Net revenue was $857 million, compared to $446 million in the prior year quarter. Operating loss was $316 million, compared to $523 million in the prior year quarter.
Las Vegas Sands Corp. (NYSE: LVS) yesterday reported financial results for the quarter ended September 30, 2021.
"While heightened pandemic-related restrictions impacted our financial results this quarter, we were able to generate positive EBITDA in each of our markets. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore," said Robert G. Goldstein, chairman and chief executive officer. "We also 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 COVID-19 pandemic."
"We remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains strong, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance."
"Our industry-leading investments in our team members, our communities, and our market-leading Integrated Resort offerings position us exceedingly well to deliver growth as these 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 $857 million, compared to $446 million in the prior year quarter. Operating loss was $316 million, compared to $523 million in the prior year quarter. Net loss from continuing operations in the third quarter of 2021 was $594 million, compared to $664 million in the third quarter of 2020. Consolidated adjusted property EBITDA was $47 million, compared to $(163) million in the prior year quarter.
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 ResultsOn a GAAP basis, total net revenues for SCL increased to $611 million, compared to $167 million in the third quarter of 2020. Net loss for SCL was $423 million, compared to $562 million in the third quarter of 2020.
Other Factors Affecting EarningsInterest expense, net of amounts capitalized, was $157 million for the third quarter of 2021, compared to $134 million in the prior year quarter. Our weighted average borrowing cost in the third quarter of 2021 increased to 4.4% due to the expiration of interest rate swaps in August 2020 related to the SCL senior notes, and our weighted average debt balance increased compared to the prior year quarter due to borrowings of $505 million under the SCL Credit Facility in the first quarter of 2021.
Our income tax benefit for the third quarter of 2021 was $27 million, compared to an income tax expense of $5 million in the prior year quarter. The income tax benefit for the third quarter of 2021 was primarily driven by a 21% statutory rate on our U.S. operations and a 17% statutory rate on our Singapore operations.
Balance Sheet ItemsUnrestricted cash balances as of September 30, 2021 were $1.64 billion.
The company has access to $3.93 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.
As of September 30, 2021, total debt outstanding, excluding finance leases, was $14.50 billion.
Capital ExpendituresCapital expenditures during the third quarter totaled $192 million, primarily including construction, development and maintenance activities of $116 million in Macao, $52 million at Marina Bay Sands and $24 million in Corporate and Other.
| 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, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenues: | ||||||||||||||||
| Casino | $ | 533 | $ | 281 | $ | 2,241 | $ | 1,352 | ||||||||
| Rooms | 100 | 35 | 311 | 181 | ||||||||||||
| Food and beverage | 42 | 31 | 148 | 101 | ||||||||||||
| Mall | 165 | 83 | 469 | 228 | ||||||||||||
| Convention, retail and other | 17 | 16 | 57 | 63 | ||||||||||||
| Net revenues | 857 | 446 | 3,226 | 1,925 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Resort operations | 810 | 611 | 2,699 | 2,174 | ||||||||||||
