For the quarter ended March 31, 2023
- A Robust Recovery in Travel and Tourism Spending is Now Underway in both Macao and Singapore
- At Marina Bay Sands, Adjusted Property EBITDA Reached $394 million
- Marina Bay Sands Mass Gaming Revenue Reached an All-Time Property Record $549 million
- In Macao, Adjusted Property EBITDA Reached $398 million
- Macao Property Portfolio Experienced Robust Recovery in all Gaming and Non-Gaming Segments
- Macao Property Portfolio Mass Gaming Revenue Reached $1 billion for the First Time Since 2019
- Market-Leading Investments in Macao and Singapore Position the Company for Strong Growth as the Recovery in Travel and Tourism Spending Progresses
"While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, a robust recovery in travel and tourism spending across our markets is now underway. We remain 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 ongoing recovery at Marina Bay Sands progress during the quarter, with the property again delivering outstanding levels of performance in both mass gaming and tenant sales. We remain energized by the opportunity to introduce our new suite product to more customers as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.
"In Macao, we were pleased to see the ongoing recovery now underway in all gaming and non-gaming segments accelerate during the quarter. We remain deeply enthusiastic about the opportunity to continue our investments to enhance Macao's tourism appeal to travelers from throughout the region, including to foreign visitors to Macao. 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 positions us exceedingly well to deliver strong growth as visitation to the market increases and the recovery in travel and tourism spending proceeds.
"Looking ahead, our resolute commitment to making industry-leading investments in our team members, our communities and our market-leading Integrated Resort property portfolio positions us exceptionally well to deliver strong growth in the years ahead. 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 $2.12 billion, compared to $943 million in the prior year quarter. Operating income was $378 million, compared to an operating loss of $302 million in the prior year quarter. Net income from continuing operations in the first quarter of 2023 was $145 million, compared to a net loss from continuing operations of $478 million in the first quarter of 2022.
Consolidated adjusted property EBITDA was $792 million, compared to $110 million in the prior year quarter.
Sands China Ltd. Consolidated Financial ResultsOn a GAAP basis, total net revenues for SCL increased to $1.27 billion, compared to $547 million in the first quarter of 2022. Net loss for SCL was $10 million, compared to $336 million in the first quarter of 2022.
Other Factors Affecting EarningsInterest expense, net of amounts capitalized, was $218 million for the first quarter of 2023, compared to $156 million in the prior year quarter. Our weighted average borrowing cost in the first quarter of 2023 was 5.4% compared to 4.2% during the first quarter of 2022, while our weighted average debt balance increased compared to the prior year quarter due to borrowings of $999 million under the SCL Credit Facility in the last year.
Our income tax expense for the first quarter of 2023 was $50 million, compared to $2 million in the prior year quarter. The income tax expense for the first quarter of 2023 was primarily due to the increased profitability of our Singapore operations and Singapore's 17% statutory rate.
Balance Sheet ItemsUnrestricted cash balances as of March 31, 2023 were $6.53 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 March 31, 2023, total debt outstanding, excluding finance leases and financed purchases, was $15.97 billion.
Capital ExpendituresCapital expenditures during the first quarter totaled $166 million, including construction, development and maintenance activities of $115 million at Marina Bay Sands, $38 million in Macao and $13 million in Corporate and Other.
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.
