Las Vegas Sands Reports Fourth Quarter and Full Year 2015 Results

For the Quarter Ended December 31, 2015

(Compared to the Quarter Ended December 31, 2014)

- Consolidated Adjusted Property EBITDA was $1.05 Billion

- In Macao:

- Adjusted Property EBITDA was $575.3 Million

- Strong Cost Discipline Drove a 130 Basis Point Improvement in Hold-Normalized Adjusted Property EBITDA Margin to 34.7%

- At Marina Bay Sands in Singapore:

- Hold-Normalized Adjusted Property EBITDA was $374.8 Million, While Adjusted Property EBITDA was $338.2 Million

- On a Constant-Currency Basis, and Excluding the Impact of a $90.1 Million Property Tax Refund in the Quarter Ended December 31, 2014, Hold-Normalized Adjusted Property EBITDA Increased 11.8%

- Hold-Normalized Adjusted Earnings per Diluted Share was $0.64; Adjusted Earnings per Diluted Share was $0.62; and GAAP Earnings per Diluted Share was $0.59

- The Company Paid Dividends of $0.65 per Share

- The Company Returned $60.0 Million of Capital to Shareholders Through its Stock Repurchase Program

For the Year Ended December 31, 2015

(Compared to the Year Ended December 31, 2014)

- Net Revenue was $11.69 Billion, Consolidated Adjusted Property EBITDA was $4.17 Billion, Net Income Attributable to Las Vegas Sands was $1.97 Billion and Adjusted Earnings per Diluted Share was $2.55

- The Company Paid Dividends of $2.60 per Share

- The Company's Board of Directors Announced an Increase of 10.8% in the Company's Recurring Common Stock Dividend for the 2016 Calendar Year to $2.88 per Share ($0.72 per Share per Quarter)

- The Company Returned $205.0 Million of Capital to Shareholders Through its Stock Repurchase Program

Jan 27, 2016, 16:09 ET from Las Vegas Sands Corp.

LAS VEGAS, Jan. 27, 2016 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended December 31, 2015. 

Fourth Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "The operating environment in Macao remained challenging during the quarter; however, our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows allowed us to once again deliver in excess of one billion U.S. dollars of adjusted property EBITDA during the quarter.  We remain sharply focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. 

"Our convention-based Integrated Resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows and delivers the industry's highest revenue and profit from non-gaming segments, while bringing unsurpassed economic and diversification benefits to the regions in which we operate.  We remain confident in our ability to both further extend our global leadership position and deliver strong growth in the future. 

"The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy."

The company paid a recurring quarterly dividend of $0.65 per common share during the quarter, an increase of 30.0% compared to the fourth quarter of 2014. The company also announced that its next recurring quarterly dividend of $0.72 per common share will be paid on March 31, 2016, to Las Vegas Sands shareholders of record on March 22, 2016.  That dividend represents an increase of 10.8% compared to the dividend paid in the first quarter of 2015.  Additionally, since the inception of the company's share repurchase program in June 2013, the company has returned $2.44 billion to shareholders through the repurchase of 35.4 million shares, including $60.0 million of common stock (1.3 million shares at a weighted average price of $44.55) during the quarter ended December 31, 2015.  

Mr. Adelson added, "In Macao, notwithstanding an operating environment that remains challenging,  we delivered $575.3 million in adjusted property EBITDA across our Macao property portfolio during the quarter, our strongest quarterly performance of the year.  We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by The Parisian Macao, targeted to open in late 2016, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide an outstanding and diversified platform for growth in the years ahead."

At Marina Bay Sands in Singapore, we continue to attract visitors from across the region to Singapore, which enabled us to generate another record mass gaming win-per-day in local currency terms. While the impact of the stronger U.S. Dollar and low win percentage on rolling table games play each negatively impacted our reported financial results for the quarter, both gaming volumes and our non-gaming segments remain resilient.  On a constant currency basis, hold-normalized adjusted property EBITDA, excluding the impact of a $90.1 million property tax refund received in the prior year, increased 11.8%.

At the Venetian, Palazzo and Sands Expo Center in Las Vegas, a 22.2% year-over-year increase in RevPAR to $220 drove a 24.9% increase in adjusted property EBITDA.     

Company-Wide Operating Results

Net revenue for the fourth quarter of 2015 decreased 16.2% to $2.86 billion, compared to $3.42 billion in the fourth quarter of 2014. Consolidated adjusted property EBITDA of $1.05 billion decreased 21.9% in the fourth quarter of 2015, compared to the year-ago quarter.  On a hold-normalized basis, adjusted property EBITDA decreased 16.0% to $1.07 billion in the fourth quarter of 2015. 

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2015 decreased 31.3% to $702.0 million, compared to $1.02 billion in the fourth quarter of 2014.  The decrease in operating income was principally due to softer results across the company's Macao property portfolio and a $90.1 million benefit in the fourth quarter of 2014 relating to a property tax refund at Marina Bay Sands in Singapore. 

On a GAAP basis, net income attributable to Las Vegas Sands in the fourth quarter of 2015 decreased 35.4% to $465.8 million, compared to $721.3 million in the fourth quarter of 2014, while diluted earnings per share in the fourth quarter of 2015 decreased 34.4% to $0.59, compared to $0.90 in the prior-year quarter. The decrease in net income attributable to Las Vegas Sands reflected the decline in operating income described above, partially offset by a $47.5 million decrease in net income attributable to noncontrolling interests. 

Adjusted net income (see Note 1) decreased to $492.4 million, or $0.62 per diluted share, compared to $734.2 million, or $0.92 per diluted share, in the fourth quarter of 2014.

Full year 2015 net revenue decreased 19.9% to $11.69 billion, compared to $14.58 billion in 2014. Consolidated adjusted property EBITDA in 2015 decreased 23.1% to $4.17 billion, compared to $5.42 billion in 2014. Consolidated adjusted property EBITDA margin decreased 150 basis points to 35.7% in 2015, compared to 37.2% in 2014.  Negative operating leverage from declining revenues in Macao were the primary reason for the EBITDA margin contraction in 2015, despite the partial off-set provided by the implementation of cost-control programs.  

Full year adjusted net income (see Note 1) was $2.03 billion in 2015, or $2.55 per diluted share, compared to $2.89 billion, or $3.58 per diluted share, in 2014.

