Las Vegas Sands Corp. (NYSE: LVS) yesterday reported financial results for the quarter ended March 31, 2022.
"While pandemic-related restrictions continued to impact our financial results this quarter, we were able to generate positive EBITDA at Marina Bay Sands in Singapore, and for the company as a whole. 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 steadfast in our commitment 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 recovery of travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains robust, 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 Integrated Resort property portfolio position us exceedingly well to deliver future growth as these travel restrictions 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 $943 million, compared to $1.20 billion in the prior year quarter. Operating loss was $302 million, compared to $96 million in the prior year quarter. Net loss from continuing operations in the first quarter of 2022 was $478 million, compared to $280 million in the first quarter of 2021.
Consolidated adjusted property EBITDA was $110 million, compared to $244 million in the prior year quarter.
On February 23, 2022, LVS closed the sale of its Las Vegas real property and operations and received approximately $5.05 billion in cash proceeds, before working capital adjustments, transaction costs and income taxes. In addition, the company provided $1.20 billion in seller financing in the form of a six-year secured term loan. The financial position, results of operations and cash flows of the Las Vegas Operating Properties have been presented as a discontinued operation.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased to $547 million, compared to $771 million in the first quarter of 2021. Net loss for SCL was $336 million, compared to $213 million in the first quarter of 2021.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $156 million for the first quarter of 2022, compared to $154 million in the prior year quarter. Our weighted average borrowing cost in the first quarter of 2022 was 4.2% compared to 4.4% during the first quarter of 2021, while our weighted average debt balance increased compared to the prior year quarter due to borrowings of $251 million and $201 million under the SCL Credit Facility in October 2021 and March 2022, respectively.
Our income tax expense for the first quarter of 2022 was $2 million, compared to income tax expense of $14 million in the prior year quarter. The income tax expense for the first quarter of 2022 was primarily driven by a 17% statutory rate on our Singapore operations.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2022 were $6.43 billion.
The company has access to $3.48 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.
As of March 31, 2022, total debt outstanding, excluding finance leases and financed purchases, was $14.95 billion.
Capital Expenditures
Capital expenditures during the first quarter totaled $137 million, including construction, development and maintenance activities of $84 million in Macao, $50 million at Marina Bay Sands and $3 million in Corporate and Other.
About Sands (NYSE: LVS)
Sands' portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao, The Parisian Macao and Sands Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Las Vegas Sands Corp.
First Quarter 2022 Results
| Exhibit 1 | |||
| Las Vegas Sands Corp. and Subsidiaries | |||
| Condensed Consolidated Statements of Operations | |||
| (In millions, except per share data) | |||
| (Unaudited) | |||
| Three Months Ended | |||
| March 31, | |||
| 2022 | 2021 | ||
| Revenues: | |||
| Casino | $ 627 | $ 865 | |
| Rooms | 95 | 96 | |
| Food and beverage | 53 | 56 | |
| Mall | 149 | 156 | |
| Convention, retail and other | 19 | 23 | |
