Las Vegas Sands Reports Second Quarter 2021 Results



Net revenue was $1.17 billion, compared to $62 million in the prior year quarter. Operating loss was $139 million, compared to $757 million in the prior year quarter.



Las Vegas Sands;

Las Vegas Sands Corp. (NYSE: LVS) yesterday reported financial results for the quarter ended June 30, 2021.

“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 deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the COVID-19 pandemic.”

“We remain confident in the eventual recovery in travel and tourism spending across our markets.  Demand for our offerings from 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 market-leading Integrated Resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually subside and the recovery comes to fruition.  We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

Net revenue was $1.17 billion, compared to $62 million in the prior year quarter.  Operating loss was $139 million, compared to $757 million in the prior year quarter.  Net loss from continuing operations in the second quarter of 2021 was $280 million, compared to $841 million in the second quarter of 2020.  Consolidated adjusted property EBITDA was $244 million, compared to $(425) million in the prior year quarter.

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

Sands China Ltd. Consolidated Financial ResultsOn a GAAP basis, total net revenues for SCL increased to $849 million, compared to $40 million in the second quarter of 2020.  Net loss for SCL was $166 million, compared to $549 million in the second quarter of 2020.

Other Factors Affecting EarningsInterest expense, net of amounts capitalized, was $158 million for the second quarter of 2021, compared to $114 million in the prior year quarter.  Our weighted average borrowing cost in the second quarter of 2021 was 4.4%, compared to 3.6% during the second quarter of 2020, while our weighted average debt balance increased compared to the prior year quarter due to the issuance of $1.50 billion of senior notes by SCL in June 2020 and borrowings of $505 million under the SCL Credit Facility in the first quarter of 2021.

Our income tax benefit for the second quarter of 2021 was $6 million, compared to an income tax benefit of $31 million in the prior year quarter.  The income tax benefit for the second quarter of 2021 was primarily driven by a 21% statutory rate on our U.S. operations and a 17% statutory rate on our Singapore operations.

Balance Sheet ItemsUnrestricted cash balances as of June 30, 2021 were $2.06 billion.

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

As of June 30, 2021, total debt outstanding, excluding finance leases, was $14.42 billion.

Capital ExpendituresCapital expenditures during the second quarter totaled $157 million, primarily including construction, development and maintenance activities of $129 million in Macao and $27 million at Marina Bay Sands.

About Las Vegas Sands Corp. (NYSE: LVS) Properties include The Venetian Resort and Sands Expo in Las Vegas and the iconic Marina Bay Sands in Singapore.  Through majority ownership in Sands China Ltd., the company has developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Revenues:

  Casino

$

843

$

(4)

$

1,708

$

1,071

  Rooms

115

5

211

146

  Food and beverage

50

6

106

70

  Mall

148

42

304

145

  Convention, retail and other

17

13

40

47

Net revenues

1,173

62

2,369

1,479

Operating expenses:

  Resort operations

932

492

1,889

1,563

  Corporate

56

53

105

112

  Pre-opening

4

4

9

9

  Development

37

9

46

15

  Depreciation and amortization

258

244

513

497

  Amortization of leasehold interests in land

14

13

28

27

  Loss on disposal or impairment of assets

11

4

14

7

1,312

819

2,604

2,230

Operating loss

(139)

(757)

(235)

(751)

Other income (expense):

  Interest income

1

4

2

17

  Interest expense, net of amounts capitalized

(158)

(114)

(312)

(242)

  Other income (expense)

10

(5)

(7)

34

Loss from continuing operations before income taxes

(286)

(872)

(552)

(942)

Income tax (expense) benefit

6

31

(8)

9

Net loss from continuing operations

(280)

(841)

(560)

(933)

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

38

(144)

(24)

(103)

Net loss

(242)

(985)

(584)

(1,036)

Net loss attributable to noncontrolling interests

50

165

114

215

Net loss attributable to Las Vegas Sands Corp.

