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Las Vegas Sands Reports Third Quarter 2023 Results

Recovery in Travel and Tourism Spending in both Macao and Singapore Progressed During the Quarter – Net Revenue of $2.80 billion and Net Income of $449 million – Consolidated Adjusted Property EBITDA Reached $1.12 billion

Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2023.

“We were pleased to see the recovery in travel and tourism spending in both Macao and Singapore progress during the quarter.  We remain deeply enthusiastic about our opportunities for growth in both markets in the years ahead,” said Robert G. Goldstein, chairman and chief executive officer.

“In Macao, we were pleased to see the recovery in both gaming and non-gaming segments progress during the quarter.  We remain 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 the recovery in travel and tourism spending proceeds.

“In Singapore, Marina Bay Sands again delivered outstanding levels of financial and operating performance.  Our new suite product and elevated service offerings position us to deliver future growth as airlift capacity continues to improve and the recovery in travel and tourism spending from China and the wider region continues.

“Our commitment to making industry-leading investments in our team members, our communities and our 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, our pursuit of growth opportunities in new markets, and the return of capital to stockholders. 

“After reinstating our dividend last quarter, I am pleased to announce that our board of directors has authorized $2.0 billion of share repurchases under our stock repurchase program through 2025.  We look forward to utilizing our share repurchase program to return excess capital to stockholders.”

Net revenue was $2.80 billion, compared to $1.01 billion in the prior year quarter.  Operating income was $688 million, compared to an operating loss of $177 million in the prior year quarter.  Net income from continuing operations in the third quarter of 2023 was $449 million, compared to a net loss from continuing operations of $380 million in the third quarter of 2022. 

Consolidated adjusted property EBITDA was $1.12 billion, compared to $191 million in the prior year quarter.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased to $1.78 billion, compared to $251 million in the third quarter of 2022.  Net income for SCL was $231 million, compared to a net loss of $472 million in the third quarter of 2022.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $200 million for the third quarter of 2023, compared to $183 million in the prior year quarter.  Our weighted average borrowing cost in the third quarter of 2023 was 5.4% compared to 4.8% during the third quarter of 2022.  This increase in expense was offset by an increase in interest income of $41 million to $79 million for the third quarter of 2023.

Our effective income tax rate for the third quarter of 2023 was 21.4%, compared to 18.8% in the prior year quarter.  The income tax rate for the third quarter of 2023 was primarily driven by a 17% statutory rate on our Singapore operations.

Stockholder Returns
The company paid a quarterly dividend of $0.20 per common share during the quarter.  The company announced its next quarterly dividend of $0.20 per common share will be paid on November 15, 2023, to Las Vegas Sands stockholders of record on November 7, 2023.  Additionally, on October 16, 2023, the company’s Board of Directors authorized increasing the amount of its outstanding common stock authorized to be repurchased from $916 million to $2.0 billion and extending the expiration date of this authorization to November 3, 2025.  The company intends to resume its share repurchase program in the fourth quarter of 2023.  The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company’s financial position, earnings, legal requirements, other investment opportunities and market conditions.

Balance Sheet Items
Unrestricted cash balances as of September 30, 2023 were $5.57 billion.

The company has access to $4.17 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of September 30, 2023, total debt outstanding, excluding finance leases and financed purchases, was $14.17 billion.

Capital Expenditures
Capital expenditures during the third quarter totaled $330 million, including construction, development and maintenance activities of $141 million at Marina Bay Sands, $44 million in Macao and $145 million in corporate, development and other.

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2023

2022

2023

2022

Revenues:

  Casino

$           2,008

$              637

$           5,411

$           1,973

  Rooms

342

123

881

315

  Food and beverage

156

82

423

198

  Mall

201

119

535

416

  Convention, retail and other

88

44

207

91

Net revenues

2,795

1,005

7,457

2,993

Operating expenses:

  Resort operations

1,679

823

4,595

2,503

  Corporate

49

53

166

167

  Pre-opening

3

4

13

11

  Development

44

26

140

108

  Depreciation and amortization

313

260

875

780

  Amortization of leasehold interests in land

15

14

43

42

  Loss on disposal or impairment of assets

4

2

22

8

2,107

1,182

5,854

3,619

Operating income (loss)

688

(177)

1,603

(626)

Other income (expense):

