LAS VEGAS, July 21, 2021 / PRNewswire / – Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based integrated resorts, today released financial results for the past quarter June 30, 2021.
“We are still enthusiastic about the possibility of being able to welcome more guests in our houses again, as more visitors can finally arrive Macau and Singapore, "said Robert G. Goldstein, Chairman and managing director. "We remain committed to supporting our team members and helping those in need in each of our local communities as they recover from the effects of the COVID-19 pandemic."
“We remain confident that travel and tourism spending in our markets may recover Macau and Singapore continue to restrict visits and hinder our current financial performance. "
"Our industry-leading investments in our team members, our communities, and our market-leading integrated resort offerings position us exceptionally well to grow as those travel restrictions finally wear off and the recovery bears fruit. We are fortunate to have our financial strength to support our investment. and investment programs in both Macau and Singapore, as well as our pursuit of growth opportunities in new markets. "
Net sales was $ 1.17 billion, compared to $ 62 million in the same quarter of the previous year. Operating loss was $ 139 million, compared to $ 757 million in the same quarter of the previous year. The net loss from continuing operations was in the second quarter of 2021 $ 280 million, compared to $ 841 million in the second quarter of 2020. Consolidated Adjusted Property EBITDA was $ 244 million, compared to $ (425) million in the same quarter of the previous year.
in the March 2021, LVS has definitive agreements to sell its Las Vegas Real estate and operation for a total purchase price of approx. $ 6.25 billion and expects the transaction to close in the fourth quarter of 2021. The financial, income and cash flows of the Las Vegas Operating Properties have been reported as a discontinued operation held for sale.
Sands China Ltd. Consolidated financial results
On a GAAP basis, SCL's total net sales increased to $ 849 million, compared to $ 40 million in the second quarter of 2020. The net loss for SCL was $ 166 million, compared to $ 549 million in the second quarter of 2020.
Other factors that affect the outcome
The interest expense, less capitalized amounts, was $ 158 million for the second quarter of 2021 compared to $ 114 million in the same quarter of the previous year. Our weighted average debt cost was 4.4% in the second quarter of 2021 compared to 3.6% in the second quarter of 2020, while our weighted average debt balance compared to the year-ago quarter was due to the issuance of $ 1.50 billion Senior Notes from SCL in June 2020 and bonds from $ 505 million under the SCL credit facility in the first quarter of 2021.
Our income tax benefit for the second quarter of 2021 was $ 6 million, compared to an income tax benefit of $ 31 million in the same quarter of the previous year. The income tax benefit for the second quarter of 2021 was mainly due to a statutory rate of 21% on our US businesses and a statutory rate of 17% on our on Singapore Operations.
Balance sheet items
Unrestricted cash on hand June 30, 2021 were $ 2.06 billion.
The company has access to $ 3€ 0.94 billion for borrowing under our US, SCL and Singapore revolving credit facilities less outstanding letters of credit.
From June 30, 2021total outstanding debt excluding finance leases $ 14.42 billion.
Investments
Investments in the second quarter totaled $ 157 million, primarily including construction, development and maintenance activities of $ 129 million in the Macau and $ 27 million in Marina Bay Sands.
Conference call information
The company will host a conference call on Wednesday, July 21, 2021 to discuss the company's results 1:30 p.m. Pacific time. Interested parties can follow the conference call via 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 leading developer and operator of world-class integrated resorts. We provide unrivaled economic benefits to the communities in which we operate.
Sands created the Integrated Resort based on Meetings, Incentives, Convention and Exhibition (MICE). Our industry-leading integrated resorts make essential contributions to our host communities, including growth in leisure and business tourism, sustainable job creation and ongoing financial opportunities for local small and medium-sized businesses.
Our accommodations include the Venetian Resort and the Sands Expo in Las Vegas and the iconic Marina Bay Sands in Singapore. The majority stake in Sands China Ltd. we have developed the largest real estate portfolio in the Cotai Strip in Macau, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao and The Parisian Macao, and the Sands Macau on the Macau Peninsula.
Sands strives to be a good corporate citizen, rooted in the core principles of serving people, planets and communities. We provide a great work environment for our team members around the world, drive social impact through the Sands Cares community engagement and charitable fundraising program, and lead 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 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 that are beyond the control of the company and that could cause actual results, or performance, to differ materially different expectations. These factors include, but are not limited to: the uncertainty about the extent, duration and impact of the COVID-19 pandemic and the response from governments and other third parties, including government-ordered building closures, tightened operational regulatory requirements or travel restrictions, to our business, operating results , Cash flows, liquidity and development prospects; Risks associated with our gaming licenses and sub-concessions, including renewal or renewal of the sub-license in Macau that expires on June 26, 2022; general economic conditions; Interruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics, or outbreaks of contagious or contagious diseases; our ability to invest in future growth opportunities; are executing our previously announced investment programs in both Macau and Singapore, and produce future returns; new development, construction and ventures; government regulation; Ability of our subsidiaries to make distribution payments to us; significant debt and debt servicing; Fluctuations in exchange rates and interest rates; Game organizer; Competition; Changes in tax law; Transport infrastructure in Macau; political instability, civil unrest, terrorist attack or war; Legalization of games of chance; Insurance; the fulfillment of the conditions precedent for the completion of the intended sale of our Las Vegas Real estate and operations, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center (the "Proposed Transaction"), including obtaining regulatory approvals; unexpected difficulties or expenses related to the proposed transaction; Any litigation, judgment or settlement that may be instituted in connection with the proposed transaction, including against us, our directors and officers, and others; Disruptions in current plans and operations caused by the announcement and pendency of the proposed transaction; potential difficulties with employee retention due to the announcement and pendency of the proposed transaction; the reaction of customers, suppliers, business partners and regulators to the announcement of the proposed transaction; and other factors involved in the Las Vegas Sands Corp. reports filed with the Securities and Exchange Commission are listed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they become effective. Las Vegas Sands Corp. assumes no obligation to update this information.
Contacts:
Investment community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607
Las Vegas Sands Corp.
Results for the second quarter of 2021
Non-GAAP Measures
In the company's news release for the second quarter of 2021, the company refers to certain non-GAAP financial measures that complement the company's GAAP consolidated financial information, including "Adjusted Net Income / Loss", "Adjusted Earnings / Loss per Diluted Share" , "and" Consolidated Adjusted Real Estate EBITDA, "which contain directly comparable GAAP financial metrics, along with" Adjusted Real Estate EBITDA Margin, "" Normalized Adjusted Real Estate EBITDA Hold, "" Normalized Adjusted Real Estate EBITDA Margin Hold ", "Normalized Adjusted Net Hold Margin" Profit / Loss "and" Hold Normalized Adjusted Earnings / Loss per Diluted Share ". The company believes these metrics are important internal metrics for financial performance. The financial plans accompanying this press release and the presentations on the company's website include reconciliations of non-GAAP financial measures with the most directly comparable GAAP financial measures. Company's disclosure of non-GAAP financial measures is restricted and should not be viewed as a substitute for or overriding any GAAP financial measures. The definitions of our non-GAAP financial measures and the specific reasons why management believes that the presentation of the non-GAAP financial measures provides investors with useful information about the company's financial condition, operating results, and cash flows are set out below.
