PRESS RELEASE | |||||
For Immediate Release |
Investment Community: | ||
Daniel Briggs | ||
daniel.briggs@sands.com | ||
Media: | ||
Ron Reese | ||
ron.reese@sands.com |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Casino | $ | 1,862 | $ | 709 | $ | 3,403 | $ | 1,336 | ||||||||||||||||||
Rooms | 296 | 97 | 539 | 192 | ||||||||||||||||||||||
Food and beverage | 143 | 63 | 267 | 116 | ||||||||||||||||||||||
Mall | 172 | 148 | 334 | 297 | ||||||||||||||||||||||
Convention, retail and other | 69 | 28 | 119 | 47 | ||||||||||||||||||||||
Net revenues | 2,542 | 1,045 | 4,662 | 1,988 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Resort operations | 1,577 | 842 | 2,916 | 1,680 | ||||||||||||||||||||||
Corporate | 60 | 55 | 117 | 114 | ||||||||||||||||||||||
Pre-opening | 8 | 3 | 10 | 7 | ||||||||||||||||||||||
Development | 54 | 22 | 96 | 82 | ||||||||||||||||||||||
Depreciation and amortization | 288 | 256 | 562 | 520 | ||||||||||||||||||||||
Amortization of leasehold interests in land | 14 | 14 | 28 | 28 | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 4 | — | 18 | 6 | ||||||||||||||||||||||
2,005 | 1,192 | 3,747 | 2,437 | |||||||||||||||||||||||
Operating income (loss) | 537 | (147) | 915 | (449) | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest income | 76 | 14 | 146 | 18 | ||||||||||||||||||||||
Interest expense, net of amounts capitalized | (210) | (162) | (428) | (318) | ||||||||||||||||||||||
Other income (expense) | 14 | (9) | (21) | (31) | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 417 | (304) | 612 | (780) | ||||||||||||||||||||||
Income tax expense | (49) | (110) | (99) | (112) | ||||||||||||||||||||||
Net income (loss) from continuing operations | 368 | (414) | 513 | (892) | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
Income from operations of discontinued operations, net of tax | — | — | — | 46 | ||||||||||||||||||||||
Gain on disposal of discontinued operations, net of tax | — | — | — | 2,861 | ||||||||||||||||||||||
Adjustment to gain on disposal of discontinued operations, net of tax | — | (3) | — | (3) | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | (3) | — | 2,904 | ||||||||||||||||||||||
Net income (loss) | 368 | (417) | 513 | 2,012 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (56) | 127 | (54) | 228 | ||||||||||||||||||||||
Net income (loss) attributable to Las Vegas Sands Corp. | $ | 312 | $ | (290) | $ | 459 | $ | 2,240 | ||||||||||||||||||
Earnings (loss) per share — basic: | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 0.41 | $ | (0.38) | $ | 0.60 | $ | (0.87) | ||||||||||||||||||
Net Income from discontinued operations, net of tax | — | — | — | 3.80 | ||||||||||||||||||||||
Net income (loss) per common share | $ | 0.41 | $ | (0.38) | $ | 0.60 | $ | 2.93 | ||||||||||||||||||
Earnings (loss) per share — diluted: | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 0.41 | $ | (0.38) | $ | 0.60 | $ | (0.87) | ||||||||||||||||||
Net Income from discontinued operations, net of tax | — | — | — | 3.80 | ||||||||||||||||||||||
Net income (loss) per common share | $ | 0.41 | $ | (0.38) | $ | 0.60 | $ | 2.93 | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 764 | 764 | 764 | 764 | ||||||||||||||||||||||
Diluted | 767 | 764 | 767 | 764 | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net Revenues | ||||||||||||||||||||||||||
The Venetian Macao | $ | 653 | $ | 150 | $ | 1,211 | $ | 377 | ||||||||||||||||||
The Londoner Macao | 402 | 79 | 685 | 200 | ||||||||||||||||||||||
