Las Vegas Sands Corp. (NYSE: LVS) yesterday reported financial results for the quarter ended September 30, 2020.
"I am pleased to say the recovery process from the Covid-19 pandemic continues to progress in each of our markets," said Sheldon G. Adelson, chairman and chief executive officer. "Our greatest priority as the recovery continues remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macao, Singapore and Las Vegas.
We remain optimistic about the eventual complete recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength supports our previously announced capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."
Net revenue was $586 million, a decrease of 82.0% from the prior year quarter. Operating loss was $610 million, compared to operating income of $899 million in the prior year quarter. Net loss in the third quarter of 2020 was $731 million, compared to net income of $669 million in the third quarter of 2019. Consolidated adjusted property EBITDA was $(203) million, compared to $1.28 billion in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 92.1%, compared to the third quarter of 2019, to $167 million. Net loss for SCL was $562 million, compared to net income of $454 million in the third quarter of 2019.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $137 million for the third quarter of 2020, consistent with the prior year quarter. Our weighted average borrowing cost in the third quarter of 2020 was 4.0%, compared to 4.5% during the third quarter of 2019, while our weighted average debt balance increased compared to the prior year quarter due to the issuances of $1.50 billion of senior notes by SCL in June 2020 and $500 million of senior notes by LVS in November 2019.
Our income tax benefit for the third quarter of 2020 was $17 million, compared to an income tax expense of $82 million in the prior year quarter. The income tax benefit for the third quarter of 2020 was primarily driven by pre-tax losses experienced in the third quarter of 2020 by our U.S. and Singapore operations.
Balance Sheet Items
Unrestricted cash balances as of September 30, 2020 were $2.38 billion.
The company has access to $3.95 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.
As of September 30, 2020, total debt outstanding, excluding finance leases, was $13.89 billion.
The company's Board of Directors extended the expiration of its stock repurchase program for two years, from November 2, 2020 to November 2, 2022.
Capital Expenditures
Capital expenditures during the third quarter totaled $376 million, including construction, development and maintenance activities of $279 million in Macao, $76 million at Marina Bay Sands and $21 million in Las Vegas.
| Exhibit 1 | ||||||||||||||||
| Las Vegas Sands Corp. and Subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (In millions, except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Revenues: | ||||||||||||||||
| Casino | $ | 340 | $ | 2,321 | $ | 1,527 | $ | 7,343 | ||||||||
| Rooms | 76 | 439 | 358 | 1,318 | ||||||||||||
| Food and beverage | 54 | 199 | 205 | 655 | ||||||||||||
| Mall | 83 | 175 | 228 | 501 | ||||||||||||
| Convention, retail and other | 33 | 116 | 148 | 413 | ||||||||||||
| Net revenues | 586 | 3,250 | 2,466 | 10,230 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Resort operations | 791 | 1,970 | 2,790 | 6,239 | ||||||||||||
| Corporate | 33 | 59 | 145 | 262 | ||||||||||||
| Pre-opening | 5 | 9 | 14 | 23 | ||||||||||||
| Development | 3 | 4 | 18 | 13 | ||||||||||||
| Depreciation and amortization | 292 | 284 | 867 | 874 | ||||||||||||
| Amortization of leasehold interests in land | 14 | 14 | 41 | 37 | ||||||||||||
| Loss on disposal or impairment of assets | 58 | 11 | 68 | 18 | ||||||||||||
