Las Vegas Sands;

Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2022.

"While travel restrictions continued to impact our financial results this quarter, we were pleased to see further progress in Singapore's recovery, with Marina Bay Sands reaching $343 million in adjusted property EBITDA.  We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are able to travel to both Singapore and Macao," said Robert G. Goldstein, chairman and chief executive officer. 

"We remain confident in the recovery of travel and tourism spending across our markets. Demand from customers who have been able to visit remains robust.

"Our investments in our team members, our communities and our industry-leading Integrated Resort property portfolio position us exceedingly well to deliver future growth as travel restrictions subside and the recovery in travel and tourism progresses.  We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."

Net revenue was $1.01 billion, compared to $857 million in the prior year quarter.  Operating loss was $177 million, compared to $316 million in the prior year quarter.  Net loss from continuing operations in the third quarter of 2022 was $380 million, compared to $594 million in the third quarter of 2021. 

Consolidated adjusted property EBITDA was $191 million, compared to $47 million in the prior year quarter.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL decreased to $251 million, compared to $611 million in the third quarter of 2021.  Net loss for SCL was $472 million, compared to $423 million in the third quarter of 2021.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $183 million for the third quarter of 2022, compared to $157 million in the prior year quarter.  Our weighted average borrowing cost in the third quarter of 2022 was 4.8% compared to 4.4% during the third quarter of 2021, while our weighted average debt balance increased compared to the prior year quarter due to borrowings of $951 million under the SCL Credit Facility in the last year.

Our income tax expense for the third quarter of 2022 was $60 million, compared to income tax benefit of $27 million in the prior year quarter.  The income tax expense for the third quarter of 2022 was primarily driven by a 17% statutory rate on the increased profits of our Singapore operations.

Balance Sheet Items

Unrestricted cash balances as of September 30, 2022 were $5.84 billion.

The company has access to $2.95 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of September 30, 2022, total debt outstanding, excluding finance leases and financed purchases, was $15.27 billion.

Capital Expenditures

Capital expenditures during the third quarter totaled $169 million, including construction, development and maintenance activities of $108 million at Marina Bay Sands, $48 million in Macao and $13 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,

2022

2021

2022

2021

Revenues:

  Casino

$              637

$              533

$           1,973

$           2,241

  Rooms

123

100

315

311

  Food and beverage

82

42

198

148

  Mall

119

165

416

469

  Convention, retail and other

44

17

91

57

Net revenues

1,005

857

2,993

3,226

Operating expenses:

  Resort operations

823

810

2,503

2,699

  Corporate

53

64

167

169

  Pre-opening

4

6

11

15

  Development

26

13

108

59

  Depreciation and amortization

260

262

780

775

  Amortization of leasehold interests in land

14

14

42

42

  Loss on disposal or impairment of assets

2

4

8

18

1,182

1,173

3,619

3,777

Operating loss

(177)

(316)

(626)

(551)

Other income (expense):

  Interest income

38

1

56

3

  Interest expense, net of amounts capitalized

(183)

(157)

(501)

(469)

  Other income (expense)

2

(12)

(29)

(19)

  Loss on modification or early retirement of debt

(137)

(137)

Loss from continuing operations before income taxes

(320)

(621)

(1,100)

(1,173)

Income tax (expense) benefit

(60)

27

(172)

19

Net loss from continuing operations

(380)

(594)

(1,272)

(1,154)

Discontinued operations:

Income from operations of discontinued operations, net of tax

99

46

75

Gain on disposal of discontinued operations, net of tax

2,861

Adjustment to gain on disposal of discontinued operations, net of tax

(1)

(4)

Income (loss) from discontinued operations, net of tax

(1)

99

2,903

75

Net income (loss)

(381)

(495)

1,631

(1,079)

Net loss attributable to noncontrolling interests

142

127

370

241

Net income (loss) attributable to Las Vegas Sands Corp.

