Las Vegas Sands Reports First Quarter 2021 Results

Generating Positive Adjusted Property EBITDA in Macao and Singapore – Pandemic-Related Travel Restrictions and Reduced Visitation Continue to Impact Financial Results

Las Vegas Sands Corp. (NYSE: LVS) yesterday reported financial results for the quarter ended March 31, 2021.

“We couldn’t be more enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao, Singapore and Las Vegas,” said Robert G. Goldstein, chairman and chief executive officer.  “We also remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the COVID-19 pandemic.”

“We remain confident in the eventual recovery in travel and tourism spending across our markets.  Demand for our offerings from our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in Macao and Singapore, continue to limit visitation and hinder our current financial performance.”

“Our industry-leading investments in our team members, our communities, and our market-leading Integrated Resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually subside and the recovery comes to fruition.  We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

Net revenue was $1.20 billion, a decrease of 15.6% from the prior year quarter.  Operating loss was $96 million, compared to operating income of $6 million in the prior year quarter.  Net loss from continuing operations in the first quarter of 2021 was $280 million, compared to $92 million in the first quarter of 2020.  Consolidated adjusted property EBITDA was $244 million, compared to $349 million in the prior year quarter.

In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase price of approximately $6.25 billion and anticipates the transaction to close in the fourth quarter of 2021. The financial position, results of operations and cash flows of the Las Vegas Operating Properties have been presented as a discontinued operation held for sale.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 4.6%, compared to the first quarter of 2020, to $771 million.  Net loss for SCL was $213 million, compared to $166 million in the first quarter of 2020.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $154 million for the first quarter of 2021, compared to $128 million for the prior year quarter.  Our weighted average borrowing cost in the first quarter of 2021 was 4.4%, compared to 4.2% during the first quarter of 2020, while our weighted average debt balance increased compared to the prior year quarter due to the issuance of $1.50 billion of senior notes by SCL in June 2020 and borrowings of $505 million under the SCL Credit Facility in the first quarter of 2021.

Our income tax expense for the first quarter of 2021 was $14 million, compared to $22 million in the prior year quarter.  The income tax expense for the first quarter of 2021 was primarily driven by a 17% statutory rate on our Singapore operations and a non-cash expense of $20 million related to an increase of a valuation allowance related to our U.S. foreign tax credits.

Balance Sheet Items
Unrestricted cash balances as of March 31, 2021 were $2.07 billion.

The company has access to $3.94 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of March 31, 2021, total debt outstanding, excluding finance leases, was $14.42 billion.

Capital Expenditures
Capital expenditures during the first quarter totaled $291 million, including construction, development and maintenance activities of $268 million in Macao and $23 million at Marina Bay Sands.

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)

Three Months Ended

March 31,

2021

2020

Net Revenues

The Venetian Macao

$

340

$

315

The Londoner Macao

137

170

The Parisian Macao

87

141

The Plaza Macao and Four Seasons Macao

170

107

Sands Macao

35

69

Ferry Operations and Other

8

12

  Macao Operations

777

814

Marina Bay Sands

426

612

Intercompany Royalties(1)

25

35

Intersegment Eliminations (2)

(32)

(44)

$

1,196

$

1,417

Adjusted Property EBITDA

The Venetian Macao

$

82

$

49

The Londoner Macao

(23)

The Parisian Macao

(8)

(3)

The Plaza Macao and Four Seasons Macao

70

28

Sands Macao

(18)

(1)

Ferry Operations and Other

(3)

(6)

  Macao Operations

100

67

Marina Bay Sands

144

282

$

244

$

349

Adjusted Property EBITDA as a Percentage of Net Revenues

The Venetian Macao

24.1

%

15.6

%

The Londoner Macao

The Parisian Macao

The Plaza Macao and Four Seasons Macao

41.2

%

26.2

%

Sands Macao

Ferry Operations and Other

  Macao Operations

12.9

%

8.2

%

Marina Bay Sands

33.8

%

46.1

%

Total

20.4

%

24.6

%

____________________

Note:

The information for the three months ended March 31, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

(1)

Royalties earned from foreign operations, which were previously included in the Las Vegas Operating Properties and will continue post-closing of the sale.