| Corporate | 64 | 33 | 169 | 145 | ||||||||||||
| Pre-opening | 6 | 5 | 15 | 14 | ||||||||||||
| Development | 13 | 3 | 59 | 18 | ||||||||||||
| Depreciation and amortization | 262 | 248 | 775 | 745 | ||||||||||||
| Amortization of leasehold interests in land | 14 | 14 | 42 | 41 | ||||||||||||
| Loss on disposal or impairment of assets | 4 | 55 | 18 | 62 | ||||||||||||
| 1,173 | 969 | 3,777 | 3,199 | |||||||||||||
| Operating loss | (316) | (523) | (551) | (1,274) | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 1 | 3 | 3 | 20 | ||||||||||||
| Interest expense, net of amounts capitalized | (157) | (134) | (469) | (376) | ||||||||||||
| Other income (expense) | (12) | (5) | (19) | 29 | ||||||||||||
| Loss on modification or early retirement of debt | (137) | — | (137) | — | ||||||||||||
| Loss from continuing operations before income taxes | (621) | (659) | (1,173) | (1,601) | ||||||||||||
| Income tax (expense) benefit | 27 | (5) | 19 | 4 | ||||||||||||
| Net loss from continuing operations | (594) | (664) | (1,154) | (1,597) | ||||||||||||
| Income (loss) from discontinued operations, net of income taxes | 99 | (67) | 75 | (170) | ||||||||||||
| Net loss | (495) | (731) | (1,079) | (1,767) | ||||||||||||
| Net loss attributable to noncontrolling interests | 127 | 166 | 241 | 381 | ||||||||||||
| Net loss attributable to Las Vegas Sands Corp. | $ | (368) | $ | (565) | $ | (838) | $ | (1,386) | ||||||||
| Earnings (loss) per share — basic: | ||||||||||||||||
| Net loss from continuing operations | $ | (0.61) | $ | (0.65) | $ | (1.20) | $ | (1.59) | ||||||||
| Net income (loss) from discontinued operations, net of income taxes | 0.13 | (0.09) | 0.10 | (0.22) | ||||||||||||
| Net loss per common share | $ | (0.48) | $ | (0.74) | $ | (1.10) | $ | (1.81) | ||||||||
| Earnings (loss) per share — diluted: | ||||||||||||||||
| Net loss from continuing operations | $ | (0.61) | $ | (0.65) | $ | (1.20) | $ | (1.59) | ||||||||
| Net income (loss) from discontinued operations, net of income taxes | 0.13 | (0.09) | 0.10 | (0.22) | ||||||||||||
| Net loss per common share | $ | (0.48) | $ | (0.74) | $ | (1.10) | $ | (1.81) | ||||||||
| 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net Revenues | ||||||||||||||||
| The Venetian Macao | $ | 253 | $ | 68 | $ | 984 | $ | 411 | ||||||||
| The Londoner Macao | 123 | 22 | 449 | 202 | ||||||||||||
| The Parisian Macao | 102 | 40 | 290 | 158 | ||||||||||||
| The Plaza Macao and Four Seasons Macao | 111 | 25 | 406 | 151 | ||||||||||||
| Sands Macao | 20 | 12 | 97 | 88 | ||||||||||||
| Ferry Operations and Other | 7 | 4 | 22 | 22 | ||||||||||||
| Macao Operations | 616 | 171 | 2,248 | 1,032 | ||||||||||||
| Marina Bay Sands | 249 | 281 | 1,002 | 916 | ||||||||||||
| Intercompany Royalties(1) | 16 | 11 | 66 | 46 | ||||||||||||
| Intersegment Eliminations (2) | (24) | (17) | (90) | (69) | ||||||||||||
| $ | 857 | $ | 446 | $ | 3,226 | $ | 1,925 | |||||||||
| Adjusted Property EBITDA | ||||||||||||||||
| The Venetian Macao | $ | 40 | $ | (78) | $ | 230 | $ | (126) | ||||||||
| The Londoner Macao | (33) | (71) | (61) | (150) | ||||||||||||
| The Parisian Macao | 5 | (40) | (3) | (124) | ||||||||||||
| The Plaza Macao and Four Seasons Macao | 42 | (15) | 156 | (5) | ||||||||||||
| Sands Macao | (21) | (26) | (52) | (58) | ||||||||||||
| Ferry Operations and Other | (1) | (3) | (6) | (15) | ||||||||||||
| Macao Operations | 32 | (233) | 264 | (478) | ||||||||||||
| Marina Bay Sands | 15 | 70 | 271 | 239 | ||||||||||||
| $ | 47 | $ | (163) | $ | 535 | $ | (239) | |||||||||
| Adjusted Property EBITDA as a Percentage of Net Revenues | ||||||||||||||||