On a GAAP basis, full year 2015 operating income decreased 30.7% to $2.84 billion, compared to $4.10 billion in 2014.  The decrease in operating income was principally due to weaker operating results across our Macao property portfolio. Net income attributable to Las Vegas Sands decreased 30.8% to $1.97 billion, or $2.47 per diluted share, in 2015, compared to $2.84 billion, or $3.52 per diluted share, in 2014. The decline in net income attributable to Las Vegas Sands reflected the decrease in operating income described above, partially offset by a decrease in net income attributable to noncontrolling interests.    

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. decreased 21.7% to $1.66 billion in the fourth quarter of 2015, compared to $2.12 billion in the fourth quarter of 2014. Adjusted property EBITDA for Sands China Ltd. decreased 18.5% to $581.2 million in the fourth quarter of 2015, compared to $713.2 million in the fourth quarter of 2014. Net income for Sands China Ltd. decreased 29.3% to $378.4 million in the fourth quarter of 2015, compared to $535.3 million in the fourth quarter of 2014.

On a GAAP basis, full year 2015 total net revenues for Sands China Ltd. decreased 28.3% to $6.86 billion, compared to $9.57 billion in 2014. Adjusted property EBITDA for Sands China Ltd. decreased 31.9% to $2.22 billion in 2015, compared to $3.26 billion in 2014. Net income for Sands China Ltd. decreased 43.1% to $1.45 billion in 2015, compared to $2.55 billion in 2014.

The Venetian Macao Fourth Quarter Operating Results

Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property generated adjusted property EBITDA of $297.3 million in the fourth quarter with an EBITDA margin of 39.1%.  Non-Rolling Chip drop was $1.74 billion for the quarter, with a Non-Rolling Chip win percentage of 23.4%.  Rolling Chip volume during the quarter decreased 20.8% to $8.0 billion.  Rolling Chip win percentage was 3.34% in the quarter, above the 2.61% experienced in the prior-year quarter. Slot handle was $1.01 billion

The following table summarizes the key operating results for The Venetian Macao for the fourth quarter of 2015 compared to the fourth quarter of 2014:

The Venetian Macao Operations

Three Months Ended


December 31,


(Dollars in millions)

2015


2014


$ Change


 Change

Revenues:











Casino

$

632.4


$

733.3


$

(100.9)


-13.8%

Rooms


49.5



65.7



(16.2)


-24.7%

Food and Beverage


23.8



26.1



(2.3)


-8.8%

Mall


62.1



60.9



1.2


2.0%

Convention, Retail and Other


30.1



42.6



(12.5)


-29.3%

Less - Promotional Allowances


(37.2)



(48.3)



11.1


23.0%

Net Revenues

$

760.7


$

880.3


$

(119.6)


-13.6%












Adjusted Property EBITDA

$

297.3


$

321.4


$

(24.1)


-7.5%

EBITDA Margin %


39.1%



36.5%





2.6 pts












Operating Income

$

252.8


$

278.2


$

(25.4)


-9.1%












Gaming Statistics











(Dollars in millions)






















Rolling Chip Volume

$

7,997.3


$

10,098.7


$

(2,101.4)


-20.8%

Rolling Chip Win %(1)


3.34%



2.61%





0.73 pts












Non-Rolling Chip Drop

$

1,743.2


$

2,107.6


$

(364.4)


-17.3%

Non-Rolling Chip Win %


23.4%



24.2%





-0.8 pts












Slot Handle

$

1,009.3


$

1,325.4


$

(316.1)


-23.8%

Slot Hold %


4.7%



4.3%





0.4 pts












Hotel Statistics






















Occupancy %


83.5%



88.3%





-4.8 pts

Average Daily Rate (ADR)

$

223


$

280


$

(57)


-20.4%

Revenue per Available Room (RevPAR)

$

186


$

247


$

(61)


-24.7%


(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Sands Cotai Central Fourth Quarter Operating Results

Net revenues and adjusted property EBITDA for the fourth quarter of 2015 at Sands Cotai Central were $505.7 million and $160.9 million, respectively, resulting in an EBITDA margin of 31.8%.

Non-Rolling Chip drop was $1.46 billion in the fourth quarter with a Non-Rolling Chip win percentage of 21.3%.  Rolling Chip volume was $4.13 billion for the quarter with a Rolling Chip win percentage of 2.62%.  Slot handle was $1.48 billion for the quarter. Hotel occupancy was 85.4% with ADR of $151

The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2015 compared to the fourth quarter of 2014:

Sands Cotai Central Operations

 Three Months Ended


December 31,


(Dollars in millions)

2015


2014


$ Change


 Change

Revenues:











Casino

$

426.1


$

611.1


$

(185.0)


-30.3%

Rooms


68.8



86.4



(17.6)


-20.4%

Food and Beverage


25.5



32.2



(6.7)


-20.8%

Mall


18.3



19.0



(0.7)


-3.7%

Convention, Retail and Other


6.6



7.8



(1.2)


-15.4%

Less - Promotional Allowances


(39.6)



(51.5)



11.9


23.1%

Net Revenues

$

505.7


$

705.0


$

(199.3)


-28.3%












Adjusted Property EBITDA

$

160.9


$

220.3


$

(59.4)


-27.0%

EBITDA Margin %


31.8%



31.2%





0.6 pts












Operating Income

$

78.7


$

144.5


$

(65.8)


-45.5%












Gaming Statistics











(Dollars in millions)






















Rolling Chip Volume

$

4,128.7


$

8,383.7


$

(4,255.0)


-50.8%

Rolling Chip Win %(1)


2.62%



3.21%





-0.59 pts












Non-Rolling Chip Drop

$

1,459.4


$

1,859.1


$

(399.7)


-21.5%

Non-Rolling Chip Win %


21.3%



20.3%





1.0 pts












Slot Handle

$

1,480.3


$

1,817.2


$

(336.9)


-18.5%

Slot Hold %


3.6%



3.5%





0.1 pts












Hotel Statistics






















Occupancy %


85.4%



90.9%





-5.5 pts

Average Daily Rate (ADR)

$

151


$

183


$

(32)


-17.5%

Revenue per Available Room (RevPAR)

$

129


$

167


$

(38)


