SOURCE: Las Vegas Sands

Las Vegas Sands

October 15, 2014 16:01 ET

Las Vegas Sands Reports Third Quarter 2014 Results

LAS VEGAS, NV--(Marketwired - Oct 15, 2014) - Las Vegas Sands Corp. (NYSE: LVS)

For the Quarter Ended September 30, 2014 (Compared to the Quarter Ended September 30, 2013):

  • Growth in Mass Gaming Volumes Drove a 3.2% Increase in Adjusted Property EBITDA in Macao to $809.0 Million

  • Consolidated Adjusted Property EBITDA Increased to $1.284 Billion

  • Earnings per Diluted Share Increased 9.2% to $0.83

  • The Company Returned $299.8 Million of Capital to Shareholders through its Stock Repurchase Program in the Quarter, Completing its Initial $2.0 Billion Stock Repurchase Authorization

  • The Company's Board of Directors Authorized an Additional $2.0 Billion under the Company's Stock Repurchase Program

  • The Company's Board of Directors Announced an Increase of 30% in the Company's Recurring Common Stock Dividend for the 2015 Calendar Year to $2.60 per Share ($0.65 per Quarter)

Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2014.

Third Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "While the operating environment in Macao, especially in the rolling segment, proved challenging during the third quarter, I am pleased that our mass and non-gaming focused strategy allowed us to report a quarter of steady revenue and cash flow and to deliver growth in operating income, net income and earnings per share. We remain focused on the consistent execution of our global growth strategy, which continues to leverage the power of our unique convention-based Integrated Resort business model. We are confident that the continued execution of this strategy will extend our position as the global leader in Integrated Resort development and operation and enable us to deliver strong growth in the future.

"The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy. Accordingly, I am extremely pleased to announce that the company's Board of Directors has increased the company's recurring common stock dividend by 30.0% to $2.60 per share for the 2015 calendar year. In addition, I am equally pleased to announce that the company's Board of Directors has authorized an additional $2.0 billion under the company's stock repurchase program.

"In Macao, we delivered strong growth in the mass and non-gaming segments of our business. We enjoyed record visitation to our Cotai Strip properties and welcomed over 18 million visits during the quarter to our Macao property portfolio, which delivered a third quarter record $809.0 million in adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, which will be complemented by The Parisian Macao, targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding platform for growth in the years ahead."

In Singapore, adjusted property EBITDA reached $351.7 million, reflecting strong growth in both mass gaming and non-gaming segments. Mass win-per-day increased 6.6% in the quarter compared to the year ago quarter, and reached a property record $4.82 million per day.

Since the inception of the company's share repurchase program in June 2013, the company has returned $2.0 billion to shareholders through the repurchase of 27.1 million shares, including $299.8 million of common stock (4.4 million shares at a weighted average price of $68.73) during the quarter ended September 30, 2014.

The company paid a recurring quarterly dividend of $0.50 per common share during the quarter, an increase of 42.9% compared to the third quarter of 2013. The company also announced that its next recurring quarterly dividend for the fourth quarter of 2014 of $0.50 per common share will be paid on December 29, 2014 to Las Vegas Sands shareholders of record on December 18, 2014.

Company-Wide Operating Results

Net revenue for the third quarter of 2014 decreased 1.0% to $3.53 billion, compared to $3.57 billion in the third quarter of 2013. Consolidated adjusted property EBITDA of $1.28 billion increased slightly in the third quarter of 2014, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 0.4% to $1.26 billion in the third quarter of 2014.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2014 increased 6.2% to $971.4 million, compared to $914.8 million in the third quarter of 2013. The increase in operating income was principally due to a $47.4 million legal settlement expense in the prior-year quarter and stronger operating results across our Macao property portfolio during the third quarter of 2014.

On a GAAP basis, net income attributable to Las Vegas Sands in the third quarter of 2014 increased 7.2% to $671.7 million, compared to $626.7 million in the third quarter of 2013, while diluted earnings per share in the third quarter of 2014 increased 9.2% to $0.83, compared to $0.76 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the growth in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests.

Adjusted net income (see Note 1) decreased to $675.7 million, or $0.84 per diluted share, compared to $681.3 million, or $0.82 per diluted share, in the third quarter of 2013.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. decreased 0.4% to $2.33 billion in the third quarter of 2014, compared to $2.34 billion in the third quarter of 2013. Adjusted property EBITDA for Sands China Ltd. increased 3.3% to $811.6 million in the third quarter of 2014, compared to $785.3 million in the third quarter of 2013. Net income for Sands China Ltd. increased 4.3% to $644.6 million in the third quarter of 2014, compared to $617.9 million in the third quarter of 2013.

The Venetian Macao Third Quarter Operating Results

The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property generated adjusted property EBITDA of $352.7 million, a decrease of 1.3% compared to the third quarter of 2013. Non-Rolling Chip drop increased 10.1% to reach $2.21 billion for the quarter with a Non-Rolling Chip win percentage of 24.7%. Rolling Chip volume during the quarter was $10.13 billion. Rolling Chip win percentage was 3.13% in the quarter, exceeding both the expected range and the 3.03% experienced in the prior-year quarter. Slot handle increased 25.9% compared to the third quarter of 2013 to reach $1.44 billion. Mall revenues increased 12.1% during the quarter to reach $51.0 million.

The following table summarizes the key operating results for The Venetian Macao for the third quarter of 2014 compared to the third quarter of 2013:

             
    Three Months Ended        
The Venetian Macao Operations   September 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 817.8     $ 825.0     $ (7.2 )   -0.9 %
  Rooms     66.6       58.3       8.3     14.2 %
  Food and Beverage     27.4       24.3       3.1     12.8 %
  Mall     51.0       45.5       5.5     12.1 %
  Convention, Retail and Other     24.6       21.6       3.0     13.9 %
  Less - Promotional Allowances     (44.4 )     (39.5 )     (4.9 )   -12.4 %
Net Revenues   $ 943.0     $ 935.2     $ 7.8     0.8 %
                               
Adjusted Property EBITDA   $ 352.7     $ 357.2     $ (4.5 )   -1.3 %
  EBITDA Margin %     37.4 %     38.2 %           -0.8 pts  
                               