| The Venetian Macao | 15.8 | % | 23.4 | % | ||||||||||||
| The Londoner Macao | ||||||||||||||||
| The Parisian Macao | 4.9 | % | ||||||||||||||
| The Plaza Macao and Four Seasons Macao | 37.8 | % | 38.4 | % | ||||||||||||
| Sands Macao | ||||||||||||||||
| Ferry Operations and Other | ||||||||||||||||
| Macao Operations | 5.2 | % | 11.7 | % | ||||||||||||
| Marina Bay Sands | 6.0 | % | 24.9 | % | 27.0 | % | 26.1 | % | ||||||||
| Total | 5.5 | % | 16.6 | % | ||||||||||||
| ____________________ | |
| Note: | The information for the three and nine months ended September 30, 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 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net loss from continuing operations | $ | (594) | $ | (664) | $ | (1,154) | $ | (1,597) | ||||||||
| Add (deduct): | ||||||||||||||||
| Income tax expense (benefit) | (27) | 5 | (19) | (4) | ||||||||||||
| Loss on modification or early retirement of debt | 137 | — | 137 | — | ||||||||||||
| Other (income) expense | 12 | 5 | 19 | (29) | ||||||||||||
| Interest expense, net of amounts capitalized | 157 | 134 | 469 | 376 | ||||||||||||
| Interest income | (1) | (3) | (3) | (20) | ||||||||||||
| Loss on disposal or impairment of assets | 4 | 55 | 18 | 62 | ||||||||||||
| Amortization of leasehold interests in land | 14 | 14 | 42 | 41 | ||||||||||||
| Depreciation and amortization | 262 | 248 | 775 | 745 | ||||||||||||
| Development expense | 13 | 3 | 59 | 18 | ||||||||||||
| Pre-opening expense | 6 | 5 | 15 | 14 | ||||||||||||
| Stock-based compensation (1) | — | 2 | 8 | 10 | ||||||||||||
| Corporate expense | 64 | 33 | 169 | 145 | ||||||||||||
| Consolidated Adjusted Property EBITDA | $ | 47 | $ | (163) | $ | 535 | $ | (239) | ||||||||
| Hold-normalized casino revenue (2) | (4) | (24) | ||||||||||||||
| Hold-normalized casino expense (2) | (3) | 6 | ||||||||||||||
| Consolidated Hold-Normalized Adjusted Property EBITDA | $ | 40 | $ | (181) | ||||||||||||
| ____________________ | |
| Note: | The information for the three and nine months ended September 30, 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 September 30, 2021 and 2020, the company recorded stock-based compensation expense from continuing operations of $3 million and $6 million, respectively, of which $3 million and $4 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations. During the nine months ended September 30, 2021 and 2020, the company recorded stock-based compensation expense from continuing operations of $17 million and $19 million, respectively, of which $9 million and $9 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, 2021 | ||||||||||||||||
| Hold-Normalized | ||||||||||||||||
| Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||||||||||
| Property | Casino | Casino | Property | |||||||||||||
| EBITDA | Revenue (1) | Expense (2) | EBITDA | |||||||||||||
| Macao Operations | $ | 32 | $ | — | $ | (4) | $ | 28 | ||||||||
| Marina Bay Sands | 15 | (4) | 1 | 12 | ||||||||||||
| $ | 47 | $ | (4) | $ | (3) | $ | 40 | |||||||||
| 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 | ||||||||||||
| $ | (163) | $ | (24) | $ | 6 | $ | (181) | |||||||||
| ____________________ | |
| Note: | The information for the three months ended September 30, 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%.
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 Loss Attributable to LVS to Adjusted Net Loss and Hold-Normalized Adjusted Net Loss: | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net loss attributable to LVS | $ | (368) | $ | (565) | $ | (838) | $ | (1,386) | ||||||||
