LAS VEGAS, Jan. 26, 2022 /PRNewswire/ -- Las Vegas Sands
Corp. (NYSE: LVS), the world's leading developer and operator of
convention-based Integrated Resorts, today reported financial
results for the quarter ended December 31,
2021.
"We remain confident in the eventual recovery in travel and
tourism spending across our markets and enthusiastic about the
opportunity to welcome more guests back to our properties in 2022
and the years ahead," said Robert G.
Goldstein, chairman and chief executive officer. "While
pandemic-related travel restrictions continue to impact our current
financial performance, we again generated positive EBITDA in each
of our markets. We remain deeply committed to supporting our team
members and to helping those in need in each of our local
communities as they recover from the impact of the pandemic."
"Our ongoing investments in our team members, our communities
and our market-leading Integrated Resort offerings position us
exceedingly well to deliver growth as travel restrictions
eventually subside and the recovery comes to fruition. We are
fortunate that our financial strength supports our investment and
capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth
opportunities in new markets."
Net revenue was $1.01 billion, a
decrease of 0.7% from the prior year quarter. Operating loss was
$138 million, compared to operating
loss of $119 million in the prior
year quarter. Net loss in the fourth quarter of 2021 was
$315 million, compared to net loss of
$303 million in the fourth quarter of
2020. Consolidated adjusted property EBITDA was $251 million, compared to $191 million in the prior year quarter.
Full year 2021 operating loss was $689
million, compared to operating loss of $1.39 billion in 2020. Net loss attributable to
Las Vegas Sands was $961 million, or
$1.26 per diluted share, in 2021,
compared to net loss of $1.69
billion, or $2.21 per diluted
share, in 2020.
In March 2021, LVS entered into
definitive agreements to sell its Las
Vegas real property and operations for an aggregate purchase
price of approximately $6.25 billion
and anticipates the transaction to close in the first quarter of
2022. The financial position, results of operations and cash flows
of the Las Vegas Operating Properties have been presented as a
discontinued operation held for sale.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 4.3%,
compared to the fourth quarter of 2020, to $643 million. Net
loss for SCL was $245 million,
compared to $246 million in the
fourth quarter of 2020.
On a GAAP basis, full year 2021 total net revenues for SCL
increased 70.4%, compared to the full year 2020, to
$2.87 billion. Net loss for SCL was
$1.05 billion in 2021, compared to
$1.52 billion in 2020.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $152 million for the fourth quarter of 2021,
compared to $147 million in the prior
year quarter. Our weighted average debt balance increased compared
to the prior year quarter due to borrowings under the SCL Credit
Facility during 2021, while our weighted average borrowing cost in
the fourth quarter of 2021 was 4.2%, compared to 4.3% during the
fourth quarter of 2020.
Our income tax expense for the fourth quarter of 2021 was
$14 million, compared to $28 million in the prior year quarter. The income
tax expense for the fourth quarter of 2021 was driven by a non-cash
expense of $12 million related to an increase in the valuation
allowance related to our U.S. foreign tax credits and a 17%
statutory rate on our Singapore
operations.
Balance Sheet Items
Unrestricted cash balances as of December
31, 2021 were $1.85
billion.
The company has access to $3.68 billion available for borrowing under
our U.S., SCL and Singapore
revolving credit facilities, net of outstanding letters of
credit.
As of December 31, 2021, total
debt outstanding, excluding finance leases and financed purchases,
was $14.77 billion.
Capital Expenditures
Capital expenditures during the fourth quarter totaled
$188 million, including construction,
development and maintenance activities of $140 million in Macao, $46
million at Marina Bay Sands and $2
million in Corporate and Other.
Conference Call Information
The company will host a conference call to discuss the company's
results on Wednesday, January 26, 2022 at 1:30 p.m. Pacific Time. Interested parties may
listen to the conference call through a webcast available on the
company's website at www.sands.com.
About Las Vegas Sands Corp. (NYSE: LVS)
Las Vegas Sands is the world's preeminent developer and operator
of world-class Integrated Resorts. We deliver unrivaled economic
benefits to the communities in which we operate.
Sands created the meetings, incentives, convention and
exhibition (MICE)-based Integrated Resort. Our industry-leading
Integrated Resorts provide substantial contributions to our host
communities including growth in leisure and business tourism,
sustained job creation and ongoing financial opportunities for
local small and medium-sized businesses.
Our properties include The Venetian Resort and Sands Expo in
Las Vegas, and the iconic Marina
Bay Sands in Singapore. Through
majority ownership in Sands China Ltd., we have developed the
largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza
and Four Seasons Hotel Macao, The Londoner Macao and The Parisian
Macao, as well as the Sands Macao
on the Macao Peninsula.
Sands is dedicated to being a good corporate citizen, anchored
by the core tenets of serving people, planet and communities. We
deliver a great working environment for our team members worldwide,
drive social impact through the Sands Cares community engagement
and charitable giving program and lead in environmental performance
through the award-winning Sands ECO360 global sustainability
program. To learn more, please visit www.sands.com.
Forward-Looking Statements
This press release contains forward-looking statements 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: the uncertainty of the extent, duration and
effects of the COVID-19 pandemic and the response of governments
and other third parties, including government-mandated property
closures, vaccine mandates, regular testing requirements, other
increased operational regulatory requirements or travel
restrictions, on our business, results of operations, cash flows,
liquidity and development prospects; risks relating to our gaming
licenses and subconcession, including the renewal or extension of
the subconcession in Macao that
expires on June 26, 2022 and proposed
amendments to Macao's gaming laws;
general economic conditions; disruptions or reductions in travel
and our operations due to natural or man-made disasters, pandemics,
epidemics, or outbreaks of infectious or contagious diseases; our
ability to invest in future growth opportunities, execute our
previously announced capital expenditure programs in both
Macao and Singapore, and produce future returns; new
development, construction and ventures; government regulation; our
subsidiaries' ability to make distribution payments to us;
substantial leverage and debt service; benchmark interest rate
transitions for some of our debt instruments; fluctuations in
currency exchange rates and interest rates; our ability to collect
gaming receivables; win rates for our gaming operations; risk of
fraud and cheating; our relationship with gaming promoters;
competition; tax law changes; political instability, civil unrest,
terrorist acts or war; legalization of gaming; insurance; the
satisfaction of the conditions precedent to the consummation of the
proposed sale of our Las Vegas
real property and operations, including the Venetian Resort Las
Vegas and the Sands Expo and Convention Center (the "Proposed
Transaction"), including the receipt of regulatory approvals; legal
proceedings, judgments or settlements that may be instituted in
connection with the Proposed Transaction, including those against
us, our board of directors and executive officers and others; 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.