The following non-GAAP financial measures are used by management and industry analysts to evaluate the company's business and operational performance. These non-GAAP financial metrics are presented so that investors can use the same financial data management applications in assessing financial performance, believing that this will help the investment community properly assess the company's underlying financial performance year-on-year and in a sequential quarterly Basis.
Adjusted Net Income / Loss, which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands, excluding certain one-time corporate expenses, pre-opening expenses, development costs, gains or losses on the disposal, or Depreciation of assets, loss from the change or early repayment of debts, other income or expenses and income (losses) from discontinued operations, less income taxes. Adjusted Net Income / Loss and Adjusted Earnings / Loss per Diluted Share are presented as supplemental disclosures as management believes that they are (1) each a widely used measure of performance by industry analysts and investors, and (2) a primary basis for valuations of companies with integrated vacation resorts because these non-GAAP measures are viewed by many as alternative measures on which to base their expectations for future results. These measures also form the basis of certain internal management expectations.
Consolidated Adjusted Real Estate EBITDA, a non-GAAP financial measure, is net income / loss from continuing operations before share-based compensation expense, corporate expenses, pre-opening expenses, development expenses, depreciation and amortization, amortization of lease on land, gain or loss on the sale or Depreciation of assets, interest, other income or expenses, gain or loss from the change or early retirement of debt, and income taxes. Management uses Consolidated Adjusted Property EBITDA to compare the operating profitability of its business with that of its competitors and to serve as the basis for determining certain performance awards. Integrated resort companies have historically reported Adjusted Property EBITDA as a complementary performance metric to GAAP financial metrics. To look at running their casinos on a more standalone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that are not related to the management of specific properties, such as expenses and corporate expenses from their adjusted real estate EBITDA calculations. Consolidated Adjusted Real Estate EBITDA should not be interpreted as an alternative to operating income (as an indicator of operating performance) or cash flow from operating activities (as a measure of liquidity), each of which is determined under GAAP. The company uses significant amounts of cash flow, including investments, dividend payments, interest payments, principal payments, and income tax payments that are not reflected in consolidated adjusted property EBITDA. Not all companies calculate Adjusted Real Estate EBITDA the same way. As a result, the consolidated Adjusted Property EBITDA reported by Las Vegas Sands may not be directly comparable to similarly titled metrics from other companies.
Hold Normalized Adjusted Real Estate EBITDA, a supplemental non-GAAP financial metric that is presented in addition to the above reasons for presenting consolidated Adjusted Real Estate EBITDA, to adjust for the impact of certain discrepancies in table game earnings percentages that may vary from period to period. Hold Normalized Adjusted Real Estate EBITDA is based on applying a rolling chip earnings percentage of 3.30% to rolling chip volume for the quarter when the actual earnings percentage is outside the expected range of 3.15% to 3, 45% for ours Macau and Singapore Features and application of a win percentage of 22.0% for baccarat and 20.0% for non-baccarat games to the respective table games will decrease for the quarter if the actual win percentages are outside the expected ranges of 18.0% to 26.0% for baccarat and 16.0% up. we have 24.0% for non-baccarat Las Vegas Properties. We do not offer adjustments for non-rolling chip drop for our table games in our Macau and Singapore Properties, still for slots in one of our properties. Hold-normalized Adjusted Real Estate EBITDA is also adjusted for the estimated gaming taxes, commissions paid, bad debt expenses, discounts, and other incentives that would have been incurred had the above win percentages been applied to each gaming volume. Hold-normalized Adjusted Property EBITDA is a consistent measure of measuring 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 ancillary non-GAAP financial measures that are in addition to the above reasons for presenting Adjusted Net Income / Loss and Adjusted Earnings / Loss per diluted, are presented to account for the impact of certain variances in table game win percentages, which may vary from period to period.
The company can also present the above items on the basis of constant currencies. This information is a non-GAAP financial measure that is calculated by converting the current quarter's local currency amounts to US dollars based on previous period exchange rates. These amounts are compared to the previous period to derive the growth / decrease in constant currency under non-GAAP. Management views non-GAAP constant currency growth / decline as a useful metric for investors and management as it allows a more direct comparison of current performance with historical performance.
The company also references Adjusted Real Estate EBITDA Margin and Hold Normalized Adjusted Real Estate EBITDA Margin, which are calculated using the non-GAAP financial metrics above.
