Las Vegas Sands Reports Third Quarter 2020 Results

Las Vegas Sands Corp. (NYSE: LVS) yesterday reported financial results for the quarter ended September 30, 2020.

“I am pleased to say the recovery process from the Covid-19 pandemic continues to progress in each of our markets,” said Sheldon G. Adelson, chairman and chief executive officer. “Our greatest priority as the recovery continues remains our deep commitment to supporting our team members and to helping those in need in each of our local communities of Macao, Singapore and Las Vegas.

We remain optimistic about the eventual complete recovery of travel and tourism spending across our markets, as well as our future growth prospects. We are fortunate that our financial strength supports our previously announced capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

Net revenue was $586 million, a decrease of 82.0% from the prior year quarter. Operating loss was $610 million, compared to operating income of $899 million in the prior year quarter. Net loss in the third quarter of 2020 was $731 million, compared to net income of $669 million in the third quarter of 2019. Consolidated adjusted property EBITDA was $(203) million, compared to $1.28 billion in the prior year quarter.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL decreased 92.1%, compared to the third quarter of 2019, to $167 million. Net loss for SCL was $562 million, compared to net income of $454 million in the third quarter of 2019.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $137 million for the third quarter of 2020, consistent with the prior year quarter. Our weighted average borrowing cost in the third quarter of 2020 was 4.0%, compared to 4.5% during the third quarter of 2019, while our weighted average debt balance increased compared to the prior year quarter due to the issuances of $1.50 billion of senior notes by SCL in June 2020 and $500 million of senior notes by LVS in November 2019.

Our income tax benefit for the third quarter of 2020 was $17 million, compared to an income tax expense of $82 million in the prior year quarter. The income tax benefit for the third quarter of 2020 was primarily driven by pre-tax losses experienced in the third quarter of 2020 by our U.S. and Singapore operations.

Balance Sheet Items

Unrestricted cash balances as of September 30, 2020 were $2.38 billion.

The company has access to $3.95 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of September 30, 2020, total debt outstanding, excluding finance leases, was $13.89 billion.

The company’s Board of Directors extended the expiration of its stock repurchase program for two years, from November 2, 2020 to November 2, 2022.

Capital Expenditures

Capital expenditures during the third quarter totaled $376 million, including construction, development and maintenance activities of $279 million in Macao, $76 million at Marina Bay Sands and $21 million in Las Vegas.

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,

2020

2019

2020

2019

Revenues:

  Casino

$

340

$

2,321

$

1,527

$

7,343

  Rooms

76

439

358

1,318

  Food and beverage

54

199

205

655

  Mall

83

175

228

501

  Convention, retail and other

33

116

148

413

Net revenues

586

3,250

2,466

10,230

Operating expenses:

  Resort operations

791

1,970

2,790

6,239

  Corporate

33

59

145

262

  Pre-opening

5

9

14

23

  Development

3

4

18

13

  Depreciation and amortization

292

284

867

874

  Amortization of leasehold interests in land

14

14

41

37

  Loss on disposal or impairment of assets

58

11

68

18

1,196

2,351

3,943

7,466

Operating income (loss)

(610)

899

(1,477)

2,764

Other income (expense):

  Interest income

3

20

20

57

  Interest expense, net of amounts capitalized

(137)

(137)

(386)

(421)

  Other income (expense)

(4)

(7)

30

(8)

  Gain on sale of Sands Bethlehem

556

  Loss on modification or early retirement of debt

(24)

(24)

Income (loss) before income taxes

(748)

751

(1,813)

2,924

Income tax (expense) benefit

17

(82)

46

(403)

Net income (loss)

(731)

669

(1,767)

2,521

Net (income) loss attributable to noncontrolling interests

166

(136)

381

(452)

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

$

(565)

$

533

$

(1,386)

$

2,069

Earnings (loss) per share:

  Basic

$

(0.74)

$

0.69

$

(1.81)

$

2.68

  Diluted

$

(0.74)

$

0.69

$

(1.81)

$

2.68

Weighted average shares outstanding:

  Basic

764

769

764

772

  Diluted

764

769

764

772

Dividends declared per common share

$

$

0.77

$

0.79

$

2.31

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,

2020

2019

2020

2019

Net Revenues

The Venetian Macao

$

68

$

851

$

411

$

2,602

Sands Cotai Central

22

487

202

1,547

The Parisian Macao

40

381

158

1,249

The Plaza Macao and Four Seasons Hotel Macao

25

196

151

631

Sands Macao

12

171

88

478

Ferry Operations and Other

4

26

22

86

  Macao Operations

171

2,112

1,032

6,593

Marina Bay Sands

281

793

916

2,248

Las Vegas Operating Properties

152

406

588

1,343

Sands Bethlehem(1)

227

Intersegment Eliminations

(18)

(61)

(70)

(181)

$

586

$

3,250

$

2,466

$

10,230

Adjusted Property EBITDA

The Venetian Macao

$

(78)

$

342

$

(126)

$

1,039

Sands Cotai Central

(71)

169

(150)

546

The Parisian Macao

(40)

120

(124)

422

The Plaza Macao and Four Seasons Hotel Macao

(15)

75

(5)

243

Sands Macao

(26)

52

(58)

135

Ferry Operations and Other

(3)

(3)

(15)

(7)

  Macao Operations

(233)

755

(478)

2,378

Marina Bay Sands

70

435

239

1,204

Las Vegas Operating Properties

(40)

93

(74)

367

Sands Bethlehem(1)

52

$

(203)

$

1,283

$

(313)

$

4,001

Adjusted Property EBITDA as a Percentage of Net Revenues

The Venetian Macao

40.2

%

39.9

%

Sands Cotai Central

34.7

%

35.3

%

The Parisian Macao

31.5

%

33.8

%

The Plaza Macao and Four Seasons Hotel Macao

38.3

%

38.5

%

Sands Macao

30.4

%

28.2

%

Ferry Operations and Other

(11.5)

%

(8.1)

%

  Macao Operations

35.7

%

36.1

%

Marina Bay Sands

24.9

%

54.9

%

26.1

%

53.6

%

Las Vegas Operating Properties

22.9

%

27.3

%

Sands Bethlehem(1)

22.9

%

Total

39.5

%

39.1

%

(1)

The company completed the sale of Sands Bethlehem on May 31, 2019.

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

The following is a reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Net income (loss)

$

(731)

$

669

$

(1,767)

$

2,521

  Add (deduct):

Income tax expense (benefit)

(17)

82

(46)

403

Loss on modification or early retirement of debt

24

24

Gain on sale of Sands Bethlehem

(556)

Other (income) expense

4

7

(30)

8

Interest expense, net of amounts capitalized

137

137

386

421

Interest income

(3)

(20)

(20)

(57)

Loss on disposal or impairment of assets

58

11

68

18

Amortization of leasehold interests in land

14

14

41

37

Depreciation and amortization

292

284

867

874

Development expense

3

4

18

13

Pre-opening expense

5

9

14

23

Stock-based compensation (1)

2

3

11

10

Corporate expense

33

59

145

262

Consolidated Adjusted Property EBITDA

$

(203)

$

1,283

$

(313)

$

4,001

Hold-normalized casino revenue (2)

21

(15)

Hold-normalized casino expense (2)

(2)

(9)

Consolidated Hold-Normalized Adjusted Property EBITDA

$

(184)

$

1,259

(1)

During the three months ended September 30, 2020 and 2019, the company recorded stock-based compensation expense of $6 million and $8 million, respectively, of which $4 million and $5 million, respectively, is included in corporate expense on the company’s condensed consolidated statements of operations. During the nine months ended September 30, 2020 and 2019, the company recorded stock-based compensation expense of $20 million and $26 million, respectively, of which $9 million and $16 million, respectively, is included in corporate expense on the company’s condensed consolidated statements of operations.

(2)

See Exhibit 4.

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:

Three Months Ended September 30, 2020

Hold-Normalized

Adjusted

Hold-Normalized

Hold-Normalized

Adjusted

Property

Casino

Casino

Property

EBITDA

Revenue (1)

Expense (2)

EBITDA

Macao Operations

$

(233)

$

(10)

$

3

$

(240)

Marina Bay Sands

70

(14)

3

59

Las Vegas Operating Properties

(40)

45

(8)

(3)

$

(203)

$

21

$

(2)

$

(184)

Three Months Ended September 30, 2019

Hold-Normalized

Adjusted

Hold-Normalized

Hold-Normalized

Adjusted

Property

Casino

Casino

Property

EBITDA

Revenue (1)

Expense (2)

EBITDA

Macao Operations

$

755

$

19

$

(17)

$

757

Marina Bay Sands

435

(49)

10

396

Las Vegas Operating Properties

93

15

(2)

106

$

1,283

$

(15)

$

(9)

$

1,259

(1)

For Macao Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling Chip volume play that would have been earned or lost had the company’s current period win percentage equaled 3.30%. This calculation will only be applied if the current period win percentage is outside the expected range of 3.15% to 3.45%. The prior year non-GAAP measurement for our Macao Operations and Marina Bay Sands has also been adjusted to conform to the current period presentation.