Contacts:
Investment Community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607
Las Vegas Sands Corp.
Fourth Quarter 2021 Results
Non-GAAP Measures
Within the company's fourth quarter and full year 2021 press
release, the company makes reference to certain non-GAAP financial
measures that supplement the company's consolidated financial
information prepared in accordance with GAAP including "adjusted
net income/loss," "adjusted earnings/loss per diluted share," and
"consolidated adjusted property EBITDA," which have directly
comparable GAAP financial measures along with "adjusted property
EBITDA margin," "hold-normalized adjusted property EBITDA,"
"hold-normalized adjusted property EBITDA margin," "hold-normalized
adjusted net income/loss," and "hold-normalized adjusted
earnings/loss per diluted share." The company believes these
measures represent important internal measures of financial
performance. Set forth in the financial schedules
accompanying this release and presentations included on the
company's website are reconciliations of the non-GAAP financial
measures to the most directly comparable GAAP financial
measures. The non-GAAP financial measure disclosure by the
company has limitations and should not be considered a substitute
for, or superior to, the financial measures prepared in accordance
with GAAP. The definitions of our non-GAAP financial measures
and the specific reasons why the company's management believes the
presentation of the non-GAAP financial measures provides useful
information to investors regarding the company's financial
condition, results of operations and cash flows are presented
below.
The following non-GAAP financial measures are used by
management, as well as industry analysts, to evaluate the company's
operations and operating performance. These non-GAAP
financial measures are presented so investors have the same
financial data management uses in evaluating financial performance
with the belief it will assist the investment community in properly
assessing the underlying financial performance of the company on a
year-over-year and a quarter sequential basis.
Adjusted net income/loss, which is a non-GAAP financial measure,
is net income (loss) attributable to Las Vegas Sands excluding
certain nonrecurring corporate expenses, pre-opening expense,
development expense, gain or loss on disposal or impairment of
assets, loss on modification or early retirement of debt, other
income or expense and income (loss) from discontinued operations,
net of income tax. Adjusted net income/loss and adjusted
earnings/loss per diluted share are presented as supplemental
disclosures as management believes they are (1) each widely used
measures of performance by industry analysts and investors and (2)
a principal basis for valuation of Integrated Resort companies, as
these non-GAAP measures are considered by many as alternative
measures on which to base expectations for future results.
These measures also form the basis of certain internal management
performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP
financial measure, is net income/loss from continuing operations
before stock-based compensation expense, corporate expense,
pre-opening expense, development expense, depreciation and
amortization, amortization of leasehold interests in land, gain or
loss on disposal or impairment of assets, interest, other income or
expense, gain or loss on modification or early retirement of debt
and income taxes. Management utilizes consolidated adjusted
property EBITDA to compare the operating profitability of its
operations with those of its competitors, as well as a basis for
determining certain incentive compensation. Integrated Resort
companies have historically reported adjusted property EBITDA as a
supplemental performance measure to GAAP financial measures.
In order to view the operations of their casinos on a more
stand-alone basis, Integrated Resort companies, including Las Vegas
Sands, have historically excluded certain expenses that do not
relate to the management of specific properties, such as
pre-opening expense, development expense and corporate expense,
from their adjusted property EBITDA calculations.
Consolidated adjusted property EBITDA should not be interpreted as
an alternative to income/loss from operations (as an indicator of
operating performance) or to cash flows from operations (as a
measure of liquidity), in each case, as determined in accordance
with GAAP. The company has significant uses of cash flow,
including capital expenditures, dividend payments, interest
payments, debt principal payments and income tax payments, which
are not reflected in consolidated adjusted property EBITDA.
Not all companies calculate adjusted property EBITDA in the same
manner. As a result, consolidated adjusted property EBITDA as
presented by Las Vegas Sands may not be directly comparable to
similarly titled measures presented by other companies.
Hold-normalized adjusted property EBITDA, a supplemental
non-GAAP financial measure, that, in addition to the aforementioned
reasons for the presentation of consolidated adjusted property
EBITDA, is presented to adjust for the impact of certain variances
in table games' win percentages, which can vary from period to
period. Hold-normalized adjusted property EBITDA is based on
applying a Rolling Chip win percentage of 3.30% to the Rolling Chip
volume for the quarter if the actual win percentage is outside the
expected range of 3.15% to 3.45% for our Macao and Singapore properties and applying a win
percentage of 22.0% for Baccarat and 20.0% for non-Baccarat games
to the respective table games drops for the quarter if the actual
win percentages are outside the expected ranges of 18.0% to 26.0%
for Baccarat and 16.0% to 24.0% for non-Baccarat at our
Las Vegas properties. We do
not present adjustments for Non-Rolling Chip drop for our table
games play at our Macao and
Singapore properties, nor for
slots at any of our properties. Hold-normalized adjusted
property EBITDA is also adjusted for the estimated gaming taxes,
commissions paid, bad debt expense, discounts and other incentives
that would have been incurred when applying the win percentages
noted above to the respective gaming volumes. The
hold-normalized adjusted property EBITDA measure presents a
consistent measure for evaluating the operating performance of our
properties from period to period.
Hold-normalized adjusted net income/loss and hold-normalized
adjusted earnings/loss per diluted share are additional
supplemental non-GAAP financial measures that, in addition to the
aforementioned reasons for the presentation of adjusted net
income/loss and adjusted earnings/loss per diluted share, are
presented to adjust for the impact of certain variances in table
games' win percentages, which can vary from period to period.