|
Exhibition 1 |
||||||||||||||||
|
Las Vegas Sands Corp. and subsidiaries |
||||||||||||||||
|
Condensed consolidated income statement |
||||||||||||||||
|
(in millions, excluding data per share) |
||||||||||||||||
|
(unchecked) |
||||||||||||||||
|
Three months ended |
Six months ended |
|||||||||||||||
|
June 30th |
June 30th |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Revenues: |
||||||||||||||||
|
casino |
$ |
843 |
$ |
(4) |
$ |
1,708 |
$ |
1,071 |
||||||||
|
Spaces |
115 |
5 |
211 |
146 |
||||||||||||
|
Food and beverages |
50 |
6th |
106 |
70 |
||||||||||||
|
shopping mall |
148 |
42 |
304 |
145 |
||||||||||||
|
Convention, retail and others |
17th |
13th |
40 |
47 |
||||||||||||
|
Net sales |
1,173 |
62 |
2,369 |
1,479 |
||||||||||||
|
Operating expenses: |
||||||||||||||||
|
Resort operation |
932 |
492 |
1,889 |
1,563 |
||||||||||||
|
Companies |
56 |
53 |
105 |
112 |
||||||||||||
|
Pre-opening |
4th |
4th |
9 |
9 |
||||||||||||
|
development |
37 |
9 |
46 |
fifteen |
||||||||||||
|
Depreciation |
258 |
244 |
513 |
497 |
||||||||||||
|
Depreciation of heritable building rights on land |
14th |
13th |
28 |
27 |
||||||||||||
|
Loss from disposal or impairment of assets |
11 |
4th |
14th |
7th |
||||||||||||
|
1.312 |
819 |
2,604 |
2,230 |
|||||||||||||
|
Operating loss |
(139) |
(757) |
(235) |
(751) |
||||||||||||
|
Other income (expenses): |
||||||||||||||||
|
Interest income |
1 |
4th |
2 |
17th |
||||||||||||
|
Interest expense, less capitalized amounts |
(158) |
(114) |
(312) |
(242) |
||||||||||||
|
Other income (expenses) |
10 |
(5) |
(7) |
34 |
||||||||||||
|
Loss from continuing operations before income taxes |
(286) |
(872) |
(552) |
(942) |
||||||||||||
|
Income tax (expense) allowance |
6th |
31 |
(8th) |
9 |
||||||||||||
|
Net loss from continuing operations |
(280) |
(841) |
(560) |
(933) |
||||||||||||
|
Income (loss) on discontinued operations, after income taxes |
38 |
(144) |
(24) |
(103) |
||||||||||||
|
Annual deficit |
(242) |
(985) |
(584) |
(1,036) |
||||||||||||
|
Net loss attributable to non-controlling interests |
50 |
165 |
114 |
215 |
||||||||||||
|
Las Vegas Sands Corp. Net Loss |
$ |
(192) |
$ |
(820) |
$ |
(470) |
$ |
(821) |
||||||||
|
Earnings (loss) per share – undiluted: |
||||||||||||||||
|
Net loss from continuing operations |
$ |
(0.30) |
$ |
(0.88) |
$ |
(0.59) |
$ |
(0.94) |
||||||||
|
Net profit (loss) on discontinued operations, less income taxes |
0.05 |
(0.19) |
(0.03) |
(0.13) |
||||||||||||
|
Net loss per common share |
$ |
(0.25) |
$ |
(1.07) |
$ |
(0.62) |
$ |
(1.07) |
||||||||
|
Earnings (loss) per share – diluted: |
||||||||||||||||
|
Net loss from continuing operations |
$ |
(0.30) |
$ |
(0.88) |
$ |
(0.59) |
$ |
(0.94) |
||||||||
|
Net profit (loss) on discontinued operations, less income taxes |
0.05 |
(0.19) |
(0.03) |
(0.13) |
||||||||||||
|
Net loss per common share |
$ |
(0.25) |
$ |
(1.07) |
$ |
(0.62) |
$ |
(1.07) |
||||||||
|
Weighted Average Shares Outstanding: |
||||||||||||||||
|
basic |
764 |
764 |
764 |
764 |
||||||||||||
|
Diluted |
764 |
764 |
764 |
764 |
||||||||||||
|
Distribution per ordinary share |
$ |
– |
$ |
– |
$ |
– |
$ |
0.79 |
||||||||
|
Exhibition 2 |
||||||||||||||||
|
Las Vegas Sands Corp. and subsidiaries |
||||||||||||||||
|
Net sales and adjusted property EBITDA |
||||||||||||||||
|
(in millions) |
||||||||||||||||
|
(unchecked) |
||||||||||||||||
|
Three months ended |
Six months ended |
|||||||||||||||
|
June 30th |
June 30th |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Net sales |
||||||||||||||||
|
The Venetian Macau |
$ |
391 |
$ |
28 |
$ |
731 |
$ |
343 |
||||||||
|
Macau in London |
189 |
10 |
326 |
180 |
||||||||||||
|
Macau in Paris |
101 |
(23) |
188 |
118 |
||||||||||||
|
Plaza Macao and Four Seasons Macao |
125 |
19th |
295 |
126 |
||||||||||||
|
Sands Macau |
42 |
7th |
77 |
76 |
||||||||||||
|
Ferry service and miscellaneous |
7th |
6th |
fifteen |
18th |
||||||||||||
|
Operation in Macau |
855 |
47 |
1,632 |
861 |
||||||||||||
|
Marina Bay Sands |
327 |
23 |
753 |
635 |
||||||||||||
|
Intercompany license fees (1) |
25th |
– |
50 |
35 |
||||||||||||
|
Eliminations between segments (2) |
(34) |
(8th) |
(66) |
(52) |
||||||||||||
|
$ |
1,173 |
$ |
62 |
$ |
2,369 |
$ |
1,479 |
|||||||||
|
Adjusted real estate EBITDA |
||||||||||||||||
|
The Venetian Macau |
$ |
108 |
$ |
(97) |
$ |
190 |
$ |
(48) |
||||||||
|
Macau in London |
(5) |
(79) |
(28) |
(79) |
||||||||||||
|
Macau in Paris |
– |
(81) |
(8th) |
(84) |
||||||||||||
|
Plaza Macao and Four Seasons Macao |
44 |
(18) |
114 |
10 |
||||||||||||
|
Sands Macau |
(13) |
(31) |
(31) |
(32) |
||||||||||||
|
Ferry service and miscellaneous |
(2) |
(6) |
(5) |
(12) |
||||||||||||
|
Operation in Macau |
132 |
(312) |
232 |
(245) |
||||||||||||
|
Marina Bay Sands |
112 |
(113) |
256 |
169 |
||||||||||||
|
$ |
244 |
$ |
(425) |
$ |
488 |
$ |
(76) |
|||||||||
|
Adjusted real estate EBITDA as a percentage of net sales |
||||||||||||||||
|
The Venetian Macau |
27.6 |
% |
26.0 |
% |
||||||||||||
|
Macau in London |
||||||||||||||||
|
Macau in Paris |
||||||||||||||||
|
Plaza Macao and Four Seasons Macao |
35.2 |
% |
38.6 |
% |
7.9 |
% |
||||||||||
|
Sands Macau |
||||||||||||||||
|
Ferry service and miscellaneous |
||||||||||||||||
|
Operation in Macau |
15.4 |
% |
14.2 |
% |
||||||||||||
|
Marina Bay Sands |
34.3 |
% |
34.0 |
% |
26.6 |
% |
||||||||||
|
