PRESS RELEASE | |||||
For Immediate Release |
Investment Community: | ||
Daniel Briggs | ||
daniel.briggs@sands.com | ||
Media: | ||
Ron Reese | ||
ron.reese@sands.com |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Casino | $ | 2,111 | $ | 654 | $ | 7,522 | $ | 2,627 | ||||||||||||||||||
Rooms | 323 | 154 | 1,204 | 469 | ||||||||||||||||||||||
Food and beverage | 161 | 103 | 584 | 301 | ||||||||||||||||||||||
Mall | 232 | 164 | 767 | 580 | ||||||||||||||||||||||
Convention, retail and other | 88 | 42 | 295 | 133 | ||||||||||||||||||||||
Net revenues | 2,915 | 1,117 | 10,372 | 4,110 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Resort operations | 1,721 | 908 | 6,316 | 3,411 | ||||||||||||||||||||||
Corporate | 64 | 68 | 230 | 235 | ||||||||||||||||||||||
Pre-opening | 2 | 2 | 15 | 13 | ||||||||||||||||||||||
Development | 65 | 35 | 205 | 143 | ||||||||||||||||||||||
Depreciation and amortization | 333 | 256 | 1,208 | 1,036 | ||||||||||||||||||||||
Amortization of leasehold interests in land | 15 | 13 | 58 | 55 | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 5 | 1 | 27 | 9 | ||||||||||||||||||||||
2,205 | 1,283 | 8,059 | 4,902 | |||||||||||||||||||||||
Operating income (loss) | 710 | (166) | 2,313 | (792) | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest income | 63 | 60 | 288 | 116 | ||||||||||||||||||||||
Interest expense, net of amounts capitalized | (190) | (201) | (818) | (702) | ||||||||||||||||||||||
Other income (expense) | 9 | 20 | (8) | (9) | ||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 592 | (287) | 1,775 | (1,387) | ||||||||||||||||||||||
Income tax (expense) benefit | (123) | 18 | (344) | (154) | ||||||||||||||||||||||
Net income (loss) from continuing operations | 469 | (269) | 1,431 | (1,541) | ||||||||||||||||||||||
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 | — | (5) | — | (9) | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | (5) | — | 2,898 | ||||||||||||||||||||||
Net income (loss) | 469 | (274) | 1,431 | 1,357 | ||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (87) | 105 | (210) | 475 | ||||||||||||||||||||||
Net income (loss) attributable to Las Vegas Sands Corp. | $ | 382 | $ | (169) | $ | 1,221 | $ | 1,832 | ||||||||||||||||||
Earnings (loss) per share - basic: | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 0.50 | $ | (0.21) | $ | 1.62 | $ | (1.40) | ||||||||||||||||||
Net income (loss) from discontinued operations, net of tax | — | (0.01) | — | 3.80 | ||||||||||||||||||||||
Net income (loss) per common share | $ | 0.50 | $ | (0.22) | $ | 1.62 | $ | 2.40 | ||||||||||||||||||
Earnings (loss) per share - diluted: | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 0.50 | $ | (0.21) | $ | 1.62 | $ | (1.40) | ||||||||||||||||||
Net income (loss) from discontinued operations, net of tax | — | (0.01) | — | 3.80 | ||||||||||||||||||||||
Net income (loss) per common share | $ | 0.50 | $ | (0.22) | $ | 1.62 | $ | 2.40 | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 759 | 764 | 752 | 764 | ||||||||||||||||||||||
Diluted | 760 | 764 | 754 | 764 | ||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net Revenues | ||||||||||||||||||||||||||
The Venetian Macao | $ | 748 | $ | 201 | $ | 2,682 | $ | 682 | ||||||||||||||||||
The Londoner Macao | 589 | 93 | 1,792 | 350 | ||||||||||||||||||||||
The Parisian Macao | 222 | 51 | 879 | 188 | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Macao | 192 | 75 | 779 | 313 | ||||||||||||||||||||||
Sands Macao | 81 | 17 | 322 | 65 | ||||||||||||||||||||||
Ferry Operations and Other | 31 | 7 | 105 | 29 | ||||||||||||||||||||||
