Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended December 31, 2022.
"While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, we remain confident in a robust recovery in travel and tourism spending across our markets and deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead," said Robert G. Goldstein, chairman and chief executive officer.
"In Singapore, we were pleased to see the robust recovery continue at Marina Bay Sands during the quarter, with the property delivering record levels of performance in both mass gaming and retail revenue. We are excited to have the opportunity to introduce our new suite product to more customers as airlift capacity improves and growth in visitation from China and the wider region is enabled by the relaxing of travel restrictions."
"In Macao, we were gratified to receive a new gaming concession during the quarter, which will enable us to continue our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism. We remain deeply confident in the future of Macao and consider Macao an ideal market for additional capital investment."
"Looking ahead, 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 travel restrictions are further relaxed and the recovery comes to fruition. We are fortunate that our financial strength supports our ongoing investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."
Net revenue was $1.12 billion, an increase of 10.8% from the prior year quarter. Operating loss was $166 million, compared to $138 million in the prior year quarter. Net loss from continuing operations in the fourth quarter of 2022 was $269 million, compared to $315 million in the fourth quarter of 2021.
Consolidated adjusted property EBITDA was $222 million, compared to $251 million in the prior year quarter. Consolidated hold-normalized adjusted property EBITDA was $329 million, compared to $234 million in the prior year quarter.
Full year 2022 operating loss was $792 million, compared to $689 million in 2021. Net income attributable to Las Vegas Sands was $1.83 billion, or $2.40 per diluted share, in 2022 and included a $3.60 billion gain on sale of our Las Vegas real property and operations. This compared to a net loss of $961 million, or $1.26 per diluted share, in 2021.
Sands China Ltd. Consolidated Financial ResultsOn a GAAP basis, total net revenues for SCL decreased 31.7%, compared to the fourth quarter of 2021, to $439 million. Net loss for SCL was $348 million, compared to $245 million in the fourth quarter of 2021.
On a GAAP basis, full year 2022 total net revenues for SCL decreased 44.2%, compared to the full year 2021, to $1.61 billion. Net loss for SCL was $1.58 billion in 2022, compared to $1.05 billion in 2021.
Other Factors Affecting EarningsInterest expense, net of amounts capitalized, was $201 million for the fourth quarter of 2022, compared to $152 million in the prior year quarter. Our weighted average borrowing cost in the fourth quarter of 2022 was 5.2%, compared to 4.2% during the fourth quarter of 2021, while our weighted average debt balance increased compared to the prior year quarter due to borrowings of $1.20 billion under the SCL Credit Facility in the last year.
Our income tax benefit for the fourth quarter of 2022 was $18 million, compared to income tax expense of $14 million in the prior year quarter. We had income tax expense of $154 million in 2022 as compared to an income tax benefit of $5 million in the prior year. The income tax expense for 2022 is due to the increased profitability of our Singapore operations and Singapore's 17% statutory rate.
Balance Sheet ItemsUnrestricted cash balances as of December 31, 2022 were $6.31 billion.
The company has access to $2.48 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.
As of December 31, 2022, total debt outstanding, excluding finance leases and financed purchases, was $15.95 billion.
