Press Release | |||||
Investment Community: | ||
Daniel Briggs | ||
(702) 414-1221 | ||
Media: | ||
Ron Reese | ||
(702) 414-3607 |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Casino | $ | 741 | $ | 2,485 | $ | 2,268 | $ | 9,828 | ||||||||||||||||||
Rooms | 140 | 434 | 498 | 1,752 | ||||||||||||||||||||||
Food and beverage | 78 | 242 | 283 | 897 | ||||||||||||||||||||||
Mall | 153 | 215 | 381 | 716 | ||||||||||||||||||||||
Convention, retail and other | 34 | 133 | 182 | 546 | ||||||||||||||||||||||
Net revenues | 1,146 | 3,509 | 3,612 | 13,739 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Resort operations | 1,010 | 2,125 | 3,800 | 8,364 | ||||||||||||||||||||||
Corporate | 23 | 51 | 168 | 313 | ||||||||||||||||||||||
Pre-opening | 5 | 11 | 19 | 34 | ||||||||||||||||||||||
Development | — | 11 | 18 | 24 | ||||||||||||||||||||||
Depreciation and amortization | 293 | 291 | 1,160 | 1,165 | ||||||||||||||||||||||
Amortization of leasehold interests in land | 14 | 14 | 55 | 51 | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 12 | 72 | 80 | 90 | ||||||||||||||||||||||
1,357 | 2,575 | 5,300 | 10,041 | |||||||||||||||||||||||
Operating income (loss) | (211) | 934 | (1,688) | 3,698 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest income | 1 | 17 | 21 | 74 | ||||||||||||||||||||||
Interest expense, net of amounts capitalized | (150) | (134) | (536) | (555) | ||||||||||||||||||||||
Other income (expense) | (8) | 31 | 22 | 23 | ||||||||||||||||||||||
Gain on sale of Sands Bethlehem | — | — | — | 556 | ||||||||||||||||||||||
Loss on modification or early retirement of debt | — | — | — | (24) | ||||||||||||||||||||||
Income (loss) before income taxes | (368) | 848 | (2,181) | 3,772 | ||||||||||||||||||||||
Income tax (expense) benefit | (8) | (65) | 38 | (468) | ||||||||||||||||||||||
Net income (loss) | (376) | 783 | (2,143) | 3,304 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | 77 | (154) | 458 | (606) | ||||||||||||||||||||||
Net income (loss) attributable to Las Vegas Sands Corp. | $ | (299) | $ | 629 | $ | (1,685) | $ | 2,698 | ||||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||||||||
Basic | $ | (0.39) | $ | 0.82 | $ | (2.21) | $ | 3.50 | ||||||||||||||||||
Diluted | $ | (0.39) | $ | 0.82 | $ | (2.21) | $ | 3.50 | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 764 | 767 | 764 | 771 | ||||||||||||||||||||||
Diluted | 764 | 768 | 764 | 771 | ||||||||||||||||||||||
Dividends declared per common share | $ | — | $ | 0.77 | $ | 0.79 | $ | 3.08 |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net Revenues | ||||||||||||||||||||||||||
The Venetian Macao | $ | 327 | $ | 908 | $ | 738 | $ | 3,510 | ||||||||||||||||||
The Londoner Macao | 95 | 505 | 297 | 2,052 | ||||||||||||||||||||||
The Parisian Macao | 101 | 401 | 259 | 1,650 | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 114 | 246 | 265 | 877 | ||||||||||||||||||||||
Sands Macao | 32 | 150 | 120 | 628 | ||||||||||||||||||||||
Ferry Operations and Other | 6 | 31 | 28 | 117 | ||||||||||||||||||||||
Macao Operations | 675 | 2,241 | 1,707 | 8,834 | ||||||||||||||||||||||
Marina Bay Sands | 345 | 853 | 1,261 | 3,101 | ||||||||||||||||||||||
Las Vegas Operating Properties | 150 | 475 | 738 | 1,818 | ||||||||||||||||||||||
Sands Bethlehem(1) | — | — | — | 227 | ||||||||||||||||||||||
Intersegment Eliminations | (24) | (60) | (94) | (241) | ||||||||||||||||||||||
$ | 1,146 | $ | 3,509 | $ | 3,612 | $ | 13,739 | |||||||||||||||||||
Adjusted Property EBITDA | ||||||||||||||||||||||||||
The Venetian Macao | $ | 73 | $ | 368 | $ | (53) | $ | 1,407 | ||||||||||||||||||
