Las Vegas Sands Corp. Reports Third Quarter 2009 Results
|
| Posted
:
Thu, 29 Oct 2009 20:01:00 GMT |
| Author
:
Las Vegas Sands Corp. |
| Category
:
Press Release |
| News Alerts by
Email ( click
here ) |
|
|
|
|
Consolidated Adjusted Property EBITDAR Increases 11.7 percent to $272.3 Million on Net Revenue Increase of 3.2 percent Venetian Macao Delivers Record Quarterly Adjusted Property EBITDAR of $150.4 Million and Record Quarterly EBITDAR Margin of 30.5%
LAS VEGAS, Oct. 29 /PRNewswire-FirstCall/ -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2009.
Company-Wide Operating Results
Net revenue for the third quarter of 2009 was $1.14 billion, an increase of 3.2% compared to $1.11 billion in the third quarter of 2008. Consolidated adjusted property EBITDAR in the third quarter of 2009 increased 11.7% to $272.3 million, compared to $243.8 million in the year-ago quarter.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2009 was $62.4 million, compared to $28.2 million in the third quarter of 2008, an increase of 121.3%. The increase in operating income was principally due to healthy gaming volumes and the steady execution of our cost savings and efficiency initiatives in Macau, which contributed to stronger margins at each of our properties and a record operating performance in Macau overall. Those record results in Macau were partially offset by lower revenues in Las Vegas and an increase in depreciation and amortization expense.
Adjusted net income (see Note 1) increased $12.0 million to $20.1 million, or $0.03 per diluted share, compared to $8.1 million in the third quarter of 2008, or $0.02 per diluted share.
On a GAAP basis, net loss attributable to common stockholders in the third quarter of 2009, which reflects an increase in income tax expense of $73.7 million, or $0.11 per diluted share, was $123.0 million, compared to $32.2 million in the third quarter of 2008. Diluted loss per share was $0.19 compared to a loss of $0.09 in the prior year quarter. The increase in net loss attributable to common stockholders of $90.8 million reflects the increase in income tax expense, which included the recording of a valuation allowance during the quarter on certain of our United States deferred tax assets, as well as increases in preferred stock dividends and accretion on preferred stock, partially offset by an increase in operating income.
Third Quarter Overview
Sheldon G. Adelson, chairman and CEO, stated, "We are pleased to report that our properties in Macau delivered a record performance in adjusted property EBITDAR, led by healthy gaming volumes in combination with the consistent execution of our right-sizing and cost savings programs. These efforts resulted in record adjusted property EBITDAR margin at The Venetian Macao of 30.5%, compared to 26.0% in the prior year quarter, and meaningfully improved EBITDAR margin at Sands Macao of 27.5%, compared to 17.1% during the third quarter of last year.
"While our current quarter's results in Las Vegas reflected unusually low table games hold, which negatively impacted our revenues by approximately $40 million, the execution of our cost savings programs has positioned us to deliver improved operating margins and cash flows as the economy recovers. In addition, we just completed the best quarter in our history with respect to future group room night bookings, and today we have more group rooms on the books for 2010 than we expect to realize in calendar year 2009.
"We remain focused on our de-leveraging strategy and during the quarter we increased our financial flexibility by completing both an amendment of our Macau credit facilities and a $600 million pre-IPO exchangeable bond financing. We also filed an application for a listing of our Macau operations on the Hong Kong Stock Exchange.
"In Singapore, we continue to progress on the development of Marina Bay Sands. After topping off the three 55-story hotel towers in July, we are making progress on the installation of the SkyPark(TM), which is the final major structural feature of the property. We are making steady progress on pre-opening activities for each of the major operational areas of the property and remain focused on opening Marina Bay Sands in the first quarter of 2010."
Cost Savings Program Update
Mike Leven, president and COO, stated, "We have effectively completed the implementation of our cost savings and operating efficiencies initiatives across the company. Our annualized cost savings will exceed $500 million across our entire organization and we will continue to pursue additional areas where savings may be achieved. As of September 30, 2009, we have successfully eliminated approximately 90% of these costs from our current expense run rate, or approximately $450 million on an annualized basis. These ongoing efforts have positioned us to benefit from meaningful operating leverage as economic conditions improve. Our adjusted property EBITDAR margins for the company as a whole reached 23.9% during the third quarter, compared to 22.1% in the year ago quarter.
The Venetian Macao Third Quarter Operating Results
"The Venetian Macao delivered a quarterly record $150.4 million in adjusted property EBITDAR for the third quarter. Visitation to The Venetian Macao continues to lead the market, with over 17.7 million visits in 2009, an increase of 4.5% over the first nine months of 2008. Gaming volumes at The Venetian Macao remain healthy, with slot handle increasing 10.9% compared to the quarter one year ago. Mass table volumes at The Venetian Macao continue to lead the market, at nearly $835 million during the quarter. Our Rolling Volume play was $9.06 billion, with the portion of that volume representing direct play increasing to a record 19.3% in the third quarter of 2009, compared to 14.9% in the third quarter of 2008. The increase in direct play is an important development for this business segment, given its meaningfully higher margin structure in comparison to Rolling Volume play that involves the services of a gaming promoter," continued Leven.
