Revenues:

             

Casino

$

69

   

$

334

   

$

(265)

   

(79.3)

%

Rooms

15

   

33

   

(18)

   

(54.5)

%

Food and Beverage

5

   

17

   

(12)

   

(70.6)

%

Mall

11

   

13

   

(2)

   

(15.4)

%

Convention, Retail and Other

1

   

4

   

(3)

   

(75.0)

%

Net Revenues

$

101

   

$

401

   

$

(300)

   

(74.8)

%

               

Adjusted Property EBITDA

$

(7)

   

$

122

   

$

(129)

   

(105.7)

%

EBITDA Margin %

   

30.4

%

       
               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

534

   

$

4,181

   

$

(3,647)

   

(87.2)

%

Rolling Chip Win %(1)

(1.40)

%

 

3.10

%

     

(4.50)

pts

               

Non-Rolling Chip Drop

$

404

   

$

1,124

   

$

(720)

   

(64.1)

%

Non-Rolling Chip Win %

22.8

%

 

23.5

%

     

(0.7)

pts

               

Slot Handle

$

268

   

$

1,066

   

$

(798)

   

(74.9)

%

Slot Hold %

3.8

%

 

3.8

%

     

pts

               

Hotel Statistics

             
               

Occupancy %

50.0

%

 

97.6

%

     

(47.6)

pts

Average Daily Rate (ADR)

$

132

   

$

159

   

$

(27)

   

(17.0)

%

Revenue per Available Room (RevPAR)

$

66

   

$

155

   

$

(89)

   

(57.4)

%

             
   

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

 

 

Las Vegas Sands Corp. and Subsidiaries

 

Supplemental Data

 

(Unaudited)

 

Three Months Ended

       

The Plaza Macao and Four Seasons Hotel Macao

December 31,

       

(Dollars in millions)

2020

 

2019

 

$ Change

 

Change

Revenues:

             

Casino

$

58

   

$

169

   

$

(111)

   

(65.7)

%

Rooms

11

   

11

   

   

%

Food and Beverage

5

   

8

   

(3)

   

(37.5)

%

Mall

40

   

57

   

(17)

   

(29.8)

%

Convention, Retail and Other

   

1

   

(1)

   

(100.0)

%

Net Revenues

$

114

   

$

246

   

$

(132)

   

(53.7)

%

               

Adjusted Property EBITDA

$

38

   

$

102

   

$

(64)

   

(62.7)

%

EBITDA Margin %

33.3

%

 

41.5

%

     

(8.2)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

1,070

   

$

3,030

   

$

(1,960)

   

(64.7)

%

Rolling Chip Win %(1)

1.76

%

 

4.02

%

     

(2.26)

pts

               

Non-Rolling Chip Drop

$

274

   

$

433

   

$

(159)

   

(36.7)

%

Non-Rolling Chip Win %

23.3

%

 

25.2

%

     

(1.9)

pts

               

Slot Handle

$

   

$

125

   

$

(125)

   

(100.0)

%

Slot Hold %

   

6.1

%

       
               

Hotel Statistics

             
               

Occupancy %

42.0

%

 

92.9

%

     

(50.9)

pts

Average Daily Rate (ADR)

$

449

   

$

333

   

$

116

   

34.8

%

Revenue per Available Room (RevPAR)

$

189

   

$

310

   

$

(121)

   

(39.0)

%

             
   

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

 

 

Las Vegas Sands Corp. and Subsidiaries

 

Supplemental Data

 

(Unaudited)

 
 

Three Months Ended

       

Sands Macao

December 31,

       

(Dollars in millions)

2020

 

2019

 

$ Change

 

Change

Revenues:

             

Casino

$

27

   

$

137

   

$

(110)

   

(80.3)

%

Rooms

3

   

5

   

(2)

   

(40.0)

%

Food and Beverage

2

   

7

   

(5)

   

(71.4)

%

Mall

   

1

   

(1)

   

(100.0)

%

Net Revenues

$

32

   

$

150

   

$

(118)

   

(78.7)

%

               

Adjusted Property EBITDA

$

(18)

   

$

40

   

$

(58)

   

(145.0)

%

EBITDA Margin %

   

26.7

%

       
               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

506

   

$

1,049

   

$

(543)

   

(51.8)

%

Rolling Chip Win %(1)

1.15

%

 

2.58

%

     

(1.43)

pts

               

Non-Rolling Chip Drop

$

127

   

$

612

   

$

(485)

   

(79.2)

%

Non-Rolling Chip Win %

18.1

%

 

18.8

%

     

(0.7)

pts

               

Slot Handle

$

129

   

$

632

   

$

(503)

   

(79.6)

%

Slot Hold %

3.1

%

 

3.3

%

     

(0.2)

pts

               

Hotel Statistics

             
               

Occupancy %

69.6

%

 

100.0

%

     

(30.4)

pts

Average Daily Rate (ADR)

$

141

   

$

178

   

$

(37)

   

(20.8)

%

Revenue per Available Room (RevPAR)

$

98

   

$

178

   

$

(80)

   

(44.9)

%

             
   

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

 

 

Las Vegas Sands Corp. and Subsidiaries

 

Supplemental Data

 

(Unaudited)

 

Three Months Ended

       

Marina Bay Sands

December 31,

       

(Dollars in millions)