-22.8%


(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $65.8 million in the fourth quarter of 2015, a decrease of 29.0% compared to the year-ago quarter.  Non-Rolling Chip drop was $271.6 million, while Non-Rolling Chip win percentage was 20.1%.  Rolling Chip volume was $2.43 billion for the quarter. Rolling Chip win percentage was 3.43% in the quarter, above the 3.12% experienced in the prior-year quarter. Slot handle was $103.5 million during the quarter.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2015 compared to the fourth quarter of 2014:

Four Seasons Hotel Macao and Plaza Casino Operations

 Three Months Ended


December 31,


(Dollars in millions)

2015


2014


$ Change


 Change

Revenues:











Casino

$

113.7


$

188.8


$

(75.1)


-39.8%

Rooms


9.8



11.1



(1.3)


-11.7%

Food and Beverage


7.2



8.0



(0.8)


-10.0%

Mall


37.5



48.2



(10.7)


-22.2%

Convention, Retail and Other


0.9



0.9



-


0.0%

Less - Promotional Allowances


(11.4)



(13.2)



1.8


13.6%

Net Revenues

$

157.7


$

243.8


$

(86.1)


-35.3%












Adjusted Property EBITDA

$

65.8


$

92.7


$

(26.9)


-29.0%

EBITDA Margin %


41.7%



38.0%





3.7 pts












Operating Income

$

53.8


$

79.8


$

(26.0)


-32.6%












Gaming Statistics











(Dollars in millions)






















Rolling Chip Volume

$

2,425.1


$

5,994.4


$

(3,569.3)


-59.5%

Rolling Chip Win %(1)


3.43%



3.12%





0.31 pts












Non-Rolling Chip Drop

$

271.6


$

296.9


$

(25.3)


-8.5%

Non-Rolling Chip Win %


20.1%



20.0%





0.1 pts












Slot Handle

$

103.5


$

155.4


$

(51.9)


-33.4%

Slot Hold %


6.6%



5.8%





0.8 pts












Hotel Statistics






















Occupancy %


81.1%



86.7%





-5.6 pts

Average Daily Rate (ADR)

$

351


$

372


$

(21)


-5.6%

Revenue per Available Room (RevPAR)

$

284


$

323


$

(39)


-12.1%


(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).  

Sands Macao Fourth Quarter Operating Results

Sands Macao's adjusted property EBITDA was $51.3 million. Non-Rolling Chip drop was $716.4 million during the quarter, while slot handle was $661.5 million. Rolling Chip volume was $2.70 billion for the quarter. The property realized 3.18% win on Rolling Chip volume during the quarter, below the 3.57% generated in the year-ago quarter. 

The following table summarizes our key operating results for Sands Macao for the fourth quarter of 2015 compared to the fourth quarter of 2014:

Sands Macao Operations

 Three Months Ended


December 31,


(Dollars in millions)

2015


2014


$ Change


 Change

Revenues:











Casino

$

198.3


$

261.3


$

(63.0)


-24.1%

Rooms


5.5



5.6



(0.1)


-1.8%

Food and Beverage


8.3



9.9



(1.6)


-16.2%

Convention, Retail and Other


3.0



2.5



0.5


20.0%

Less - Promotional Allowances


(9.8)



(11.4)



1.6


14.0%

Net Revenues

$

205.3


$

267.9


$

(62.6)


-23.4%












Adjusted Property EBITDA

$

51.3


$

76.7


$

(25.4)


-33.1%

EBITDA Margin %


25.0%



28.6%





-3.6 pts












Operating Income

$

42.0


$

67.6


$

(25.6)


-37.9%












Gaming Statistics











(Dollars in millions)






















Rolling Chip Volume

$

2,695.9


$

3,312.9


$

(617.0)


-18.6%

Rolling Chip Win %(1)


3.18%



3.57%





-0.39 pts












Non-Rolling Chip Drop

$

716.4


$

880.0


$

(163.6)


-18.6%

Non-Rolling Chip Win %


17.3%



18.0%





-0.7 pts












Slot Handle

$

661.5


$

767.1


$

(105.6)


-13.8%

Slot Hold %


3.3%



3.6%





-0.3 pts












Hotel Statistics






















Occupancy %


99.1%



99.9%





-0.8 pts

Average Daily Rate (ADR)

$

209


$

225


$

(16)


-7.1%

Revenue per Available Room (RevPAR)

$

207


$

225


$

(18)


-8.0%


(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Marina Bay Sands Fourth Quarter Operating Results

The impact of the stronger U.S. dollar negatively impacted the financial results and key performance indicators of Marina Bay Sands in Singapore in the current quarter.  Low win percentage on table games play also negatively impacted our reported financial results. The property generated adjusted property EBITDA of $338.2 million.  On a hold-normalized basis, adjusted property EBITDA was $374.8 million. On a constant-currency basis, hold-normalized adjusted property EBITDA decreased 10.1%. On a constant-currency basis, and excluding the property tax refund from the prior year quarter, hold-normalized adjusted property EBITDA increased 11.8%.  

Rolling Chip win percentage of 2.39% in the fourth quarter of 2015 was below the expected range and considerably below the 3.58% achieved in the fourth quarter of 2014. Rolling Chip volume was $10.12 billion for the quarter.

Non-Rolling Chip drop was $976.4 million during the quarter with a Non-Rolling Chip win percentage of 28.5%. Slot handle increased 6.3% to $3.32 billion for the quarter compared to the year-ago quarter. Total mass win-per-day during the quarter was $4.6 million and was an all-time quarterly record for the property in local currency terms.

ADR decreased to $392 during the quarter and occupancy decreased to 96.6%, resulting in a RevPAR decrease of 8.7% compared to the same quarter last year.  