"We have now implemented cost savings of approximately $270 million on an annualized basis across our Macau operations, or approximately 90% of our $300 million target. We realized approximately $45 million in cost savings across our Macau operations in the quarter, while approximately $60 million of these savings will be realized in the year ended December 31, 2010."
The following table summarizes our key operating results for The Venetian Macao for the third quarter of 2009 compared to the third quarter of 2008:
Three Months Ended
Venetian Macao Operations September 30,
-------------
(In millions, except for
percentages and basis
points) 2009 2008 $Change % Change
---- ---- ------- --------
Revenues:
Casino $420.8 $432.6 $(11.8) -2.7%
Rooms 45.0 51.1 (6.1) -11.9%
Food and Beverage 13.6 16.8 (3.2) -19.0%
Retail and Other 39.6 52.0 (12.4) -23.8%
Less - Promotional
Allowances (25.4) (30.1) 4.7 15.6%
----- ----- ---
Net Revenues $493.6 $522.4 $(28.8) -5.5%
Adjusted Property
EBITDAR $150.4 $135.7 $14.7 10.8%
EBITDAR Margin % 30.5% 26.0% 4.5 pts
Operating Income $95.6 $81.6 $14.0 17.2%
Gaming Statistics
(In millions,
except for
percentages and
basis points)
Rolling Chip Volume $9,062.2 $9,778.7 $(716.5) -7.3%
Rolling Chip Win %(1) 2.83% 3.06% - 0.23 pts
Non-Rolling Chip
Table Games Drop $834.9 $930.6 $(95.7) -10.3%
Non-Rolling
Chip Table Games
Win %(2) 23.0% 19.7% 3.3 pts
Slot Handle $609.7 $549.9 $59.8 10.9%
Slot Hold %(3) 7.5% 7.8% -0.3 pts
Hotel Statistics
Occupancy % 88.1% 92.1% -4.0 pts
Average Daily Rate $198 $211 $(13) -6.2%
Revenue per
Available Room $175 $194 $(19) -9.8%
(1) This compares to our expected Rolling Chip win percentage of 3.0%
(calculated before discounts and commissions).
(2) This compares to our expected Non-Rolling Chip win percentage of 18%
to 20% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Sands Macao Third Quarter Operating Results
Sands Macao's third quarter operating performance reflected solid gaming volumes and the benefits of the implementation of our cost savings and efficiency programs, with adjusted property EBITDAR increasing to $77.1 million in the quarter, an increase of 81.0% compared to the third quarter of 2008. EBITDAR margin was 27.5% in the quarter, compared to 17.1% in the year-ago quarter, an increase of 1,040 basis points. Our gaming volumes, including slot handle that was up nearly 20% compared to the same quarter last year, continue to reflect the strong market positioning of the Sands Macao on the Macau peninsula.
The following table summarizes our key operating results for the Sands Macao for the third quarter of 2009 compared to the third quarter of 2008:
Sands Macao Three Months Ended
Operations September 30,
-------------
(In millions, except for
percentages and
basis points) 2009 2008 $Change % Change
---- ---- ------- --------
Revenues:
Casino $275.4 $243.5 $31.9 13.1%
Rooms 6.6 6.7 (0.1) -1.5%
Food and Beverage 9.4 12.0 (2.6) -21.7%
Retail and Other 1.2 1.4 (0.2) -14.3%
Less - Promotional
Allowances (11.8) (15.2) 3.4 22.4%
----- ----- ---
Net Revenues $280.8 $248.4 $32.4 13.0%
Adjusted Property
EBITDAR $77.1 $42.6 $34.5 81.0%
EBITDAR Margin % 27.5% 17.1% 10.4 pts
Operating Income $64.4 $28.5 $35.9 126.0%
Gaming Statistics
(In millions,
except for
percentages and
basis points)
Rolling Chip Volume $5,479.1 $7,256.4 $(1,777.3) -24.5%
Rolling Chip
Win %(1) 3.37% 2.35% 1.02 pts
Non-Rolling Chip
Table Games Drop $626.4 $652.3 $(25.9) -4.0%
Non-Rolling
Chip Table Games
Win %(2) 19.0% 17.9% 1.1 pts
Slot Handle $327.5 $273.1 $54.4 19.9%
Slot Hold %(3) 6.6% 7.3% -0.7 pts
Hotel Statistics
Occupancy % 97.9% 98.8% -0.9 pts
Average Daily Rate
(ADR) $254 $258 $(4) -1.6%
Revenue per
Available Room
(RevPAR) $248 $255 $(7) -2.7%
(1) This compares to our expected Rolling Chip win percentage of 3.0%
(calculated before discounts and commissions).