| Pre-opening expense | 6 | 5 | 15 | 14 | ||||||||||||
| Development expense | 13 | 3 | 59 | 18 | ||||||||||||
| Loss on disposal or impairment of assets | 4 | 55 | 18 | 62 | ||||||||||||
| Other (income) expense | 12 | 5 | 19 | (29) | ||||||||||||
| Loss on modification or early retirement of debt | 137 | — | 137 | — | ||||||||||||
| (Income) loss from discontinued operations, net of income taxes | (99) | 67 | (75) | 170 | ||||||||||||
| Income tax impact on net income adjustments (1) | (3) | (1) | (14) | (5) | ||||||||||||
| Noncontrolling interest impact on net income adjustments | (48) | (18) | (55) | (15) | ||||||||||||
| Adjusted net loss from continuing operations attributable to LVS | $ | (346) | $ | (449) | $ | (734) | $ | (1,171) | ||||||||
| Hold-normalized casino revenue (2) | (4) | (24) | ||||||||||||||
| Hold-normalized casino expense (2) | (3) | 6 | ||||||||||||||
| Income tax impact on hold adjustments (1) | 1 | 2 | ||||||||||||||
| Noncontrolling interest impact on hold adjustments | 1 | 2 | ||||||||||||||
| Hold-normalized adjusted net loss from continuing operations attributable to LVS | $ | (351) | $ | (463) | ||||||||||||
| 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Per diluted share of common stock: | ||||||||||||||||
| Net loss attributable to LVS | $ | (0.48) | $ | (0.74) | $ | (1.10) | $ | (1.81) | ||||||||
| Pre-opening expense | 0.01 | 0.01 | 0.02 | 0.02 | ||||||||||||
| Development expense | 0.02 | — | 0.08 | 0.02 | ||||||||||||
| Loss on disposal or impairment of assets | — | 0.07 | 0.02 | 0.09 | ||||||||||||
| Other (income) expense | 0.01 | 0.01 | 0.03 | (0.04) | ||||||||||||
| Loss on modification or early retirement of debt | 0.18 | — | 0.18 | — | ||||||||||||
| (Income) loss from discontinued operations, net of income taxes | (0.13) | 0.09 | (0.10) | 0.22 | ||||||||||||
| Income tax impact on net income adjustments | — | — | (0.02) | (0.01) | ||||||||||||
| Noncontrolling interest impact on net income adjustments | (0.06) | (0.03) | (0.07) | (0.02) | ||||||||||||
| Adjusted loss per diluted share from continuing operations | $ | (0.45) | $ | (0.59) | $ | (0.96) | $ | (1.53) | ||||||||
| Hold-normalized casino revenue | (0.01) | (0.03) | ||||||||||||||
| Hold-normalized casino expense | — | 0.01 | ||||||||||||||
| Income tax impact on hold adjustments | — | — | ||||||||||||||
| Noncontrolling interest impact on hold adjustments | — | — | ||||||||||||||
| Hold-normalized adjusted loss per diluted share from continuing operations | $ | (0.46) | $ | (0.61) | ||||||||||||
| 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Casino Statistics: | ||||||||||||||||
| The Venetian Macao: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 3,380 | $ | 543 | $ | 4,948 | $ | 2,075 | ||||||||
| Slot machine win per unit per day (2) | $ | 117 | $ | 63 | $ | 165 | $ | 101 | ||||||||
| Average number of table games | 623 | 680 | 627 | 609 | ||||||||||||
| Average number of slot machines | 1,276 | 797 | 1,165 | 979 | ||||||||||||
| The Londoner Macao: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 2,437 | $ | 194 | $ | 2,961 | $ | 1,684 | ||||||||
| Slot machine win per unit per day (2) | $ | 83 | $ | 31 | $ | 105 | $ | 121 | ||||||||
| Average number of table games | 470 | 317 | 473 | 324 | ||||||||||||
| Average number of slot machines | 1,124 | 371 | 945 | 570 | ||||||||||||
| The Parisian Macao: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 3,417 | $ | 1,109 | $ | 3,089 | $ | 2,047 | ||||||||
| Slot machine win per unit per day (2) | $ | 52 | $ | 39 | $ | 77 | $ | 91 | ||||||||