2020

 

2019

 

$ Change

 

Change

Revenues:

             

Casino

$

229

   

$

602

   

$

(373)

   

(62.0)

%

Rooms

36

   

100

   

(64)

   

(64.0)

%

Food and Beverage

32

   

69

   

(37)

   

(53.6)

%

Mall

39

   

54

   

(15)

   

(27.8)

%

Convention, Retail and Other

9

   

28

   

(19)

   

(67.9)

%

Net Revenues

$

345

   

$

853

   

$

(508)

   

(59.6)

%

               

Adjusted Property EBITDA

$

144

   

$

457

   

$

(313)

   

(68.5)

%

EBITDA Margin %

41.7

%

 

53.6

%

     

(11.9)

pts

               

Gaming Statistics

             

(Dollars in millions)

             
               

Rolling Chip Volume

$

1,257

   

$

7,916

   

$

(6,659)

   

(84.1)

%

Rolling Chip Win %(1)

3.09

%

 

3.93

%

     

(0.84)

pts

               

Non-Rolling Chip Drop

$

556

   

$

1,231

   

$

(675)

   

(54.8)

%

Non-Rolling Chip Win %

17.9

%

 

22.0

%

     

(4.1)

pts

               

Slot Handle

$

3,315

   

$

3,459

   

$

(144)

   

(4.2)

%

Slot Hold %

4.5

%

 

4.8

%

     

(0.3)

pts

               

Hotel Statistics

             
               

Occupancy %

69.0

%

 

97.3

%

     

(28.3)

pts

Average Daily Rate (ADR)

$

229

   

$

450

   

$

(221)

   

(49.1)

%

Revenue per Available Room (RevPAR)

$

158

   

$

438

   

$

(280)

   

(63.9)

%

             
   

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

 

 

 

Las Vegas Sands Corp. and Subsidiaries

 

Supplemental Data

 

(Unaudited)

 

Three Months Ended

       

Las Vegas Operating Properties

December 31,

       

(Dollars in millions)

2020

 

2019

 

$ Change

 

Change

Revenues:

             

Casino

$

52

   

$

116

   

$

(64)

   

(55.2)

%

Rooms

41

   

153

   

(112)

   

(73.2)

%

Food and Beverage

23

   

101

   

(78)

   

(77.2)

%

Convention, Retail and Other

34

   

105

   

(71)

   

(67.6)

%

Net Revenues

$

150

   

$

475

   

$

(325)

   

(68.4)

%

               

Adjusted Property EBITDA

$

(50)

   

$

120

   

$

(170)

   

(141.7)

%

EBITDA Margin %

   

25.3

%

       
               

Gaming Statistics

             

(Dollars in millions)

             
               

Table Games Drop

$

289

   

$

540

   

$

(251)

   

(46.5)

%

Table Games Win %(1)

11.1

%

 

19.8

%

     

(8.7)

pts

               

Slot Handle

$

569

   

$

841

   

$

(272)

   

(32.3)

%

Slot Hold %

8.1

%

 

8.0

%

     

0.1

pts

               

Hotel Statistics

             
               

Occupancy %

43.9

%

 

94.5

%

     

(50.6)

pts

Average Daily Rate (ADR)

$

185

   

$

253

   

$

(68)

   

(26.9)

%

Revenue per Available Room (RevPAR)

$

81

   

$

239

   

$

(158)

   

(66.1)

%

             
   

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed due to social distancing measures. Rooms within the property's Venezia tower and Palazzo tower closed during the period were excluded from the calculation of hotel statistics above.

(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 - Asian Retail Mall Operations

 

(Unaudited)

   

For The Three Months Ended December 31, 2020

 

TTM
December 31,
2020

(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

 

$

51

   

$

47

   

92.2

%

 

812,936

   

83.8

%

 

$

794

 
                         

Shoppes at Four Seasons

                       

Luxury Retail

 

27

   

23

   

85.2

%

 

125,466

   

100.0

%

 

3,750

 

Other Stores

 

13

   

12

   

92.3

%

 

118,638

   

89.5

%

 

1,245

 

Total

 

40

   

35

   

87.5

%

 

244,104

   

94.9

%

 

2,744

 
                         

Shoppes at Londoner(3)

 

12

   

10

   

83.3

%

 

525,206

   

83.9

%

 

409

 
                         

Shoppes at Parisian

 

11

   

10

   

90.9

%

 

295,963

   

78.5

%

 

349

 
                         

Total Cotai Strip in Macao

 

114

   

102

   

89.5

%

 

1,878,209

   

84.4

%

 

902

 
                         

The Shoppes at Marina Bay Sands

 

39

   

34

   

87.2

%

 

620,330

   

98.2

%

 

1,053

 
                         

Total

 

$

153

   

$

136

   

88.9

%

 

2,498,539

   

87.8

%

 

$

936

 
             
   

Note:

This table excludes the results of our mall operations at Sands Macao. As a result of the COVID-19 pandemic, tenants were provided rent concessions of $16 million at our Macao properties and $8 million at Marina Bay Sands.

(1)

Gross revenue figures are net of intersegment revenue eliminations.

(2)

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

(3)

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

 

 

 

CisionView original content to download multimedia:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-fourth-quarter-2020-results-301216630.html

 

SOURCE Las Vegas Sands Corp.