The company may also present the above items on a constant
currency basis. This information is a non-GAAP financial
measure that is calculated by translating current quarter local
currency amounts to U.S. dollars based on prior period exchange
rates. These amounts are compared to the prior period to
derive non-GAAP constant-currency growth/decline. Management
considers non-GAAP constant-currency growth/decline to be a useful
metric to investors and management as it allows a more direct
comparison of current performance to historical performance.
The company also makes reference to adjusted property EBITDA
margin and hold-normalized adjusted property EBITDA margin, which
are calculated using the aforementioned non-GAAP financial
measures.
|
|
Exhibit 1
|
Las Vegas Sands Corp.
and Subsidiaries
|
Condensed
Consolidated Statements of Operations
|
(In millions, except
per share data)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
|
$
651
|
|
$
689
|
|
$
2,892
|
|
$
2,041
|
Rooms
|
|
104
|
|
99
|
|
415
|
|
280
|
Food and
beverage
|
|
51
|
|
55
|
|
199
|
|
156
|
Mall
|
|
180
|
|
153
|
|
649
|
|
381
|
Convention,
retail and other
|
|
22
|
|
19
|
|
79
|
|
82
|
Net
revenues
|
|
1,008
|
|
1,015
|
|
4,234
|
|
2,940
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Resort
operations
|
|
761
|
|
829
|
|
3,460
|
|
3,003
|
Corporate
|
|
42
|
|
23
|
|
211
|
|
168
|
Pre-opening
|
|
4
|
|
5
|
|
19
|
|
19
|
Development
|
|
50
|
|
—
|
|
109
|
|
18
|
Depreciation
and amortization
|
|
266
|
|
252
|
|
1,041
|
|
997
|
Amortization
of leasehold interests in land
|
|
14
|
|
14
|
|
56
|
|
55
|
Loss on
disposal or impairment of assets
|
|
9
|
|
11
|
|
27
|
|
73
|
|
|
1,146
|
|
1,134
|
|
4,923
|
|
4,333
|
Operating
loss
|
|
(138)
|
|
(119)
|
|
(689)
|
|
(1,393)
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
|
1
|
|
1
|
|
4
|
|
21
|
Interest
expense, net of amounts capitalized
|
|
(152)
|
|
(147)
|
|
(621)
|
|
(523)
|
Other income
(expense)
|
|
(12)
|
|
(10)
|
|
(31)
|
|
19
|
Loss on modification or
early retirement of debt
|
|
—
|
|
—
|
|
(137)
|
|
—
|
Loss from continuing
operations before income taxes
|
|
(301)
|
|
(275)
|
|
(1,474)
|
|
(1,876)
|
Income tax (expense)
benefit
|
|
(14)
|
|
(28)
|
|
5
|
|
(24)
|
Net loss from
continuing operations
|
|
(315)
|
|
(303)
|
|
(1,469)
|
|
(1,900)
|
Income (loss) from
discontinued operations, net of income taxes
|
|
118
|
|
(73)
|
|
193
|
|
(243)
|
Net loss
|
|
(197)
|
|
(376)
|
|
(1,276)
|
|
(2,143)
|
Net loss attributable
to noncontrolling interests
|
|
74
|
|
77
|
|
315
|
|
458
|
Net loss attributable
to Las Vegas Sands Corp.
|
|
$
(123)
|
|
$
(299)
|
|
$
(961)
|
|
$
(1,685)
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - basic:
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
$
(0.32)
|
|
$
(0.30)
|
|
$
(1.51)
|
|
$
(1.89)
|
Net income (loss) from
discontinued operations, net of income taxes
|
|
0.15
|
|
(0.10)
|
|
0.25
|
|
(0.32)
|
Net loss per common
share
|
|
$
(0.17)
|
|
$
(0.40)
|
|
$
(1.26)
|
|
$
(2.21)
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - diluted:
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
$
(0.32)
|
|
$
(0.30)
|
|
$
(1.51)
|
|
$
(1.89)
|
Net income (loss) from
discontinued operations, net of income taxes
|
|
0.15
|
|
(0.10)
|
|
0.25
|
|
(0.32)
|
Net loss per common
share
|
|
$
(0.17)
|
|
$
(0.40)
|
|
$
(1.26)
|
|
$
(2.21)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
764
|
|
764
|
|
764
|
|
764
|
Diluted
|
|
764
|
|
764
|
|
764
|
|
764
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
0.79
|
|
|
Exhibit 2
|
Las Vegas Sands Corp.
and Subsidiaries
|
Net Revenues and
Adjusted Property EBITDA
|
(In
millions)
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net
Revenues
|
|
|
|
|
|
|
|
The Venetian
Macao
|
$
272
|
|
$
327
|
|
$
1,256
|
|
$
738
|
The Londoner
Macao
|
139
|
|
95
|
|
588
|
|
297
|
The Parisian
Macao
|
67
|
|
101
|
|
357
|
|
259
|
The Plaza Macao and
Four Seasons Macao
|
140
|
|
114
|
|
546
|
|
265
|
Sands
Macao
|
25
|
|
32
|
|
122
|
|
120
|
Ferry Operations and
Other
|
6
|
|
6
|
|
28
|
|
28
|
Macao
Operations
|
649
|
|
675
|
|
2,897
|
|
1,707
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
368
|
|
345
|
|
1,370
|
|
1,261
|
Intersegment
Royalties(1)
|
17
|
|
20
|
|
83
|
|
66
|
Intersegment
Eliminations(2)
|
(26)
|
|
(25)
|
|
(116)
|
|
(94)
|
|
$
1,008
|
|
$
1,015
|
|
$
4,234
|
|
$
2,940
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
|
|
|
|
|
|
|
The Venetian
Macao
|
$
67
|
|
$
73
|
|
$
297
|
|
$
(53)
|
The Londoner
Macao
|
(23)
|
|
(34)
|
|
(84)
|
|
(184)
|
The Parisian
Macao
|
(14)
|
|
(7)
|
|
(17)
|
|
(131)
|
The Plaza Macao and
Four Seasons Macao
|
63
|
|
38
|
|
219
|
|
33
|
Sands
Macao
|
(17)
|
|
(18)
|
|
(69)
|
|
(76)
|
Ferry Operations and
Other
|
(2)
|
|
(5)
|
|
(8)
|
|
(20)
|
Macao
Operations
|
74
|
|
47
|
|
338
|
|
(431)
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
177
|
|
144
|
|
448
|
|
383
|
|
$
251
|
|
$
191
|
|
$
786
|
|
$
(48)
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA as a Percentage of Net Revenues
|
|
|
|
|
|
|
|
The Venetian
Macao
|
24.6%
|
|
22.3%
|
|
23.6%
|
|
|
The Londoner
Macao
|
|
|
|
|
|
|
|
The Parisian
Macao
|
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Macao
|
45.0%
|
|
33.3%
|
|
40.1%
|
|
12.5%
|
Sands
Macao
|
|
|
|
|
|
|
|
Ferry Operations and
Other
|
|
|
|
|
|
|
|
Macao
Operations
|
11.4%
|
|
7.0%
|
|
11.7%
|
|
|
|
|
|
|
|
|
|
|
Marina Bay
Sands
|
48.1%
|
|
41.7%
|
|
32.7%
|
|
30.4%
|
|
|
|
|
|
|
|
|
Total
|
24.9%
|
|
18.8%
|
|
18.6%
|
|
|
____________________
Note:
|
The information for
the three months and year ended December 31, 2021 and 2020,
excludes the results of the Las Vegas Operating Properties, as they
are classified as a discontinued operation held for
sale.