| 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, | ||||
| 2023 | 2022 | |||
| Revenues: | ||||
| Casino | $ 1,541 | $ 627 | ||
| Rooms | 243 | 95 | ||
| Food and beverage | 124 | 53 | ||
| Mall | 162 | 149 | ||
| Convention, retail and other | 50 | 19 | ||
| Net revenues | 2,120 | 943 | ||
| Operating expenses: | ||||
| Resort operations | 1,339 | 838 | ||
| Corporate | 57 | 59 | ||
| Pre-opening | 2 | 4 | ||
| Development | 42 | 60 | ||
| Depreciation and amortization | 274 | 264 | ||
| Amortization of leasehold interests in land | 14 | 14 | ||
| Loss on disposal or impairment of assets | 14 | 6 | ||
| 1,742 | 1,245 | |||
| Operating income (loss) | 378 | (302) | ||
| Other income (expense): | ||||
| Interest income | 70 | 4 | ||
| Interest expense, net of amounts capitalized | (218) | (156) | ||
| Other expense | (35) | (22) | ||
| Income (loss) from continuing operations before income taxes | 195 | (476) | ||
| Income tax expense | (50) | (2) | ||
| Net income (loss) from continuing operations | 145 | (478) | ||
| Discontinued operations: | ||||
| Income from operations of discontinued operations, net of tax | — | 46 | ||
| Gain on disposal of discontinued operations, net of tax | — | 2,861 | ||
| Income from discontinued operations, net of tax | — | 2,907 | ||
| Net income | 145 | 2,429 | ||
| Net loss attributable to noncontrolling interests | 2 | 101 | ||
| Net income attributable to Las Vegas Sands Corp. | $ 147 | $ 2,530 | ||
| Earnings (loss) per share — basic: | ||||
| Net income (loss) from continuing operations | $ 0.19 | $ (0.49) | ||
| Net Income from discontinued operations, net of income taxes | — | 3.80 | ||
| Net income per common share | $ 0.19 | $ 3.31 | ||
| Earnings (loss) per share — diluted: | ||||
| Net income (loss) from continuing operations | $ 0.19 | $ (0.49) | ||
| Net Income from discontinued operations, net of income taxes | — | 3.80 | ||
| Net income per common share | $ 0.19 | $ 3.31 | ||
| Weighted average shares outstanding: | ||||
| Basic | 764 | 764 | ||
| Diluted | 766 | 764 | ||
| Exhibit 2 | ||||
| Las Vegas Sands Corp. and Subsidiaries Net Revenues and Adjusted Property EBITDA (In millions) (Unaudited) | ||||
| Three Months Ended | ||||
| March 31, | ||||
| 2023 | 2022 | |||
| Net Revenues | ||||
| The Venetian Macao | $ 558 | $ 227 | ||
| The Londoner Macao | 283 | 121 | ||
| The Parisian Macao | 174 | 74 | ||
| The Plaza Macao and Four Seasons Macao | 172 | 102 | ||
| Sands Macao | 74 | 20 | ||
| Ferry Operations and Other | 18 | 7 | ||
| Macao Operations | 1,279 | 551 | ||
| Marina Bay Sands | 848 | 399 | ||
| Intercompany Royalties | 48 | 22 | ||
| Intersegment Eliminations (1) | (55) | (29) | ||
| $ 2,120 | $ 943 | |||
| Adjusted Property EBITDA | ||||
| The Venetian Macao | $ 210 | $ 19 | ||
| The Londoner Macao | 56 | (33) | ||
| The Parisian Macao | 46 | (11) | ||
| The Plaza Macao and Four Seasons Macao | 75 | 32 | ||
| Sands Macao | 10 | (17) | ||
| Ferry Operations and Other | 1 | (1) | ||
| Macao Operations | 398 | (11) | ||
| Marina Bay Sands | 394 | 121 | ||
| $ 792 | $ 110 | |||
| Adjusted Property EBITDA as a Percentage of Net Revenues | ||||
| The Venetian Macao | 37.6 % | 8.4 % | ||
| The Londoner Macao | 19.8 % | |||
| The Parisian Macao | 26.4 % | |||
| The Plaza Macao and Four Seasons Macao | 43.6 % | 31.4 % | ||
| Sands Macao | 13.5 % | |||
| Ferry Operations and Other | 5.6 % | |||
| Macao Operations | 31.1 % | |||
| Marina Bay Sands | 46.5 % | 30.3 % | ||
| Total | 37.4 % | 11.7 % | ||
| ____________________ | |
| Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022, excludes the results of the Las Vegas Operating Properties, as they were 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 Income (Loss) from Continuing Operations to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA: | ||||
| Three Months Ended | ||||
| March 31, | ||||
| 2023 | 2022 | |||
| Net income (loss) from continuing operations | $ 145 | $ (478) | ||
| Add (deduct): | ||||
| Income tax expense | 50 | 2 | ||
| Other expense | 35 | 22 | ||
| Interest expense, net of amounts capitalized | 218 | 156 | ||
| Interest income | (70) | (4) | ||
| Loss on disposal or impairment of assets | 14 | 6 | ||
| Amortization of leasehold interests in land | 14 | 14 | ||
| Depreciation and amortization | 274 | 264 | ||
| Development expense | 42 | 60 | ||
| Pre-opening expense | 2 | 4 | ||
| Stock-based compensation (1) | 11 | 5 | ||
| Corporate expense | 57 | 59 | ||
| Consolidated Adjusted Property EBITDA | $ 792 | $ 110 | ||
| Hold-normalized casino revenue adjustment (2) | 1 | (12) | ||
| Hold-normalized casino expense adjustment (2) | 4 | 5 | ||
| Consolidated Hold-Normalized Adjusted Property EBITDA | $ 797 | $ 103 | ||
| ____________________ | |
| Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022, excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation. |
| (1) | During the three months ended March 31, 2023 and 2022, the company recorded stock-based compensation expense of $22 million and $14 million, respectively, of which $11 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 March 31, 2023 | ||||||||
| Adjusted Property EBITDA | Hold-Normalized Casino Revenue Adjustment (1) | Hold-Normalized Casino Expense Adjustment (2) | Hold-Normalized Adjusted Property EBITDA | |||||
| Macao Operations | $ 398 | $ (22) | $ 9 | $ 385 | ||||
| Marina Bay Sands | 394 | 23 | (5) | 412 | ||||
| $ 792 | $ 1 | $ 4 | $ 797 | |||||
| Three Months Ended March 31, 2022 | ||||||||
| Adjusted Property EBITDA | Hold-Normalized Casino Revenue Adjustment (1) | Hold-Normalized Casino Expense Adjustment (2) | Hold-Normalized Adjusted Property EBITDA | |||||
| Macao Operations | $ (11) | $ (12) | $ 5 | $ (18) | ||||
| Marina Bay Sands | 121 | — | — | 121 | ||||
| $ 110 | $ (12) | $ 5 | $ 103 | |||||
| ____________________ | |
| Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022, excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation. |
| (1) | This adjustment 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 adjustment 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 Attributable to LVS to Adjusted Net Income (Loss) and Hold-Normalized Adjusted Net Income (Loss): | ||||
| Three Months Ended | ||||
| March 31, | ||||
| 2023 | 2022 | |||
| Net income attributable to LVS | $ 147 | $ 2,530 | ||
| Pre-opening expense | 2 | 4 | ||
| Development expense | 42 | 60 | ||
| Loss on disposal or impairment of assets | 14 | 6 | ||
| Other expense | 35 | 22 | ||
| Income from discontinued operations, net of tax | — | (2,907) | ||
| Income tax impact on net income adjustments (1) | (8) | (14) | ||
| Noncontrolling interest impact on net income adjustments | (15) | (7) | ||
| Adjusted net income (loss) from continuing operations attributable to LVS | $ 217 | $ (306) | ||
| Hold-normalized casino revenue adjustment (2) | 1 | (12) | ||
| Hold-normalized casino expense adjustment (2) | 4 | 5 | ||
| Income tax impact on hold adjustments (1) | (3) | — | ||
| Noncontrolling interest impact on hold adjustments | 4 | 2 | ||
| Hold-normalized adjusted net income (loss) from continuing operations attributable to LVS | $ 223 | $ (311) | ||