| 1,196 | 2,351 | 3,943 | 7,466 | |||||||||||||
| Operating income (loss) | (610) | 899 | (1,477) | 2,764 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 3 | 20 | 20 | 57 | ||||||||||||
| Interest expense, net of amounts capitalized | (137) | (137) | (386) | (421) | ||||||||||||
| Other income (expense) | (4) | (7) | 30 | (8) | ||||||||||||
| Gain on sale of Sands Bethlehem | — | — | — | 556 | ||||||||||||
| Loss on modification or early retirement of debt | — | (24) | — | (24) | ||||||||||||
| Income (loss) before income taxes | (748) | 751 | (1,813) | 2,924 | ||||||||||||
| Income tax (expense) benefit | 17 | (82) | 46 | (403) | ||||||||||||
| Net income (loss) | (731) | 669 | (1,767) | 2,521 | ||||||||||||
| Net (income) loss attributable to noncontrolling interests | 166 | (136) | 381 | (452) | ||||||||||||
| Net income (loss) attributable to Las Vegas Sands Corp. | $ | (565) | $ | 533 | $ | (1,386) | $ | 2,069 | ||||||||
| Earnings (loss) per share: | ||||||||||||||||
| Basic | $ | (0.74) | $ | 0.69 | $ | (1.81) | $ | 2.68 | ||||||||
| Diluted | $ | (0.74) | $ | 0.69 | $ | (1.81) | $ | 2.68 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 764 | 769 | 764 | 772 | ||||||||||||
| Diluted | 764 | 769 | 764 | 772 | ||||||||||||
| Dividends declared per common share | $ | — | $ | 0.77 | $ | 0.79 | $ | 2.31 | ||||||||
| Exhibit 2 | ||||||||||||||||
| Las Vegas Sands Corp. and Subsidiaries | ||||||||||||||||
| Net Revenues and Adjusted Property EBITDA | ||||||||||||||||
| (In millions) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Net Revenues | ||||||||||||||||
| The Venetian Macao | $ | 68 | $ | 851 | $ | 411 | $ | 2,602 | ||||||||
| Sands Cotai Central | 22 | 487 | 202 | 1,547 | ||||||||||||
| The Parisian Macao | 40 | 381 | 158 | 1,249 | ||||||||||||
| The Plaza Macao and Four Seasons Hotel Macao | 25 | 196 | 151 | 631 | ||||||||||||
| Sands Macao | 12 | 171 | 88 | 478 | ||||||||||||
| Ferry Operations and Other | 4 | 26 | 22 | 86 | ||||||||||||
| Macao Operations | 171 | 2,112 | 1,032 | 6,593 | ||||||||||||
| Marina Bay Sands | 281 | 793 | 916 | 2,248 | ||||||||||||
| Las Vegas Operating Properties | 152 | 406 | 588 | 1,343 | ||||||||||||
| Sands Bethlehem(1) | — | — | — | 227 | ||||||||||||
| Intersegment Eliminations | (18) | (61) | (70) | (181) | ||||||||||||
| $ | 586 | $ | 3,250 | $ | 2,466 | $ | 10,230 | |||||||||
| Adjusted Property EBITDA | ||||||||||||||||
| The Venetian Macao | $ | (78) | $ | 342 | $ | (126) | $ | 1,039 | ||||||||
| Sands Cotai Central | (71) | 169 | (150) | 546 | ||||||||||||
| The Parisian Macao | (40) | 120 | (124) | 422 | ||||||||||||
| The Plaza Macao and Four Seasons Hotel Macao | (15) | 75 | (5) | 243 | ||||||||||||
| Sands Macao | (26) | 52 | (58) | 135 | ||||||||||||
| Ferry Operations and Other | (3) | (3) | (15) | (7) | ||||||||||||
| Macao Operations | (233) | 755 | (478) | 2,378 | ||||||||||||
| Marina Bay Sands | 70 | 435 | 239 | 1,204 | ||||||||||||
| Las Vegas Operating Properties | (40) | 93 | (74) | 367 | ||||||||||||
| Sands Bethlehem(1) | — | — | — | 52 | ||||||||||||
| $ | (203) | $ | 1,283 | $ | (313) | $ | 4,001 | |||||||||
| Adjusted Property EBITDA as a Percentage of Net Revenues | ||||||||||||||||
| The Venetian Macao | 40.2 | % | 39.9 | % | ||||||||||||
| Sands Cotai Central | 34.7 | % | 35.3 | % | ||||||||||||
| The Parisian Macao | 31.5 | % | 33.8 | % | ||||||||||||
| The Plaza Macao and Four Seasons Hotel Macao | 38.3 | % | 38.5 | % | ||||||||||||
| Sands Macao | 30.4 | % | 28.2 | % | ||||||||||||
| Ferry Operations and Other | (11.5) | % | (8.1) | % | ||||||||||||
| Macao Operations | 35.7 | % | 36.1 | % | ||||||||||||
| Marina Bay Sands | 24.9 | % | 54.9 | % | 26.1 | % | 53.6 | % | ||||||||