|
(1)
|
Royalties were earned
from foreign operations, which were previously included in the Las
Vegas Operating Properties and will continue post-closing of the
sale.
|
(2)
|
Intersegment
eliminations include royalties and other intercompany
services.
|
|
|
|
Exhibit 3
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In
millions)
|
(Unaudited)
|
|
The following is a
reconciliation of Net Loss from Continuing Operations to
Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted
Property EBITDA:
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net loss from
continuing operations
|
$
(315)
|
|
$
(303)
|
|
$
(1,469)
|
|
$
(1,900)
|
Add
(deduct):
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
14
|
|
28
|
|
(5)
|
|
24
|
Loss on modification
or early retirement of debt
|
—
|
|
—
|
|
137
|
|
—
|
Other (income)
expense
|
12
|
|
10
|
|
31
|
|
(19)
|
Interest expense, net
of amounts capitalized
|
152
|
|
147
|
|
621
|
|
523
|
Interest
income
|
(1)
|
|
(1)
|
|
(4)
|
|
(21)
|
Loss on disposal or
impairment of assets
|
9
|
|
11
|
|
27
|
|
73
|
Amortization of
leasehold interests in land
|
14
|
|
14
|
|
56
|
|
55
|
Depreciation and
amortization
|
266
|
|
252
|
|
1,041
|
|
997
|
Development
expense
|
50
|
|
—
|
|
109
|
|
18
|
Pre-opening
expense
|
4
|
|
5
|
|
19
|
|
19
|
Stock-based
compensation (1)
|
4
|
|
5
|
|
12
|
|
15
|
Corporate
expense
|
42
|
|
23
|
|
211
|
|
168
|
Consolidated Adjusted
Property EBITDA
|
$
251
|
|
$
191
|
|
$
786
|
|
$
(48)
|
|
|
|
|
|
|
|
|
Hold-normalized casino
revenue (2)
|
(15)
|
|
47
|
|
|
|
|
Hold-normalized casino
expense (2)
|
(2)
|
|
(22)
|
|
|
|
|
Consolidated
Hold-Normalized Adjusted Property EBITDA
|
$
234
|
|
$
216
|
|
|
|
|
____________________
Note:
|
The information for
the three months and year ended December 31, 2021 and 2020,
excludes the results of the Las Vegas Operating Properties, as they
are classified as a discontinued operation held for
sale.
|
(1)
|
During the three
months ended December 31, 2021 and 2020, the company recorded
stock-based compensation expense of $10 million and $8 million,
respectively, of which $6 million and $3 million, respectively, is
included in corporate expense on the company's condensed
consolidated statements of operations. During the years ended
December 31, 2021 and 2020, the company recorded stock-based
compensation expense of $27 million and $27 million, respectively,
of which $15 million and $12 million, respectively, is included in
corporate expense on the company's condensed consolidated
statements of operations.
|
(2)
|
See Exhibit
4.
|
|
|
|
Exhibit 4
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In
millions)
|
(Unaudited)
|
|
The following are
reconciliations of Adjusted Property EBITDA to Hold-Normalized
Adjusted Property EBITDA:
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
EBITDA
|
|
Revenue (1)
|
|
Expense (2)
|
|
EBITDA
|
Macao
Operations
|
$
74
|
|
$
24
|
|
$
(9)
|
|
$
89
|
Marina Bay
Sands
|
177
|
|
(39)
|
|
7
|
|
145
|
|
$
251
|
|
$
(15)
|
|
$
(2)
|
|
$
234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hold-Normalized
|
|
Adjusted
|
|
Hold-Normalized
|
|
Hold-Normalized
|
|
Adjusted
|
|
Property
|
|
Casino
|
|
Casino
|
|
Property
|
|
EBITDA
|
|
Revenue (1)
|
|
Expense (2)
|
|
EBITDA
|
Macao
Operations
|
$
47
|
|
$
44
|
|
$
(21)
|
|
$
70
|
Marina Bay
Sands
|
144
|
|
3
|
|
(1)
|
|
146
|
|
$
191
|
|
$
47
|
|
$
(22)
|
|
$
216
|
____________________
Note:
|
The information for
the three months and year ended December 31, 2021 and 2020,
excludes the results of the Las Vegas Operating Properties, as they
are classified as a discontinued operation held for
sale.
|
(1)
|
For Macao Operations
and Marina Bay Sands, this represents the estimated incremental
casino revenue related to Rolling Chip volume play that would have
been earned or lost had the company's current period win percentage
equaled 3.30%. This calculation will only be applied if the current
period win percentage is outside the expected range of 3.15% to
3.45%. The prior year non-GAAP measurement for our Macao Operations
and Marina Bay Sands has also been adjusted to conform to the
current period presentation.