  Interest income

79

38

225

56

  Interest expense, net of amounts capitalized

(200)

(183)

(628)

(501)

  Other income (expense)

4

2

(17)

(29)

Income (loss) from continuing operations before income taxes

571

(320)

1,183

(1,100)

Income tax expense

(122)

(60)

(221)

(172)

Net income (loss) from continuing operations

449

(380)

962

(1,272)

Discontinued operations:

Income from operations of discontinued operations, net of tax

46

Gain on disposal of discontinued operations, net of tax

2,861

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

(1)

(4)

Income (loss) from discontinued operations, net of tax

(1)

2,903

Net income (loss)

449

(381)

962

1,631

Net (income) loss attributable to noncontrolling interests

(69)

142

(123)

370

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

$              380

$             (239)

$              839

$           2,001

Earnings (loss) per share — basic:

Net income (loss) from continuing operations

$             0.50

$           (0.31)

$             1.10

$           (1.18)

Net income from discontinued operations, net of tax

3.80

Net income (loss) per common share

$             0.50

$           (0.31)

$             1.10

$             2.62

Earnings (loss) per share — diluted:

Net income (loss) from continuing operations

$             0.50

$           (0.31)

$             1.09

$           (1.18)

Net income from discontinued operations, net of tax

3.80

Net income (loss) per common share

$             0.50

$           (0.31)

$             1.09

$             2.62

Weighted average shares outstanding:

  Basic

764

764

764

764

  Diluted

766

764

767

764

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2023

2022

2023

2022

Net Revenues

The Venetian Macao

$        723

$        104

$       1,934

$          481

The Londoner Macao

518

57

1,203

257

The Parisian Macao

244

21

657

137

The Plaza Macao and Four Seasons Macao

192

57

587

238

Sands Macao

83

11

241

48

Ferry Operations and Other

29

8

74

22

  Macao Operations

1,789

258

4,696

1,183

Marina Bay Sands

1,015

756

2,788

1,834

Intercompany Royalties

61

28

164

78

Intersegment Eliminations (1)

(70)

(37)

(191)

(102)

$     2,795

$     1,005

$       7,457

$       2,993

Adjusted Property EBITDA

The Venetian Macao

$        290

$         (37)

$          752

$           (39)

The Londoner Macao

167

(60)

326

(147)

The Parisian Macao

81

(37)

201

(77)

The Plaza Macao and Four Seasons Macao

71

6

237

55

Sands Macao

17

(22)

42

(61)

Ferry Operations and Other

5

(2)

12

(4)

  Macao Operations

631

(152)

1,570

(273)

Marina Bay Sands

491

343

1,317

783

$     1,122

$        191

$       2,887

$          510

Adjusted Property EBITDA as a Percentage of Net Revenues

The Venetian Macao

40.1 %

38.9 %

The Londoner Macao

32.2 %

27.1 %

The Parisian Macao

33.2 %

30.6 %

The Plaza Macao and Four Seasons Macao

37.0 %

10.5 %

40.4 %

23.1 %

Sands Macao

20.5 %

17.4 %

Ferry Operations and Other

17.2 %

16.2 %

  Macao Operations

35.3 %

33.4 %

Marina Bay Sands

48.4 %

45.4 %

47.2 %

42.7 %

Total

40.1 %

19.0 %

38.7 %

17.0 %

Note:

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

Nine Months Ended

September 30,

September 30,

2023

2022

2023

2022

Net income (loss) from continuing operations

$          449

$         (380)

$          962

$     (1,272)

  Add (deduct):

Income tax expense

122

60

221

172

Other (income) expense

(4)

(2)

17

29

Interest expense, net of amounts capitalized

200

183

628

501

Interest income

(79)

(38)

(225)

(56)

Loss on disposal or impairment of assets

4

2

22

8

Amortization of leasehold interests in land

15

14

43

42

Depreciation and amortization

313

260

875

780

Development expense

44

26

140

108

Pre-opening expense

3

4

13

11

Stock-based compensation (1)

6

9

25

20

Corporate expense

49

53

166

167

Consolidated Adjusted Property EBITDA

$        1,122

$          191

$       2,887

$         510

Hold-normalized casino revenue adjustment (2)

(69)

(21)

Hold-normalized casino expense adjustment (2)

20

6

Consolidated Hold-Normalized Adjusted Property EBITDA

$        1,073

$          176

Note:

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

(1)

During the three months ended September 30, 2023 and 2022, the company recorded stock-based compensation expense of $16 million and $18 million, respectively, of which $10 million and $9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.  During the nine months ended September 30, 2023 and 2022, the company recorded stock-based compensation expense of $58 million and $47 million, respectively, of which $33 million and $27 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

(2)

See Exhibit 4.