(2)

Intersegment eliminations include royalties and other intercompany services.

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

The following is a reconciliation of Net Loss from Continuing Operations to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:

Three Months Ended

March 31,

2021

2020

Net loss from continuing operations

$

(280)

$

(92)

  Add (deduct):

Income tax expense

14

22

Other (income) expense

17

(39)

Interest expense, net of amounts capitalized

154

128

Interest income

(1)

(13)

Loss on disposal or impairment of assets

3

3

Amortization of leasehold interests in land

14

14

Depreciation and amortization

255

253

Development expense

9

6

Pre-opening expense

5

5

Stock-based compensation (1)

5

3

Corporate expense

49

59

Consolidated Adjusted Property EBITDA

$

244

$

349

Hold-normalized casino revenue (2)

(80)

10

Hold-normalized casino expense (2)

27

(5)

Consolidated Hold-Normalized Adjusted Property EBITDA                       

$

191

$

354

____________________

Note:

The information for the three months ended March 31, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as it is classified as a discontinued operation held for sale.

(1)

During the three months ended March 31, 2021 and 2020, the company recorded stock-based compensation expense of $7 million and $7 million, respectively, of which $2 million and $4 million, respectively, is included in corporate expense on the company’s condensed consolidated statements of operations.

(2)

See Exhibit 4.

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

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

Three Months Ended March 31, 2021

Hold-Normalized

Adjusted

Hold-Normalized

Hold-Normalized

Adjusted

Property

Casino

Casino

Property

EBITDA

Revenue (1)

Expense (2)

EBITDA

Macao Operations

$

100

$

(46)

$

21

$

75

Marina Bay Sands

144

(34)

6

116

$

244

$

(80)

$

27

$

191

Three Months Ended March 31, 2020

Hold-Normalized

Adjusted

Hold-Normalized

Hold-Normalized

Adjusted

Property

Casino

Casino

Property

EBITDA

Revenue (1)

Expense (2)

EBITDA

Macao Operations

$

67

$

25

$

(8)

$

84

Marina Bay Sands

282

(15)

3

270

$

349

$

10

$

(5)

$

354

____________________

Note:

The information for the three months ended  March 31, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

(1)

For Macao Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling Chip volume play that would have been earned or lost had the company’s current period win percentage equaled 3.30%.  This calculation will only be applied if the current period win percentage is outside the expected range of 3.15% to 3.45%.

 

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

(2)

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

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions, except per share data)

(Unaudited)

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

Three Months Ended

March 31,

2021

2020

Net loss attributable to LVS

$

(278)

$

(1)

Pre-opening expense

5

5

Development expense

9

6

Loss on disposal or impairment of assets

3

3

Other (income) expense

17

(39)

(Income) loss from discontinued operations, net of income taxes

62

(41)

Income tax impact on net income adjustments (1)

(2)

(1)

Noncontrolling interest impact on net income adjustments

(8)

3

Adjusted net loss from continuing operations attributable to LVS

$

(192)

$

(65)

Hold-normalized casino revenue (2)

(80)

10

Hold-normalized casino expense (2)

27

(5)

Income tax impact on hold adjustments (1)

5

2

Noncontrolling interest impact on hold adjustments

8

(5)

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

$

(232)

$

(63)

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

Three Months Ended

March 31,

2021

2020

Per diluted share of common stock:

Net loss attributable to LVS

$

(0.36)

$

Pre-opening expense

0.01

Development expense

0.01

0.01

Loss on disposal or impairment of assets

Other (income) expense

0.02

(0.05)

(Income) loss from discontinued operations, net of income taxes

0.08

(0.05)

Income tax impact on net income adjustments

Noncontrolling interest impact on net income adjustments

(0.01)

Adjusted loss per diluted share from continuing operations

$

(0.25)

$

(0.09)

Hold-normalized casino revenue

(0.10)

0.01

Hold-normalized casino expense

0.04

Income tax impact on hold adjustments

Noncontrolling interest impact on hold adjustments

0.01

Hold-normalized adjusted loss per diluted share from continuing operations

$

(0.30)

$

(0.08)

Weighted average diluted shares outstanding

764

764

____________________

(1)

The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

(2)

See Exhibit 4.