Capital ExpendituresCapital expenditures during the fourth quarter totaled $147 million, including construction, development and maintenance activities of $93 million at Marina Bay Sands, $44 million in Macao and $10 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 | Year Ended | |||||||
| December 31, | December 31, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Revenues: | ||||||||
| Casino | $ 654 | $ 651 | $ 2,627 | $ 2,892 | ||||
| Rooms | 154 | 104 | 469 | 415 | ||||
| Food and beverage | 103 | 51 | 301 | 199 | ||||
| Mall | 164 | 180 | 580 | 649 | ||||
| Convention, retail and other | 42 | 22 | 133 | 79 | ||||
| Net revenues | 1,117 | 1,008 | 4,110 | 4,234 | ||||
| Operating expenses: | ||||||||
| Resort operations | 908 | 761 | 3,411 | 3,460 | ||||
| Corporate | 68 | 42 | 235 | 211 | ||||
| Pre-opening | 2 | 4 | 13 | 19 | ||||
| Development | 35 | 50 | 143 | 109 | ||||
| Depreciation and amortization | 256 | 266 | 1,036 | 1,041 | ||||
| Amortization of leasehold interests in land | 13 | 14 | 55 | 56 | ||||
| Loss on disposal or impairment of assets | 1 | 9 | 9 | 27 | ||||
| 1,283 | 1,146 | 4,902 | 4,923 | |||||
| Operating loss | (166) | (138) | (792) | (689) | ||||
| Other income (expense): | ||||||||
| Interest income | 60 | 1 | 116 | 4 | ||||
| Interest expense, net of amounts capitalized | (201) | (152) | (702) | (621) | ||||
| Other income (expense) | 20 | (12) | (9) | (31) | ||||
| Loss on modification or early retirement of debt | — | — | — | (137) | ||||
| Loss from continuing operations before income taxes | (287) | (301) | (1,387) | (1,474) | ||||
| Income tax (expense) benefit | 18 | (14) | (154) | 5 | ||||
| Net loss from continuing operations | (269) | (315) | (1,541) | (1,469) | ||||
| Discontinued operations: | ||||||||
| Income from operations of discontinued operations, net of tax | — | 118 | 46 | 193 | ||||
| Gain on disposal of discontinued operations, net of tax | — | — | 2,861 | — | ||||
| Adjustment to gain on disposal of discontinued operations, net of tax | (5) | — | (9) | — | ||||
| Income (loss) from discontinued operations, net of tax | (5) | 118 | 2,898 | 193 | ||||
| Net income (loss) | (274) | (197) | 1,357 | (1,276) | ||||
| Net loss attributable to noncontrolling interests | 105 | 74 | 475 | 315 | ||||
| Net income (loss) attributable to Las Vegas Sands Corp. | $ (169) | $ (123) | $ 1,832 | $ (961) | ||||
| Earnings (loss) per share - basic and diluted: | ||||||||
| Net loss from continuing operations | $ (0.21) | $ (0.32) | $ (1.40) | $ (1.51) | ||||
| Net income (loss) from discontinued operations, net of tax | (0.01) | 0.15 | 3.80 | 0.25 | ||||
| Net income (loss) per common share | $ (0.22) | $ (0.17) | $ 2.40 | $ (1.26) | ||||
| 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 | Year Ended | |||||||
| December 31, | December 31, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Net Revenues | ||||||||
| The Venetian Macao | $ 201 | $ 272 | $ 682 | $ 1,256 | ||||
| The Londoner Macao | 93 | 139 | 350 | 588 | ||||
| The Parisian Macao | 51 | 67 | 188 | 357 | ||||
| The Plaza Macao and Four Seasons Macao | 75 | 140 | 313 | 546 | ||||
| Sands Macao | 17 | 25 | 65 | 122 | ||||
| Ferry Operations and Other | 7 | 6 | 29 | 28 | ||||
| Macao Operations | 444 | 649 | 1,627 | 2,897 | ||||
| Marina Bay Sands | 682 | 368 | 2,516 | 1,370 | ||||
