LAS VEGAS, NV -- (Marketwire) -- 02/03/11 -- Las Vegas Sands Corp. (NYSE: LVS)
For the Fourth Quarter Ended December 31, 2010: -- Consolidated Adjusted Property EBITDA Increases 141.3% to Record $738.9 Million on Record Net Revenue of $2.02 Billion -- Consolidated Adjusted Property EBITDA Margin Increases 1,290 Basis Points to 36.7% -- Consolidated Adjusted Earnings Per Diluted Share Reaches $0.42 Compared to $0.03 in the Fourth Quarter of 2009 -- Macau Property Operations Adjusted Property EBITDA Increases 35.7% to Record $341.2 Million With EBITDA Margin of 31.8% -- Marina Bay Sands Generates Adjusted Property EBITDA of $305.8 Million and EBITDA Margin of 54.6% For the Year Ended December 31, 2010: -- Consolidated Adjusted Property EBITDA Increases 105.2% to Record $2.23 Billion on Record Net Revenue of $6.85 Billion -- Consolidated Adjusted Earnings Per Diluted Share Reaches $0.98 Compared to $0.07 in the Year Ended December 31, 2009
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter and year ended December 31, 2010.
Company-Wide Operating Results
Net revenue for the fourth quarter of 2010 was a record $2.02 billion, an increase of 56.9% compared to $1.28 billion in the fourth quarter of 2009. Consolidated adjusted property EBITDA in the fourth quarter of 2010 increased 141.3% to $738.9 million, compared to $306.2 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 1,290 basis points to 36.7% in the fourth quarter of 2010, compared to 23.8% in the fourth quarter of 2009.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2010 increased to $488.7 million, compared to $43.9 million in the fourth quarter of 2009. The increase in operating income was principally due to stronger results across our portfolio of properties in Macau and the U.S., and operations at Marina Bay Sands in Singapore, which opened in April 2010.
Adjusted net income (see Note 1) increased to $340.1 million, or $0.42 per diluted share, compared to $20.9 million, or $0.03 per diluted share, in the fourth quarter of 2009.
On a GAAP basis, net income attributable to common stockholders in the fourth quarter of 2010 was $273.0 million, compared to net loss of $113.9 million in the fourth quarter of 2009. Diluted earnings per share in the fourth quarter of 2010 was $0.34, compared to a diluted loss per share of $0.17 in the prior year quarter. The improvement in our net income attributable to common stockholders of $386.9 million reflects the increase in operating income and lower net interest expense, partially offset by increases in net income attributable to noncontrolling interests (primarily Sands China Ltd.) and income tax expense.
Full year 2010 net revenue increased 50.2% to $6.85 billion, compared to $4.56 billion in 2009. Consolidated adjusted property EBITDA in 2010 increased to $2.23 billion, compared to $1.09 billion in 2009. Consolidated adjusted property EBITDA margin increased 870 basis points to 32.5% in 2010, compared to 23.8% in 2009.
Adjusted net income (see Note 1) was $775.0 million in 2010, an increase of 1,507.9% compared to $48.2 million in 2009.
On a GAAP basis, full year 2010 operating income was $1.18 billion in 2010, compared to an operating loss of $28.7 million in 2009. Net income attributable to common stockholders was $407.5 million, or $0.51 per diluted share in 2010, compared to a net loss of $540.1 million, or a loss of $0.82 per diluted share in 2009. The improvement in our net income attributable to common stockholders of $947.5 million reflects the increase in operating income and lower net interest expense, partially offset by increases in net income attributable to noncontrolling interests (primarily Sands China Ltd.) and income tax expense.
Fourth Quarter and Full Year Overview
Sheldon G. Adelson, chairman and CEO, stated, "We are pleased to report record financial results for the fourth quarter of 2010. We set quarterly records for net revenue, adjusted property EBITDA, and adjusted property EBITDA margin during the quarter. Strong revenue growth and margin expansion in Macau, together with outstanding results at Marina Bay Sands in Singapore and improving results in Las Vegas and Bethlehem, contributed to an industry-leading financial performance.
"In Macau, we experienced stronger gaming volumes at each of our Sands China properties, The Venetian Macao, the Sands Macao and the Four Seasons Macao and Plaza Casino, while adjusted property EBITDA margin expanded across the Sands China property portfolio to reach a market-leading 31.8%. The growth of our higher margin mass table and slot businesses, together with the contribution from the important non-gaming components of our integrated resort business model, are driving significant margin expansion at Sands China. With our strong business momentum, we look forward to introducing our next integrated resort destination, the 13.3 million square foot development on parcels 5 and 6 on the COTAI Strip. That development, which will virtually double our scale on the COTAI Strip, and significantly increase our offering of hotel room inventory that is vital to the future growth of the meeting, incentive, convention and exhibition business in Macau, will include major entertainment attractions and other non-gaming amenities and will feature at completion 6,400 rooms and suites from the Sheraton, Shangri-La, Traders and St. Regis hotel brands.
"In Singapore, Marina Bay Sands generated the highest quarterly adjusted property EBITDA and EBITDA margin from any single property in the history of our company. Marina Bay Sands produced $305.8 million of adjusted property EBITDA during the quarter and an EBITDA margin of 54.6%. Strong gaming volumes coupled with steady growth in non-gaming revenue streams including hotel, food and beverage, retail and entertainment reflect the broad appeal of the property to Singapore's visitors from across the Asian region. Looking ahead, as we open the property's final amenities and as our current offerings mature, we are confident that Marina Bay Sands will continue to deliver on its fundamental promise, the generation of significant increases in business and leisure visitation to Singapore. We are confident that Marina Bay Sands will also provide an ideal platform for strong growth and outstanding returns for our company.