Exhibit 6

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended  

March 31,  

2021

2020

Casino Statistics:

The Venetian Macao:

Table games win per unit per day (1)

$

5,363

$

7,757

Slot machine win per unit per day (2)

$

194

$

190

Average number of table games

629

484

Average number of slot machines

1,046

1,333

The Londoner Macao:

Table games win per unit per day (1)

$

2,522

$

6,201

Slot machine win per unit per day (2)

$

105

$

221

Average number of table games

476

304

Average number of slot machines

818

1,040

The Parisian Macao:

Table games win per unit per day (1)

$

2,726

$

7,888

Slot machine win per unit per day (2)

$

95

$

183

Average number of table games

267

230

Average number of slot machines

881

1,066

The Plaza Macao and Four Seasons Macao:                                      

Table games win per unit per day (1)

$

11,466

$

11,682

Slot machine win per unit per day (2)

$

106

$

173

Average number of table games

142

121

Average number of slot machines

45

131

Sands Macao:

Table games win per unit per day (1)

$

2,871

$

6,356

Slot machine win per unit per day (2)

$

113

$

152

Average number of table games

153

148

Average number of slot machines

530

722

Marina Bay Sands:

Table games win per unit per day (1)

$

4,077

$

8,117

Slot machine win per unit per day (2)

$

942

$

572

Average number of table games

580

606

Average number of slot machines

1,853

2,368

Las Vegas Operating Properties(3):

Table games win per unit per day (1)

$

1,938

$

5,522

Slot machine win per unit per day (2)

$

380

$

321

Average number of table games

179

206

Average number of slot machines

1,491

1,978

____________________

Note:

These casino statistics exclude table games and slot machines shutdown due to social distancing measures or closure of the gaming facilities as a result of the COVID-19 pandemic.  Gaming operations at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Sands Macao were closed during a portion of February 2020 due to Macao government mandated closures of all casinos.  The Las Vegas Operating Properties were closed from March 18, 2020 through June 4, 2020, due to the statewide closure of non-essential services by the State of Nevada.  Marina Bay Sands remained in operation during this period.

(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 Las Vegas Operating Properties are classified as a discontinued operation held for sale.

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Venetian Macao

March 31,

(Dollars in millions)

2021

2020

$ Change

Change

Revenues:

Casino

$

266

$

251

$

15

6.0

%

Rooms

19

21

(2)

(9.5)

%

Food and Beverage

6

5

1

20.0

%

Mall

46

29

17

58.6

%

Convention, Retail and Other

3

9

(6)

(66.7)

%

Net Revenues

$

340

$

315

$

25

7.9

%

Adjusted Property EBITDA

$

82

$

49

$

33

67.3

%

EBITDA Margin %

24.1

%

15.6

%

8.5

pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

1,231

$

2,270

$

(1,039)

(45.8)

%

Rolling Chip Win %(1)

4.43

%

3.03

%

1.40

pts

Non-Rolling Chip Drop

$

908

$

817

$

91

11.1

%

Non-Rolling Chip Win %

27.4

%

27.0

%

0.4

pts

Slot Handle

$

462

$

438

$

24

5.5

%

Slot Hold %

4.0

%

4.5

%

(0.5)

pts

Hotel Statistics

Occupancy %

47.2

%

39.2

%

8.0

pts

Average Daily Rate (ADR)

$

157

$

238

$

(81)

(34.0)

%

Revenue per Available Room (RevPAR)

$

74

$

93

$

(19)

(20.4)

%

____________________

Note:

As a result of the COVID-19 pandemic, gaming operations were closed from February 5-19, 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions.  The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed.  Rooms utilized to house team members during the quarter ended March 31, 2020, 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 Londoner Macao

March 31,

(Dollars in millions)

2021

2020

$ Change

Change

Revenues:

Casino

$

91

$

123

$

(32)

(26.0)

%

Rooms

19

27

(8)

(29.6)

%

Food and Beverage

7

8

(1)

(12.5)

%

Mall

14

9

5

55.6

%

Convention, Retail and Other

6

3

3

100.0

%

Net Revenues

$

137

$

170

$

(33)

(19.4)

%

Adjusted Property EBITDA

$

(23)

$

$

(23)

N.M.