The Parisian Macao | 239 | 42 | 413 | 116 | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Macao | 223 | 79 | 395 | 181 | ||||||||||||||||||||||
Sands Macao | 84 | 17 | 158 | 37 | ||||||||||||||||||||||
Ferry Operations and Other | 27 | 7 | 45 | 14 | ||||||||||||||||||||||
Macao Operations | 1,628 | 374 | 2,907 | 925 | ||||||||||||||||||||||
Marina Bay Sands | 925 | 679 | 1,773 | 1,078 | ||||||||||||||||||||||
Intercompany Royalties | 55 | 28 | 103 | 50 | ||||||||||||||||||||||
Intersegment Eliminations (1) | (66) | (36) | (121) | (65) | ||||||||||||||||||||||
$ | 2,542 | $ | 1,045 | $ | 4,662 | $ | 1,988 | |||||||||||||||||||
Adjusted Property EBITDA | ||||||||||||||||||||||||||
The Venetian Macao | $ | 252 | $ | (21) | $ | 462 | $ | (2) | ||||||||||||||||||
The Londoner Macao | 103 | (54) | 159 | (87) | ||||||||||||||||||||||
The Parisian Macao | 74 | (29) | 120 | (40) | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Macao | 91 | 17 | 166 | 49 | ||||||||||||||||||||||
Sands Macao | 15 | (22) | 25 | (39) | ||||||||||||||||||||||
Ferry Operations and Other | 6 | (1) | 7 | (2) | ||||||||||||||||||||||
Macao Operations | 541 | (110) | 939 | (121) | ||||||||||||||||||||||
Marina Bay Sands | 432 | 319 | 826 | 440 | ||||||||||||||||||||||
$ | 973 | $ | 209 | $ | 1,765 | $ | 319 | |||||||||||||||||||
Adjusted Property EBITDA as a Percentage of Net Revenues | ||||||||||||||||||||||||||
The Venetian Macao | 38.6 | % | 38.2 | % | ||||||||||||||||||||||
The Londoner Macao | 25.6 | % | 23.2 | % | ||||||||||||||||||||||
The Parisian Macao | 31.0 | % | 29.1 | % | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Macao | 40.8 | % | 21.5 | % | 42.0 | % | 27.1 | % | ||||||||||||||||||
Sands Macao | 17.9 | % | 15.8 | % | ||||||||||||||||||||||
Ferry Operations and Other | 22.2 | % | 15.6 | % | ||||||||||||||||||||||
Macao Operations | 33.2 | % | 32.3 | % | ||||||||||||||||||||||
Marina Bay Sands | 46.7 | % | 47.0 | % | 46.6 | % | 40.8 | % | ||||||||||||||||||
Total | 38.3 | % | 20.0 | % | 37.9 | % | 16.0 | % |
Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the six months ended June 30, 2022, excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation. | ||||
(1) | Intersegment eliminations include royalties and other intercompany services. |
The following is a reconciliation of Net Income (Loss) from Continuing Operations to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA: | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 368 | $ | (414) | $ | 513 | $ | (892) | ||||||||||||||||||
Add (deduct): | ||||||||||||||||||||||||||
Income tax expense | 49 | 110 | 99 | 112 | ||||||||||||||||||||||
Other (income) expense | (14) | 9 | 21 | 31 | ||||||||||||||||||||||
Interest expense, net of amounts capitalized | 210 | 162 | 428 | 318 | ||||||||||||||||||||||
Interest income | (76) | (14) | (146) | (18) | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 4 | — | 18 | 6 | ||||||||||||||||||||||
Amortization of leasehold interests in land | 14 | 14 | 28 | 28 | ||||||||||||||||||||||
Depreciation and amortization | 288 | 256 | 562 | 520 | ||||||||||||||||||||||
Development expense | 54 | 22 | 96 | 82 | ||||||||||||||||||||||
Pre-opening expense | 8 | 3 | 10 | 7 | ||||||||||||||||||||||
Stock-based compensation (1) | 8 | 6 | 19 | 11 | ||||||||||||||||||||||
Corporate expense | 60 | 55 | 117 | 114 | ||||||||||||||||||||||
Consolidated Adjusted Property EBITDA | $ | 973 | $ | 209 | $ | 1,765 | $ | 319 | ||||||||||||||||||
Hold-normalized casino revenue adjustment (2) | (43) | (74) | ||||||||||||||||||||||||
Hold-normalized casino expense adjustment (2) | 13 | 20 | ||||||||||||||||||||||||
