Las Vegas Sands Reports First Quarter 2022 Results
Las Vegas Sands (LVS) reported financial results for Q1 2022, facing continued pandemic-related challenges. Net revenue fell to $943 million, down from $1.20 billion a year earlier, with an operating loss of $302 million. The net loss from continuing operations was $478 million compared to $280 million in Q1 2021. However, the company achieved positive adjusted property EBITDA at Marina Bay Sands, highlighting its efforts in capacity expansion and community support in Singapore and Macao. Unrestricted cash balances stood at $6.43 billion as of March 31, 2022.
- Generated positive adjusted property EBITDA at Marina Bay Sands.
- Strong unrestricted cash balance of $6.43 billion.
- Ongoing investments in capacity expansion and property enhancements position LVS for future growth.
- Net revenue decreased to $943 million from $1.20 billion year-over-year.
- Operating loss increased to $302 million compared to $96 million in the prior year.
- Net loss from continuing operations rose to $478 million from $280 million in the prior year.
- Sands China Ltd. net revenues decreased to $547 million compared to $771 million in Q1 2021.
For the quarter ended March 31, 2022
(Compared to the quarter ended March 31, 2021)
- Pandemic-Related Restrictions and Reduced Visitation Continue to Impact Financial Results
- Generating Positive Adjusted Property EBITDA at Marina Bay Sands in Singapore
- Ongoing Investments in Capacity Expansion and Enhancement of Property Portfolio in Macao and Singapore Position the Company for Future Growth
- Safety and Security of Team Members and Guests and Support for Local Communities in Macao and Singapore Remain Fundamental to Our Efforts
LAS VEGAS, April 27, 2022 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended March 31, 2022.
"While pandemic-related restrictions continued to impact our financial results this quarter, we were able to generate positive EBITDA at Marina Bay Sands in Singapore, and for the company as a whole. We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore," said Robert G. Goldstein, chairman and chief executive officer. "We also remain steadfast in our commitment 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 recovery of travel and tourism spending across our markets. Demand for our offerings from customers who have been able to visit remains robust, but pandemic-related travel restrictions in both 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 Integrated Resort property portfolio position us exceedingly well to deliver future growth as these travel restrictions 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
Consolidated adjusted property EBITDA was
On February 23, 2022, LVS closed the sale of its Las Vegas real property and operations and received approximately
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased to
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was
Our income tax expense for the first quarter of 2022 was
Balance Sheet Items
Unrestricted cash balances as of March 31, 2022 were
The company has access to
As of March 31, 2022, total debt outstanding, excluding finance leases and financed purchases, was
Capital Expenditures
Capital expenditures during the first quarter totaled
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, April 27, 2022 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.
About Sands (NYSE: LVS)
Sands is the world's preeminent developer and operator of world-class Integrated Resorts.
Our iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make our host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao, The Parisian Macao and Sands Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Sands is dedicated to being a leader in corporate responsibility, anchored by our core tenets of serving people, planet and communities. Our ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America and recognition as one of Fortune's World's Most Admired Companies. To learn more, visit www.sands.com.
Forward-Looking Statements
This press release contains forward-looking statements 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: the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of governments and other third parties, including government-mandated property closures, vaccine mandates, regular testing requirements, other increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects; risks relating to our gaming license and subconcession, including the extension of our subconcession in Macao that expires on June 26, 2022, the grant of any new concession in Macao and proposed amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics, or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, execute our previously announced capital expenditure programs in both Macao and Singapore, and produce future returns; new development, construction and ventures; government regulation; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; benchmark interest rate transitions for some of our debt instruments; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; our relationship with gaming promoters and customers; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loans receivable; legal proceedings, judgments or settlements that may be instituted in connection with the sale of our Las Vegas real property and operations; 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 statements and information.
Las Vegas Sands Corp.