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 expenses (gaming taxes and bad debt expense) that would
have been incurred or avoided on the casino revenue adjustment
calculated in (1) above.
|
|
|
|
Exhibit 5
|
Las Vegas Sands Corp.
and Subsidiaries
|
Non-GAAP Measure
Reconciliation
|
(In millions, except
per share data)
|
(Unaudited)
|
|
The following is a
reconciliation of Net Loss Attributable to LVS to Adjusted Net Loss
and Hold-Normalized Adjusted Net Loss:
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net loss attributable
to LVS
|
$
(123)
|
|
$
(299)
|
|
$
(961)
|
|
$
(1,685)
|
|
|
|
|
|
|
|
|
Pre-opening
expense
|
4
|
|
5
|
|
19
|
|
19
|
Development
expense
|
50
|
|
—
|
|
109
|
|
18
|
Loss on disposal or
impairment of assets
|
9
|
|
11
|
|
27
|
|
73
|
Other (income)
expense
|
12
|
|
10
|
|
31
|
|
(19)
|
Loss on modification
or early retirement of debt
|
—
|
|
—
|
|
137
|
|
—
|
(Income) loss from
discontinued operations, net of income taxes
|
(118)
|
|
73
|
|
(193)
|
|
243
|
Income tax impact on
net income adjustments (1)
|
3
|
|
1
|
|
(11)
|
|
(4)
|
Noncontrolling
interest impact on net income adjustments
|
(6)
|
|
(5)
|
|
(61)
|
|
(20)
|
Adjusted net loss
from continuing operations attributable to LVS
|
$
(169)
|
|
$
(204)
|
|
$
(903)
|
|
$
(1,375)
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue (2)
|
(15)
|
|
47
|
|
|
|
|
Hold-normalized
casino expense (2)
|
(2)
|
|
(22)
|
|
|
|
|
Income tax impact on
hold adjustments (1)
|
5
|
|
—
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
(5)
|
|
(7)
|
|
|
|
|
Hold-normalized
adjusted net loss from continuing operations attributable to
LVS
|
$
(186)
|
|
$
(186)
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a
reconciliation of Diluted Loss per Share to Adjusted Loss per
Diluted Share and Hold-Normalized Adjusted Loss per Diluted
Share:
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Per diluted share of
common stock:
|
|
|
|
|
|
|
|
Net loss attributable
to LVS
|
$
(0.17)
|
|
$
(0.40)
|
|
$
(1.26)
|
|
$
(2.21)
|
|
|
|
|
|
|
|
|
Pre-opening
expense
|
0.01
|
|
0.01
|
|
0.02
|
|
0.03
|
Development
expense
|
0.07
|
|
—
|
|
0.14
|
|
0.02
|
Loss on disposal or
impairment of assets
|
0.01
|
|
0.01
|
|
0.04
|
|
0.11
|
Other (income)
expense
|
0.02
|
|
0.01
|
|
0.04
|
|
(0.03)
|
Loss on modification
or early retirement of debt
|
—
|
|
—
|
|
0.18
|
|
—
|
(Income) loss from
discontinued operations, net of income taxes
|
(0.15)
|
|
0.10
|
|
(0.25)
|
|
0.32
|
Income tax impact on
net income adjustments
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
Noncontrolling
interest impact on net income adjustments
|
(0.01)
|
|
—
|
|
(0.08)
|
|
(0.03)
|
Adjusted loss per
diluted share from continuing operations
|
$
(0.22)
|
|
$
(0.27)
|
|
$
(1.18)
|
|
$
(1.80)
|
|
|
|
|
|
|
|
|
Hold-normalized
casino revenue
|
(0.02)
|
|
0.07
|
|
|
|
|
Hold-normalized
casino expense
|
—
|
|
(0.03)
|
|
|
|
|
Income tax impact on
hold adjustments
|
0.01
|
|
—
|
|
|
|
|
Noncontrolling
interest impact on hold adjustments
|
(0.01)
|
|
(0.01)
|
|
|
|
|
Hold-normalized
adjusted loss per diluted share from continuing
operations
|
$
(0.24)
|
|
$
(0.24)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
764
|
|
764
|
|
764
|
|
764
|
____________________
(1)
|
The income tax impact
for each adjustment is derived by applying the effective tax rate,
including current and deferred income tax expense, based upon the
jurisdiction and the nature of the adjustment.
|
(2)
|
See Exhibit
4.
|
|
|
|
Exhibit 6
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
December
31,
|
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Casino
Statistics:
|
|
|
|
|
|
|
|
The Venetian
Macao:
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
$
3,679
|
|
$
4,349
|
|
$
4,625
|
|
$
2,729
|
Slot machine win per
unit per day (2)
|
$
156
|
|
$
219
|
|
$
162
|
|
$
129
|
Average number of
table games
|
634
|
|
695
|
|
629
|
|
631
|
Average number of slot
machines
|
1,368
|
|
884
|
|
1,216
|
|
954
|
|
|
|
|
|
|
|
|
The Londoner
Macao:
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
$
2,600
|
|
$
2,248
|
|
$
2,869
|
|
$
1,840
|
Slot machine win per
unit per day (2)
|
$
92
|
|
$
111
|
|
$
101
|
|
$
119
|
Average number of
table games
|
478
|
|
342
|
|
475
|
|
329
|
Average number of slot
machines
|
1,155
|
|
545
|
|
998
|
|
563
|
|
|
|
|
|
|
|
|
The Parisian
Macao:
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
$
1,928
|
|
$
3,464
|
|
$
2,793
|
|
$
2,409
|
Slot machine win per
unit per day (2)
|
$
62
|
|
$
143
|
|
$
73
|
|
$
105
|
Average number of
table games
|
273
|
|
266
|
|
270
|
|
271
|
Average number of slot
machines
|
1,066
|
|
768
|
|
960
|
|
776
|
|
|
|
|
|
|
|
|
The Plaza Macao and
Four Seasons Macao:
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
$
6,506
|
|
$
5,201
|
|
$
7,544
|
|
$
3,873
|
Slot machine win per
unit per day (2)
|
$
46
|
|
$
(42)
|
|
$
57
|
|
$
91
|
Average number of
table games
|
142
|
|
173
|
|
142
|
|
164
|
Average number of slot
machines
|
167
|
|
18
|
|
117
|
|
52
|
|
|
|
|
|
|
|
|
Sands
Macao:
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
$
1,556
|
|
$
1,954
|
|
$
2,139
|
|
$
2,004
|
Slot machine win per
unit per day (2)
|
$
44
|
|
$
80
|
|
$
83
|
|
$
88
|
Average number of
table games
|
157
|
|
160
|
|
155
|
|
166
|
Average number of slot
machines
|
695
|
|
551
|
|
608
|
|
549
|
|
|
|
|
|
|
|
|
Marina Bay
Sands:
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
$
3,828
|
|
$
2,490
|
|
$
3,262
|
|
$
4,319
|
Slot machine win per
unit per day (2)
|
$
649
|
|
$
943
|
|
$
756
|
|
$
757
|
Average number of
table games
|
514
|
|
604
|
|
549
|
|
605
|
Average number of slot
machines
|
1,967
|
|
1,714
|
|
1,913
|
|
1,861
|
|
|
|
|
|
|
|
|
Las Vegas Operating
Properties(3):
|
|
|
|
|
|
|
|
Table games win per
unit per day (1)
|
$
4,965
|
|
$
1,797
|
|
$
3,913
|
|
$
2,896
|
Slot machine win per
unit per day (2)
|
$
614
|
|
$
348
|
|
$
555
|
|
$
351
|
Average number of
table games
|
190
|
|
194
|
|
188
|
|
199
|
Average number of slot
machines
|
1,731
|
|
1,432
|
|
1,609
|
|
1,532
|
____________________
Note:
|
These casino
statistics exclude table games and slot machines shutdown due to
social distancing measures or closure of the gaming facilities
implemented as a result of the COVID-19 pandemic.