| Intercompany Royalties | 29 | 17 | 107 | 83 | ||||
| Intersegment Eliminations(1) | (38) | (26) | (140) | (116) | ||||
| $ 1,117 | $ 1,008 | $ 4,110 | $ 4,234 | |||||
| Adjusted Property EBITDA | ||||||||
| The Venetian Macao | $ 14 | $ 67 | $ (25) | $ 297 | ||||
| The Londoner Macao | (42) | (23) | (189) | (84) | ||||
| The Parisian Macao | (26) | (14) | (103) | (17) | ||||
| The Plaza Macao and Four Seasons Macao | 26 | 63 | 81 | 219 | ||||
| Sands Macao | (20) | (17) | (81) | (69) | ||||
| Ferry Operations and Other | (3) | (2) | (7) | (8) | ||||
| Macao Operations | (51) | 74 | (324) | 338 | ||||
| Marina Bay Sands | 273 | 177 | 1,056 | 448 | ||||
| $ 222 | $ 251 | $ 732 | $ 786 | |||||
| Adjusted Property EBITDA as a Percentage of Net Revenues | ||||||||
| The Venetian Macao | 7.0 % | 24.6 % | 23.6 % | |||||
| The Londoner Macao | ||||||||
| The Parisian Macao | ||||||||
| The Plaza Macao and Four Seasons Macao | 34.7 % | 45.0 % | 25.9 % | 40.1 % | ||||
| Sands Macao | ||||||||
| Ferry Operations and Other | ||||||||
| Macao Operations | 11.4 % | 11.7 % | ||||||
| Marina Bay Sands | 40.0 % | 48.1 % | 42.0 % | 32.7 % | ||||
| Total | 19.9 % | 24.9 % | 17.8 % | 18.6 % | ||||
| ____________________ |
| Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended December 31, 2021 and for the years ended December 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 | Year Ended | |||||||
| December 31, | December 31, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Net loss from continuing operations | $ (269) | $ (315) | $ (1,541) | $ (1,469) | ||||
| Add (deduct): | ||||||||
| Income tax expense (benefit) | (18) | 14 | 154 | (5) | ||||
| Loss on modification or early retirement of debt | — | — | — | 137 | ||||
| Other (income) expense | (20) | 12 | 9 | 31 | ||||
| Interest expense, net of amounts capitalized | 201 | 152 | 702 | 621 | ||||
| Interest income | (60) | (1) | (116) | (4) | ||||
| Loss on disposal or impairment of assets | 1 | 9 | 9 | 27 | ||||
| Amortization of leasehold interests in land | 13 | 14 | 55 | 56 | ||||
| Depreciation and amortization | 256 | 266 | 1,036 | 1,041 | ||||
| Development expense | 35 | 50 | 143 | 109 | ||||
| Pre-opening expense | 2 | 4 | 13 | 19 | ||||
| Stock-based compensation (1) | 13 | 4 | 33 | 12 | ||||
| Corporate expense | 68 | 42 | 235 | 211 | ||||
| Consolidated Adjusted Property EBITDA | $ 222 | $ 251 | $ 732 | $ 786 | ||||
| Hold-normalized casino revenue (2) | 134 | (15) | ||||||
| Hold-normalized casino expense (2) | (27) | (2) | ||||||
| Consolidated Hold-Normalized Adjusted Property EBITDA | $ 329 | $ 234 | ||||||
| ____________________ |
| Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended December 31, 2021 and for the years ended December 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 December 31, 2022 and 2021, the company recorded stock-based compensation expense of $23 million and $10 million, respectively, of which $10 million and $6 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations. During the years ended December 31, 2022 and 2021, the company recorded stock-based compensation expense of $70 million and $27 million, respectively, of which $37 million and $15 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations. |
| (2) | See Exhibit 4. |
| Exhibit 4 | ||||||||
| Las Vegas Sands Corp. and Subsidiaries | ||||||||