| Net revenues | 943 | 1,196 | |
| Operating expenses: | |||
| Resort operations | 838 | 957 | |
| Corporate | 59 | 49 | |
| Pre-opening | 4 | 5 | |
| Development | 60 | 9 | |
| Depreciation and amortization | 264 | 255 | |
| Amortization of leasehold interests in land | 14 | 14 | |
| Loss on disposal or impairment of assets | 6 | 3 | |
| 1,245 | 1,292 | ||
| Operating loss | (302) | (96) | |
| Other income (expense): | |||
| Interest income | 4 | 1 | |
| Interest expense, net of amounts capitalized | (156) | (154) | |
| Other expense | (22) | (17) | |
| Loss from continuing operations before income taxes | (476) | (266) | |
| Income tax expense | (2) | (14) | |
| Net loss from continuing operations | (478) | (280) | |
| Discontinued operations: | |||
| Income (loss) from operations of discontinued operations, net of tax | 46 | (62) | |
| Gain on disposal of discontinued operations, net of tax | 2,861 | — | |
| Income (loss) from discontinued operations, net of tax | 2,907 | (62) | |
| Net income (loss) | 2,429 | (342) | |
| Net loss attributable to noncontrolling interests | 101 | 64 | |
| Net income (loss) attributable to Las Vegas Sands Corp. | $ 2,530 | $ (278) | |
| Earnings (loss) per share — basic: | |||
| Net loss from continuing operations | $ (0.49) | $ (0.28) | |
| Net income (loss) from discontinued operations, net of income taxes | 3.80 | (0.08) | |
| Net income (loss) per common share | $ 3.31 | $ (0.36) | |
| Earnings (loss) per share — diluted: | |||
| Net loss from continuing operations | $ (0.49) | $ (0.28) | |
| Net income (loss) from discontinued operations, net of income taxes | 3.80 | (0.08) | |
| Net income (loss) per common share | $ 3.31 | $ (0.36) | |
| Weighted average shares outstanding: | |||
| Basic | 764 | 764 | |
| Diluted | 764 | 764 | |
| Exhibit 2 | ||||
| Las Vegas Sands Corp. and Subsidiaries | ||||
| Net Revenues and Adjusted Property EBITDA | ||||
| (In millions) | ||||
| (Unaudited) | ||||
| Three Months Ended | ||||
| March 31, | ||||
| 2022 | 2021 | |||
| Net Revenues | ||||
| The Venetian Macao | $ 227 | $ 340 | ||
| The Londoner Macao | 121 | 137 | ||
| The Parisian Macao | 74 | 87 | ||
| The Plaza Macao and Four Seasons Macao | 102 | 170 | ||
| Sands Macao | 20 | 35 | ||
| Ferry Operations and Other | 7 | 8 | ||
| Macao Operations | 551 | 777 | ||
| Marina Bay Sands | 399 | 426 | ||
| Intercompany Royalties | 22 | 25 | ||
| Intersegment Eliminations (1) | (29) | (32) | ||
| $ 943 | $ 1,196 | |||
| Adjusted Property EBITDA | ||||
| The Venetian Macao | $ 19 | $ 82 | ||
| The Londoner Macao | (33) | (23) | ||
| The Parisian Macao | (11) | (8) | ||
| The Plaza Macao and Four Seasons Macao | 32 | 70 | ||
| Sands Macao | (17) | (18) | ||
| Ferry Operations and Other | (1) | (3) | ||
| Macao Operations | (11) | 100 | ||
| Marina Bay Sands | 121 | 144 | ||
| $ 110 | $ 244 | |||
| Adjusted Property EBITDA as a Percentage of Net Revenues | ||||
| The Venetian Macao | 8.4% | 24.1% | ||
| The Londoner Macao | ||||
| The Parisian Macao | ||||
| The Plaza Macao and Four Seasons Macao | 31.4% | 41.2% | ||
| Sands Macao | ||||
| Ferry Operations and Other | ||||
| Macao Operations | 12.9% | |||
| Marina Bay Sands | 30.3% | 33.8% | ||
| Total | 11.7% | 20.4% | ||
____________________
| Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022 and 2021, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation. |
| (1) | 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 | ||||
| March 31, | ||||
| 2022 | 2021 | |||
| Net loss from continuing operations | $ (478) | $ (280) | ||
| Add (deduct): | ||||
| Income tax expense | 2 | 14 | ||
| Other expense | 22 | 17 | ||
| Interest expense, net of amounts capitalized | 156 | 154 | ||
| Interest income | (4) | (1) | ||