Consolidated Hold-Normalized Adjusted Property EBITDA | $ | 943 | $ | 155 |
Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the six months ended June 30, 2022, excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation. | ||||
(1) | During the three months ended June 30, 2023 and 2022, the company recorded stock-based compensation expense of $20 million and $15 million, respectively, of which $12 million and $9 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the six months ended June 30, 2023 and 2022, the company recorded stock-based compensation expense of $42 million and $29 million, respectively, of which $23 million and $18 million, respectively, was included in corporate expense in the accompanying 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 June 30, 2023 | ||||||||||||||||||||||||||
Adjusted Property EBITDA | Hold-Normalized Casino Revenue Adjustment (1) | Hold-Normalized Casino Expense Adjustment (2) | Hold-Normalized Adjusted Property EBITDA | |||||||||||||||||||||||
Macao Operations | $ | 541 | $ | (19) | $ | 8 | $ | 530 | ||||||||||||||||||
Marina Bay Sands | 432 | (24) | 5 | 413 | ||||||||||||||||||||||
$ | 973 | $ | (43) | $ | 13 | $ | 943 | |||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Adjusted Property EBITDA | Hold-Normalized Casino Revenue Adjustment (1) | Hold-Normalized Casino Expense Adjustment (2) | Hold-Normalized Adjusted Property EBITDA | |||||||||||||||||||||||
Macao Operations | $ | (110) | $ | (22) | $ | 9 | $ | (123) | ||||||||||||||||||
Marina Bay Sands | 319 | (52) | 11 | 278 | ||||||||||||||||||||||
$ | 209 | $ | (74) | $ | 20 | $ | 155 |
(1) | This adjustment represents the estimated incremental casino revenue related to Rolling Chip volume play that would have been earned or lost had the company’s current period win percentage equaled 3.30%. This calculation will only be applied if the current period win percentage is outside the expected range of 3.15% to 3.45%. These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers. | ||||
(2) | This adjustment represents the estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above. | ||||
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 | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income (loss) attributable to LVS | $ | 312 | $ | (290) | $ | 459 | $ | 2,240 | ||||||||||||||||||
Pre-opening expense | 8 | 3 | 10 | 7 | ||||||||||||||||||||||
Development expense | 54 | 22 | 96 | 82 | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 4 | — | 18 | 6 | ||||||||||||||||||||||
Other (income) expense | (14) | 9 | 21 | 31 | ||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax | — | 3 | — | (2,904) | ||||||||||||||||||||||
Income tax impact on net income adjustments (1) | (11) | (5) | (19) | (19) | ||||||||||||||||||||||
Noncontrolling interest impact on net income adjustments | 1 | (4) | (14) | (11) | ||||||||||||||||||||||
Adjusted net income (loss) from continuing operations attributable to LVS | $ | 354 | $ | (262) | $ | 571 | $ | (568) | ||||||||||||||||||
Hold-normalized casino revenue adjustment (2) | (43) | (74) | ||||||||||||||||||||||||
Hold-normalized casino expense adjustment (2) | 13 | 20 | ||||||||||||||||||||||||
Income tax impact on hold adjustments (1) | 3 | 7 | ||||||||||||||||||||||||
Noncontrolling interest impact on hold adjustments | 3 | 4 | ||||||||||||||||||||||||
Hold-normalized adjusted net income (loss) from continuing operations attributable to LVS | $ | 330 | $ | (305) | ||||||||||||||||||||||