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

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

Three Months Ended September 30, 2023

Adjusted
Property
EBITDA

Hold-Normalized
Casino
Revenue
Adjustment (1)

Hold-Normalized
Casino
Expense
Adjustment (2)

Hold-Normalized
Adjusted
Property
EBITDA

Macao Operations

$             631

$                   (25)

$                     10

$                   616

Marina Bay Sands

491

(44)

10

457

$          1,122

$                   (69)

$                     20

$                1,073

Three Months Ended September 30, 2022

Adjusted
Property
EBITDA

Hold-Normalized
Casino
Revenue
Adjustment (1)

Hold-Normalized
Casino
Expense
Adjustment (2)

Hold-Normalized
Adjusted
Property
EBITDA

Macao Operations

$           (152)

$                   (10)

$                       4

$                 (158)

Marina Bay Sands

343

(11)

2

334

$             191

$                   (21)

$                       6

$                   176

(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 (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,

2023

2022

2023

2022

Net income (loss) attributable to LVS

$               380

$             (239)

$               839

$           2,001

Pre-opening expense

3

4

13

11

Development expense

44

26

140

108

Loss on disposal or impairment of assets

4

2

22

8

Other (income) expense

(4)

(2)

17

29

(Income) loss from discontinued operations, net of tax

1

(2,903)

Income tax impact on net income adjustments (1)

(10)

(29)

(19)

Noncontrolling interest impact on net income adjustments

1

(13)

(11)

Adjusted net income (loss) from continuing operations

     attributable to LVS

$               418

$             (208)

$               989

$             (776)

Hold-normalized casino revenue adjustment (2)

(69)

(21)

Hold-normalized casino expense adjustment (2)

20

6

Income tax impact on hold adjustments (1)

6

2

Noncontrolling interest impact on hold adjustments

5

2

Hold-normalized adjusted net income (loss) from continuing

     operations attributable to LVS

$               380

$             (219)

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

2023

2022

2023

2022

Per diluted share of common stock:

Net income (loss) attributable to LVS

$             0.50

$            (0.31)

$             1.09

$             2.62

Pre-opening expense

0.01

0.02

0.01

Development expense

0.06

0.03

0.18

0.14

Loss on disposal or impairment of assets

0.01

0.03

0.01

Other (income) expense

(0.01)

0.02

0.04

Income from discontinued operations, net of tax

(3.80)

Income tax impact on net income adjustments

(0.01)

(0.03)

(0.03)

Noncontrolling interest impact on net income adjustments

(0.02)

(0.01)

Adjusted earnings (loss) per diluted share from continuing

     operations

$             0.55

$            (0.27)

$             1.29

$            (1.02)

Hold-normalized casino revenue adjustment

(0.09)

(0.03)

Hold-normalized casino expense adjustment

0.02

0.01

Income tax impact on hold adjustments

0.01

Noncontrolling interest impact on hold adjustments

0.01

Hold-normalized adjusted earnings (loss) per diluted share from

     continuing operations

$             0.50

$            (0.29)

Weighted average diluted shares outstanding

766

764

767

764

(1)

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

(2)

See Exhibit 4.

Exhibit 6

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2023

2022

2023

2022

Casino Statistics:

The Venetian Macao:

Table games win per unit per day (1)

$           9,684

$           1,463

$           9,122

$           2,170

Slot machine win per unit per day (2)

$              437

$                55

$              422

$                86

Average number of table games

695

623

666

625

Average number of slot machines

1,418

1,460

1,391

1,404

The Londoner Macao:

Table games win per unit per day (1)

$           9,377

$              872

$           7,445

$           1,451

Slot machine win per unit per day (2)

$              505

$                38

$              444

$                50

Average number of table games

487

472

483

473

Average number of slot machines

1,285

1,405

1,175

1,368

The Parisian Macao:

Table games win per unit per day (1)

$           7,753

$              509

$           7,135

$           1,377

Slot machine win per unit per day (2)