"Looking at the year 2010 in total, we are pleased that the financial benefits of our integrated resort business model, the successful execution of our deleveraging strategy, and the margin profile of our property portfolio in Asia are clearly evident in our financial results. For the year ended December 31, 2010, we are happy to have achieved records for net revenue and adjusted property EBITDA, but I am particularly gratified to report that those strong operating results produced an amplified benefit on the bottom line. While net revenue increased over 50% in 2010 to reach $6.85 billion, and adjusted property EBITDA increased 105.2% for the year to reach $2.23 billion, the flow through to earnings was outstanding, with earnings per diluted share increasing 14 times to reach $0.98 in 2010, compared to just $0.07 in 2009. We are confident that the continued execution of our integrated resort business model and development strategy will produce strong growth in revenue, cash flow and bottom line profitability in the future."
Sands China Ltd. Consolidated Financial Results
Sands China Ltd. is a majority-owned subsidiary of the company, which owns and operates the company's integrated resort properties and other assets in Macau. On a GAAP basis, total net revenues for Sands China Ltd. increased 13.1% to $1.09 billion in the fourth quarter of 2010, compared to $964.1 million in the fourth quarter of 2009. Adjusted property EBITDA for Sands China Ltd. increased 36.7% to $332.8 million in the fourth quarter of 2010, compared to $243.4 million in the fourth quarter of 2009. Net income for Sands China Ltd. increased 211.8% to $213.3 million in the fourth quarter of 2010, compared to $68.4 million in the fourth quarter of 2009.
The Venetian Macao Fourth Quarter Operating Results
The Venetian Macao continues to enjoy strong visitation and financial performance. The property delivered record adjusted property EBITDA of $235.6 million for the fourth quarter of 2010 and a record 35.6% adjusted property EBITDA margin, an increase of 500 basis points over the fourth quarter of 2009. Gaming volumes were healthy in each segment of the business. Non-Rolling Chip drop was a record $961.2 million for the quarter, an increase of 6.3% compared to the same quarter last year, while Non-Rolling Chip win percentage was 28.2%. Rolling Chip volume during the quarter increased 17.4% to $11.80 billion, while slot handle was $700.6 million, an increase of 6.3% compared to the quarter one year ago.
The following table summarizes our key operating results for The Venetian Macao for the fourth quarter of 2010 compared to the fourth quarter of 2009:
The Venetian Macao Three Months Ended
Operations December 31,
--------------------
(Dollars in millions) 2010 2009(1) $ Change Change
--------- --------- ---------- --------
Revenues:
Casino $ 565.6 $ 485.5 $ 80.1 16.5%
Rooms 53.3 48.8 4.5 9.2%
Food and Beverage 16.9 15.7 1.2 7.6%
Retail and Other 51.7 47.9 3.8 7.9%
Less - Promotional
Allowances (26.0) (26.1) 0.1 0.4%
--------- --------- ----------
Net Revenues $ 661.5 $ 571.8 $ 89.7 15.7%
Adjusted Property EBITDA $ 235.6 $ 174.7 $ 60.9 34.9%
EBITDA Margin % 35.6% 30.6% 5.0 pts
Operating Income $ 185.8 $ 119.7 $ 66.1 55.2%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $11,799.6 $10,048.7 $ 1,750.9 17.4%
Rolling Chip Win %(2) 2.99% 3.00% -0.01 pts
Non-Rolling Chip Drop $ 961.2 $ 904.6 $ 56.6 6.3%
Non-Rolling Chip Win %(3) 28.2% 24.6% 3.6 pts
Slot Handle $ 700.6 $ 659.1 $ 41.5 6.3%
Slot Hold %(4) 7.3% 7.1% 0.2 pts
Hotel Statistics
Occupancy % 88.8% 92.3% -3.5 pts
Average Daily Rate (ADR) $ 231 $ 204 $ 27 13.2%
Revenue per Available
Room (RevPAR) $ 205 $ 188 $ 17 9.0%
(1) Revenue amounts have been reclassified to conform to the current
period presentation.
(2) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(3) This compares to The Venetian Macao's trailing 12 month Non-Rolling
Chip win percentage of 25.3% (calculated before discounts).
(4) This compares to The Venetian Macao's trailing 12 month slot hold
percentage of 7.0% (calculated before slot club cash incentives).
Sands Macao Fourth Quarter Operating Results
Sands Macao's outstanding fourth quarter operating performance reflected the Sands' strong competitive positioning on the Macau peninsula. Gaming volumes reflected healthy growth, while margins expanded. Adjusted property EBITDA was $93.4 million in the quarter, an increase of 65.6% compared to the fourth quarter of 2009. Adjusted property EBITDA margin was 29.3% for the quarter, compared to 19.8% for the year-ago quarter. Non-Rolling Chip drop increased 15.7% to $669.4 million compared to the fourth quarter of 2009. Slot handle increased to $394.4 million, up 12.0% compared to the quarter one year ago, while Rolling Chip volume increased 13.9% to $7.51 billion for the quarter.
The following table summarizes our key operating results for the Sands Macao for the fourth quarter of 2010 compared to the fourth quarter of 2009:
Three Months Ended
Sands Macao Operations December 31,
--------------------
(Dollars in millions) 2010 2009 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 311.3 $ 278.8 $ 32.5 11.7%
Rooms 5.6 6.9 (1.3) -18.8%
Food and Beverage 10.7 9.3 1.4 15.1%
Retail and Other 2.3 1.3 1.0 76.9%
Less - Promotional
Allowances (10.6) (11.4) 0.8 7.0%
--------- --------- ---------
Net Revenues $ 319.3 $ 284.9 $ 34.4 12.1%
Adjusted Property EBITDA $ 93.4 $ 56.4 $ 37.0 65.6%
EBITDA Margin % 29.3% 19.8% 9.5 pts
Operating Income $ 84.5 $ 43.9 $ 40.6 92.5%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 7,512.6 $ 6,595.8 $ 916.8 13.9%
Rolling Chip Win %(1) 3.04% 3.11% -0.07 pts
Non-Rolling Chip Drop $ 669.4 $ 578.6 $ 90.8 15.7%
Non-Rolling Chip Win %(2) 20.0% 20.8% -0.8 pts
Slot Handle $ 394.4 $ 352.1 $ 42.3 12.0%
Slot Hold %(3) 6.2% 6.4% -0.2 pts
Hotel Statistics
Occupancy % 81.2% 98.3% -17.1 pts
Average Daily Rate (ADR) $ 260 $ 264 $ (4) -1.5%
Revenue per Available
Room (RevPAR) $ 211 $ 259 $ (48) -18.5%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(2) This compares to the Sands Macao's trailing 12 month Non-Rolling Chip
win percentage of 20.5% (calculated before discounts).