The Londoner Macao | (34) | 180 | (184) | 726 | ||||||||||||||||||||||
The Parisian Macao | (7) | 122 | (131) | 544 | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 38 | 102 | 33 | 345 | ||||||||||||||||||||||
Sands Macao | (18) | 40 | (76) | 175 | ||||||||||||||||||||||
Ferry Operations and Other | (5) | (1) | (20) | (8) | ||||||||||||||||||||||
Macao Operations | 47 | 811 | (431) | 3,189 | ||||||||||||||||||||||
Marina Bay Sands | 144 | 457 | 383 | 1,661 | ||||||||||||||||||||||
Las Vegas Operating Properties | (50) | 120 | (124) | 487 | ||||||||||||||||||||||
Sands Bethlehem(1) | — | — | — | 52 | ||||||||||||||||||||||
$ | 141 | $ | 1,388 | $ | (172) | $ | 5,389 | |||||||||||||||||||
Adjusted Property EBITDA as a Percentage of Net Revenues | ||||||||||||||||||||||||||
The Venetian Macao | 22.3 | % | 40.5 | % | 40.1 | % | ||||||||||||||||||||
The Londoner Macao | 35.6 | % | 35.4 | % | ||||||||||||||||||||||
The Parisian Macao | 30.4 | % | 33.0 | % | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Hotel Macao | 33.3 | % | 41.5 | % | 12.5 | % | 39.3 | % | ||||||||||||||||||
Sands Macao | 26.7 | % | 27.9 | % | ||||||||||||||||||||||
Ferry Operations and Other | (3.2) | % | (6.8) | % | ||||||||||||||||||||||
Macao Operations | 7.0 | % | 36.2 | % | 36.1 | % | ||||||||||||||||||||
Marina Bay Sands | 41.7 | % | 53.6 | % | 30.4 | % | 53.6 | % | ||||||||||||||||||
Las Vegas Operating Properties | 25.3 | % | 26.8 | % | ||||||||||||||||||||||
Sands Bethlehem(1) | 22.9 | % | ||||||||||||||||||||||||
Total | 12.3 | % | 39.6 | % | 39.2 | % |
(1) | The company completed the sale of Sands Bethlehem on May 31, 2019. |
The following is a reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA: | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net income (loss) | $ | (376) | $ | 783 | $ | (2,143) | $ | 3,304 | ||||||||||||||||||
Add (deduct): | ||||||||||||||||||||||||||
Income tax expense (benefit) | 8 | 65 | (38) | 468 | ||||||||||||||||||||||
Loss on modification or early retirement of debt | — | — | — | 24 | ||||||||||||||||||||||
Gain on sale of Sands Bethlehem | — | — | — | (556) | ||||||||||||||||||||||
Other (income) expense | 8 | (31) | (22) | (23) | ||||||||||||||||||||||
Interest expense, net of amounts capitalized | 150 | 134 | 536 | 555 | ||||||||||||||||||||||
Interest income | (1) | (17) | (21) | (74) | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 12 | 72 | 80 | 90 | ||||||||||||||||||||||
Amortization of leasehold interests in land | 14 | 14 | 55 | 51 | ||||||||||||||||||||||
Depreciation and amortization | 293 | 291 | 1,160 | 1,165 | ||||||||||||||||||||||
Development expense | — | 11 | 18 | 24 | ||||||||||||||||||||||
Pre-opening expense | 5 | 11 | 19 | 34 | ||||||||||||||||||||||
Stock-based compensation (1) | 5 | 4 | 16 | 14 | ||||||||||||||||||||||
Corporate expense | 23 | 51 | 168 | 313 | ||||||||||||||||||||||
Consolidated Adjusted Property EBITDA | $ | 141 | $ | 1,388 | $ | (172) | $ | 5,389 | ||||||||||||||||||
Hold-normalized casino revenue (2) | 70 | (93) | ||||||||||||||||||||||||
Hold-normalized casino expense (2) | (26) | 31 | ||||||||||||||||||||||||
Consolidated Hold-Normalized Adjusted Property EBITDA | $ | 185 | $ | 1,326 |
(1) | During the three months ended December 31, 2020 and 2019, the company recorded stock-based compensation expense of $8 million and $10 million, respectively, of which $3 million and $6 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations. During the years ended December 31, 2020 and 2019, the company recorded stock-based compensation expense of $28 million and $36 million, respectively, of which $12 million and $22 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations. | ||||