|
(1)
|
Table games win per
unit per day is shown before discounts, commissions, deferring
revenue associated with the company's loyalty programs and
allocating casino revenues related to goods and services provided
to patrons on a complimentary basis.
|
(2)
|
Slot machine win per
unit per day is shown before deferring revenue associated with the
company's loyalty programs and allocating casino revenues related
to goods and services provided to patrons on a complimentary
basis.
|
(3)
|
The Las Vegas
Operating Properties are classified as a discontinued operation
held for sale.
|
|
|
|
Exhibit 7
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Venetian
Macao
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
195
|
|
$
243
|
|
$
(48)
|
|
(19.8)%
|
Rooms
|
16
|
|
21
|
|
(5)
|
|
(23.8)%
|
Food and
Beverage
|
5
|
|
6
|
|
(1)
|
|
(16.7)%
|
Mall
|
51
|
|
51
|
|
—
|
|
— %
|
Convention, Retail
and Other
|
5
|
|
6
|
|
(1)
|
|
(16.7)%
|
Net
Revenues
|
$
272
|
|
$
327
|
|
$
(55)
|
|
(16.8)%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
67
|
|
$
73
|
|
$
(6)
|
|
(8.2)%
|
EBITDA Margin
%
|
24.6%
|
|
22.3%
|
|
|
|
2.3 pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
890
|
|
$
1,209
|
|
$
(319)
|
|
(26.4)%
|
Rolling Chip Win
%(1)
|
3.36%
|
|
3.31%
|
|
|
|
0.05
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
695
|
|
$
975
|
|
$
(280)
|
|
(28.7)%
|
Non-Rolling Chip Win
%
|
26.6%
|
|
24.4%
|
|
|
|
2.2
pts
|
|
|
|
|
|
|
|
|
Slot
Handle
|
$
466
|
|
$
444
|
|
$
22
|
|
5.0%
|
Slot Hold
%
|
4.2%
|
|
4.0%
|
|
|
|
0.2 pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
%
|
44.2%
|
|
49.3%
|
|
|
|
(5.1) pts
|
Average Daily Rate
(ADR)
|
$
156
|
|
$
167
|
|
$
(11)
|
|
(6.6)%
|
Revenue per Available
Room (RevPAR)
|
$
69
|
|
$
82
|
|
$
(13)
|
|
(15.9)%
|
____________________
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2020 and 2021. Rooms utilized to house team members due to travel
restrictions were excluded from the calculation of hotel statistics
above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Londoner
Macao
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
92
|
|
$
63
|
|
$
29
|
|
46.0%
|
Rooms
|
21
|
|
13
|
|
8
|
|
61.5%
|
Food and
Beverage
|
8
|
|
5
|
|
3
|
|
60.0%
|
Mall
|
13
|
|
13
|
|
—
|
|
— %
|
Convention, Retail
and Other
|
5
|
|
1
|
|
4
|
|
400.0%
|
Net
Revenues
|
$
139
|
|
$
95
|
|
$
44
|
|
46.3%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(23)
|
|
$
(34)
|
|
$
11
|
|
(32.4)%
|
EBITDA Margin
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
759
|
|
$
—
|
|
$
759
|
|
|
Rolling Chip Win
%(1)
|
2.60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
408
|
|
$
291
|
|
$
117
|
|
40.2%
|
Non-Rolling Chip Win
%
|
23.2%
|
|
24.3%
|
|
|
|
(1.1) pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
254
|
|
$
118
|
|
$
136
|
|
115.3%
|
Slot Hold
%
|
3.9%
|
|
4.7%
|
|
|
|
(0.8) pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
41.5%
|
|
22.2%
|
|
|
|
19.3 pts
|
Average Daily Rate
(ADR)
|
$
166
|
|
$
151
|
|
$
15
|
|
9.9%
|
Revenue per Available
Room (RevPAR)
|
$
69
|
|
$
34
|
|
$
35
|
|
102.9%
|
____________________
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2020 and 2021. Rooms utilized for government quarantine purposes
and to house team members due to travel restrictions were excluded
from the calculation of hotel statistics above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Parisian
Macao
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
41
|
|
$
69
|
|
$
(28)
|
|
(40.6)%
|
Rooms
|
13
|
|
15
|
|
(2)
|
|
(13.3)%
|
Food and
Beverage
|
4
|
|
5
|
|
(1)
|
|
(20.0)%
|
Mall
|
9
|
|
11
|
|
(2)
|
|
(18.2)%
|
Convention, Retail
and Other
|
—
|
|
1
|
|
(1)
|
|
(100.0)%
|
Net
Revenues
|
$
67
|
|
$
101
|
|
$
(34)
|
|
(33.7)%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(14)
|
|
$
(7)
|
|
$
(7)
|
|
100.0%
|
EBITDA Margin
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
181
|
|
$
534
|
|
$
(353)
|
|
(66.1)%
|
Rolling Chip Win
%(1)
|
(4.77)%
|
|
(1.40)%
|
|
|
|
(3.37) pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
242
|
|
$
404
|
|
$
(162)
|
|
(40.1)%
|
Non-Rolling Chip Win
%
|
23.5%
|
|
22.8%
|
|
|
|
0.7 pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
167
|
|
$
268
|
|
$
(101)
|
|
(37.7)%
|
Slot Hold
%
|
3.6%
|
|
3.8%
|
|
|
|
(0.2) pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
50.8%
|
|
50.0%
|
|
|
|
0.8 pts
|
Average Daily Rate
(ADR)