| Las Vegas Operating Properties | 22.9 | % | 27.3 | % | ||||||||||||
| Sands Bethlehem(1) | 22.9 | % | ||||||||||||||
| Total | 39.5 | % | 39.1 | % | ||||||||||||
| (1) | The company completed the sale of Sands Bethlehem on May 31, 2019. |
| Exhibit 3 | ||||||||||||||||
| Las Vegas Sands Corp. and Subsidiaries | ||||||||||||||||
| Non-GAAP Measure Reconciliation | ||||||||||||||||
| (In millions) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| The following is a reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA: | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Net income (loss) | $ | (731) | $ | 669 | $ | (1,767) | $ | 2,521 | ||||||||
| Add (deduct): | ||||||||||||||||
| Income tax expense (benefit) | (17) | 82 | (46) | 403 | ||||||||||||
| Loss on modification or early retirement of debt | — | 24 | — | 24 | ||||||||||||
| Gain on sale of Sands Bethlehem | — | — | — | (556) | ||||||||||||
| Other (income) expense | 4 | 7 | (30) | 8 | ||||||||||||
| Interest expense, net of amounts capitalized | 137 | 137 | 386 | 421 | ||||||||||||
| Interest income | (3) | (20) | (20) | (57) | ||||||||||||
| Loss on disposal or impairment of assets | 58 | 11 | 68 | 18 | ||||||||||||
| Amortization of leasehold interests in land | 14 | 14 | 41 | 37 | ||||||||||||
| Depreciation and amortization | 292 | 284 | 867 | 874 | ||||||||||||
| Development expense | 3 | 4 | 18 | 13 | ||||||||||||
| Pre-opening expense | 5 | 9 | 14 | 23 | ||||||||||||
| Stock-based compensation (1) | 2 | 3 | 11 | 10 | ||||||||||||
| Corporate expense | 33 | 59 | 145 | 262 | ||||||||||||
| Consolidated Adjusted Property EBITDA | $ | (203) | $ | 1,283 | $ | (313) | $ | 4,001 | ||||||||
| Hold-normalized casino revenue (2) | 21 | (15) | ||||||||||||||
| Hold-normalized casino expense (2) | (2) | (9) | ||||||||||||||
| Consolidated Hold-Normalized Adjusted Property EBITDA | $ | (184) | $ | 1,259 | ||||||||||||
| (1) | During the three months ended September 30, 2020 and 2019, the company recorded stock-based compensation expense of $6 million and $8 million, respectively, of which $4 million and $5 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations. During the nine months ended September 30, 2020 and 2019, the company recorded stock-based compensation expense of $20 million and $26 million, respectively, of which $9 million and $16 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 September 30, 2020 | ||||||||||||||||
| Hold-Normalized | ||||||||||||||||
| Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||||||||||
| Property | Casino | Casino | Property | |||||||||||||
| EBITDA | Revenue (1) | Expense (2) | EBITDA | |||||||||||||
| Macao Operations | $ | (233) | $ | (10) | $ | 3 | $ | (240) | ||||||||
| Marina Bay Sands | 70 | (14) | 3 | 59 | ||||||||||||
| Las Vegas Operating Properties | (40) | 45 | (8) | (3) | ||||||||||||
| $ | (203) | $ | 21 | $ | (2) | $ | (184) | |||||||||
| Three Months Ended September 30, 2019 | ||||||||||||||||
| Hold-Normalized | ||||||||||||||||
| Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||||||||||
| Property | Casino | Casino | Property | |||||||||||||
| EBITDA | Revenue (1) | Expense (2) | EBITDA | |||||||||||||
| Macao Operations | $ | 755 | $ | 19 | $ | (17) | $ | 757 | ||||||||
| Marina Bay Sands | 435 | (49) | 10 | 396 | ||||||||||||
| Las Vegas Operating Properties | 93 | 15 | (2) | 106 | ||||||||||||
| $ | 1,283 | $ | (15) | $ | (9) | $ | 1,259 | |||||||||
| (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.
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 22.0% for Baccarat and 20.0% for non-Baccarat. This calculation will only be applied if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 18.0% to 26.0% and 16.0% to 24.0%, respectively.
