LAS VEGAS, July 25, 2016 /PRNewswire/ -- Las Vegas
Sands Corp. (NYSE: LVS), the world's leading developer and operator
of convention-based Integrated Resorts, today reported financial
results for the quarter ended June 30,
2016.
Second Quarter Overview
Mr. Sheldon G. Adelson, chairman
and chief executive officer, said, "The operating environment in
Macao remained challenging during
the quarter; but we do see signs of stabilization, particularly in
the mass market. Our mass gaming revenues in the month of
June 2016 increased versus the same
month in 2015, the first year-on-year monthly mass gaming growth we
have experienced in nearly two years. Our focus on the higher
margin mass and non-gaming segments and the geographic
diversification of our cash flows enabled us to deliver almost
$400 million of net income and
$955 million of consolidated adjusted
property EBITDA during the quarter. We remain steadfast in
our focus on the consistent execution of our proven global growth
strategy, which leverages the power of our unique convention-based
Integrated Resort business model."
"Our convention-based Integrated Resort business model appeals
to the broadest set of customers, generates the most diversified
set of cash flows and delivers the industry's highest revenue and
profit from non-gaming segments, while bringing unsurpassed
economic and diversification benefits to the regions in which we
operate. We remain confident in our ability to further extend our
global leadership position and deliver strong growth in the
future."
"The prudent management of our cash flow, including the ability
to continue the return of capital to shareholders while maintaining
a strong balance sheet and ample liquidity to invest in future
growth opportunities, remains a cornerstone of our strategy."
The company paid a recurring quarterly dividend of $0.72 per common share during the quarter, an
increase of 10.8% compared to the second quarter of 2015. The
company announced that its next recurring quarterly dividend of
$0.72 per common share will be paid
on September 30, 2016, to Las Vegas
Sands shareholders of record on September
22, 2016. That dividend also represents an increase of
10.8% compared to the dividend paid in the third quarter of 2015.
Additionally, since the inception of the company's share repurchase
program in June 2013, the company has
returned $2.44 billion to
shareholders through the repurchase of 35.4 million shares.
Mr. Adelson added, "In Macao, notwithstanding the difficult
operating environment, we delivered SCL hold-normalized
adjusted property EBITDA of $495.7
million during the quarter. We remain confident that our
market-leading Cotai Strip properties, which will be complemented
later this year by The Parisian Macao, targeted to open on
September 13, 2016, about seven weeks
from today, will continue to provide the economic benefits of
diversification to Macao, help
attract greater numbers of business and leisure travelers, and
provide our company with an outstanding and diversified platform
for growth in the years ahead."
Marina Bay Sands in Singapore
continues to attract visitors from across the region to
Singapore. While gaming volumes in
Singapore were softer during the
quarter, solid growth in slot revenues and the continued resilience
of room rates and mall revenues, contributed to an adjusted
property EBITDA figure of $357.0
million, down 1.7% compared to the same quarter last
year.
At The Venetian Las Vegas and The Palazzo, including the Sands
Expo and Convention Center, a 6.5% year-over-year increase in
RevPAR to $228, and strong growth in
slot volumes, drove a 33.8% increase in adjusted property EBITDA
during the second quarter of
2016.
Company-Wide Operating Results
Net revenue for the second quarter of 2016 decreased 9.3% to
$2.65 billion, compared to
$2.92 billion in the second quarter
of 2015. Net income decreased 32.2% to $394.4 million in the second quarter of 2016,
compared to $581.5 million in the
year-ago quarter. Consolidated adjusted property EBITDA (a non-GAAP
measure) of $955.1 million decreased
6.0% in the second quarter of 2016, compared to the year-ago
quarter. On a hold-normalized basis, adjusted property EBITDA
decreased 5.9% to $953.8 million in
the second quarter of 2016.
On a GAAP (accounting principles generally accepted in
the United States of America)
basis, operating income in the second quarter of 2016 decreased
24.8% to $518.7 million, compared to
$689.3 million in the second quarter
of 2015. The decrease in operating income was principally due to
softer results across the company's Macao property portfolio and nonrecurring
legals costs during the second quarter of 2016.
On a GAAP basis, net income attributable to Las Vegas Sands in
the second quarter of 2016 decreased 30.1% to $328.0 million, compared to $469.2 million in the second quarter of 2015,
while diluted earnings per share in the second quarter of 2016
decreased 30.5% to $0.41, compared to
$0.59 in the prior-year quarter. The
decrease in net income attributable to Las Vegas Sands reflected
the decline in operating income described above but was partially
offset by a $45.8 million decrease in
net income attributable to noncontrolling interests.
Adjusted net income (a non-GAAP measure) decreased to
$411.3 million, or $0.52 per diluted share, compared to $481.5 million, or $0.60 per diluted share, in the second quarter of
2015.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for Sands China Ltd.
(SCL) decreased 16.4% to $1.48
billion in the second quarter of 2016, compared to
$1.77 billion in the second quarter
of 2015. Net income for SCL decreased 39.0% to $237.0 million in the second quarter of 2016,
compared to $388.7 million in the
second quarter of 2015. SCL adjusted property EBITDA was
$487.7 million, while hold-normalized
adjusted property EBITDA was $495.7
million.
The Venetian Macao Second Quarter Operating Results
Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy
market-leading visitation and financial performance. The property
generated revenue of $666.1 million
and adjusted property EBITDA of $244.4
million in the second quarter with an adjusted property
EBITDA margin of 36.7%. Non-Rolling Chip drop was $1.66 billion for the quarter, with a Non-Rolling
Chip win percentage of 24.8%. Rolling Chip volume during the
quarter decreased 10.0% to $6.87
billion. Rolling Chip win percentage was 2.73% in the
quarter, below the 3.07% experienced in the prior-year quarter.
Slot handle was $979.3
million.
The following table summarizes the key operating results for The
Venetian Macao for the second quarter of 2016 compared to the
second quarter of 2015:
The Venetian Macao
Operations
|
Three Months
Ended
|
|
June 30,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
568.5
|
|
$
|
633.6
|
|
$
|
(65.1)
|
|
-10.3%
|
Rooms
|
|
45.0
|
|
|
51.0
|
|
|
(6.0)
|
|
-11.8%
|
Food and
Beverage
|
|
20.9
|
|
|
19.7
|
|
|
1.2
|
|
6.1%
|
Mall
|
|
51.3
|
|
|
48.5
|
|
|
2.8
|
|
5.8%
|
Convention, Retail and
Other
|
|
17.5
|
|
|
21.6
|
|
|
(4.1)
|
|
-19.0%
|
Less - Promotional
Allowances
|
|
(37.1)
|
|
|
(34.9)
|
|
|
(2.2)
|
|
-6.3%
|
Net
Revenues
|
$
|
666.1
|
|
$
|
739.5
|
|
$
|
(73.4)
|
|
-9.9%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
244.4
|
|
$
|
255.0
|
|
$
|
(10.6)
|
|
-4.2%
|
EBITDA Margin
%
|
|
36.7%
|
|
|
34.5%
|
|
|
|
|
2.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
6,868.5
|
|
$
|
7,632.9
|
|
$
|
(764.4)
|
|
-10.0%
|
Rolling Chip Win
%(1)
|
|
2.73%
|
|
|
3.07%
|
|
|
|
|
-0.34 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,657.4
|
|
$
|
1,677.0
|
|
$
|
(19.6)
|
|
-1.2%
|
Non-Rolling Chip Win
%
|
|
24.8%
|
|
|
26.0%
|
|
|
|
|
-1.2 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
979.3
|
|
$
|
973.2
|
|
$
|
6.1
|
|
0.6%
|
Slot Hold
%
|
|
4.6%
|
|
|
4.9%
|
|
|
|
|
-0.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
81.0%
|
|
|
82.2%
|
|
|
|
|
-1.2 pts
|
Average Daily Rate
(ADR)
|
$
|
212
|
|
$
|
239
|
|
$
|
(27)
|
|
-11.3%
|
Revenue per Available
Room (RevPAR)
|
$
|
172
|
|
$
|
196
|
|
$
|
(24)
|
|
-12.2%
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 2.7% to 3.0% (calculated
before discounts and commissions).
|
Sands Cotai Central Second Quarter Operating Results
Revenue and adjusted property EBITDA for the second quarter of
2016 at Sands Cotai Central were $472.7
million and $144.1 million,
respectively, resulting in an adjusted property EBITDA margin of
30.5%.
Non-Rolling Chip drop was $1.51
billion in the second quarter with a Non-Rolling Chip win
percentage of 20.4%. Rolling Chip volume was $3.08 billion for the quarter with a Rolling Chip
win percentage of 2.48%. Slot handle was $1.49 billion for the quarter. Hotel occupancy
was 76.5% with an ADR of $149.