(2) | See Exhibit 4. |
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA: | ||||||||||||||||||||||||||
Three Months Ended December 31, 2020 | ||||||||||||||||||||||||||
Hold-Normalized | ||||||||||||||||||||||||||
Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||||||||||||||||||||
Property | Casino | Casino | Property | |||||||||||||||||||||||
EBITDA | Revenue (1) | Expense (2) | EBITDA | |||||||||||||||||||||||
Macao Operations | $ | 47 | $ | 44 | $ | (21) | $ | 70 | ||||||||||||||||||
Marina Bay Sands | 144 | 3 | (1) | 146 | ||||||||||||||||||||||
Las Vegas Operating Properties | (50) | 23 | (4) | (31) | ||||||||||||||||||||||
$ | 141 | $ | 70 | $ | (26) | $ | 185 | |||||||||||||||||||
Three Months Ended December 31, 2019 | ||||||||||||||||||||||||||
Hold-Normalized | ||||||||||||||||||||||||||
Adjusted | Hold-Normalized | Hold-Normalized | Adjusted | |||||||||||||||||||||||
Property | Casino | Casino | Property | |||||||||||||||||||||||
EBITDA | Revenue (1) | Expense (2) | EBITDA | |||||||||||||||||||||||
Macao Operations | $ | 811 | $ | (43) | $ | 21 | $ | 789 | ||||||||||||||||||
Marina Bay Sands | 457 | (50) | 10 | 417 | ||||||||||||||||||||||
Las Vegas Operating Properties | 120 | — | — | 120 | ||||||||||||||||||||||
$ | 1,388 | $ | (93) | $ | 31 | $ | 1,326 |
(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%. The prior year non-GAAP measurement for our Macao Operations and Marina Bay Sands has also been adjusted to conform to the current period presentation. 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 22.0% for Baccarat and 20.0% for non-Baccarat. This calculation will only be applied if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 18.0% to 26.0% and 16.0% to 24.0%, respectively. 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 expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the casino revenue adjustment calculated in (1) above. |
The following is a reconciliation of Net Income (Loss) Attributable to LVS to Adjusted Net Income (Loss) and Hold-Normalized Adjusted Net Income (Loss): | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net income (loss) attributable to LVS | $ | (299) | $ | 629 | $ | (1,685) | $ | 2,698 | ||||||||||||||||||
Nonrecurring corporate expense | — | — | — | 96 | ||||||||||||||||||||||
Pre-opening expense | 5 | 11 | 19 | 34 | ||||||||||||||||||||||
Development expense | — | 11 | 18 | 24 | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 12 | 72 | 80 | 90 | ||||||||||||||||||||||
Other (income) expense | 8 | (31) | (22) | (23) | ||||||||||||||||||||||
Gain on sale of Sands Bethlehem | — | — | — | (556) | ||||||||||||||||||||||
Loss on modification or early retirement of debt | — | — | — | 24 | ||||||||||||||||||||||
Income tax impact on net income adjustments (1) | 1 | (3) | (5) | 148 | ||||||||||||||||||||||
Noncontrolling interest impact on net income adjustments | (6) | (11) | (21) | (21) | ||||||||||||||||||||||
Adjusted net income (loss) attributable to LVS | $ | (279) | $ | 678 | $ | (1,616) | $ | 2,514 | ||||||||||||||||||
Hold-normalized casino revenue (2) | 70 | (93) | ||||||||||||||||||||||||
Hold-normalized casino expense (2) | (26) | 31 | ||||||||||||||||||||||||
Income tax impact on hold adjustments (1) | (4) | 7 | ||||||||||||||||||||||||
Noncontrolling interest impact on hold adjustments | (7) | 7 | ||||||||||||||||||||||||
Hold-normalized adjusted net income (loss) attributable to LVS | $ | (246) | $ | 630 | ||||||||||||||||||||||