Operating Income   $ 312.4     $ 317.6     $ (5.2 )   -1.6 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 10,127.6     $ 14,152.3     $ (4,024.7 )   -28.4 %
  Rolling Chip Win %(1)     3.13 %     3.03 %           0.10 pts  
                               
Non-Rolling Chip Drop   $ 2,208.1     $ 2,005.1     $ 203.0     10.1 %
  Non-Rolling Chip Win %     24.7 %     23.9 %           0.8 pts  
                               
Slot Handle   $ 1,440.9     $ 1,144.4     $ 296.5     25.9 %
  Slot Hold %     4.6 %     5.7 %           -1.1 pts  
                               
Hotel Statistics                              
                               
Occupancy %     93.3 %     91.8 %           1.5 pts  
Average Daily Rate (ADR)   $ 269     $ 242     $ 27     11.2 %
Revenue per Available Room (RevPAR)   $ 251     $ 222     $ 29     13.1 %
                               

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Sands Cotai Central Third Quarter Operating Results

Net revenues and adjusted property EBITDA for the third quarter of 2014 at Sands Cotai Central were $816.5 million and $267.0 million, respectively, resulting in an EBITDA margin of 32.7%.

Non-Rolling Chip drop increased 32.3% to reach a record $1.89 billion with Non-Rolling Chip win percentage of 22.4%. Rolling Chip volume was $10.57 billion for the quarter. Slot handle increased 38.7% to $2.03 billion for the quarter.

Mass table, slot and electronic table game (ETG) win per day climbed to $5.4 million, an increase of 25.1% year-over-year. Hotel occupancy reached 89.5% with ADR of $176.

Visitation to the property continues to grow and exceeded 5.4 million visits in the quarter.

The following table summarizes our key operating results for Sands Cotai Central for the third quarter of 2014 compared to the third quarter of 2013:

             
    Three Months Ended        
Sands Cotai Central Operations   September 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 727.3     $ 660.9     $ 66.4     10.0 %
  Rooms     81.8       65.9       15.9     24.1 %
  Food and Beverage     34.8       28.2       6.6     23.4 %
  Mall     17.7       11.5       6.2     53.9 %
  Convention, Retail and Other     8.2       7.1       1.1     15.5 %
  Less - Promotional Allowances     (53.3 )     (37.0 )     (16.3 )   -44.1 %
Net Revenues   $ 816.5     $ 736.6     $ 79.9     10.8 %
                               
Adjusted Property EBITDA   $ 267.0     $ 224.3     $ 42.7     19.0 %
  EBITDA Margin %     32.7 %     30.4 %           2.3 pts  
                               
Operating Income   $ 193.0     $ 154.3     $ 38.7     25.1 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 10,567.2     $ 15,550.1     $ (4,982.9 )   -32.0 %
  Rolling Chip Win %(1)     3.48 %     2.71 %           0.77 pts  
                               
Non-Rolling Chip Drop   $ 1,891.2     $ 1,429.3     $ 461.9     32.3 %
  Non-Rolling Chip Win %     22.4 %     23.4 %           -1.0 pts  
                               
Slot Handle   $ 2,025.1     $ 1,459.7     $ 565.4     38.7 %
  Slot Hold %     3.4 %     4.1 %           -0.7 pts  
                               
Hotel Statistics                              
                               
Occupancy %     89.5 %     84.8 %           4.7 pts  
Average Daily Rate (ADR)   $ 176     $ 152     $ 24     15.8 %
Revenue per Available Room (RevPAR)   $ 157     $ 129     $ 28     21.7 %
                               

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Four Seasons Hotel Macao Third Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $101.2 million in the third quarter of 2014, a decrease of 10.4% compared to the year-ago quarter. Non-Rolling Chip drop increased 17.7% in the third quarter of 2014 to reach $320.4 million, while Non-Rolling Chip win percentage was 25.2%. Rolling Chip volume was $6.24 billion for the quarter. Rolling Chip win percentage was 3.45% in the quarter, exceeding both the expected range and the 2.88% experienced in the prior-year quarter. Slot handle decreased 18.5% to $214.6 million during the quarter.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the third quarter of 2014 compared to the third quarter of 2013:

             
    Three Months Ended        
Four Seasons Hotel Macao and Plaza Casino Operations   September 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 221.4     $ 290.6     $ (69.2 )   -23.8 %
  Rooms     11.9       11.1       0.8     7.2 %
  Food and Beverage     7.7       8.2       (0.5 )   -6.1 %
  Mall     36.3       32.2       4.1     12.7 %
  Convention, Retail and Other     1.0       1.0       -     0.0 %
  Less - Promotional Allowances     (12.9 )     (13.1 )     0.2     1.5 %
Net Revenues   $ 265.4     $ 330.0     $ (64.6 )   -19.6 %
                               
Adjusted Property EBITDA   $ 101.2     $ 112.9     $ (11.7 )   -10.4 %
  EBITDA Margin %     38.1 %     34.2 %           3.9 pts  
                               
Operating Income   $ 88.7     $ 100.1     $ (11.4 )   -11.4 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 6,236.9     $ 10,451.7     $ (4,214.8 )   -40.3 %
  Rolling Chip Win %(1)     3.45 %     2.88 %           0.57 pts  
                               
Non-Rolling Chip Drop   $ 320.4     $ 272.3     $ 48.1     17.7 %
  Non-Rolling Chip Win %     25.2 %     28.3 %           -3.1 pts  
                               
Slot Handle   $ 214.6     $ 263.4     $ (48.8 )   -18.5 %
  Slot Hold %     4.6 %     5.6 %           -1.0 pts  
                               
Hotel Statistics                              
                               
Occupancy %     88.3 %     88.2 %           0.1 pts  
Average Daily Rate (ADR)   $ 391     $ 363     $ 28     7.7 %
Revenue per Available Room (RevPAR)   $ 345     $ 321     $ 24     7.5 %
                               

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Sands Macao Third Quarter Operating Results

Sands Macao's adjusted property EBITDA decreased 2.0% compared to the same quarter last year to $88.1 million. Non-Rolling Chip drop increased 0.8% to $884.6 million during the quarter, while slot handle increased 26.2% to reach $833.4 million. The property realized 2.76% win on Rolling Chip volume during the quarter, below the 2.94% generated in the year-ago quarter. Rolling Chip volume was $4.32 billion for the quarter.