The following table summarizes our key operating results for
Sands Cotai Central for the second quarter of 2016 compared to the
second quarter of 2015:
Sands Cotai Central
Operations
|
Three Months
Ended
|
|
June 30,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
404.6
|
|
$
|
484.4
|
|
$
|
(79.8)
|
|
-16.5%
|
Rooms
|
|
64.0
|
|
|
63.3
|
|
|
0.7
|
|
1.1%
|
Food and
Beverage
|
|
24.6
|
|
|
23.7
|
|
|
0.9
|
|
3.8%
|
Mall
|
|
15.7
|
|
|
14.7
|
|
|
1.0
|
|
6.8%
|
Convention, Retail and
Other
|
|
5.9
|
|
|
5.4
|
|
|
0.5
|
|
9.3%
|
Less - Promotional
Allowances
|
|
(42.1)
|
|
|
(37.3)
|
|
|
(4.8)
|
|
-12.9%
|
Net
Revenues
|
$
|
472.7
|
|
$
|
554.2
|
|
$
|
(81.5)
|
|
-14.7%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
144.1
|
|
$
|
164.2
|
|
$
|
(20.1)
|
|
-12.2%
|
EBITDA Margin
%
|
|
30.5%
|
|
|
29.6%
|
|
|
|
|
0.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
3,081.9
|
|
$
|
4,826.6
|
|
$
|
(1,744.7)
|
|
-36.1%
|
Rolling Chip Win
%(1)
|
|
2.48%
|
|
|
3.43%
|
|
|
|
|
-0.95 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
1,509.6
|
|
$
|
1,462.6
|
|
$
|
47.0
|
|
3.2%
|
Non-Rolling Chip Win
%
|
|
20.4%
|
|
|
22.4%
|
|
|
|
|
-2.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
1,485.2
|
|
$
|
1,500.6
|
|
$
|
(15.4)
|
|
-1.0%
|
Slot Hold
%
|
|
3.7%
|
|
|
3.6%
|
|
|
|
|
0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
76.5%
|
|
|
78.7%
|
|
|
|
|
-2.2 pts
|
Average Daily Rate
(ADR)
|
$
|
149
|
|
$
|
156
|
|
$
|
(7)
|
|
-4.5%
|
Revenue per Available
Room (RevPAR)
|
$
|
114
|
|
$
|
123
|
|
$
|
(9)
|
|
-7.3%
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 2.7% to 3.0% (calculated
before discounts and commissions).
|
Four Seasons Hotel Macao and Plaza Casino Second Quarter
Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated revenue
of $125.0 million and adjusted
property EBITDA of $43.7 million in
the second quarter of 2016. Non-Rolling Chip drop decreased
16.8% to $230.3 million, with a
Non-Rolling Chip win percentage of 28.1%. Rolling Chip volume
was $1.88 billion for the quarter.
Rolling Chip win percentage was 2.13% in the quarter, below the
3.58% experienced in the prior-year quarter. Slot handle was
$103.2 million during the
quarter.
The following table summarizes our key operating results for the
Four Seasons Hotel Macao and Plaza Casino for the second quarter of
2016 compared to the second quarter of 2015:
Four Seasons Hotel
Macao and Plaza Casino Operations
|
Three Months
Ended
|
|
June 30,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
89.0
|
|
$
|
167.0
|
|
$
|
(78.0)
|
|
-46.7%
|
Rooms
|
|
8.1
|
|
|
10.9
|
|
|
(2.8)
|
|
-25.7%
|
Food and
Beverage
|
|
5.5
|
|
|
6.4
|
|
|
(0.9)
|
|
-14.1%
|
Mall
|
|
31.4
|
|
|
31.1
|
|
|
0.3
|
|
1.0%
|
Convention, Retail and
Other
|
|
0.6
|
|
|
0.8
|
|
|
(0.2)
|
|
-25.0%
|
Less - Promotional
Allowances
|
|
(9.6)
|
|
|
(12.1)
|
|
|
2.5
|
|
20.7%
|
Net
Revenues
|
$
|
125.0
|
|
$
|
204.1
|
|
$
|
(79.1)
|
|
-38.8%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
43.7
|
|
$
|
74.3
|
|
$
|
(30.6)
|
|
-41.2%
|
EBITDA Margin
%
|
|
34.9%
|
|
|
36.4%
|
|
|
|
|
-1.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,882.6
|
|
$
|
4,180.8
|
|
$
|
(2,298.2)
|
|
-55.0%
|
Rolling Chip Win
%(1)
|
|
2.13%
|
|
|
3.58%
|
|
|
|
|
-1.45 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
230.3
|
|
$
|
276.8
|
|
$
|
(46.5)
|
|
-16.8%
|
Non-Rolling Chip Win
%
|
|
28.1%
|
|
|
21.8%
|
|
|
|
|
6.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
103.2
|
|
$
|
126.8
|
|
$
|
(23.6)
|
|
-18.6%
|
Slot Hold
%
|
|
5.6%
|
|
|
6.1%
|
|
|
|
|
-0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
69.2%
|
|
|
83.4%
|
|
|
|
|
-14.2 pts
|
Average Daily Rate
(ADR)
|
$
|
340
|
|
$
|
382
|
|
$
|
(42)
|
|
-11.0%
|
Revenue per Available
Room (RevPAR)
|
$
|
236
|
|
$
|
319
|
|
$
|
(83)
|
|
-26.0%
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 2.7% to 3.0% (calculated
before discounts and commissions).
|
Sands Macao Second Quarter Operating Results
Sands Macao's revenue was
$185.0 million and adjusted property
EBITDA was $48.6 million. Non-Rolling
Chip drop was $649.8 million during
the quarter, while slot handle was $667.7
million. Rolling Chip volume was $1.95 billion for the quarter. The property
realized 3.29% win on Rolling Chip volume during the quarter, below
the 3.91% generated in the year-ago quarter.
The following table summarizes our key operating results for
Sands Macao for the second quarter of 2016 compared to the second
quarter of 2015:
Sands Macao
Operations
|
Three Months
Ended
|
|
June 30,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
180.3
|
|
$
|
236.0
|
|
$
|
(55.7)
|
|
-23.6%
|
Rooms
|
|
5.1
|
|
|
5.7
|
|
|
(0.6)
|
|
-10.5%
|
Food and
Beverage
|
|
6.2
|
|
|
7.9
|
|
|
(1.7)
|
|
-21.5%
|
Convention, Retail and
Other
|
|
2.1
|
|
|
2.0
|
|
|
0.1
|
|
5.0%
|
Less - Promotional
Allowances
|
|
(8.7)
|
|
|
(10.0)
|
|
|
1.3
|
|
13.0%
|
Net
Revenues
|
$
|
185.0
|
|
$
|
241.6
|
|
$
|
(56.6)
|
|
-23.4%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
48.6
|
|
$
|
66.3
|
|
$
|
(17.7)
|
|
-26.7%
|
EBITDA Margin
%
|
|
26.3%
|
|
|
27.4%
|
|
|
|
|
-1.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
1,953.6
|
|
$
|
2,328.2
|
|
$
|
(374.6)
|
|
-16.1%
|
Rolling Chip Win
%(1)
|
|
3.29%
|
|
|
3.91%
|
|
|
|
|
-0.62 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
649.8
|
|
$
|
769.1
|
|
$
|
(119.3)
|
|
-15.5%
|
Non-Rolling Chip Win
%
|
|
18.3%
|
|
|
19.9%
|
|
|
|
|
-1.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
667.7
|
|
$
|
658.6
|
|
$
|
9.1
|
|
1.4%
|
Slot Hold
%
|
|
3.3%
|
|
|
3.6%
|
|
|
|
|
-0.3 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.0%
|
|
|
99.6%
|
|
|
|
|
-3.6 pts
|
Average Daily Rate
(ADR)
|
$
|
203
|
|
$
|
219
|
|
$
|
(16)
|
|
-7.3%
|
Revenue per Available
Room (RevPAR)
|
$
|
195
|
|
$
|
218
|
|
$
|
(23)
|
|
-10.6%
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 2.7% to 3.0% (calculated
before discounts and commissions).
|
Marina Bay Sands Second Quarter Operating Results
Marina Bay Sands generated revenue of $710.1 million and adjusted property EBITDA of
$357.0 million.
Rolling Chip win percentage of 3.50% in the second quarter of
2016 was above the expected range and the 2.78% achieved in the
second quarter of 2015. Rolling Chip volume was $6.74 billion for the quarter.
Non-Rolling Chip drop was $935.7
million during the quarter, with a Non-Rolling Chip win
percentage of 28.0%. Slot handle increased 6.0% to $3.25 billion for the quarter compared to the
year-ago quarter. Total mass win-per-day during the quarter was
$4.5 million, down 4.8% compared to
the same quarter last year.