total |
20.8 |
% |
20.6 |
% |
||||||||||||
|
____________________ |
|
|
Note: |
The information for the three months ended June 30, 2021 and 2020 excludes the results of the operating properties in Las Vegas as they are classified as discontinued operations held for sale. |
|
(1) |
Royalties from foreign operations previously included in Las Vegas Operating Properties and which will continue after the sale is complete. |
|
(2) |
Inter-segment eliminations include license fees and other intra-group services. |
|
Exhibition 3 |
||||||||||||||||
|
Las Vegas Sands Corp. and subsidiaries |
||||||||||||||||
|
Comparison of non-GAAP measures |
||||||||||||||||
|
(in millions) |
||||||||||||||||
|
(unchecked) |
||||||||||||||||
|
The following is a reconciliation of the net loss from continuing operations to the consolidated one |
||||||||||||||||
|
Three months ended |
Six months ended |
|||||||||||||||
|
June 30th |
June 30th |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Net loss from continuing operations |
$ |
(280) |
$ |
(841) |
$ |
(560) |
$ |
(933) |
||||||||
|
Add (subtract): |
||||||||||||||||
|
Income tax expense (benefit) |
(6) |
(31) |
8th |
(9) |
||||||||||||
|
Other (income) expenses |
(10) |
5 |
7th |
(34) |
||||||||||||
|
Interest expense, less capitalized amounts |
158 |
114 |
312 |
242 |
||||||||||||
|
Interest income |
(1) |
(4) |
(2) |
(17) |
||||||||||||
|
Loss from disposal or impairment of assets |
11 |
4th |
14th |
7th |
||||||||||||
|
Depreciation of heritable building rights on land |
14th |
13th |
28 |
27 |
||||||||||||
|
Depreciation |
258 |
244 |
513 |
497 |
||||||||||||
|
Development costs |
37 |
9 |
46 |
fifteen |
||||||||||||
|
Costs before opening |
4th |
4th |
9 |
9 |
||||||||||||
|
Share-based payment (1) |
3 |
5 |
8th |
8th |
||||||||||||
|
Corporate spending |
56 |
53 |
105 |
112 |
||||||||||||
|
Consolidated Adjusted Property EBITDA |
$ |
244 |
$ |
(425) |
$ |
488 |
$ |
(76) |
||||||||
|
Hold Normalized Casino Earnings (2) |
(62) |
49 |
||||||||||||||
|
Hold Normalized Casino Spending (2) |
28 |
(21) |
||||||||||||||
|
Consolidated Hold Normalized Adjusted Property EBITDA |
$ |
210 |
$ |
(397) |
||||||||||||
|
____________________ |
|
|
Note: |
The information for the three months ended June 30, 2021 and 2020 excludes the results of the operating properties in Las Vegas as they are classified as discontinued operations held for sale. |
|
(1) |
For the three months ended June 30, 2021 and 2020, the Company recorded stock-based compensation expense from continuing operations of $ 7 million and $ 6 million, of which $ 4 million and $ 1 million in Consolidated Consolidated Income Statement, respectively . For the six months ended June 30, 2021 and 2020, the company recorded share-based compensation expense from continuing operations of $ 14 million and $ 13 million, of which $ 6 million and $ 5 million were in corporate expenses, respectively it includes the abridged consolidated income statement. |
|
(2) |
See Appendix 4. |
|
Exhibition 4 |
||||||||||||||||
|
Las Vegas Sands Corp. and subsidiaries |
||||||||||||||||
|
Comparison of non-GAAP measures |
||||||||||||||||
|
(in millions) |
||||||||||||||||
|
(unchecked) |
||||||||||||||||
|
The following are reconciliations of the adjusted real estate EBITDA to the hold-normalized adjusted real estate EBITDA: |
||||||||||||||||
|
Three months to June 30, 2021 |
||||||||||||||||
|
Hold normalized |
||||||||||||||||
|
customized |
Hold normalized |
Hold normalized |
customized |
|||||||||||||
|
property |
casino |
casino |
property |
|||||||||||||
|
EBITDA |
Sales (1) |
Editions (2) |
EBITDA |
|||||||||||||
|
Operation in Macau |
$ |
132 |
$ |
(43) |
$ |
24 |
$ |
113 |
||||||||
|
Marina Bay Sands |
112 |
(19) |
4th |
97 |
||||||||||||
|
$ |
244 |
$ |
(62) |
$ |
28 |
$ |
210 |
|||||||||
|
Three months to June 30, 2020 |
||||||||||||||||
|
Hold normalized |
||||||||||||||||
|
customized |
Hold normalized |
Hold normalized |
customized |
|||||||||||||
|
property |
casino |
casino |
property |
|||||||||||||
|
EBITDA |
Sales (1) |
Editions (2) |
EBITDA |
|||||||||||||
|
Operation in Macau |
$ |
(312) |
$ |
47 |
$ |
(20) |
$ |
(285) |
||||||||
|
Marina Bay Sands |
(113) |
2 |
(1) |
(112) |
||||||||||||
|
$ |
(425) |
$ |
49 |
$ |
(21) |
$ |
(397) |
|||||||||
|
____________________ |
|
|
Note: |
The information for the three months ended June 30, 2021 and 2020 excludes the results of the operating properties in Las Vegas as they are classified as discontinued operations held for sale. |
|
(1) |
For Macao Operations and Marina Bay Sands, this represents the estimated additional casino revenue related to the Rolling Chip Volume Game that would have been earned or lost had the company's Profit Percentage been 3.30% in the current period. This calculation is only applied when the current period profit percentage is outside the expected range of 3.15% to 3.45%. These amounts have been offset by the estimated commissions paid, as well as discounts and other incentives that are directly or indirectly refunded to customers. |
|
(2) |
Represents the estimated additional expenses (gaming taxes and bad debt expenses) that would have been incurred or avoided with the additional casino income calculated in (1) above. |
|
Exhibition 5 |
||||||||||||||||
|
Las Vegas Sands Corp. and subsidiaries |
||||||||||||||||
|
Comparison of non-GAAP measures |
||||||||||||||||