$             (239)

$             (368)

$            2,001

$             (838)

Earnings (loss) per share — basic and diluted:

Net loss from continuing operations

$            (0.31)

$            (0.61)

$             (1.18)

$            (1.20)

Income (loss) from discontinued operations, net of tax

0.13

3.80

0.10

Net income (loss) per common share

$            (0.31)

$            (0.48)

$              2.62

$            (1.10)

Weighted average shares outstanding:

  Basic and diluted

764

764

764

764

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,

2022

2021

2022

2021

Net Revenues

The Venetian Macao

$      104

$      253

$          481

$          984

The Londoner Macao

57

123

257

449

The Parisian Macao

21

102

137

290

The Plaza Macao and Four Seasons Macao

57

111

238

406

Sands Macao

11

20

48

97

Ferry Operations and Other

8

7

22

22

  Macao Operations

258

616

1,183

2,248

Marina Bay Sands

756

249

1,834

1,002

Intercompany Royalties

28

16

78

66

Intersegment Eliminations (1)

(37)

(24)

(102)

(90)

$   1,005

$      857

$       2,993

$       3,226

Adjusted Property EBITDA

The Venetian Macao

$      (37)

$        40

$           (39)

$          230

The Londoner Macao

(60)

(33)

(147)

(61)

The Parisian Macao

(37)

5

(77)

(3)

The Plaza Macao and Four Seasons Macao

6

42

55

156

Sands Macao

(22)

(21)

(61)

(52)

Ferry Operations and Other

(2)

(1)

(4)

(6)

  Macao Operations

(152)

32

(273)

264

Marina Bay Sands

343

15

783

271

$      191

$        47

$          510

$          535

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

10.5 %

37.8 %

23.1 %

38.4 %

Sands Macao

Ferry Operations and Other

  Macao Operations

5.2 %

11.7 %

Marina Bay Sands

45.4 %

6.0 %

42.7 %

27.0 %

Total

19.0 %

5.5 %

17.0 %

16.6 %

_____________________

Note:

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The information for the three months ended September 30, 2021 and for the nine months ended September 30, 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

Nine Months Ended

September 30,

September 30,

2022

2021

2022

2021

Net loss from continuing operations

$         (380)

$         (594)

$     (1,272)

$     (1,154)

  Add (deduct):

Income tax expense (benefit)

60

(27)

172

(19)

Loss on modification or early retirement of debt

137

137

Other (income) expense

(2)

12

29

19

Interest expense, net of amounts capitalized

183

157

501

469

Interest income

(38)

(1)

(56)

(3)

Loss on disposal or impairment of assets

2

4

8

18

Amortization of leasehold interests in land

14

14

42

42

Depreciation and amortization

260

262

780

775

Development expense

26

13

108

59

Pre-opening expense

4

6

11

15

Stock-based compensation (1)

9

20

8

Corporate expense

53

64

167

169

Consolidated Adjusted Property EBITDA

$           191

$            47

$         510

$         535

Hold-normalized casino revenue (2)

(21)

(4)

Hold-normalized casino expense (2)

6

(3)

Consolidated Hold-Normalized Adjusted Property EBITDA          

$           176

$            40

_____________________

Note:

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The information for the three months ended September 30, 2021 and for the nine months ended September 30, 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 September 30, 2022 and 2021, the company recorded stock-based compensation expense from continuing operations of $18 million and $3 million, respectively, of which $9 million and $3 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations.  During the nine months ended September 30, 2022 and 2021, the company recorded stock-based compensation expense of $47 million and $17 million, respectively, of which $27 million and $9 million, respectively, was included in corporate expense in the accompanying 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, 2022

Adjusted Property

EBITDA

Hold-Normalized

Casino

Revenue (1)

Hold-Normalized

Casino

Expense (2)

Hold-Normalized

Adjusted Property

EBITDA

Macao Operations

$              (152)

$                   (10)

$                       4

$                  (158)

Marina Bay Sands

343

(11)

2

334

$               191

$                   (21)

$                       6

$                    176

Three Months Ended September 30, 2021

Adjusted Property

EBITDA

Hold-Normalized

Casino

Revenue (1)

Hold-Normalized

Casino

Expense (2)

Hold-Normalized

Adjusted Property

EBITDA

Macao Operations

$                 32

$                     —

$                     (4)

$                     28

Marina Bay Sands

15

(4)

1

12

$                 47

$                     (4)

$                     (3)

$                     40

_____________________

Note:

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The information for the three months ended September 30, 2021, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation.