ADR was $375 during the quarter,
while occupancy increased to 96.4%, resulting in a RevPAR increase
of 0.3% compared to the same quarter last year.
The following table summarizes our key operating results for
Marina Bay Sands for the second quarter of 2016 compared to the
second quarter of 2015:
Marina Bay Sands
Operations
|
Three Months
Ended
|
|
June 30,
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
556.7
|
|
$
|
565.7
|
|
$
|
(9.0)
|
|
-1.6%
|
Rooms
|
|
83.2
|
|
|
82.7
|
|
|
0.5
|
|
0.6%
|
Food and
Beverage
|
|
46.1
|
|
|
41.3
|
|
|
4.8
|
|
11.6%
|
Mall
|
|
40.5
|
|
|
40.4
|
|
|
0.1
|
|
0.2%
|
Convention, Retail and
Other
|
|
23.6
|
|
|
24.4
|
|
|
(0.8)
|
|
-3.3%
|
Less - Promotional
Allowances
|
|
(40.0)
|
|
|
(41.5)
|
|
|
1.5
|
|
3.6%
|
Net
Revenues
|
$
|
710.1
|
|
$
|
713.0
|
|
$
|
(2.9)
|
|
-0.4%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
357.0
|
|
$
|
363.3
|
|
$
|
(6.3)
|
|
-1.7%
|
EBITDA Margin
%
|
|
50.3%
|
|
|
50.9%
|
|
|
|
|
-0.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
|
6,740.2
|
|
$
|
9,505.8
|
|
$
|
(2,765.6)
|
|
-29.1%
|
Rolling Chip Win
%(1)
|
|
3.50%
|
|
|
2.78%
|
|
|
|
|
0.72 pts
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
|
935.7
|
|
$
|
1,047.6
|
|
$
|
(111.9)
|
|
-10.7%
|
Non-Rolling Chip Win
%
|
|
28.0%
|
|
|
27.5%
|
|
|
|
|
0.5 pts
|
|
|
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
|
3,245.2
|
|
$
|
3,061.8
|
|
$
|
183.4
|
|
6.0%
|
Slot Hold
%
|
|
4.5%
|
|
|
4.6%
|
|
|
|
|
-0.1 pts
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
|
96.4%
|
|
|
95.9%
|
|
|
|
|
0.5 pts
|
Average Daily Rate
(ADR)
|
$
|
375
|
|
$
|
377
|
|
$
|
(2)
|
|
-0.5%
|
Revenue per Available
Room (RevPAR)
|
$
|
362
|
|
$
|
361
|
|
$
|
1
|
|
0.3%
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 2.7% to 3.0% (calculated
before discounts and commissions).
|
Las Vegas Operations Second Quarter Operating Results
Revenue and adjusted property EBITDA at The Venetian Las Vegas
and The Palazzo, including the Sands Expo and Convention Center,
were $356.5 million and $72.5 million, respectively, for the quarter. On
a hold-normalized basis, adjusted property EBITDA in the quarter
increased 14.4% year-over-year to $97.6
million. RevPAR increased 6.5% year-over-year to
$228 in the quarter, reflecting a
3.9% increase in ADR to $240 and a
2.4 percentage point increase in occupancy to 95.0%. Table
games drop decreased 19.7% in the quarter to $374.8 million, reflecting softer play in both
Baccarat and non-Baccarat segments, while slot handle increased
18.6% to $662.0 million.
The following table summarizes our key operating results for our
Las Vegas operations for the
second quarter of 2016 compared to the second quarter of 2015:
|
Three Months
Ended
|
|
|
Las Vegas
Operations
|
June 30,
|
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
82.0
|
|
$
|
86.5
|
|
$
|
(4.5)
|
|
-5.2%
|
|
Rooms
|
|
145.7
|
|
|
133.9
|
|
|
11.8
|
|
8.8%
|
|
Food and
Beverage
|
|
76.7
|
|
|
72.5
|
|
|
4.2
|
|
5.8%
|
|
Convention, Retail and
Other
|
|
76.5
|
|
|
75.2
|
|
|
1.3
|
|
1.7%
|
|
Less - Promotional
Allowances
|
|
(24.4)
|
|
|
(22.1)
|
|
|
(2.3)
|
|
-10.4%
|
|
Net
Revenues
|
$
|
356.5
|
|
$
|
346.0
|
|
$
|
10.5
|
|
3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
72.5
|
|
$
|
54.2
|
|
$
|
18.3
|
|
33.8%
|
|
EBITDA Margin
%
|
|
20.3%
|
|
|
15.7%
|
|
|
|
|
4.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
374.8
|
|
$
|
466.5
|
|
$
|
(91.7)
|
|
-19.7%
|
|
Table Games
Win %(1)
|
|
10.6%
|
|
|
11.2%
|
|
|
|
|
-0.6 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
662.0
|
|
$
|
558.3
|
|
$
|
103.7
|
|
18.6%
|
|
Slot Hold
%
|
|
7.7%
|
|
|
8.4%
|
|
|
|
|
-0.7 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
95.0%
|
|
|
92.6%
|
|
|
|
|
2.4 pts
|
|
Average Daily Rate
(ADR)
|
$
|
240
|
|
$
|
231
|
|
$
|
9
|
|
3.9%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
228
|
|
$
|
214
|
|
$
|
14
|
|
6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
This compares to our
expected Baccarat win percentage of 21.0% to 29.0% and our expected
non-Baccarat win percentage of 16.0% to 20.0% (calculated before
discounts).
|
Sands Bethlehem Second Quarter Operating Results
Revenue for Sands Bethlehem in Pennsylvania increased 6.5% to $146.5 million and adjusted property EBITDA
increased 10.6% to $37.7 million for
the quarter. Table games drop increased 0.6% to $288.6 million for the quarter, while table games
win percentage was 18.6%, above the 17.2% realized in the second
quarter of 2015. Slot handle increased 2.3% year-over-year to
$1.12 billion for the quarter, with a
slot hold percentage of 7.0%.
The following table summarizes our key operating results for
Sands Bethlehem for the second quarter of 2016 compared to the
second quarter of 2015:
|
Three Months
Ended
|
|
|
Sands Bethlehem
Operations
|
June 30,
|
|
|
(Dollars in
millions)
|
2016
|
|
2015
|
|
$ Change
|
|
Change
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
$
|
136.1
|
|
$
|
128.4
|
|
$
|
7.7
|
|
6.0%
|
|
Rooms
|
|
3.8
|
|
|
3.8
|
|
|
-
|
|
0.0%
|
|
Food and
Beverage
|
|
7.8
|
|
|
6.9
|
|
|
0.9
|
|
13.0%
|
|
Mall
|
|
1.0
|
|
|
0.9
|
|
|
0.1
|
|
11.1%
|
|
Convention, Retail and
Other
|
|
5.2
|
|
|
4.8
|
|
|
0.4
|
|
8.3%
|
|
Less - Promotional
Allowances
|
|
(7.4)
|
|
|
(7.3)
|
|
|
(0.1)
|
|
-1.4%
|
|
Net
Revenues
|
$
|
146.5
|
|
$
|
137.5
|
|
$
|
9.0
|
|
6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
|
37.7
|
|
$
|
34.1
|
|
$
|
3.6
|
|
10.6%
|
|
EBITDA Margin
%
|
|
25.7%
|
|
|
24.8%
|
|
|
|
|
0.9 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
|
288.6
|
|
$
|
286.9
|
|
$
|
1.7
|
|
0.6%
|
|
Table Games
Win %(1)
|
|
18.6%
|
|
|
17.2%
|
|
|
|
|
1.4 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
|
1,116.0
|
|
$
|
1,091.4
|
|
$
|
24.6
|
|
2.3%
|
|
Slot Hold
%
|
|
7.0%
|
|
|
7.0%
|
|
|
|
|
0.0 pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
96.9%
|
|
|
91.9%
|
|
|
|
|
5.0 pts
|
|
Average Daily Rate
(ADR)
|
$
|
160
|
|
$
|
152
|
|
$
|
8
|
|
5.3%
|
|
Revenue per Available
Room (RevPAR)
|
$
|
155
|
|
$
|
140
|
|
$
|
15
|
|
10.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
This compares to our
expected table games win percentage of 14.0% to 16.0% (calculated
before discounts).
|
Asian Retail Mall Operations
Gross revenue from tenants in the company's retail malls on
Macao's Cotai Strip (The Venetian
Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay
Sands in Singapore was
$138.6 million for the second quarter
of 2016, an increase of 3.1% compared to the second quarter of
2015. Operating profit derived from these retail mall assets
increased 5.1% year-over-year to $125.5
million.