Macao Operations | 1,863 | 444 | 6,559 | 1,627 | ||||||||||||||||||||||
Marina Bay Sands | 1,061 | 682 | 3,849 | 2,516 | ||||||||||||||||||||||
Intercompany Royalties | 60 | 29 | 224 | 107 | ||||||||||||||||||||||
Intersegment Eliminations(1) | (69) | (38) | (260) | (140) | ||||||||||||||||||||||
$ | 2,915 | $ | 1,117 | $ | 10,372 | $ | 4,110 | |||||||||||||||||||
Adjusted Property EBITDA | ||||||||||||||||||||||||||
The Venetian Macao | $ | 302 | $ | 14 | $ | 1,054 | $ | (25) | ||||||||||||||||||
The Londoner Macao | 190 | (42) | 516 | (189) | ||||||||||||||||||||||
The Parisian Macao | 68 | (26) | 269 | (103) | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Macao | 71 | 26 | 308 | 81 | ||||||||||||||||||||||
Sands Macao | 17 | (20) | 59 | (81) | ||||||||||||||||||||||
Ferry Operations and Other | 6 | (3) | 18 | (7) | ||||||||||||||||||||||
Macao Operations | 654 | (51) | 2,224 | (324) | ||||||||||||||||||||||
Marina Bay Sands | 544 | 273 | 1,861 | 1,056 | ||||||||||||||||||||||
$ | 1,198 | $ | 222 | $ | 4,085 | $ | 732 | |||||||||||||||||||
Adjusted Property EBITDA as a Percentage of Net Revenues | ||||||||||||||||||||||||||
The Venetian Macao | 40.4 | % | 7.0 | % | 39.3 | % | ||||||||||||||||||||
The Londoner Macao | 32.3 | % | 28.8 | % | ||||||||||||||||||||||
The Parisian Macao | 30.6 | % | 30.6 | % | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Macao | 37.0 | % | 34.7 | % | 39.5 | % | 25.9 | % | ||||||||||||||||||
Sands Macao | 21.0 | % | 18.3 | % | ||||||||||||||||||||||
Ferry Operations and Other | 19.4 | % | 17.1 | % | ||||||||||||||||||||||
Macao Operations | 35.1 | % | 33.9 | % | ||||||||||||||||||||||
Marina Bay Sands | 51.3 | % | 40.0 | % | 48.4 | % | 42.0 | % | ||||||||||||||||||
Total | 41.1 | % | 19.9 | % | 39.4 | % | 17.8 | % |
Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the year ended December 31, 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: | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 469 | $ | (269) | $ | 1,431 | $ | (1,541) | ||||||||||||||||||
Add (deduct): | ||||||||||||||||||||||||||
Income tax expense (benefit) | 123 | (18) | 344 | 154 | ||||||||||||||||||||||
Other (income) expense | (9) | (20) | 8 | 9 | ||||||||||||||||||||||
Interest expense, net of amounts capitalized | 190 | 201 | 818 | 702 | ||||||||||||||||||||||
Interest income | (63) | (60) | (288) | (116) | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 5 | 1 | 27 | 9 | ||||||||||||||||||||||
Amortization of leasehold interests in land | 15 | 13 | 58 | 55 | ||||||||||||||||||||||
Depreciation and amortization | 333 | 256 | 1,208 | 1,036 | ||||||||||||||||||||||
Development expense | 65 | 35 | 205 | 143 | ||||||||||||||||||||||
Pre-opening expense | 2 | 2 | 15 | 13 | ||||||||||||||||||||||
Stock-based compensation (1) | 4 | 13 | 29 | 33 | ||||||||||||||||||||||
Corporate expense | 64 | 68 | 230 | 235 | ||||||||||||||||||||||
Consolidated Adjusted Property EBITDA | $ | 1,198 | $ | 222 | $ | 4,085 | $ | 732 |
Note: | The sale of the Las Vegas Operating Properties closed on February 23, 2022. The information for the year ended December 31, 2022, excludes the results of the Las Vegas Operating Properties, as they were classified as a discontinued operation. | ||||
(1) | During the three months ended December 31, 2023 and 2022, the company recorded stock-based compensation expense of $14 million and $23 million, respectively, of which $10 million and $10 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. During the years ended December 31, 2023 and 2022, the company recorded stock-based compensation expense of $72 million and $70 million, respectively, of which $43 million and $37 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations. |