The following is a reconciliation of Income (Loss) per Diluted Share to Adjusted Earnings (Loss) per Diluted Share and Hold-Normalized Adjusted Earnings (Loss) per Diluted Share: | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Per diluted share of common stock: | ||||||||||||||||||||||||||
Net income (loss) attributable to LVS | $ | 0.41 | $ | (0.38) | $ | 0.60 | $ | 2.93 | ||||||||||||||||||
Pre-opening expense | 0.01 | — | 0.01 | 0.01 | ||||||||||||||||||||||
Development expense | 0.07 | 0.03 | 0.13 | 0.11 | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 0.01 | — | 0.02 | — | ||||||||||||||||||||||
Other (income) expense | (0.02) | 0.01 | 0.03 | 0.04 | ||||||||||||||||||||||
Income from discontinued operations, net of tax | — | — | — | (3.80) | ||||||||||||||||||||||
Income tax impact on net income adjustments | (0.02) | — | (0.03) | (0.02) | ||||||||||||||||||||||
Noncontrolling interest impact on net income adjustments | — | — | (0.02) | (0.01) | ||||||||||||||||||||||
Adjusted earnings (loss) per diluted share from continuing operations | $ | 0.46 | $ | (0.34) | $ | 0.74 | $ | (0.74) | ||||||||||||||||||
Hold-normalized casino revenue adjustment | (0.05) | (0.10) | ||||||||||||||||||||||||
Hold-normalized casino expense adjustment | 0.02 | 0.02 | ||||||||||||||||||||||||
Income tax impact on hold adjustments | — | 0.01 | ||||||||||||||||||||||||
Noncontrolling interest impact on hold adjustments | — | 0.01 | ||||||||||||||||||||||||
Hold-normalized adjusted earnings (loss) per diluted share from continuing operations | $ | 0.43 | $ | (0.40) | ||||||||||||||||||||||
Weighted average diluted shares outstanding | 767 | 764 | 767 | 764 |
(1) | The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. | ||||
(2) | See Exhibit 4. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Casino Statistics: | ||||||||||||||||||||||||||
The Venetian Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 9,036 | $ | 1,756 | $ | 8,817 | $ | 2,481 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 456 | $ | 101 | $ | 414 | $ | 101 | ||||||||||||||||||
Average number of table games | 680 | 622 | 652 | 626 | ||||||||||||||||||||||
Average number of slot machines | 1,372 | 1,341 | 1,377 | 1,380 | ||||||||||||||||||||||
The Londoner Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 7,535 | $ | 1,170 | $ | 6,450 | $ | 1,706 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 497 | $ | 53 | $ | 409 | $ | 56 | ||||||||||||||||||
Average number of table games | 475 | 471 | 481 | 474 | ||||||||||||||||||||||
Average number of slot machines | 1,114 | 1,354 | 1,120 | 1,352 | ||||||||||||||||||||||
The Parisian Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 7,997 | $ | 1,117 | $ | 6,821 | $ | 1,757 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 329 | $ | 30 | $ | 297 | $ | 35 | ||||||||||||||||||
Average number of table games | 269 | 268 | 269 | 270 | ||||||||||||||||||||||
Average number of slot machines | 870 | 1,093 | 895 | 1,097 | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 24,171 | $ | 3,937 | $ | 18,137 | $ | 4,885 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 311 | $ | 10 | $ | 282 | $ | 30 | ||||||||||||||||||
Average number of table games | 91 | 141 | 106 | 142 | ||||||||||||||||||||||
Average number of slot machines | 96 | 181 | 100 | 173 | ||||||||||||||||||||||
Sands Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 5,634 | $ | 1,045 | $ | 5,065 | $ | 1,133 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 258 | $ | 52 | $ | 240 | $ | 57 | ||||||||||||||||||
Average number of table games | 140 | 154 | 147 | 155 | ||||||||||||||||||||||