$

(192)

$

(820)

$

(470)

$

(821)

Earnings (loss) per share — basic:

Net loss from continuing operations

$

(0.30)

$

(0.88)

$

(0.59)

$

(0.94)

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

0.05

(0.19)

(0.03)

(0.13)

Net loss per common share

$

(0.25)

$

(1.07)

$

(0.62)

$

(1.07)

Earnings (loss) per share — diluted:

Net loss from continuing operations

$

(0.30)

$

(0.88)

$

(0.59)

$

(0.94)

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

0.05

(0.19)

(0.03)

(0.13)

Net loss per common share

$

(0.25)

$

(1.07)

$

(0.62)

$

(1.07)

Weighted average shares outstanding:

  Basic

764

764

764

764

  Diluted

764

764

764

764

Dividends declared per common share

$

$

$

$

0.79

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Net Revenues

The Venetian Macao

$

391

$

28

$

731

$

343

The Londoner Macao

189

10

326

180

The Parisian Macao

101

(23)

188

118

The Plaza Macao and Four Seasons Macao

125

19

295

126

Sands Macao

42

7

77

76

Ferry Operations and Other

7

6

15

18

  Macao Operations

855

47

1,632

861

Marina Bay Sands

327

23

753

635

Intercompany Royalties(1)

25

50

35

Intersegment Eliminations (2)

(34)

(8)

(66)

(52)

$

1,173

$

62

$

2,369

$

1,479

Adjusted Property EBITDA

The Venetian Macao

$

108

$

(97)

$

190

$

(48)

The Londoner Macao

(5)

(79)

(28)

(79)

The Parisian Macao

(81)

(8)

(84)

The Plaza Macao and Four Seasons Macao

44

(18)

114

10

Sands Macao

(13)

(31)

(31)

(32)

Ferry Operations and Other

(2)

(6)

(5)

(12)

  Macao Operations

132

(312)

232

(245)

Marina Bay Sands

112

(113)

256

169

$

244

$

(425)

$

488

$

(76)

Adjusted Property EBITDA as a Percentage of Net Revenues

The Venetian Macao

27.6

%

26.0

%

The Londoner Macao

The Parisian Macao

The Plaza Macao and Four Seasons Macao

35.2

%

38.6

%

7.9

%

Sands Macao

Ferry Operations and Other

  Macao Operations

15.4

%

14.2

%

Marina Bay Sands

34.3

%

34.0

%

26.6

%

Total

20.8

%

20.6

%

____________________

Note:

The information for the three months ended June 30, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

(1)

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

(2)

Intersegment eliminations include royalties and other intercompany services.

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

The following is a reconciliation of Net Loss from Continuing Operations to Consolidated

Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Net loss from continuing operations

$

(280)

$

(841)

$

(560)

$

(933)

  Add (deduct):

Income tax expense (benefit)

(6)

(31)

8

(9)

Other (income) expense

(10)

5

7

(34)

Interest expense, net of amounts capitalized

158

114

312

242

Interest income

(1)

(4)

(2)

(17)

Loss on disposal or impairment of assets

11

4

14

7

Amortization of leasehold interests in land

14

13

28

27

Depreciation and amortization

258

244

513

497

Development expense

37

9

46

15

Pre-opening expense

4

4

9

9

Stock-based compensation (1)

3

5

8

8

Corporate expense

56

53

105

112

Consolidated Adjusted Property EBITDA

$

244

$

(425)

$

488

$

(76)

Hold-normalized casino revenue (2)

(62)

49

Hold-normalized casino expense (2)

28

(21)

Consolidated Hold-Normalized Adjusted Property EBITDA

$

210

$

(397)

____________________

Note:

The information for the three months ended June 30, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

(1)

During the three months ended June 30, 2021 and 2020, the company recorded stock-based compensation expense from continuing operations of $7 million and $6 million, respectively, of which $4 million and $1 million, respectively, is included in corporate expense on the company’s condensed consolidated statements of operations. During the six months ended June 30, 2021 and 2020, the company recorded stock-based compensation expense from continuing operations of $14 million and $13 million, respectively, of which $6 million and $5 million, respectively, is included in corporate expense on the company’s condensed consolidated statements of operations.

(2)

See Exhibit 4.