|
(in millions, excluding data per share) |
||||||||||||||||
|
(unchecked) |
||||||||||||||||
|
The following is a reconciliation of the net loss attributable to the LVS to the adjusted net loss and the hold normalized adjusted net loss: |
||||||||||||||||
|
Three months ended |
Six months ended |
|||||||||||||||
|
June 30th |
June 30th |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Net loss attributable to the LVS |
$ |
(192) |
$ |
(820) |
$ |
(470) |
$ |
(821) |
||||||||
|
Costs before opening |
4th |
4th |
9 |
9 |
||||||||||||
|
Development costs |
37 |
9 |
46 |
fifteen |
||||||||||||
|
Loss from disposal or impairment of assets |
11 |
4th |
14th |
7th |
||||||||||||
|
Other (income) expenses |
(10) |
5 |
7th |
(34) |
||||||||||||
|
(Income) loss from discontinued operations, after income taxes |
(38) |
144 |
24 |
103 |
||||||||||||
|
Income tax effects on net income adjustments (1) |
(9) |
(3) |
(11) |
(4) |
||||||||||||
|
Influence of Non-Controlling Interests on Net Income Adjustments |
1 |
– |
(7) |
3 |
||||||||||||
|
Adjusted net loss from continuing operations attributable to LVS |
$ |
(196) |
$ |
(657) |
$ |
(388) |
$ |
(722) |
||||||||
|
Hold Normalized Casino Earnings (2) |
(62) |
49 |
||||||||||||||
|
Hold Normalized Casino Spending (2) |
28 |
(21) |
||||||||||||||
|
Income tax effects on hold adjustments (1) |
3 |
– |
||||||||||||||
|
Influence of non-controlling interests on hold adjustments |
6th |
(8th) |
||||||||||||||
|
Hold-normalized adjusted net loss from continuing operations attributable to LVS |
$ |
(221) |
$ |
(637) |
||||||||||||
|
The following is a reconciliation of Diluted Loss Per Share to Adjusted Loss per Diluted Share and Hold-normalized Adjusted Loss per Diluted Share: |
||||||||||||||||
|
Three months ended |
Six months ended |
|||||||||||||||
|
June 30th |
June 30th |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Per diluted common share: |
||||||||||||||||
|
Net loss attributable to the LVS |
$ |
(0.25) |
$ |
(1.07) |
$ |
(0.62) |
$ |
(1.07) |
||||||||
|
Costs before opening |
– |
– |
0.01 |
0.01 |
||||||||||||
|
Development costs |
0.05 |
0.01 |
0.06 |
0.02 |
||||||||||||
|
Loss from disposal or impairment of assets |
0.01 |
– |
0.02 |
0.01 |
||||||||||||
|
Other (income) expenses |
(0.01) |
0.01 |
0.01 |
(0.04) |
||||||||||||
|
(Income) loss from discontinued operations, after income taxes |
(0.05) |
0.19 |
0.03 |
0.13 |
||||||||||||
|
Influence of income tax on net income adjustments |
(0.01) |
– |
(0.01) |
(0.01) |
||||||||||||
|
Influence of Non-Controlling Interests on Net Income Adjustments |
– |
– |
(0.01) |
– |
||||||||||||
|
Adjusted loss per diluted share from continuing operations |
$ |
(0.26) |
$ |
(0.86) |
$ |
(0.51) |
$ |
(0.95) |
||||||||
|
Hold-normalisierte Casino-Einnahmen |
(0,08) |
0.06 |
||||||||||||||
|
Hold-normalisierte Casino-Ausgaben |
0,04 |
(0.02) |
||||||||||||||
|
Einfluss der Einkommensteuer auf Hold-Anpassungen |
– |
– |
||||||||||||||
|
Einfluss nicht beherrschender Anteile auf Hold-Anpassungen |
0.01 |
(0.01) |
||||||||||||||
|
Hold-normalisierter bereinigter Verlust je verwässerter Aktie aus fortgeführten Aktivitäten |
$ |
(0,29) |
$ |
(0,83) |
||||||||||||
|
Gewichteter Durchschnitt verwässerter ausstehender Aktien |
764 |
764 |
764 |
764 |
||||||||||||
|
____________________ |
|
|
(1) |
Die ertragsteuerlichen Auswirkungen jeder Anpassung werden durch Anwendung des effektiven Steuersatzes, einschließlich laufender und latenter Ertragsteueraufwendungen, basierend auf der Rechtsordnung und der Art der Anpassung, abgeleitet. |
|
(2) |
Siehe Anlage 4. |
|
Ausstellung 6 |
||||||||||||||||
|
Las Vegas Sands Corp. und Tochtergesellschaften |
||||||||||||||||
|
Ergänzende Daten |
||||||||||||||||
|
(unchecked) |
||||||||||||||||
|
Drei Monate zu Ende |
Sechs Monate zu Ende |
|||||||||||||||
|
30. Juni |
30. Juni |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
|||||||||||||
|
Casino-Statistiken: |
||||||||||||||||
|
Das venezianische Macau: |
||||||||||||||||
|
Tischspiele gewinnen pro Einheit pro Tag (1) |
$ |
6.104 |
$ |
95 |
$ |
5.736 |
$ |
3.077 |
||||||||
|
Spielautomatengewinn pro Einheit pro Tag (2) |
$ |
192 |
$ |
18th |
$ |
193 |
$ |
116 |
||||||||
|
Durchschnittliche Anzahl Tischspiele |
630 |
643 |
629 |
570 |
||||||||||||
|
Durchschnittliche Anzahl von Spielautomaten |
1.170 |
864 |
1.108 |
1.079 |
||||||||||||
|
Das Londoner Macau: |
||||||||||||||||
|
Tischspiele gewinnen pro Einheit pro Tag (1) |
$ |
3.919 |
$ |
12 |
$ |
3.224 |
$ |
2.505 |
||||||||
|
Spielautomatengewinn pro Einheit pro Tag (2) |
$ |
134 |
$ |
9 |
$ |
120 |
$ |
150 |
||||||||
|
Durchschnittliche Anzahl Tischspiele |
475 |
347 |
475 |
328 |
||||||||||||
|
Durchschnittliche Anzahl von Spielautomaten |
889 |
408 |
854 |
683 |
||||||||||||
|
Das Pariser Macau: |
||||||||||||||||
|
Tischspiele gewinnen pro Einheit pro Tag (1) |
$ |
3.116 |
$ |
(850) |
$ |
2.923 |
$ |
2.592 |
||||||||
|
Spielautomatengewinn pro Einheit pro Tag (2) |
$ |
87 |
$ |
17 |
$ |
91 |
$ |
117 |
||||||||
|
Durchschnittliche Anzahl Tischspiele |
270 |
299 |
269 |
268 |
||||||||||||
|
Durchschnittliche Anzahl von Spielautomaten |
914 |
593 |
898 |
810 |
||||||||||||
|
Plaza Macao und Four Seasons Macao: |
||||||||||||||||
|
Tischspiele gewinnen pro Einheit pro Tag (1) |
$ |
7.597 |
$ |
941 |
$ |
9.520 |
$ |
4.939 |
||||||||
|
Spielautomatengewinn pro Einheit pro Tag (2) |