| Loss on disposal or impairment of assets | 6 | 3 | ||
| Amortization of leasehold interests in land | 14 | 14 | ||
| Depreciation and amortization | 264 | 255 | ||
| Development expense | 60 | 9 | ||
| Pre-opening expense | 4 | 5 | ||
| Stock-based compensation (1) | 5 | 5 | ||
| Corporate expense | 59 | 49 | ||
| Consolidated Adjusted Property EBITDA | $ 110 | $ 244 | ||
| Hold-normalized casino revenue (2) | (12) | (80) | ||
| Hold-normalized casino expense (2) | 5 | 27 | ||
| Consolidated Hold-Normalized Adjusted Property EBITDA | $ 103 | $ 191 | ||
____________________
| Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022 and 2021, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation. |
| (1) | During the three months ended March 31, 2022 and 2021, the company recorded stock-based compensation expense from continuing operations of $14 million and $7 million, respectively, of which $9 million and $2 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 March 31, 2022 | ||||||||
| Adjusted Property EBITDA | Hold-Normalized Casino Revenue (1) | Hold-Normalized Casino Expense (2) | Hold-Normalized Adjusted Property EBITDA | |||||
| Macao Operations | $ (11) | $ (12) | $ 5 | $ (18) | ||||
| Marina Bay Sands | 121 | — | — | 121 | ||||
| $ 110 | $ (12) | $ 5 | $ 103 | |||||
| Three Months Ended March 31, 2021 | ||||||||
| Adjusted Property EBITDA | Hold-Normalized Casino Revenue (1) | Hold-Normalized Casino Expense (2) | Hold-Normalized Adjusted Property EBITDA | |||||
| Macao Operations | $ 100 | $ (46) | $ 21 | $ 75 | ||||
| Marina Bay Sands | 144 | (34) | 6 | 116 | ||||
| $ 244 | $ (80) | $ 27 | $ 191 | |||||
____________________
| Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022 and 2021, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation. |
| (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 Income (Loss) Attributable to LVS to Adjusted Net Loss and Hold-Normalized Adjusted Net Loss: | ||||
| Three Months Ended | ||||
| March 31, | ||||
| 2022 | 2021 | |||
| Net income (loss) attributable to LVS | $ 2,530 | $ (278) | ||
| Pre-opening expense | 4 | 5 | ||
| Development expense | 60 | 9 | ||
| Loss on disposal or impairment of assets | 6 | 3 | ||
| Other expense | 22 | 17 | ||
| (Income) loss from discontinued operations, net of income taxes | (2,907) | 62 | ||
| Income tax impact on net income adjustments (1) | (14) | (2) | ||
| Noncontrolling interest impact on net income adjustments | (7) | (8) | ||
| Adjusted net loss from continuing operations attributable to LVS | $ (306) | $ (192) | ||
| Hold-normalized casino revenue (2) | (12) | (80) | ||
| Hold-normalized casino expense (2) | 5 | 27 | ||
| Income tax impact on hold adjustments (1) | — | 5 | ||
| Noncontrolling interest impact on hold adjustments | 2 | 8 | ||
| Hold-normalized adjusted net loss from continuing operations attributable to LVS | $ (311) | $ (232) | ||
| The following is a reconciliation of Diluted Income (Loss) per Share to Adjusted Loss per Diluted Share and Hold-Normalized Adjusted Loss per Diluted Share: | ||||
| Three Months Ended | ||||
| March 31, | ||||
| 2022 | 2021 | |||
| Per diluted share of common stock: | ||||
| Net income (loss) attributable to LVS | $ 3.31 | $ (0.36) | ||
| Pre-opening expense | — | 0.01 | ||
| Development expense | 0.08 | 0.01 | ||
| Loss on disposal or impairment of assets | 0.01 | — | ||
| Other expense | 0.03 | 0.02 | ||
| (Income) loss from discontinued operations, net of income taxes | (3.80) | 0.08 | ||
| Income tax impact on net income adjustments | (0.02) | — | ||
| Noncontrolling interest impact on net income adjustments | (0.01) | (0.01) | ||
| Adjusted loss per diluted share from continuing operations | $ (0.40) | $ (0.25) | ||
| Hold-normalized casino revenue | (0.02) | (0.10) | ||