|
$
119
|
|
$
132
|
|
$
(13)
|
|
(9.8)%
|
Revenue per Available
Room (RevPAR)
|
$
60
|
|
$
66
|
|
$
(6)
|
|
(9.1)%
|
____________________
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2020 and 2021. Rooms utilized to house team members due to travel
restrictions were excluded from the calculation of hotel statistics
above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
The Plaza Macao
and Four Seasons Macao
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
65
|
|
$
58
|
|
$
7
|
|
12.1%
|
Rooms
|
11
|
|
11
|
|
—
|
|
— %
|
Food and
Beverage
|
5
|
|
5
|
|
—
|
|
— %
|
Mall
|
59
|
|
40
|
|
19
|
|
47.5%
|
Net
Revenues
|
$
140
|
|
$
114
|
|
$
26
|
|
22.8%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
63
|
|
$
38
|
|
$
25
|
|
65.8%
|
EBITDA Margin
%
|
45.0%
|
|
33.3%
|
|
|
|
11.7 pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
386
|
|
$
1,070
|
|
$
(684)
|
|
(63.9)%
|
Rolling Chip Win
%(1)
|
1.97%
|
|
1.76%
|
|
|
|
0.21 pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
265
|
|
$
274
|
|
$
(9)
|
|
(3.3)%
|
Non-Rolling Chip Win
%
|
29.1%
|
|
23.3%
|
|
|
|
5.8 pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
13
|
|
$
—
|
|
$
13
|
|
|
Slot Hold
%
|
5.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
43.9%
|
|
42.0%
|
|
|
|
1.9 pts
|
Average Daily Rate
(ADR)
|
$
437
|
|
$
449
|
|
$
(12)
|
|
(2.7)%
|
Revenue per Available
Room (RevPAR)
|
$
192
|
|
$
189
|
|
$
3
|
|
1.6%
|
____________________
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2020 and 2021. Rooms utilized to house team members due to travel
restrictions were excluded from the calculation of hotel statistics
above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Sands
Macao
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
21
|
|
$
27
|
|
$
(6)
|
|
(22.2)%
|
Rooms
|
3
|
|
3
|
|
—
|
|
— %
|
Food and
Beverage
|
1
|
|
2
|
|
(1)
|
|
(50.0)%
|
Net
Revenues
|
$
25
|
|
$
32
|
|
$
(7)
|
|
(21.9)%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
(17)
|
|
$
(18)
|
|
$
1
|
|
(5.6)%
|
EBITDA Margin
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
120
|
|
$
506
|
|
$
(386)
|
|
(76.3)%
|
Rolling Chip Win
%(1)
|
3.65%
|
|
1.15%
|
|
|
|
2.50 pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
91
|
|
$
127
|
|
$
(36)
|
|
(28.3)%
|
Non-Rolling Chip Win
%
|
19.8%
|
|
18.1%
|
|
|
|
1.7 pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
140
|
|
$
129
|
|
$
11
|
|
8.5%
|
Slot Hold
%
|
2.0%
|
|
3.1%
|
|
|
|
(1.1) pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
67.0%
|
|
69.6%
|
|
|
|
(2.6) pts
|
Average Daily Rate
(ADR)
|
$
139
|
|
$
141
|
|
$
(2)
|
|
(1.4)%
|
Revenue per Available
Room (RevPAR)
|
$
93
|
|
$
98
|
|
$
(5)
|
|
(5.1)%
|
____________________
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2020 and 2021. Rooms utilized to house team members due to travel
restrictions were excluded from the calculation of hotel statistics
above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental
Data
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Marina Bay
Sands
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
237
|
|
$
229
|
|
$
8
|
|
3.5%
|
Rooms
|
40
|
|
36
|
|
4
|
|
11.1%
|
Food and
Beverage
|
28
|
|
32
|
|
(4)
|
|
(12.5)%
|
Mall
|
49
|
|
39
|
|
10
|
|
25.6%
|
Convention, Retail
and Other
|
14
|
|
9
|
|
5
|
|
55.6%
|
Net
Revenues
|
$
368
|
|
$
345
|
|
$
23
|
|
6.7%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
177
|
|
$
144
|
|
$
33
|
|
22.9%
|
EBITDA Margin
%
|
48.1%
|
|
41.7%
|
|
|
|
6.4
pts
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling Chip
Volume
|
$
1,318
|
|
$
1,257
|
|
$
61
|
|
4.9%
|
Rolling Chip Win
%(1)
|
6.32%
|
|
3.09%
|
|
|
|
3.23
pts
|
|
|
|
|
|
|
|
|
Non-Rolling Chip
Drop
|
$
814
|
|
$
556
|
|
$
258
|
|
46.4%
|
Non-Rolling Chip Win
%
|
12.0%
|
|
17.9%
|
|
|
|
(5.9) pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
2,876
|
|
$
3,315
|
|
$
(439)
|
|
(13.2)%
|
Slot Hold
%
|
4.1%
|
|
4.5%
|
|
|
|
(0.4) pts
|
|
|
|
|
|
|
|
|
Hotel Statistics
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
79.1%
|
|
69.0%
|
|
|
|
10.1pts
|
Average Daily Rate
(ADR)
|
$
259
|
|
$
229
|
|
$
30
|
|
13.1%
|
Revenue per Available
Room (RevPAR)
|
$
205
|
|
$
158
|
|
$
47
|
|
29.7%
|
____________________
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2020 and 2021. Rooms utilized for government quarantine purposes
were excluded from the calculation of hotel statistics
above.