| Non-GAAP Measure Reconciliation | ||||||||
| (In millions) | ||||||||
| (Unaudited) | ||||||||
| The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA: | ||||||||
| Three Months Ended December 31, 2022 | ||||||||
| Hold-Normalized | ||||||||
| Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||
| Property | Casino | Casino | Property | |||||
| EBITDA | Revenue (1) | Expense (2) | EBITDA | |||||
| Macao Operations | $ (51) | $ (10) | $ 4 | $ (57) | ||||
| Marina Bay Sands | 273 | 144 | (31) | 386 | ||||
| $ 222 | $ 134 | $ (27) | $ 329 | |||||
| Three Months Ended December 31, 2021 | ||||||||
| Hold-Normalized | ||||||||
| Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||
| Property | Casino | Casino | Property | |||||
| EBITDA | Revenue (1) | Expense (2) | EBITDA | |||||
| Macao Operations | $ 74 | $ 24 | $ (9) | $ 89 | ||||
| Marina Bay Sands | 177 | (39) | 7 | 145 | ||||
| $ 251 | $ (15) | $ (2) | $ 234 | |||||
| ____________________ |
| Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended December 31, 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 | Year Ended | |||||||
| December 31, | December 31, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Net income (loss) attributable to LVS | $ (169) | $ (123) | $ 1,832 | $ (961) | ||||
| Pre-opening expense | 2 | 4 | 13 | 19 | ||||
| Development expense | 35 | 50 | 143 | 109 | ||||
| Loss on disposal or impairment of assets | 1 | 9 | 9 | 27 | ||||
| Other (income) expense | (20) | 12 | 9 | 31 | ||||
| Loss on modification or early retirement of debt | — | — | — | 137 | ||||
| (Income) loss from discontinued operations, net of tax | 5 | (118) | (2,898) | (193) | ||||
| Income tax impact on net income adjustments (1) | (7) | 3 | (26) | (11) | ||||
| Noncontrolling interest impact on net income adjustments | 11 | (6) | — | (61) | ||||
| Adjusted net loss from continuing operations attributable to LVS | $ (142) | $ (169) | $ (918) | $ (903) | ||||
| Hold-normalized casino revenue (2) | 134 | (15) | ||||||
| Hold-normalized casino expense (2) | (27) | (2) | ||||||
| Income tax impact on hold adjustments (1) | (19) | 5 | ||||||
| Noncontrolling interest impact on hold adjustments | 2 | (5) | ||||||
| Hold-normalized adjusted net loss from continuing operations attributable to LVS | $ (52) | $ (186) | ||||||
| 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 | Year Ended | |||||||
| December 31, | December 31, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Per diluted share of common stock: | ||||||||
| Net income (loss) attributable to LVS | $ (0.22) | $ (0.17) | $ 2.40 | $ (1.26) | ||||
| Pre-opening expense | — | 0.01 | 0.01 | 0.02 | ||||
| Development expense | 0.05 | 0.07 | 0.19 | 0.14 | ||||
| Loss on disposal or impairment of assets | — | 0.01 | 0.01 | 0.04 | ||||
| Other (income) expense | (0.03) | 0.02 | 0.01 | 0.04 | ||||
| Loss on modification or early retirement of debt | — | — | — | 0.18 | ||||
| (Income) loss from discontinued operations, net of tax | 0.01 | (0.15) | (3.79) | (0.25) | ||||
| Income tax impact on net income adjustments | (0.01) | — | (0.03) | (0.01) | ||||
| Noncontrolling interest impact on net income adjustments | 0.01 | (0.01) | — | (0.08) | ||||
| Adjusted loss per diluted share from continuing operations | $ (0.19) | $ (0.22) | $ (1.20) | $ (1.18) | ||||