The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2015 compared to the fourth quarter of 2014:

Marina Bay Sands Operations

 Three Months Ended


December 31,


(Dollars in millions)

2015


2014


$ Change


 Change

Revenues:











Casino

$

532.9


$

674.4


$

(141.5)


-21.0%

Rooms


88.3



92.1



(3.8)


-4.1%

Food and Beverage


55.3



50.7



4.6


9.1%

Mall


41.7



45.7



(4.0)


-8.8%

Convention, Retail and Other


29.1



26.0



3.1


11.9%

Less - Promotional Allowances


(43.4)



(50.3)



6.9


13.7%

Net Revenues

$

703.9


$

838.6


$

(134.7)


-16.1%












Adjusted Property EBITDA

$

338.2


$

518.5


$

(180.3)


-34.8%

EBITDA Margin %


48.1%



61.8%





-13.7 pts












Operating Income

$

246.5


$

427.4


$

(180.9)


-42.3%












Gaming Statistics











(Dollars in millions)






















Rolling Chip Volume

$

10,116.9


$

10,048.2


$

68.7


0.7%

Rolling Chip Win %(1)


2.39%



3.58%





-1.19 pts












Non-Rolling Chip Drop

$

976.4


$

1,097.7


$

(121.3)


-11.1%

Non-Rolling Chip Win %


28.5%



26.7%





1.8 pts












Slot Handle

$

3,323.4


$

3,125.0


$

198.4


6.3%

Slot Hold %


4.4%



4.8%





-0.4 pts












Hotel Statistics






















Occupancy %


96.6%



98.3%





-1.7 pts

Average Daily Rate (ADR)

$

392


$

422


$

(30)


-7.1%

Revenue per Available Room (RevPAR)

$

379


$

415


$

(36)


-8.7%


(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Las Vegas Operations Fourth Quarter Operating Results

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $97.4 million for the quarter, an increase of 24.9% compared to the fourth quarter of 2014.  On a hold-normalized basis, adjusted property EBITDA in the quarter increased 20.3% year-over-year to $105.4 million.  RevPAR increased 22.2% year-over-year to $220 in the quarter, reflecting a 7.7% increase in ADR to $239 and an 11.0 percentage point increase in occupancy to 92.1%.  Table games drop decreased 13.8% in the quarter to $472.5 million, reflecting softer Baccarat play, while slot handle increased 16.0% to $678.0 million.

The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2015 compared to the fourth quarter of 2014:


Three Months Ended



Las Vegas Operations

December 31,



(Dollars in millions)

2015


2014


$ Change


 Change


Revenues:












Casino

$

129.4


$

130.0


$

(0.6)


-0.5%


Rooms


141.5



113.6



27.9


24.6%


Food and Beverage


74.0



61.5



12.5


20.3%


Convention, Retail and Other


81.6



81.8



(0.2)


-0.2%


Less - Promotional Allowances


(26.4)



(24.3)



(2.1)


-8.6%


Net Revenues

$

400.1


$

362.6


$

37.5


10.3%














Adjusted Property EBITDA

$

97.4


$

78.0


$

19.4


24.9%


EBITDA Margin %


24.3%



21.5%





2.8 pts














Operating Income

$

80.0


$

64.8


$

15.2


23.5%














Gaming Statistics












(Dollars in millions)
























Table Games Drop

$

472.5


$

548.1


$

(75.6)


-13.8%


Table Games Win %(1)


18.5%



19.1%





-0.6 pts














Slot Handle

$

678.0


$

584.6


$

93.4


16.0%


Slot Hold %


8.0%



7.7%





0.3 pts














Hotel Statistics
























Occupancy %


92.1%



81.1%





11.0 pts


Average Daily Rate (ADR)

$

239


$

222


$

17


7.7%


Revenue per Available Room (RevPAR)

$

220


$

180


$

40


22.2%














(1) This compares to our expected Baccarat win percentage of 21.0% to 29.0% and our expected non-Baccarat win percentage of 16.0% to 20.0% in the current year quarter (calculated before discounts). Our expected Baccarat win percentage in the prior-year quarter was 22.0% to 30.0% and our expected non-Baccarat win percentage was 14.0% to 18.0% (calculated before discounts).

Sands Bethlehem Fourth Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 4.7% to $139.9 million and adjusted property EBITDA decreased 5.2% to $34.3 million for the quarter. Table games drop increased 4.6% to $292.9 million for the quarter, while table games win percentage was 18.3%, slightly below the 18.7% realized in the fourth quarter of 2014. Slot handle increased 5.1% year-over-year to $1.06 billion for the quarter with a slot hold percentage of 6.9%.

The following table summarizes our key operating results for Sands Bethlehem for the fourth quarter of 2015 compared to the fourth quarter of 2014:

Sands Bethlehem Operations

Three Months Ended



December 31,



(Dollars in millions)

2015


2014


$ Change


 Change


Revenues:












Casino

$

129.6


$

123.6


$

6.0


4.9%


Rooms


3.9



3.6



0.3


8.3%


Food and Beverage


7.6



7.6



-


0.0%


Mall


1.3



1.3



-


0.0%


Convention, Retail and Other


5.1



4.7



0.4


8.5%


Less - Promotional Allowances


(7.6)



(7.2)



(0.4)


-5.6%


Net Revenues

$

139.9


$

133.6


$

6.3


4.7%














Adjusted Property EBITDA

$

34.3


$

36.2


$

(1.9)


-5.2%


EBITDA Margin %


24.5%



27.1%





-2.6 pts














Operating Income

$

27.1


$

28.9


$

(1.8)


-6.2%














Gaming Statistics












(Dollars in millions)
























Table Games Drop

$

292.9


$

279.9


$

13.0


4.6%


Table Games Win %(1)


18.3%



18.7%





-0.4 pts














Slot Handle

$

1,062.7


$

1,011.4


$

51.3


5.1%


Slot Hold %


6.9%



6.8%





0.1 pts














Hotel Statistics
























Occupancy %


92.8%



87.9%





4.9 pts


Average Daily Rate (ADR)

$

152


$

149


$

3


2.0%


Revenue per Available Room (RevPAR)

$

146


$

131


$

15


11.5%


























(1) This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).

Asian Retail Mall Operations

Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore was $159.3 million for the fourth quarter of 2015, a decrease of 8.2% compared to the fourth quarter of 2014.  Operating profit derived from these retail mall assets decreased 8.6% year-over-year to $143.8 million.



For The Three Months Ended December 31, 2015


TTM December 31, 2015

(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

$

61.9


$

56.9


91.9%


780,165


97.8%


$

1,469

















Shoppes at Four Seasons
















Luxury Retail


23.7



22.4


94.5%


142,562


100.0%



4,732


Other Stores


13.8



13.6


98.6%


116,832


97.9%



1,622


Total


37.5



36.0


96.0%


259,394


99.0%



3,423

















Shoppes at Cotai Central


18.2



16.4


90.1%


331,499 (3)


97.9%



896

Total Cotai Strip in Macao


117.6



109.3


92.9%


1,371,058


98.0%



1,719

















The Shoppes at Marina Bay Sands


41.7



34.5


82.7%


644,719


95.2%



1,361
















Total

$

159.3


$

143.8


90.3%


2,015,777


97.1%


$

1,607


(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) At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.