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 and bad debt expense) that would have been incurred or avoided on the incremental casino revenue 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 Income (Loss) Attributable to LVS to Adjusted Net Income (Loss) and Hold-Normalized Adjusted Net Income (Loss): | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Net income (loss) attributable to LVS | $ | (565) | $ | 533 | $ | (1,386) | $ | 2,069 | ||||||||
| Nonrecurring legal settlement | — | — | — | 96 | ||||||||||||
| Pre-opening expense | 5 | 9 | 14 | 23 | ||||||||||||
| Development expense | 3 | 4 | 18 | 13 | ||||||||||||
| Loss on disposal or impairment of assets | 58 | 11 | 68 | 18 | ||||||||||||
| Other (income) expense | 4 | 7 | (30) | 8 | ||||||||||||
| Gain on sale of Sands Bethlehem | — | — | — | (556) | ||||||||||||
| Loss on modification or early retirement of debt | — | 24 | — | 24 | ||||||||||||
| Income tax impact on net income adjustments (1) | (2) | (6) | (6) | 151 | ||||||||||||
| Noncontrolling interest impact on net income adjustments | (18) | (9) | (15) | (10) | ||||||||||||
| Adjusted net income (loss) attributable to LVS | $ | (515) | $ | 573 | $ | (1,337) | $ | 1,836 | ||||||||
| Hold-normalized casino revenue (2) | 21 | (15) | ||||||||||||||
| Hold-normalized casino expense (2) | (2) | (9) | ||||||||||||||
| Income tax impact on hold adjustments (1) | (6) | 4 | ||||||||||||||
| Noncontrolling interest impact on hold adjustments | 2 | (1) | ||||||||||||||
| Hold-normalized adjusted net income (loss) attributable to LVS | $ | (500) | $ | 552 | ||||||||||||
| The following is a reconciliation of Diluted Earnings (Loss) per Share to Adjusted Earnings (Loss) per Diluted Share and Hold-Normalized Adjusted Earnings (Loss) per Diluted Share: | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Per diluted share of common stock: | ||||||||||||||||
| Net income (loss) attributable to LVS | $ | (0.74) | $ | 0.69 | $ | (1.81) | $ | 2.68 | ||||||||
| Nonrecurring legal settlement | — | — | — | 0.12 | ||||||||||||
| Pre-opening expense | 0.01 | 0.01 | 0.02 | 0.03 | ||||||||||||
| Development expense | — | 0.01 | 0.02 | 0.02 | ||||||||||||
| Loss on disposal or impairment of assets | 0.07 | 0.02 | 0.09 | 0.02 | ||||||||||||
| Other (income) expense | 0.01 | 0.01 | (0.04) | 0.01 | ||||||||||||
| Gain on sale of Sands Bethlehem | — | — | — | (0.72) | ||||||||||||
| Loss on modification or early retirement of debt | — | 0.03 | — | 0.03 | ||||||||||||
| Income tax impact on net income adjustments | — | (0.01) | (0.01) | 0.20 | ||||||||||||
| Noncontrolling interest impact on net income adjustments | (0.02) | (0.01) | (0.02) | (0.01) | ||||||||||||
| Adjusted earnings (loss) per diluted share | $ | (0.67) | $ | 0.75 | $ | (1.75) | $ | 2.38 | ||||||||
| Hold-normalized casino revenue | 0.03 | (0.02) | ||||||||||||||
| Hold-normalized casino expense | — | (0.02) | ||||||||||||||
| Income tax impact on hold adjustments | (0.01) | 0.01 | ||||||||||||||
| Noncontrolling interest impact on hold adjustments | — | — | ||||||||||||||
| Hold-normalized adjusted earnings (loss) per diluted share | $ | (0.65) | $ | 0.72 | ||||||||||||
| Weighted average diluted shares outstanding | 764 | 769 | 764 | 772 | ||||||||||||
| (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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Casino Statistics: | ||||||||||||||||
| The Venetian Macao: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 543 | $ | 12,956 | $ | 2,075 | $ | 13,770 | ||||||||
| Slot machine win per unit per day (2) | $ | 63 | $ | 287 | $ | 101 | $ | 287 | ||||||||
| Average number of table games | 680 | 646 | 609 | 649 | ||||||||||||
| Average number of slot machines | 797 | 1,807 | 979 | 1,751 | ||||||||||||