| Hold-normalized casino revenue | 0.18 | (0.02) | ||||||
| Hold-normalized casino expense | (0.04) | — | ||||||
| Income tax impact on hold adjustments | (0.02) | 0.01 | ||||||
| Noncontrolling interest impact on hold adjustments | — | (0.01) | ||||||
| Hold-normalized adjusted loss per diluted share from continuing operations | $ (0.07) | $ (0.24) | ||||||
| Weighted average diluted shares outstanding | 764 | 764 | 764 | 764 | ||||
| ____________________ |
| (1) | The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. |
| (2) | See Exhibit 4. |
| Exhibit 6 | ||||||||
| Las Vegas Sands Corp. and Subsidiaries | ||||||||
| Supplemental Data | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | Year Ended | |||||||
| December 31, | December 31, | |||||||
| 2022 | 2021 | 2022 | 2021 | |||||
| Casino Statistics: | ||||||||
| The Venetian Macao: | ||||||||
| Table games win per unit per day (1) | $ 2,496 | $ 3,679 | $ 2,255 | $ 4,625 | ||||
| Slot machine win per unit per day (2) | $ 90 | $ 156 | $ 87 | $ 162 | ||||
| Average number of table games | 626 | 634 | 626 | 629 | ||||
| Average number of slot machines | 1,523 | 1,368 | 1,435 | 1,216 | ||||
| The Londoner Macao: | ||||||||
| Table games win per unit per day (1) | $ 1,443 | $ 2,600 | $ 1,449 | $ 2,869 | ||||
| Slot machine win per unit per day (2) | $ 39 | $ 92 | $ 48 | $ 101 | ||||
| Average number of table games | 472 | 478 | 473 | 475 | ||||
| Average number of slot machines | 1,360 | 1,155 | 1,366 | 998 | ||||
| The Parisian Macao: | ||||||||
| Table games win per unit per day (1) | $ 1,528 | $ 1,928 | $ 1,417 | $ 2,793 | ||||
| Slot machine win per unit per day (2) | $ 30 | $ 62 | $ 29 | $ 73 | ||||
| Average number of table games | 269 | 273 | 269 | 270 | ||||
| Average number of slot machines | 1,115 | 1,066 | 1,110 | 960 | ||||
| The Plaza Macao and Four Seasons Macao: | ||||||||
| Table games win per unit per day (1) | $ 2,697 | $ 6,506 | $ 3,919 | $ 7,544 | ||||
| Slot machine win per unit per day (2) | $ 44 | $ 46 | $ 41 | $ 57 | ||||
| Average number of table games | 142 | 142 | 142 | 142 | ||||
| Average number of slot machines | 100 | 167 | 135 | 117 | ||||
| Sands Macao: | ||||||||
| Table games win per unit per day (1) | $ 759 | $ 1,556 | $ 934 | $ 2,139 | ||||
| Slot machine win per unit per day (2) | $ 45 | $ 44 | $ 50 | $ 83 | ||||
| Average number of table games | 152 | 157 | 153 | 155 | ||||
| Average number of slot machines | 765 | 695 | 731 | 608 | ||||
| Marina Bay Sands: | ||||||||
| Table games win per unit per day (1) | $ 7,832 | $ 3,828 | $ 7,849 | $ 3,262 | ||||
| Slot machine win per unit per day (2) | $ 757 | $ 649 | $ 724 | $ 756 | ||||
| Average number of table games | 505 | 514 | 517 | 549 | ||||
| Average number of slot machines | 2,891 | 1,967 | 2,670 | 1,913 | ||||
| Las Vegas Operating Properties(3): | ||||||||
| Table games win per unit per day (1) | $ 3,355 | $ 3,913 | ||||||
| Slot machine win per unit per day (2) | $ 518 | $ 555 | ||||||
| Average number of table games | 197 | 188 | ||||||
| Average number of slot machines | 1,778 | 1,609 | ||||||
| ____________________ |
| 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 | December 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 130 | $ 195 | $ (65) | ||
| Rooms | 17 | 16 | 1 | ||
| Food and Beverage | 5 | 5 | — | ||
| Mall | 43 | 51 | (8) | ||