$ |
61 |
$ |
1 |
$ |
74 |
$ |
116 |
||||||||
|
Durchschnittliche Anzahl Tischspiele |
142 |
173 |
142 |
149 |
||||||||||||
|
Durchschnittliche Anzahl von Spielautomaten |
115 |
55 |
80 |
90 |
||||||||||||
|
Sands Macau: |
||||||||||||||||
|
Tischspiele gewinnen pro Einheit pro Tag (1) |
$ |
3.079 |
$ |
271 |
$ |
2.976 |
$ |
2.726 |
||||||||
|
Spielautomatengewinn pro Einheit pro Tag (2) |
$ |
106 |
$ |
62 |
$ |
109 |
$ |
114 |
||||||||
|
Durchschnittliche Anzahl Tischspiele |
156 |
185 |
154 |
168 |
||||||||||||
|
Durchschnittliche Anzahl von Spielautomaten |
549 |
452 |
540 |
576 |
||||||||||||
|
Marina Bay Sands: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
2,770 |
$ |
2,636 |
$ |
3,417 |
$ |
7,833 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
773 |
$ |
714 |
$ |
851 |
$ |
575 |
||||||||
|
Average number of table games |
559 |
604 |
570 |
606 |
||||||||||||
|
Average number of slot machines |
1,947 |
984 |
1,900 |
2,295 |
||||||||||||
|
Las Vegas Operating Properties(3): |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
3,365 |
$ |
2,087 |
$ |
2,683 |
$ |
4,715 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
622 |
$ |
327 |
$ |
503 |
$ |
326 |
||||||||
|
Average number of table games |
193 |
206 |
186 |
203 |
||||||||||||
|
Average number of slot machines |
1,517 |
1,260 |
1,504 |
1,772 |
||||||||||||
|
____________________ |
|
|
Note: |
These casino statistics exclude table games and slot machines shutdown due to social distancing measures or closure of the gaming facilities as a result of the COVID-19 pandemic. The gaming operations at our Macao properties were closed on February 5, 2020 and reopened on February 20, 2020 due to a government mandate, except for operations at The Londoner Macao, which resumed on February 27, 2020. The Las Vegas Operating Properties were closed on March 18, 2020 and reopened on June 4, 2020, due to the statewide closure of non-essential services by the State of Nevada. Marina Bay Sands gaming operations were closed effective April 7, 2020 through June 30, 2020, due to Singapore mandated government closures of all non-essential services. During the quarter ended June 30, 2021, gaming operations at Marina Bay Sands were closed on May 17, 2021 and reopened on May 19, 2021, due to pandemic-related measures in consultation with the Singapore government authorities. |
|
(1) |
Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
|
(2) |
Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
|
(3) |
The Las Vegas Operating Properties are classified as a discontinued operation held for sale. |
|
Exhibit 7 |
|||||||||||
|
Las Vegas Sands Corp. and Subsidiaries |
|||||||||||
|
Supplemental Data |
|||||||||||
|
(Unaudited) |
|||||||||||
|
Three Months Ended |
|||||||||||
|
The Venetian Macao |
June 30, |
||||||||||
|
(Dollars in millions) |
2021 |
2020 |
Change |
||||||||
|
Revenues: |
|||||||||||
|
Casino |
$ |
307 |
$ |
5 |
$ |
302 |
|||||
|
Rooms |
24 |
1 |
23 |
||||||||
|
Food and Beverage |
7th |
1 |
6 |
||||||||
|
Mall |
49 |
18th |
31 |
||||||||
|
Convention, Retail and Other |
4th |
3 |
1 |
||||||||
|
Net Revenues |
$ |
391 |
$ |
28 |
$ |
363 |
|||||
|
Adjusted Property EBITDA |
$ |
108 |
$ |
(97) |
$ |
205 |
|||||
|
EBITDA margin% |
27.6 |
% |
|||||||||
|
Gaming Statistics |
|||||||||||
|
(Dollars in millions) |
|||||||||||
|
Rolling Chip Volume |
$ |
1,510 |
$ |
108 |
$ |
1,402 |
|||||
|
Rolling Chip Win %(1) |
4.91 |
% |
1.48 |
% |
3.43 |
pts |
|||||
|
Non-Rolling Chip Drop |
$ |
999 |
$ |
16 |
$ |
983 |
|||||
|
Non-Rolling Chip Win % |
27.6 |
% |
24.8 |
% |
2.8 |
pts |
|||||
|
Slot Handle |
$ |
551 |
$ |
58 |
$ |
493 |
|||||
|
Slot Hold % |
3.7 |
% |
2.5 |
% |
1.2 |
pts |
|||||
|
Hotel Statistics |
|||||||||||
|
Occupancy % |
58.6 |
% |
2.1 |
% |
56.5 |
pts |
|||||
|
Average Daily Rate (ADR) |
$ |
159 |
$ |
220 |
$ |
(61) |
|||||
|
Revenue per Available Room (RevPAR) |
$ |
93 |
$ |
5 |
$ |
88 |
|||||
|
____________________ |
|
|
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 during the quarters ended June 30, 2021 and 2020. During the quarter ended June 30, 2020, rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
|||||||||||
|
Supplemental Data |
|||||||||||
|
(Unaudited) |
|||||||||||
|
Three Months Ended |
|||||||||||
|
The Londoner Macao |
June 30, |
||||||||||
|
(Dollars in millions) |
2021 |
2020 |
Change |
||||||||
|
Revenues: |
|||||||||||
|
Casino |
$ |
133 |
$ |
1 |
$ |
132 |
|||||
|
Rooms |
28 |
– |
28 |
||||||||
|
Food and Beverage |
9 |
1 |
8 |
||||||||
|
Mall |
16 |
7th |
9 |
||||||||
|
Convention, Retail and Other |
3 |
1 |
2 |
||||||||
|
Net Revenues |
$ |
189 |
$ |
10 |
$ |
179 |
|||||
|
Adjusted Property EBITDA |
$ |
(5) |
$ |
(79) |
$ |
74 |
|||||
|
EBITDA margin% |
|||||||||||
|
Gaming Statistics |
|||||||||||
|
(Dollars in millions) |
|||||||||||
|
Rolling Chip Volume |
$ |
1,126 |
$ |
– |
$ |
1,126 |
|||||
|
Rolling Chip Win %(1) |
4.76 |
% |
– |
% |
4.76 |
pts |
|||||
|
Non-Rolling Chip Drop |
$ |
551 |
$ |
6 |
$ |
545 |
|||||
|
Non-Rolling Chip Win % |
21.0 |
% |
6.9 |
% |
14.1 |
pts |
|||||
|
Slot Handle |
$ |
286 |
$ |
11 |
$ |
275 |
|||||
|
Slot Hold % |
3.8 |
% |
3.3 |
% |
0.5 |
pts |
|||||
|
Hotel Statistics |
|||||||||||
|
Occupancy % |
44.2 |
% |
1.1 |
% |
43.1 |
pts |
|||||
|
Average Daily Rate (ADR) |
$ |
152 |
$ |
144 |
$ |
8 |
|||||
|
Revenue per Available Room (RevPAR) |
$ |
67 |
$ |
2 |
$ |
65 |
|||||
|