| Sands Cotai Central: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 194 | $ | 10,942 | $ | 1,684 | $ | 12,106 | ||||||||
| Slot machine win per unit per day (2) | $ | 31 | $ | 320 | $ | 121 | $ | 302 | ||||||||
| Average number of table games | 317 | 382 | 324 | 383 | ||||||||||||
| Average number of slot machines | 371 | 1,525 | 570 | 1,614 | ||||||||||||
| The Parisian Macao: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 1,109 | $ | 12,324 | $ | 2,047 | $ | 13,807 | ||||||||
| Slot machine win per unit per day (2) | $ | 39 | $ | 307 | $ | 91 | $ | 320 | ||||||||
| Average number of table games | 284 | 317 | 273 | 320 | ||||||||||||
| Average number of slot machines | 723 | 1,426 | 779 | 1,343 | ||||||||||||
| The Plaza Macao and Four Seasons Hotel Macao: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 1,023 | $ | 17,552 | $ | 3,368 | $ | 20,040 | ||||||||
| Slot machine win per unit per day (2) | $ | — | $ | 255 | $ | 104 | $ | 344 | ||||||||
| Average number of table games | 183 | 119 | 161 | 118 | ||||||||||||
| Average number of slot machines | 18 | 267 | 64 | 253 | ||||||||||||
| Sands Macao: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 748 | $ | 9,560 | $ | 2,021 | $ | 8,454 | ||||||||
| Slot machine win per unit per day (2) | $ | 44 | $ | 223 | $ | 91 | $ | 249 | ||||||||
| Average number of table games | 170 | 193 | 169 | 197 | ||||||||||||
| Average number of slot machines | 500 | 1,013 | 549 | 942 | ||||||||||||
| Marina Bay Sands: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 2,471 | $ | 10,480 | $ | 5,213 | $ | 9,366 | ||||||||
| Slot machine win per unit per day (2) | $ | 832 | $ | 719 | $ | 676 | $ | 768 | ||||||||
| Average number of table games | 604 | 564 | 605 | 585 | ||||||||||||
| Average number of slot machines | 1,554 | 2,309 | 1,933 | 2,290 | ||||||||||||
| Las Vegas Operating Properties: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 1,868 | $ | 4,123 | $ | 3,392 | $ | 4,363 | ||||||||
| Slot machine win per unit per day (2) | $ | 396 | $ | 356 | $ | 353 | $ | 345 | ||||||||
| Average number of table games | 198 | 211 | 201 | 224 | ||||||||||||
| Average number of slot machines | 1,350 | 1,851 | 1,578 | 1,867 | ||||||||||||
| 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. |
| Exhibit 7 | ||||||||||||||
| Las Vegas Sands Corp. and Subsidiaries | ||||||||||||||
| Supplemental Data | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| The Venetian Macao | September 30, | |||||||||||||
| (Dollars in millions) | 2020 | 2019 | $ Change | Change | ||||||||||
| Revenues: | ||||||||||||||
| Casino | $ | 32 | $ | 689 | $ | (657) | (95.4) | % | ||||||
| Rooms | 3 | 58 | (55) | (94.8) | % | |||||||||
| Food and Beverage | 2 | 17 | (15) | (88.2) | % | |||||||||
| Mall | 28 | 65 | (37) | (56.9) | % | |||||||||
| Convention, Retail and Other | 3 | 22 | (19) | (86.4) | % | |||||||||
| Net Revenues | $ | 68 | $ | 851 | $ | (783) | (92.0) | % | ||||||
| Adjusted Property EBITDA | $ | (78) | $ | 342 | $ | (420) | (122.8) | % | ||||||
| EBITDA Margin % | 40.2 | % | ||||||||||||
| Gaming Statistics | ||||||||||||||
| (Dollars in millions) | ||||||||||||||
| Rolling Chip Volume | $ | 188 | $ | 5,894 | $ | (5,706) | (96.8) | % | ||||||
| Rolling Chip Win %(1) | 3.93 | % | 2.70 | % | 1.23 | pts | ||||||||
| Non-Rolling Chip Drop | $ | 118 | $ | 2,340 | $ | (2,222) | (95.0) | % | ||||||
| Non-Rolling Chip Win % | 22.5 | % | 26.1 | % | (3.6) | pts | ||||||||
| Slot Handle | $ | 101 | $ | 996 | $ | (895) | (89.9) | % | ||||||
| Slot Hold % | 4.6 | % | 4.8 | % | (0.2) | pts | ||||||||
| Hotel Statistics | ||||||||||||||
| Occupancy % | 7.6 | % | 95.7 | % | (88.1) | pts | ||||||||