| Average number of table games | 268 | 284 | 268 | 273 | ||||||||||||
| Average number of slot machines | 978 | 723 | 925 | 779 | ||||||||||||
| The Plaza Macao and Four Seasons Macao: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 4,687 | $ | 1,023 | $ | 7,893 | $ | 3,368 | ||||||||
| Slot machine win per unit per day (2) | $ | 52 | $ | — | $ | 64 | $ | 104 | ||||||||
| Average number of table games | 142 | 183 | 142 | 161 | ||||||||||||
| Average number of slot machines | 140 | 18 | 100 | 64 | ||||||||||||
| Sands Macao: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 1,089 | $ | 748 | $ | 2,338 | $ | 2,021 | ||||||||
| Slot machine win per unit per day (2) | $ | 83 | $ | 44 | $ | 99 | $ | 91 | ||||||||
| Average number of table games | 155 | 170 | 155 | 169 | ||||||||||||
| Average number of slot machines | 653 | 500 | 578 | 549 | ||||||||||||
| Marina Bay Sands: | ||||||||||||||||
| Table games win per unit per day (1) | $ | 2,209 | $ | 2,471 | $ | 3,078 | $ | 5,213 | ||||||||
| Slot machine win per unit per day (2) | $ | 656 | $ | 832 | $ | 796 | $ | 676 | ||||||||
| Average number of table games | 542 | 604 | 561 | 605 | ||||||||||||
| Average number of slot machines | 1,881 | 1,554 | 1,894 | 1,933 | ||||||||||||
| Las Vegas Operating Properties(3): | ||||||||||||||||
| Table games win per unit per day (1) | $ | 5,244 | $ | 1,868 | $ | 3,553 | $ | 3,392 | ||||||||
| Slot machine win per unit per day (2) | $ | 588 | $ | 396 | $ | 534 | $ | 353 | ||||||||
| Average number of table games | 189 | 198 | 187 | 201 | ||||||||||||
| Average number of slot machines | 1,695 | 1,350 | 1,568 | 1,578 | ||||||||||||
| ____________________ | |
| Note: | These casino statistics exclude table games and slot machines shutdown due to social distancing measures or closure of the gaming facilities as a result of the COVID-19 pandemic. The gaming operations at our Macao properties were closed on February 5, 2020 and reopened on February 20, 2020 due to a government mandate, except for gaming operations at The Londoner Macao, which resumed on February 27, 2020. The Las Vegas Operating Properties were closed on March 18, 2020 and reopened on June 4, 2020, due to the statewide closure of non-essential services by the State of Nevada. Marina Bay Sands gaming operations were closed effective April 7, 2020 through June 30, 2020, due to Singapore mandated government closures of all non-essential services. During the nine months ended September 30, 2021, gaming operations at Marina Bay Sands were closed on May 17 until May 18, and on July 22 until August 4, due to pandemic-related measures implemented in consultation with Singapore government authorities. |
| (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 | September 30, | ||||||||||
| (Dollars in millions) | 2021 | 2020 | Change | ||||||||
| Revenues: | |||||||||||
| Casino | $ | 176 | $ | 32 | $ | 144 | |||||
| Rooms | 18 | 3 | 15 | ||||||||
| Food and Beverage | 6 | 2 | 4 | ||||||||
| Mall | 49 | 28 | 21 | ||||||||
| Convention, Retail and Other | 4 | 3 | 1 | ||||||||
| Net Revenues | $ | 253 | $ | 68 | $ | 185 | |||||
| Adjusted Property EBITDA | $ | 40 | $ | (78) | $ | 118 | |||||
| EBITDA Margin % | 15.8 | % | |||||||||
| Gaming Statistics | |||||||||||
| (Dollars in millions) | |||||||||||
| Rolling Chip Volume | $ | 781 | $ | 188 | $ | 593 | |||||
| Rolling Chip Win %(1) | 2.22 | % | 3.93 | % | (1.71) | pts | |||||
| Non-Rolling Chip Drop | $ | 632 | $ | 118 | $ | 514 | |||||
| Non-Rolling Chip Win % | 27.9 | % | 22.5 | % | 5.4 | pts | |||||
| Slot Handle | $ | 362 | $ | 101 | $ | 261 | |||||
| Slot Hold % | 3.8 | % | 4.6 | % | (0.8) | pts | |||||