The following table summarizes our key operating results for Sands Macao for the third quarter of 2014 compared to the third quarter of 2013:

             
    Three Months Ended        
Sands Macao Operations   September 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 273.6     $ 297.9     $ (24.3 )   -8.2 %
  Rooms     5.7       6.2       (0.5 )   -8.1 %
  Food and Beverage     9.8       10.0       (0.2 )   -2.0 %
  Convention, Retail and Other     2.5       2.6       (0.1 )   -3.8 %
  Less - Promotional Allowances     (11.5 )     (11.4 )     (0.1 )   -0.9 %
Net Revenues   $ 280.1     $ 305.3     $ (25.2 )   -8.3 %
                               
Adjusted Property EBITDA   $ 88.1     $ 89.9     $ (1.8 )   -2.0 %
  EBITDA Margin %     31.5 %     29.5 %           2.0 pts  
                               
Operating Income   $ 78.3     $ 80.3     $ (2.0 )   -2.5 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 4,318.5     $ 5,232.9     $ (914.4 )   -17.5 %
  Rolling Chip Win %(1)     2.76 %     2.94 %           -0.18 pts  
                               
Non-Rolling Chip Drop   $ 884.6     $ 877.4     $ 7.2     0.8 %
  Non-Rolling Chip Win %     19.1 %     19.6 %           -0.5 pts  
                               
Slot Handle   $ 833.4     $ 660.3     $ 173.1     26.2 %
  Slot Hold %     3.6 %     3.9 %           -0.3 pts  
                               
Hotel Statistics                              
                               
Occupancy %     99.4 %     96.9 %           2.5 pts  
Average Daily Rate (ADR)   $ 219     $ 243     $ (24 )   -9.9 %
Revenue per Available Room (RevPAR)   $ 218     $ 236     $ (18 )   -7.6 %
                               

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Marina Bay Sands Third Quarter Operating Results

Marina Bay Sands in Singapore generated adjusted property EBITDA of $351.7 million, a decrease of 5.9% compared to the third quarter of 2013. Rolling Chip win percentage of 2.64% in the third quarter of 2014 was below both the expected range and the 2.85% achieved in the third quarter of 2013.

Non-Rolling Chip drop was $1.14 billion during the quarter. Slot handle increased 13.1% to $3.13 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 6.6% to a record $4.82 million, compared to $4.52 million in the third quarter of 2013. Rolling Chip volume was $9.12 billion for the quarter.

The high-margin hotel room and retail mall segments of the property continued to reflect strong revenue growth of 8.9% and 17.9%, respectively. ADR increased to a record $468 during the quarter, driving a RevPAR increase of 16.3% compared to the same quarter last year. Occupancy was 99.4% during the quarter.

The following table summarizes our key operating results for Marina Bay Sands for the third quarter of 2014 compared to the third quarter of 2013:

             
    Three Months Ended        
Marina Bay Sands Operations   September 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 573.5     $ 628.1     $ (54.6 )   -8.7 %
  Rooms     101.6       93.3       8.3     8.9 %
  Food and Beverage     47.9       44.4       3.5     7.9 %
  Mall     44.8       38.0       6.8     17.9 %
  Convention, Retail and Other     23.9       24.5       (0.6 )   -2.4 %
  Less - Promotional Allowances     (56.2 )     (54.1 )     (2.1 )   -3.9 %
Net Revenues   $ 735.5     $ 774.2     $ (38.7 )   -5.0 %
                               
Adjusted Property EBITDA   $ 351.7     $ 373.6     $ (21.9 )   -5.9 %
  EBITDA Margin %     47.8 %     48.3 %           -0.5 pts  
                               
Operating Income   $ 259.0     $ 282.1     $ (23.1 )   -8.2 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 9,121.8     $ 13,785.4     $ (4,663.6 )   -33.8 %
  Rolling Chip Win %(1)     2.64 %     2.85 %           -0.21 pts  
                               
Non-Rolling Chip Drop   $ 1,137.4     $ 1,156.3     $ (18.9 )   -1.6 %
  Non-Rolling Chip Win %     25.6 %     23.6 %           2.0 pts  
                               
Slot Handle   $ 3,126.5     $ 2,763.7     $ 362.8     13.1 %
  Slot Hold %     4.9 %     5.1 %           -0.2 pts  
                               
Hotel Statistics                              
                               
Occupancy %     99.4 %     99.8 %           -0.4 pts  
Average Daily Rate (ADR)   $ 468     $ 401     $ 67     16.7 %
Revenue per Available Room (RevPAR)   $ 465     $ 400     $ 65     16.3 %
                               

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Las Vegas Operations Third Quarter Operating Results

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $90.2 million for the quarter, a 3.6% increase compared to the third quarter of 2013. Hotel ADR increased 4.1% to reach $204 in the quarter, compared to the third quarter of 2013. RevPAR increased 9.4% to $187 in the quarter. Table games drop, which reflected strong baccarat play, increased 16.3% in the quarter to $632.9 million while slot handle increased 12.1% to $573.1 million.

The following table summarizes our key operating results for our Las Vegas operations for the third quarter of 2014 compared to the third quarter of 2013:

             
    Three Months Ended        
Las Vegas Operations   September 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 165.1     $ 168.1     $ (3.0 )   -1.8 %
  Rooms     115.6       110.9       4.7     4.2 %
  Food and Beverage     51.6       51.8       (0.2 )   -0.4 %
  Convention, Retail and Other     72.4       68.7       3.7     5.4 %
  Less - Promotional Allowances     (24.2 )     (24.5 )     0.3     1.2 %
Net Revenues   $ 380.5     $ 375.0     $ 5.5     1.5 %
                               
Adjusted Property EBITDA   $ 90.2     $ 87.1     $ 3.1     3.6 %
EBITDA Margin %     23.7 %     23.2 %           0.5 pts  
                               
Operating Income   $ 79.1     $ 24.9     $ 54.2     217.7 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 632.9     $ 544.3     $ 88.6     16.3 %
Table Games Win %(1)     24.1 %     28.7 %           -4.6 pts  
                               
Slot Handle   $ 573.1     $ 511.4     $ 61.7     12.1 %
Slot Hold %     8.3 %     8.7 %           -0.4 pts  
                               
Hotel Statistics                              
                               
Occupancy %     91.9 %     87.6 %           4.3 pts  
Average Daily Rate (ADR)   $ 204     $ 196     $ 8     4.1 %
Revenue per Available Room (RevPAR)   $ 187     $ 171     $ 16     9.4 %
                               

(1) This compares to our expected Baccarat win percentage of 22.0% to 30.0% and our expected non-Baccarat win percentage of 14.0% to 18.0% (calculated before discounts).