Other Factors Affecting Earnings

Other Asia, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $6.1 million during the quarter, compared to $2.2 million in the fourth quarter of 2014.

Pre-opening expense, which was principally related to the St. Regis tower at Sands Cotai Central - that opened on December 18, 2015 - was $17.6 million in the fourth quarter of 2015.

Depreciation and amortization expense was $248.7 million in the fourth quarter of 2015, compared to $255.5 million in the fourth quarter of 2014. 

Interest expense, net of amounts capitalized, was $66.2 million for the fourth quarter of 2015, compared to $66.7 million in the prior-year quarter. Capitalized interest was $10.7 million during the fourth quarter of 2015, compared to $3.1 million during the fourth quarter of 2014.  Our weighted average borrowing cost in the fourth quarter of 2015 was approximately 3.2%.

Corporate expense was $48.9 million in the fourth quarter of 2015, compared to $36.2 million in the fourth quarter of 2014.

Other expense was $1.0 million in the fourth quarter of 2015, compared to other income of $4.3 million in the fourth quarter of 2014.

The company's effective income tax rate for the fourth quarter of 2015 was 9.8% compared to 9.4% in the prior-year quarter. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

The net income attributable to noncontrolling interests during the fourth quarter of 2015 of $109.2 million was principally related to Sands China Ltd. 

Balance Sheet Items

Unrestricted cash balances as of December 31, 2015 were $2.18 billion.

As of December 31, 2015, total debt outstanding, including the current portion, was $9.47 billion.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $415.7 million, including construction, development and maintenance activities of $354.3 million in Macao, $33.1 million at Marina Bay Sands, $23.6 million in Las Vegas, and $4.7 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, January 27, 2016 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our ability to meet certain development deadlines, our subsidiaries' ability to make distribution payments to us, and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

Note 1

Adjusted net income excludes pre-opening expense, development expense, gain or loss on disposal of assets and loss on modification or early retirement of debt.

About Las Vegas Sands

Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state-of-the-art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.

Our properties include the five-diamond Venetian and Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore.  Through majority ownership in Sands China Ltd. (HK: 1928), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.

LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through our Sands Cares corporate citizenship program and leading innovation with the company's award-winning Sands ECO360° global sustainability program.  To learn more, please visit www.sands.com.     

Contacts:

Investment Community: 

 Daniel Briggs 

 (702) 414-1221

Media: 

 Ron Reese 

 (702) 414-3607

Las Vegas Sands Corp.
Fourth Quarter 2015 Results
Non-GAAP Reconciliations

Within the company's fourth quarter 2015 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized adjusted property EBITDA."  Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K.  The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.

Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, pre-opening expense, development expense, royalty fees, stock-based compensation and corporate expense.  Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized adjusted property EBITDA are included in the financial schedules accompanying this release.

 

Las Vegas Sands Corp. and Subsidiaries





Condensed Consolidated Statements of Operations  





(In thousands, except share and per share data)






(Unaudited)

















Three Months Ended


Years Ended


December 31,


December 31,


2015


2014


2015


2014









Revenues:








  Casino 

$    2,162,247


$    2,722,402


$     9,083,004


$   12,004,361

  Rooms

367,324


378,215


1,469,874


1,540,420

  Food and beverage

201,610


195,965


757,512


778,769

  Mall

160,657


174,702


564,309


553,534

  Convention, retail and other

150,239


157,041


539,651


548,704


3,042,077


3,628,325


12,414,350


15,425,788

  Less - promotional allowances

(180,342)


(212,332)


(725,889)


(841,939)


2,861,735


3,415,993


11,688,461


14,583,849

Operating expenses:








  Resort operations 

1,814,934


2,075,747


7,540,140


9,190,275

  Corporate

48,893


36,246


176,169


174,750

  Pre-opening

17,649


8,203


47,509


26,230

  Development

3,344


5,373


10,372


14,325

  Depreciation and amortization

248,707


255,524


998,919


1,031,589

  Amortization of leasehold interests in land

9,585


10,446


38,645


40,598

  Loss on disposal of assets

16,642


1,934


35,232


6,856


2,159,754


2,393,473


8,846,986


10,484,623

Operating income

701,981


1,022,520


2,841,475


4,099,226

Other income (expense):








  Interest income

2,487


8,534


15,085


25,643

  Interest expense, net of amounts capitalized

(66,202)


(66,686)


(265,220)


(274,181)

  Other income (expense)

(1,047)


4,333


30,542


1,965

  Loss on modification or early retirement of debt

-


-


-


(19,942)

Income before income taxes

637,219


968,701


2,621,882


3,832,711

Income tax expense

(62,244)


(90,701)


(236,185)


(244,640)

Net income 

574,975


878,000


2,385,697


3,588,071

Net income attributable to noncontrolling interests

(109,193)


(156,695)


(419,461)


(747,442)

Net income attributable to Las Vegas Sands Corp.

$       465,782


$       721,305


$     1,966,236


$     2,840,629









Earnings per share:








Basic

$             0.59


$             0.90


$              2.47


$              3.52

Diluted

$             0.59


$             0.90


$              2.47


$              3.52









Weighted average shares outstanding:








Basic

794,963,357


799,851,322


796,785,900


806,130,838

Diluted

795,653,442


801,465,931


797,596,082


808,019,219









Dividends declared per common share

$             0.65


$             0.50


$              2.60


$              2.00
















Las Vegas Sands Corp. and Subsidiaries















Non-GAAP Measure 

















(In thousands)

















(Unaudited)



































The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:




















Three Months Ended December 31, 2015
























Amortization




Pre-Opening 












Depreciation


of Leasehold


Loss


and




(1)




Adjusted


Operating


and


Interests


on Disposal


Development


Royalty


Stock-Based


Corporate


Property


Income (Loss)


Amortization


in Land


of Assets


Expense


Fees


Compensation


Expense


EBITDA

Macao:


















   The Venetian Macao

$       252,817


$      39,681


$         1,666


$       1,344


$              -


$         -


$           1,769


$          -


$                      297,277

   Sands Cotai Central

78,653


67,879


2,139


2,417


9,060


-


799


-


160,947

   Four Seasons Hotel Macao and Plaza Casino

53,782


9,593


720


60


1,436


-


208


-


65,799

   Sands Macao

42,000


8,700


373


19


-


-


208


-


51,300

Macao Property Operations

427,252


125,853


4,898


3,840


10,496


-


2,984


-


575,323

Marina Bay Sands

246,511


60,902


4,074


1,977


233


24,307


239


-


338,243

United States:


