| Hotel Statistics | |||||||||||
| Occupancy % | 48.4 | % | 7.6 | % | 40.8 | pts | |||||
| Average Daily Rate (ADR) | $ | 149 | $ | 198 | $ | (49) | |||||
| Revenue per Available Room (RevPAR) | $ | 72 | $ | 15 | $ | 57 | |||||
| ____________________ | |
| 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 during the quarters ended September 30, 2021 and 2020. During the quarters ended September 30, 2021 and 2020, rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above. During the quarter ended September 30, 2021, rooms utilized to house team members who received the vaccine and to provide lodging for medical support staff 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 | September 30, | ||||||||||
| (Dollars in millions) | 2021 | 2020 | Change | ||||||||
| Revenues: | |||||||||||
| Casino | $ | 80 | $ | 5 | $ | 75 | |||||
| Rooms | 22 | 2 | 20 | ||||||||
| Food and Beverage | 6 | 3 | 3 | ||||||||
| Mall | 13 | 9 | 4 | ||||||||
| Convention, Retail and Other | 2 | 3 | (1) | ||||||||
| Net Revenues | $ | 123 | $ | 22 | $ | 101 | |||||
| Adjusted Property EBITDA | $ | (33) | $ | (71) | $ | 38 | |||||
| EBITDA Margin % | |||||||||||
| Gaming Statistics | |||||||||||
| (Dollars in millions) | |||||||||||
| Rolling Chip Volume | $ | 1,266 | $ | — | $ | 1,266 | |||||
| Rolling Chip Win %(1) | 2.04 | % | — | % | 2.04 | pts | |||||
| Non-Rolling Chip Drop | $ | 388 | $ | 29 | $ | 359 | |||||
| Non-Rolling Chip Win % | 20.5 | % | 19.5 | % | 1.0 | pts | |||||
| Slot Handle | $ | 225 | $ | 36 | $ | 189 | |||||
| Slot Hold % | 3.8 | % | 2.9 | % | 0.9 | pts | |||||
| Hotel Statistics | |||||||||||
| Occupancy % | 38.8 | % | 4.0 | % | 34.8 | pts | |||||
| Average Daily Rate (ADR) | $ | 155 | $ | 129 | $ | 26 | |||||
| Revenue per Available Room (RevPAR) | $ | 60 | $ | 5 | $ | 55 | |||||
| ____________________ | |
| 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 during the quarters ended September 30, 2021 and 2020. Rooms utilized for government quarantine purposes during the quarters ended September 30, 2021 and 2020, and to provide lodging for team members due to travel restrictions were excluded from the calculation of hotel statistics above. During the quarter ended September 30, 2021, rooms utilized to house team members who received the vaccine 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) | 2021 | 2020 | Change | ||||||||
| Revenues: | |||||||||||
| Casino | $ | 75 | $ | 26 | $ | 49 | |||||
| Rooms | 12 | 4 | 8 | ||||||||
| Food and Beverage | 4 | 3 | 1 | ||||||||
| Mall | 10 | 6 | 4 | ||||||||
| Convention, Retail and Other | 1 | 1 | — | ||||||||
| Net Revenues | $ | 102 | $ | 40 | $ | 62 | |||||
| Adjusted Property EBITDA | $ | 5 | $ | (40) | $ | 45 | |||||
| EBITDA Margin % | 4.9 | % | |||||||||
| Gaming Statistics | |||||||||||
| (Dollars in millions) | |||||||||||
| Rolling Chip Volume | $ | 175 | $ | 335 | $ | (160) | |||||
| Rolling Chip Win %(1) | 16.12 | % | 6.13 | % | 9.99 | pts | |||||
| Non-Rolling Chip Drop | $ | 246 | $ | 44 | $ | 202 | |||||
| Non-Rolling Chip Win % | 22.8 | % | 19.3 | % | 3.5 | pts | |||||
| Slot Handle | $ | 153 | $ | 44 | $ | 109 | |||||
| Slot Hold % | 3.1 | % | 5.9 | % | (2.8) | pts | |||||
| Hotel Statistics | |||||||||||
| Occupancy % | 52.5 | % | 12.7 | % | 39.8 | pts | |||||
| Average Daily Rate (ADR) | $ | 116 | $ | 131 | $ | (15) | |||||
| Revenue per Available Room (RevPAR) | $ | 61 | $ | 17 | $ | 44 | |||||
| ____________________ | |