Sands Bethlehem Third Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 3.6% to $127.3 million and adjusted property EBITDA increased 0.7% to $29.8 million for the third quarter of 2014. Table games drop increased 5.0% to $274.6 million for the quarter, while table games win percentage was 16.2%, which compared to 15.0% in the third quarter of 2013. Slot handle decreased 0.7% year-over-year to $1.04 billion for the quarter with slot hold percentage of 6.9%.

The following table summarizes our key operating results for Sands Bethlehem for the third quarter of 2014 compared to the third quarter of 2013:

             
    Three Months Ended        
Sands Bethlehem Operations   September 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 118.3     $ 113.9     $ 4.4     3.9 %
  Rooms     3.6       3.2       0.4     12.5 %
  Food and Beverage     6.7       7.3       (0.6 )   -8.2 %
  Mall     1.2       1.0       0.2     20.0 %
  Convention, Retail and Other     4.4       3.9       0.5     12.8 %
  Less - Promotional Allowances     (6.9 )     (6.4 )     (0.5 )   -7.8 %
Net Revenues   $ 127.3     $ 122.9     $ 4.4     3.6 %
                               
Adjusted Property EBITDA   $ 29.8     $ 29.6     $ 0.2     0.7 %
EBITDA Margin %     23.4 %     24.0 %           -0.6 pts  
                               
Operating Income   $ 23.5     $ 20.5     $ 3.0     14.6 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 274.6     $ 261.6     $ 13.0     5.0 %
Table Games Win %(1)     16.2 %     15.0 %           1.2 pts  
                               
Slot Handle   $ 1,038.0     $ 1,045.1     $ (7.1 )   -0.7 %
Slot Hold %     6.9 %     6.9 %           0.0 pts  
                               
Hotel Statistics                              
                               
Occupancy %     89.4 %     82.1 %           7.3 pts  
Average Daily Rate (ADR)   $ 145     $ 141     $ 4     2.8 %
Revenue per Available Room (RevPAR)   $ 130     $ 115     $ 15     13.0 %
                               

(1) This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).

Asian Retail Mall Operations

Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $149.5 million for the third quarter of 2014, an increase of 17.6% compared to the third quarter of 2013. Operating profit derived from these retail mall assets increased 19.6% for the quarter compared to the quarter one year ago, reaching $131.9 million.

         
    For The Three Months Ended September 30, 2014   TTM September 30, 2014
(Dollars in millions
except per square foot data)
  Gross Revenue(1)   Operating Profit   Operating Profit Margin     Gross Leasable Area
(sq. ft.)
  Occupancy % at End of Period   Tenant Sales Per
Sq. Ft.(2)
                                 
Shoppes at Venetian   $ 50.8   $ 44.9   88.4 %   756,261   95.6 % $ 1,579
                                 
Shoppes at Four Seasons                                
  Luxury Retail     26.4     25.0   94.7 %   142,562   100.0 %   6,399
  Other Stores     9.9     9.5   96.0 %   115,692   95.3 %   3,189
  Total     36.3     34.5   95.0 %   258,254   97.9 %   5,810
                                 
Shoppes at Cotai Central     17.6     15.4   87.5 %   329,228 (3) 97.9 %   1,472
                                 
Total Cotai Strip in Macao     104.7     94.8   90.5 %   1,343,743   96.6 %   2,289
                                 
The Shoppes at Marina Bay Sands     44.8     37.1   82.8 %   648,618   91.7 %(4)   1,423
                                 
Total   $ 149.5   $ 131.9   88.2 %   1,992,361   95.0 % $ 2,011
                                 

(1) Gross revenue figures are net of intersegment revenue eliminations.
(2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
(3) At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.
(4) This occupancy percentage reflects the ongoing repositioning of the mall in which approximately 37,000 square feet of gross leasable area is undergoing new fit-out, but rent collection has not commenced.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $3.1 million during the quarter, compared to adjusted property EBITDA of $1.2 million in the third quarter of 2013.

Pre-opening expense was negative $2.4 million in the third quarter of 2014, compared to $1.8 million of expense in the third quarter of 2013.

Depreciation and amortization expense was $251.0 million in the third quarter of 2014, compared to $248.9 million in the third quarter of 2013.

Interest expense, net of amounts capitalized, was $66.8 million for the third quarter of 2014, compared to $66.9 million in the prior-year quarter. Capitalized interest was $2.9 million during the third quarter of 2014, compared to $0.9 million during the third quarter of 2013. Our weighted average borrowing cost in the third quarter of 2014 was approximately 2.7%.

Corporate expense was $42.7 million in the third quarter of 2014, compared to $38.5 million in the third quarter of 2013.

Other income, which was principally composed of foreign currency gains, was $0.1 million in the third quarter of 2014, compared to $3.2 million in the third quarter of 2013.

The company's effective income tax rate for the third quarter of 2014 was 5.3%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

The net income attributable to noncontrolling interests during the third quarter of 2014 of $188.8 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of September 30, 2014 were $3.15 billion.

As of September 30, 2014, total debt outstanding, including the current portion, was $9.94 billion.

Capital Expenditures

Capital expenditures during the third quarter totaled $266.3 million, including construction, development and maintenance activities of $197.4 million in Macao, $43.4 million in Las Vegas, $23.4 million at Marina Bay Sands and $2.1 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, October 15, 2014 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, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao 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, gain or loss on disposal of assets, loss on modification or early retirement of debt and legal settlement expense.

About Las Vegas Sands

Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state-of-the-art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.

Our properties include the five-diamond Venetian and Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through our majority ownership in Sands China Ltd. (HK: 1928), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.

LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through our Sands Cares corporate citizenship program and leading innovation with the company's award-winning Sands ECO360° global sustainability program. To learn more, please visit www.sands.com.