|
|
For The Three Months
Ended June 30, 2016
|
|
TTM June
30, 2016
|
|
(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
|
$
|
51.1
|
|
$
|
46.4
|
|
90.8%
|
|
781,145
|
|
97.4%
|
|
$
|
1,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
|
21.3
|
|
|
20.2
|
|
94.8%
|
|
142,562
|
|
100.0%
|
|
|
4,190
|
|
|
Other
Stores
|
|
10.1
|
|
|
10.0
|
|
99.0%
|
|
118,008
|
|
95.0%
|
|
|
1,449
|
|
|
Total
|
|
31.4
|
|
|
30.2
|
|
96.2%
|
|
260,570
|
|
97.7%
|
|
|
2,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Cotai
Central(3)
|
|
15.6
|
|
|
13.6
|
|
87.2%
|
|
331,476
|
|
96.7%
|
|
|
861
|
|
Total Cotai Strip in
Macao
|
|
98.1
|
|
|
90.2
|
|
91.9%
|
|
1,373,191
|
|
97.3%
|
|
|
1,570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
|
40.5
|
|
|
35.3
|
|
87.2%
|
|
644,718
|
|
96.4%
|
|
|
1,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
|
138.6
|
|
$
|
125.5
|
|
90.5%
|
|
2,017,909
|
|
97.0%
|
|
$
|
1,498
|
|
(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)
|
At completion of all
phases, the Shoppes at Cotai Central will feature up to 600,000
square feet of gross leasable area.
|
Other Factors Affecting Earnings
Other Asia, which is
principally comprised of our CotaiJet ferry operation, reflected
adjusted property EBITDA of $7.1
million during the quarter, compared to $4.8 million in the second quarter of 2015.
Pre-opening expense was $33.2
million in the second quarter of 2016, $31.5 million of which related to The Parisian
Macao.
Depreciation and amortization expense was $254.9 million in the second quarter of 2016,
compared to $248.6 million in the
second quarter of 2015.
Interest expense, net of amounts capitalized, was $64.0 million for the second quarter of 2016,
compared to $65.8 million in the
prior-year quarter. Capitalized interest was $11.3 million during the second quarter of 2016,
compared to $5.5 million during the
second quarter of 2015. Our weighted average borrowing cost in the
second quarter of 2016 was approximately 3.0%.
Corporate expense was $122.4
million in the second quarter of 2016, compared to
$44.6 million in the second quarter
of 2015. Corporate expense in the second quarter of 2016 included
nonrecurring legal costs.
Other expense, which was primarily comprised of foreign currency
losses, was $7.5 million in the
second quarter of 2016, compared to $0.2
million in the second quarter of 2015.
The company's effective income tax rate for the second quarter
of 2016 was 12.2% compared to 7.3% in the prior-year quarter. The
tax rate is primarily driven by a provision for the earnings from
Marina Bay Sands at the 17% Singapore income tax rate.
The net income attributable to noncontrolling interests during
the second quarter of 2016 of $66.5
million was principally related to Sands China
Ltd.
Balance Sheet Items
Unrestricted cash balances as of June 30,
2016 were $2.23 billion.
As of June 30, 2016, total debt
outstanding, including the current portion and net of deferred
financing costs and original issue discount, was $10.27 billion.
Capital Expenditures
Capital expenditures during the second quarter totaled
$362.6 million, including
construction, development and maintenance activities of
$315.3 million in Macao (principally for The Parisian Macao),
$24.4 million in Las Vegas and at corporate, $16.4 million at Marina Bay Sands, and
$6.5 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's
results on Monday, July 25, 2016 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 that are
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, government
regulation, tax law changes, legalization of gaming, interest
rates, future terrorist acts, influenza, insurance, gaming
promoters, risks relating to our gaming licenses, certificate and
subconcession, infrastructure in Macao, our ability to meet certain development
deadlines, 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
Las Vegas Sands (NYSE: LVS) is the world's leading developer and
operator of Integrated Resorts. Our collection of Integrated
Resorts in Asia and the United States feature state-of-the-art
convention and exhibition facilities, premium accommodations,
world-class gaming and entertainment, destination retail and dining
including celebrity chef restaurants and many other amenities.
Our properties include The Venetian and The Palazzo resorts and
Sands Expo Center in Las Vegas,
Sands Bethlehem in Eastern
Pennsylvania, and the iconic Marina Bay Sands in
Singapore. Through majority
ownership in Sands China Ltd.(HK: 1928), LVS owns a portfolio of
properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza
and Four Seasons Hotel Macao and Sands Cotai Central, as well as
the Sands Macao on the Macao
Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by
the core tenets of delivering a great working environment for
nearly 50,000 employees worldwide, driving impact through its Sands
Cares corporate citizenship program and leading innovation with the
company's award-winning Sands ECO360° global sustainability
program. To learn more, please visit www.sands.com.
Contacts:
|
|
|
Investment
Community:
|
Daniel
Briggs
|
(702)
414-1221
|
Media:
|
Ron
Reese
|
(702)
414-3607
|
Las Vegas Sands Corp.
Second Quarter 2016
Results
Non-GAAP Measures
Within the Company's second quarter 2016 press release, the
Company makes reference to certain non-GAAP financial measures that
supplement the Company's consolidated financial information
prepared in accordance with accounting principles generally
accepted in the United States of
America ("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. Whenever such information is presented, the
Company has complied with the provisions of the rules under
Regulation G, Item 10(e) from Regulation S-K and Item 2.02 of Form
8-K. Set forth in the financial schedules accompanying this
release 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 that 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 as follows.
Adjusted net income, which is a non-GAAP measure, excludes
certain nonrecurring corporate expenses, pre-opening expense,
development expense, gain or loss on disposal of assets, loss on
modification or early retirement of debt and fair value adjustment
of forward contracts, attributable to Las Vegas Sands, net of
income tax. 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 gaming companies, as these non-GAAP measures are
considered by many as an alternative measure on which to base
expectations for future results. These measures also form the basis
of certain internal management performance expectations.
Accordingly, these non-GAAP measures are presented so that
investors have the same financial data that management uses in
evaluating financial performance with the belief that 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.
Consolidated adjusted property EBITDA, which is a non-GAAP
measure, is net income before stock-based compensation expense,
corporate expense, pre-opening expense, development expense,
depreciation and amortization, amortization of leasehold interests
in land, gain or loss on disposal of assets, interest, other income
or expense, gain or loss on modification or early retirement of
debt and income taxes. Consolidated adjusted property EBITDA
is a supplemental non-GAAP financial measure used by management, as
well as industry analysts, to evaluate operations and operating
performance. In particular, 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. Gaming 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, gaming companies, including Las Vegas Sands Corp., have
historically excluded certain expenses that do not relate to the
management of specific casino 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 and debt principal repayments,
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 Corp. may not be directly comparable
to similarly titled measures presented by other companies.
Consolidated adjusted property EBITDA consists of adjusted EBITDA
for a particular property, such as The Venetian and The Palazzo in
Las Vegas, The Venetian Macao, the
Sands Macao, the Four Seasons Hotel Macao and Plaza Casino, and
Sands Cotai Central in Macao and
the Marina Bay Sands in Singapore.
Accordingly, the measures are presented so that investors have the
same financial data that management uses in evaluating performance
with the belief that it will assist the investment community in
properly assessing the underlying performance of the Company on a
year-over-year and a quarter sequential basis.
Hold-normalized adjusted property EBITDA is a supplemental
non-GAAP financial measure used by management, as well as industry
analysts, to evaluate operations and operating performance. In
addition to the aforementioned reasons for the presentation of
consolidated adjusted property EBITDA in the Company's financial
reporting, hold-normalized 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 2.85% to the Rolling Chip volume for the quarter if
the actual win percentage is outside the expected range of 2.7% to
3.0% for our Macao and
Singapore properties, and applying
a win percentage of 25.0% for Baccarat and 18.0% for non-Baccarat
games to the respective table games drops for the quarter if the
actual win percentages are outside the expected ranges of 21.0% to
29.0% for Baccarat and 16.0% to 20.0% 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
Macao and Singapore properties, nor for slots at any of
our properites. 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 and has been presented so that
investors have the same financial data that management uses in
evaluating performance with the belief that it will assist the
investment community in properly assessing the underlying
performance of the Company on a year-over-year and quarter
sequential basis.
Hold-normalized adjusted net income and hold-normalized adjusted
earnings per diluted share are additional supplemental non-GAAP
financial measures used by management, as well as industry
analysts, to evaluate the Company's operations and operating
performance. In addition to the aforementioned reasons for the
presentation of adjusted net income and adjusted earnings per
diluted share, these non-GAAP financial measures are presented to
adjust for the impact of certain variances in table games' win
percentages, which can vary from period to period. Accordingly,
these non-GAAP measures are presented so that investors have the
same financial data that management uses in evaluating financial
performance with the belief that 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.
The Company also makes reference to "adjusted property EBITDA
margin" and "hold-normalized adjusted property EBITDA margin."