The following is a reconciliation of Net Income (Loss) Attributable to LVS to Adjusted Net Income (Loss): | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income (loss) attributable to LVS | $ | 382 | $ | (169) | $ | 1,221 | $ | 1,832 | ||||||||||||||||||
Pre-opening expense | 2 | 2 | 15 | 13 | ||||||||||||||||||||||
Development expense | 65 | 35 | 205 | 143 | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 5 | 1 | 27 | 9 | ||||||||||||||||||||||
Other (income) expense | (9) | (20) | 8 | 9 | ||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax | — | 5 | — | (2,898) | ||||||||||||||||||||||
Income tax impact on net income adjustments (1) | (14) | (7) | (43) | (26) | ||||||||||||||||||||||
Noncontrolling interest impact on net income adjustments | 3 | 11 | (10) | — | ||||||||||||||||||||||
Adjusted net income (loss) from continuing operations attributable to LVS | $ | 434 | $ | (142) | $ | 1,423 | $ | (918) | ||||||||||||||||||
The following is a reconciliation of Income (Loss) per Diluted Share to Adjusted Earnings (Loss) per Diluted Share: | ||||||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Per diluted share of common stock: | ||||||||||||||||||||||||||
Net income (loss) attributable to LVS | $ | 0.50 | $ | (0.22) | $ | 1.62 | $ | 2.40 | ||||||||||||||||||
Pre-opening expense | — | — | 0.02 | 0.01 | ||||||||||||||||||||||
Development expense | 0.09 | 0.05 | 0.27 | 0.19 | ||||||||||||||||||||||
Loss on disposal or impairment of assets | 0.01 | — | 0.04 | 0.01 | ||||||||||||||||||||||
Other (income) expense | (0.01) | (0.03) | 0.01 | 0.01 | ||||||||||||||||||||||
(Income) loss from discontinued operations, net of tax | — | 0.01 | — | (3.79) | ||||||||||||||||||||||
Income tax impact on net income adjustments | (0.02) | (0.01) | (0.06) | (0.03) | ||||||||||||||||||||||
Noncontrolling interest impact on net income adjustments | — | 0.01 | (0.01) | — | ||||||||||||||||||||||
Adjusted earnings (loss) per diluted share from continuing operations | $ | 0.57 | $ | (0.19) | $ | 1.89 | $ | (1.20) | ||||||||||||||||||
Weighted average diluted shares outstanding | 760 | 764 | 754 | 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. |
The following reflects the impact on Net Revenues for hold-adjusted win percentage: | ||||||||||||||
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Macao Operations | $ | 68 | $ | (10) | ||||||||||
Marina Bay Sands | (91) | 144 | ||||||||||||
$ | (23) | $ | 134 |
The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage: | ||||||||||||||
Three Months Ended | ||||||||||||||
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Macao Operations | $ | 40 | $ | (6) | ||||||||||
Marina Bay Sands | (71) | 113 | ||||||||||||
$ | (31) | $ | 107 |
Note: | Beginning with the fourth quarter of 2023, we are no longer reporting quarterly “consolidated hold-normalized adjusted property EBITDA,” “hold-normalized adjusted property EBITDA” for Macao operations and Marina Bay Sands, and “hold-normalized adjusted net income (loss) from continuing operations attributable to LVS” or "hold-normalized adjusted earnings (loss) per diluted share from continuing operations." We are making this change in response to comments from the SEC staff in connection with their ordinary course review. We will continue to report the hold-adjusted impact on quarterly revenue and adjusted property EBITDA for our Macao operations and Marina Bay Sands. These amounts represent the estimated impact of the hold adjustment that would have occurred had the company’s current period Rolling Chip win percentage equaled 3.30%. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided. |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Casino Statistics: | ||||||||||||||||||||||||||