(3) This compares to the Sands Macao's trailing 12 month slot hold
percentage of 5.9% (calculated before slot club cash incentives).
Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating Results
The Four Seasons Hotel Macao and Plaza Casino generated $12.2 million of adjusted property EBITDA for the fourth quarter of 2010. The property's operating results were negatively impacted by lower than expected Rolling Chip win percentage of 1.55%, which compares to the expected Rolling Chip win percentage of 2.7% to 3.0%. Rolling Chip volume increased 22.3% to $4.59 billion during the quarter. The mass gaming business continued to expand, with Non-Rolling Chip table games drop increasing 15.6% to $98.5 million and slot handle reaching $133.8 million in the quarter, an increase of 67.9% compared to last year's fourth quarter. Hotel occupancy reached 70.2% during the quarter, with ADR increasing 17.1% to $349, compared to $298 in the same quarter last year.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2010 compared to the fourth quarter of 2009:
Four Seasons Hotel Macao and Three Months Ended
Plaza Casino Operations December 31,
--------------------
(Dollars in millions) 2010 2009 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 68.2 $ 77.4 $ (9.2) -11.9%
Rooms 8.6 6.9 1.7 24.6%
Food and Beverage 5.8 4.7 1.1 23.4%
Retail and Other 16.6 15.5 1.1 7.1%
Less - Promotional
Allowances (7.4) (6.7) (0.7) -10.4%
--------- --------- ---------
Net Revenues $ 91.8 $ 97.8 $ (6.0) -6.1%
Adjusted Property EBITDA $ 12.2 $ 20.4 $ (8.2) -40.2%
EBITDA Margin % 13.3% 20.9% -7.6 pts
Operating Income (Loss) $ (3.0) $ 2.9 $ (5.9) -203.4%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 4,587.3 $ 3,750.6 $ 836.7 22.3%
Rolling Chip Win %(1) 1.55% 2.12% -0.57 pts
Non-Rolling Chip Drop $ 98.5 $ 85.2 $ 13.3 15.6%
Non-Rolling Chip Win %(2) 33.0% 22.2% 10.8 pts
Slot Handle $ 133.8 $ 79.7 $ 54.1 67.9%
Slot Hold %(3) 6.9% 6.4% 0.5 pts
Hotel Statistics
Occupancy % 70.2% 69.6% 0.6 pts
Average Daily Rate (ADR) $ 349 $ 298 $ 51 17.1%
Revenue per Available
Room (RevPAR) $ 245 $ 208 $ 37 17.8%
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions).
(2) This compares to the Plaza Casino's trailing 12 month Non-Rolling
Chip win percentage of 26.5% (calculated before discounts).
(3) This compares to the Plaza Casino's trailing 12 month slot hold
percentage of 5.7% (calculated before slot club cash incentives).
Marina Bay Sands Fourth Quarter Operating Results
Marina Bay Sands in Singapore delivered adjusted property EBITDA of $305.8 million and adjusted property EBITDA margin of 54.6%. Net revenue in the quarter was $560.4 million. After its debut in April 2010, the property continues to build momentum as additional dining, convention and exhibition, and retail offerings came online during the fourth quarter.
Gaming volumes were healthy in each segment of the business. Rolling Chip volume was $8.14 billion, with Rolling Chip win percentage of 3.11%, slightly above our expected Rolling Chip win percentage of 2.7% to 3.0%. Non-Rolling Chip drop was $942.1 million with Non-Rolling Chip win percentage of 22.6%. Slot handle, which includes play from electronic table games, was $1.84 billion for the period with slot hold percentage of 5.3%.
The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2010 compared sequentially to the third quarter of 2010:
Three Months Ended
----------------------
Marina Bay Sands December September
Operations(1) 31, 30,
(Dollars in millions) 2010 2010 $ Change Change
---------- ---------- ---------- -----------
Revenues:
Casino $ 457.1 $ 414.5 $ 42.6 10.3%
Rooms 50.8 38.2 12.6 33.0%
Food and Beverage 38.4 31.9 6.5 20.4%
Retail and Other 43.7 31.3 12.4 39.6%
Less - Promotional
Allowances (29.6) (30.0) 0.4 1.3%
---------- ---------- ----------
Net Revenues $ 560.4 $ 485.9 $ 74.5 15.3%
Adjusted Property
EBITDA $ 305.8 $ 241.6 $ 64.2 26.6%
EBITDA Margin % 54.60% 49.7% 4.9 pts
Operating Income $ 225.1 $ 166.2 $ 58.9 35.4%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 8,139.10 $ 10,254.6 $ (2,115.5) -20.6%
Rolling Chip Win
%(2) 3.11% 2.65% 0.46 pts
Non-Rolling Chip Drop $ 942.1 $ 892.1 $ 50.0 5.6%
Non-Rolling Chip Win
% 22.6% 22.1% 0.5 pts
Slot Handle $ 1,835.40 $ 1,358.7 $ 476.7 35.1%
Slot Hold % 5.3% 5.9% -0.6 pts
Hotel Statistics
Occupancy % 84.8% 68.2% 16.6 pts
Average Daily Rate
(ADR) $ 258 $ 246 $ 12 4.9%
Revenue per
Available Room
(RevPAR) $ 219 $ 168 $ 51 30.4%
(1) In lieu of comparing to prior year operating results, which are not
available given the property opened in April 2010, a quarterly
sequential comparison is presented.
(2) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions).
Las Vegas Fourth Quarter Operating Results
The Venetian Las Vegas and The Palazzo delivered $80.6 million of adjusted property EBITDA for the fourth quarter of 2010, an increase of 41.7% compared to the fourth quarter of 2009. Operating efficiencies including lower promotional allowances contributed to adjusted property EBITDA margin of 25.9%, an increase of 460 basis points compared to 21.3% last quarter.