These percentages are calculated using the aforementioned non-GAAP
measures and are used by management, as well as industry analysts,
to evaluate the Company's operations and operating performance.
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
(In thousands, except
share and per share data)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
$
2,017,136
|
|
$
2,301,498
|
|
$
4,099,332
|
|
$
4,678,186
|
Rooms
|
|
|
354,740
|
|
351,259
|
|
721,040
|
|
722,672
|
Food and
beverage
|
|
|
187,695
|
|
178,418
|
|
375,262
|
|
367,829
|
Mall
|
|
|
139,589
|
|
135,282
|
|
274,520
|
|
263,096
|
Convention,
retail and other
|
|
124,485
|
|
125,514
|
|
248,037
|
|
259,651
|
|
|
|
2,823,645
|
|
3,091,971
|
|
5,718,191
|
|
6,291,434
|
Less -
promotional allowances
|
|
(173,564)
|
|
(170,550)
|
|
(351,870)
|
|
(358,391)
|
|
|
|
2,650,081
|
|
2,921,421
|
|
5,366,321
|
|
5,933,043
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
|
1,699,129
|
|
1,913,909
|
|
3,503,314
|
|
3,878,998
|
Corporate
|
|
|
122,376
|
|
44,565
|
|
169,004
|
|
89,788
|
Pre-opening
|
|
|
33,230
|
|
10,654
|
|
41,839
|
|
20,233
|
Development
|
|
|
2,010
|
|
2,348
|
|
4,387
|
|
3,881
|
Depreciation
and amortization
|
|
254,871
|
|
248,592
|
|
514,747
|
|
502,514
|
Amortization
of leasehold interests in land
|
9,348
|
|
9,485
|
|
18,895
|
|
19,323
|
Loss on
disposal of assets
|
|
10,416
|
|
2,558
|
|
9,804
|
|
17,881
|
|
|
|
2,131,380
|
|
2,232,111
|
|
4,261,990
|
|
4,532,618
|
Operating
income
|
|
|
518,701
|
|
689,310
|
|
1,104,331
|
|
1,400,425
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
2,002
|
|
4,062
|
|
4,029
|
|
10,440
|
Interest
expense, net of amounts capitalized
|
(64,037)
|
|
(65,801)
|
|
(132,685)
|
|
(132,056)
|
Other income
(expense)
|
|
(7,518)
|
|
(151)
|
|
(54,589)
|
|
15,314
|
Income before income
taxes
|
|
449,148
|
|
627,420
|
|
921,086
|
|
1,294,123
|
Income tax
expense
|
|
|
(54,711)
|
|
(45,929)
|
|
(117,736)
|
|
(101,594)
|
Net
income
|
|
|
394,437
|
|
581,491
|
|
803,350
|
|
1,192,529
|
Net income
attributable to noncontrolling interests
|
(66,471)
|
|
(112,318)
|
|
(155,217)
|
|
(211,433)
|
Net income
attributable to Las Vegas Sands Corp.
|
$
327,966
|
|
$
469,173
|
|
$
648,133
|
|
$
981,096
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
0.41
|
|
$
0.59
|
|
$
0.82
|
|
$
1.23
|
Diluted
|
|
|
$
0.41
|
|
$
0.59
|
|
$
0.82
|
|
$
1.23
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
794,580,095
|
|
797,715,773
|
|
794,534,477
|
|
797,827,230
|
Diluted
|
|
|
795,050,014
|
|
798,552,917
|
|
795,088,743
|
|
798,731,400
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
0.72
|
|
$
0.65
|
|
$
1.44
|
|
$
1.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
|
|
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
(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,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net income
|
|
|
|
$
394,437
|
|
$
581,491
|
|
$
803,350
|
|
$
1,192,529
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
54,711
|
|
45,929
|
|
117,736
|
|
101,594
|
Other (income)
expense
|
|
|
7,518
|
|
151
|
|
54,589
|
|
(15,314)
|
Interest expense, net of
amounts capitalized
|
|
64,037
|
|
65,801
|
|
132,685
|
|
132,056
|
Interest income
|
|
|
(2,002)
|
|
(4,062)
|
|
(4,029)
|
|
(10,440)
|
Loss on disposal of
assets
|
|
|
10,416
|
|
2,558
|
|
9,804
|
|
17,881
|
Amortization of leasehold
interests in land
|
|
9,348
|
|
9,485
|
|
18,895
|
|
19,323
|
Depreciation and
amortization
|
|
254,871
|
|
248,592
|
|
514,747
|
|
502,514
|
Development
expense
|
|
|
2,010
|
|
2,348
|
|
4,387
|
|
3,881
|
Pre-opening
expense
|
|
|
33,230
|
|
10,654
|
|
41,839
|
|
20,233
|
Stock-based compensation
(1)
|
|
4,134
|
|
8,646
|
|
9,663
|
|
12,621
|
Corporate expense
|
|
|
122,376
|
|
44,565
|
|
169,004
|
|
89,788
|
Consolidated Adjusted
Property EBITDA
|
|
$
955,086
|
|
$
1,016,158
|
|
$
1,872,670
|
|
$
2,066,666
|
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
|
6,580
|
|
(40,902)
|
|
|
|
|
Hold-normalized casino
expense (2)
|
|
(7,832)
|
|
38,679
|
|
|
|
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
|
$
953,834
|
|
$
1,013,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Exhibit
6
|
|
|
|
|
|
|
|
|
|
(2) See Exhibit
3
|
|
|
|
|
|
|
|
|
|
_______________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
|
|
|
|
Non-GAAP Measure and
Supplemental Data
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
The Venetian
Macao
|
|
|
$
666,102
|
|
$
739,454
|
|
$
1,415,056
|
|
$
1,526,645
|
Sands Cotai
Central
|
|
|
472,679
|
|
554,231
|
|
1,002,959
|
|
1,125,995
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
125,007
|
|
204,116
|
|
273,273
|
|
365,367
|
Sands
Macao
|
|
|
|
184,959
|
|
241,554
|
|
360,050
|
|
466,925
|
Macao
Properties
|
|
|
1,448,747
|
|
1,739,355
|
|
3,051,338
|
|
3,484,932
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
|
710,135
|
|
713,042
|
|
1,313,788
|
|
1,497,858
|
Las Vegas Operating
Properties
|
|
356,532
|
|
346,016
|
|
741,408
|
|
722,399
|
Sands
Bethlehem
|
|
|
146,535
|
|
137,502
|
|
285,203
|
|
265,201
|
Other Asia
(1)
|
|
|
|
41,087
|
|
38,527
|
|
79,676
|
|
74,006
|
Intersegment
Eliminations
|
|
|
(52,955)
|
|
(53,021)
|
|
(105,092)
|
|
(111,353)
|
|
|
|
|
$
2,650,081
|
|
$
2,921,421
|
|
$
5,366,321
|
|
$
5,933,043
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
The Venetian
Macao
|
|
|
$
244,397
|
|
$
254,990
|
|
$
512,203
|
|
$
524,932
|
Sands Cotai
Central
|
|
|
144,095
|
|
164,210
|
|
307,561
|
|
320,120
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
43,688
|
|
74,334
|
|
91,874
|
|
118,806
|
Sands
Macao
|
|
|
|
48,576
|
|
66,284
|
|
79,547
|
|
123,662
|
Macao
Properties
|
|
|
480,756
|
|
559,818
|
|
991,185
|
|
1,087,520
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
|
357,033
|
|
363,254
|
|
631,905
|
|
778,526
|
Las Vegas Operating
Properties
|
|
72,485
|
|
54,166
|
|
159,383
|
|
128,275
|
Sands
Bethlehem
|
|
|
37,677
|
|
34,099
|
|
75,402
|
|
63,992
|
Other Asia
(1)
|
|
|
|
7,135
|
|
4,821
|
|
14,795
|
|
8,353
|
|
|
|
|
$
955,086
|
|
$
1,016,158
|
|
$
1,872,670
|
|
$
2,066,666
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
The Venetian
Macao
|
|
|
36.7%
|
|
34.5%
|
|
36.2%
|
|
34.4%
|
Sands Cotai
Central
|
|
|
30.5%
|
|
29.6%
|
|
30.7%
|
|
28.4%
|
Four Seasons Hotel
Macao and Plaza Casino
|
|
34.9%
|
|
36.4%
|
|
33.6%
|
|
32.5%
|
Sands
Macao
|
|
|
|
26.3%
|
|
27.4%
|
|
22.1%
|
|
26.5%
|
Macao
Properties
|
|
|
33.2%
|
|
32.2%
|
|
32.5%
|
|
31.2%
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
|
|
50.3%
|
|
50.9%
|
|
48.1%
|
|
52.0%
|
Las Vegas Operating
Properties
|
|
20.3%
|
|
15.7%
|
|
21.5%
|
|
17.8%
|
Sands
Bethlehem
|
|
|
25.7%
|
|
24.8%
|
|
26.4%
|
|
24.1%
|
Other Asia
(1)
|
|
|
|
17.4%
|
|
12.5%
|
|
18.6%
|
|
11.3%
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
36.0%
|
|
34.8%
|
|
34.9%
|
|
34.8%
|
|
|
|
|
|
|
|
|
|
|
|
(1) Primarily
includes the results of the CotaiJet ferry operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
Non-GAAP
Measure