Las Vegas Sands Corp.
Third Quarter 2014 Results
Non-GAAP Reconciliations

Within the company's third quarter 2014 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized 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, amortization of leasehold interests in land, gain or loss on disposal of assets, pre-opening expense, development expense, royalty fees, stock-based compensation, legal settlement expense and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized 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     Nine Months Ended  
    September 30,     September 30,  
    2014     2013     2014     2013  
                                 
Revenues:                                
  Casino   $ 2,897,084     $ 2,984,538     $ 9,281,959     $ 8,394,721  
  Rooms     386,867       349,001       1,162,205       998,646  
  Food and beverage     185,821       174,260       582,804       534,361  
  Mall     150,728       128,068       378,832       321,522  
  Convention, retail and other     128,458       123,259       391,663       372,370  
      3,748,958       3,759,126       11,797,463       10,621,620  
  Less - promotional allowances     (215,836 )     (190,586 )     (629,607 )     (507,420 )
      3,533,122       3,568,540       11,167,856       10,114,200  
Operating expenses:                                
  Resort operations     2,256,479       2,348,295       7,114,528       6,634,063  
  Corporate     42,704       38,468       138,504       141,221  
  Pre-opening     (2,414 )     1,778       18,027       9,646  
  Development     3,043       3,487       8,952       14,840  
  Depreciation and amortization     251,002       248,925       776,065       752,530  
  Amortization of leasehold interests in land     10,086       10,022       30,152       30,297  
  Loss on disposal of assets     801       2,739       4,922       9,433  
      2,561,701       2,653,714       8,091,150       7,592,030  
Operating income     971,421       914,826       3,076,706       2,522,170  
Other income (expense):                                
  Interest income     5,609       3,819       17,109       10,848  
  Interest expense, net of amounts capitalized     (66,779 )     (66,917 )     (207,495 )     (204,125 )
  Other income (expense)     95       3,207       (2,368 )     4,992  
  Loss on modification or early retirement of debt     (1,978 )     -       (19,942 )     -  
Income before income taxes     908,368       854,935       2,864,010       2,333,885  
Income tax expense     (47,869 )     (45,637 )     (153,939 )     (148,940 )
Net income     860,499       809,298       2,710,071       2,184,945  
Net income attributable to noncontrolling interests     (188,794 )     (182,554 )     (590,747 )     (456,487 )
Net income attributable to Las Vegas Sands Corp.   $ 671,705     $ 626,744     $ 2,119,324     $ 1,728,458  
                                 
Earnings per share:                                
  Basic   $ 0.84     $ 0.76     $ 2.62     $ 2.10  
  Diluted   $ 0.83     $ 0.76     $ 2.62     $ 2.09  
                                 
Weighted average shares outstanding:                                
  Basic     803,064,834       823,200,515       808,247,012       823,512,889  
  Diluted     804,810,589       826,965,340       810,288,616       827,543,510  
                                 
Dividends declared per common share   $ 0.50     $ 0.35     $ 1.50     $ 1.05  
                                 
 
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 September 30, 2014
                                             
 
 
 
 
 
 
 
 
 
 
Operating
Income (Loss)
 
 
 
 
 
 
 
 
 
Depreciation
and
Amortization
 
 
 
 
Amortization
of Leasehold
Interests
in Land
 
 
 
 
 
(Gain) Loss
on Disposal
of Assets
 
 
 
 
 
 
 
 
Pre-Opening
and
Development
Expense
 
 
 
 
 
 
 
 
 
 
Royalty
Fees
 
 
 
 
 
 
 
 
 
(1)
Stock-Based
Compensation
 
 
 
 
 
 
Corporate
Expense
 
 
 
 
 
Adjusted
Property
EBITDA
Macao:                                                              
  The Venetian Macao   $ 312,439     $ 35,816   $ 1,655   $ 112     $ -     $ -     $ 2,713   $ -   $ 352,735
  Sands Cotai Central     193,005       70,061     2,154     469       (34 )     -       1,376     -     267,031
  Four Seasons Hotel Macao and Plaza Casino     88,678       9,843     706     40       1,499       -       418     -     101,184
  Sands Macao     78,308       8,858     354     44       -       -       535     -     88,099
Macao Property Operations     672,430       124,578     4,869     665       1,465       -       5,042     -     809,049
Marina Bay Sands     259,040       62,651     4,595     144       75       24,351       831     -     351,687
United States:                                                              
  Las Vegas Operating Properties     79,053       46,142     -     (5 )     36       (36,307 )     1,264     -     90,183
  Sands Bethlehem     23,470       6,336     -     (3 )     29       -       14     -     29,846
United States Property Operations     102,523       52,478     -     (8 )     65       (36,307 )     1,278     -     120,029
Other Asia (2)     (12,640 )     3,457     -     -       12       12,200       101     -     3,130
Other Development     205       161     622     -       (988 )     -       -     -     -
Corporate     (50,137 )     7,677     -     -       -       (244 )     -     42,704     -
    $ 971,421     $ 251,002   $ 10,086   $ 801     $ 629     $ -     $ 7,252   $ 42,704   $ 1,283,895
                                                               
                                             
Three Months Ended September 30, 2013
                                             
   

Operating
Income (Loss)
   
Depreciation
and
Amortization
  Amortization
of Leasehold
Interests
in Land
 
(Gain) Loss
on Disposal
of Assets
    Pre-Opening
and
Development
Expense
   

Royalty
Fees
   
(1)
Stock-Based
Compensation
  Legal
Settlement
and Corporate
Expense
 
Adjusted
Property
EBITDA
Macao:                                                              
  The Venetian Macao   $ 317,596     $ 35,391   $ 1,681   $ 232     $ (1 )   $ -     $ 2,298   $ -   $ 357,197
  Sands Cotai Central     154,292       65,606     2,152     931       194       -       1,097     -     224,272
  Four Seasons Hotel Macao and Plaza Casino     100,075       11,017     677     31       1,077       -       45     -     112,922
  Sands Macao     80,267       8,204     354     397       -       -       725     -     89,947
Macao Property Operations     652,230       120,218     4,864     1,591       1,270       -       4,165     -     784,338
Marina Bay Sands     282,061       62,086     4,536     119       -       23,171       1,639     -     373,612
United States:                                                              
  Las Vegas Operating Properties     24,865       46,333     -     (6 )     271       (33,939 )     2,211     47,400     87,135
  Sands Bethlehem     20,537       8,737     -     34       132       -       113     -     29,553
United States Property Operations     45,402       55,070     -     28       403       (33,939 )     2,324     47,400     116,688
Other Asia (2)     (13,529 )     3,653     -     -       11       11,000       42     -     1,177
Other Development     (4,360 )     157     622     -       3,581       -       -     -     -
Corporate     (46,978 )     7,741     -     1,001       -       (232 )     -     38,468     -
    $ 914,826     $ 248,925   $ 10,022   $ 2,739     $ 5,265     $ -     $ 8,170   $ 85,868   $ 1,275,815
                                                               