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

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

Three Months Ended June 30, 2021

Hold-Normalized

Adjusted

Hold-Normalized

Hold-Normalized

Adjusted

Property

Casino

Casino

Property

EBITDA

Revenue (1)

Expense (2)

EBITDA

Macao Operations

$

132

$

(43)

$

24

$

113

Marina Bay Sands

112

(19)

4

97

$

244

$

(62)

$

28

$

210

Three Months Ended June 30, 2020

Hold-Normalized

Adjusted

Hold-Normalized

Hold-Normalized

Adjusted

Property

Casino

Casino

Property

EBITDA

Revenue (1)

Expense (2)

EBITDA

Macao Operations

$

(312)

$

47

$

(20)

$

(285)

Marina Bay Sands

(113)

2

(1)

(112)

$

(425)

$

49

$

(21)

$

(397)

____________________

Note:

The information for the three months ended June 30, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

(1)

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

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

(2)

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

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions, except per share data)

(Unaudited)

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

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Net loss attributable to LVS

$

(192)

$

(820)

$

(470)

$

(821)

Pre-opening expense

4

4

9

9

Development expense

37

9

46

15

Loss on disposal or impairment of assets

11

4

14

7

Other (income) expense

(10)

5

7

(34)

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

(38)

144

24

103

Income tax impact on net income adjustments (1)

(9)

(3)

(11)

(4)

Noncontrolling interest impact on net income adjustments

1

(7)

3

Adjusted net loss from continuing operations attributable to LVS

$

(196)

$

(657)

$

(388)

$

(722)

Hold-normalized casino revenue (2)

(62)

49

Hold-normalized casino expense (2)

28

(21)

Income tax impact on hold adjustments (1)

3

Noncontrolling interest impact on hold adjustments

6

(8)

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

$

(221)

$

(637)

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

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Per diluted share of common stock:

Net loss attributable to LVS

$

(0.25)

$

(1.07)

$

(0.62)

$

(1.07)

Pre-opening expense

0.01

0.01

Development expense

0.05

0.01

0.06

0.02

Loss on disposal or impairment of assets

0.01

0.02

0.01

Other (income) expense

(0.01)

0.01

0.01

(0.04)

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

(0.05)

0.19

0.03

0.13

Income tax impact on net income adjustments

(0.01)

(0.01)

(0.01)

Noncontrolling interest impact on net income adjustments

(0.01)

Adjusted loss per diluted share from continuing operations

$

(0.26)

$

(0.86)

$

(0.51)

$

(0.95)

Hold-normalized casino revenue

(0.08)

0.06

Hold-normalized casino expense

0.04

(0.02)

Income tax impact on hold adjustments

Noncontrolling interest impact on hold adjustments

0.01

(0.01)

Hold-normalized adjusted loss per diluted share from continuing operations

$

(0.29)

$

(0.83)

Weighted average diluted shares outstanding

764

764

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

Six Months Ended

June 30

June 30

2021

2020

2021

2020

Casino Statistics:

The Venetian Macao:

Table games win per unit per day (1)

$

6,104

$

95

$

5,736

$

3,077

Slot machine win per unit per day (2)

$

192

$

18

$

193

$

116

Average number of table games

630

643

629

570

Average number of slot machines

1,170

864

1,108

1,079

The Londoner Macao:

Table games win per unit per day (1)

$

3,919

$

12

$

3,224

$

2,505

Slot machine win per unit per day (2)

$

134

$

9

$

120

$

150

Average number of table games

475

347

475

328

Average number of slot machines

889

408

854

683

The Parisian Macao:

Table games win per unit per day (1)

$

3,116

$

(850)

$

2,923

$

2,592

Slot machine win per unit per day (2)

$

87

$

17

$

91

$

117

Average number of table games

270

299

269

268

Average number of slot machines

914

593

898

810

The Plaza Macao and Four Seasons Macao:

Table games win per unit per day (1)

$

7,597

$

941

$

9,520

$

4,939

Slot machine win per unit per day (2)

$

61

$

1

$

74

$

116

Average number of table games

142

173

142

149

Average number of slot machines

115

55

80

90

Sands Macao:

Table games win per unit per day (1)