The following is a reconciliation of Diluted Earnings (Loss) per Share to Adjusted Earnings (Loss) per Diluted Share and Hold-Normalized Adjusted Earnings (Loss) per Diluted Share: | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Per diluted share of common stock: | ||||||||||||||||||||||||||
Net income (loss) attributable to LVS | $ | (0.39) | $ | 0.82 | $ | (2.21) | $ | 3.50 | ||||||||||||||||||
Nonrecurring corporate expense | — | — | — | 0.12 | ||||||||||||||||||||||
Pre-opening expense | 0.01 | 0.01 | 0.03 | 0.05 | ||||||||||||||||||||||
Development expense | — | 0.01 | 0.02 | 0.03 | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 0.01 | 0.09 | 0.11 | 0.12 | ||||||||||||||||||||||
Other (income) expense | 0.01 | (0.04) | (0.03) | (0.03) | ||||||||||||||||||||||
Gain on sale of Sands Bethlehem | — | — | — | (0.72) | ||||||||||||||||||||||
Loss on modification or early retirement of debt | — | — | — | 0.03 | ||||||||||||||||||||||
Income tax impact on net income adjustments | — | — | (0.01) | 0.19 | ||||||||||||||||||||||
Noncontrolling interest impact on net income adjustments | (0.01) | (0.01) | (0.03) | (0.03) | ||||||||||||||||||||||
Adjusted earnings (loss) per diluted share | $ | (0.37) | $ | 0.88 | $ | (2.12) | $ | 3.26 | ||||||||||||||||||
Hold-normalized casino revenue | 0.09 | (0.12) | ||||||||||||||||||||||||
Hold-normalized casino expense | (0.03) | 0.04 | ||||||||||||||||||||||||
Income tax impact on hold adjustments | — | 0.01 | ||||||||||||||||||||||||
Noncontrolling interest impact on hold adjustments | (0.01) | 0.01 | ||||||||||||||||||||||||
Hold-normalized adjusted earnings (loss) per diluted share | $ | (0.32) | $ | 0.82 | ||||||||||||||||||||||
Weighted average diluted shares outstanding | 764 | 768 | 764 | 771 |
(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. |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Casino Statistics: | ||||||||||||||||||||||||||
The Venetian Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 4,349 | $ | 13,910 | $ | 2,729 | $ | 13,806 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 219 | $ | 323 | $ | 129 | $ | 296 | ||||||||||||||||||
Average number of table games | 695 | 657 | 631 | 651 | ||||||||||||||||||||||
Average number of slot machines | 884 | 1,722 | 954 | 1,744 | ||||||||||||||||||||||
The Londoner Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 2,248 | $ | 11,401 | $ | 1,840 | $ | 11,925 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 111 | $ | 299 | $ | 119 | $ | 302 | ||||||||||||||||||
Average number of table games | 342 | 391 | 329 | 385 | ||||||||||||||||||||||
Average number of slot machines | 545 | 1,466 | 563 | 1,577 | ||||||||||||||||||||||
The Parisian Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 3,464 | $ | 14,050 | $ | 2,409 | $ | 13,866 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 143 | $ | 300 | $ | 105 | $ | 315 | ||||||||||||||||||
Average number of table games | 266 | 304 | 271 | 316 | ||||||||||||||||||||||
Average number of slot machines | 768 | 1,476 | 776 | 1,377 | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Hotel Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 5,201 | $ | 19,451 | $ | 3,873 | $ | 19,882 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | (42) | $ | 312 | $ | 91 | $ | 336 | ||||||||||||||||||
Average number of table games | 173 | 129 | 164 | 121 | ||||||||||||||||||||||
Average number of slot machines | 18 | 264 | 52 | 255 | ||||||||||||||||||||||
Sands Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 1,954 | $ | 8,063 | $ | 2,004 | $ | 8,358 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 80 | $ | 227 | $ | 88 | $ | 243 | ||||||||||||||||||
Average number of table games | 160 | 191 | 166 | 196 | ||||||||||||||||||||||