First Quarter 2022 Results
Non-GAAP Measures
Within the company's first quarter 2022 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share," and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures along with "adjusted property EBITDA margin," "hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA margin," "hold-normalized adjusted net income (loss)," and "hold-normalized adjusted earnings (loss) per diluted share." The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding certain nonrecurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal or impairment of assets, loss on modification or early retirement of debt, other income or expense and income (loss) from discontinued operations, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) from continuing operations before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal payments and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Hold-normalized adjusted property EBITDA, a supplemental non-GAAP financial measure, that, in addition to the aforementioned reasons for the presentation of consolidated adjusted property EBITDA, is presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period. Hold-normalized adjusted property EBITDA is based on applying a Rolling Chip win percentage of
Hold-normalized adjusted net income (loss) and hold-normalized adjusted earnings (loss) per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income (loss) and adjusted earnings (loss) per diluted share, are presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period.
The company may also present the above items on a constant currency basis. This information is a non-GAAP financial measure that is calculated by translating current quarter local currency amounts to U.S. dollars based on prior period exchange rates. These amounts are compared to the prior period to derive non-GAAP constant-currency growth/decline. Management considers non-GAAP constant-currency growth/decline to be a useful metric to investors and management as it allows a more direct comparison of current performance to historical performance.
The company also makes reference to adjusted property EBITDA margin and hold-normalized adjusted property EBITDA margin, which are calculated using the aforementioned non-GAAP financial measures.
Exhibit 1 | |||
Las Vegas Sands Corp. and Subsidiaries | |||
Condensed Consolidated Statements of Operations | |||
(In millions, except per share data) | |||
(Unaudited) | |||
Three Months Ended | |||
March 31, | |||
2022 | 2021 | ||
Revenues: | |||
Casino | $ 627 | $ 865 | |
Rooms | 95 | 96 | |
Food and beverage | 53 | 56 | |
Mall | 149 | 156 | |
Convention, retail and other | 19 | 23 | |
Net revenues | 943 | 1,196 | |
Operating expenses: | |||
Resort operations | 838 | 957 | |
Corporate | 59 | 49 | |
Pre-opening | 4 | 5 | |
Development | 60 | 9 | |
Depreciation and amortization | 264 | 255 | |
Amortization of leasehold interests in land | 14 | 14 | |
Loss on disposal or impairment of assets | 6 | 3 | |
1,245 | 1,292 | ||
Operating loss | (302) | (96) | |
Other income (expense): | |||
Interest income | 4 | 1 | |
Interest expense, net of amounts capitalized | (156) | (154) | |
Other expense | (22) | (17) | |
Loss from continuing operations before income taxes | (476) | (266) | |
Income tax expense | (2) | (14) | |
Net loss from continuing operations | (478) | (280) | |
Discontinued operations: | |||
Income (loss) from operations of discontinued operations, net of tax | 46 | (62) | |
Gain on disposal of discontinued operations, net of tax | 2,861 | — | |
Income (loss) from discontinued operations, net of tax | 2,907 | (62) | |
Net income (loss) | 2,429 | (342) | |