(2) This compares to our expected Non-Rolling Chip win percentage of 18%
to 20% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Four Seasons Macao & Plaza Casino Macao Third Quarter Operating Results
Net revenues for the Four Seasons Macao were $67.1 million in the third quarter of 2009, with casino revenues representing $54.8 million of that total. The debut of our Paiza mansion suites drove higher Rolling Chip play during the quarter, with Rolling Chip volume for the quarter reaching $2.18 billion. Nearly 50% of that Rolling Chip play was generated in our higher-margin direct rolling program. Rolling Chip win percentage was 2.31%. Adjusted property EBITDAR for the third quarter of 2009 was $10.2 million.
The following table summarizes our key operating results for the Four Seasons Macao for the third quarter of 2009 compared to the second quarter of 2009. This sequential comparison is presented because the Four Seasons Macao opened on August 28, 2008, and was only open for 34 days during the third quarter of 2008.
Four Seasons Macao
& Plaza Casino Three Months Ended
Macao Operations ------------------
(In millions, except
for percentages September 30, June 30,
and basis points) 2009 2009 $Change % Change
---- ---- ------- --------
Revenues:
Casino $54.8 $39.6 $15.2 38.4%
Rooms 5.5 4.2 1.3 31.0%
Food and Beverage 3.9 3.1 0.8 25.8%
Retail and Other 8.0 6.6 1.4 21.2%
Less - Promotional
Allowances (5.1) (4.8) (0.3) -6.3%
---- ---- ----
Net Revenues $67.1 $48.7 $18.4 37.8%
Adjusted Property
EBITDAR $10.2 $5.6 $4.6 82.1%
EBITDAR Margin % 15.1% 11.4% 3.7 pts
Operating Loss $(4.3) $(8.0) $3.7 46.3%
Gaming Statistics
(In millions,
except for
percentages)
Rolling Chip Volume $2,183.7 $566.1 $1,617.6 285.8%
Rolling Chip
Win %(1) 2.31% 3.27% -0.96 pts
Non-Rolling Chip
Table Games Drop $82.9 $80.8 $2.1 2.6%
Non-Rolling
Chip Table Games
Win %(2) 22.3% 27.3% -5.0 pts
Slot Handle $60.6 $56.1 $4.5 8.0%
Slot Hold %(3) 5.4% 6.0% 0.6 pts
Hotel Statistics
Occupancy % 56.2% 44.5% 11.7 pts
Average Daily Rate
(ADR) $294 $291 $3 1.0%
Revenue per
Available Room
(RevPAR) $165 $130 $35 26.9%
(1) This compares to our expected Rolling Chip win percentage of 3.0%
(calculated before discounts and commissions).
(2) This compares to our expected Non-Rolling Chip win percentage of 18%
to 20% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Las Vegas Third Quarter Operating Results
"The Venetian Las Vegas and The Palazzo produced an adjusted property EBITDAR of $34.5 million for the quarter. The greatest impact to our operating results in Las Vegas was low table hold, which negatively impacted our revenues by approximately $40 million. Hotel revenues were also down as a result of a lower ADR at both properties.
"Despite an extremely low table hold and reduced room revenues, the quarter yielded an increase in our slot hold percentage and we saw demand for future group rooms continue to accelerate. In fact, we put more future group room nights on the books this quarter than we have during any other 90-day period in our history," stated Leven.
The following table summarizes our key operating results for our Las Vegas operations for the third quarter of 2009 compared to the third quarter of 2008:
Three Months Ended
Las Vegas Operations September 30,
-------------
(In millions, except for
percentages and basis
points) 2009 2008 $Change % Change
---- ---- ------- --------
Revenues:
Casino $99.0 $113.2 $(14.2) -12.5%
Rooms 98.6 130.5 (31.9) -24.4%
Food and Beverage 41.8 61.6 (19.8) -32.1%
Retail and Other 30.7 48.5 (17.8) -36.7%
Less - Promotional
Allowances (42.0) (45.8) 3.8 8.3%
----- ------ ---
Net Revenues $228.1 $308.0 $(79.9) -25.9%
Adjusted Property EBITDAR $34.5 $73.3 $(38.8) -52.9%
EBITDAR Margin % 15.1% 23.8% -8.7 pts
Operating Income (Loss) $(28.9) $6.1 $(35.0) -573.8%
Gaming Statistics
(In millions, except for
percentages and basis
points)
Table Games Drop $429.7 $477.2 $(47.5) -10.0%
Table Games Win %(1) 12.2% 13.8% -1.6 pts
Slot Handle $672.2 $976.6 $(304.4) -31.2%
Slot Hold %(2) 7.8% 6.0% 1.8 pts
Hotel Statistics
The Venetian Las Vegas:
Occupancy % 88.7% 92.0% -3.3 pts
Average Daily Rate $171 $207 $(36) -17.4%
Revenue per Available
Room $152 $191 $(39) -20.4%
The Palazzo:
Occupancy % 87.9% 94.5% -6.6 pts
Average Daily Rate $174 $231 $(57) -24.7%
Revenue per Available
Room $153 $218 $(65) -29.8%
(1) This compares to our expected table games win percentage of 20% to
22% (calculated before discounts).