EBITDA Margin %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

523

$

167

$

356

213.2

%

Rolling Chip Win %(1)

3.71

%

5.85

%

(2.14)

pts

Non-Rolling Chip Drop

$

408

$

556

$

(148)

(26.6)

%

Non-Rolling Chip Win %

21.7

%

22.0

%

(0.3)

pts

Slot Handle

$

197

$

367

$

(170)

(46.3)

%

Slot Hold %

3.9

%

4.4

%

(0.5)

pts

Hotel Statistics

Occupancy %

35.5

%

38.1

%

(2.6)

pts

Average Daily Rate (ADR)

$

173

$

175

$

(2)

(1.1)

%

Revenue per Available Room (RevPAR)

$

61

$

67

$

(6)

(9.0)

%

____________________

N.M.

Not Meaningful

Note:

As a result of the COVID-19 pandemic, gaming operations were closed from February 5-26, 2020, while hotel operations were closed for a period in February and March of 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions.  The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed. Rooms utilized for government quarantine purposes during the quarters ended March 31, 2021 and 2020, and to provide lodging for team members during the quarter ended March 31, 2020, due to travel restrictions, were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Parisian Macao

March 31,

(Dollars in millions)

2021

2020

$ Change

Change

Revenues:

Casino

$

59

$

115

$

(56)

(48.7)

%

Rooms

12

13

(1)

(7.7)

%

Food and Beverage

5

5

%

Mall

10

6

4

66.7

%

Convention, Retail and Other

1

2

(1)

(50.0)

%

Net Revenues

$

87

$

141

$

(54)

(38.3)

%

Adjusted Property EBITDA

$

(8)

$

(3)

$

(5)

166.7

%

EBITDA Margin %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

114

$

1,890

$

(1,776)

(94.0)

%

Rolling Chip Win %(1)

(3.01)

%

2.49

%

(5.50)

pts

Non-Rolling Chip Drop

$

300

$

390

$

(90)

(23.1)

%

Non-Rolling Chip Win %

23.0

%

23.8

%

(0.8)

pts

Slot Handle

$

223

$

432

$

(209)

(48.4)

%

Slot Hold %

3.4

%

3.5

%

(0.1)

pts

Hotel Statistics

Occupancy %

46.7

%

40.3

%

6.4

pts

Average Daily Rate (ADR)

$

118

$

169

$

(51)

(30.2)

%

Revenue per Available Room (RevPAR)

$

55

$

68

$

(13)

(19.1)

%

____________________

Note:

As a result of the COVID-19 pandemic, gaming operations were closed from February 5-19, 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions.  The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed.  Rooms utilized to house team members during the quarter ended March 31, 2020, due to travel restrictions, were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Plaza Macao and Four Seasons Macao

March 31,

(Dollars in millions)

2021

2020

$ Change

Change

Revenues:

Casino

$

115

$

83

$

32

38.6

%

Rooms

11

4

7

175.0

%

Food and Beverage

4

3

1

33.3

%

Mall

39

17

22

129.4

%

Convention, Retail and Other

1

1

N.M.

Net Revenues

$

170

$

107

$

63

58.9

%

Adjusted Property EBITDA

$

70

$

28

$

42

150.0

%

EBITDA Margin %

41.2

%

26.2

%

15.0

pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

1,436

$

1,626

$

(190)

(11.7)

%

Rolling Chip Win %(1)

5.93

%

2.84

%

3.09

pts

Non-Rolling Chip Drop

$

256

$

210

$

46

21.9

%

Non-Rolling Chip Win %

24.1

%

29.9

%

(5.8)

pts

Slot Handle

$

4

$

37

$

(33)

(89.2)

%

Slot Hold %

10.8

%

4.7

%

6.1

pts

Hotel Statistics

Occupancy %

43.7

%

48.4

%

(4.7)

pts

Average Daily Rate (ADR)

$

432

$

329

$

103

31.3

%

Revenue per Available Room (RevPAR)

$

189

$

159

$

30

18.9

%

____________________

N.M.