(1)

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)

This 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

Nine Months Ended

September 30,

September 30,

2022

2021

2022

2021

Net income (loss) attributable to LVS

$             (239)

$             (368)

$           2,001

$             (838)

Pre-opening expense

4

6

11

15

Development expense

26

13

108

59

Loss on disposal or impairment of assets

2

4

8

18

Other (income) expense

(2)

12

29

19

Loss on modification or early retirement of debt

137

137

(Income) loss from discontinued operations, net of tax

1

(99)

(2,903)

(75)

Income tax impact on net income adjustments (1)

(3)

(19)

(14)

Noncontrolling interest impact on net income adjustments

(48)

(11)

(55)

Adjusted net loss from continuing operations attributable to LVS

$             (208)

$             (346)

$             (776)

$             (734)

Hold-normalized casino revenue (2)

(21)

(4)

Hold-normalized casino expense (2)

6

(3)

Income tax impact on hold adjustments (1)

2

1

Noncontrolling interest impact on hold adjustments

2

1

Hold-normalized adjusted net loss from continuing operations attributable to LVS

$             (219)

$             (351)

The following is a reconciliation of Income (Loss) per Diluted 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,

2022

2021

2022

2021

Per diluted share of common stock:

Net income (loss) attributable to LVS

$            (0.31)

$            (0.48)

$             2.62

$            (1.10)

Pre-opening expense

0.01

0.01

0.01

0.02

Development expense

0.03

0.02

0.14

0.08

Loss on disposal or impairment of assets

0.01

0.02

Other (income) expense

0.01

0.04

0.03

Loss on modification or early retirement of debt

0.18

0.18

(Income) loss from discontinued operations, net of tax

(0.13)

(3.80)

(0.10)

Income tax impact on net income adjustments

(0.03)

(0.02)

Noncontrolling interest impact on net income adjustments

(0.06)

(0.01)

(0.07)

Adjusted loss per diluted share from continuing operations

$            (0.27)

$            (0.45)

$            (1.02)

$            (0.96)

Hold-normalized casino revenue

(0.03)

(0.01)

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

$            (0.29)

$            (0.46)

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,

2022

2021

2022

2021

Casino Statistics:

The Venetian Macao:

Table games win per unit per day (1)

$            1,463

$            3,380

$            2,170

$            4,948

Slot machine win per unit per day (2)

$                 55

$               117

$                 86

$               165

Average number of table games

623

623

625

627

Average number of slot machines

1,460

1,276

1,404

1,165

The Londoner Macao:

Table games win per unit per day (1)

$               872

$            2,437

$            1,451

$            2,961

Slot machine win per unit per day (2)

$                 38

$                 83

$                 50

$               105

Average number of table games

472

470

473

473

Average number of slot machines

1,405

1,124

1,368

945

The Parisian Macao:

Table games win per unit per day (1)

$               509

$            3,417

$            1,377

$            3,089

Slot machine win per unit per day (2)

$                 16

$                 52

$                 29

$                 77

Average number of table games

267

268

269

268

Average number of slot machines

1,132

978

1,108

925

The Plaza Macao and Four Seasons Macao:

Table games win per unit per day (1)

$            3,143

$            4,687

$            4,351

$            7,893

Slot machine win per unit per day (2)

$                 87

$                 52

$                 40

$                 64

Average number of table games

142

142

142

142

Average number of slot machines

89

140

147

100

Sands Macao:

Table games win per unit per day (1)

$               677

$            1,089

$               995

$            2,338

Slot machine win per unit per day (2)

$                 41

$                 83

$                 52

$                 99

Average number of table games

152

155

154

155

Average number of slot machines

757

653

720

578

Marina Bay Sands:

Table games win per unit per day (1)

$            9,871

$            2,209

$            7,854

$            3,078

Slot machine win per unit per day (2)

$               725

$               656

$               711

$               796

Average number of table games

519

542

521

561

Average number of slot machines

2,854

1,881

2,596

1,894

Las Vegas Operating Properties(3):

Table games win per unit per day (1)

$            3,355

$            3,553

Slot machine win per unit per day (2)

$               518

$               534

Average number of table games

197

187

Average number of slot machines

1,778

1,568

_____________________

Note:

These casino statistics exclude slot machines shutdown in 2022 and 2021 due to social distancing measures implemented as a result of the COVID-19 pandemic. In response to a government mandate, our Macao casinos were ordered to close from July 11, 2022 to July 22, 2022.