 

For the Las Vegas Operating Properties, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the company’s current period win percentage equaled 22.0% for Baccarat and 20.0% for non-Baccarat. This calculation will only be applied if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 18.0% to 26.0% and 16.0% to 24.0%, respectively.

 

These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.

(2)

Represents the estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions, except per share data)

(Unaudited)

The following is a reconciliation of Net Income (Loss) Attributable to LVS to Adjusted Net Income (Loss) and Hold-Normalized Adjusted Net Income (Loss):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Net income (loss) attributable to LVS

$

(565)

$

533

$

(1,386)

$

2,069

Nonrecurring legal settlement

96

Pre-opening expense

5

9

14

23

Development expense

3

4

18

13

Loss on disposal or impairment of assets

58

11

68

18

Other (income) expense

4

7

(30)

8

Gain on sale of Sands Bethlehem

(556)

Loss on modification or early retirement of debt

24

24

Income tax impact on net income adjustments (1)

(2)

(6)

(6)

151

Noncontrolling interest impact on net income adjustments

(18)

(9)

(15)

(10)

Adjusted net income (loss) attributable to LVS

$

(515)

$

573

$

(1,337)

$

1,836

Hold-normalized casino revenue (2)

21

(15)

Hold-normalized casino expense (2)

(2)

(9)

Income tax impact on hold adjustments (1)

(6)

4

Noncontrolling interest impact on hold adjustments

2

(1)

Hold-normalized adjusted net income (loss) attributable to LVS

$

(500)

$

552

The following is a reconciliation of Diluted Earnings (Loss) per Share to Adjusted Earnings (Loss) per Diluted Share and Hold-Normalized Adjusted Earnings (Loss) per Diluted Share:

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Per diluted share of common stock:

Net income (loss) attributable to LVS

$

(0.74)

$

0.69

$

(1.81)

$

2.68

Nonrecurring legal settlement

0.12

Pre-opening expense

0.01

0.01

0.02

0.03

Development expense

0.01

0.02

0.02

Loss on disposal or impairment of assets

0.07

0.02

0.09

0.02

Other (income) expense

0.01

0.01

(0.04)

0.01

Gain on sale of Sands Bethlehem

(0.72)

Loss on modification or early retirement of debt

0.03

0.03

Income tax impact on net income adjustments

(0.01)

(0.01)

0.20

Noncontrolling interest impact on net income adjustments

(0.02)

(0.01)

(0.02)

(0.01)

Adjusted earnings (loss) per diluted share

$

(0.67)

$

0.75

$

(1.75)

$

2.38

Hold-normalized casino revenue

0.03

(0.02)

Hold-normalized casino expense

(0.02)

Income tax impact on hold adjustments

(0.01)

0.01

Noncontrolling interest impact on hold adjustments

Hold-normalized adjusted earnings (loss) per diluted share

$

(0.65)

$

0.72

Weighted average diluted shares outstanding

764

769

764

772

(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,

2020

2019

2020

2019

Casino Statistics:

The Venetian Macao:

Table games win per unit per day (1)

$

543

$

12,956

$

2,075

$

13,770

Slot machine win per unit per day (2)

$

63

$

287

$

101

$

287

Average number of table games

680

646

609

649

Average number of slot machines

797

1,807

979

1,751

Sands Cotai Central:

Table games win per unit per day (1)

$

194

$

10,942

$

1,684

$

12,106

Slot machine win per unit per day (2)

$

31

$

320

$

121

$

302

Average number of table games

317

382

324

383

Average number of slot machines

371

1,525

570

1,614

The Parisian Macao:

Table games win per unit per day (1)

$

1,109

$

12,324

$

2,047

$

13,807

Slot machine win per unit per day (2)