Average number of slot machines | 551 | 1,004 | 549 | 957 | ||||||||||||||||||||||
Marina Bay Sands: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 2,490 | $ | 11,102 | $ | 4,319 | $ | 9,795 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 943 | $ | 755 | $ | 757 | $ | 764 | ||||||||||||||||||
Average number of table games | 604 | 569 | 605 | 581 | ||||||||||||||||||||||
Average number of slot machines | 1,714 | 2,401 | 1,861 | 2,318 | ||||||||||||||||||||||
Las Vegas Operating Properties: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 1,797 | $ | 5,548 | $ | 2,896 | $ | 4,651 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 348 | $ | 386 | $ | 351 | $ | 356 | ||||||||||||||||||
Average number of table games | 194 | 209 | 199 | 220 | ||||||||||||||||||||||
Average number of slot machines | 1,432 | 1,889 | 1,532 | 1,873 | ||||||||||||||||||||||
Note: | These casino statistics exclude table games and slot machines shutdown due to social distancing measures or closure of the gaming facilities 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. |
Three Months Ended | |||||||||||||||||||||||
The Venetian Macao | December 31, | ||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | $ Change | Change | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Casino | $ | 243 | $ | 748 | $ | (505) | (67.5) | % | |||||||||||||||
Rooms | 21 | 54 | (33) | (61.1) | % | ||||||||||||||||||
Food and Beverage | 6 | 17 | (11) | (64.7) | % | ||||||||||||||||||
Mall | 51 | 71 | (20) | (28.2) | % | ||||||||||||||||||
Convention, Retail and Other | 6 | 18 | (12) | (66.7) | % | ||||||||||||||||||
Net Revenues | $ | 327 | $ | 908 | $ | (581) | (64.0) | % | |||||||||||||||
Adjusted Property EBITDA | $ | 73 | $ | 368 | $ | (295) | (80.2) | % | |||||||||||||||
EBITDA Margin % | 22.3 | % | 40.5 | % | (18.2) | pts | |||||||||||||||||
Gaming Statistics | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Rolling Chip Volume | $ | 1,209 | $ | 5,876 | $ | (4,667) | (79.4) | % | |||||||||||||||
Rolling Chip Win %(1) | 3.31 | % | 4.14 | % | (0.83) | pts | |||||||||||||||||
Non-Rolling Chip Drop | $ | 975 | $ | 2,324 | $ | (1,349) | (58.0) | % | |||||||||||||||
Non-Rolling Chip Win % | 24.4 | % | 25.7 | % | (1.3) | pts | |||||||||||||||||
Slot Handle | $ | 444 | $ | 1,044 | $ | (600) | (57.5) | % | |||||||||||||||
Slot Hold % | 4.0 | % | 4.9 | % | (0.9) | pts | |||||||||||||||||
Hotel Statistics | |||||||||||||||||||||||
Occupancy % | 49.3 | % | 97.2 | % | (47.9) | pts | |||||||||||||||||
Average Daily Rate (ADR) | $ | 167 | $ | 224 | $ | (57) | (25.4) | % | |||||||||||||||
Revenue per Available Room (RevPAR) | $ | 82 | $ | 218 | $ | (136) | (62.4) | % |
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity. | ||||
(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). |
Three Months Ended | |||||||||||||||||||||||
The Londoner Macao | December 31, | ||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | $ Change | Change | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Casino | $ | 63 | $ | 379 | $ | (316) | (83.4) | % | |||||||||||||||
Rooms | 13 | 78 | (65) | (83.3) | % | ||||||||||||||||||
Food and Beverage | 5 | 23 | (18) | (78.3) | % | ||||||||||||||||||
Mall | 13 | 20 | (7) | (35.0) | % | ||||||||||||||||||
Convention, Retail and Other | 1 | 5 | (4) | (80.0) | % | ||||||||||||||||||
Net Revenues | $ | 95 | $ | 505 | $ | (410) | (81.2) | % | |||||||||||||||
Adjusted Property EBITDA | $ | (34) | $ | 180 | $ | (214) | (118.9) | % | |||||||||||||||
EBITDA Margin % | 35.6 | % | |||||||||||||||||||||