Net loss attributable to noncontrolling interests | 101 | 64 | |
Net income (loss) attributable to Las Vegas Sands Corp. | $ 2,530 | $ (278) | |
Earnings (loss) per share — basic: | |||
Net loss from continuing operations | $ (0.49) | $ (0.28) | |
Net income (loss) from discontinued operations, net of income taxes | 3.80 | (0.08) | |
Net income (loss) per common share | $ 3.31 | $ (0.36) | |
Earnings (loss) per share — diluted: | |||
Net loss from continuing operations | $ (0.49) | $ (0.28) | |
Net income (loss) from discontinued operations, net of income taxes | 3.80 | (0.08) | |
Net income (loss) per common share | $ 3.31 | $ (0.36) | |
Weighted average shares outstanding: | |||
Basic | 764 | 764 | |
Diluted | 764 | 764 | |
Exhibit 2 | ||||
Las Vegas Sands Corp. and Subsidiaries | ||||
Net Revenues and Adjusted Property EBITDA | ||||
(In millions) | ||||
(Unaudited) | ||||
Three Months Ended | ||||
March 31, | ||||
2022 | 2021 | |||
Net Revenues | ||||
The Venetian Macao | $ 227 | $ 340 | ||
The Londoner Macao | 121 | 137 | ||
The Parisian Macao | 74 | 87 | ||
The Plaza Macao and Four Seasons Macao | 102 | 170 | ||
Sands Macao | 20 | 35 | ||
Ferry Operations and Other | 7 | 8 | ||
Macao Operations | 551 | 777 | ||
Marina Bay Sands | 399 | 426 | ||
Intercompany Royalties | 22 | 25 | ||
Intersegment Eliminations (1) | (29) | (32) | ||
$ 943 | $ 1,196 | |||
Adjusted Property EBITDA | ||||
The Venetian Macao | $ 19 | $ 82 | ||
The Londoner Macao | (33) | (23) | ||
The Parisian Macao | (11) | (8) | ||
The Plaza Macao and Four Seasons Macao | 32 | 70 | ||
Sands Macao | (17) | (18) | ||
Ferry Operations and Other | (1) | (3) | ||
Macao Operations | (11) | 100 | ||
Marina Bay Sands | 121 | 144 | ||
$ 110 | $ 244 | |||
Adjusted Property EBITDA as a Percentage of Net Revenues | ||||
The Venetian Macao | ||||
The Londoner Macao | ||||
The Parisian Macao | ||||
The Plaza Macao and Four Seasons Macao | ||||
Sands Macao | ||||
Ferry Operations and Other | ||||
Macao Operations | ||||
Marina Bay Sands | ||||
Total | ||||
____________________
Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022 and 2021, excludes the results of the Las Vegas Operating Properties, as they are 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 Loss from Continuing Operations to Consolidated Adjusted Property | ||||
Three Months Ended | ||||
March 31, | ||||
2022 | 2021 | |||
Net loss from continuing operations | $ (478) | $ (280) | ||
Add (deduct): | ||||
Income tax expense | 2 | 14 | ||
Other expense | 22 | 17 | ||
Interest expense, net of amounts capitalized | 156 | 154 | ||
Interest income | (4) | (1) | ||
Loss on disposal or impairment of assets | 6 | 3 | ||
Amortization of leasehold interests in land | 14 | 14 | ||
Depreciation and amortization | 264 | 255 | ||
Development expense | 60 | 9 | ||
Pre-opening expense | 4 | 5 | ||
Stock-based compensation (1) | 5 | 5 | ||
Corporate expense | 59 | 49 | ||
Consolidated Adjusted Property EBITDA | $ 110 | $ 244 | ||
Hold-normalized casino revenue (2) | (12) | (80) | ||
Hold-normalized casino expense (2) | 5 | 27 | ||
Consolidated Hold-Normalized Adjusted Property EBITDA | $ 103 | $ 191 | ||
____________________
Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022 and 2021, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation. |
(1) | During the three months ended March 31, 2022 and 2021, the company recorded stock-based compensation expense from continuing operations of |
(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, 2022 | ||||||||
Adjusted EBITDA | Hold-Normalized Casino Revenue (1) | Hold-Normalized Casino Expense (2) | Hold-Normalized Adjusted Property EBITDA | |||||