The Venetian Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 10,270 | $ | 2,496 | $ | 9,419 | $ | 2,255 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 416 | $ | 90 | $ | 420 | $ | 87 | ||||||||||||||||||
Average number of table games | 690 | 626 | 672 | 626 | ||||||||||||||||||||||
Average number of slot machines | 1,458 | 1,523 | 1,408 | 1,435 | ||||||||||||||||||||||
The Londoner Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 10,562 | $ | 1,443 | $ | 8,251 | $ | 1,449 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 575 | $ | 39 | $ | 480 | $ | 48 | ||||||||||||||||||
Average number of table games | 499 | 472 | 487 | 473 | ||||||||||||||||||||||
Average number of slot machines | 1,332 | 1,360 | 1,215 | 1,366 | ||||||||||||||||||||||
The Parisian Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 6,875 | $ | 1,528 | $ | 7,069 | $ | 1,417 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 316 | $ | 30 | $ | 310 | $ | 29 | ||||||||||||||||||
Average number of table games | 273 | 269 | 270 | 269 | ||||||||||||||||||||||
Average number of slot machines | 836 | 1,115 | 879 | 1,110 | ||||||||||||||||||||||
The Plaza Macao and Four Seasons Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 21,078 | $ | 2,697 | $ | 19,656 | $ | 3,919 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | — | $ | 44 | $ | 218 | $ | 41 | ||||||||||||||||||
Average number of table games | 86 | 142 | 96 | 142 | ||||||||||||||||||||||
Average number of slot machines | 22 | 100 | 62 | 135 | ||||||||||||||||||||||
Sands Macao: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 7,327 | $ | 759 | $ | 5,871 | $ | 934 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 276 | $ | 45 | $ | 264 | $ | 50 | ||||||||||||||||||
Average number of table games | 105 | 152 | 129 | 153 | ||||||||||||||||||||||
Average number of slot machines | 507 | 765 | 598 | 731 | ||||||||||||||||||||||
Marina Bay Sands: | ||||||||||||||||||||||||||
Table games win per unit per day (1) | $ | 14,785 | $ | 7,832 | $ | 12,951 | $ | 7,849 | ||||||||||||||||||
Slot machine win per unit per day (2) | $ | 840 | $ | 757 | $ | 869 | $ | 724 | ||||||||||||||||||
Average number of table games | 505 | 505 | 514 | 517 | ||||||||||||||||||||||
Average number of slot machines | 2,946 | 2,891 | 2,925 | 2,670 | ||||||||||||||||||||||
Note: | The 2022 casino statistics exclude slot machines not in operation 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 | December 31, | ||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 607 | $ | 130 | $ | 477 | |||||||||||
Rooms | 49 | 17 | 32 | ||||||||||||||
Food and Beverage | 16 | 5 | 11 | ||||||||||||||
Mall | 66 | 43 | 23 | ||||||||||||||
Convention, Retail and Other | 10 | 6 | 4 | ||||||||||||||
Net Revenues | $ | 748 | $ | 201 | $ | 547 | |||||||||||
Adjusted Property EBITDA | $ | 302 | $ | 14 | $ | 288 | |||||||||||
EBITDA Margin % | 40.4 | % | 7.0 | % | 33.4 | pts | |||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 1,247 | $ | 197 | $ | 1,050 | |||||||||||
Rolling Chip Win %(1) | 3.27 | % | 5.56 | % | (2.29) | pts | |||||||||||
Non-Rolling Chip Drop | $ | 2,455 | $ | 491 | $ | 1,964 | |||||||||||
Non-Rolling Chip Win % | 24.9 | % | 27.0 | % | (2.1) | pts | |||||||||||
Slot Handle | $ | 1,367 | $ | 296 | $ | 1,071 | |||||||||||