| Hold-normalized casino expense | 0.01 | 0.04 | ||
| Income tax impact on hold adjustments | — | — | ||
| Noncontrolling interest impact on hold adjustments | — | 0.01 | ||
| Hold-normalized adjusted loss per diluted share from continuing operations | $ (0.41) | $ (0.30) | ||
| Weighted average diluted shares outstanding | 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 | ||||
| March 31, | ||||
| 2022 | 2021 | |||
| Casino Statistics: | ||||
| The Venetian Macao: | ||||
| Table games win per unit per day (1) | $ 3,202 | $ 5,363 | ||
| Slot machine win per unit per day (2) | $ 101 | $ 194 | ||
| Average number of table games | 631 | 629 | ||
| Average number of slot machines | 1,418 | 1,046 | ||
| The Londoner Macao: | ||||
| Table games win per unit per day (1) | $ 2,242 | $ 2,522 | ||
| Slot machine win per unit per day (2) | $ 60 | $ 105 | ||
| Average number of table games | 476 | 476 | ||
| Average number of slot machines | 1,350 | 818 | ||
| The Parisian Macao: | ||||
| Table games win per unit per day (1) | $ 2,395 | $ 2,726 | ||
| Slot machine win per unit per day (2) | $ 41 | $ 95 | ||
| Average number of table games | 272 | 267 | ||
| Average number of slot machines | 1,101 | 881 | ||
| The Plaza Macao and Four Seasons Macao: | ||||
| Table games win per unit per day (1) | $ 5,839 | $ 11,466 | ||
| Slot machine win per unit per day (2) | $ 52 | $ 106 | ||
| Average number of table games | 142 | 142 | ||
| Average number of slot machines | 165 | 45 | ||
| Sands Macao: | ||||
| Table games win per unit per day (1) | $ 1,221 | $ 2,871 | ||
| Slot machine win per unit per day (2) | $ 63 | $ 113 | ||
| Average number of table games | 156 | 153 | ||
| Average number of slot machines | 714 | 530 | ||
| Marina Bay Sands: | ||||
| Table games win per unit per day (1) | $ 4,302 | $ 4,077 | ||
| Slot machine win per unit per day (2) | $ 671 | $ 942 | ||
| Average number of table games | 526 | 580 | ||
| Average number of slot machines | 2,226 | 1,853 | ||
| Las Vegas Operating Properties(3): | ||||
| Table games win per unit per day (1) | $ 3,355 | $ 1,938 | ||
| Slot machine win per unit per day (2) | $ 518 | $ 380 | ||
| Average number of table games | 197 | 179 | ||
| Average number of slot machines | 1,778 | 1,491 | ||
____________________
| Note: | These casino statistics exclude table games and slot machines shutdown due to social distancing measures 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 sale of the Las Vegas Operating Properties closed on February 23, 2022. The Las Vegas Operating Properties are classified as a discontinued operation. |
| Exhibit 7 | |||||
| Las Vegas Sands Corp. and Subsidiaries | |||||
| Supplemental Data | |||||
| (Unaudited) | |||||
| Three Months Ended | |||||
| The Venetian Macao | March 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 157 | $ 266 | $ (109) | ||
| Rooms | 16 | 19 | (3) | ||
| Food and Beverage | 6 | 6 | — | ||
| Mall | 44 | 46 | (2) | ||
| Convention, Retail and Other | 4 | 3 | 1 | ||
| Net Revenues | $ 227 | $ 340 | $ (113) | ||
| Adjusted Property EBITDA | $ 19 | $ 82 | $ (63) | ||
| EBITDA Margin % | 8.4% | 24.1% | (15.7) pts | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 720 | $ 1,231 | $ (511) | ||
| Rolling Chip Win %(1) | 3.25% | 4.43% | (1.18) pts | ||
| Non-Rolling Chip Drop | $ 636 | $ 908 | $ (272) | ||
| Non-Rolling Chip Win % | 24.9% | 27.4% | (2.5) pts | ||
| Slot Handle | $ 423 | $ 462 | $ (39) | ||
| Slot Hold % | 3.0% | 4.0% | (1.0) pts | ||
| Hotel Statistics | |||||
| Occupancy % | 42.7% | 47.2% | (4.5) pts | ||
| Average Daily Rate (ADR) | $ 153 | $ 157 | $ (4) | ||
| Revenue per Available Room (RevPAR) | $ 65 | $ 74 | $ (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 2021 and 2022. |