$

3,079

$

271

$

2,976

$

2,726

Slot machine win per unit per day (2)

$

106

$

62

$

109

$

114

Average number of table games

156

185

154

168

Average number of slot machines

549

452

540

576

Marina Bay Sands:

Table games win per unit per day (1)

$

2,770

$

2,636

$

3,417

$

7,833

Slot machine win per unit per day (2)

$

773

$

714

$

851

$

575

Average number of table games

559

604

570

606

Average number of slot machines

1,947

984

1,900

2,295

Las Vegas Operating Properties(3):

Table games win per unit per day (1)

$

3,365

$

2,087

$

2,683

$

4,715

Slot machine win per unit per day (2)

$

622

$

327

$

503

$

326

Average number of table games

193

206

186

203

Average number of slot machines

1,517

1,260

1,504

1,772

____________________

Note:

These casino statistics exclude table games and slot machines shutdown due to social distancing measures or closure of the gaming facilities as a result of the COVID-19 pandemic.  The gaming operations at our Macao properties were closed on February 5, 2020 and reopened on February 20, 2020 due to a government mandate, except for operations at The Londoner Macao, which resumed on February 27, 2020.  The Las Vegas Operating Properties were closed on March 18, 2020 and reopened on June 4, 2020, due to the statewide closure of non-essential services by the State of Nevada.  Marina Bay Sands gaming operations were closed effective April 7, 2020 through June 30, 2020, due to Singapore mandated government closures of all non-essential services. During the quarter ended June 30, 2021, gaming operations at Marina Bay Sands were closed on May 17, 2021 and reopened on May 19, 2021, due to pandemic-related measures in consultation with the Singapore government authorities.

(1)

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

(2)

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

(3)

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

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Venetian Macao

June 30,

(Dollars in millions)

2021

2020

Change

Revenues:

Casino

$

307

$

5

$

302

Rooms

24

1

23

Food and Beverage

7

1

6

Mall

49

18

31

Convention, Retail and Other

4

3

1

Net Revenues

$

391

$

28

$

363

Adjusted Property EBITDA

$

108

$

(97)

$

205

EBITDA Margin %

27.6

%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

1,510

$

108

$

1,402

Rolling Chip Win %(1)

4.91

%

1.48

%

3.43

pts

Non-Rolling Chip Drop

$

999

$

16

$

983

Non-Rolling Chip Win %

27.6

%

24.8

%

2.8

pts

Slot Handle

$

551

$

58

$

493

Slot Hold %

3.7

%

2.5

%

1.2

pts

Hotel Statistics

Occupancy %

58.6

%

2.1

%

56.5

pts

Average Daily Rate (ADR)

$

159

$

220

$

(61)

Revenue per Available Room (RevPAR)

$

93

$

5

$

88

____________________

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 during the quarters ended June 30, 2021 and 2020.  During the quarter ended June 30, 2020, rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Londoner Macao

June 30,

(Dollars in millions)

2021

2020

Change

Revenues:

Casino

$

133

$

1

$

132

Rooms

28

28

Food and Beverage

9

1

8

Mall

16

7

9

Convention, Retail and Other

3

1

2

Net Revenues

$

189

$

10

$

179

Adjusted Property EBITDA

$

(5)

$

(79)

$

74

EBITDA Margin %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

1,126

$

$

1,126

Rolling Chip Win %(1)

4.76

%

%

4.76

pts

Non-Rolling Chip Drop

$

551

$

6

$

545

Non-Rolling Chip Win %

21.0

%

6.9

%

14.1

pts

Slot Handle

$

286

$

11

$

275

Slot Hold %

3.8

%

3.3

%

0.5

pts

Hotel Statistics

Occupancy %

44.2

%

1.1

%

43.1

pts

Average Daily Rate (ADR)

$

152

$

144

$

8

Revenue per Available Room (RevPAR)

$

67

$

2

$

65

____________________

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 during the quarters ended June 30, 2021 and 2020. Rooms utilized for government quarantine purposes during the quarters ended June 30, 2021 and 2020, and to provide lodging for team members due to travel restrictions, as well as the hotel tower consisting of rooms under the Conrad brand that remained closed for a portion of time during the quarter ended June 30, 2020, were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Parisian Macao