   Las Vegas Operating Properties

79,963


43,092


-


10,824


-


(37,704)


1,229


-


97,404

   Sands Bethlehem

27,068


7,133


-


-


121


-


-


-


34,322

United States Property Operations

107,031


50,225


-


10,824


121


(37,704)


1,229


-


131,726

Other Asia (2)

(11,239)


3,559


-


1


-


13,640


92


-


6,053

Other Development

(10,918)


162


613


-


10,143


-


-


-


-

Corporate

(56,656)


8,006


-


-


-


(243)


-


48,893


-


$       701,981


$    248,707


$         9,585


$     16,642


$       20,993


$         -


$           4,544


$   48,893


$                   1,051,345






































Three Months Ended December 31, 2014
























Amortization




Pre-Opening 












Depreciation


of Leasehold


(Gain) Loss


and




(1)




Adjusted


Operating


and


Interests


on Disposal


Development


Royalty


Stock-Based


Corporate


Property


Income (Loss)


Amortization


in Land


of Assets


Expense


Fees


Compensation


Expense


EBITDA

Macao:


















   The Venetian Macao

$       278,219


$      38,116


$         2,031


$          872


$              -


$         -


$           2,209


$          -


$                     321,447

   Sands Cotai Central

144,481


71,266


2,027


343


1,101


-


1,059


-


220,277

   Four Seasons Hotel Macao and Plaza Casino

79,779


9,767


1,151


24


1,658


-


341


-


92,720

   Sands Macao

67,586


8,452


354


(80)


-


-


422


-


76,734

Macao Property Operations

570,065


127,601


5,563


1,159


2,759


-


4,031


-


711,178

Marina Bay Sands

427,406


62,310


4,520


119


85


23,823


258


-


518,521

United States:


















   Las Vegas Operating Properties

64,777


47,350


-


452


223


(35,785)


946


-


77,963

   Sands Bethlehem

28,944


6,485


-


230


16


-


524


-


36,199

United States Property Operations

93,721


53,835


-


682


239


(35,785)


1,470


-


114,162

Other Asia (2)

(13,943)


3,533


-


16


338


12,200


101


-


2,245

Other Development

(10,679)


161


363


-


10,155


-


-


-


-

Corporate

(44,050)


8,084


-


(42)


-


(238)


-


36,246


-


$     1,022,520


$    255,524


$       10,446


$       1,934


$       13,576


$         -


$           5,860


$   36,246


$                   1,346,106






































Year Ended December 31, 2015
























Amortization




Pre-Opening












Depreciation


of Leasehold


(Gain) Loss


and




(1)




Adjusted


Operating


and


Interests


on Disposal


Development


Royalty


Stock-Based


Corporate


Property


Income (Loss)


Amortization


in Land


of Assets


Expense


Fees


Compensation


Expense


EBITDA

Macao:


















   The Venetian Macao

$       897,437


$    155,084


$         6,637


$     10,316


$              -


$         -


$           9,116


$          -


$                   1,078,590

   Sands Cotai Central

337,791


277,388


8,355


6,510


17,447


-


4,033


-


651,524

   Four Seasons Hotel Macao and Plaza Casino

194,555


38,501


2,860


73


6,199


-


1,202


-


243,390

   Sands Macao

184,586


35,718


1,486


3,189


-


-


1,115


-


226,094

Macao Property Operations

1,614,369


506,691


19,338


20,088


23,646


-


15,466


-


2,199,598

Marina Bay Sands

1,145,094


242,512


16,853


2,246


1,415


97,476


890


-


1,506,486

United States:


















   Las Vegas Operating Properties

263,825


174,332


-


13,016


294


(151,061)


5,063


-


305,469

   Sands Bethlehem

108,401


27,291


-


(127)


205


-


74


-


135,844

United States Property Operations

372,226


201,623


-


12,889


499


(151,061)


5,137


-


441,313

Other Asia (2)

(46,253)


14,101


-


9


-


54,560


416


-


22,833

Other Development

(35,420)


645


2,454


-


32,321


-


-


-


-

Corporate

(208,541)


33,347


-


-


-


(975)


-


176,169


-


$     2,841,475


$    998,919


$       38,645


$     35,232


$       57,881


$         -


$          21,909


$  176,169


$                  4,170,230






































Year Ended December 31, 2014
























Amortization




Pre-Opening












Depreciation


of Leasehold


(Gain) Loss


and




(1)




Adjusted


Operating


and


Interests


on Disposal


Development


Royalty


Stock-Based


Corporate


Property


Income (Loss)


Amortization


in Land


of Assets


Expense


Fees


Compensation


Expense


EBITDA

Macao:


















   The Venetian Macao

$     1,381,460


$    146,365


$         6,992


$       1,588


$              -


$         -


$           9,918


$          -


$                  1,546,323

   Sands Cotai Central

705,780


275,459


8,487


1,423


5,464


-


4,874


-


1,001,487

   Four Seasons Hotel Macao and Plaza Casino

323,593


39,307


3,269


116


7,291


-


1,323


-


374,899

   Sands Macao

301,246


33,994


1,415


82


-


-


1,853


-


338,590

Macao Property Operations

2,712,079


495,125


20,163


3,209


12,755


-


17,968


-


3,261,299

Marina Bay Sands

1,326,729


271,801


18,207


3,636


160


98,710


3,904


-


1,723,147

United States:


















   Las Vegas Operating Properties

267,342


187,004


-


(272)


356


(146,523)


6,006


-


313,913

   Sands Bethlehem

89,966


29,739


-


160


110


-


516


-


120,491

United States Property Operations

357,308


216,743


-


(112)


466


(146,523)


6,522


-


434,404

Other Asia (2)

(60,368)


14,137


-


165


384


48,800


375


-


3,493

Other Development

(29,649)


631


2,228


-


26,790


-


-


-


-

Corporate

(206,873)


33,152


-


(42)


-


(987)


-


174,750


-


$     4,099,226


$  1,031,589


$       40,598


$       6,856


$       40,555


$         -


$          28,769


$  174,750


$                   5,422,343





































(1) During the three months ended December 31, 2015 and 2014, the Company recorded stock-based compensation expense of $9.3 million and $10.3 million, respectively, of which $4.5 million and $4.3 million, respectively, is included in corporate expense and $0.3 million and $0.1 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the year ended December 31, 2015 and 2014, the Company recorded stock-based compensation expense of $45.8 million and $48.1 million, respectively, of which $22.8 million and $18.7 million, respectively, is included in corporate expense and $1.1 million and $0.6 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.
