(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

September 30,

(Dollars in millions)

2022

2021

Change

Revenues:

Casino

$         60

$       176

$    (116)

Rooms

10

18

(8)

Food and Beverage

3

6

(3)

Mall

27

49

(22)

Convention, Retail and Other

4

4

Net Revenues

$       104

$       253

$    (149)

Adjusted Property EBITDA

$        (37)

$         40

$      (77)

EBITDA Margin %

15.8 %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$       115

$       781

$    (666)

Rolling Chip Win %(1)

1.70 %

2.22 %

         (0.52) pts

Non-Rolling Chip Drop

$       292

$       632

$    (340)

Non-Rolling Chip Win %

24.3 %

27.9 %

       (3.6) pts

Slot Handle

$       158

$       362

$    (204)

Slot Hold %

4.0 %

3.8 %

      0.2 pts

Hotel Statistics

Occupancy %

36.7 %

48.4 %

         (11.7) pts

Average Daily Rate (ADR)

$       135

$       149

$      (14)

Revenue per Available Room (RevPAR)

$         50

$         72

$      (22)

_____________________

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 due to travel restrictions during 2022 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)

2022

2021

Change

Revenues:

Casino

$         24

$         80

$      (56)

Rooms

10

22

(12)

Food and Beverage

4

6

(2)

Mall

9

13

(4)

Convention, Retail and Other

10

2

8

Net Revenues

$         57

$       123

$      (66)

Adjusted Property EBITDA

$        (60)

$        (33)

$      (27)

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$       179

$     1,266

$  (1,087)

Rolling Chip Win %(1)

5.27 %

2.04 %

       3.23 pts

Non-Rolling Chip Drop

$       116

$       388

$     (272)

Non-Rolling Chip Win %

20.2 %

20.5 %

       (0.3) pts

Slot Handle

$       104

$       225

$     (121)

Slot Hold %

4.0 %

3.8 %

      0.2 pts

Hotel Statistics

Occupancy %

23.2 %

38.8 %

         (15.6) pts

Average Daily Rate (ADR)

$       159

$       155

$          4

Revenue per Available Room (RevPAR)

$         37

$         60

$       (23)

_____________________

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 and to house team members due to travel and quarantine restrictions during 2021 and 2022 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)

2022

2021

Change

Revenues:

Casino

$           8

$         75

$      (67)

Rooms

5

12

(7)

Food and Beverage

1

4

(3)

Mall

5

10

(5)

Convention, Retail and Other

2

1

1

Net Revenues

$         21

$       102

$      (81)

Adjusted Property EBITDA

$        (37)

$           5

$      (42)

EBITDA Margin %

4.9 %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$         26

$       175

$    (149)

Rolling Chip Win %(1)

(14.10) %

16.12 %

           (30.22) pts

Non-Rolling Chip Drop

$         60

$       246

$    (186)

Non-Rolling Chip Win %

24.1 %

22.8 %

      1.3 pts

Slot Handle

$         34

$       153

$    (119)

Slot Hold %

4.4 %

3.1 %

      1.3 pts

Hotel Statistics

Occupancy %

37.1 %

52.5 %

         (15.4) pts

Average Daily Rate (ADR)

$         98

$       116

$      (18)

Revenue per Available Room (RevPAR)

$         36

$         61

$      (25)

_____________________

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 and to house team members due to travel and quarantine restrictions during 2022 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)

2022

2021

Change

Revenues:

Casino

$         27

$        44

$      (17)

Rooms

5

11

(6)

Food and Beverage

2

3

(1)

Mall

23

52

(29)

Convention, Retail and Other

1

(1)