| Convention, Retail and Other | 6 | 5 | 1 | ||
| Net Revenues | $ 201 | $ 272 | $ (71) | ||
| Adjusted Property EBITDA | $ 14 | $ 67 | $ (53) | ||
| EBITDA Margin % | 7.0 % | 24.6 % | (17.6) pts | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 197 | $ 890 | $ (693) | ||
| Rolling Chip Win %(1) | 5.56 % | 3.36 % | 2.20 pts | ||
| Non-Rolling Chip Drop | $ 491 | $ 695 | $ (204) | ||
| Non-Rolling Chip Win % | 27.0 % | 26.6 % | 0.4 pts | ||
| Slot Handle | $ 296 | $ 466 | $ (170) | ||
| Slot Hold % | 4.2 % | 4.2 % | — pts | ||
| Hotel Statistics | |||||
| Occupancy % | 50.2 % | 44.2 % | 6.0 pts | ||
| Average Daily Rate (ADR) | $ 145 | $ 156 | $ (11) | ||
| Revenue per Available Room (RevPAR) | $ 73 | $ 69 | $ 4 | ||
| ____________________ |
| Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed 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 | December 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 49 | $ 92 | $ (43) | ||
| Rooms | 18 | 21 | (3) | ||
| Food and Beverage | 7 | 8 | (1) | ||
| Mall | 12 | 13 | (1) | ||
| Convention, Retail and Other | 7 | 5 | 2 | ||
| Net Revenues | $ 93 | $ 139 | $ (46) | ||
| Adjusted Property EBITDA | $ (42) | $ (23) | $ (19) | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 165 | $ 759 | $ (594) | ||
| Rolling Chip Win %(1) | 6.36 % | 2.60 % | 3.76 pts | ||
| Non-Rolling Chip Drop | $ 252 | $ 408 | $ (156) | ||
| Non-Rolling Chip Win % | 20.7 % | 23.2 % | (2.5) pts | ||
| Slot Handle | $ 172 | $ 254 | $ (82) | ||
| Slot Hold % | 2.9 % | 3.9 % | (1.0) pts | ||
| Hotel Statistics | |||||
| Occupancy % | 30.7 % | 41.5 % | (10.8) pts | ||
| Average Daily Rate (ADR) | $ 171 | $ 166 | $ 5 | ||
| Revenue per Available Room (RevPAR) | $ 52 | $ 69 | $ (17) | ||
| ____________________ |
| 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 | December 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 33 | $ 41 | $ (8) | ||
| Rooms | 10 | 13 | (3) | ||
| Food and Beverage | 3 | 4 | (1) | ||
| Mall | 5 | 9 | (4) | ||
| Convention, Retail and Other | — | — | — | ||
| Net Revenues | $ 51 | $ 67 | $ (16) | ||
| Adjusted Property EBITDA | $ (26) | $ (14) | $ (12) | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 48 | $ 181 | $ (133) | ||
| Rolling Chip Win %(1) | 11.98 % | (4.77) % | 16.75 pts | ||
| Non-Rolling Chip Drop | $ 123 | $ 242 | $ (119) | ||
| Non-Rolling Chip Win % | 26.1 % | 23.5 % | 2.6 pts | ||
| Slot Handle | $ 85 | $ 167 | $ (82) | ||
| Slot Hold % | 3.6 % | 3.6 % | — pts | ||
| Hotel Statistics | |||||
| Occupancy % | 36.1 % | 50.8 % | (14.7) pts | ||
| Average Daily Rate (ADR) | $ 117 | $ 119 | $ (2) | ||
| Revenue per Available Room (RevPAR) | $ 42 | $ 60 | $ (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 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 | December 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 26 | $ 65 | $ (39) | ||
| Rooms | 9 | 11 | (2) | ||
| Food and Beverage | 3 | 5 | (2) | ||
| Mall | 37 | 59 | (22) | ||
| Net Revenues | $ 75 | $ 140 | $ (65) | ||
| Adjusted Property EBITDA | $ 26 | $ 63 | $ (37) | ||
| EBITDA Margin % | 34.7 % | 45.0 % | (10.3) pts | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 177 | $ 386 | $ (209) | ||
| Rolling Chip Win %(1) | 1.34 % | 1.97 % | (0.63) pts | ||
| Non-Rolling Chip Drop | $ 144 | $ 265 | $ (121) | ||
| Non-Rolling Chip Win % | 22.7 % | 29.1 % | (6.4) pts | ||