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following are
reconciliations of Adjusted Property EBITDA to Hold-Normalized
Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
|
EBITDA
|
|
Revenue
|
|
Expense
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
Macao Property
Operations
|
|
$
480,756
|
|
$
19,062
|
|
$
(11,013)
|
|
$
488,805
|
Marina Bay
Sands
|
|
|
357,033
|
|
(43,168)
|
|
8,778
|
|
322,643
|
United
States:
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
72,485
|
|
30,686
|
|
(5,597)
|
|
97,574
|
Sands
Bethlehem
|
|
37,677
|
|
-
|
|
-
|
|
37,677
|
United States
Property Operations
|
|
110,162
|
|
30,686
|
|
(5,597)
|
|
135,251
|
Other Asia
|
|
|
7,135
|
|
-
|
|
-
|
|
7,135
|
|
|
|
$
955,086
|
|
$
6,580
|
|
$
(7,832)
|
|
$
953,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
(2)
|
|
Hold-Normalized
|
|
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
|
|
EBITDA
|
|
Revenue
|
|
Expense
|
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
Macao Property
Operations
|
|
$
559,818
|
|
$
(78,741)
|
|
$
45,412
|
|
$
526,489
|
Marina Bay
Sands
|
|
|
363,254
|
|
-
|
|
-
|
|
363,254
|
United
States:
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
54,166
|
|
37,839
|
|
(6,733)
|
|
85,272
|
Sands
Bethlehem
|
|
34,099
|
|
-
|
|
-
|
|
34,099
|
United States
Property Operations
|
|
88,265
|
|
37,839
|
|
(6,733)
|
|
119,371
|
Other Asia
|
|
|
4,821
|
|
-
|
|
-
|
|
4,821
|
|
|
|
$
1,016,158
|
|
$
(40,902)
|
|
$
38,679
|
|
$
1,013,935
|
|
|
|
|
|
|
|
|
|
|
(1) For Macao
Property Operations and Marina Bay Sands, this represents the
estimated incremental casino revenue related to Rolling volume play
that would have been earned or lost had the Company's current
period win percentage equaled 2.85%. This calculation will only be
done if the current period win percentage is outside the expected
range of 2.7% to 3.0%.
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 25.0% for Baccarat and 18.0% for
non-Baccarat. This calculation will only be done if the current
period win percentages for Baccarat and non-Baccarat are outside
the expected ranges of 21.0% to 29.0% and 16.0% to 20.0%,
respectively.
For Sands Bethlehem, no adjustments have been, or will be,
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,
bad debt expense and commissions paid to third parties) that would
have been incurred or avoided on the incremental casino revenue
calculated in (1) above.
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure -
Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted
Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings
Per Diluted Share
|
(In thousands, except
share and per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2016
|
|
2015
(1)
|
|
2016
|
|
2015
(1)
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
327,966
|
|
$
469,173
|
|
$
648,133
|
|
$
981,096
|
|
|
|
|
|
|
|
|
|
Nonrecurring
corporate expense
|
|
78,885
|
|
-
|
|
78,885
|
|
-
|
Pre-opening
expense
|
|
33,230
|
|
10,654
|
|
41,839
|
|
20,233
|
Development
expense
|
|
2,010
|
|
2,348
|
|
4,387
|
|
3,881
|
Loss on disposal of
assets
|
|
10,416
|
|
2,558
|
|
9,804
|
|
17,881
|
Fair value adjustment
of forward contracts
|
|
(7,727)
|
|
-
|
|
28,114
|
|
-
|
Income tax impact on
net income adjustments (2)
|
|
(13,739)
|
|
(79)
|
|
(20,210)
|
|
(122)
|
Noncontrolling
interest impact on net income adjustments
|
|
(19,735)
|
|
(3,191)
|
|
(22,315)
|
|
(10,400)
|
Adjusted net
income
|
|
$
411,306
|
|
$
481,463
|
|
$
768,637
|
|
$
1,012,569
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (3)
|
|
6,580
|
|
(40,902)
|
|
|
|
|
Hold-normalized
casino expense (3)
|
|
(7,832)
|
|
38,679
|
|
|
|
|
Income tax impact on
hold adjustments(2)
|
|
5,846
|
|
-
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
(2,406)
|
|
9,959
|
|
|
|
|
Hold-normalized
adjusted net income
|
|
$
413,494
|
|
$
489,199
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
information for the three and six months ended June 30, 2015, has
been reclassified to conform to the current
presentation.
|
(2) The income
tax impact for each adjustment is derived by applying the effective
tax rate, including current and deferred income tax expense, based
upon the jurisdiction and the nature of the adjustment.
|
(3) See Exhibit
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per diluted share of
common stock:
|
|
|
|
|
|
|
|
|
Net income
attributable to Las Vegas Sands Corp.
|
|
$
0.41
|
|
$
0.59
|
|
$
0.82
|
|
$
1.23
|
|
|
|
|
|
|
|
|
|
Nonrecurring
corporate expense
|
|
0.10
|
|
-
|
|
0.10
|
|
-
|
Pre-opening
expense
|
|
0.04
|
|
0.01
|
|
0.05
|
|
0.03
|
Development
expense
|
|
-
|
|
-
|
|
0.01
|
|
-
|
Loss on disposal of
assets
|
|
0.01
|
|
-
|
|
0.01
|
|
0.02
|
Fair value adjustment
of forward contracts
|
|
(0.01)
|
|
-
|
|
0.04
|
|
-
|
Income tax impact on
net income adjustments
|
|
(0.01)
|
|
-
|
|
(0.03)
|
|
-
|
Noncontrolling
interest impact on net income adjustments
|
|
(0.02)
|
|
-
|
|
(0.03)
|
|
(0.01)
|
Adjusted earnings per
diluted share
|
|
$
0.52
|
|
$
0.60
|
|
$
0.97
|
|
$
1.27
|
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
|
0.01
|
|
(0.05)
|
|
|
|
|
Hold-normalized
casino expense
|
|
(0.01)
|
|
0.05
|
|
|
|
|
Income tax impact on
hold adjustments
|
|
-
|
|
-
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
|
-
|
|
0.01
|
|
|
|
|
Hold-normalized
adjusted earnings per diluted share
|
|
$
0.52
|
|
$
0.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
|
795,050,014
|
|
798,552,917
|
|
795,088,743
|
|
798,731,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
|
|
|
Supplemental Data
Schedule
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room
Statistics:
|
|
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
81.0%
|
|
82.2%
|
|
79.3%
|
|
84.0%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
212
|
|
$
239
|
|
$
219
|
|
$
255
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
172
|
|
$
196
|
|
$
174
|
|
$
214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
76.5%
|
|
78.7%
|
|
76.8%
|
|
80.1%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
149
|
|
$
156
|
|
$
152
|
|
$
164
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
114
|
|
$
123
|
|
$
117
|
|
$
132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
69.2%
|
|
83.4%
|
|
69.1%
|
|
80.2%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
340
|
|
$
382
|
|
$
349
|
|
$
395
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
236
|
|
$
319
|
|
$
241
|
|
$
317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
96.0%
|
|
99.6%
|
|
95.9%
|
|
99.0%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
203
|
|
$
219
|
|
$
205
|
|
$
222
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
195
|
|
$
218
|
|
$
196
|
|
$
220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
96.4%
|
|
95.9%
|
|
97.2%
|
|
95.4%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
375
|
|
$
377
|
|
$
385
|
|
$
396
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
362
|
|
$
361
|
|
$
374
|
|
$
377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