June 30,

(Dollars in millions)

2021

2020

Change

Revenues:

Casino

$

69

$

(30)

$

99

Rooms

17

1

16

Food and Beverage

4

1

3

Mall

10

4

6

Convention, Retail and Other

1

1

Net Revenues

$

101

$

(23)

$

124

Adjusted Property EBITDA

$

$

(81)

$

81

EBITDA Margin %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

32

$

382

$

(350)

Rolling Chip Win %(1)

8.24

%

(6.40)

%

14.64

pts

Non-Rolling Chip Drop

$

358

$

6

$

352

Non-Rolling Chip Win %

20.6

%

20.4

%

0.2

pts

Slot Handle

$

244

$

19

$

225

Slot Hold %

3.0

%

4.7

%

(1.7)

pts

Hotel Statistics

Occupancy %

58.4

%

3.5

%

54.9

pts

Average Daily Rate (ADR)

$

119

$

148

$

(29)

Revenue per Available Room (RevPAR)

$

70

$

5

$

65

____________________

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 during the quarters ended June 30, 2021 and 2020.  During the quarter ended June 30, 2020, rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Plaza Macao and Four Seasons Macao

June 30,

(Dollars in millions)

2021

2020

Change

Revenues:

Casino

$

74

$

8

$

66

Rooms

12

1

11

Food and Beverage

5

1

4

Mall

34

9

25

Net Revenues

$

125

$

19

$

106

Adjusted Property EBITDA

$

44

$

(18)

$

62

EBITDA Margin %

35.2

%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

529

$

563

$

(34)

Rolling Chip Win %(1)

4.42

%

2.42

%

2.00

pts

Non-Rolling Chip Drop

$

350

$

19

$

331

Non-Rolling Chip Win %

21.4

%

6.5

%

14.9

pts

Slot Handle

$

18

$

$

18

Slot Hold %

3.5

%

%

3.5

pts

Hotel Statistics

Occupancy %

48.4

%

6.2

%

42.2

pts

Average Daily Rate (ADR)

$

445

$

358

$

87

Revenue per Available Room (RevPAR)

$

215

$

22

$

193

____________________

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 during the quarters ended June 30, 2021 and 2020.  During the quarter ended June 30, 2020, rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Sands Macao

June 30,

(Dollars in millions)

2021

2020

Change

Revenues:

Casino

$

37

$

5

$

32

Rooms

2

1

1

Food and Beverage

1

1

Mall

1

1

Convention, Retail and Other

1

1

Net Revenues

$

42

$

7

$

35

Adjusted Property EBITDA

$

(13)

$

(31)

$

18

EBITDA Margin %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

332

$

219

$

113

Rolling Chip Win %(1)

6.51

%

0.78

%

5.73

pts

Non-Rolling Chip Drop

$

131

$

28

$

103

Non-Rolling Chip Win %

16.9

%

10.2

%

6.7

pts

Slot Handle

$

161

$

77

$

84

Slot Hold %

3.3

%

3.3

%

pts

Hotel Statistics

Occupancy %

71.1

%

10.6

%

60.5

pts

Average Daily Rate (ADR)

$

141

$

153

$

(12)

Revenue per Available Room (RevPAR)

$

100

$

16

$

84

____________________

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 during the quarters ended June 30, 2021 and 2020.  During the quarter ended June 30, 2020, rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Marina Bay Sands

June 30,

(Dollars in millions)

2021

2020

Change

Revenues:

Casino

$

223

$

7

$

216

Rooms

32

1

31

Food and Beverage

24

2

22

Mall

39

3

36

Convention, Retail and Other

9

10

(1)

Net Revenues

$

327

$

23

$

304

Adjusted Property EBITDA

$

112

$

(113)

$

225

EBITDA Margin %

34.3

%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

612

$

122

$

490

Rolling Chip Win %(1)