Average number of slot machines | 633 | 692 | 672 | 703 | ||||||||||||||||||||||
Marina Bay Sands: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 12,072 | $ | 9,381 | $ | 11,647 | $ | 6,835 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 901 | $ | 730 | $ | 897 | $ | 703 | ||||||||||||||||||
Average number of table games | 513 | 518 | 517 | 522 | ||||||||||||||||||||||
Average number of slot machines | 2,921 | 2,701 | 2,911 | 2,465 | ||||||||||||||||||||||
Note: | The 2022 casino statistics exclude slot machines shutdown due to social distancing measures. | ||||
(1) | Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. | ||||
(2) | Slot machine win per unit per day is shown before deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. | ||||
Three Months Ended | |||||||||||||||||
The Venetian Macao | June 30, | ||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 523 | $ | 91 | $ | 432 | |||||||||||
Rooms | 48 | 12 | 36 | ||||||||||||||
Food and Beverage | 17 | 3 | 14 | ||||||||||||||
Mall | 53 | 41 | 12 | ||||||||||||||
Convention, Retail and Other | 12 | 3 | 9 | ||||||||||||||
Net Revenues | $ | 653 | $ | 150 | $ | 503 | |||||||||||
Adjusted Property EBITDA | $ | 252 | $ | (21) | $ | 273 | |||||||||||
EBITDA Margin % | 38.6 | % | |||||||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 1,093 | $ | 264 | $ | 829 | |||||||||||
Rolling Chip Win %(1) | 3.73 | % | 4.76 | % | (1.03) | pts | |||||||||||
Non-Rolling Chip Drop | $ | 2,174 | $ | 332 | $ | 1,842 | |||||||||||
Non-Rolling Chip Win % | 23.8 | % | 26.2 | % | (2.4) | pts | |||||||||||
Slot Handle | $ | 1,329 | $ | 254 | $ | 1,075 | |||||||||||
Slot Hold % | 4.3 | % | 4.9 | % | (0.6) | pts | |||||||||||
Hotel Statistics | |||||||||||||||||
Occupancy % | 94.6 | % | 36.8 | % | 57.8 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 209 | $ | 137 | $ | 72 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 198 | $ | 50 | $ | 148 |
Note: | Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022. Rooms utilized to house team members 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 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 | June 30, | ||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 281 | $ | 42 | $ | 239 | |||||||||||
Rooms | 80 | 14 | 66 | ||||||||||||||
Food and Beverage | 20 | 7 | 13 | ||||||||||||||
Mall | 16 | 12 | 4 | ||||||||||||||
Convention, Retail and Other | 5 | 4 | 1 | ||||||||||||||
Net Revenues | $ | 402 | $ | 79 | $ | 323 | |||||||||||
Adjusted Property EBITDA | $ | 103 | $ | (54) | $ | 157 | |||||||||||
EBITDA Margin % | 25.6 | % | |||||||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 1,999 | $ | 222 | $ | 1,777 | |||||||||||
Rolling Chip Win %(1) | 2.67 | % | 4.35 | % | (1.68) | pts | |||||||||||
Non-Rolling Chip Drop | $ | 1,354 | $ | 175 | $ | 1,179 | |||||||||||
Non-Rolling Chip Win % | 20.1 | % | 23.2 | % | (3.1) | pts | |||||||||||
Slot Handle | $ | 1,299 | $ | 163 | $ | 1,136 | |||||||||||
Slot Hold % | 3.9 | % | 4.0 | % | (0.1) | pts | |||||||||||
Hotel Statistics | |||||||||||||||||
Occupancy % | 81.8 | % | 24.9 | % | 56.9 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 197 | $ | 137 | $ | 60 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 161 | $ | 34 | $ | 127 |
Note: | Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022. Rooms utilized for government quarantine purposes and to house team members due to travel restrictions during 2022 were excluded from the calculation of hotel statistics above. | ||||
(1) | This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