| Slot Handle | $ 5 | $ 13 | $ (8) | ||
| Slot Hold % | 8.4 % | 5.3 % | 3.1 pts | ||
| Hotel Statistics | |||||
| Occupancy % | 31.0 % | 43.9 % | (12.9) pts | ||
| Average Daily Rate (ADR) | $ 453 | $ 437 | $ 16 | ||
| Revenue per Available Room (RevPAR) | $ 140 | $ 192 | $ (52) | ||
| ____________________ |
| 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 | December 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 14 | $ 21 | $ (7) | ||
| Rooms | 1 | 3 | (2) | ||
| Food and Beverage | 1 | 1 | — | ||
| Mall | — | — | — | ||
| Convention, Retail and Other | 1 | — | 1 | ||
| Net Revenues | $ 17 | $ 25 | $ (8) | ||
| Adjusted Property EBITDA | $ (20) | $ (17) | $ (3) | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 30 | $ 120 | $ (90) | ||
| Rolling Chip Win %(1) | 2.34 % | 3.65 % | (1.31) pts | ||
| Non-Rolling Chip Drop | $ 56 | $ 91 | $ (35) | ||
| Non-Rolling Chip Win % | 17.6 % | 19.8 % | (2.2) pts | ||
| Slot Handle | $ 93 | $ 140 | $ (47) | ||
| Slot Hold % | 3.4 % | 2.0 % | 1.4 pts | ||
| Hotel Statistics | |||||
| Occupancy % | 44.1 % | 67.0 % | (22.9) pts | ||
| Average Daily Rate (ADR) | $ 151 | $ 139 | $ 12 | ||
| Revenue per Available Room (RevPAR) | $ 67 | $ 93 | $ (26) | ||
| ____________________ |
| 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 | December 31, | ||||
| (Dollars in millions) | 2022 | 2021 | Change | ||
| Revenues: | |||||
| Casino | $ 402 | $ 237 | $ 165 | ||
| Rooms | 99 | 40 | 59 | ||
| Food and Beverage | 84 | 28 | 56 | ||
| Mall | 67 | 49 | 18 | ||
| Convention, Retail and Other | 30 | 14 | 16 | ||
| Net Revenues | $ 682 | $ 368 | $ 314 | ||
| Adjusted Property EBITDA | $ 273 | $ 177 | $ 96 | ||
| EBITDA Margin % | 40.0 % | 48.1 % | (8.1) pts | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 7,093 | $ 1,318 | $ 5,775 | ||
| Rolling Chip Win %(1) | 1.24 % | 6.32 % | (5.08) pts | ||
| Non-Rolling Chip Drop | $ 1,450 | $ 814 | $ 636 | ||
| Non-Rolling Chip Win % | 19.0 % | 12.0 % | 7.0 pts | ||
| Slot Handle | $ 4,750 | $ 2,876 | $ 1,874 | ||
| Slot Hold % | 4.2 % | 4.1 % | 0.1 pts | ||
| Hotel Statistics (2) | |||||
| Occupancy % | 98.3 % | 79.1 % | 19.2 pts | ||
| Average Daily Rate (ADR) | $ 550 | $ 259 | $ 291 | ||
| Revenue per Available Room (RevPAR) | $ 541 | $ 205 | $ 336 | ||
| ____________________ |
| 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 December 31, 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 December 31, 2022 | TTM December 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 | $ 43 | $ 38 | 88.4 % | 813,832 | 81.0 % | $ 932 | ||||||
| Shoppes at Four Seasons | ||||||||||||
| Luxury Retail | 25 | 23 | 92.0 % | 129,932 | 100.0 % | 5,546 | ||||||
| Other Stores | 12 | 10 | 83.3 % | 118,742 | 86.7 % | 1,612 | ||||||
| Total | 37 | 33 | 89.2 % | 248,674 | 93.6 % | 3,806 | ||||||
| Shoppes at Londoner | 12 | 9 | 75.0 % | 610,238 | 54.7 % | 1,139 | ||||||
| Shoppes at Parisian | 5 | 3 | 60.0 % | 296,322 | 67.6 % | 338 | ||||||
| Total Cotai Strip in Macao | 97 | 83 | 85.6 % | 1,969,066 | 72.4 % | 1,421 | ||||||
| The Shoppes at Marina Bay Sands | 67 | 61 | 91.0 % | 622,007 | 99.5 % | 2,596 | ||||||
| Total | $ 164 | $ 144 | 87.8 % | 2,591,073 | 78.9 % | $ 1,801 | ||||||
| ____________________ |
| 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 $9 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.