(2) Primarily includes the results of the CotaiJet ferry operations.

















Las Vegas Sands Corp. and Subsidiaries





Non-GAAP Measure







(In thousands)







(Unaudited)















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











Three Months Ended December 31, 2015












(1)


(2)


Hold-Normalized


Adjusted


Hold-Normalized


Hold-Normalized


Adjusted


Property


Casino


Casino


Property


EBITDA


Revenue


Expense


EBITDA









Macao Property Operations

$    575,323


$            (48,374)


$             22,191


$           549,140

Marina Bay Sands

338,243


45,992


(9,390)


374,845

United States:








   Las Vegas Operating Properties

97,404


9,762


(1,737)


105,429

   Sands Bethlehem

34,322


-


-


34,322

United States Property Operations

131,726


9,762


(1,737)


139,751

Other Asia

6,053


-


-


6,053

Other Development

-


-


-


-

Corporate

-


-


-


-


$  1,051,345


$               7,380


$             11,064


$        1,069,789


















Three Months Ended December 31, 2014












(1)


(2)


Hold-Normalized


Adjusted


Hold-Normalized


Hold-Normalized


Adjusted


Property


Casino


Casino


Property


EBITDA


Revenue


Expense


EBITDA









Macao Property Operations

$    711,178


$            (43,795)


$             18,798


$           686,181

Marina Bay Sands

518,521


(72,014)


14,527


461,034

United States:








   Las Vegas Operating Properties

77,963


11,705


(2,058)


87,610

   Sands Bethlehem

36,199


-


-


36,199

United States Property Operations

114,162


11,705


(2,058)


123,809

Other Asia

2,245


-


-


2,245

Other Development

-


-


-


-

Corporate

-


-


-


-


$  1,346,106


$          (104,104)


$             31,267


$        1,273,269









(1) For Macao Property Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling volume play that would have been earned or lost had the Company's current period win percentage equaled 2.85%. This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%


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 25.0% for Baccarat and 18.0% for non-Baccarat for 2015 and 26.0% for Baccarat and 16.0% for non-Baccarat for 2014.  This calculation will only be done if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 21.0% to 29.0% and 16.0% to 20.0%, respectively, for 2015 and 22.0% to 30.0% and 14.0% to 18.0%, respectively, for 2014


For Sands Bethlehem, no adjustments have been, or will be, made


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, bad debt expense and commissions paid to third parties) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above








Las Vegas Sands Corp. and Subsidiaries







Non-GAAP Measure








(In thousands)








(Unaudited)
















The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:










Three Months Ended


Years Ended


December 31,


December 31,


2015


2014


2015


2014

Net income attributable to Las Vegas Sands Corp.

$    465,782


$    721,305


$    1,966,236


$    2,840,629

  Add (deduct):








     Net income attributable to noncontrolling interests

109,193


156,695


419,461


747,442

     Income tax expense

62,244


90,701


236,185


244,640

     Loss on modification or early retirement of debt

-


-


-


19,942

     Other (income) expense

1,047


(4,333)


(30,542)


(1,965)

     Interest expense, net of amounts capitalized

66,202


66,686


265,220


274,181

     Interest income

(2,487)


(8,534)


(15,085)


(25,643)

     Loss on disposal of assets

16,642


1,934


35,232


6,856

     Amortization of leasehold interests in land

9,585


10,446


38,645


40,598

     Depreciation and amortization

248,707


255,524


998,919


1,031,589

     Development expense

3,344


5,373


10,372


14,325

     Pre-opening expense

17,649


8,203


47,509


26,230

     Stock-based compensation (1)

4,544


5,860


21,909


28,769

     Corporate expense

48,893


36,246


176,169


174,750

Adjusted Property EBITDA

$  1,051,345


$  1,346,106


$    4,170,230


$    5,422,343









     Hold-normalized casino revenue (2)

7,380


(104,104)





     Hold-normalized casino expense (2)

11,064


31,267





Hold-Normalized Adjusted Property EBITDA

$  1,069,789


$  1,273,269













(1)  See Exhibit 2








(2)  See Exhibit 3








_______________________
















Las Vegas Sands Corp. and Subsidiaries







Supplemental Data - Net Revenues







(In thousands)








(Unaudited)

















Three Months Ended


Years Ended


December 31,


December 31,


2015


2014


2015


2014

The Venetian Macao

$    760,653


$    880,307


$    2,986,851


$    4,040,681

Sands Cotai Central

505,723


705,042


2,181,877


3,133,864

Four Seasons Hotel Macao and Plaza Casino

157,723


243,839


691,037


1,107,779

Sands Macao

205,274


267,913


879,563


1,174,795

Marina Bay Sands

703,865


838,592


2,952,400


3,214,210

Las Vegas Operating Properties

400,135


362,575


1,508,006


1,478,769

Sands Bethlehem

139,905


133,593


549,109


504,237

Other Asia

42,370


38,492


159,798


151,778

Intersegment Eliminations

(53,913)


(54,360)


(220,180)


(222,264)


$  2,861,735


$  3,415,993


$  11,688,461


$  14,583,849









_______________________
















Las Vegas Sands Corp. and Subsidiaries







Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues




(Unaudited)

















Three Months Ended


Years Ended


December 31,


December 31,


2015


2014


2015


2014

The Venetian Macao

39.1%


36.5%


36.1%


38.3%

Sands Cotai Central

31.8%


31.2%


29.9%


32.0%

Four Seasons Hotel Macao and Plaza Casino

41.7%


38.0%


35.2%


33.8%

Sands Macao

25.0%


28.6%


25.7%


28.8%

Marina Bay Sands

48.1%


61.8%


51.0%


53.6%

Las Vegas Operating Properties

24.3%


21.5%


20.3%


21.2%

Sands Bethlehem

24.5%


27.1%


24.7%


23.9%

Other Asia

14.3%


5.8%


14.3%


2.3%









Total

36.7%


39.4%


35.7%


37.2%








Las Vegas Sands Corp. and Subsidiaries







Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share

(In thousands, except share and per share data)






(Unaudited)

















Three Months Ended


Years Ended


December 31,


December 31,


2015


2014


2015


2014

Net income attributable to Las Vegas Sands Corp.