Macao Operations | $ (11) | $ (12) | $ 5 | $ (18) | ||||
Marina Bay Sands | 121 | — | — | 121 | ||||
$ 110 | $ (12) | $ 5 | $ 103 | |||||
Three Months Ended March 31, 2021 | ||||||||
Adjusted EBITDA | Hold-Normalized Casino Revenue (1) | Hold-Normalized Casino Expense (2) | Hold-Normalized Adjusted Property EBITDA | |||||
Macao Operations | $ 100 | $ (46) | $ 21 | $ 75 | ||||
Marina Bay Sands | 144 | (34) | 6 | 116 | ||||
$ 244 | $ (80) | $ 27 | $ 191 | |||||
____________________
Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the three months ended March 31, 2022 and 2021, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation. |
(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 These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers. |
(2) | Represents the estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above. |
Exhibit 5 | ||||
Las Vegas Sands Corp. and Subsidiaries | ||||
Non-GAAP Measure Reconciliation | ||||
(In millions, except per share data) | ||||
(Unaudited) | ||||
The following is a reconciliation of Net Income (Loss) Attributable to LVS to Adjusted Net Loss and Hold-Normalized Adjusted | ||||
Three Months Ended | ||||
March 31, | ||||
2022 | 2021 | |||
Net income (loss) attributable to LVS | $ 2,530 | $ (278) | ||
Pre-opening expense | 4 | 5 | ||
Development expense | 60 | 9 | ||
Loss on disposal or impairment of assets | 6 | 3 | ||
Other expense | 22 | 17 | ||
(Income) loss from discontinued operations, net of income taxes | (2,907) | 62 | ||
Income tax impact on net income adjustments (1) | (14) | (2) | ||
Noncontrolling interest impact on net income adjustments | (7) | (8) | ||
Adjusted net loss from continuing operations attributable to LVS | $ (306) | $ (192) | ||
Hold-normalized casino revenue (2) | (12) | (80) | ||
Hold-normalized casino expense (2) | 5 | 27 | ||
Income tax impact on hold adjustments (1) | — | 5 | ||
Noncontrolling interest impact on hold adjustments | 2 | 8 | ||
Hold-normalized adjusted net loss from continuing operations attributable to LVS | $ (311) | $ (232) | ||
The following is a reconciliation of Diluted Income (Loss) per Share to Adjusted Loss per Diluted Share and Hold-Normalized Adjusted Loss per Diluted Share: | ||||
Three Months Ended | ||||
March 31, | ||||
2022 | 2021 | |||
Per diluted share of common stock: | ||||
Net income (loss) attributable to LVS | $ 3.31 | $ (0.36) | ||
Pre-opening expense | — | 0.01 | ||
Development expense | 0.08 | 0.01 | ||
Loss on disposal or impairment of assets | 0.01 | — | ||
Other expense | 0.03 | 0.02 | ||
(Income) loss from discontinued operations, net of income taxes | (3.80) | 0.08 | ||
Income tax impact on net income adjustments | (0.02) | — | ||
Noncontrolling interest impact on net income adjustments | (0.01) | (0.01) | ||
Adjusted loss per diluted share from continuing operations | $ (0.40) | $ (0.25) | ||
Hold-normalized casino revenue | (0.02) | (0.10) | ||
Hold-normalized casino expense | 0.01 | 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 | $ (0.41) | $ (0.30) | ||
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, | ||||
2022 | 2021 | |||
Casino Statistics: | ||||
The Venetian Macao: | ||||
Table games win per unit per day (1) | $ 3,202 | $ 5,363 | ||
Slot machine win per unit per day (2) | $ 101 | $ 194 | ||
Average number of table games | 631 | 629 | ||
Average number of slot machines | 1,418 | 1,046 | ||
The Londoner Macao: | ||||
Table games win per unit per day (1) | $ 2,242 | $ 2,522 | ||
Slot machine win per unit per day (2) | $ 60 | $ 105 | ||
Average number of table games | 476 | 476 | ||
Average number of slot machines | 1,350 | 818 | ||
The Parisian Macao: | ||||