| The following is a reconciliation of Income per Diluted Share to Adjusted Earnings (Loss) per Diluted Share and Hold- Normalized Adjusted Earnings (Loss) per Diluted Share: | ||||
| Three Months Ended | ||||
| March 31, | ||||
| 2023 | 2022 | |||
| Per diluted share of common stock: | ||||
| Net income attributable to LVS | $ 0.19 | $ 3.31 | ||
| Pre-opening expense | — | — | ||
| Development expense | 0.05 | 0.08 | ||
| Loss on disposal or impairment of assets | 0.02 | 0.01 | ||
| Other expense | 0.05 | 0.03 | ||
| Income from discontinued operations, net of income taxes | — | (3.80) | ||
| Income tax impact on net income adjustments | (0.01) | (0.02) | ||
| Noncontrolling interest impact on net income adjustments | (0.02) | (0.01) | ||
| Adjusted earnings (loss) per diluted share from continuing operations | $ 0.28 | $ (0.40) | ||
| Hold-normalized casino revenue adjustment | — | (0.02) | ||
| Hold-normalized casino expense adjustment | 0.01 | 0.01 | ||
| Income tax impact on hold adjustments | — | — | ||
| Noncontrolling interest impact on hold adjustments | — | — | ||
| Hold-normalized adjusted earnings (loss) per diluted share from continuing operations | $ 0.29 | $ (0.41) | ||
| Weighted average diluted shares outstanding | 766 | 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, | ||||
| 2023 | 2022 | |||
| Casino Statistics: | ||||
| The Venetian Macao: | ||||
| Table games win per unit per day (1) | $ 8,576 | $ 3,202 | ||
| Slot machine win per unit per day (2) | $ 373 | $ 101 | ||
| Average number of table games | 623 | 631 | ||
| Average number of slot machines | 1,383 | 1,418 | ||
| The Londoner Macao: | ||||
| Table games win per unit per day (1) | $ 5,378 | $ 2,242 | ||
| Slot machine win per unit per day (2) | $ 321 | $ 60 | ||
| Average number of table games | 486 | 476 | ||
| Average number of slot machines | 1,125 | 1,350 | ||
| The Parisian Macao: | ||||
| Table games win per unit per day (1) | $ 5,632 | $ 2,395 | ||
| Slot machine win per unit per day (2) | $ 267 | $ 41 | ||
| Average number of table games | 269 | 272 | ||
| Average number of slot machines | 920 | 1,101 | ||
| The Plaza Macao and Four Seasons Macao: | ||||
| Table games win per unit per day (1) | $ 13,630 | $ 5,839 | ||
| Slot machine win per unit per day (2) | $ 257 | $ 52 | ||
| Average number of table games | 123 | 142 | ||
| Average number of slot machines | 105 | 165 | ||
| Sands Macao: | ||||
| Table games win per unit per day (1) | $ 4,538 | $ 1,221 | ||
| Slot machine win per unit per day (2) | $ 224 | $ 63 | ||
| Average number of table games | 153 | 156 | ||
| Average number of slot machines | 712 | 714 | ||
| Marina Bay Sands: | ||||
| Table games win per unit per day (1) | $ 11,222 | $ 4,302 | ||
| Slot machine win per unit per day (2) | $ 894 | $ 671 | ||
| Average number of table games | 521 | 526 | ||
| Average number of slot machines | 2,900 | 2,226 | ||
| ____________________ | |
| Note: | The 2022 casino statistics exclude slot machines shutdown due to social distancing measures. |
| (1) | Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
| (2) | Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
| Exhibit 7 | |||||
| Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited) | |||||
| Three Months Ended | |||||
| The Venetian Macao | March 31, | ||||
| (Dollars in millions) | 2023 | 2022 | Change | ||
| Revenues: | |||||
| Casino | $ 446 | $ 157 | $ 289 | ||
| Rooms | 39 | 16 | 23 | ||
| Food and Beverage | 13 | 6 | 7 | ||
| Mall | 51 | 44 | 7 | ||
| Convention, Retail and Other | 9 | 4 | 5 | ||
| Net Revenues | $ 558 | $ 227 | $ 331 | ||
| Adjusted Property EBITDA | $ 210 | $ 19 | $ 191 | ||