Three Months Ended | |||||||||||||||||
The Parisian Macao | June 30, | ||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 183 | $ | 24 | $ | 159 | |||||||||||
Rooms | 35 | 7 | 28 | ||||||||||||||
Food and Beverage | 11 | 3 | 8 | ||||||||||||||
Mall | 8 | 7 | 1 | ||||||||||||||
Convention, Retail and Other | 2 | 1 | 1 | ||||||||||||||
Net Revenues | $ | 239 | $ | 42 | $ | 197 | |||||||||||
Adjusted Property EBITDA | $ | 74 | $ | (29) | $ | 103 | |||||||||||
EBITDA Margin % | 31.0 | % | |||||||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 612 | $ | 48 | $ | 564 | |||||||||||
Rolling Chip Win %(1) | 7.18 | % | 14.20 | % | (7.02) | pts | |||||||||||
Non-Rolling Chip Drop | $ | 776 | $ | 91 | $ | 685 | |||||||||||
Non-Rolling Chip Win % | 19.6 | % | 22.4 | % | (2.8) | pts | |||||||||||
Slot Handle | $ | 682 | $ | 64 | $ | 618 | |||||||||||
Slot Hold % | 3.8 | % | 4.7 | % | (0.9) | pts | |||||||||||
Hotel Statistics | |||||||||||||||||
Occupancy % | 98.0 | % | 37.0 | % | 61.0 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 156 | $ | 100 | $ | 56 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 153 | $ | 37 | $ | 116 |
Note: | Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022. Rooms utilized for government quarantine purposes and to house team members due to travel restrictions during 2022 were excluded from the calculation of hotel statistics above. | ||||
(1) | This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
Three Months Ended | |||||||||||||||||
The Plaza Macao and Four Seasons Macao | June 30, | ||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 150 | $ | 38 | $ | 112 | |||||||||||
Rooms | 25 | 6 | 19 | ||||||||||||||
Food and Beverage | 8 | 1 | 7 | ||||||||||||||
Mall | 39 | 33 | 6 | ||||||||||||||
Convention, Retail and Other | 1 | 1 | — | ||||||||||||||
Net Revenues | $ | 223 | $ | 79 | $ | 144 | |||||||||||
Adjusted Property EBITDA | $ | 91 | $ | 17 | $ | 74 | |||||||||||
EBITDA Margin % | 40.8 | % | 21.5 | % | 19.3 | pts | |||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 1,178 | $ | 489 | $ | 689 | |||||||||||
Rolling Chip Win %(1) | 3.63 | % | 4.90 | % | (1.27) | pts | |||||||||||
Non-Rolling Chip Drop | $ | 567 | $ | 101 | $ | 466 | |||||||||||
Non-Rolling Chip Win % | 27.6 | % | 26.4 | % | 1.2 | pts | |||||||||||
Slot Handle | $ | 46 | $ | 3 | $ | 43 | |||||||||||
Slot Hold % | 5.8 | % | 5.9 | % | (0.1) | pts | |||||||||||
Hotel Statistics | |||||||||||||||||
Occupancy % | 84.8 | % | 23.3 | % | 61.5 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 479 | $ | 412 | $ | 67 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 407 | $ | 96 | $ | 311 |
Note: | Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022. Rooms utilized to house team members due to travel restrictions during 2022 were excluded from the calculation of hotel statistics above. | ||||
(1) | This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
Three Months Ended | |||||||||||||||||
Sands Macao | June 30, | ||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 76 | $ | 14 | $ | 62 | |||||||||||
Rooms | 4 | 2 | 2 | ||||||||||||||
Food and Beverage | 3 | 1 | 2 | ||||||||||||||
Convention, Retail and Other | 1 | — | 1 | ||||||||||||||
Net Revenues | $ | 84 | $ | 17 | $ | 67 | |||||||||||
Adjusted Property EBITDA | $ | 15 | $ | (22) | $ | 37 | |||||||||||
EBITDA Margin % | 17.9 | % | |||||||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 36 | $ | 66 | $ | (30) | |||||||||||
Rolling Chip Win %(1) | 2.40 | % | 6.86 | % | (4.46) | pts | |||||||||||
Non-Rolling Chip Drop | $ | 406 | $ | 57 | $ | 349 | |||||||||||