Net Revenues

$         57

$       111

$      (54)

Adjusted Property EBITDA

$           6

$        42

$      (36)

EBITDA Margin %

10.5 %

37.8 %

         (27.3) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$       212

$       308

$      (96)

Rolling Chip Win %(1)

9.37 %

2.40 %

        6.97 pts

Non-Rolling Chip Drop

$         90

$       269

$    (179)

Non-Rolling Chip Win %

17.6 %

20.0 %

       (2.4) pts

Slot Handle

$           4

$           7

$        (3)

Slot Hold %

14.4 %

9.7 %

      4.7 pts

Hotel Statistics

Occupancy %

19.8 %

41.3 %

         (21.5) pts

Average Daily Rate (ADR)

$       453

$       439

$        14

Revenue per Available Room (RevPAR)

$         90

$       181

$       (91)

_____________________

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 due to travel restrictions during 2021 and 2022 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)

2022

2021

Change

Revenues:

Casino

$           8

$         16

$        (8)

Rooms

1

2

(1)

Food and Beverage

1

2

(1)

Mall

1

1

Net Revenues

$         11

$         20

$         (9)

Adjusted Property EBITDA

$        (22)

$        (21)

$         (1)

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$         16

$       137

$     (121)

Rolling Chip Win %(1)

2.98 %

0.11 %

        2.87 pts

Non-Rolling Chip Drop

$         47

$         89

$       (42)

Non-Rolling Chip Win %

16.5 %

17.4 %

       (0.9) pts

Slot Handle

$         72

$       147

$       (75)

Slot Hold %

3.4 %

3.4 %

     — pts

Hotel Statistics

Occupancy %

43.8 %

63.2 %

         (19.4) pts

Average Daily Rate (ADR)

$       157

$       134

$        23

Revenue per Available Room (RevPAR)

$         69

$         85

$       (16)

_____________________

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 due to travel and quarantine restrictions during 2022 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)

2022

2021

Change

Revenues:

Casino

$       510

$       142

$      368

Rooms

92

35

57

Food and Beverage

71

21

50

Mall

55

41

14

Convention, Retail and Other

28

10

18

Net Revenues

$       756

$       249

$      507

Adjusted Property EBITDA

$       343

$         15

$      328

EBITDA Margin %

45.4 %

6.0 %

        39.4 pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$     6,837

$       459

$   6,378

Rolling Chip Win %(1)

3.47 %

4.05 %

         (0.58) pts

Non-Rolling Chip Drop

$     1,258

$       638

$      620

Non-Rolling Chip Win %

18.6 %

11.7 %

      6.9 pts

Slot Handle

$     4,424

$     2,299

$   2,125

Slot Hold %

4.3 %

4.2 %

      0.1 pts

Hotel Statistics(2)

Occupancy %

96.0 %

71.7 %

        24.3 pts

Average Daily Rate (ADR)

$       515

$       235

$      280

Revenue per Available Room (RevPAR)

$       494

$       169

$      325

_____________________

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.

(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 September 30, 2022, approximately 500 rooms were under construction for renovation purposes.

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Asian Retail Mall Operations

(Unaudited)

For the Three Months Ended September 30, 2022

TTM

September

30, 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

$           26

$         23

88.5 %

814,771

79.1 %

$          1,021

Shoppes at Four Seasons

Luxury Retail

17

16

94.1 %

129,932

100.0 %

6,394

Other Stores

6

5

83.3 %

118,742

88.2 %

1,795

Total

23

21

91.3 %

248,674

94.4 %

4,301

Shoppes at Londoner

9

6

66.7 %

605,461

54.9 %

1,112

Shoppes at Parisian

5

4

80.0 %

296,322

73.8 %

376

Total Cotai Strip in Macao

63

54

85.7 %

1,965,228

72.8 %

1,550

The Shoppes at Marina Bay Sands

55

48

87.3 %

622,007

99.8 %

2,359

Total

$         118

$       102

86.4 %

2,587,235

79.2 %

$          1,805

_____________________

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 $37 million at our Macao properties.

(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.

SOURCE Las Vegas Sands Corp.