(2) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Sands Bethlehem Third Quarter Operating Results
Sands Bethlehem in Bethlehem, Pennsylvania opened the first phase of its facilities for business in May 2009, featuring 3,000 slot machines, dining and entertainment amenities. In the property's first full quarter of operations, net revenues were $63.0 million, operating income was $0.9 million, and adjusted property EBITDAR was $8.3 million. Slot handle was $813.3 million while slot hold percentage was 7.2%.
Other Factors Affecting Earnings
Other Asia adjusted property EBITDAR was negative $8.1 million, which was mainly from losses generated by our CotaiJet ferry service in the quarter.
Pre-opening expenses, related principally to Marina Bay Sands in Singapore, Four Seasons Macao and resorts for which development is currently suspended on the Cotai Strip, decreased to $28.9 million in the third quarter of 2009, compared to $40.8 million in the third quarter of 2008.
Depreciation and amortization expense was $148.7 million in the third quarter of 2009, compared to $132.2 million in the third quarter of 2008. The increase was principally driven by increased depreciation related to the openings of the Four Seasons Macao and Sands Bethlehem.
Interest expense, net of amounts capitalized, was $88.5 million for the third quarter of 2009, compared to $90.5 million during the third quarter of 2008. Our average borrowing cost in the third quarter of 2009 was 3.8% compared to 5.6% in the third quarter of 2008. Capitalized interest was $16.9 million during the third quarter of 2009, compared to $38.4 million during the third quarter of 2008.
Corporate expense was $17.5 million in the third quarter of 2009, compared to $23.4 million in the third quarter of 2008.
Other expense was $1.6 million in the third quarter of 2009 compared to other income of $7.2 million in the third quarter of 2008. The other expense relates principally to a decrease in the value of interest rate caps in the quarter, which was partially offset by foreign exchange gains recognized in the quarter.
The company's effective tax rate reflects the recording of a valuation allowance of $67.8 million in the current quarter related to certain of our United States deferred tax assets.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2009, were $3.09 billion, while restricted cash balances were $229.1 million. Of the restricted cash balances, $196.7 million is restricted for Macau-related construction and $15.5 million is restricted for construction of Marina Bay Sands in Singapore.
As of September 30, 2009, total debt outstanding, including the current portion, was $11.76 billion. Scheduled principal payments required for the remainder of 2009 and in 2010 total $35.6 million and $191.4 million, respectively.
Capital Expenditures
Capital expenditures during the third quarter totaled $516.5 million. This includes construction and development activities of $370.9 million at Marina Bay Sands, $100.7 million in Macau, $38.3 million at Sands Bethlehem, and $6.6 million in Las Vegas.
Conference Call Information
The company will hold a conference call to discuss the company's results on Thursday, October 29, 2009 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Interested parties can listen to the conference call through a live audio webcast at www.lasvegassands.com (click on Investor Information).
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 Macau gaming 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, 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 United States deferred tax valuation allowance.
About Las Vegas Sands Corp.
Las Vegas Sands Corp. (NYSE: LVS) is the leading international developer of multi-use integrated resorts.
The Las Vegas, Nevada-based company owns and operates The Venetian Resort-Hotel-Casino, The Palazzo Resort-Hotel-Casino, and the Sands Expo and Convention Center in Las Vegas and the Sands Casino Resort Bethlehem(TM) in Eastern Pennsylvania. The company also owns and operates The Venetian Macao Resort-Hotel and the Sands Macao in the People's Republic of China (PRC) Special Administrative Region of Macau. In addition, LVS owns the Four Seasons Hotel Macao and is also developing the Marina Bay Sands(TM) integrated resort in Singapore.
LVS is also creating the Cotai Strip(R), a master-planned development of resort-casino properties in Macau. At completion, the Cotai Strip will feature approximately 21,000 rooms from world-renowned hotel brands such as St. Regis, Sheraton, Shangri-La, Traders, Hilton, Conrad, Fairmont, Raffles, Holiday Inn, and InterContinental.
For more information, please visit www.lasvegassands.com
Contacts:
Investment Community: Daniel Briggs (702) 414-1221
Media: Ron Reese (702) 414-3607
Las Vegas Sands Corp.