Non-Rolling Chip Win % | 17.5 | % | 17.6 | % | (0.1) | pts | |||||||||||
Slot Handle | $ | 497 | $ | 120 | $ | 377 | |||||||||||
Slot Hold % | 3.0 | % | 2.7 | % | 0.3 | pts | |||||||||||
Hotel Statistics | |||||||||||||||||
Occupancy % | 94.6 | % | 56.6 | % | 38.0 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 169 | $ | 127 | $ | 42 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 160 | $ | 72 | $ | 88 |
Note: | Due to social distancing measures and travel restrictions, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2022. | ||||
(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 | June 30, | ||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 649 | $ | 500 | $ | 149 | |||||||||||
Rooms | 104 | 56 | 48 | ||||||||||||||
Food and Beverage | 84 | 48 | 36 | ||||||||||||||
Mall | 57 | 55 | 2 | ||||||||||||||
Convention, Retail and Other | 31 | 20 | 11 | ||||||||||||||
Net Revenues | $ | 925 | $ | 679 | $ | 246 | |||||||||||
Adjusted Property EBITDA | $ | 432 | $ | 319 | $ | 113 | |||||||||||
EBITDA Margin % | 46.7 | % | 47.0 | % | (0.3) | pts | |||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 6,013 | $ | 5,394 | $ | 619 | |||||||||||
Rolling Chip Win %(1) | 3.71 | % | 4.29 | % | (0.58) | pts | |||||||||||
Non-Rolling Chip Drop | $ | 1,870 | $ | 1,137 | $ | 733 | |||||||||||
Non-Rolling Chip Win % | 18.2 | % | 18.5 | % | (0.3) | pts | |||||||||||
Slot Handle | $ | 5,999 | $ | 4,090 | $ | 1,909 | |||||||||||
Slot Hold % | 4.0 | % | 4.4 | % | (0.4) | pts | |||||||||||
Hotel Statistics(2) | |||||||||||||||||
Occupancy % | 97.0 | % | 93.9 | % | 3.1 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 597 | $ | 330 | $ | 267 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 579 | $ | 310 | $ | 269 |
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 2022. | ||||
(1) | This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). | ||||
(2) | During the three months ended June 30, 2023 and 2022, approximately 2,100 and 2,000 rooms, respectively, were available for use. |
For the Three Months Ended June 30, 2023 | TTM June 30, 2023 | |||||||||||||||||||||||||||||||||||||
(Dollars in millions except per square foot data) | Gross Revenue(1) | Operating Profit | Operating Profit Margin | Gross Leasable Area (sq. ft.) | Occupancy % at End of Period | Tenant Sales Per Sq. Ft.(2) | ||||||||||||||||||||||||||||||||
Shoppes at Venetian | $ | 52 | $ | 46 | 88.5 | % | 818,684 | 79.5 | % | $ | 1,430 | |||||||||||||||||||||||||||
Shoppes at Four Seasons | ||||||||||||||||||||||||||||||||||||||
Luxury Retail | 23 | 20 | 87.0 | % | 129,932 | 100.0 | % | 7,227 | ||||||||||||||||||||||||||||||
Other Stores | 16 | 16 | 100.0 | % | 118,882 | 73.6 | % | 3,229 | ||||||||||||||||||||||||||||||
39 | 36 | 92.3 | % | 248,814 | 87.4 | % | 5,825 | |||||||||||||||||||||||||||||||
Shoppes at Londoner | 16 | 13 | 81.3 | % | 610,273 | 53.3 | % | 1,355 | ||||||||||||||||||||||||||||||
Shoppes at Parisian | 8 | 6 | 75.0 | % | 296,371 | 63.9 | % | 541 | ||||||||||||||||||||||||||||||
Total Cotai Strip in Macao | 115 | 101 | 87.8 | % | 1,974,142 | 70.0 | % | 2,021 | ||||||||||||||||||||||||||||||
The Shoppes at Marina Bay Sands | 57 | 51 | 89.5 | % | 617,119 | 100.0 | % | 2,912 | ||||||||||||||||||||||||||||||
Total | $ | 172 | $ | 152 | 88.4 | % | 2,591,261 | 77.2 | % | $ | 2,319 |
Note: | This table excludes the results of our retail outlets at Sands Macao. | ||||
(1) | Gross revenue figures are net of intersegment revenue eliminations. | ||||
(2) | Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. |