$

39

$

307

$

91

$

320

Average number of table games

284

317

273

320

Average number of slot machines

723

1,426

779

1,343

The Plaza Macao and Four Seasons Hotel Macao:

Table games win per unit per day (1)

$

1,023

$

17,552

$

3,368

$

20,040

Slot machine win per unit per day (2)

$

$

255

$

104

$

344

Average number of table games

183

119

161

118

Average number of slot machines

18

267

64

253

Sands Macao:

Table games win per unit per day (1)

$

748

$

9,560

$

2,021

$

8,454

Slot machine win per unit per day (2)

$

44

$

223

$

91

$

249

Average number of table games

170

193

169

197

Average number of slot machines

500

1,013

549

942

Marina Bay Sands:

Table games win per unit per day (1)

$

2,471

$

10,480

$

5,213

$

9,366

Slot machine win per unit per day (2)

$

832

$

719

$

676

$

768

Average number of table games

604

564

605

585

Average number of slot machines

1,554

2,309

1,933

2,290

Las Vegas Operating Properties:

Table games win per unit per day (1)

$

1,868

$

4,123

$

3,392

$

4,363

Slot machine win per unit per day (2)

$

396

$

356

$

353

$

345

Average number of table games

198

211

201

224

Average number of slot machines

1,350

1,851

1,578

1,867

Note:

These casino statistics exclude table games and slot machines shutdown due to social distancing measures or closure of the gaming facilities implemented as a result of the COVID-19 pandemic.

(1)

Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

(2)

Slot machine win per unit per day is shown before deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Venetian Macao

September 30,

(Dollars in millions)

2020

2019

$ Change

Change

Revenues:

Casino

$

32

$

689

$

(657)

(95.4)

%

Rooms

3

58

(55)

(94.8)

%

Food and Beverage

2

17

(15)

(88.2)

%

Mall

28

65

(37)

(56.9)

%

Convention, Retail and Other

3

22

(19)

(86.4)

%

Net Revenues

$

68

$

851

$

(783)

(92.0)

%

Adjusted Property EBITDA

$

(78)

$

342

$

(420)

(122.8)

%

EBITDA Margin %

40.2

%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

188

$

5,894

$

(5,706)

(96.8)

%

Rolling Chip Win %(1)

3.93

%

2.70

%

1.23

pts

Non-Rolling Chip Drop

$

118

$

2,340

$

(2,222)

(95.0)

%

Non-Rolling Chip Win %

22.5

%

26.1

%

(3.6)

pts

Slot Handle

$

101

$

996

$

(895)

(89.9)

%

Slot Hold %

4.6

%

4.8

%

(0.2)

pts

Hotel Statistics

Occupancy %

7.6

%

95.7

%

(88.1)

pts

Average Daily Rate (ADR)

$

198

$

233

$

(35)

(15.0)

%

Revenue per Available Room (RevPAR)

$

15

$

223

$

(208)

(93.3)

%

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. Rooms being utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Sands Cotai Central

September 30,

(Dollars in millions)

2020

2019

$ Change

Change

Revenues:

Casino

$

5

$

359

$

(354)

(98.6)

%

Rooms

2

81

(79)

(97.5)

%

Food and Beverage

3

24

(21)

(87.5)

%

Mall

9

19

(10)

(52.6)

%

Convention, Retail and Other

3

4

(1)

(25.0)

%

Net Revenues

$

22

$

487

$

(465)

(95.5)

%

Adjusted Property EBITDA

$

(71)

$

169

$

(240)

(142.0)

%

EBITDA Margin %

34.7

%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

$

1,107

$

(1,107)

(100.0)

%

Rolling Chip Win %(1)

%

2.36

%

(2.36)

pts

Non-Rolling Chip Drop

$

29

$

1,609

$

(1,580)

(98.2)

%

Non-Rolling Chip Win %

19.5

%

22.3

%

(2.8)

pts

Slot Handle

$

36

$

1,015

$

(979)

(96.5)

%

Slot Hold %

2.9

%

4.4

%

(1.5)

pts

Hotel Statistics

Occupancy %

4.0

%

96.9

%

(92.9)

pts

Average Daily Rate (ADR)

$

129

$

163

$

(34)

(20.9)

%

Revenue per Available Room (RevPAR)

$

5

$

158

$

(153)

(96.8)

%

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. Rooms being utilized for government quarantine purposes and to provide lodging for team members due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Parisian Macao