Table games win per unit per day (1) | $ 2,395 | $ 2,726 | ||
Slot machine win per unit per day (2) | $ 41 | $ 95 | ||
Average number of table games | 272 | 267 | ||
Average number of slot machines | 1,101 | 881 | ||
The Plaza Macao and Four Seasons Macao: | ||||
Table games win per unit per day (1) | $ 5,839 | $ 11,466 | ||
Slot machine win per unit per day (2) | $ 52 | $ 106 | ||
Average number of table games | 142 | 142 | ||
Average number of slot machines | 165 | 45 | ||
Sands Macao: | ||||
Table games win per unit per day (1) | $ 1,221 | $ 2,871 | ||
Slot machine win per unit per day (2) | $ 63 | $ 113 | ||
Average number of table games | 156 | 153 | ||
Average number of slot machines | 714 | 530 | ||
Marina Bay Sands: | ||||
Table games win per unit per day (1) | $ 4,302 | $ 4,077 | ||
Slot machine win per unit per day (2) | $ 671 | $ 942 | ||
Average number of table games | 526 | 580 | ||
Average number of slot machines | 2,226 | 1,853 | ||
Las Vegas Operating Properties(3): | ||||
Table games win per unit per day (1) | $ 3,355 | $ 1,938 | ||
Slot machine win per unit per day (2) | $ 518 | $ 380 | ||
Average number of table games | 197 | 179 | ||
Average number of slot machines | 1,778 | 1,491 | ||
____________________
Note: | These casino statistics exclude table games and slot machines shutdown due to social distancing measures implemented as a result of the COVID-19 pandemic. |
(1) | Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
(2) | Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
(3) | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The Las Vegas Operating Properties are classified as a discontinued operation. |
Exhibit 7 | |||||
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
The Venetian Macao | March 31, | ||||
(Dollars in millions) | 2022 | 2021 | Change | ||
Revenues: | |||||
Casino | $ 157 | $ 266 | $ (109) | ||
Rooms | 16 | 19 | (3) | ||
Food and Beverage | 6 | 6 | — | ||
Mall | 44 | 46 | (2) | ||
Convention, Retail and Other | 4 | 3 | 1 | ||
Net Revenues | $ 227 | $ 340 | $ (113) | ||
Adjusted Property EBITDA | $ 19 | $ 82 | $ (63) | ||
EBITDA Margin % | (15.7) pts | ||||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip Volume | $ 720 | $ 1,231 | $ (511) | ||
Rolling Chip Win %(1) | (1.18) pts | ||||
Non-Rolling Chip Drop | $ 636 | $ 908 | $ (272) | ||
Non-Rolling Chip Win % | (2.5) pts | ||||
Slot Handle | $ 423 | $ 462 | $ (39) | ||
Slot Hold % | (1.0) pts | ||||
Hotel Statistics | |||||
Occupancy % | (4.5) pts | ||||
Average Daily Rate (ADR) | $ 153 | $ 157 | $ (4) | ||
Revenue per Available Room (RevPAR) | $ 65 | $ 74 | $ (9) | ||
____________________
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022. |
(1) | This compares to our expected Rolling Chip win percentage of |
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
The Londoner Macao | March 31, | ||||
(Dollars in millions) | 2022 | 2021 | Change | ||
Revenues: | |||||
Casino | $ 79 | $ 91 | $ (12) | ||
Rooms | 19 | 19 | — | ||
Food and Beverage | 8 | 7 | 1 | ||
Mall | 14 | 14 | — | ||
Convention, Retail and Other | 1 | 6 | (5) | ||
Net Revenues | $ 121 | $ 137 | $ (16) | ||
Adjusted Property EBITDA | $ (33) | $ (23) | $ (10) | ||
EBITDA Margin % | |||||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip Volume | $ 369 | $ 523 | $ (154) | ||
Rolling Chip Win %(1) | 1.01 pts | ||||
Non-Rolling Chip Drop | $ 354 | $ 408 | $ (54) | ||
Non-Rolling Chip Win % | 0.5 pts | ||||
Slot Handle | $ 232 | $ 197 | $ 35 | ||
Slot Hold % | (0.8) pts | ||||
Hotel Statistics | |||||
Occupancy % | (7.5) pts | ||||
Average Daily Rate (ADR) | $ 154 | $ 173 | $ (19) | ||
Revenue per Available Room (RevPAR) | $ 43 | $ 61 | $ (18) | ||