Gaming Statistics | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Rolling Chip Volume(1) | $ | — | $ | 1,041 | $ | (1,041) | (100.0) | % | |||||||||||||||
Rolling Chip Win %(2) | 2.94 | % | |||||||||||||||||||||
Non-Rolling Chip Drop | $ | 291 | $ | 1,650 | $ | (1,359) | (82.4) | % | |||||||||||||||
Non-Rolling Chip Win % | 24.3 | % | 23.0 | % | 1.3 | pts | |||||||||||||||||
Slot Handle | $ | 118 | $ | 1,015 | $ | (897) | (88.4) | % | |||||||||||||||
Slot Hold % | 4.7 | % | 4.0 | % | 0.7 | pts | |||||||||||||||||
Hotel Statistics | |||||||||||||||||||||||
Occupancy % | 22.2 | % | 98.5 | % | (76.3) | pts | |||||||||||||||||
Average Daily Rate (ADR) | $ | 151 | $ | 167 | $ | (16) | (9.6) | % | |||||||||||||||
Revenue per Available Room (RevPAR) | $ | 34 | $ | 164 | $ | (130) | (79.3) | % |
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity. Rooms being utilized for government quarantine purposes were excluded from the calculation of hotel statistics above. | ||||
(1) | No Rolling Chip volume for the three months ended December 31, 2020, due to closure of tables for premium patrons in connection with The Londoner Macao renovations. | ||||
(2) | 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). |
Three Months Ended | |||||||||||||||||||||||
The Parisian Macao | December 31, | ||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | $ Change | Change | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Casino | $ | 69 | $ | 334 | $ | (265) | (79.3) | % | |||||||||||||||
Rooms | 15 | 33 | (18) | (54.5) | % | ||||||||||||||||||
Food and Beverage | 5 | 17 | (12) | (70.6) | % | ||||||||||||||||||
Mall | 11 | 13 | (2) | (15.4) | % | ||||||||||||||||||
Convention, Retail and Other | 1 | 4 | (3) | (75.0) | % | ||||||||||||||||||
Net Revenues | $ | 101 | $ | 401 | $ | (300) | (74.8) | % | |||||||||||||||
Adjusted Property EBITDA | $ | (7) | $ | 122 | $ | (129) | (105.7) | % | |||||||||||||||
EBITDA Margin % | 30.4 | % | |||||||||||||||||||||
Gaming Statistics | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Rolling Chip Volume | $ | 534 | $ | 4,181 | $ | (3,647) | (87.2) | % | |||||||||||||||
Rolling Chip Win %(1) | (1.40) | % | 3.10 | % | (4.50) | pts | |||||||||||||||||
Non-Rolling Chip Drop | $ | 404 | $ | 1,124 | $ | (720) | (64.1) | % | |||||||||||||||
Non-Rolling Chip Win % | 22.8 | % | 23.5 | % | (0.7) | pts | |||||||||||||||||
Slot Handle | $ | 268 | $ | 1,066 | $ | (798) | (74.9) | % | |||||||||||||||
Slot Hold % | 3.8 | % | 3.8 | % | — | pts | |||||||||||||||||
Hotel Statistics | |||||||||||||||||||||||
Occupancy % | 50.0 | % | 97.6 | % | (47.6) | pts | |||||||||||||||||
Average Daily Rate (ADR) | $ | 132 | $ | 159 | $ | (27) | (17.0) | % | |||||||||||||||
Revenue per Available Room (RevPAR) | $ | 66 | $ | 155 | $ | (89) | (57.4) | % |
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity. | ||||
(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). |
Three Months Ended | |||||||||||||||||||||||
The Plaza Macao and Four Seasons Hotel Macao | December 31, | ||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | $ Change | Change | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Casino | $ | 58 | $ | 169 | $ | (111) | (65.7) | % | |||||||||||||||
Rooms | 11 | 11 | — | — | % | ||||||||||||||||||
Food and Beverage | 5 | 8 | (3) | (37.5) | % | ||||||||||||||||||
Mall | 40 | 57 | (17) | (29.8) | % | ||||||||||||||||||
Convention, Retail and Other | — | 1 | (1) | (100.0) | % | ||||||||||||||||||
Net Revenues | $ | 114 | $ | 246 | $ | (132) | (53.7) | % | |||||||||||||||
Adjusted Property EBITDA | $ | 38 | $ | 102 | $ | (64) | (62.7) | % | |||||||||||||||
EBITDA Margin % | 33.3 | % | 41.5 | % | (8.2) | pts | |||||||||||||||||