                                             
Nine Months Ended September 30, 2014
                                             
   

Operating
Income (Loss)
   
Depreciation
and
Amortization
  Amortization
of Leasehold
Interests
in Land
 
(Gain) Loss
on Disposal
of Assets
    Pre-Opening
and
Development
Expense
 

Royalty
Fees
   
(1)
Stock-Based
Compensation
   

Corporate
Expense
 
Adjusted
Property
EBITDA
Macao:                                                              
  The Venetian Macao   $ 1,103,241     $ 108,249   $ 4,961   $ 716     $ -   $ -     $ 7,709     $ -   $ 1,224,876
  Sands Cotai Central     561,299       204,193     6,460     1,080       4,363     -       3,815       -     781,210
  Four Seasons Hotel Macao and Plaza Casino     243,814       29,540     2,118     92       5,633     -       982       -     282,179
  Sands Macao     233,660       25,542     1,061     162       -     -       1,431       -     261,856
Macao Property Operations     2,142,014       367,524     14,600     2,050       9,996     -       13,937       -     2,550,121
Marina Bay Sands     899,323       209,491     13,687     3,517       75     74,887       3,646       -     1,204,626
United States:                                                              
  Las Vegas Operating Properties     202,565       139,654     -     (724 )     133     (110,738 )     5,060       -     235,950
  Sands Bethlehem     61,022       23,254     -     (70 )     94     -       (8 )     -     84,292
United States Property Operations     263,587       162,908     -     (794 )     227     (110,738 )     5,052       -     320,242
Other Asia (2)     (46,425 )     10,604     -     149       46     36,600       274       -     1,248
Other Development     (18,970 )     470     1,865     -       16,635     -       -       -     -
Corporate     (162,823 )     25,068     -     -       -     (749 )     -       138,504     -
    $ 3,076,706     $ 776,065   $ 30,152   $ 4,922     $ 26,979   $ -     $ 22,909     $ 138,504   $ 4,076,237
                                                               
                                           
Nine Months Ended September 30, 2013  
                                           
   

Operating
Income (Loss)
   
Depreciation
and
Amortization
  Amortization
of Leasehold
Interests
in Land
 
Loss
on Disposal
of Assets
  Pre-Opening
and
Development
Expense
 

Royalty
Fees
   
(1)
Stock-Based
Compensation
  Legal
Settlement
and Corporate
Expense
 
Adjusted
Property
EBITDA
 
Macao:                                                            
  The Venetian Macao   $ 952,064     $ 102,275   $ 4,959   $ 1,712   $ 120   $ -     $ 5,413   $ -   $ 1,066,543  
  Sands Cotai Central     293,664       191,709     6,458     2,243     5,563     -       2,303     -     501,940  
  Four Seasons Hotel Macao and Plaza Casino     188,856       34,364     2,117     96     2,726     -       124     -     228,283  
  Sands Macao     248,077       23,726     1,061     513     -     -       1,510     -     274,887  
Macao Property Operations     1,682,661       352,074     14,595     4,564     8,409     -       9,350     -     2,071,653  
Marina Bay Sands     829,835       198,814     13,837     2,713     -     75,205       5,338     -     1,125,742  
United States:                                                            
  Las Vegas Operating Properties     173,188       142,268     -     1,108     387     (107,453 )     6,634     47,400     263,532  
  Sands Bethlehem     65,731       26,645     -     34     239     -       339     -     92,988  
United States Property Operations     238,919       168,913     -     1,142     626     (107,453 )     6,973     47,400     356,520  
Other Asia (2)     (49,027 )     11,035     -     13     262     33,000       170     -     (4,547 )
Other Development     (17,527 )     473     1,865     -     15,189     -       -     -     -  
Corporate     (162,691 )     21,221     -     1,001     -     (752 )     -     141,221     -  
    $ 2,522,170     $ 752,530   $ 30,297   $ 9,433   $ 24,486   $ -     $ 21,831   $ 188,621   $ 3,549,368  
 
(1) During the three months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expense of $11.6 million and $13.4 million, respectively, of which $4.1 million and $5.2 million, respectively, is included in corporate expense and $0.3 million and $0.0 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, 2014 and 2013, the Company recorded stock-based compensation expense of $37.8 million and $39.8 million, respectively, of which $14.4 million and $18.0 million, respectively, is included in corporate expense and $0.5 million and $0.0 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 are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
                     
Three Months Ended September 30, 2014
                     
 
 
 
 
 
 
 
 
 
Adjusted
Property
EBITDA
 
 
 
 
(1)
Hold-Normalized
Casino
Revenue
 
 
 
 
 
 
 
 
(2)
Hold-Normalized
Casino
Expense
 
 
 
 
 
 
 
 
Hold-Normalized
Adjusted
Property
EBITDA
                             
Macao Property Operations   $ 809,049   $ (96,288 )   $ 59,325     $ 772,086
Marina Bay Sands     351,687     18,507       (3,733 )     366,461
United States:                            
  Las Vegas Operating Properties     90,183     (8,029 )     1,412       83,566
  Sands Bethlehem     29,846     -       -       29,846
United States Property Operations     120,029     (8,029 )     1,412       113,412
Other Asia     3,130     -       -       3,130
Other Development     -     -       -       -
Corporate     -     -       -       -
    $ 1,283,895   $ (85,810 )   $ 57,004     $ 1,255,089
                             
                             
Three Months Ended September 30, 2013
                     
 
 