| Average Daily Rate (ADR) | $ | 198 | $ | 233 | $ | (35) | (15.0) | % | ||||||
| Revenue per Available Room (RevPAR) | $ | 15 | $ | 223 | $ | (208) | (93.3) | % | ||||||
| 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. Rooms being 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 Cotai Central | September 30, | |||||||||||||
| (Dollars in millions) | 2020 | 2019 | $ Change | Change | ||||||||||
| Revenues: | ||||||||||||||
| Casino | $ | 5 | $ | 359 | $ | (354) | (98.6) | % | ||||||
| Rooms | 2 | 81 | (79) | (97.5) | % | |||||||||
| Food and Beverage | 3 | 24 | (21) | (87.5) | % | |||||||||
| Mall | 9 | 19 | (10) | (52.6) | % | |||||||||
| Convention, Retail and Other | 3 | 4 | (1) | (25.0) | % | |||||||||
| Net Revenues | $ | 22 | $ | 487 | $ | (465) | (95.5) | % | ||||||
| Adjusted Property EBITDA | $ | (71) | $ | 169 | $ | (240) | (142.0) | % | ||||||
| EBITDA Margin % | 34.7 | % | ||||||||||||
| Gaming Statistics | ||||||||||||||
| (Dollars in millions) | ||||||||||||||
| Rolling Chip Volume | $ | — | $ | 1,107 | $ | (1,107) | (100.0) | % | ||||||
| Rolling Chip Win %(1) | — | % | 2.36 | % | (2.36) | pts | ||||||||
| Non-Rolling Chip Drop | $ | 29 | $ | 1,609 | $ | (1,580) | (98.2) | % | ||||||
| Non-Rolling Chip Win % | 19.5 | % | 22.3 | % | (2.8) | pts | ||||||||
| Slot Handle | $ | 36 | $ | 1,015 | $ | (979) | (96.5) | % | ||||||
| Slot Hold % | 2.9 | % | 4.4 | % | (1.5) | pts | ||||||||
| Hotel Statistics | ||||||||||||||
| Occupancy % | 4.0 | % | 96.9 | % | (92.9) | pts | ||||||||
| Average Daily Rate (ADR) | $ | 129 | $ | 163 | $ | (34) | (20.9) | % | ||||||
| Revenue per Available Room (RevPAR) | $ | 5 | $ | 158 | $ | (153) | (96.8) | % | ||||||
| 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. Rooms being utilized for government quarantine purposes and to provide lodging for 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 | September 30, | |||||||||||||
| (Dollars in millions) | 2020 | 2019 | $ Change | Change | ||||||||||
| Revenues: | ||||||||||||||
| Casino | $ | 26 | $ | 312 | $ | (286) | (91.7) | % | ||||||
| Rooms | 4 | 33 | (29) | (87.9) | % | |||||||||
| Food and Beverage | 3 | 18 | (15) | (83.3) | % | |||||||||
| Mall | 6 | 13 | (7) | (53.8) | % | |||||||||
| Convention, Retail and Other | 1 | 5 | (4) | (80.0) | % | |||||||||
| Net Revenues | $ | 40 | $ | 381 | $ | (341) | (89.5) | % | ||||||
| Adjusted Property EBITDA | $ | (40) | $ | 120 | $ | (160) | (133.3) | % | ||||||
| EBITDA Margin % | 31.5 | % | ||||||||||||
| Gaming Statistics | ||||||||||||||
| (Dollars in millions) | ||||||||||||||
| Rolling Chip Volume | $ | 335 | $ | 3,877 | $ | (3,542) | (91.4) | % | ||||||
| Rolling Chip Win %(1) | 6.13 | % | 2.60 | % | 3.53 | pts | ||||||||
| Non-Rolling Chip Drop | $ | 44 | $ | 1,122 | $ | (1,078) | (96.1) | % | ||||||
| Non-Rolling Chip Win % | 19.3 | % | 23.0 | % | (3.7) | pts | ||||||||
| Slot Handle | $ | 44 | $ | 1,010 | $ | (966) | (95.6) | % | ||||||
| Slot Hold % | 5.9 | % | 4.0 | % | 1.9 | pts | ||||||||
| Hotel Statistics | ||||||||||||||
| Occupancy % | 12.7 | % | 96.9 | % | (84.2) | pts | ||||||||
| Average Daily Rate (ADR) | $ | 131 | $ | 163 | $ | (32) | (19.6) | % | ||||||
| Revenue per Available Room (RevPAR) | $ | 17 | $ | 158 | $ | (141) | (89.2) | % | ||||||
| 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. Rooms being 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 Hotel Macao | September 30, | |||||||||||||
| (Dollars in millions) | 2020 | 2019 | $ Change | Change | ||||||||||
| Revenues: | ||||||||||||||
| Casino | $ | 10 | $ | 146 | $ | (136) | (93.2) | % | ||||||
| Rooms | 1 | 10 | (9) | (90.0) | % | |||||||||
| Food and Beverage | — | 7 | (7) | (100.0) | % | |||||||||
| Mall | 13 | 32 | (19) | (59.4) | % | |||||||||