September 30,

(Dollars in millions)

2020

2019

$ Change

Change

Revenues:

Casino

$

26

$

312

$

(286)

(91.7)

%

Rooms

4

33

(29)

(87.9)

%

Food and Beverage

3

18

(15)

(83.3)

%

Mall

6

13

(7)

(53.8)

%

Convention, Retail and Other

1

5

(4)

(80.0)

%

Net Revenues

$

40

$

381

$

(341)

(89.5)

%

Adjusted Property EBITDA

$

(40)

$

120

$

(160)

(133.3)

%

EBITDA Margin %

31.5

%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

335

$

3,877

$

(3,542)

(91.4)

%

Rolling Chip Win %(1)

6.13

%

2.60

%

3.53

pts

Non-Rolling Chip Drop

$

44

$

1,122

$

(1,078)

(96.1)

%

Non-Rolling Chip Win %

19.3

%

23.0

%

(3.7)

pts

Slot Handle

$

44

$

1,010

$

(966)

(95.6)

%

Slot Hold %

5.9

%

4.0

%

1.9

pts

Hotel Statistics

Occupancy %

12.7

%

96.9

%

(84.2)

pts

Average Daily Rate (ADR)

$

131

$

163

$

(32)

(19.6)

%

Revenue per Available Room (RevPAR)

$

17

$

158

$

(141)

(89.2)

%

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. Rooms being utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Plaza Macao and Four Seasons Hotel Macao

September 30,

(Dollars in millions)

2020

2019

$ Change

Change

Revenues:

Casino

$

10

$

146

$

(136)

(93.2)

%

Rooms

1

10

(9)

(90.0)

%

Food and Beverage

7

(7)

(100.0)

%

Mall

13

32

(19)

(59.4)

%

Convention, Retail and Other

1

1

%

Net Revenues

$

25

$

196

$

(171)

(87.2)

%

Adjusted Property EBITDA

$

(15)

$

75

$

(90)

(120.0)

%

EBITDA Margin %

38.3

%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

397

$

2,612

$

(2,215)

(84.8)

%

Rolling Chip Win %(1)

2.84

%

4.21

%

(1.37)

pts

Non-Rolling Chip Drop

$

41

$

353

$

(312)

(88.4)

%

Non-Rolling Chip Win %

14.6

%

23.4

%

(8.8)

pts

Slot Handle

$

$

113

$

(113)

(100.0)

%

Slot Hold %

%

5.6

%

(5.6)

pts

Hotel Statistics

Occupancy %

8.7

%

92.6

%

(83.9)

pts

Average Daily Rate (ADR)

$

260

$

327

$

(67)

(20.5)

%

Revenue per Available Room (RevPAR)

$

23

$

303

$

(280)

(92.4)

%

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. Rooms being utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Sands Macao

September 30,

(Dollars in millions)

2020

2019

$ Change

Change

Revenues:

Casino

$

11

$

159

$

(148)

(93.1)

%

Rooms

4

(4)

(100.0)

%

Food and Beverage

1

6

(5)

(83.3)

%

Mall

Convention, Retail and Other

2

(2)

(100.0)

%

Net Revenues

$

12

$

171

$

(159)

(93.0)

%

Adjusted Property EBITDA

$

(26)

$

52

$

(78)

(150.0)

%

EBITDA Margin %

30.4

%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

129

$

1,094

$

(965)

(88.2)

%

Rolling Chip Win %(1)

2.67

%

3.89

%

(1.22)

pts

Non-Rolling Chip Drop

$

46

$

660

$

(614)

(93.0)

%

Non-Rolling Chip Win %

17.9

%

19.3

%

(1.4)

pts

Slot Handle

$

67

$

658

$

(591)

(89.8)

%

Slot Hold %

3.1

%

3.2

%

(0.1)

pts

Hotel Statistics

Occupancy %

14.5

%

99.8

%

(85.3)

pts

Average Daily Rate (ADR)

$

159

$

174

$

(15)

(8.6)

%

Revenue per Available Room (RevPAR)

$

23

$

173

$

(150)

(86.7)

%

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. Rooms being utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Marina Bay Sands

September 30,

(Dollars in millions)

2020

2019

$ Change

Change

Revenues:

Casino

$

197

$

553

$

(356)

(64.4)