 
 
 
 
 
 
 
Adjusted
Property
EBITDA
 
 
 
 
(1)
Hold-Normalized
Casino
Revenue
 
 
 
 
 
 
 
 
(2)
Hold-Normalized
Casino
Expense
 
 
 
 
 
 
 
 
Hold-Normalized
Adjusted
Property
EBITDA
                             
Macao Property Operations   $ 784,338   $ -     $ -     $ 784,338
Marina Bay Sands     373,612     -       -       373,612
United States:                            
  Las Vegas Operating Properties     87,135     (30,976 )     5,446       61,605
  Sands Bethlehem     29,553     -       -       29,553
United States Property Operations     116,688     (30,976 )     5,446       91,158
Other Asia     1,177     -       -       1,177
Other Development     -     -       -       -
Corporate     -     -       -       -
    $ 1,275,815   $ (30,976 )   $ 5,446     $ 1,250,285
 
(1) For Macao Property Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling volume play that would have been earned or lost had the Company's current period win percentage equaled 2.85%. This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%.
 
For the Las Vegas Operating Properties, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the Company's current period win percentage equaled 26.0% for Baccarat and 16.0% for non-Baccarat. This calculation will only be done if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 22.0% to 30.0% and 14.0% to 18.0%, respectively.
 
For Sands Bethlehem, no adjustments have been, or will be, made.
 
These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.
 
(2) Represents the estimated incremental expenses (gaming taxes, bad debt expense and commissions paid to third parties) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.
 
                 
Las Vegas Sands Corp. and Subsidiaries  
Non-GAAP Measure  
(In thousands)  
(Unaudited)  
                 
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:  
                 
  Three Months Ended   Nine Months Ended  
  September 30,   September 30,  
  2014   2013   2014   2013  
Net income attributable to Las Vegas Sands Corp. $ 671,705   $ 626,744   $ 2,119,324   $ 1,728,458  
  Add (deduct):                        
    Net income attributable to noncontrolling interests   188,794     182,554     590,747     456,487  
    Income tax expense   47,869     45,637     153,939     148,940  
    Loss on modification or early retirement of debt   1,978     -     19,942     -  
    Other (income) expense   (95 )   (3,207 )   2,368     (4,992 )
    Interest expense, net of amounts capitalized   66,779     66,917     207,495     204,125  
    Interest income   (5,609 )   (3,819 )   (17,109 )   (10,848 )
    Loss on disposal of assets   801     2,739     4,922     9,433  
    Amortization of leasehold interests in land   10,086     10,022     30,152     30,297  
    Depreciation and amortization   251,002     248,925     776,065     752,530  
    Development expense   3,043     3,487     8,952     14,840  
    Pre-opening expense   (2,414 )   1,778     18,027     9,646  
    Stock-based compensation (1)   7,252     8,170     22,909     21,831  
    Legal settlement expense (1)   -     47,400     -     47,400  
    Corporate expense   42,704     38,468     138,504     141,221  
Adjusted Property EBITDA $ 1,283,895   $ 1,275,815   $ 4,076,237   $ 3,549,368  
                         
    Hold-normalized casino revenue (2)   (85,810 )   (30,976 )            
    Hold-normalized casino expense (2)   57,004     5,446              
Hold-Normalized Adjusted Property EBITDA $ 1,255,089   $ 1,250,285              
                         
(1) See Exhibit 2                        
(2) See Exhibit 3                        
_______________________                        
                         
Las Vegas Sands Corp. and Subsidiaries  
Supplemental Data - Net Revenues  
(In thousands)  
(Unaudited)  
                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2014     2013     2014     2013  
The Venetian Macao   $ 943,037     $ 935,233     $ 3,160,374     $ 2,702,151  
Sands Cotai Central     816,463       736,599       2,428,822       1,907,780  
Four Seasons Hotel Macao and Plaza Casino     265,432       330,027       863,940       827,336  
Sands Macao     280,079       305,329       906,882       910,269  
Marina Bay Sands     735,505       774,199       2,375,618       2,308,553  
Las Vegas Operating Properties     380,461       375,041       1,116,194       1,132,312  
Sands Bethlehem     127,338       122,922       370,644       372,597  
Other Asia     41,439       35,385       113,286       105,666  
Intersegment Eliminations     (56,632 )     (46,195 )     (167,904 )     (152,464 )
    $ 3,533,122     $ 3,568,540     $ 11,167,856     $ 10,114,200  
                 
_______________________                
                 
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
(Unaudited)
                 
    Three Months Ended   Nine Months Ended
    September 30,   September 30,
    2014   2013   2014   2013
The Venetian Macao   37.4%   38.2%   38.8%   39.5%
Sands Cotai Central   32.7%   30.4%   32.2%   26.3%
Four Seasons Hotel Macao and Plaza Casino   38.1%   34.2%   32.7%   27.6%
Sands Macao   31.5%   29.5%   28.9%   30.2%
Marina Bay Sands   47.8%   48.3%   50.7%   48.8%
Las Vegas Operating Properties   23.7%   23.2%   21.1%   23.3%
Sands Bethlehem   23.4%   24.0%   22.7%   25.0%
Other Asia   7.6%   3.3%   1.1%   -4.3%
                 
Total   36.3%   35.8%   36.5%   35.1%
                 
                     
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
                     
    Three Months Ended     Nine Months Ended
    September 30,     September 30,
    2014     2013     2014   2013
Net income attributable to Las Vegas Sands Corp.   $ 671,705     $ 626,744     $ 2,119,324   $ 1,728,458
                             
Pre-opening expense, net     (1,673 )     1,368       12,722     7,027
Development expense, net     3,043       3,487       8,952     14,840
Loss on disposal of assets, net     603       2,265       4,311     8,069
Loss on modification or early retirement of debt, net     1,978       -       14,589     -
Legal settlement expense     -       47,400       -     47,400
Adjusted net income   $ 675,656     $ 681,264     $ 2,159,898   $ 1,805,794
                             
Hold-normalized casino revenue (1)     (85,810 )     (30,976 )            
Hold-normalized casino expense (1)     57,004       5,446              
Income tax impact on hold adjustments     (2,512 )     -              
Noncontrolling interest impact on hold adjustments     11,036       -              
Hold-normalized adjusted net income   $ 655,374     $ 655,734              
                             