$              328

$                16

$              308

$                29

Average number of table games

269

267

269

269

Average number of slot machines

891

1,132

893

1,108

The Plaza Macao and Four Seasons Macao:

Table games win per unit per day (1)

$         21,989

$           3,143

$         19,239

$           4,351

Slot machine win per unit per day (2)

$               (69)

$                87

$              239

$                40

Average number of table games

84

142

99

142

Average number of slot machines

28

89

76

147

Sands Macao:

Table games win per unit per day (1)

$           6,536

$               677

$           5,494

$               995

Slot machine win per unit per day (2)

$              309

$                 41

$              260

$                 52

Average number of table games

119

152

137

154

Average number of slot machines

544

757

629

720

Marina Bay Sands:

Table games win per unit per day (1)

$         13,722

$           9,871

$         12,348

$           7,854

Slot machine win per unit per day (2)

$              845

$              725

$              879

$              711

Average number of table games

519

519

518

521

Average number of slot machines

2,933

2,854

2,918

2,596

Note:

The 2022 casino statistics exclude slot machines not in operation 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

September 30,

(Dollars in millions)

2023

2022

Change

Revenues:

Casino

$       575

$         60

$      515

Rooms

55

10

45

Food and Beverage

17

3

14

Mall

58

27

31

Convention, Retail and Other

18

4

14

Net Revenues

$       723

$       104

$      619

Adjusted Property EBITDA

$       290

$        (37)

$      327

EBITDA Margin %

40.1 %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$       953

$       115

$      838

Rolling Chip Win %(1)

6.00 %

1.70 %

        4.30 pts

Non-Rolling Chip Drop

$     2,313

$       292

$   2,021

Non-Rolling Chip Win %

24.3 %

24.3 %

     — pts

Slot Handle

$     1,319

$       158

$   1,161

Slot Hold %

4.3 %

4.0 %

      0.3 pts

Hotel Statistics

Occupancy %

98.0 %

36.7 %

        61.3 pts

Average Daily Rate (ADR)

$       212

$       135

$        77

Revenue per Available Room (RevPAR)

$       207

$         50

$      157

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 Londoner Macao

September 30,

(Dollars in millions)

2023

2022

Change

Revenues:

Casino

$       371

$         24

$      347

Rooms

97

10

87

Food and Beverage

25

4

21

Mall

17

9

8

Convention, Retail and Other

8

10

(2)

Net Revenues

$       518

$         57

$      461

Adjusted Property EBITDA

$       167

$        (60)

$      227

EBITDA Margin %

32.2 %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$     1,561

$       179

$   1,382

Rolling Chip Win %(1)

3.93 %

5.27 %

         (1.34)pts

Non-Rolling Chip Drop

$     1,737

$       116

$   1,621

Non-Rolling Chip Win %

20.7 %

20.2 %

      0.5 pts

Slot Handle

$     1,498

$       104

$   1,394

Slot Hold %

4.0 %

4.0 %

     — pts

Hotel Statistics

Occupancy %

95.3 %

23.2 %

        72.1 pts

Average Daily Rate (ADR)

$       190

$       159

$        31

Revenue per Available Room (RevPAR)

$       181

$         37

$      144

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

September 30,

(Dollars in millions)

2023

2022

Change

Revenues:

Casino

$       181

$           8

$      173

Rooms

37

5

32

Food and Beverage

15

1

14

Mall

7

5

2

Convention, Retail and Other

4

2

2

Net Revenues

$       244

$         21

$      223

Adjusted Property EBITDA

$         81

$        (37)

$      118

EBITDA Margin %

33.2 %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$       277

$         26

$      251

Rolling Chip Win %(1)

6.76 %

(14.10) %

          20.86 pts

Non-Rolling Chip Drop

$       789

$         60

$      729

Non-Rolling Chip Win %

22.0 %

24.1 %

       (2.1)pts

Slot Handle

$       670

$         34

$      636

Slot Hold %

4.0 %

4.4 %

       (0.4)pts

Hotel Statistics

Occupancy %

97.0 %

37.1 %

        59.9 pts

Average Daily Rate (ADR)

$       165

$         98

$        67

Revenue per Available Room (RevPAR)

$       160

$         36

$      124

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 Plaza Macao and Four Seasons Macao

September 30,

(Dollars in millions)