The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2010 compared to the fourth quarter of 2009:
Three Months Ended
Las Vegas Operations December 31,
------------------
(Dollars in millions) 2010 2009(1) $ Change Change
-------- -------- -------- --------
Revenues:
Casino $ 121.8 $ 125.3 $ (3.5) -2.8%
Rooms 99.6 103.2 (3.6) -3.5%
Food and Beverage 55.5 44.5 11.0 24.7%
Retail and Other 59.1 35.3 23.8 67.4%
Less - Promotional Allowances (25.4) (41.6) 16.2 38.9%
-------- -------- --------
Net Revenues $ 310.6 $ 266.7 $ 43.9 16.5%
Adjusted Property EBITDA $ 80.6 $ 56.9 $ 23.7 41.7%
EBITDA Margin % 25.9% 21.3% 4.6 pts
Operating Income (Loss) $ 44.4 $ (14.0) $ 58.4 417.1%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 463.3 $ 508.8 $ (45.5) -8.9%
Table Games Win %(2) 19.8% 17.1% 2.7 pts
Slot Handle $ 577.5 $ 658.6 $ (81.1) -12.3%
Slot Hold %(3) 8.0% 7.8% 0.2 pts
Hotel Statistics
The Venetian Las Vegas:
Occupancy % 80.7% 77.7% 3.0 pts
Average Daily Rate (ADR) $ 185 $ 193 $ (8) -4.1%
Revenue per Available Room
(RevPAR) $ 149 $ 150 $ (1) -0.7%
The Palazzo:
Occupancy % 79.3% 84.6% -5.3 pts
Average Daily Rate (ADR) $ 202 $ 204 $ (2) -1.0%
Revenue per Available Room
(RevPAR) $ 160 $ 172 $ (12) -7.0%
(1) Revenue amounts have been reclassified to conform to the current
presentation.
(2) This compares to our Las Vegas Operation's trailing 12 month table
games win percentage of 18.1% (calculated before discounts).
(3) This compares to our Las Vegas Operation's trailing 12 month slot
hold percentage of 7.8% (calculated before slot club cash incentives).
Sands Bethlehem Fourth Quarter Operating Results
Net revenue for Sands Bethlehem in Pennsylvania was $83.4 million and adjusted property EBITDA reached $19.5 million for the fourth quarter of 2010, the highest total since the opening of the property in May 2009. EBITDA margin was also a record for the property at 23.4%, up 1,230 basis points compared to the fourth quarter of 2009. The introduction of 89 table games in July 2010 expanded the property's offerings and produced $101.7 million of table games drop during the quarter. Table games win percentage was 14.5%. Slot handle was $840.7 million for the quarter. Construction of the property's 300-room hotel tower is progressing and the hotel is expected to open in May 2011.
The following table summarizes our key operating results for Sands Bethlehem for the fourth quarter of 2010 compared to the fourth quarter of 2009:
Three Months Ended
Sands Bethlehem Operations December 31,
------------------
(Dollars in millions) 2010 2009 $ Change Change
-------- -------- -------- --------
Revenues:
Casino $ 79.1 $ 53.6 $ 25.5 47.6%
Food and Beverage 4.9 4.5 0.4 8.9%
Retail and Other 2.8 1.2 1.6 133.3%
Less - Promotional Allowances (3.4) (1.8) (1.6) -88.9%
-------- -------- --------
Net Revenues $ 83.4 $ 57.5 $ 25.9 45.0%
Adjusted Property EBITDA $ 19.5 $ 6.4 $ 13.1 204.7%
EBITDA Margin % 23.4% 11.1% 12.3 pts
Operating Income (Loss) $ 10.5 $ (2.1) $ 12.6 600.0%
Gaming Statistics
(Dollars in millions)
Table Games Drop(1) $ 101.7
Table Games Win % 14.5%
Slot Handle $ 840.7 $ 847.6 $ (6.9) -0.8%
Slot Hold %(2) 7.4% 6.3% 1.1 pts
(1) Table games were introduced at the property on July 18, 2010.
(2) This compares to Sands Bethlehem's trailing 12 month slot hold
percentage of 6.8% (calculated before slot club cash incentives).
Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally composed of losses from our CotaiJet ferry operation, was negative $8.3 million in the quarter.
Pre-opening expenses, related principally to Marina Bay Sands in Singapore and the Shangri-La, Traders, Sheraton, St. Regis development on parcels 5 and 6 of the COTAI Strip in Macau, decreased to $17.1 million in the fourth quarter of 2010, compared to $42.1 million in the fourth quarter of 2009.
Depreciation and amortization expense was $184.5 million in the fourth quarter of 2010, compared to $154.5 million in the fourth quarter of 2009. The increase was principally driven by the opening of Marina Bay Sands in April 2010.
Interest expense, net of amounts capitalized, was $74.9 million for the fourth quarter of 2010, compared to $97.4 million during the fourth quarter of 2009. The decrease was principally the result of lower debt balances in the quarter compared to the fourth quarter of 2009, including the repayment of over $2.6 billion of debt as we advanced our deleveraging strategy. Our weighted average borrowing cost in the fourth quarter of 2010 was 4.1%. Capitalized interest was $31.7 million during the fourth quarter of 2010, compared to $20.3 million during the fourth quarter of 2009.
Corporate expense was $30.7 million in the fourth quarter of 2010, compared to $26.8 million in the fourth quarter of 2009. The increase was driven principally by higher incentive compensation expenses attributable to the company's improved financial and operating performance.
Other expense, which was principally composed of foreign currency losses, was $2.1 million in the fourth quarter of 2010, compared to $3.4 million in the fourth quarter of 2009.
The company's effective tax rate for the fourth quarter of 2010 was 6.7%. The effective tax rate includes a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.
Net income attributable to noncontrolling interests during the fourth quarter of $60.9 million was principally related to Sands China Ltd.