Third Quarter 2009 Results
Non-GAAP Reconciliations
Within the company's third quarter 2009 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," "adjusted EBITDA," and "adjusted property EBITDAR." 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 EBITDA consists of operating income (loss) before depreciation and amortization, impairment loss, gain or loss on disposal of assets, pre-opening expense, development expense, and stock-based compensation. Adjusted property EBITDAR 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) to adjusted EBITDA and adjusted property EBITDAR 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 Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Revenues:
Casino $908,255 $805,258 $2,504,233 $2,404,973
Rooms 155,673 188,794 492,030 575,172
Food and beverage 74,457 91,025 248,852 272,315
Retail and other 95,604 123,233 304,976 290,791
------ ------- ------- -------
1,233,989 1,208,310 3,550,091 3,543,251
Less - promotional
allowances (92,845) (102,876) (271,185) (246,680)
------- -------- -------- --------
1,141,144 1,105,434 3,278,906 3,296,571
--------- --------- --------- ---------
Operating expenses:
Resort operations 877,224 871,290 2,520,646 2,501,723
Rental expense 6,691 8,437 22,497 25,573
Corporate expense 17,519 23,390 105,250 82,529
Pre-opening expense 28,855 40,777 115,619 105,470
Development expense 80 1,153 344 11,504
Depreciation and
amortization 148,677 132,239 431,559 364,753
Impairment loss - - 151,175 -
(Gain) loss on
disposal of assets (284) (47) 4,500 6,977
---- --- ----- -----
1,078,762 1,077,239 3,351,590 3,098,529
--------- --------- --------- ---------
Operating income (loss) 62,382 28,195 (72,684) 198,042
Interest income 1,599 3,215 9,840 11,813
Interest expense,
net of amounts
capitalized (88,514) (90,535) (224,503) (293,709)
Other income
(expense) (1,564) 7,209 (6,534) 11,624
Loss on modification or
early retirement of
debt (204) - (204) (4,022)
---- --- ---- ------
Loss before income
taxes (26,301) (51,916) (294,085) (76,252)
Income tax benefit
(expense) (54,316) 19,425 (641) 19,533
------- ------ ---- ------
Net loss (80,617) (32,491) (294,726) (56,719)
Noncontrolling interest 4,111 283 7,674 4,481
----- --- ----- -----
Net loss attributable to
Las Vegas Sands Corp. (76,506) (32,208) (287,052) (52,238)
Preferred stock
dividends (23,350) - (69,676) -
Accretion to redemption
value of preferred stock
issued to Principal
Stockholder's family (23,136) - (69,408) -
------- --- ------- ---
Net loss
attributable to
common
stockholders $(122,992) $(32,208) $(426,136) $(52,238)
========= ======== ========= ========
Basic and diluted
loss per share $(0.19) $(0.09) $(0.65) $(0.15)
====== ====== ====== ======
Basic and diluted
weighted average
shares outstanding 660,245,590 355,393,259 655,687,503 355,344,306
=========== =========== =========== ===========
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDAR
Three Months Ended September 30, 2009
(Gain)
Operating Depreciation Loss on
Income and Disposal Pre-Opening Development
(Loss) Amortization of Assets Expense Expense
------ ------------ --------- ------- -------
The Venetian
Macao $95,580 $51,056 $(323) $(10) $-
Sands Macao 64,432 11,430 6 - -
Four
Seasons
Macao (4,322) 12,876 28 722 -
------ ------ --- --- ---
Macau
Property
Operations 155,690 75,362 (289) 712 -
Las Vegas
Operating
Properties (28,908) 58,706 3 (1) -
Sands
Bethlehem 917 7,033 - (262) -
--- ----- --- ---- ---
United
States
Property
Operations (27,991) 65,739 3 (263) -
Other
Asia (2) (12,344) 3,701 2 460 -
Other
Development (32,389) 810 - 27,946 80
Corporate (20,584) 3,065 - - -
------- ----- --- --- ---
$62,382 $148,677 $(284) $28,855 $80
======= ======== ===== ======= ===
(1) Adjusted
Stock-Based Adjusted Corporate Rental Property
Compensation EBITDA Expense Expense EBITDAR
------------ ------ ------- ------- -------
The
Venetian
Macao $2,032 $148,335 $- $2,054 $150,389
Sands Macao 892 76,760 - 355 77,115
Four
Seasons
Macao 193 9,497 - 655 10,152
--- ----- --- --- ------
Macau
Property
Operations 3,117 234,592 - 3,064 237,656
Las Vegas
Operating
Properties 4,578 34,378 - 74 34,452
Sands
Bethlehem 635 8,323 - - 8,323
--- ----- --- --- -----
United
States
Property
Operations 5,213 42,701 - 74 42,775
Other
Asia (2) 93 (8,088) - - (8,088)
Other
Development - (3,553) - 3,553 -
Corporate - (17,519) 17,519 - -
--- ------- ------ --- ---
$8,423 $248,133 $17,519 $6,691 $272,343
====== ======== ======= ====== ========