|
(1)
|
This compares to our
expected Rolling Chip win percentage of 3.15% to 3.45% (calculated
before discounts, commissions, deferring revenue associated with
the company's loyalty programs and allocating casino revenues
related to goods and services provided to patrons on a
complimentary basis).
|
(2)
|
During the three
months ended December 31, 2021, total available rooms decreased 16%
compared to the three months ended December 31, 2020, primarily due
to rooms under construction for renovation purposes.
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental Data -
Discontinued Operation Held for Sale
|
(Unaudited)
|
|
|
Three Months
Ended
|
|
|
|
|
Las Vegas
Operating Properties(1)
|
December
31,
|
|
|
|
|
(Dollars in
millions)
|
2021
|
|
2020
|
|
$ Change
|
|
Change
|
Revenues:
|
|
|
|
|
|
|
|
Casino
|
$
139
|
|
$
53
|
|
$
86
|
|
162.3%
|
Rooms
|
160
|
|
41
|
|
119
|
|
290.2%
|
Food and
Beverage
|
90
|
|
22
|
|
68
|
|
309.1%
|
Convention, Retail
and Other(2)
|
54
|
|
15
|
|
39
|
|
260.0%
|
Net
Revenues
|
$
443
|
|
$
131
|
|
$
312
|
|
238.2%
|
|
|
|
|
|
|
|
|
Adjusted Property
EBITDA
|
$
154
|
|
$
(50)
|
|
$
204
|
|
|
EBITDA Margin
%
|
34.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
Statistics
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table Games
Drop
|
$
493
|
|
$
289
|
|
$
204
|
|
70.6%
|
Table Games Win
%(3)
|
17.6%
|
|
11.1%
|
|
|
|
6.5
pts
|
|
|
|
|
|
|
|
|
Slot Handle
|
$
1,148
|
|
$
569
|
|
$
579
|
|
101.8%
|
Slot Hold
%
|
8.5%
|
|
8.1%
|
|
|
|
0.4
pts
|
|
|
|
|
|
|
|
|
Hotel
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
100.3%
|
|
43.9%
|
|
|
|
56.4 pts
|
Average Daily Rate
(ADR)
|
$
247
|
|
$
185
|
|
$
62
|
|
33.5%
|
Revenue per Available
Room (RevPAR)
|
$
247
|
|
$
81
|
|
$
166
|
|
204.9%
|
____________________
Note:
|
Due to social
distancing measures and travel restrictions as a result of the
COVID-19 pandemic, the property operated at a reduced capacity,
with some operations temporarily closed at various times during
2020. Rooms within the property's Venezia tower and Palazzo tower
that were closed during the three months ended December 31, 2020,
were excluded from the calculation of hotel statistics
above.
|
(1)
|
In March 2021, LVS
entered into definitive agreements to sell its Las Vegas real
property and operations and as a result have been classified as a
discontinued operation held for sale.
|
(2)
|
Prior year amounts
have been adjusted to conform to the current period presentation,
which excludes intercompany royalties as these will continue
post-closing of the sale. See Exhibit 2.
|
(3)
|
This compares to our
expected Baccarat win percentage of 18.0% to 26.0% and our expected
non-Baccarat win percentage of 16.0% to 24.0% (calculated before
discounts).
|
|
|
|
Las Vegas Sands Corp.
and Subsidiaries
|
Supplemental Data -
Asian Retail Mall Operations
|
(Unaudited)
|
|
|
For The Three Months
Ended December 31, 2021
|
|
TTM
December 31,
2021
|
(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
|
|
$
45
|
|
90.0%
|
|
814,784
|
|
79.7%
|
|
$
1,348
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at Four
Seasons
|
|
|
|
|
|
|
|
|
|
|
|
Luxury
Retail
|
43
|
|
41
|
|
95.3%
|
|
125,466
|
|
100.0%
|
|
9,150
|
Other
Stores
|
16
|
|
15
|
|
93.8%
|
|
118,742
|
|
88.2%
|
|
2,700
|
Total
|
59
|
|
56
|
|
94.9%
|
|
244,208
|
|
94.3%
|
|
6,300
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Londoner(3)
|
13
|
|
10
|
|
76.9%
|
|
532,175
|
|
54.4%
|
|
1,462
|
|
|
|
|
|
|
|
|
|
|
|
|
Shoppes at
Parisian
|
9
|
|
8
|
|
88.9%
|
|
296,322
|
|
74.5%
|
|
648
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cotai Strip in
Macao
|
131
|
|
119
|
|
90.8%
|
|
1,887,489
|
|
73.7%
|
|
2,154
|
|
|
|
|
|
|
|
|
|
|
|
|
The Shoppes at Marina
Bay Sands
|
49
|
|
43
|
|
87.8%
|
|
622,362
|
|
98.2%
|
|
1,614
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
$
180
|
|
$
162
|
|
90.0%
|
|
2,509,851
|
|
79.7%
|
|
$
1,991
|
____________________
Note:
|
This table excludes
the results of our mall operations at Sands Macao. As a result of
the COVID-19 pandemic, tenants were provided rent concessions of $8
million at our Macao properties and $4 million at Marina Bay
Sands.
|
(1)
|
Gross revenue figures
are net of intersegment revenue eliminations.
|
(2)
|
Tenant sales per
square foot reflect sales from tenants only after the tenant has
been open for a period of 12 months.
|
(3)
|
The Shoppes at
Londoner will feature more than 600,000 square feet of gross
leasable area at completion of all phases of the renovation,
rebranding and expansion to The Londoner Macao.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/las-vegas-sands-reports-fourth-quarter-2021-results-301469080.html
SOURCE Las Vegas Sands