2023

2022

Change

Revenues:

Casino

$       108

$         27

$        81

Rooms

24

5

19

Food and Beverage

7

2

5

Mall

50

23

27

Convention, Retail and Other

3

3

Net Revenues

$       192

$         57

$      135

Adjusted Property EBITDA

$         71

$           6

$        65

EBITDA Margin %

37.0 %

10.5 %

        26.5 pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$     2,068

$       212

$   1,856

Rolling Chip Win %(1)

2.28 %

9.37 %

         (7.09)pts

Non-Rolling Chip Drop

$       570

$         90

$      480

Non-Rolling Chip Win %

21.5 %

17.6 %

      3.9 pts

Slot Handle

$         10

$           4

$          6

Slot Hold %

(1.7) %

14.4 %

         (16.1)pts

Hotel Statistics

Occupancy %

86.4 %

19.8 %

        66.6 pts

Average Daily Rate (ADR)

$       472

$       453

$        19

Revenue per Available Room (RevPAR)

$       408

$         90

$      318

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

September 30,

(Dollars in millions)

2023

2022

Change

Revenues:

Casino

$         75

$           8

$        67

Rooms

4

1

3

Food and Beverage

3

1

2

Mall

1

1

Net Revenues

$         83

$         11

$        72

Adjusted Property EBITDA

$         17

$        (22)

$        39

EBITDA Margin %

20.5 %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$         14

$         16

$        (2)

Rolling Chip Win %(1)

13.84 %

2.98 %

          10.86 pts

Non-Rolling Chip Drop

$       414

$         47

$      367

Non-Rolling Chip Win %

16.8 %

16.5 %

      0.3 pts

Slot Handle

$       473

$         72

$      401

Slot Hold %

3.3 %

3.4 %

       (0.1)pts

Hotel Statistics

Occupancy %

98.7 %

43.8 %

        54.9 pts

Average Daily Rate (ADR)

$       173

$       157

$        16

Revenue per Available Room (RevPAR)

$       171

$         69

$      102

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 and quarantine restrictions during 2022 were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Marina Bay Sands

September 30,

(Dollars in millions)

2023

2022

Change

Revenues:

Casino

$       698

$       510

$      188

Rooms

125

92

33

Food and Beverage

89

71

18

Mall

68

55

13

Convention, Retail and Other

35

28

7

Net Revenues

$     1,015

$       756

$      259

Adjusted Property EBITDA

$       491

$       343

$      148

EBITDA Margin %

48.4 %

45.4 %

      3.0 pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$     8,149

$     6,837

$   1,312

Rolling Chip Win %(1)

3.85 %

3.47 %

        0.38 pts

Non-Rolling Chip Drop

$     1,936

$     1,258

$      678

Non-Rolling Chip Win %

17.6 %

18.6 %

       (1.0)pts

Slot Handle

$     6,364

$     4,424

$   1,940

Slot Hold %

3.6 %

4.3 %

       (0.7)pts

Hotel Statistics(2)

Occupancy %

96.3 %

96.0 %

      0.3 pts

Average Daily Rate (ADR)

$       681

$       515

$      166

Revenue per Available Room (RevPAR)

$       656

$       494

$      162

(1)

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

(2)

During the three months ended September 30, 2023 and 2022, approximately 2,200 and 2,100 rooms, respectively, were available for occupancy.

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data – Asian Retail Mall Operations

(Unaudited)

For the Three Months Ended September 30, 2023

TTM 
September
30, 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

$           58

$         53

91.4 %

818,773

80.0 %

$          1,743

Shoppes at Four Seasons

Luxury Retail

34

32

94.1 %

129,932

100.0 %

8,422

Other Stores

16

14

87.5 %

119,371

84.7 %

3,703

50

46

92.0 %

249,303

92.7 %

6,714

Shoppes at Londoner

17

13

76.5 %

611,192

54.2 %

1,701

Shoppes at Parisian

7

6

85.7 %

296,352

66.1 %

641

Total Cotai Strip in Macao

132

118

89.4 %

1,975,620

71.5 %

2,415

The Shoppes at Marina Bay Sands

68

60

88.2 %

616,699

99.5 %

2,998

Total

$         200

$       178

89.0 %

2,592,319

78.2 %

$          2,607

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.

Posted by on October 19, 2023.

Categories: Financial

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