The financial results for the fourth quarter of 2009 were impacted by a non-cash impairment loss of $18.3 million and a loss on modification or early retirement of debt of $23.0 million. No such losses were experienced in the fourth quarter of 2010.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2010, were $3.04 billion, while restricted cash balances were $809.9 million. Of the restricted cash balances, $775.7 million pertains to construction for the Shangri-La, Traders, Sheraton, St. Regis development on parcels 5 and 6 in Macau, and $14.3 million is restricted for construction of Marina Bay Sands in Singapore.
As of December 31, 2010, total debt outstanding, including the current portion, was $10.14 billion. Scheduled principal payments required in 2011 total $767.1 million.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $373.7 million, including construction and development activities of $210.2 million at Marina Bay Sands, $143.9 million in Macau, $11.6 million at Sands Bethlehem, and $8.0 million in Las Vegas.
Conference Call Information
The company will hold a conference call to discuss the company's results on Thursday, February 3, 2011 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.lasvegassands.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 ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificates and subconcession, infrastructure in Macau 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.
Note 1
Adjusted net income excludes pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt, legal settlement expense, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder's family, and preferred stock inducement premium.
About Las Vegas Sands Corp.
Las Vegas Sands Corp. (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (integrated resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.
THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, are among the company's properties in the United States. In Singapore, the iconic MARINA BAY SANDS® is the most recent addition to the company's portfolio.
Through its majority-owned subsidiary Sands China Ltd., the company also owns a collection of properties in Macau, including THE VENETIAN® Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at its COTAI STRIP® development, as well as the SANDS® Macao on the Macau peninsula.
The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the Shangri-La, Traders, Sheraton, and St. Regis hotel brands.
Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360 program and is an active community partner through its various charitable organizations.
Las Vegas Sands Corp.
Fourth Quarter 2010 Results
Non-GAAP Reconciliations
Within the company's fourth quarter 2010 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," and "adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.
Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, impairment loss, gain or loss on disposal of assets, pre-opening expense, development expense, stock-based compensation, corporate expense, and rental expense. Reconciliations of GAAP operating income (loss) and GAAP net income (loss) attributable to Las Vegas Sands Corp. to adjusted property EBITDA are included in the financial schedules accompanying this release.
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2010 2009 2010 2009
----------- ----------- ----------- -----------
Revenues:
Casino $ 1,603,166 $ 1,020,565 $ 5,533,088 $ 3,524,798
Rooms 217,790 165,753 797,499 657,783
Food and beverage 132,214 78,847 446,558 327,699
Convention, retail
and other 170,132 114,188 540,792 419,164
----------- ----------- ----------- -----------
2,123,302 1,379,353 7,317,937 4,929,444
Less - promotional
allowances (108,256) (95,154) (464,755) (366,339)
----------- ----------- ----------- -----------
2,015,046 1,284,199 6,853,182 4,563,105
----------- ----------- ----------- -----------
Operating expenses:
Resort operations 1,284,914 986,228 4,656,247 3,506,874
Corporate expense 30,732 26,848 108,848 132,098
Rental expense 10,612 7,402 41,302 29,899
Pre-opening expense 17,149 42,112 114,833 157,731
Development expense 525 189 1,783 533
Depreciation and
amortization 184,450 154,482 694,971 586,041
Impairment loss - 18,293 16,057 169,468
(Gain) loss on
disposal of assets (2,022) 4,701 38,555 9,201
----------- ----------- ----------- -----------
1,526,360 1,240,255 5,672,596 4,591,845
----------- ----------- ----------- -----------
Operating income (loss) 488,686 43,944 1,180,586 (28,740)
Interest income 2,580 1,282 8,947 11,122
Interest expense, net
of amounts
capitalized (74,938) (97,367) (306,813) (321,870)
Other expense (2,055) (3,357) (8,260) (9,891)
Loss on modification
or early retirement
of debt - (23,044) (18,555) (23,248)
----------- ----------- ----------- -----------
Income (loss) before
income taxes 414,273 (78,542) 855,905 (372,627)
Income tax benefit
(expense) (27,866) 4,525 (74,302) 3,884
----------- ----------- ----------- -----------
Net income (loss) 386,407 (74,017) 781,603 (368,743)
Net (income) loss
attributable to
noncontrolling
interests (60,898) 6,590 (182,209) 14,264
----------- ----------- ----------- -----------
Net income (loss)
attributable to Las
Vegas Sands Corp. 325,509 (67,427) 599,394 (354,479)
Preferred stock
dividends (22,757) (23,350) (92,807) (93,026)
Accretion to redemption
value of preferred
stock issued to
Principal Stockholder's
family (23,137) (23,137) (92,545) (92,545)
Preferred stock
inducement premium (6,579) - (6,579) -