Three Months Ended September 30, 2008
(Gain)
Operating Depreciation Loss on
Income and Disposal Pre-Opening Development
(Loss) Amortization of Assets Expense Expense
------ ------------ --------- ------- -------
The
Venetian
Macao $81,641 $48,935 $2 $840 $-
Sands Macao 28,492 12,689 14 - -
Four
Seasons
Macao (4,178) 3,562 - 3,264 -
------ ----- --- ----- ---
Macau
Property
Operations 105,955 65,186 16 4,104 -
Las Vegas
Operating
Properties 6,095 60,024 (63) 208 -
Other
Asia (2) (16,505) 2,552 - 2,217 39
Other
Development (41,327) 1,844 - 34,248 1,114
Corporate (26,023) 2,633 - - -
------- ----- --- --- ---
$28,195 $132,239 $(47) $40,777 $1,153
======= ======== ==== ======= ======
(1) Adjusted
Stock-Based Adjusted Corporate Rental Property
Compensation EBITDA Expense Expense EBITDAR
------------ ------ ------- ------- -------
The
Venetian
Macao $2,279 $133,697 $- $2,040 $135,737
Sands Macao 1,045 42,240 - 351 42,591
Four
Seasons
Macao 136 2,784 - 179 2,963
--- ----- --- --- -----
Macau
Property
Operations 3,460 178,721 - 2,570 181,291
Las Vegas
Operating
Properties 5,306 71,570 - 1,746 73,316
Other Asia (2) 849 (10,848) - - (10,848)
Other
Development - (4,121) - 4,121 -
Corporate - (23,390) 23,390 - -
--- ------- ------ --- ---
$9,615 $211,932 $23,390 $8,437 $243,759
====== ======== ======= ====== ========
Nine Months Ended September 30, 2009
Impairment
Operating Depreciation and Loss on
Income and Disposal Pre-Opening Development
(Loss) Amortization of Assets Expense Expense
------ ------------ --------- ------- -------
The Venetian
Macao $215,233 $151,974 $4,447 $(105) $-
Sands Macao 149,631 36,062 93 - -
Four Seasons
Macao (21,809) 37,517 65 2,008 -
------- ------ --- ----- ---
Macau
Property
Operations 343,055 225,553 4,605 1,903 -
Las Vegas
Operating
Properties (140,913) 175,263 151,068 (55) -
Sands
Bethlehem 1,480 8,998 - (262) -
----- ----- --- ---- ---
United States
Property
Operations (139,433) 184,261 151,068 (317) -
Other
Asia (2) (36,060) 10,179 2 1,355 5
Other
Development (126,618) 3,188 - 112,678 339
Corporate (113,628) 8,378 - - -
-------- ----- --- --- ---
$(72,684) $431,559 $155,675 $115,619 $344
======== ======== ======== ======== ====
(1) Adjusted
Stock-Based Adjusted Corporate Rental Property
Compensation EBITDA Expense Expense EBITDAR
------------ ------ ------- ------- -------
The Venetian
Macao $4,139 $375,688 $- $6,161 $381,849
Sands Macao 1,674 187,460 - 1,062 188,522
Four Seasons
Macao 336 18,117 - 1,966 20,083
--- ------ --- ----- ------
Macau Property
Operations 6,149 581,265 - 9,189 590,454
Las Vegas
Operating
Properties 14,078 199,441 - 2,895 202,336
Sands
Bethlehem 944 11,160 - - 11,160
--- ------ --- --- ------
United States
Property
Operations 15,022 210,601 - 2,895 213,496
Other
Asia (2) 530 (23,989) - - (23,989)
Other
Development - (10,413) - 10,413 -
Corporate - (105,250) 105,250 - -
--- -------- ------- --- ---
$21,701 $652,214 $105,250 $22,497 $779,961
======= ======== ======== ======= ========
Nine Months Ended September 30, 2008
(Gain)
Operating Depreciation Loss on
Income and Disposal Pre-Opening Development
(Loss) Amortization of Assets Expense Expense
------ ------------ --------- ------- -------
The
Venetian
Macao $222,105 $142,573 $41 $9,565 $-
Sands Macao 118,247 39,118 1,159 128 -
Four
Seasons
Macao (4,178) 3,562 - 3,264 -
------ ----- --- ----- ---
Macau
Property
Operations 336,174 185,253 1,200 12,957 -
Las Vegas
Operating
Properties 105,606 163,988 5,915 7,095 -
Other
Asia (2) (46,492) 5,929 (138) 3,254 1,145
Other
Development (107,487) 2,353 - 82,164 10,359
Corporate (89,759) 7,230 - - -
------- ----- --- --- ---
$198,042 $364,753 $6,977 $105,470 $11,504
======== ======== ====== ======== =======
(1) Adjusted
Stock-Based Adjusted Corporate Rental Property
Compensation EBITDA Expense Expense EBITDAR
------------ ------ ------- ------- -------
The
Venetian
Macao $5,806 $380,090 $- $6,137 $386,227
Sands Macao 2,576 161,228 - 1,055 162,283
Four
Seasons
Macao 136 2,784 - 179 2,963
--- ----- --- --- -----
Macau
Property
Operations 8,518 544,102 - 7,371 551,473
Las Vegas
Operating
Properties 14,302 296,906 - 5,591 302,497
Other
Asia (2) 2,216 (34,086) - - (34,086)
Other
Development - (12,611) - 12,611 -
Corporate - (82,529) 82,529 - -
--- ------- ------ --- ---
$25,036 $711,782 $82,529 $25,573 $819,884
======= ======== ======= ======= ========
(1) During the three months ended September 30, 2009 and 2008, the
Company recorded stock-based compensation expense of $12.0 million and