____________________
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022. Rooms utilized for government quarantine purposes during 2021 and 2022, and to house team members during 2022 due to travel restrictions were excluded from the calculation of hotel statistics above. |
(1) | This compares to our expected Rolling Chip win percentage of |
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
The Parisian Macao | March 31, | ||||
(Dollars in millions) | 2022 | 2021 | Change | ||
Revenues: | |||||
Casino | $ 51 | $ 59 | $ (8) | ||
Rooms | 11 | 12 | (1) | ||
Food and Beverage | 3 | 5 | (2) | ||
Mall | 8 | 10 | (2) | ||
Convention, Retail and Other | 1 | 1 | — | ||
Net Revenues | $ 74 | $ 87 | $ (13) | ||
Adjusted Property EBITDA | $ (11) | $ (8) | $ (3) | ||
EBITDA Margin % | |||||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip Volume | $ 160 | $ 114 | $ 46 | ||
Rolling Chip Win %(1) | (3.01)% | 10.96 pts | |||
Non-Rolling Chip Drop | $ 180 | $ 300 | $ (120) | ||
Non-Rolling Chip Win % | 2.5 pts | ||||
Slot Handle | $ 123 | $ 223 | $ (100) | ||
Slot Hold % | (0.1) pts | ||||
Hotel Statistics | |||||
Occupancy % | (5.4) pts | ||||
Average Daily Rate (ADR) | $ 119 | $ 118 | $ 1 | ||
Revenue per Available Room (RevPAR) | $ 49 | $ 55 | $ (6) | ||
____________________
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022. Rooms utilized to house team members during 2022 due to travel restrictions were excluded from the calculation of hotel statistics above. |
(1) | This compares to our expected Rolling Chip win percentage of |
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
The Plaza Macao and Four Seasons Macao | March 31, | ||||
(Dollars in millions) | 2022 | 2021 | Change | ||
Revenues: | |||||
Casino | $ 55 | $ 115 | $ (60) | ||
Rooms | 9 | 11 | (2) | ||
Food and Beverage | 4 | 4 | — | ||
Mall | 34 | 39 | (5) | ||
Convention, Retail and Other | — | 1 | (1) | ||
Net Revenues | $ 102 | $ 170 | $ (68) | ||
Adjusted Property EBITDA | $ 32 | $ 70 | $ (38) | ||
EBITDA Margin % | (9.8) pts | ||||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip Volume | $ 574 | $ 1,436 | $ (862) | ||
Rolling Chip Win %(1) | (2.64) pts | ||||
Non-Rolling Chip Drop | $ 215 | $ 256 | $ (41) | ||
Non-Rolling Chip Win % | 1.8 pts | ||||
Slot Handle | $ 9 | $ 4 | $ 5 | ||
Slot Hold % | (2.1) pts | ||||
Hotel Statistics | |||||
Occupancy % | (7.9) pts | ||||
Average Daily Rate (ADR) | $ 440 | $ 432 | $ 8 | ||
Revenue per Available Room (RevPAR) | $ 157 | $ 189 | $ (32) | ||
____________________
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022. Rooms utilized to house team members during 2022 due to travel restrictions were excluded from the calculation of hotel statistics above. |
(1) | This compares to our expected Rolling Chip win percentage of |
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
Sands Macao | March 31, | ||||
(Dollars in millions) | 2022 | 2021 | Change | ||
Revenues: | |||||
Casino | $ 17 | $ 31 | $ (14) | ||
Rooms | 2 | 3 | (1) | ||
Food and Beverage | 1 | 1 | — | ||
Net Revenues | $ 20 | $ 35 | $ (15) | ||
Adjusted Property EBITDA | $ (17) | $ (18) | $ 1 | ||
EBITDA Margin % | |||||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip Volume | $ 80 | $ 484 | $ (404) | ||
Rolling Chip Win %(1) | (1.51) pts | ||||
Non-Rolling Chip Drop | $ 77 | $ 122 | $ (45) | ||
Non-Rolling Chip Win % | 4.3 pts | ||||
Slot Handle | $ 124 | $ 158 | $ (34) | ||
Slot Hold % | (0.1) pts | ||||
Hotel Statistics | |||||
Occupancy % | (14.4) pts | ||||
Average Daily Rate (ADR) | $ 137 | $ 138 | $ (1) | ||
Revenue per Available Room (RevPAR) | $ 78 | $ 99 | $ (21) | ||