----------- ----------- ----------- -----------
Net income (loss)
attributable to common
stockholders $ 273,036 $ (113,914) $ 407,463 $ (540,050)
=========== =========== =========== ===========
Basic earnings (loss)
per share $ 0.40 $ (0.17) $ 0.61 $ (0.82)
=========== =========== =========== ===========
Diluted earnings (loss)
per share $ 0.34 $ (0.17) $ 0.51 $ (0.82)
=========== =========== =========== ===========
Weighted average shares
outstanding:
Basic 688,139,581 660,247,807 667,463,535 656,836,950
=========== =========== =========== ===========
Diluted 806,346,583 660,247,807 791,760,624 656,836,950
=========== =========== =========== ===========
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted
Property EBITDA:
Three Months Ended December 31, 2010
Impairment
and (Gain) Pre-Opening
Operating Depreciation Loss and on
Income and Disposal Development
(Loss) Amortization of Assets Expense
--------- ------------- ---------- ------------
The Venetian Macao $ 185,796 $ 43,336 $ 631 $ 2,175
Sands Macao 84,498 8,244 40 -
Four Seasons Hotel
Macao and Plaza
Casino (3,029) 13,201 - 1,263
--------- ------------- ---------- ------------
Macau Property
Operations 267,265 64,781 671 3,438
Las Vegas Operating
Properties 44,438 54,172 426 -
Sands Bethlehem 10,486 7,441 807 122
--------- ------------- ---------- ------------
United States
Property Operations 54,924 61,613 1,233 122
Marina Bay Sands 225,124 49,575 - 6,184
Other Asia (2) (14,790) 5,064 (5,532) 1,830
Other Development (8,430) 170 1 6,100
Corporate (35,407) 3,247 1,605 -
--------- ------------- ---------- ------------
$ 488,686 $ 184,450 $ (2,022) $ 17,674
========= ============= ========== ============
(1) Adjusted
Royalty Stock-Based Corporate Rental Property
Fees Compensation Expense Expense EBITDA
-------- ------------ ---------- -------- ---------
The Venetian Macao $ - $ 1,347 $ - $ 2,273 $235,558
Sands Macao - 308 - 353 93,443
Four Seasons Hotel
Macao and Plaza
Casino - 96 - 705 12,236
-------- ------------ ---------- -------- ---------
Macau Property
Operations - 1,751 - 3,331 341,237
Las Vegas Operating
Properties (22,449) 3,971 - - 80,558
Sands Bethlehem - 676 - - 19,532
-------- ------------ ---------- -------- ---------
United States
Property Operations (22,449) 4,647 - - 100,090
Marina Bay Sands 17,626 2,212 - 5,122 305,843
Other Asia (2) 5,000 148 - - (8,280)
Other Development - - - 2,159 -
Corporate (177) - 30,732 - -
-------- ------------ ---------- -------- ---------
$ - $ 8,758 $ 30,732 $ 10,612 $ 738,890
======== ============ ========== ======== =========
Three Months Ended December 31, 2009
Impairment
and Pre-Opening
Operating Depreciation Loss on and
Income and Disposal Development
(Loss) Amortization of Assets Expense
--------- ------------- ---------- ------------
The Venetian Macao $ 119,675 $ 50,291 $ 941 $ -
Sands Macao 43,899 10,724 483 -
Four Seasons Hotel
Macao and Plaza
Casino 2,941 16,528 6 86
--------- ------------- ---------- ------------
Macau Property
Operations 166,515 77,543 1,430 86
Las Vegas Operating
Properties (13,991) 61,629 6,558 -
Sands Bethlehem (2,075) 7,396 - 446
--------- ------------- ---------- ------------
United States
Property Operations (16,066) 69,025 6,558 446
Other Asia (2) (30,030) 3,952 15,006 401
Other Development (46,636) 971 - 41,368
Corporate (29,839) 2,991 - -
--------- ------------- ---------- ------------
$ 43,944 $ 154,482 $ 22,994 $ 42,301
========= ============= ========== ============
(1) Adjusted
Royalty Stock-Based Corporate Rental Property
Fees Compensation Expense Expense EBITDA
------- ------------- ---------- -------- ---------
The Venetian Macao $ - $ 1,738 $ - $ 2,053 $ 174,698
Sands Macao - 943 - 354 56,403
Four Seasons Hotel
Macao and Plaza
Casino - 227 - 656 20,444
------- ------------- ---------- -------- ---------
Macau Property
Operations - 2,908 - 3,063 251,545
Las Vegas Operating
Properties (1,753) 4,385 - 42 56,870
Sands Bethlehem - 639 - - 6,406
------- ------------- ---------- -------- ---------
United States
Property Operations (1,753) 5,024 - 42 63,276
Other Asia (2) 1,753 297 - - (8,621)
Other Development - - - 4,297 -
Corporate - - 26,848 - -
------- ------------- ---------- -------- ---------
$ - $ 8,229 $ 26,848 $ 7,402 $ 306,200
======= ============= ========== ======== =========
Year Ended December 31, 2010
Impairment
and (Gain) Pre-Opening
Operating Depreciation Loss on and
Income and Disposal Development
(Loss) Amortization of Assets Expense
----------- ------------- ---------- -----------
The Venetian Macao $ 591,222 $ 195,947 $ 4,345 $ 2,175
Sands Macao 277,429 38,546 (526) -
Four Seasons Hotel
Macao and Plaza
Casino 55,767 50,753 (76) 3,422
----------- ------------- ---------- -----------
Macau Property
Operations 924,418 285,246 3,743 5,597
Las Vegas Operating
Properties 122,119 229,900 1,026 -
Sands Bethlehem 26,211 28,204 807 1,422
----------- ------------- ---------- -----------
United States
Property Operations 148,330 258,104 1,833 1,422
Marina Bay Sands 443,383 119,588 302 22,126
Other Asia (2) (58,802) 17,114 (5,532) 1,943
Other Development (154,105) 2,341 52,661 85,528
Corporate (122,638) 12,578 1,605 -
----------- ------------- ---------- -----------
$ 1,180,586 $ 694,971 $ 54,612 $ 116,616
=========== ============= ========== ===========
(1) Adjusted
Royalty Stock-Based Corporate Rental Property
Fees Compensation Expense Expense EBITDA
------- ------------ ---------- -------- ----------
The Venetian Macao $ - $ 4,505 $ - $ 11,604 $ 809,798
Sands Macao - 1,658 - 1,412 318,519