| 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 during the quarters ended September 30, 2021 and 2020. During the quarters ended September 30, 2021 and 2020, rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above. During the quarter ended September 30, 2021, rooms utilized to house team members who received the vaccine 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 | September 30, | ||||||||||
| (Dollars in millions) | 2021 | 2020 | Change | ||||||||
| Revenues: | |||||||||||
| Casino | $ | 44 | $ | 10 | $ | 34 | |||||
| Rooms | 11 | 1 | 10 | ||||||||
| Food and Beverage | 3 | — | 3 | ||||||||
| Mall | 52 | 13 | 39 | ||||||||
| Convention, Retail and Other | 1 | 1 | — | ||||||||
| Net Revenues | $ | 111 | $ | 25 | $ | 86 | |||||
| Adjusted Property EBITDA | $ | 42 | $ | (15) | $ | 57 | |||||
| EBITDA Margin % | 37.8 | % | |||||||||
| Gaming Statistics | |||||||||||
| (Dollars in millions) | |||||||||||
| Rolling Chip Volume | $ | 308 | $ | 397 | $ | (89) | |||||
| Rolling Chip Win %(1) | 2.40 | % | 2.84 | % | (0.44) | pts | |||||
| Non-Rolling Chip Drop | $ | 269 | $ | 41 | $ | 228 | |||||
| Non-Rolling Chip Win % | 20.0 | % | 14.6 | % | 5.4 | pts | |||||
| Slot Handle | $ | 7 | $ | — | $ | 7 | |||||
| Slot Hold % | 9.7 | % | — | % | 9.7 | pts | |||||
| Hotel Statistics | |||||||||||
| Occupancy % | 41.3 | % | 8.7 | % | 32.6 | pts | |||||
| Average Daily Rate (ADR) | $ | 439 | $ | 260 | $ | 179 | |||||
| Revenue per Available Room (RevPAR) | $ | 181 | $ | 23 | $ | 158 | |||||
| ____________________ | |
| 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 during the quarters ended September 30, 2021 and 2020. During the quarters ended September 30, 2021 and 2020, 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 | September 30, | ||||||||||
| (Dollars in millions) | 2021 | 2020 | Change | ||||||||
| Revenues: | |||||||||||
| Casino | $ | 16 | $ | 11 | $ | 5 | |||||
| Rooms | 2 | — | 2 | ||||||||
| Food and Beverage | 2 | 1 | 1 | ||||||||
| Net Revenues | $ | 20 | $ | 12 | $ | 8 | |||||
| Adjusted Property EBITDA | $ | (21) | $ | (26) | $ | 5 | |||||
| EBITDA Margin % | |||||||||||
| Gaming Statistics | |||||||||||
| (Dollars in millions) | |||||||||||
| Rolling Chip Volume | $ | 137 | $ | 129 | $ | 8 | |||||
| Rolling Chip Win %(1) | 0.11 | % | 2.67 | % | (2.56) | pts | |||||
| Non-Rolling Chip Drop | $ | 89 | $ | 46 | $ | 43 | |||||
| Non-Rolling Chip Win % | 17.4 | % | 17.9 | % | (0.5) | pts | |||||
| Slot Handle | $ | 147 | $ | 67 | $ | 80 | |||||
| Slot Hold % | 3.4 | % | 3.1 | % | 0.3 | pts | |||||
| Hotel Statistics | |||||||||||
| Occupancy % | 63.2 | % | 14.5 | % | 48.7 | pts | |||||
| Average Daily Rate (ADR) | $ | 134 | $ | 159 | $ | (25) | |||||
| Revenue per Available Room (RevPAR) | $ | 85 | $ | 23 | $ | 62 | |||||
| ____________________ | |
| 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 during the quarters ended September 30, 2021 and 2020. During the quarter ended September 30, 2020, 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 | September 30, | ||||||||||
| (Dollars in millions) | 2021 | 2020 | Change | ||||||||
| Revenues: | |||||||||||
| Casino | $ | 142 | $ | 197 | $ | (55) | |||||
| Rooms | 35 | 25 | 10 | ||||||||
| Food and Beverage | 21 | 22 | (1) | ||||||||
| Mall | 41 | 28 | 13 | ||||||||
| Convention, Retail and Other | 10 | 9 | 1 | ||||||||
| Net Revenues | $ | 249 | $ | 281 | $ | (32) | |||||
| Adjusted Property EBITDA | $ | 15 | $ | 70 | $ | (55) | |||||
| EBITDA Margin % | 6.0 | % | 24.9 | % | |||||||
| Gaming Statistics | |||||||||||
| (Dollars in millions) | |||||||||||
| Rolling Chip Volume | $ | 459 | $ | 1,477 | $ | (1,018) | |||||
| Rolling Chip Win %(1) | 4.05 | % | 4.23 | % | (0.18) | pts | |||||
| Non-Rolling Chip Drop | $ | 638 | $ | 421 | $ | 217 | |||||