$15.4 million, respectively, of which $2.2 million and $4.5 million,
respectively, is included in corporate expense and $1.4 million and $1.3
million, respectively, is included in pre-opening and development expense
on the Company's condensed consolidated statements of operations. During
the nine months ended September 30, 2009 and 2008, the Company recorded
stock-based compensation expense of $32.9 million and $39.2 million,
respectively, of which $6.9 million and $10.8 million, respectively, is
included in corporate expense and $4.3 million and $3.4 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 Loss Attributable to Las
Vegas Sands Corp. to Adjusted EBITDA and Adjusted Property EBITDAR:
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Net loss attributable
to Las Vegas Sands Corp. $(76,506) $(32,208) $(287,052) $(52,238)
Add (deduct) :
Noncontrolling
interest (4,111) (283) (7,674) (4,481)
Income tax (benefit)
expense 54,316 (19,425) 641 (19,533)
Other (income)
expense 1,564 (7,209) 6,534 (11,624)
Interest income (1,599) (3,215) (9,840) (11,813)
Interest expense, net
of amounts
capitalized 88,514 90,535 224,503 293,709
Loss on modification
or early retirement of
debt 204 - 204 4,022
Depreciation and
amortization 148,677 132,239 431,559 364,753
(Gain) loss on
disposal of
assets (284) (47) 4,500 6,977
Impairment loss - - 151,175 -
Pre-opening
expense 28,855 40,777 115,619 105,470
Development
expense 80 1,153 344 11,504
Stock-based
compensation (1) 8,423 9,615 21,701 25,036
----- ----- ------ ------
Adjusted EBITDA 248,133 211,932 652,214 711,782
Add :
Rental expense 6,691 8,437 22,497 25,573
Corporate expense 17,519 23,390 105,250 82,529
------ ------ ------- ------
Adjusted Property
EBITDAR $272,343 $243,759 $779,961 $819,884
======== ======== ======== ========
(1) See prior page
-------------------
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
The Venetian Macao $493,579 $522,409 $1,420,445 $1,471,823
Sands Macao 280,794 248,444 739,404 784,943
Four Seasons Macao 67,052 20,303 162,743 20,303
Las Vegas Operating
Properties 228,095 307,965 836,601 1,007,942
Sands Bethlehem 62,994 - 95,705 -
Other Asia 8,630 6,313 24,008 11,560
----- ----- ------ ------
$1,141,144 $1,105,434 $3,278,906 $3,296,571
========== ========== ========== ==========
--------------------
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDAR as a Percentage of Net
Revenues
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
The Venetian Macao 30.5% 26.0% 26.9% 26.2%
Sands Macao 27.5% 17.1% 25.5% 20.7%
Four Seasons Macao 15.1% 14.6% 12.3% 14.6%
Las Vegas Operating
Properties 15.1% 23.8% 24.2% 30.0%
Sands Bethlehem 13.2% N/A 11.7% N/A
Other Asia -93.7% -171.8% -99.9% -294.9%
Total 23.9% 22.1% 23.8% 24.9%
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 Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Net loss attributable to
common stockholders $(122,992) $(32,208) $(426,136) $(52,238)
U.S. deferred
tax valuation
allowance 67,797 - - -
Pre-opening expense 28,855 39,061 115,619 97,755
Development expense 80 913 344 8,137
Impairment loss - - 151,175 -
(Gain) loss on
disposal of assets (284) 377 4,500 4,907
Loss on modification or
early retirement
of debt 204 - 204 4,022
Legal settlement
expense - - 42,500 -
Preferred stock
dividends 23,350 - 69,676 -
Accretion to
redemption value
of preferred stock
issued to Principal
Stockholder's family 23,136 - 69,408 -
------ --- ------ ---
Adjusted net income $20,146 $8,143 $27,290 $62,583
======= ====== ======= =======
Per diluted share of
common stock:
Net loss attributable to
common stockholders $(0.16) $(0.09) $(0.60) $(0.15)
U.S. deferred
tax valuation
allowance 0.09 - - -
Pre-opening expense 0.04 0.11 0.16 0.28
Development expense - - - 0.02
Impairment loss - - 0.21 -
(Gain) loss on
disposal of assets - - 0.01 0.02
Loss on modification or
early retirement
of debt - - - 0.01
Legal settlement
expense - - 0.06 -
Preferred stock
dividends 0.03 - 0.10 -
Accretion to
redemption value
of preferred stock
issued to Principal
Stockholder's family 0.03 - 0.10 -
---- --- ---- ---
Adjusted earnings per
diluted share $0.03 $0.02 $0.04 $0.18
===== ===== ===== =====
Weighted average
diluted shares
outstanding 746,216,623 355,629,027 705,728,431 355,928,046
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Room Statistics:
The Venetian Macao:
Occupancy % 88.1% 92.1% 80.6% 83.7%
Average daily room rate (ADR) (1) $198 $211 $205 $222
Revenue per available room