Four Seasons Hotel
Macao and Plaza
Casino - 432 - 3,394 113,692
------- ------------ ---------- -------- ----------
Macau Property
Operations - 6,595 - 16,410 1,242,009
Las Vegas Operating
Properties (58,883) 15,951 - - 310,113
Sands Bethlehem - 2,338 - - 58,982
------- ------------ ---------- -------- ----------
United States
Property
Operations (58,883) 18,289 - - 369,095
Marina Bay Sands 39,276 5,906 - 11,317 641,898
Other Asia (2) 20,000 848 - - (24,429)
Other Development - - - 13,575 -
Corporate (393) - 108,848 - -
------- ------------ ---------- -------- ----------
$ - $ 31,638 $ 108,848 $ 41,302 $2,228,573
======= ============ ========== ======== ==========
Year Ended December 31, 2009
Impairment
and Pre-Opening
Operating Depreciation Loss on and
Income and Disposal Development
(Loss) Amortization of Assets Expense
----------- ------------- ------------ -------------
The Venetian Macao $ 334,908 $ 202,265 $ 5,388 $ (105)
Sands Macao 193,530 46,786 576 -
Four Seasons Hotel
Macao and Plaza
Casino (18,868) 54,045 71 2,094
----------- ------------- ------------ -------------
Macau Property
Operations 509,570 303,096 6,035 1,989
Las Vegas Operating
Properties (154,904) 236,892 157,626 (55)
Sands Bethlehem (595) 16,394 - 184
----------- ------------- ------------ -------------
United States
Property
Operations (155,499) 253,286 157,626 129
Other Asia (2) (66,090) 14,131 15,008 1,761
Other Development (173,254) 4,159 - 154,385
Corporate (143,467) 11,369 - -
----------- ------------- ------------ -------------
$ (28,740) $ 586,041 $ 178,669 $ 158,264
=========== ============= ============ =============
(1) Adjusted
Royalty Stock-Based Corporate Rental Property
Fees Compensation Expense Expense EBITDA
--------- ---------- ---------- ---------- -----------
The Venetian Macao $ - $ 5,877 $ - $ 8,214 $ 556,547
Sands Macao - 2,617 - 1,416 244,925
Four Seasons Hotel
Macao and Plaza
Casino - 563 - 2,622 40,527
--------- ---------- ---------- ---------- -----------
Macau Property
Operations - 9,057 - 12,252 841,999
Las Vegas Operating
Properties (1,753) 18,463 - 2,937 259,206
Sands Bethlehem - 1,583 - - 17,566
--------- ---------- ---------- ---------- -----------
United States
Property
Operations (1,753) 20,046 - 2,937 276,772
Other Asia (2) 1,753 827 - - (32,610)
Other Development - - - 14,710 -
Corporate - - 132,098 - -
--------- ---------- ---------- ---------- -----------
$ - $ 29,930 $ 132,098 $ 29,899 $ 1,086,161
========= ========== ========== ========== ===========
(1) During the three months ended December 31, 2010 and 2009, the Company
recorded stock-based compensation expense of $15.4 million and $12.6
million, respectively, of which $6.6 million and $2.8 million,
respectively, is included in corporate expense and $0.1 million and
$1.6 million, respectively, is included in pre-opening and development
expense on the Company's condensed consolidated statements of
operations. During the year ended December 31, 2010 and 2009, the
Company recorded stock-based compensation expense of $58.0 million and
$45.5 million, respectively, of which $24.4 million and $9.7 million,
respectively, is included in corporate expense and $2.0 million and
$5.9 million, respectively, is included in pre-opening and development
expense on the Company's condensed consolidated statements of
operations.
(2) Primarily includes the results of the CotaiJet ferry operations.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following is a reconciliation of Net Income (Loss) Attributable to Las
Vegas Sands Corp. to Adjusted Property EBITDA:
Three Months Ended Year Ended
December 31, December 31,
2010 2009 2010 2009
----------- ----------- ----------- -----------
Net income (loss)
attributable to Las
Vegas Sands Corp. $ 325,509 $ (67,427) $ 599,394 $ (354,479)
Add (deduct):
Net income (loss)
attributable to
noncontrolling
interests 60,898 (6,590) 182,209 (14,264)
Income tax expense
(benefit) 27,866 (4,525) 74,302 (3,884)
Loss on
modification or
early retirement
of debt - 23,044 18,555 23,248
Other expense 2,055 3,357 8,260 9,891
Interest expense,
net of amounts
capitalized 74,938 97,367 306,813 321,870
Interest income (2,580) (1,282) (8,947) (11,122)
(Gain) loss on
disposal of assets (2,022) 4,701 38,555 9,201
Impairment loss - 18,293 16,057 169,468
Depreciation and
amortization 184,450 154,482 694,971 586,041
Development expense 525 189 1,783 533
Pre-opening expense 17,149 42,112 114,833 157,731
Stock-based
compensation (1) 8,758 8,229 31,638 29,930
Rental expense 10,612 7,402 41,302 29,899
Corporate expense 30,732 26,848 108,848 132,098
----------- ----------- ----------- -----------
Adjusted Property
EBITDA $ 738,890 $ 306,200 $ 2,228,573 $ 1,086,161
=========== =========== =========== ===========
(1) See prior page (Exhibit 2)
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2010 2009 2010 2009
----------- ----------- ----------- -----------
The Venetian Macao $ 661,518 $ 571,809 $ 2,412,990 $ 1,993,531
Sands Macao 319,336 284,865 1,193,589 1,024,268
Four Seasons Hotel
Macao and Plaza Casino 91,842 97,824 498,649 260,567
Las Vegas Operating
Properties 310,627 266,692 1,213,046 1,106,263
Sands Bethlehem 83,393 57,493 302,101 153,198
Marina Bay Sands 560,411 - 1,262,690 -
Other Asia 29,625 23,817 110,586 87,987
Eliminations (41,706) (18,301) (140,469) (62,709)
----------- ----------- ----------- -----------
$ 2,015,046 $ 1,284,199 $ 6,853,182 $ 4,563,105
=========== =========== =========== ===========