| Convention, Retail and Other | 1 | 1 | — | — | % | |||||||||
| Net Revenues | $ | 25 | $ | 196 | $ | (171) | (87.2) | % | ||||||
| Adjusted Property EBITDA | $ | (15) | $ | 75 | $ | (90) | (120.0) | % | ||||||
| EBITDA Margin % | 38.3 | % | ||||||||||||
| Gaming Statistics | ||||||||||||||
| (Dollars in millions) | ||||||||||||||
| Rolling Chip Volume | $ | 397 | $ | 2,612 | $ | (2,215) | (84.8) | % | ||||||
| Rolling Chip Win %(1) | 2.84 | % | 4.21 | % | (1.37) | pts | ||||||||
| Non-Rolling Chip Drop | $ | 41 | $ | 353 | $ | (312) | (88.4) | % | ||||||
| Non-Rolling Chip Win % | 14.6 | % | 23.4 | % | (8.8) | pts | ||||||||
| Slot Handle | $ | — | $ | 113 | $ | (113) | (100.0) | % | ||||||
| Slot Hold % | — | % | 5.6 | % | (5.6) | pts | ||||||||
| Hotel Statistics | ||||||||||||||
| Occupancy % | 8.7 | % | 92.6 | % | (83.9) | pts | ||||||||
| Average Daily Rate (ADR) | $ | 260 | $ | 327 | $ | (67) | (20.5) | % | ||||||
| Revenue per Available Room (RevPAR) | $ | 23 | $ | 303 | $ | (280) | (92.4) | % | ||||||
| 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. Rooms being 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 | September 30, | |||||||||||||
| (Dollars in millions) | 2020 | 2019 | $ Change | Change | ||||||||||
| Revenues: | ||||||||||||||
| Casino | $ | 11 | $ | 159 | $ | (148) | (93.1) | % | ||||||
| Rooms | — | 4 | (4) | (100.0) | % | |||||||||
| Food and Beverage | 1 | 6 | (5) | (83.3) | % | |||||||||
| Mall | — | — | — | — | ||||||||||
| Convention, Retail and Other | — | 2 | (2) | (100.0) | % | |||||||||
| Net Revenues | $ | 12 | $ | 171 | $ | (159) | (93.0) | % | ||||||
| Adjusted Property EBITDA | $ | (26) | $ | 52 | $ | (78) | (150.0) | % | ||||||
| EBITDA Margin % | 30.4 | % | ||||||||||||
| Gaming Statistics | ||||||||||||||
| (Dollars in millions) | ||||||||||||||
| Rolling Chip Volume | $ | 129 | $ | 1,094 | $ | (965) | (88.2) | % | ||||||
| Rolling Chip Win %(1) | 2.67 | % | 3.89 | % | (1.22) | pts | ||||||||
| Non-Rolling Chip Drop | $ | 46 | $ | 660 | $ | (614) | (93.0) | % | ||||||
| Non-Rolling Chip Win % | 17.9 | % | 19.3 | % | (1.4) | pts | ||||||||
| Slot Handle | $ | 67 | $ | 658 | $ | (591) | (89.8) | % | ||||||
| Slot Hold % | 3.1 | % | 3.2 | % | (0.1) | pts | ||||||||
| Hotel Statistics | ||||||||||||||
| Occupancy % | 14.5 | % | 99.8 | % | (85.3) | pts | ||||||||
| Average Daily Rate (ADR) | $ | 159 | $ | 174 | $ | (15) | (8.6) | % | ||||||
| Revenue per Available Room (RevPAR) | $ | 23 | $ | 173 | $ | (150) | (86.7) | % | ||||||
| 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. Rooms being 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 | September 30, | |||||||||||||
| (Dollars in millions) | 2020 | 2019 | $ Change | Change | ||||||||||
| Revenues: | ||||||||||||||
| Casino | $ | 197 | $ | 553 | $ | (356) | (64.4) | % | ||||||
| Rooms | 25 | 109 | (84) | (77.1) | % | |||||||||
| Food and Beverage | 22 | 61 | (39) | (63.9) | % | |||||||||
| Mall | 28 | 46 | (18) | (39.1) | % | |||||||||
| Convention, Retail and Other | 9 | 24 | (15) | (62.5) | % | |||||||||
| Net Revenues | $ | 281 | $ | 793 | $ | (512) | (64.6) | % | ||||||
| Adjusted Property EBITDA | $ | 70 | $ | 435 | $ | (365) | (83.9) | % | ||||||
| EBITDA Margin % | 24.9 | % | 54.9 | % | (30.0) | pts | ||||||||
| Gaming Statistics | ||||||||||||||
| (Dollars in millions) | ||||||||||||||
| Rolling Chip Volume | $ | 1,477 | $ | 7,265 | $ | (5,788) | (79.7) | % | ||||||
| Rolling Chip Win %(1) | 4.23 | % | 3.98 | % | 0.25 | pts | ||||||||
| Non-Rolling Chip Drop | $ | 421 | $ | 1,420 | $ | (999) | (70.4) | % | ||||||
| Non-Rolling Chip Win % | 17.8 | % | 18.0 | % | (0.2) | pts | ||||||||
| Slot Handle | $ | 2,636 | $ | 3,490 | $ | (854) | (24.5) | % | ||||||
| Slot Hold % | 4.5 | % | 4.4 | % | 0.1 | pts | ||||||||