(RevPAR) (2) $175 $194 $165 $186
Sands Macao:
Occupancy % 97.9% 98.8% 97.5% 98.4%
Average daily room rate (ADR) (1) $254 $258 $258 $266
Revenue per available room
(RevPAR) (2) $248 $255 $252 $262
Four Seasons Macao:
Occupancy % 56.2% 31.4% 46.5% 31.4%
Average daily room rate (ADR) (1) $294 $440 $293 $440
Revenue per available room
(RevPAR) (2) $165 $138 $136 $138
The Venetian Las Vegas:
Occupancy % 88.7% 92.0% 88.9% 91.2%
Average daily room rate (ADR) (1) $171 $207 $189 $242
Revenue per available room
(RevPAR) (2) $152 $191 $168 $221
The Palazzo:
Occupancy % 87.9% 94.5% 90.7% 89.4%
Average daily room rate (ADR) (1) $174 $231 $201 $239
Revenue per available room
(RevPAR) (2) $153 $218 $182 $213
Casino Statistics:
The Venetian Macao:
Table games win per unit per
day (3) $8,244 $7,380 $8,057 $6,670
Slot machine win per unit per
day (4) $230 $207 $218 $170
Average number of table games 591 711 603 757
Average number of slot machines 2,163 2,247 2,154 2,375
Sands Macao:
Table games win per unit per
day (3) $8,080 $5,689 $7,031 $5,487
Slot machine win per unit per
day (4) $202 $172 $198 $177
Average number of table games 408 549 419 584
Average number of slot machines 1,156 1,254 1,117 1,278
Four Seasons Macao:
Table games win per unit per
day (3) $6,928 $5,220 $5,032 $5,220
Slot machine win per unit per
day (4) $173 $70 $154 $70
Average number of table games 108 95 107 95
Average number of slot machines 207 210 215 210
The Venetian Las Vegas:
Table games win per unit per
day (3) $2,944 $1,501 $3,191 $4,134
Slot machine win per unit per
day (4) $213 $233 $210 $203
Average number of table games 115 131 119 131
Average number of slot machines 1,486 1,633 1,467 1,664
The Palazzo:
Table games win per unit per
day (3) $1,779 $4,053 $3,157 $3,347
Slot machine win per unit per
day (4) $181 $181 $171 $170
Average number of table games 130 129 133 128
Average number of slot machines 1,408 1,392 1,408 1,393
Sands Bethlehem:
Slot machine win per unit per
day (4) $213 N/A $224 N/A
Average number of slot machines 2,977 N/A 2,984 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.
SOURCE Las Vegas Sands Corp.
|
Copyright © 2008
PR Newswire. All rights reserved.
|
|
|
|
|
Related
News
Thrust Energy Corporation acquires working interest in Alberta gas wells
TORONTO, Nov. 26 - Thrust Energy Corp. ("Thrust") (OTCBB:TEGC.OB), is pleased to announce that it has acquired its first working interest in Alberta. The project includes six natural gas wells that are est...
VenGrowth Advanced Life Sciences Fund Moves to an Annual Distribution Policy and Ceases Weekly Redemptions to Preserve Shareholder Value
TORONTO, ONTARIO -- 11/26/09 --
The Board of Directors' of The VenGrowth Advanced Life Sciences Fund Inc. ('the Fund') announces that they have approved a change in how shareholders will receive a return of their investment. Investors will now rece..
FreeBalance Wins 2009 Canada Export Achievement Award
Award celebrates the spirit and strategies of Canadian enterprise success in foreign markets/I/P
POttawa, Canada (November 26, 2009) - FreeBalance, a For Profit Social Enterprise (FOPSE) software company that helps governments around the world to leverage robust Government Resource Plan...
Elbit Imaging Ltd. Announces Third Quarter Results for 2009
TEL AVIV, Israel, November 26 -- Elbit Imaging
Ltd. (NASDAQ: EMITF) ("EI" or the "Company") today announced its results for
the third quarter of 2009.
Loss for the third quarter of 2009 amounted to
Kodiak Drills Thick Zone of Gold Mineralization at Milestone in the Beardmore-Geraldton Gold Camp
VANCOUVER, BRITISH COLUMBIA -- 11/26/09 --
Kodiak Exploration Limited (TSX VENTURE: KXL)(FRANKFURT: KX3) is pleased to announce that it has intercepted a thick zone of potentially bulk-minable gold mineralization at its Milestone Property at the ea..
Manulife Financial Confirms It Has No Exposure To Dubai World
TORONTO, Nov. 26 - In response to analyst inquiries, Manulife Financial Corporation confirms that it has no exposure to Dubai World or its affiliates.
About Manulife Financial
Manulife Financial is a Canadi...
INTERPOL Alerts Member Nations to Roman Polanski's Continued Fugitive Status
LYON, France, Nov. 26 /PRNewswire/ -- Following the decision by a Swiss federal court to release Roman Polanski on bail, INTERPOL has issued an alert reminding all 188 member countries that he remains the subject of a valid Red Notice, an international wanted persons notice, iss...
|
|
|
|
|