____________________
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022. |
(1) | This compares to our expected Rolling Chip win percentage of |
Las Vegas Sands Corp. and Subsidiaries | |||||
Supplemental Data | |||||
(Unaudited) | |||||
Three Months Ended | |||||
Marina Bay Sands | March 31, | ||||
(Dollars in millions) | 2022 | 2021 | Change | ||
Revenues: | |||||
Casino | $ 268 | $ 303 | $ (35) | ||
Rooms | 38 | 32 | 6 | ||
Food and Beverage | 31 | 33 | (2) | ||
Mall | 49 | 47 | 2 | ||
Convention, Retail and Other | 13 | 11 | 2 | ||
Net Revenues | $ 399 | $ 426 | $ (27) | ||
Adjusted Property EBITDA | $ 121 | $ 144 | $ (23) | ||
EBITDA Margin % | (3.5) pts | ||||
Gaming Statistics | |||||
(Dollars in millions) | |||||
Rolling Chip Volume | $ 1,899 | $ 1,512 | $ 387 | ||
Rolling Chip Win %(1) | (2.29) pts | ||||
Non-Rolling Chip Drop | $ 795 | $ 674 | $ 121 | ||
Non-Rolling Chip Win % | (1.4) pts | ||||
Slot Handle | $ 3,282 | $ 3,745 | $ (463) | ||
Slot Hold % | (0.1) pts | ||||
Hotel Statistics(2) | |||||
Occupancy % | 20.8 pts | ||||
Average Daily Rate (ADR) | $ 257 | $ 228 | $ 29 | ||
Revenue per Available Room (RevPAR) | $ 215 | $ 143 | $ 72 | ||
____________________
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022. |
(1) | This compares to our expected Rolling Chip win percentage of |
(2) | During the three months ended March 31, 2022, approximately 500 rooms were under construction for renovation purposes. |
Las Vegas Sands Corp. and Subsidiaries | |
Supplemental Data - Discontinued Operation | |
(Unaudited) | |
Las Vegas Operating Properties(1) | 53-Day Period |
(Dollars in millions) | 2022 |
Revenues: | |
Casino | $ 61 |
Rooms | 78 |
Food and Beverage | 43 |
Convention, Retail and Other | 46 |
Net Revenues | $ 228 |
Adjusted Property EBITDA | $ 63 |
EBITDA Margin % | |
Gaming Statistics | |
(Dollars in millions) | |
Table Games Drop | $ 257 |
Table Games Win %(2) | |
Slot Handle | $ 599 |
Slot Hold % | |
Hotel Statistics | |
Occupancy % | |
Average Daily Rate (ADR) | $ 247 |
Revenue per Available Room (RevPAR) | $ 209 |
____________________
(1) | On February 23, 2022, LVS closed on the sale of its Las Vegas Operating Properties and as a result have been classified as a discontinued operation. Results of the Las Vegas Operating Properties are through February 22, 2022. |
(2) | This compares to our expected Baccarat win percentage of |
Las Vegas Sands Corp. and Subsidiaries | ||||||||||||
Supplemental Data - Asian Retail Mall Operations | ||||||||||||
(Unaudited) | ||||||||||||
For the Three Months Ended March 31, 2022 | TTM March 31, | |||||||||||
(Dollars in millions except per | Gross | Operating | Operating | Gross | Occupancy | Tenant Sales | ||||||
Shoppes at Venetian | $ 44 | $ 39 | 814,720 | $ 1,328 | ||||||||
Shoppes at Four Seasons | ||||||||||||
Luxury Retail | 22 | 20 | 125,466 | 9,144 | ||||||||
Other Stores | 12 | 11 | 118,742 | 2,548 | ||||||||
Total | 34 | 31 | 244,208 | 6,159 | ||||||||
Shoppes at Londoner(3) | 14 | 12 | 555,806 | 1,528 | ||||||||
Shoppes at Parisian | 8 | 6 | 296,322 | 586 | ||||||||
Total Cotai Strip in Macao | 100 | 88 | 1,911,056 | 2,151 | ||||||||
The Shoppes at Marina Bay | 49 | 44 | 622,242 | 1,748 | ||||||||
Total | $ 149 | $ 132 | 2,533,298 | $ 2,021 | ||||||||
____________________
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 |
(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 more than 600,000 square feet of gross leasable area upon completion of all phases of the renovation and expansion to The Londoner Macao. |
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SOURCE Las Vegas Sands Corp.
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