$     465,782


$     721,305


$  1,966,236


$  2,840,629









Pre-opening expense, net

12,251


5,929


33,417


18,651

Development expense, net

3,339


5,373


10,367


14,325

Loss on disposal of assets, net

10,983


1,589


24,712


5,900

Loss on modification or early retirement of debt, net

-


-


-


14,589

Adjusted net income

$     492,355


$     734,196


$  2,034,732


$  2,894,094









Hold-normalized casino revenue (1)

7,380


(104,104)





Hold-normalized casino expense (1)

11,064


31,267





Income tax impact on hold adjustments

(6,222)


9,773





Noncontrolling interest impact on hold adjustments

7,825


7,467





Hold-normalized adjusted net income

$     512,402


$     678,599













(1)  See Exhibit 3
















Per diluted share of common stock:








Net income attributable to Las Vegas Sands Corp.

$          0.59


$          0.90


$          2.47


$          3.52









Pre-opening expense, net

0.02


0.01


0.04


0.02

Development expense, net

-


0.01


0.01


0.02

Loss on disposal of assets, net

0.01


-


0.03


-

Loss on modification or early retirement of debt, net

-


-


-


0.02

Adjusted earnings per diluted share

$          0.62


$          0.92


$          2.55


$          3.58









Hold-normalized casino revenue

0.01


(0.13)





Hold-normalized casino expense

0.01


0.04





Income tax impact on hold adjustments

(0.01)


0.01





Noncontrolling interest impact on hold adjustments

0.01


0.01





Hold-normalized adjusted earnings per diluted share

$          0.64


$          0.85













Weighted average diluted shares outstanding

795,653,442


801,465,931


797,596,082


808,019,219









Las Vegas Sands Corp. and Subsidiaries








Supplemental Data Schedule 








(Unaudited)





















Three Months Ended


Years Ended




December 31,


December 31,




2015


2014


2015


2014











Room Statistics:









The Venetian Macao:










Occupancy %

83.5%


88.3%


84.0%


91.3%



Average daily room rate (ADR) (1)

$     223


$     280


$     243


$     270



Revenue per available room (RevPAR) (2)

$     186


$     247


$     204


$     246












Sands Cotai Central:










Occupancy %

85.4%


90.9%


83.1%


88.5%



Average daily room rate (ADR) (1)

$     151


$     183


$     157


$     176



Revenue per available room (RevPAR) (2)

$     129


$     167


$     131


$     156












Four Seasons Hotel Macao and Plaza Casino:










Occupancy %

81.1%


86.7%


82.0%


87.0%



Average daily room rate (ADR) (1)

$     351


$     372


$     376


$     400



Revenue per available room (RevPAR) (2)

$     284


$     323


$     308


$     348












Sands Macao:










Occupancy %

99.1%


99.9%


99.3%


98.6%



Average daily room rate (ADR) (1)

$     209


$     225


$     220


$     238



Revenue per available room (RevPAR) (2)

$     207


$     225


$     218


$     235












Marina Bay Sands:










Occupancy %

96.6%


98.3%


96.3%


99.0%



Average daily room rate (ADR) (1)

$     392


$     422


$     404


$     431



Revenue per available room (RevPAR) (2)

$     379


$     415


$     389


$     427












Las Vegas Operating Properties:










Occupancy %

92.1%


81.1%


91.8%


88.0%



Average daily room rate (ADR) (1)

$     239


$     222


$     233


$     222



Revenue per available room (RevPAR) (2)

$     220


$     180


$     214


$     196












Sands Bethlehem:










Occupancy %

92.8%


87.9%


91.5%


83.4%



Average daily room rate (ADR) (1)

$     152


$     149


$     151


$     146



Revenue per available room (RevPAR) (2)

$     146


$     131


$     138


$     122











Casino Statistics:









The Venetian Macao:










Table games win per unit per day (3)

$11,563


$13,530


$11,864


$16,286



Slot machine win per unit per day (4)

$     267


$     309


$     261


$     360



Average number of table games

635


622


618


639



Average number of slot machines

1,925


2,011


2,077


2,018












Sands Cotai Central:










Table games win per unit per day (3)

$  9,035


$13,611


$10,340


$16,862



Slot machine win per unit per day (4)

$     320


$     422


$     341


$     426



Average number of table games

503


517


504


498



Average number of slot machines

1,791


1,635


1,726


1,725












Four Seasons Hotel Macao and Plaza Casino:









Table games win per unit per day (3)

$15,024


$19,003


$15,801


$25,518



Slot machine win per unit per day (4)

$     471


$     663


$     501


$     748



Average number of table games

100


141


116


132



Average number of slot machines

157


149


159


156












Sands Macao:










Table games win per unit per day (3)

$  8,309


$12,158


$  8,616


$13,165



Slot machine win per unit per day (4)

$     260


$     323


$     281


$     346



Average number of table games

274


247


280


258



Average number of slot machines

912


919


945


942












Marina Bay Sands:










Table games win per unit per day (3)

$  9,218


$11,617


$10,434


$11,159



Slot machine win per unit per day (4)

$     661


$     666


$     659


$     684



Average number of table games

613


611


600


622



Average number of slot machines

2,402


2,455


2,411


2,412












Las Vegas Operating Properties:










Table games win per unit per day (3)

$  3,856


$  4,843


$  3,698


$  4,965



Slot machine win per unit per day (4)

$     284


$     216


$     242


$     203



Average number of table games

247


236


245


235



Average number of slot machines

2,080


2,275


2,193


2,344












Sands Bethlehem:










Table games win per unit per day (3)

$  3,332


$  3,235


$  3,159


$  2,937



Slot machine win per unit per day (4)

$     270


$     250


$     274


$     255



Average number of table games

175


176


176


167



Average number of slot machines

2,976


3,012


2,992


3,011





















(1)           ADR is calculated by dividing total room revenue by total rooms occupied.













(2)           RevPAR is calculated by dividing total room revenue by total rooms available.













(3)           Table games win per unit per day is shown before discounts and commissions.













(4)           Slot machine win per unit per day is shown before deducting cost for slot points.



 

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SOURCE Las Vegas Sands Corp.



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