____________________ |
|
|
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 during the quarters ended June 30, 2021 and 2020. Rooms utilized for government quarantine purposes during the quarters ended June 30, 2021 and 2020, and to provide lodging for team members due to travel restrictions, as well as the hotel tower consisting of rooms under the Conrad brand that remained closed for a portion of time during the quarter ended June 30, 2020, were excluded from the calculation of hotel statistics above. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
|||||||||||
|
Supplemental Data |
|||||||||||
|
(Unaudited) |
|||||||||||
|
Three Months Ended |
|||||||||||
|
The Parisian Macao |
June 30, |
||||||||||
|
(Dollars in millions) |
2021 |
2020 |
Change |
||||||||
|
Revenues: |
|||||||||||
|
Casino |
$ |
69 |
$ |
(30) |
$ |
99 |
|||||
|
Rooms |
17 |
1 |
16 |
||||||||
|
Food and Beverage |
4th |
1 |
3 |
||||||||
|
Mall |
10 |
4th |
6 |
||||||||
|
Convention, Retail and Other |
1 |
1 |
– |
||||||||
|
Net Revenues |
$ |
101 |
$ |
(23) |
$ |
124 |
|||||
|
Adjusted Property EBITDA |
$ |
– |
$ |
(81) |
$ |
81 |
|||||
|
EBITDA margin% |
|||||||||||
|
Gaming Statistics |
|||||||||||
|
(Dollars in millions) |
|||||||||||
|
Rolling Chip Volume |
$ |
32 |
$ |
382 |
$ |
(350) |
|||||
|
Rolling Chip Win %(1) |
8.24 |
% |
(6.40) |
% |
14.64 |
pts |
|||||
|
Non-Rolling Chip Drop |
$ |
358 |
$ |
6 |
$ |
352 |
|||||
|
Non-Rolling Chip Win % |
20.6 |
% |
20.4 |
% |
0.2 |
pts |
|||||
|
Slot Handle |
$ |
244 |
$ |
19 |
$ |
225 |
|||||
|
Slot Hold % |
3.0 |
% |
4.7 |
% |
(1.7) |
pts |
|||||
|
Hotel Statistics |
|||||||||||
|
Occupancy % |
58.4 |
% |
3.5 |
% |
54.9 |
pts |
|||||
|
Average Daily Rate (ADR) |
$ |
119 |
$ |
148 |
$ |
(29) |
|||||
|
Revenue per Available Room (RevPAR) |
$ |
70 |
$ |
5 |
$ |
65 |
|||||
|
____________________ |
|
|
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 during the quarters ended June 30, 2021 and 2020. During the quarter ended June 30, 2020, rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
|||||||||||
|
Supplemental Data |
|||||||||||
|
(Unaudited) |
|||||||||||
|
Three Months Ended |
|||||||||||
|
The Plaza Macao and Four Seasons Macao |
June 30, |
||||||||||
|
(Dollars in millions) |
2021 |
2020 |
Change |
||||||||
|
Revenues: |
|||||||||||
|
Casino |
$ |
74 |
$ |
8 |
$ |
66 |
|||||
|
Rooms |
12 |
1 |
11 |
||||||||
|
Food and Beverage |
5 |
1 |
4th |
||||||||
|
Mall |
34 |
9 |
25th |
||||||||
|
Net Revenues |
$ |
125 |
$ |
19 |
$ |
106 |
|||||
|
Adjusted Property EBITDA |
$ |
44 |
$ |
(18) |
$ |
62 |
|||||
|
EBITDA margin% |
35.2 |
% |
|||||||||
|
Gaming Statistics |
|||||||||||
|
(Dollars in millions) |
|||||||||||
|
Rolling Chip Volume |
$ |
529 |
$ |
563 |
$ |
(34) |
|||||
|
Rolling Chip Win %(1) |
4.42 |
% |
2.42 |
% |
2.00 |
pts |
|||||
|
Non-Rolling Chip Drop |
$ |
350 |
$ |
19 |
$ |
331 |
|||||
|
Non-Rolling Chip Win % |
21.4 |
% |
6.5 |
% |
14.9 |
pts |
|||||
|
Slot Handle |
$ |
18th |
$ |
– |
$ |
18th |
|||||
|
Slot Hold % |
3.5 |
% |
– |
% |
3.5 |
pts |
|||||
|
Hotel Statistics |
|||||||||||
|
Occupancy % |
48.4 |
% |
6.2 |
% |
42.2 |
pts |
|||||
|
Average Daily Rate (ADR) |
$ |
445 |
$ |
358 |
$ |
87 |
|||||
|
Revenue per Available Room (RevPAR) |
$ |
215 |
$ |
22 |
$ |
193 |
|||||
|
____________________ |
|
|
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 during the quarters ended June 30, 2021 and 2020. During the quarter ended June 30, 2020, rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
|||||||||||
|
Supplemental Data |
|||||||||||
|
(Unaudited) |
|||||||||||
|
Three Months Ended |
|||||||||||
|
Sands Macao |
June 30, |
||||||||||
|
(Dollars in millions) |
2021 |
2020 |
Change |
||||||||
|
Revenues: |
|||||||||||
|
Casino |
$ |
37 |
$ |
5 |
$ |
32 |
|||||
|
Rooms |
2 |
1 |
1 |
||||||||
|
Food and Beverage |
1 |
– |
1 |
||||||||
|
Mall |
1 |
1 |
– |
||||||||
|
Convention, Retail and Other |
1 |
– |
1 |
||||||||
|
Net Revenues |
$ |
42 |
$ |
7th |
$ |
35 |
|||||
|
Adjusted Property EBITDA |
$ |
(13) |
$ |
(31) |
$ |
18th |
|||||
|
EBITDA margin% |
|||||||||||
|
Gaming Statistics |
|||||||||||
|
(Dollars in millions) |
|||||||||||
|
Rolling Chip Volume |
$ |
332 |
$ |
219 |
$ |
113 |
|||||
|
Rolling Chip Win %(1) |
6.51 |
% |
0.78 |
% |
5.73 |
pts |
|||||
|
Non-Rolling Chip Drop |
$ |
131 |
$ |
28 |
$ |
103 |
|||||
|
Non-Rolling Chip Win % |
16.9 |
% |
10.2 |
% |
6.7 |
pts |
|||||
|
Slot Handle |
$ |
161 |
$ |
77 |
$ |
84 |
|||||
|
Slot Hold % |
3.3 |
% |
3.3 |
% |
– |
pts |
|||||
|
Hotel Statistics |
|||||||||||
|
Occupancy % |
71.1 |
% |
10.6 |
% |
60.5 |
pts |
|||||
|
Average Daily Rate (ADR) |
$ |
141 |
$ |
153 |
$ |
(12) |
|||||
|
Revenue per Available Room (RevPAR) |
$ |
100 |
$ |
16 |
$ |
84 |
|||||
|
____________________ |
|
|
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 during the quarters ended June 30, 2021 and 2020. During the quarter ended June 30, 2020, rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
|||||||||||
|
Supplemental Data |
|||||||||||
|
(Unaudited) |
|||||||||||
|
Three Months Ended |
|||||||||||
|
Marina Bay Sands |
June 30, |
||||||||||
|
(Dollars in millions) |
2021 |
2020 |
Change |
||||||||
|
Revenues: |
|||||||||||
|
Casino |
$ |
223 |
$ |
7th |
$ |
216 |
|||||
|
Rooms |
32 |
1 |
31 |
||||||||
|
Food and Beverage |
24 |
2 |
22 |
||||||||
|
Mall |
39 |
3 |
36 |
||||||||
|
Convention, Retail and Other |
9 |
10 |
(1) |