| Non-Rolling Chip Win % | 11.7 | % | 17.8 | % | (6.1) | pts | |||||
| Slot Handle | $ | 2,299 | $ | 2,636 | $ | (337) | |||||
| Slot Hold % | 4.2 | % | 4.5 | % | (0.3) | pts | |||||
| Hotel Statistics | |||||||||||
| Occupancy % | 71.7 | % | 55.5 | % | 16.2 | pts | |||||
| Average Daily Rate (ADR) | $ | 235 | $ | 257 | $ | (22) | |||||
| Revenue per Available Room (RevPAR) | $ | 169 | $ | 143 | $ | 26 | |||||
| ____________________ | |
| Note: | During the quarter ended September 30, 2021, gaming operations at Marina Bay Sands were closed on July 22 and reopened on August 5, due to pandemic-related measures implemented in consultation with Singapore government authorities. Due to social distancing measures and travel restrictions, the property operated at a reduced capacity during the quarters ended September 30, 2021 and 2020, with some operations temporarily closed. 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 - Discontinued Operation Held for Sale (Unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| Las Vegas Operating Properties(1) | September 30, | ||||||||||
| (Dollars in millions) | 2021 | 2020 | Change | ||||||||
| Revenues: | |||||||||||
| Casino | $ | 141 | $ | 59 | $ | 82 | |||||
| Rooms | 142 | 41 | 101 | ||||||||
| Food and Beverage | 70 | 23 | 47 | ||||||||
| Convention, Retail and Other(2) | 46 | 18 | 28 | ||||||||
| Net Revenues | $ | 399 | $ | 141 | $ | 258 | |||||
| Adjusted Property EBITDA | $ | 132 | $ | (40) | $ | 172 | |||||
| EBITDA Margin % | 33.1 | % | |||||||||
| Gaming Statistics | |||||||||||
| (Dollars in millions) | |||||||||||
| Table Games Drop | $ | 440 | $ | 425 | $ | 15 | |||||
| Table Games Win %(3) | 20.7 | % | 8.0 | % | 12.7 | pts | |||||
| Slot Handle | $ | 1,057 | $ | 588 | $ | 469 | |||||
| Slot Hold % | 8.7 | % | 8.4 | % | 0.3 | pts | |||||
| Hotel Statistics | |||||||||||
| Occupancy % | 96.9 | % | 43.7 | % | 53.2 | pts | |||||
| Average Daily Rate (ADR) | $ | 228 | $ | 174 | $ | 54 | |||||
| Revenue per Available Room (RevPAR) | $ | 221 | $ | 76 | $ | 145 | |||||
| ____________________ | |
| Note: | During the quarter ended September 30, 2020, 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, and rooms within the property's Venezia tower that remained closed 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 September 30, 2021 | TTM September 30, 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 | $ | 49 | $ | 45 | 91.8 | % | 814,731 | 78.7 | % | $ | 1,368 | ||||||||||
| Shoppes at Four Seasons | |||||||||||||||||||||
| Luxury Retail | 39 | 38 | 97.4 | % | 125,466 | 100.0 | % | 9,146 | |||||||||||||
| Other Stores | 13 | 12 | 92.3 | % | 118,727 | 88.2 | % | 2,702 | |||||||||||||
| Total | 52 | 50 | 96.2 | % | 244,193 | 94.3 | % | 6,298 | |||||||||||||
| Shoppes at Londoner(3) | 13 | 11 | 84.6 | % | 520,302 | 60.4 | % | 1,240 | |||||||||||||
| Shoppes at Parisian | 10 | 8 | 80.0 | % | 296,322 | 76.7 | % | 683 | |||||||||||||
| Total Cotai Strip in Macao | 124 | 114 | 91.9 | % | 1,875,548 | 75.4 | % | 2,092 | |||||||||||||
| The Shoppes at Marina Bay Sands | 41 | 36 | 87.8 | % | 622,073 | 97.5 | % | 1,480 | |||||||||||||
| Total | $ | 165 | $ | 150 | 90.9 | % | 2,497,621 | 80.9 | % | $ | 1,921 | ||||||||||
| ____________________ | |
| 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 $10 million at our Macao properties and $6 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 up to an estimated 600,000 square feet of gross leasable area upon completion of all phases of the renovation, rebranding and expansion to The Londoner Macao. |
SOURCE Las Vegas Sands Corp.