| (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 | March 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 79 | $ 91 | $ (12) | ||
| Rooms | 19 | 19 | — | ||
| Food and Beverage | 8 | 7 | 1 | ||
| Mall | 14 | 14 | — | ||
| Convention, Retail and Other | 1 | 6 | (5) | ||
| Net Revenues | $ 121 | $ 137 | $ (16) | ||
| Adjusted Property EBITDA | $ (33) | $ (23) | $ (10) | ||
| EBITDA Margin % | |||||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 369 | $ 523 | $ (154) | ||
| Rolling Chip Win %(1) | 4.72% | 3.71% | 1.01 pts | ||
| Non-Rolling Chip Drop | $ 354 | $ 408 | $ (54) | ||
| Non-Rolling Chip Win % | 22.2% | 21.7% | 0.5 pts | ||
| Slot Handle | $ 232 | $ 197 | $ 35 | ||
| Slot Hold % | 3.1% | 3.9% | (0.8) pts | ||
| Hotel Statistics | |||||
| Occupancy % | 28.0% | 35.5% | (7.5) pts | ||
| Average Daily Rate (ADR) | $ 154 | $ 173 | $ (19) | ||
| Revenue per Available Room (RevPAR) | $ 43 | $ 61 | $ (18) | ||
____________________
| 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 2021 and 2022. Rooms utilized for government quarantine purposes during 2021 and 2022, and to house team members during 2022 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 | March 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 51 | $ 59 | $ (8) | ||
| Rooms | 11 | 12 | (1) | ||
| Food and Beverage | 3 | 5 | (2) | ||
| Mall | 8 | 10 | (2) | ||
| Convention, Retail and Other | 1 | 1 | — | ||
| Net Revenues | $ 74 | $ 87 | $ (13) | ||
| Adjusted Property EBITDA | $ (11) | $ (8) | $ (3) | ||
| EBITDA Margin % | |||||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 160 | $ 114 | $ 46 | ||
| Rolling Chip Win %(1) | 7.95% | (3.01)% | 10.96 pts | ||
| Non-Rolling Chip Drop | $ 180 | $ 300 | $ (120) | ||
| Non-Rolling Chip Win % | 25.5% | 23.0% | 2.5 pts | ||
| Slot Handle | $ 123 | $ 223 | $ (100) | ||
| Slot Hold % | 3.3% | 3.4% | (0.1) pts | ||
| Hotel Statistics | |||||
| Occupancy % | 41.3% | 46.7% | (5.4) pts | ||
| Average Daily Rate (ADR) | $ 119 | $ 118 | $ 1 | ||
| Revenue per Available Room (RevPAR) | $ 49 | $ 55 | $ (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 2021 and 2022. Rooms utilized to house team members during 2022 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 | March 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 55 | $ 115 | $ (60) | ||
| Rooms | 9 | 11 | (2) | ||
| Food and Beverage | 4 | 4 | — | ||
| Mall | 34 | 39 | (5) | ||
| Convention, Retail and Other | — | 1 | (1) | ||
| Net Revenues | $ 102 | $ 170 | $ (68) | ||
| Adjusted Property EBITDA | $ 32 | $ 70 | $ (38) | ||
| EBITDA Margin % | 31.4% | 41.2% | (9.8) pts | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 574 | $ 1,436 | $ (862) | ||
| Rolling Chip Win %(1) | 3.29% | 5.93% | (2.64) pts | ||
| Non-Rolling Chip Drop | $ 215 | $ 256 | $ (41) | ||
| Non-Rolling Chip Win % | 25.9% | 24.1% | 1.8 pts | ||
| Slot Handle | $ 9 | $ 4 | $ 5 | ||
| Slot Hold % | 8.7% | 10.8% | (2.1) pts | ||
| Hotel Statistics | |||||
| Occupancy % | 35.8% | 43.7% | (7.9) pts | ||
| Average Daily Rate (ADR) | $ 440 | $ 432 | $ 8 | ||
| Revenue per Available Room (RevPAR) | $ 157 | $ 189 | $ (32) | ||
____________________
| 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 2021 and 2022. Rooms utilized to house team members during 2022 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 | March 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 17 | $ 31 | $ (14) | ||
| Rooms | 2 | 3 | (1) | ||
| Food and Beverage | 1 | 1 | — | ||
| Net Revenues | $ 20 | $ 35 | $ (15) | ||
| Adjusted Property EBITDA | $ (17) | $ (18) | $ 1 | ||
| EBITDA Margin % | |||||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 80 | $ 484 | $ (404) | ||
| Rolling Chip Win %(1) | 2.83% | 4.34% | (1.51) pts | ||