| EBITDA Margin % | 37.6 % | 8.4 % | 29.2 pts | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 1,254 | $ 720 | $ 534 | ||
| Rolling Chip Win %(1) | 5.03 % | 3.25 % | 1.78 pts | ||
| Non-Rolling Chip Drop | $ 1,769 | $ 636 | $ 1,133 | ||
| Non-Rolling Chip Win % | 23.6 % | 24.9 % | (1.3)pts | ||
| Slot Handle | $ 1,050 | $ 423 | $ 627 | ||
| Slot Hold % | 4.4 % | 3.0 % | 1.4 pts | ||
| Hotel Statistics | |||||
| Occupancy % | 85.7 % | 42.7 % | 43.0 pts | ||
| Average Daily Rate (ADR) | $ 207 | $ 153 | $ 54 | ||
| Revenue per Available Room (RevPAR) | $ 177 | $ 65 | $ 112 | ||
| ____________________ | |
| Note: | Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 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) | 2023 | 2022 | Change | ||
| Revenues: | |||||
| Casino | $ 198 | $ 79 | $ 119 | ||
| Rooms | 55 | 19 | 36 | ||
| Food and Beverage | 14 | 8 | 6 | ||
| Mall | 14 | 14 | — | ||
| Convention, Retail and Other | 2 | 1 | 1 | ||
| Net Revenues | $ 283 | $ 121 | $ 162 | ||
| Adjusted Property EBITDA | $ 56 | $ (33) | $ 89 | ||
| EBITDA Margin % | 19.8 % | ||||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 1,452 | $ 369 | $ 1,083 | ||
| Rolling Chip Win %(1) | 2.36 % | 4.72 % | (2.36) pts | ||
| Non-Rolling Chip Drop | $ 899 | $ 354 | $ 545 | ||
| Non-Rolling Chip Win % | 22.4 % | 22.2 % | 0.2 pts | ||
| Slot Handle | $ 788 | $ 232 | $ 556 | ||
| Slot Hold % | 4.1 % | 3.1 % | 1.0 pts | ||
| Hotel Statistics | |||||
| Occupancy % | 46.7 % | 28.0 % | 18.7 pts | ||
| Average Daily Rate (ADR) | $ 231 | $ 154 | $ 77 | ||
| Revenue per Available Room (RevPAR) | $ 108 | $ 43 | $ 65 | ||
| ____________________ | |
| Note: | Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022. Rooms utilized for government quarantine purposes and 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 Parisian Macao | March 31, | ||||
| (Dollars in millions) | 2023 | 2022 | Change | ||
| Revenues: | |||||
| Casino | $ 128 | $ 51 | $ 77 | ||
| Rooms | 28 | 11 | 17 | ||
| Food and Beverage | 9 | 3 | 6 | ||
| Mall | 8 | 8 | — | ||
| Convention, Retail and Other | 1 | 1 | — | ||
| Net Revenues | $ 174 | $ 74 | $ 100 | ||
| Adjusted Property EBITDA | $ 46 | $ (11) | $ 57 | ||
| EBITDA Margin % | 26.4 % | ||||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 48 | $ 160 | $ (112) | ||
| Rolling Chip Win %(1) | 9.58 % | 7.95 % | 1.63 pts | ||
| Non-Rolling Chip Drop | $ 584 | $ 180 | $ 404 | ||
| Non-Rolling Chip Win % | 22.6 % | 25.5 % | (2.9)pts | ||
| Slot Handle | $ 536 | $ 123 | $ 413 | ||
| Slot Hold % | 4.1 % | 3.3 % | 0.8 pts | ||
| Hotel Statistics | |||||
| Occupancy % | 77.8 % | 41.3 % | 36.5 pts | ||
| Average Daily Rate (ADR) | $ 156 | $ 119 | $ 37 | ||
| Revenue per Available Room (RevPAR) | $ 121 | $ 49 | $ 72 | ||
| ____________________ | |
| Note: | Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 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 Plaza Macao and Four Seasons Macao | March 31, | |||||
| (Dollars in millions) | 2023 | 2022 | Change | |||
| Revenues: | ||||||
| Casino | $ 109 | $ 55 | $ 54 | |||
| Rooms | 20 | 9 | 11 | |||
| Food and Beverage | 6 | 4 | 2 | |||
| Mall | 36 | 34 | 2 | |||
| Convention, Retail and Other | 1 | — | 1 | |||
| Net Revenues | $ 172 | $ 102 | $ 70 | |||
| Adjusted Property EBITDA | $ 75 | $ 32 | $ 43 | |||
| EBITDA Margin % | 43.6 % | 31.4 % | 12.2 pts | |||
| Gaming Statistics | ||||||
| (Dollars in millions) | ||||||
| Rolling Chip Volume | $ 1,227 | $ 574 | $ 653 | |||
| Rolling Chip Win %(1) | 4.11 % | 3.29 % | 0.82 pts | |||
| Non-Rolling Chip Drop | $ 426 | $ 215 | $ 211 | |||