Gaming Statistics | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Rolling Chip Volume | $ | 1,070 | $ | 3,030 | $ | (1,960) | (64.7) | % | |||||||||||||||
Rolling Chip Win %(1) | 1.76 | % | 4.02 | % | (2.26) | pts | |||||||||||||||||
Non-Rolling Chip Drop | $ | 274 | $ | 433 | $ | (159) | (36.7) | % | |||||||||||||||
Non-Rolling Chip Win % | 23.3 | % | 25.2 | % | (1.9) | pts | |||||||||||||||||
Slot Handle | $ | — | $ | 125 | $ | (125) | (100.0) | % | |||||||||||||||
Slot Hold % | 6.1 | % | |||||||||||||||||||||
Hotel Statistics | |||||||||||||||||||||||
Occupancy % | 42.0 | % | 92.9 | % | (50.9) | pts | |||||||||||||||||
Average Daily Rate (ADR) | $ | 449 | $ | 333 | $ | 116 | 34.8 | % | |||||||||||||||
Revenue per Available Room (RevPAR) | $ | 189 | $ | 310 | $ | (121) | (39.0) | % |
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity. | ||||
(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). |
Three Months Ended | |||||||||||||||||||||||
Sands Macao | December 31, | ||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | $ Change | Change | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Casino | $ | 27 | $ | 137 | $ | (110) | (80.3) | % | |||||||||||||||
Rooms | 3 | 5 | (2) | (40.0) | % | ||||||||||||||||||
Food and Beverage | 2 | 7 | (5) | (71.4) | % | ||||||||||||||||||
Mall | — | 1 | (1) | (100.0) | % | ||||||||||||||||||
Net Revenues | $ | 32 | $ | 150 | $ | (118) | (78.7) | % | |||||||||||||||
Adjusted Property EBITDA | $ | (18) | $ | 40 | $ | (58) | (145.0) | % | |||||||||||||||
EBITDA Margin % | 26.7 | % | |||||||||||||||||||||
Gaming Statistics | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Rolling Chip Volume | $ | 506 | $ | 1,049 | $ | (543) | (51.8) | % | |||||||||||||||
Rolling Chip Win %(1) | 1.15 | % | 2.58 | % | (1.43) | pts | |||||||||||||||||
Non-Rolling Chip Drop | $ | 127 | $ | 612 | $ | (485) | (79.2) | % | |||||||||||||||
Non-Rolling Chip Win % | 18.1 | % | 18.8 | % | (0.7) | pts | |||||||||||||||||
Slot Handle | $ | 129 | $ | 632 | $ | (503) | (79.6) | % | |||||||||||||||
Slot Hold % | 3.1 | % | 3.3 | % | (0.2) | pts | |||||||||||||||||
Hotel Statistics | |||||||||||||||||||||||
Occupancy % | 69.6 | % | 100.0 | % | (30.4) | pts | |||||||||||||||||
Average Daily Rate (ADR) | $ | 141 | $ | 178 | $ | (37) | (20.8) | % | |||||||||||||||
Revenue per Available Room (RevPAR) | $ | 98 | $ | 178 | $ | (80) | (44.9) | % |
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity. | ||||
(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). |
Three Months Ended | |||||||||||||||||||||||
Marina Bay Sands | December 31, | ||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | $ Change | Change | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Casino | $ | 229 | $ | 602 | $ | (373) | (62.0) | % | |||||||||||||||
Rooms | 36 | 100 | (64) | (64.0) | % | ||||||||||||||||||
Food and Beverage | 32 | 69 | (37) | (53.6) | % | ||||||||||||||||||
Mall | 39 | 54 | (15) | (27.8) | % | ||||||||||||||||||
Convention, Retail and Other | 9 | 28 | (19) | (67.9) | % | ||||||||||||||||||
Net Revenues | $ | 345 | $ | 853 | $ | (508) | (59.6) | % | |||||||||||||||
Adjusted Property EBITDA | $ | 144 | $ | 457 | $ | (313) | (68.5) | % | |||||||||||||||
EBITDA Margin % | 41.7 | % | 53.6 | % | (11.9) | pts | |||||||||||||||||
Gaming Statistics | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Rolling Chip Volume | $ | 1,257 | $ | 7,916 | $ | (6,659) | (84.1) | % | |||||||||||||||
Rolling Chip Win %(1) | 3.09 | % | 3.93 | % | (0.84) | pts | |||||||||||||||||
Non-Rolling Chip Drop | $ | 556 | $ | 1,231 | $ | (675) | (54.8) | % | |||||||||||||||