95.0%
|
|
92.6%
|
|
93.5%
|
|
89.4%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
240
|
|
$
231
|
|
$
245
|
|
$
237
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
228
|
|
$
214
|
|
$
229
|
|
$
212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
|
|
|
96.9%
|
|
91.9%
|
|
93.8%
|
|
88.2%
|
|
|
Average daily room
rate (ADR) (1)
|
|
$
160
|
|
$
152
|
|
$
157
|
|
$
151
|
|
|
Revenue per available
room (RevPAR) (2)
|
|
$
155
|
|
$
140
|
|
$
147
|
|
$
133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
Statistics:
|
|
|
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
10,124
|
|
$
12,182
|
|
$
11,110
|
|
$
12,616
|
|
|
Slot machine win per
unit per day (4)
|
|
$
252
|
|
$
249
|
|
$
260
|
|
$
263
|
|
|
Average number of
table games
|
|
|
650
|
|
605
|
|
646
|
|
604
|
|
|
Average number of
slot machines
|
|
|
1,969
|
|
2,118
|
|
1,941
|
|
2,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands Cotai
Central:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
8,176
|
|
$
10,806
|
|
$
8,943
|
|
$
10,872
|
|
|
Slot machine win per
unit per day (4)
|
|
$
316
|
|
$
353
|
|
$
316
|
|
$
347
|
|
|
Average number of
table games
|
|
|
516
|
|
501
|
|
516
|
|
509
|
|
|
Average number of
slot machines
|
|
|
1,896
|
|
1,694
|
|
1,899
|
|
1,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four Seasons Hotel
Macao and Plaza Casino:
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
11,854
|
|
$
18,862
|
|
$
13,839
|
|
$
16,320
|
|
|
Slot machine win per
unit per day (4)
|
|
$
427
|
|
$
548
|
|
$
443
|
|
$
517
|
|
|
Average number of
table games
|
|
|
97
|
|
122
|
|
98
|
|
127
|
|
|
Average number of
slot machines
|
|
|
148
|
|
154
|
|
147
|
|
150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
7,671
|
|
$
9,409
|
|
$
7,414
|
|
$
9,043
|
|
|
Slot machine win per
unit per day (4)
|
|
$
263
|
|
$
274
|
|
$
263
|
|
$
288
|
|
|
Average number of
table games
|
|
|
262
|
|
285
|
|
264
|
|
285
|
|
|
Average number of
slot machines
|
|
|
925
|
|
944
|
|
920
|
|
931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
9,336
|
|
$
10,471
|
|
$
8,537
|
|
$
11,011
|
|
|
Slot machine win per
unit per day (4)
|
|
$
650
|
|
$
641
|
|
$
657
|
|
$
657
|
|
|
Average number of
table games
|
|
|
586
|
|
580
|
|
597
|
|
590
|
|
|
Average number of
slot machines
|
|
|
2,491
|
|
2,439
|
|
2,451
|
|
2,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties:
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
1,784
|
|
$
2,342
|
|
$
2,626
|
|
$
3,182
|
|
|
Slot machine win per
unit per day (4)
|
|
$
284
|
|
$
231
|
|
$
271
|
|
$
223
|
|
|
Average number of
table games
|
|
|
244
|
|
245
|
|
244
|
|
244
|
|
|
Average number of
slot machines
|
|
|
1,979
|
|
2,227
|
|
2,008
|
|
2,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sands
Bethlehem:
|
|
|
|
|
|
|
|
|
|
|
|
|
Table games win per
unit per day (3)
|
|
$
3,336
|
|
$
3,069
|
|
$
3,395
|
|
$
2,964
|
|
|
Slot machine win per
unit per day (4)
|
|
$
287
|
|
$
279
|
|
$
282
|
|
$
270
|
|
|
Average number of
table games
|
|
|
177
|
|
177
|
|
177
|
|
177
|
|
|
Average number of
slot machines
|
|
|
2,987
|
|
3,013
|
|
3,000
|
|
3,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
ADR is calculated by
dividing total room revenue by total rooms occupied.
|
|
|
(2)
|
RevPAR is calculated
by dividing total room revenue by total rooms available.
|
|
|
(3)
|
Table games win per
unit per day is shown before discounts and commissions.
|
|
|
(4)
|
Slot machine win per
unit per day is shown before deducting cost for slot
points.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data By
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
of
Leasehold
|
|
(Gain)
Loss
|
|
and
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
|
Operating
|
|
and
|
|
Interests
|
|
on
Disposal
|
|
Development
|
|
Royalty
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
|
Income
(Loss)
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
Expense
|
|
Fees
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
|
|
$
200,144
|
|
$
40,555
|
|
$
1,635
|
|
$
29
|
|
$
74
|
|
$
-
|
|
$
1,960
|
|
$
-
|
|
$
244,397
|
Sands
Cotai Central
|
|
69,691
|
|
71,685
|
|
1,881
|
|
83
|
|
15
|
|
-
|
|
740
|
|
-
|
|
144,095
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
32,159
|
|
9,744
|
|
718
|
|
2
|
|
737
|
|
-
|
|
328
|
|
-
|
|
43,688
|
Sands
Macao
|
|
|
38,369
|
|
9,616
|
|
373
|
|
13
|
|
-
|
|
-
|
|
205
|
|
-
|
|
48,576
|
Macao Property
Operations
|
|
|
340,363
|
|
131,600
|
|
4,607
|
|
127
|
|
826
|
|
-
|
|
3,233
|
|
-
|
|
480,756
|
Marina Bay
Sands
|
|
|
270,243
|
|
61,076
|
|
4,192
|
|
42
|
|
-
|
|
21,320
|
|
160
|
|
-
|
|
357,033
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
54,911
|
|
43,539
|
|
-
|
|
9,957
|
|
679
|
|
(37,289)
|
|
688
|
|
-
|
|
72,485
|
Sands
Bethlehem
|
|
|
30,473
|
|
7,172
|
|
-
|
|
(54)
|
|
86
|
|
-
|
|
-
|
|
-
|
|
37,677
|
United States
Property Operations
|
|
85,384
|
|
50,711
|
|
-
|
|
9,903
|
|
765
|
|
(37,289)
|
|
688
|
|
-
|
|
110,162
|
Other Asia
|
|
|
(12,985)
|
|
3,660
|
|
-
|
|
(52)
|
|
91
|
|
16,368
|
|
53
|
|
-
|
|
7,135
|
Other
Development
|
|
|
(34,125)
|
|
18
|
|
549
|
|
-
|
|
33,558
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
|
(130,179)
|
|
7,806
|
|
-
|
|
396
|
|
-
|
|
(399)
|
|
-
|
|
122,376
|
|
-
|
|
|
|
$
518,701
|
|
$
254,871
|
|
$
9,348
|
|
$
10,416
|
|
$
35,240
|
|
$
-
|
|
$
4,134
|
|
$
122,376
|
|
$
955,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
of
Leasehold
|
|
(Gain)
Loss
|
|
and
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
|
Operating
|
|
and
|
|
Interests
|
|
on
Disposal
|
|
Development
|
|
Royalty
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
|
Income
(Loss)
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
Expense
|
|
Fees
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
|
|
$
210,937
|
|
$
38,204
|
|
$
1,640
|
|
$
227
|
|
$
-
|
|
$
-
|
|
$
3,982
|
|
$
-
|
|
$
254,990
|
Sands
Cotai Central
|
|
88,184
|
|
68,932
|
|
1,931
|
|
214
|
|
2,905
|
|
-
|
|
2,044
|
|
-
|
|
164,210
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
61,915
|
|
9,571
|
|
700
|
|
6
|
|
1,540
|
|
-
|
|
602
|
|
-
|
|
74,334
|
Sands
Macao
|
|
|
56,102
|
|
9,054
|
|
373
|
|
198
|
|
-
|
|
-
|
|
557
|
|
-
|
|
66,284
|
Macao Property
Operations
|
|
|
417,138
|
|
125,761
|
|
4,644
|
|
645
|
|
4,445
|
|
-
|
|
7,185
|
|
-
|
|
559,818
|
Marina Bay
Sands
|
|
|
277,187
|
|
58,887
|
|
4,227
|
|
(34)
|
|
464
|
|
22,306
|
|
217
|
|
-
|
|
363,254
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
41,838
|
|
44,821
|
|
-
|
|
1,947
|
|
158
|
|
(35,723)
|
|
1,125
|
|
-
|
|
54,166
|
Sands
Bethlehem
|
|
|
27,301
|
|
6,757
|
|
-
|
|
-
|
|
41
|
|
-
|
|
-
|
|
-
|
|
34,099
|
United States
Property Operations
|
|
69,139
|
|
51,578
|
|
-
|
|
1,947
|
|
199
|
|
(35,723)
|
|
1,125
|
|
-
|
|
88,265
|
Other Asia
|
|
|
(12,411)
|
|
3,473
|
|
-
|
|
-
|
|
-
|
|
13,640
|
|
119
|
|
-
|
|
4,821
|
Other
Development
|
|
|
(8,668)
|
|
160
|
|
614
|
|
-
|
|
7,894
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