%

Rooms

25

109

(84)

(77.1)

%

Food and Beverage

22

61

(39)

(63.9)

%

Mall

28

46

(18)

(39.1)

%

Convention, Retail and Other

9

24

(15)

(62.5)

%

Net Revenues

$

281

$

793

$

(512)

(64.6)

%

Adjusted Property EBITDA

$

70

$

435

$

(365)

(83.9)

%

EBITDA Margin %

24.9

%

54.9

%

(30.0)

pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

1,477

$

7,265

$

(5,788)

(79.7)

%

Rolling Chip Win %(1)

4.23

%

3.98

%

0.25

pts

Non-Rolling Chip Drop

$

421

$

1,420

$

(999)

(70.4)

%

Non-Rolling Chip Win %

17.8

%

18.0

%

(0.2)

pts

Slot Handle

$

2,636

$

3,490

$

(854)

(24.5)

%

Slot Hold %

4.5

%

4.4

%

0.1

pts

Hotel Statistics

Occupancy %

55.5

%

97.7

%

(42.2)

pts

Average Daily Rate (ADR)

$

257

$

475

$

(218)

(45.9)

%

Revenue per Available Room (RevPAR)

$

143

$

465

$

(322)

(69.2)

%

Note:

Due to government-mandated closure of non-essential services as a result of the COVID-19 pandemic, the property closed effective April 7, 2020. Certain retail and restaurant operations resumed on June 19, 2020, and gaming operations resumed on July 1, 2020, but at a reduced capacity due to social distancing measures. Rooms utilized for government quarantine purposes were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Las Vegas Operating Properties

September 30,

(Dollars in millions)

2020

2019

$ Change

Change

Revenues:

Casino

$

59

$

103

$

(44)

(42.7)

%

Rooms

41

144

(103)

(71.5)

%

Food and Beverage

23

66

(43)

(65.2)

%

Convention, Retail and Other

29

93

(64)

(68.8)

%

Net Revenues

$

152

$

406

$

(254)

(62.6)

%

Adjusted Property EBITDA

$

(40)

$

93

$

(133)

(143.0)

%

EBITDA Margin %

22.9

%

Gaming Statistics

(Dollars in millions)

Table Games Drop

$

425

$

473

$

(48)

(10.1)

%

Table Games Win %(1)

8.0

%

16.9

%

(8.9)

pts

Slot Handle

$

588

$

739

$

(151)

(20.4)

%

Slot Hold %

8.4

%

8.2

%

0.2

pts

Hotel Statistics

Occupancy %

43.7

%

94.6

%

(50.9)

pts

Average Daily Rate (ADR)

$

174

$

237

$

(63)

(26.6)

%

Revenue per Available Room (RevPAR)

$

76

$

224

$

(148)

(66.1)

%

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 due to social distancing measures. Rooms within the property’s Venezia tower that remained closed were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Baccarat win percentage of 18.0% to 26.0% and our expected non-Baccarat win percentage of 16.0% to 24.0% (calculated before discounts).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data – Asian Retail Mall Operations

(Unaudited)

For the Three Months Ended September 30, 2020

TTM

September 30,
2020

(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

$

27

$

24

88.9

%

812,934

84.9

%

$

935

Shoppes at Four Seasons

Luxury Retail

8

7

87.5

%

125,466

100.0

%

3,665

Other Stores

5

4

80.0

%

116,959

88.1

%

1,354

Total

13

11

84.6

%

242,425

94.3

%

2,830

Shoppes at Cotai Central(3)

9

7

77.8

%

525,497

85.6

%

476

Shoppes at Parisian

6

4

66.7

%

295,963

82.5

%

407

Total Cotai Strip in Macao

55

46

83.6

%

1,876,819

85.9

%

978

The Shoppes at Marina Bay Sands

28

23

82.1

%

620,213

95.0

%

1,225

Total

$

83

$

69

83.1

%

2,497,032

88.2

%

$

1,042

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 $63 million at our Macao properties and $13 million at Marina Bay Sands.

(1)

Gross revenue figures are net of intersegment revenue eliminations.

(2)

Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

(3)

The Shoppes at Cotai Central will feature up to an estimated 600,000 square feet of gross leasable area at completion of all phases of Sands Cotai Central’s renovation, rebranding and expansion to The Londoner Macao.

SOURCE Las Vegas Sands Corp.