Not Meaningful

Note:

As a result of the COVID-19 pandemic, gaming operations were closed from February 5-19, 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions.  The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed.  Rooms utilized to house team members during the quarter ended March 31, 2020, due to travel restrictions, were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Sands Macao

March 31,

(Dollars in millions)

2021

2020

$ Change

Change

Revenues:

Casino

$

31

$

64

$

(33)

(51.6)

%

Rooms

3

2

1

50.0

%

Food and Beverage

1

2

(1)

(50.0)

%

Convention, Retail and Other

1

(1)

(100.0)

%

Net Revenues

$

35

$

69

$

(34)

(49.3)

%

Adjusted Property EBITDA

$

(18)

$

(1)

$

(17)

1,700.0

%

EBITDA Margin %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

484

$

507

$

(23)

(4.5)

%

Rolling Chip Win %(1)

4.34

%

4.37

%

(0.03)

pts

Non-Rolling Chip Drop

$

122

$

250

$

(128)

(51.2)

%

Non-Rolling Chip Win %

15.1

%

20.1

%

(5.0)

pts

Slot Handle

$

158

$

276

$

(118)

(42.8)

%

Slot Hold %

3.4

%

3.0

%

0.4

pts

Hotel Statistics

Occupancy %

71.5

%

59.8

%

11.7

pts

Average Daily Rate (ADR)

$

138

$

179

$

(41)

(22.9)

%

Revenue per Available Room (RevPAR)

$

99

$

107

$

(8)

(7.5)

%

____________________

Note:

As a result of the COVID-19 pandemic, gaming operations were closed from February 5-19, 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions.  The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed.  Rooms utilized to house team members during the quarter ended March 31, 2020, 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

March 31,

(Dollars in millions)

2021

2020

$ Change

Change

Revenues:

Casino

$

303

$

439

$

(136)

(31.0)

%

Rooms

32

74

(42)

(56.8)

%

Food and Beverage

33

41

(8)

(19.5)

%

Mall

47

42

5

11.9

%

Convention, Retail and Other

11

16

(5)

(31.3)

%

Net Revenues

$

426

$

612

$

(186)

(30.4)

%

Adjusted Property EBITDA

$

144

$

282

$

(138)

(48.9)

%

EBITDA Margin %

33.8

%

46.1

%

(12.3)

pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

1,512

$

6,639

$

(5,127)

(77.2)

%

Rolling Chip Win %(1)

5.59

%

3.53

%

2.06

pts

Non-Rolling Chip Drop

$

674

$

1,077

$

(403)

(37.4)

%

Non-Rolling Chip Win %

19.1

%

19.8

%

(0.7)

pts

Slot Handle

$

3,745

$

2,870

$

875

30.5

%

Slot Hold %

4.2

%

4.3

%

(0.1)

pts

Hotel Statistics

Occupancy %

63.0

%

81.0

%

(18.0)

pts

Average Daily Rate (ADR)

$

228

$

417

$

(189)

(45.3)

%

Revenue per Available Room (RevPAR)

$

143

$

338

$

(195)

(57.7)

%

____________________

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity during the quarter ended March 31, 2021, with some operations temporarily closed.

(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 – Discontinued Operation Held for Sale

(Unaudited)

Three Months Ended

Las Vegas Operating Properties(1)

March 31,

(Dollars in millions)

2021

2020

$ Change

Change

Revenues:

Casino

$

53

$

102

$

(49)

(48.0)

%

Rooms

45

127

(82)

(64.6)

%

Food and Beverage

24

75

(51)

(68.0)

%

Convention, Retail and Other(2)

17

61

(44)

(72.1)

%

Net Revenues

$

139

$

365

$

(226)

(61.9)

%

Adjusted Property EBITDA

$

(47)

$

88

$

(135)

(153.4)