||||||||
|
Net Revenues |
$ |
327 |
$ |
23 |
$ |
304 |
|||||
|
Adjusted Property EBITDA |
$ |
112 |
$ |
(113) |
$ |
225 |
|||||
|
EBITDA margin% |
34.3 |
% |
|||||||||
|
Gaming Statistics |
|||||||||||
|
(Dollars in millions) |
|||||||||||
|
Rolling Chip Volume |
$ |
612 |
$ |
122 |
$ |
490 |
|||||
|
Rolling Chip Win %(1) |
6.44 |
% |
1.91 |
% |
4.53 |
pts |
|||||
|
Non-Rolling Chip Drop |
$ |
553 |
$ |
25th |
$ |
528 |
|||||
|
Non-Rolling Chip Win % |
18.1 |
% |
22.2 |
% |
(4.1) |
pts |
|||||
|
Slot Handle |
$ |
3,165 |
$ |
94 |
$ |
3,071 |
|||||
|
Slot Hold % |
4.3 |
% |
3.7 |
% |
0.6 |
pts |
|||||
|
Hotel Statistics |
|||||||||||
|
Occupancy % |
67.9 |
% |
40.2 |
% |
27.7 |
pts |
|||||
|
Average Daily Rate (ADR) |
$ |
221 |
$ |
328 |
$ |
(107) |
|||||
|
Revenue per Available Room (RevPAR) |
$ |
150 |
$ |
132 |
$ |
18th |
|||||
|
____________________ |
|
|
Note: |
Due to government-mandated closure of non-essential services as a result of the COVID-19 pandemic, the property was closed from April 7, 2020 through June 18, 2020 for certain retail and restaurant operations and through June 30, 2020 for gaming operations. During the quarter ended June 30, 2021, gaming operations at Marina Bay Sands were closed on May 17, 2021 and reopened on May 19, 2021, due to pandemic-related measures in consultation with the Singapore government authorities. Due to social distancing measures and travel restrictions, the property operated at a reduced capacity during the quarters ended June 30, 2021 and 2020, with some operations temporarily closed. Rooms utilized for government quarantine purposes were excluded from the calculation of hotel statistics above. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
|||||||||||
|
Supplemental Data – Discontinued Operation Held for Sale |
|||||||||||
|
(Unaudited) |
|||||||||||
|
Three Months Ended |
|||||||||||
|
Las Vegas Operating Properties(1) |
June 30, |
||||||||||
|
(Dollars in millions) |
2021 |
2020 |
Change |
||||||||
|
Revenues: |
|||||||||||
|
Casino |
$ |
110 |
$ |
14 |
$ |
96 |
|||||
|
Rooms |
107 |
9 |
98 |
||||||||
|
Food and Beverage |
52 |
6 |
46 |
||||||||
|
Convention, Retail and Other(2) |
21 |
7th |
14 |
||||||||
|
Net Revenues |
$ |
290 |
$ |
36 |
$ |
254 |
|||||
|
Adjusted Property EBITDA |
$ |
51 |
$ |
(122) |
$ |
173 |
|||||
|
EBITDA margin% |
17.6 |
% |
|||||||||
|
Gaming Statistics |
|||||||||||
|
(Dollars in millions) |
|||||||||||
|
Table Games Drop |
$ |
362 |
$ |
99 |
$ |
263 |
|||||
|
Table Games Win %(3) |
16.3 |
% |
11.8 |
% |
4.5 |
pts |
|||||
|
Slot Handle |
$ |
1,000 |
$ |
192 |
$ |
808 |
|||||
|
Slot Hold % |
8.6 |
% |
5.8 |
% |
2.8 |
pts |
|||||
|
Hotel Statistics |
|||||||||||
|
Occupancy % |
85.5 |
% |
33.5 |
% |
52.0 |
pts |
|||||
|
Average Daily Rate (ADR) |
$ |
199 |
$ |
162 |
$ |
37 |
|||||
|
Revenue per Available Room (RevPAR) |
$ |
170 |
$ |
54 |
$ |
116 |
|||||
|
____________________ |
|
|
Note: |
Due to the statewide closure of non-essential services by the State of Nevada as a result of the COVID-19 pandemic, the property was closed on March 18, 2020 and reopened on June 4, 2020. During the quarters ended June 30, 2021 and 2020, 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; however, these capacity restrictions were lifted on June 1, 2021. Rooms within the property's Venezia tower that remained closed for a portion of the quarters ended June 30, 2021 and 2020, were excluded from the calculation of hotel statistics above. |
|
(1) |
In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations and as a result have been classified as a discontinued operation held for sale. |
|
(2) |
Prior year amounts have been adjusted to conform to the current period presentation, which excludes intercompany royalties as these will continue post-closing of the sale. See Exhibit 2. |
|
(3) |
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 June 30, 2021 |
TTM June 30, 2021 |
||||||||||||||||||||
|
(Dollars in millions except per |
Gross |
Operating |
Operating |
Gross Leasable |
Occupancy % at End of |
Tenant Sales |
|||||||||||||||
|
Shoppes at Venetian |
$ |
49 |
$ |
44 |
89.8 |
% |
814,731 |
79.2 |
% |
$ |
1,227 |
||||||||||
|
Shoppes at Four Seasons |
|||||||||||||||||||||
|
Luxury Retail |
21 |
20 |
95.2 |
% |
125,466 |
100.0 |
% |
7,627 |
|||||||||||||
|
Other Stores |
13 |
12 |
92.3 |
% |
118,638 |
87.5 |
% |
2,353 |
|||||||||||||
|
Gesamt |
34 |
32 |
94.1 |
% |
244,104 |
93.9 |
% |
5,389 |
|||||||||||||
|
Shoppes at Londoner(3) |
fifteen |
12 |
80.0 |
% |
520,941 |
60.9 |
% |
1,058 |
|||||||||||||
|
Shoppes at Parisian |
10 |
8 |
80.0 |
% |
296,145 |
78.1 |
% |
593 |
|||||||||||||
|
Total Cotai Strip in Macao |
108 |
96 |
88.9 |
% |
1,875,921 |
75.9 |
% |
1,793 |
|||||||||||||
|
The Shoppes at Marina Bay Sands |
39 |
34 |
87.2 |
% |
620,427 |
98.2 |
% |
1,366 |
|||||||||||||
|
Gesamt |
$ |
147 |
$ |
130 |
88.4 |
% |
2,496,348 |
81.4 |
% |
$ |
1,671 |
||||||||||
|
____________________ |
|
|
Note: |
This table excludes the results of our mall operations at Sands Macao. As a result of the COVID-19 pandemic, tenants were provided rent concessions of $10 million at our Macao properties and $7 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 upon completion of all phases of the renovation, rebranding and expansion to The Londoner Macao. |
SOURCE Las Vegas Sands Corp.
similar links
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