| Hotel Statistics | ||||||||||||||
| Occupancy % | 55.5 | % | 97.7 | % | (42.2) | pts | ||||||||
| Average Daily Rate (ADR) | $ | 257 | $ | 475 | $ | (218) | (45.9) | % | ||||||
| Revenue per Available Room (RevPAR) | $ | 143 | $ | 465 | $ | (322) | (69.2) | % | ||||||
| Note: | Due to government-mandated closure of non-essential services as a result of the COVID-19 pandemic, the property closed effective April 7, 2020. Certain retail and restaurant operations resumed on June 19, 2020, and gaming operations resumed on July 1, 2020, but at a reduced capacity due to social distancing measures. Rooms utilized for government quarantine purposes were excluded from the calculation of hotel statistics above. |
| (1) | This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
| Las Vegas Sands Corp. and Subsidiaries | ||||||||||||||
| Supplemental Data | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| Las Vegas Operating Properties | September 30, | |||||||||||||
| (Dollars in millions) | 2020 | 2019 | $ Change | Change | ||||||||||
| Revenues: | ||||||||||||||
| Casino | $ | 59 | $ | 103 | $ | (44) | (42.7) | % | ||||||
| Rooms | 41 | 144 | (103) | (71.5) | % | |||||||||
| Food and Beverage | 23 | 66 | (43) | (65.2) | % | |||||||||
| Convention, Retail and Other | 29 | 93 | (64) | (68.8) | % | |||||||||
| Net Revenues | $ | 152 | $ | 406 | $ | (254) | (62.6) | % | ||||||
| Adjusted Property EBITDA | $ | (40) | $ | 93 | $ | (133) | (143.0) | % | ||||||
| EBITDA Margin % | 22.9 | % | ||||||||||||
| Gaming Statistics | ||||||||||||||
| (Dollars in millions) | ||||||||||||||
| Table Games Drop | $ | 425 | $ | 473 | $ | (48) | (10.1) | % | ||||||
| Table Games Win %(1) | 8.0 | % | 16.9 | % | (8.9) | pts | ||||||||
| Slot Handle | $ | 588 | $ | 739 | $ | (151) | (20.4) | % | ||||||
| Slot Hold % | 8.4 | % | 8.2 | % | 0.2 | pts | ||||||||
| Hotel Statistics | ||||||||||||||
| Occupancy % | 43.7 | % | 94.6 | % | (50.9) | pts | ||||||||
| Average Daily Rate (ADR) | $ | 174 | $ | 237 | $ | (63) | (26.6) | % | ||||||
| Revenue per Available Room (RevPAR) | $ | 76 | $ | 224 | $ | (148) | (66.1) | % | ||||||
| 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 due to social distancing measures. Rooms within the property's Venezia tower that remained closed were excluded from the calculation of hotel statistics above. |
| (1) | 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 September 30, 2020 | TTM September 30, 2020 | ||||||||||||||||||||
| (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 | $ | 27 | $ | 24 | 88.9 | % | 812,934 | 84.9 | % | $ | 935 | ||||||||||
| Shoppes at Four Seasons | |||||||||||||||||||||
| Luxury Retail | 8 | 7 | 87.5 | % | 125,466 | 100.0 | % | 3,665 | |||||||||||||
| Other Stores | 5 | 4 | 80.0 | % | 116,959 | 88.1 | % | 1,354 | |||||||||||||
| Total | 13 | 11 | 84.6 | % | 242,425 | 94.3 | % | 2,830 | |||||||||||||
| Shoppes at Cotai Central(3) | 9 | 7 | 77.8 | % | 525,497 | 85.6 | % | 476 | |||||||||||||
| Shoppes at Parisian | 6 | 4 | 66.7 | % | 295,963 | 82.5 | % | 407 | |||||||||||||
| Total Cotai Strip in Macao | 55 | 46 | 83.6 | % | 1,876,819 | 85.9 | % | 978 | |||||||||||||
| The Shoppes at Marina Bay Sands | 28 | 23 | 82.1 | % | 620,213 | 95.0 | % | 1,225 | |||||||||||||
| Total | $ | 83 | $ | 69 | 83.1 | % | 2,497,032 | 88.2 | % | $ | 1,042 | ||||||||||
| 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 $63 million at our Macao properties and $13 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 Cotai Central will feature up to an estimated 600,000 square feet of gross leasable area at completion of all phases of Sands Cotai Central's renovation, rebranding and expansion to The Londoner Macao. |
SOURCE Las Vegas Sands Corp.