6.44

%

1.91

%

4.53

pts

Non-Rolling Chip Drop

$

553

$

25

$

528

Non-Rolling Chip Win %

18.1

%

22.2

%

(4.1)

pts

Slot Handle

$

3,165

$

94

$

3,071

Slot Hold %

4.3

%

3.7

%

0.6

pts

Hotel Statistics

Occupancy %

67.9

%

40.2

%

27.7

pts

Average Daily Rate (ADR)

$

221

$

328

$

(107)

Revenue per Available Room (RevPAR)

$

150

$

132

$

18

____________________

Note:

Due to government-mandated closure of non-essential services as a result of the COVID-19 pandemic, the property was closed from April 7, 2020 through June 18, 2020 for certain retail and restaurant operations and through June 30, 2020 for gaming operations.  During the quarter ended June 30, 2021, gaming operations at Marina Bay Sands were closed on May 17, 2021 and reopened on May 19, 2021, due to pandemic-related measures in consultation with the Singapore government authorities.  Due to social distancing measures and travel restrictions, the property operated at a reduced capacity during the quarters ended June 30, 2021 and 2020, with some operations temporarily closed.  Rooms utilized for government quarantine purposes were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data – Discontinued Operation Held for Sale

(Unaudited)

Three Months Ended

Las Vegas Operating Properties(1)

June 30,

(Dollars in millions)

2021

2020

Change

Revenues:

Casino

$

110

$

14

$

96

Rooms

107

9

98

Food and Beverage

52

6

46

Convention, Retail and Other(2)

21

7

14

Net Revenues

$

290

$

36

$

254

Adjusted Property EBITDA

$

51

$

(122)

$

173

EBITDA Margin %

17.6

%

Gaming Statistics

(Dollars in millions)

Table Games Drop

$

362

$

99

$

263

Table Games Win %(3)

16.3

%

11.8

%

4.5

pts

Slot Handle

$

1,000

$

192

$

808

Slot Hold %

8.6

%

5.8

%

2.8

pts

Hotel Statistics

Occupancy %

85.5

%

33.5

%

52.0

pts

Average Daily Rate (ADR)

$

199

$

162

$

37

Revenue per Available Room (RevPAR)

$

170

$

54

$

116

____________________

Note:

Due to the statewide closure of non-essential services by the State of Nevada as a result of the COVID-19 pandemic, the property was closed on March 18, 2020 and reopened on June 4, 2020.  During the quarters ended June 30, 2021 and 2020, 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; however, these capacity restrictions were lifted on June 1, 2021.  Rooms within the property’s Venezia tower that remained closed for a portion of the quarters ended June 30, 2021 and 2020, were excluded from the calculation of hotel statistics above.

(1)

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

(2)

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

(3)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data – Asian Retail Mall Operations

(Unaudited)

For the Three Months Ended June 30, 2021

TTM

June 30, 2021

(Dollars in millions except per

square foot data)

Gross

Revenue(1)

Operating

Profit

Operating

Profit

Margin

Gross Leasable

Area (sq. ft.)

Occupancy

% at

End of

Period

Tenant Sales

Per Sq. Ft.(2)

Shoppes at Venetian

$

49

$

44

89.8

%

814,731

79.2

%

$

1,227

Shoppes at Four Seasons

Luxury Retail

21

20

95.2

%

125,466

100.0

%

7,627

Other Stores

13

12

92.3

%

118,638

87.5

%

2,353

Total

34

32

94.1

%

244,104

93.9

%

5,389

Shoppes at Londoner(3)

15

12

80.0

%

520,941

60.9

%

1,058

Shoppes at Parisian

10

8

80.0

%

296,145

78.1

%

593

Total Cotai Strip in Macao

108

96

88.9

%

1,875,921

75.9

%

1,793

The Shoppes at Marina Bay Sands

39

34

87.2

%

620,427

98.2

%

1,366

Total

$

147

$

130

88.4

%

2,496,348

81.4

%

$

1,671

____________________

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 $10 million at our Macao properties and $7 million at Marina Bay Sands.

(1)

Gross revenue figures are net of intersegment revenue eliminations.

(2)

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

(3)

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

SOURCE Las Vegas Sands Corp.

Logos, product and company names mentioned are the property of their respective owners.

© 2021 Hotel News Resource



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