(1) See Exhibit 3                            
                             
Per diluted share of common stock:                            
Net income attributable to Las Vegas Sands Corp.   $ 0.83     $ 0.76     $ 2.62   $ 2.09
                             
Pre-opening expense, net     -       -       0.02     -
Development expense, net     0.01       -       0.01     0.02
Loss on disposal of assets, net     -       -       -     0.01
Loss on modification or early retirement of debt, net     -       -       0.02     -
Legal settlement expense     -       0.06       -     0.06
Adjusted earnings per diluted share   $ 0.84     $ 0.82     $ 2.67   $ 2.18
                             
Hold-normalized casino revenue     (0.11 )     (0.04 )            
Hold-normalized casino expense     0.07       0.01              
Income tax impact on hold adjustments     -       -              
Noncontrolling interest impact on hold adjustments     0.01       -              
Hold-normalized adjusted earnings per diluted share   $ 0.81     $ 0.79              
                             
Weighted average diluted shares outstanding     804,810,589       826,965,340       810,288,616     827,543,510
                         
Las Vegas Sands Corp. and Subsidiaries  
Supplemental Data Schedule  
(Unaudited)  
                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2014     2013     2014     2013  
                                 
Room Statistics:                                
  The Venetian Macao:                                
    Occupancy %     93.3 %     91.8 %     92.2 %     90.3 %
    Average daily room rate (ADR) (1)   $ 269     $ 242     $ 266     $ 234  
    Revenue per available room (RevPAR) (2)   $ 251     $ 222     $ 246     $ 211  
                                 
  Sands Cotai Central:                                
    Occupancy %     89.5 %     84.8 %     87.7 %     74.6 %
    Average daily room rate (ADR) (1)   $ 176     $ 152     $ 174     $ 149  
    Revenue per available room (RevPAR) (2)   $ 157     $ 129     $ 153     $ 111  
                                 
  Four Seasons Hotel Macao and Plaza Casino:                                
    Occupancy %     88.3 %     88.2 %     87.1 %     83.4 %
    Average daily room rate (ADR) (1)   $ 391     $ 363     $ 410     $ 362  
    Revenue per available room (RevPAR) (2)   $ 345     $ 321     $ 357     $ 302  
                                 
  Sands Macao:                                
    Occupancy %     99.4 %     96.9 %     98.2 %     95.6 %
    Average daily room rate (ADR) (1)   $ 219     $ 243     $ 242     $ 244  
    Revenue per available room (RevPAR) (2)   $ 218     $ 236     $ 238     $ 233  
                                 
  Marina Bay Sands:                                
    Occupancy %     99.4 %     99.8 %     99.3 %     99.2 %
    Average daily room rate (ADR) (1)   $ 468     $ 401     $ 435     $ 386  
    Revenue per available room (RevPAR) (2)   $ 465     $ 400     $ 431     $ 383  
                                 
  Las Vegas Operating Properties:                                
    Occupancy %     91.9 %     87.6 %     90.3 %     89.8 %
    Average daily room rate (ADR) (1)   $ 204     $ 196     $ 222     $ 204  
    Revenue per available room (RevPAR) (2)   $ 187     $ 171     $ 201     $ 183  
                                 
  Sands Bethlehem:                                
    Occupancy %     89.4 %     82.1 %     81.9 %     73.4 %
    Average daily room rate (ADR) (1)   $ 145     $ 141     $ 145     $ 141  
    Revenue per available room (RevPAR) (2)   $ 130     $ 115     $ 119     $ 103  
                                 
Casino Statistics:                                
  The Venetian Macao:                                
    Table games win per unit per day (3)   $ 15,341     $ 16,099     $ 17,181     $ 16,878  
    Slot machine win per unit per day (4)   $ 385     $ 332     $ 377     $ 322  
    Average number of table games     610       612       645       565  
    Average number of slot machines     1,887       2,141       2,020       2,218  
                                 
  Sands Cotai Central:                                
    Table games win per unit per day (3)   $ 16,685     $ 18,223     $ 18,015     $ 15,075  
    Slot machine win per unit per day (4)   $ 465     $ 317     $ 427     $ 269  
    Average number of table games     515       450       491       488  
    Average number of slot machines     1,624       2,053       1,755       2,118  
                                 
  Four Seasons Hotel Macao and Plaza Casino:                                
    Table games win per unit per day (3)   $ 24,350     $ 26,549     $ 27,913     $ 23,496  
    Slot machine win per unit per day (4)   $ 711     $ 899     $ 775     $ 717  
    Average number of table games     132       155       129       152  
    Average number of slot machines     152       177       158       180  
                                 
  Sands Macao:                                
    Table games win per unit per day (3)   $ 11,949     $ 11,710     $ 13,486     $ 12,069  
    Slot machine win per unit per day (4)   $ 378     $ 249     $ 353     $ 243  
    Average number of table games     262       302       261       298  
    Average number of slot machines     852       1,135       949       1,185  
                                 
  Marina Bay Sands:                                
    Table games win per unit per day (3)   $ 9,422     $ 11,326     $ 11,008     $ 12,062  
    Slot machine win per unit per day (4)   $ 674     $ 692     $ 691     $ 691  
    Average number of table games     614       639       625       619  
    Average number of slot machines     2,465       2,234       2,397       2,233  
                                 
  Las Vegas Operating Properties:                                
    Table games win per unit per day (3)   $ 7,130     $ 6,948     $ 5,007     $ 5,830  
    Slot machine win per unit per day (4)   $ 222     $ 215     $ 199     $ 202  
    Average number of table games     233       244       235       241  
    Average number of slot machines     2,334       2,247       2,368       2,352  
                                 
  Sands Bethlehem:                                
    Table games win per unit per day (3)   $ 2,936     $ 2,909     $ 2,829     $ 3,022  
    Slot machine win per unit per day (4)   $ 258     $ 260     $ 257     $ 267  
    Average number of table games     165       147       163       145  
    Average number of slot machines     3,012       3,012       3,011       3,015  
 
(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.

Contact Information

  • Contacts:

    Investment Community:
    Daniel Briggs
    (702) 414-1221

    Media:
    Ron Reese
    (702) 414-3607