|
(53,075)
|
|
8,733
|
|
-
|
|
-
|
|
-
|
|
(223)
|
|
-
|
|
44,565
|
|
-
|
|
|
|
$
689,310
|
|
$
248,592
|
|
$
9,485
|
|
$
2,558
|
|
$
13,002
|
|
$
-
|
|
$
8,646
|
|
$
44,565
|
|
$
1,016,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
of
Leasehold
|
|
(Gain)
Loss
|
|
and
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
|
Operating
|
|
and
|
|
Interests
|
|
on
Disposal
|
|
Development
|
|
Royalty
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
|
Income
(Loss)
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
Expense
|
|
Fees
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
|
|
$
424,093
|
|
$
80,187
|
|
$
3,297
|
|
$
141
|
|
$
138
|
|
$
-
|
|
$
4,347
|
|
$
-
|
|
$
512,203
|
Sands
Cotai Central
|
|
155,234
|
|
146,066
|
|
4,015
|
|
456
|
|
110
|
|
-
|
|
1,680
|
|
-
|
|
307,561
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
68,969
|
|
19,449
|
|
1,437
|
|
12
|
|
1,429
|
|
-
|
|
578
|
|
-
|
|
91,874
|
Sands
Macao
|
|
|
60,164
|
|
18,217
|
|
745
|
|
(9)
|
|
-
|
|
-
|
|
430
|
|
-
|
|
79,547
|
Macao Property
Operations
|
|
|
708,460
|
|
263,919
|
|
9,494
|
|
600
|
|
1,677
|
|
-
|
|
7,035
|
|
-
|
|
991,185
|
Marina Bay
Sands
|
|
|
456,200
|
|
127,522
|
|
8,240
|
|
(1,591)
|
|
-
|
|
41,199
|
|
335
|
|
-
|
|
631,905
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
133,163
|
|
86,775
|
|
-
|
|
9,943
|
|
936
|
|
(73,337)
|
|
1,903
|
|
-
|
|
159,383
|
Sands
Bethlehem
|
|
|
60,169
|
|
14,406
|
|
-
|
|
507
|
|
320
|
|
-
|
|
-
|
|
-
|
|
75,402
|
United States
Property Operations
|
|
193,332
|
|
101,181
|
|
-
|
|
10,450
|
|
1,256
|
|
(73,337)
|
|
1,903
|
|
-
|
|
234,785
|
Other Asia
|
|
|
(25,684)
|
|
7,285
|
|
-
|
|
(52)
|
|
120
|
|
32,736
|
|
390
|
|
-
|
|
14,795
|
Other
Development
|
|
|
(44,361)
|
|
27
|
|
1,161
|
|
-
|
|
43,173
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
|
(183,616)
|
|
14,813
|
|
-
|
|
397
|
|
-
|
|
(598)
|
|
-
|
|
169,004
|
|
-
|
|
|
|
$
1,104,331
|
|
$
514,747
|
|
$
18,895
|
|
$
9,804
|
|
$
46,226
|
|
$
-
|
|
$
9,663
|
|
$
169,004
|
|
$
1,872,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Month Ended June
30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
|
Pre-Opening
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
of
Leasehold
|
|
(Gain)
Loss
|
|
and
|
|
|
|
(1)
|
|
|
|
Adjusted
|
|
|
|
Operating
|
|
and
|
|
Interests
|
|
on
Disposal
|
|
Development
|
|
Royalty
|
|
Stock-Based
|
|
Corporate
|
|
Property
|
|
|
|
Income
(Loss)
|
|
Amortization
|
|
in Land
|
|
of Assets
|
|
Expense
|
|
Fees
|
|
Compensation
|
|
Expense
|
|
EBITDA
|
Macao:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Venetian Macao
|
|
|
$
430,967
|
|
$
76,320
|
|
$
3,306
|
|
$
8,800
|
|
$
-
|
|
$
-
|
|
$
5,539
|
|
$
-
|
|
$
524,932
|
Sands
Cotai Central
|
|
164,607
|
|
140,615
|
|
4,078
|
|
3,527
|
|
4,778
|
|
-
|
|
2,515
|
|
-
|
|
320,120
|
Four
Seasons Hotel Macao and Plaza Casino
|
|
93,850
|
|
19,312
|
|
1,420
|
|
13
|
|
3,432
|
|
-
|
|
779
|
|
-
|
|
118,806
|
Sands
Macao
|
|
|
100,833
|
|
18,082
|
|
740
|
|
3,204
|
|
-
|
|
-
|
|
803
|
|
-
|
|
123,662
|
Macao Property
Operations
|
|
|
790,257
|
|
254,329
|
|
9,544
|
|
15,544
|
|
8,210
|
|
-
|
|
9,636
|
|
-
|
|
1,087,520
|
Marina Bay
Sands
|
|
|
596,204
|
|
123,303
|
|
8,552
|
|
240
|
|
716
|
|
49,082
|
|
429
|
|
-
|
|
778,526
|
United
States:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Las
Vegas Operating Properties
|
|
112,253
|
|
87,158
|
|
-
|
|
2,191
|
|
294
|
|
(75,871)
|
|
2,250
|
|
-
|
|
128,275
|
Sands
Bethlehem
|
|
|
50,501
|
|
13,458
|
|
-
|
|
(94)
|
|
53
|
|
-
|
|
74
|
|
-
|
|
63,992
|
United States
Property Operations
|
|
162,754
|
|
100,616
|
|
-
|
|
2,097
|
|
347
|
|
(75,871)
|
|
2,324
|
|
-
|
|
192,267
|
Other Asia
|
|
|
(26,142)
|
|
6,983
|
|
-
|
|
-
|
|
-
|
|
27,280
|
|
232
|
|
-
|
|
8,353
|
Other
Development
|
|
|
(16,390)
|
|
322
|
|
1,227
|
|
-
|
|
14,841
|
|
-
|
|
-
|
|
-
|
|
-
|
Corporate
|
|
|
(106,258)
|
|
16,961
|
|
-
|
|
-
|
|
-
|
|
(491)
|
|
-
|
|
89,788
|
|
-
|
|
|
|
$
1,400,425
|
|
$
502,514
|
|
$
19,323
|
|
$
17,881
|
|
$
24,114
|
|
$
-
|
|
$
12,621
|
|
$
89,788
|
|
$
2,066,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) During the three
months ended June 30, 2016 and 2015, the Company recorded
stock-based compensation expense of $7.6 million and $15.0 million,
respectively, of which $3.1 million and $5.8 million, respectively,
is included in corporate expense and $0.4 million and $0.6 million,
respectively, is included in pre-opening and development expense on
the Company's condensed consolidated statements of operations.
During the six months ended June 30, 2016 and 2015, the Company
recorded stock-based compensation expense of $21.3 million and
$27.2 million, respectively, of which $10.8 million and $13.9
million, respectively, is included in corporate expense and $0.8
million and $0.7 million, respectively, is included in pre-opening
and development expense on the Company's condensed consolidated
statements of operations.
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP
Measure
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
The following is a
reconciliation of Sands China Ltd. Net Income to Adjusted Property
EBITDA and Hold-Normalized Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Sands China Ltd. Net
Income
|
|
|
$
237,034
|
|
$
388,654
|
|
$
548,681
|
|
$
733,350
|
Add
(deduct):
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
|
5,967
|
|
(5,473)
|
|
21,639
|
|
(10,660)
|
Other (income)
expense
|
|
|
(1,725)
|
|
150
|
|
(2,949)
|
|
(1,142)
|
Interest expense, net of
amounts capitalized
|
|
14,796
|
|
14,095
|
|
29,427
|
|
28,051
|
Interest income
|
|
|
(652)
|
|
(3,301)
|
|
(1,554)
|
|
(8,736)
|
Loss on disposal of
assets
|
|
|
75
|
|
645
|
|
548
|
|
15,544
|
Amortization of leasehold
interests in land
|
|
5,155
|
|
5,257
|
|
10,655
|
|
10,771
|
Depreciation and
amortization
|
|
135,188
|
|
129,219
|
|
271,060
|
|
261,264
|
Pre-opening
expense
|
|
|
32,500
|
|
10,029
|
|
40,652
|
|
19,241
|
Stock-based
compensation
|
|
|
3,286
|
|
7,304
|
|
7,425
|
|
9,868
|
Corporate expense
|
|
|
56,026
|
|
17,872
|
|
79,942
|
|
37,947
|
Sands China Ltd.
Adjusted Property EBITDA
|
|
$
487,650
|
|
$
564,451
|
|
$
1,005,526
|
|
$
1,095,498
|
|
|
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (1)
|
|
19,062
|
|
(78,741)
|
|
|
|
|
Hold-normalized casino
expense (1)
|
|
(11,013)
|
|
45,412
|
|
|
|
|
Sands China Ltd.
Hold-Normalized Adjusted Property EBITDA
|
|
$
495,699
|
|
$
531,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See Exhibit
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: The company is
providing this reconciliation in support of the disclosure of Sands
China Ltd. adjusted property EBITDA and hold-normalized adjusted
property EBITDA (both non-GAAP measures), which includes the
CotaiJet ferry and other ancillary operations.
|
Logo - http://photos.prnewswire.com/prnh/20150528/219021LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-second-quarter-2016-results-300303511.html
SOURCE Las Vegas Sands Corp.