| Non-Rolling Chip Drop | $ 77 | $ 122 | $ (45) | ||
| Non-Rolling Chip Win % | 19.4% | 15.1% | 4.3 pts | ||
| Slot Handle | $ 124 | $ 158 | $ (34) | ||
| Slot Hold % | 3.3% | 3.4% | (0.1) pts | ||
| Hotel Statistics | |||||
| Occupancy % | 57.1% | 71.5% | (14.4) pts | ||
| Average Daily Rate (ADR) | $ 137 | $ 138 | $ (1) | ||
| Revenue per Available Room (RevPAR) | $ 78 | $ 99 | $ (21) | ||
____________________
| 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 2021 and 2022. |
| (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 | March 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 268 | $ 303 | $ (35) | ||
| Rooms | 38 | 32 | 6 | ||
| Food and Beverage | 31 | 33 | (2) | ||
| Mall | 49 | 47 | 2 | ||
| Convention, Retail and Other | 13 | 11 | 2 | ||
| Net Revenues | $ 399 | $ 426 | $ (27) | ||
| Adjusted Property EBITDA | $ 121 | $ 144 | $ (23) | ||
| EBITDA Margin % | 30.3% | 33.8% | (3.5) pts | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 1,899 | $ 1,512 | $ 387 | ||
| Rolling Chip Win %(1) | 3.30% | 5.59% | (2.29) pts | ||
| Non-Rolling Chip Drop | $ 795 | $ 674 | $ 121 | ||
| Non-Rolling Chip Win % | 17.7% | 19.1% | (1.4) pts | ||
| Slot Handle | $ 3,282 | $ 3,745 | $ (463) | ||
| Slot Hold % | 4.1% | 4.2% | (0.1) pts | ||
| Hotel Statistics(2) | |||||
| Occupancy % | 83.8% | 63.0% | 20.8 pts | ||
| Average Daily Rate (ADR) | $ 257 | $ 228 | $ 29 | ||
| Revenue per Available Room (RevPAR) | $ 215 | $ 143 | $ 72 | ||
____________________
| 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 2021 and 2022. |
| (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 March 31, 2022, approximately 500 rooms were under construction for renovation purposes. |
| Las Vegas Sands Corp. and Subsidiaries | |
| Supplemental Data - Discontinued Operation | |
| (Unaudited) | |
| Las Vegas Operating Properties(1) | 53-Day Period Ended February 22, |
| (Dollars in millions) | 2022 |
| Revenues: | |
| Casino | $ 61 |
| Rooms | 78 |
| Food and Beverage | 43 |
| Convention, Retail and Other | 46 |
| Net Revenues | $ 228 |
| Adjusted Property EBITDA | $ 63 |
| EBITDA Margin % | 27.6% |
| Gaming Statistics | |
| (Dollars in millions) | |
| Table Games Drop | $ 257 |
| Table Games Win %(2) | 13.6% |
| Slot Handle | $ 599 |
| Slot Hold % | 8.2% |
| Hotel Statistics | |
| Occupancy % | 84.6% |
| Average Daily Rate (ADR) | $ 247 |
| Revenue per Available Room (RevPAR) | $ 209 |
____________________
| (1) | On February 23, 2022, LVS closed on the sale of its Las Vegas Operating Properties and as a result have been classified as a discontinued operation. Results of the Las Vegas Operating Properties are through February 22, 2022. |
| (2) | 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 March 31, 2022 | TTM March 31, 2022 | |||||||||||
| (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 | $ 44 | $ 39 | 88.6% | 814,720 | 77.6% | $ 1,328 | ||||||
| Shoppes at Four Seasons | ||||||||||||
| Luxury Retail | 22 | 20 | 90.9% | 125,466 | 100.0% | 9,144 | ||||||
| Other Stores | 12 | 11 | 91.7% | 118,742 | 88.2% | 2,548 | ||||||
| Total | 34 | 31 | 91.2% | 244,208 | 94.3% | 6,159 | ||||||
| Shoppes at Londoner(3) | 14 | 12 | 85.7% | 555,806 | 56.7% | 1,528 | ||||||
| Shoppes at Parisian | 8 | 6 | 75.0% | 296,322 | 73.3% | 586 | ||||||
| Total Cotai Strip in Macao | 100 | 88 | 88.0% | 1,911,056 | 73.0% | 2,151 | ||||||
| The Shoppes at Marina Bay Sands | 49 | 44 | 89.8% | 622,242 | 98.9% | 1,748 | ||||||
| Total | $ 149 | $ 132 | 88.6% | 2,533,298 | 79.4% | $ 2,021 | ||||||
____________________
| 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 $2 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 upon completion of all phases of the renovation and expansion to The Londoner Macao. |
SOURCE Las Vegas Sands Corp.