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net
Revenues
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2010 2009 2010 2009
----------- ----------- ----------- -----------
The Venetian Macao 35.6% 30.6% 33.6% 27.9%
Sands Macao 29.3% 19.8% 26.7% 23.9%
Four Seasons Hotel
Macao and Plaza Casino 13.3% 20.9% 22.8% 15.6%
Las Vegas Operating
Properties 25.9% 21.3% 25.6% 23.4%
Sands Bethlehem 23.4% 11.1% 19.5% 11.5%
Marina Bay Sands 54.6% N/A 50.8% N/A
Other Asia -27.9% -36.2% -22.1% -37.1%
Total 36.7% 23.8% 32.5% 23.8%
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted
Share
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2010 2009 2010 2009
----------- ----------- ------------ -----------
Net income (loss)
attributable to common
stockholders $ 273,036 $ (113,914) $ 407,463 $ (540,050)
Pre-opening expense,
net 16,098 42,112 100,699 157,731
Development expense,
net 525 189 1,783 533
Impairment loss, net - 18,293 16,057 169,468
(Gain) loss on disposal
of assets, net (2,022) 4,701 38,555 9,201
Loss on modification or
early retirement of
debt - 23,044 18,555 23,248
Legal settlement
expense - - - 42,500
Preferred stock
dividends 22,757 23,350 92,807 93,026
Accretion to redemption
value of preferred
stock issued to
Principal
Stockholder's family 23,137 23,137 92,545 92,545
Preferred stock
inducement premium 6,579 - 6,579 -
----------- ----------- ------------ -----------
Adjusted net income $ 340,110 $ 20,912 $ 775,043 $ 48,202
=========== =========== ============ ===========
Per diluted share of
common stock:
Net income (loss)
attributable to common
stockholders $ 0.34 $ (0.15) $ 0.51 $ (0.74)
Pre-opening expense,
net 0.02 0.06 0.13 0.22
Development expense,
net - - - -
Impairment loss, net - 0.02 0.02 0.23
(Gain) loss on disposal
of assets, net - 0.01 0.05 0.01
Loss on modification or
early retirement of
debt - 0.03 0.02 0.03
Legal settlement
expense - - - 0.06
Preferred stock
dividends 0.03 0.03 0.12 0.13
Accretion to redemption
value of preferred
stock issued to
Principal
Stockholder's family 0.02 0.03 0.12 0.13
Preferred stock
inducement premium 0.01 - 0.01 -
----------- ----------- ------------ -----------
Adjusted earnings per
diluted share $ 0.42 $ 0.03 $ 0.98 $ 0.07
=========== =========== ============ ===========
Weighted average
diluted shares
outstanding 806,346,583 762,199,201 791,760,624 727,616,670
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2010 2009 2010 2009
----------- ----------- ----------- -----------
Room Statistics:
The Venetian Macao:
Occupancy % 88.8% 92.3% 90.9% 83.6%
Average daily room
rate (ADR) (1) $ 231 $ 204 $ 213 $ 205
Revenue per
available room
(RevPAR) (2) $ 205 $ 188 $ 194 $ 171
Sands Macao:
Occupancy % 81.2% 98.3% 93.2% 97.7%
Average daily room
rate (ADR) (1) $ 260 $ 264 $ 251 $ 260
Revenue per
available room
(RevPAR) (2) $ 211 $ 259 $ 234 $ 254
Four Seasons Hotel
Macao and Plaza
Casino:
Occupancy % 70.2% 69.6% 70.8% 52.3%
Average daily room
rate (ADR) (1) $ 349 $ 298 $ 309 $ 295
Revenue per
available room
(RevPAR) (2) $ 245 $ 208 $ 219 $ 154
The Venetian Las
Vegas:
Occupancy % 80.7% 77.7% 90.3% 86.1%
Average daily room
rate (ADR) (1) $ 185 $ 193 $ 184 $ 190
Revenue per
available room
(RevPAR) (2) $ 149 $ 150 $ 166 $ 163
The Palazzo:
Occupancy % 79.3% 84.6% 91.2% 89.1%
Average daily room
rate (ADR) (1) $ 202 $ 204 $ 201 $ 202
Revenue per
available room
(RevPAR) (2) $ 160 $ 172 $ 183 $ 180
Marina Bay Sands:
Occupancy % 84.8% N/A 73.4% N/A
Average daily room
rate (ADR) (1) $ 258 N/A $ 250 N/A
Revenue per
available room
(RevPAR) (2) $ 219 N/A $ 184 N/A
Casino Statistics:
The Venetian Macao:
Table games win per
unit per day (3) $ 11,276 $ 9,565 $ 10,489 $ 8,434
Slot machine win
per unit per day
(4) $ 263 $ 237 $ 263 $ 223
Average number of
table games 601 595 598 601
Average number of
slot machines 2,118 2,155 2,151 2,154
Sands Macao:
Table games win per
unit per day (3) $ 9,449 $ 8,575 $ 8,899 $ 7,415
Slot machine win
per unit per day
(4) $ 223 $ 211 $ 218 $ 201
Average number of
table games 416 412 416 417
Average number of
slot machines 1,185 1,166 1,178 1,130
Four Seasons Hotel
Macao and Plaza
Casino:
Table games win per
unit per day (3) $ 9,552 $ 9,096 $ 13,318 $ 6,132
Slot machine win
per unit per day
(4) $ 538 $ 331 $ 439 $ 191
Average number of
table games 118 118 118 110
Average number of
slot machines 187 167 188 203
The Venetian Las
Vegas:
Table games win per
unit per day (3) $ 2,917 $ 3,078 $ 2,893 $ 3,164
Slot machine win
per unit per day
(4) $ 193 $ 206 $ 215 $ 209
Average number of
table games 105 115 111 118
Average number of
slot machines 1,462 1,495 1,423 1,474
The Palazzo:
Table games win per
unit per day (3) $ 5,826 $ 4,705 $ 5,615 $ 3,530
Slot machine win
per unit per day
(4) $ 168 $ 182 $ 175 $ 174
Average number of
table games 119 126 118 132
Average number of
slot machines 1,305 1,389 1,387 1,403
Sands Bethlehem:
Table games win per
unit per day (3) $ 2,085 N/A $ 1,885 N/A
Slot machine win
per unit per day
(4) $ 225 $ 199 $ 229 $ 214
Average number of
table games 77 N/A 77 N/A
Average number of
slot machines 3,023 2,923 3,097 2,959
Marina Bay Sands:
Table games win per
unit per day (3) $ 8,195 N/A $ 7,416 N/A
Slot machine win
per unit per day
(4) $ 538 N/A $ 478 N/A
Average number of
table games 619 N/A 615 N/A
Average number of
slot machines 1,956 N/A 1,784 N/A
(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.
Add to Digg Bookmark with del.icio.us Add to Newsvine
Contacts:
Investment Community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607