Non-Rolling Chip Win % | 17.9 | % | 22.0 | % | (4.1) | pts | |||||||||||||||||
Slot Handle | $ | 3,315 | $ | 3,459 | $ | (144) | (4.2) | % | |||||||||||||||
Slot Hold % | 4.5 | % | 4.8 | % | (0.3) | pts | |||||||||||||||||
Hotel Statistics | |||||||||||||||||||||||
Occupancy % | 69.0 | % | 97.3 | % | (28.3) | pts | |||||||||||||||||
Average Daily Rate (ADR) | $ | 229 | $ | 450 | $ | (221) | (49.1) | % | |||||||||||||||
Revenue per Available Room (RevPAR) | $ | 158 | $ | 438 | $ | (280) | (63.9) | % |
Note: | Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity. | ||||
(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). |
Three Months Ended | |||||||||||||||||||||||
Las Vegas Operating Properties | December 31, | ||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | $ Change | Change | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Casino | $ | 52 | $ | 116 | $ | (64) | (55.2) | % | |||||||||||||||
Rooms | 41 | 153 | (112) | (73.2) | % | ||||||||||||||||||
Food and Beverage | 23 | 101 | (78) | (77.2) | % | ||||||||||||||||||
Convention, Retail and Other | 34 | 105 | (71) | (67.6) | % | ||||||||||||||||||
Net Revenues | $ | 150 | $ | 475 | $ | (325) | (68.4) | % | |||||||||||||||
Adjusted Property EBITDA | $ | (50) | $ | 120 | $ | (170) | (141.7) | % | |||||||||||||||
EBITDA Margin % | 25.3 | % | |||||||||||||||||||||
Gaming Statistics | |||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||
Table Games Drop | $ | 289 | $ | 540 | $ | (251) | (46.5) | % | |||||||||||||||
Table Games Win %(1) | 11.1 | % | 19.8 | % | (8.7) | pts | |||||||||||||||||
Slot Handle | $ | 569 | $ | 841 | $ | (272) | (32.3) | % | |||||||||||||||
Slot Hold % | 8.1 | % | 8.0 | % | 0.1 | pts | |||||||||||||||||
Hotel Statistics | |||||||||||||||||||||||
Occupancy % | 43.9 | % | 94.5 | % | (50.6) | pts | |||||||||||||||||
Average Daily Rate (ADR) | $ | 185 | $ | 253 | $ | (68) | (26.9) | % | |||||||||||||||
Revenue per Available Room (RevPAR) | $ | 81 | $ | 239 | $ | (158) | (66.1) | % |
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 due to social distancing measures. Rooms within the property’s Venezia tower and Palazzo tower closed during the period were excluded from the calculation of hotel statistics above. | ||||
(1) | 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). |
For The Three Months Ended December 31, 2020 | TTM December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(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 | $ | 51 | $ | 47 | 92.2 | % | 812,936 | 83.8 | % | $ | 794 | |||||||||||||||||||||||||||
Shoppes at Four Seasons | ||||||||||||||||||||||||||||||||||||||
Luxury Retail | 27 | 23 | 85.2 | % | 125,466 | 100.0 | % | 3,750 | ||||||||||||||||||||||||||||||
Other Stores | 13 | 12 | 92.3 | % | 118,638 | 89.5 | % | 1,245 | ||||||||||||||||||||||||||||||
Total | 40 | 35 | 87.5 | % | 244,104 | 94.9 | % | 2,744 | ||||||||||||||||||||||||||||||
Shoppes at Londoner(3) | 12 | 10 | 83.3 | % | 525,206 | 83.9 | % | 409 | ||||||||||||||||||||||||||||||
Shoppes at Parisian | 11 | 10 | 90.9 | % | 295,963 | 78.5 | % | 349 | ||||||||||||||||||||||||||||||
Total Cotai Strip in Macao | 114 | 102 | 89.5 | % | 1,878,209 | 84.4 | % | 902 | ||||||||||||||||||||||||||||||
The Shoppes at Marina Bay Sands | 39 | 34 | 87.2 | % | 620,330 | 98.2 | % | 1,053 | ||||||||||||||||||||||||||||||
Total | $ | 153 | $ | 136 | 88.9 | % | 2,498,539 | 87.8 | % | $ | 936 |
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 $16 million at our Macao properties and $8 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 at completion of all phases of the renovation, rebranding and expansion to The Londoner Macao. |