| Non-Rolling Chip Win % | 23.5 % | 25.9 % | (2.4)pts | |||
| Slot Handle | $ 28 | $ 9 | $ 19 | |||
| Slot Hold % | 8.7 % | 8.7 % | — pts | |||
| Hotel Statistics | ||||||
| Occupancy % | 66.4 % | 35.8 % | 30.6 pts | |||
| Average Daily Rate (ADR) | $ 528 | $ 440 | $ 88 | |||
| Revenue per Available Room (RevPAR) | $ 351 | $ 157 | $ 194 | |||
| ____________________ | |
| Note: | Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 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 | |||||
| Sands Macao | March 31, | ||||
| (Dollars in millions) | 2023 | 2022 | Change | ||
| Revenues: | |||||
| Casino | $ 67 | $ 17 | $ 50 | ||
| Rooms | 4 | 2 | 2 | ||
| Food and Beverage | 3 | 1 | 2 | ||
| Net Revenues | $ 74 | $ 20 | $ 54 | ||
| Adjusted Property EBITDA | $ 10 | $ (17) | $ 27 | ||
| EBITDA Margin % | 13.5 % | ||||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 30 | $ 80 | $ (50) | ||
| Rolling Chip Win %(1) | 8.52 % | 2.83 % | 5.69 pts | ||
| Non-Rolling Chip Drop | $ 346 | $ 77 | $ 269 | ||
| Non-Rolling Chip Win % | 17.3 % | 19.4 % | (2.1)pts | ||
| Slot Handle | $ 407 | $ 124 | $ 283 | ||
| Slot Hold % | 3.5 % | 3.3 % | 0.2 pts | ||
| Hotel Statistics | |||||
| Occupancy % | 91.0 % | 57.1 % | 33.9 pts | ||
| Average Daily Rate (ADR) | $ 167 | $ 137 | $ 30 | ||
| Revenue per Available Room (RevPAR) | $ 151 | $ 78 | $ 73 | ||
| ____________________ | |
| Note: | Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 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) | 2023 | 2022 | Change | ||
| Revenues: | |||||
| Casino | $ 593 | $ 268 | $ 325 | ||
| Rooms | 97 | 38 | 59 | ||
| Food and Beverage | 79 | 31 | 48 | ||
| Mall | 53 | 49 | 4 | ||
| Convention, Retail and Other | 26 | 13 | 13 | ||
| Net Revenues | $ 848 | $ 399 | $ 449 | ||
| Adjusted Property EBITDA | $ 394 | $ 121 | $ 273 | ||
| EBITDA Margin % | 46.5 % | 30.3 % | 16.2 pts | ||
| Gaming Statistics | |||||
| (Dollars in millions) | |||||
| Rolling Chip Volume | $ 7,075 | $ 1,899 | $ 5,176 | ||
| Rolling Chip Win %(1) | 2.96 % | 3.30 % | (0.34)pts | ||
| Non-Rolling Chip Drop | $ 1,676 | $ 795 | $ 881 | ||
| Non-Rolling Chip Win % | 18.9 % | 17.7 % | 1.2 pts | ||
| Slot Handle | $ 5,563 | $ 3,282 | $ 2,281 | ||
| Slot Hold % | 4.2 % | 4.1 % | 0.1 pts | ||
| Hotel Statistics(2) | |||||
| Occupancy % | 97.6 % | 83.8 % | 13.8 pts | ||
| Average Daily Rate (ADR) | $ 594 | $ 257 | $ 337 | ||
| Revenue per Available Room (RevPAR) | $ 580 | $ 215 | $ 365 | ||
| ____________________ | |
| 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 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, 2023, 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 March 31, 2023 | TTM March 31, 2023 | |||||||||||
| (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 | $ 51 | $ 45 | 88.2 % | 818,693 | 80.6 % | $ 1,128 | ||||||
| Shoppes at Four Seasons | ||||||||||||
| Luxury Retail | 21 | 19 | 90.5 % | 129,932 | 100.0 % | 6,068 | ||||||
| Other Stores | 15 | 13 | 86.7 % | 118,882 | 82.3 % | 2,417 | ||||||
| Total | 36 | 32 | 88.9 % | 248,814 | 91.6 % | 4,691 | ||||||
| Shoppes at Londoner | 14 | 11 | 78.6 % | 611,108 | 55.8 % | 1,191 | ||||||
| Shoppes at Parisian | 8 | 6 | 75.0 % | 296,371 | 65.7 % | 435 | ||||||
| Total Cotai Strip in Macao | 109 | 94 | 86.2 % | 1,974,986 | 72.1 % | 1,640 | ||||||
| The Shoppes at Marina Bay Sands | 53 | 46 | 86.8 % | 622,653 | 99.7 % | 2,809 | ||||||
| Total | $ 162 | $ 140 | 86.4 % | 2,597,639 | 78.7 % | $ 2,023 | ||||||
| ____________________ | |
| Note: | This table excludes the results of our retail outlets at Sands Macao. |
| (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.