%

EBITDA Margin %

24.1

%

Gaming Statistics

(Dollars in millions)

Table Games Drop

$

335

$

446

$

(111)

(24.9)

%

Table Games Win %(3)

9.3

%

19.9

%

(10.6)

pts

Slot Handle

$

625

$

603

$

22

3.6

%

Slot Hold %

8.1

%

8.2

%

(0.1)

pts

Hotel Statistics

Occupancy %

42.6

%

87.2

%

(44.6)

pts

Average Daily Rate (ADR)

$

185

$

266

$

(81)

(30.5)

%

Revenue per Available Room (RevPAR)

$

79

$

232

$

(153)

(65.9)

%

____________________

Note:

Due to the statewide closure of non-essential services by the State of Nevada as a result of the COVID-19 pandemic, the property was closed beginning on March 18, 2020, and reopened on June 4, 2020.  For the quarter ended March 31, 2021, 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 for a portion of the quarter ended March 31, 2021, were excluded from the calculation of hotel statistics above.

(1)

In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations and as a result have been classified as a discontinued operation held for sale.

(2)

Prior year amounts have been adjusted to conform to the current period presentation, which excludes intercompany royalties as these will continue post-closing of the sale. See Exhibit 2.

(3)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data – Asian Retail Mall Operations

(Unaudited)

For the Three Months Ended March 31, 2021

TTM

March 31,
2021

(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

$

46

$

42

91.3

%

812,936

79.9

%

$

940

Shoppes at Four Seasons

Luxury Retail

21

20

95.2

%

125,466

100.0

%

5,150

Other Stores

18

17

94.4

%

118,638

87.7

%

1,632

Total

39

37

94.9

%

244,104

94.0

%

3,665

Shoppes at Londoner(3)

14

12

85.7

%

515,958

81.0

%

576

Shoppes at Parisian

10

9

90.0

%

296,145

79.8

%

422

Total Cotai Strip in Macao

109

100

91.7

%

1,869,143

82.0

%

1,182

The Shoppes at Marina Bay Sands

47

41

87.2

%

620,297

98.9

%

1,048

Total

$

156

$

141

90.4

%

2,489,440

86.2

%

$

1,138

____________________

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 $13 million at our Macao properties and $6 million at Marina Bay Sands.

(1)

Gross revenue figures are net of intersegment revenue eliminations.

(2)

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

(3)

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

SOURCE Las Vegas Sands

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

March 31,

2021

2020

Revenues:

  Casino

$

865

$

1,075

  Rooms

96

141

  Food and beverage

56

64

  Mall

156

103

  Convention, retail and other

23

34

Net revenues

1,196

1,417

Operating expenses:

  Resort operations

957

1,071

  Corporate

49

59

  Pre-opening

5

5

  Development

9

6

  Depreciation and amortization

255

253

  Amortization of leasehold interests in land

14

14

  Loss on disposal or impairment of assets

3

3

1,292

1,411

Operating income (loss)

(96)

6

Other income (expense):

  Interest income

1

13

  Interest expense, net of amounts capitalized

(154)

(128)

  Other income (expense)

(17)

39

Loss from continuing operations before income taxes

(266)

(70)

Income tax expense

(14)

(22)

Net loss from continuing operations

(280)

(92)

Income (loss) from discontinued operations, net of income taxes

(62)

41

Net loss

(342)

(51)

Net loss attributable to noncontrolling interests

64

50

Net loss attributable to Las Vegas Sands Corp.

$

(278)

$

(1)

Earnings (loss) per share — basic:

Net loss from continuing operations

$

(0.28)

$

(0.05)

Net income (loss) from discontinued operations, net of income taxes

(0.08)

0.05

Net loss per common share

$

(0.36)

$

Earnings (loss) per share — diluted:

Net loss from continuing operations

$

(0.28)

$

(0.05)

Net income (loss) from discontinued operations, net of income taxes

(0.08)

0.05

Net loss per common share

$

(0.36)

$

Weighted average shares outstanding:

  Basic

764

764

  Diluted

764

764

Dividends declared per common share

$

$

0.79