Slot Hold % | 4.1 | % | 4.2 | % | (0.1) | pts | |||||||||||
Hotel Statistics | |||||||||||||||||
Occupancy % | 98.7 | % | 50.2 | % | 48.5 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 202 | $ | 145 | $ | 57 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 200 | $ | 73 | $ | 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 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 3.30% (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) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 433 | $ | 49 | $ | 384 | |||||||||||
Rooms | 92 | 18 | 74 | ||||||||||||||
Food and Beverage | 27 | 7 | 20 | ||||||||||||||
Mall | 19 | 12 | 7 | ||||||||||||||
Convention, Retail and Other | 18 | 7 | 11 | ||||||||||||||
Net Revenues | $ | 589 | $ | 93 | $ | 496 | |||||||||||
Adjusted Property EBITDA | $ | 190 | $ | (42) | $ | 232 | |||||||||||
EBITDA Margin % | 32.3 | % | |||||||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 2,324 | $ | 165 | $ | 2,159 | |||||||||||
Rolling Chip Win %(1) | 3.04 | % | 6.36 | % | (3.32) | pts | |||||||||||
Non-Rolling Chip Drop | $ | 1,852 | $ | 252 | $ | 1,600 | |||||||||||
Non-Rolling Chip Win % | 22.4 | % | 20.7 | % | 1.7 | pts | |||||||||||
Slot Handle | $ | 1,706 | $ | 172 | $ | 1,534 | |||||||||||
Slot Hold % | 4.1 | % | 2.9 | % | 1.2 | pts | |||||||||||
Hotel Statistics | |||||||||||||||||
Occupancy % | 96.8 | % | 30.7 | % | 66.1 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 186 | $ | 171 | $ | 15 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 180 | $ | 52 | $ | 128 |
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 3.30% (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) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 163 | $ | 33 | $ | 130 | |||||||||||
Rooms | 35 | 10 | 25 | ||||||||||||||
Food and Beverage | 14 | 3 | 11 | ||||||||||||||
Mall | 9 | 5 | 4 | ||||||||||||||
Convention, Retail and Other | 1 | — | 1 | ||||||||||||||
Net Revenues | $ | 222 | $ | 51 | $ | 171 | |||||||||||
Adjusted Property EBITDA | $ | 68 | $ | (26) | $ | 94 | |||||||||||
EBITDA Margin % | 30.6 | % | |||||||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 31 | $ | 48 | $ | (17) | |||||||||||
Rolling Chip Win %(1) | 6.18 | % | 11.98 | % | (5.80) | pts | |||||||||||
Non-Rolling Chip Drop | $ | 778 | $ | 123 | $ | 655 | |||||||||||
Non-Rolling Chip Win % | 21.9 | % | 26.1 | % | (4.2) | pts | |||||||||||
Slot Handle | $ | 640 | $ | 85 | $ | 555 | |||||||||||
Slot Hold % | 3.8 | % | 3.6 | % | 0.2 | pts | |||||||||||
Hotel Statistics | |||||||||||||||||
Occupancy % | 98.8 | % | 36.1 | % | 62.7 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 153 | $ | 117 | $ | 36 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 151 | $ | 42 | $ | 109 |
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 3.30% (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 | December 31, | ||||||||||||||||
(Dollars in millions) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 95 | $ | 26 | $ | 69 | |||||||||||
Rooms | 25 | 9 | 16 | ||||||||||||||
Food and Beverage | 9 | 3 | 6 | ||||||||||||||
Mall | 62 | 37 | 25 | ||||||||||||||
Convention, Retail and Other | 1 | — | 1 | ||||||||||||||
Net Revenues | $ | 192 | $ | 75 | $ | 117 | |||||||||||
Adjusted Property EBITDA | $ | 71 | $ | 26 | $ | 45 | |||||||||||
EBITDA Margin % | 37.0 | % | 34.7 | % | 2.3 | pts | |||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 2,387 | $ | 177 | $ | 2,210 | |||||||||||
Rolling Chip Win %(1) | 0.65 | % | 1.34 | % | (0.69) | pts | |||||||||||
Non-Rolling Chip Drop | $ | 682 | $ | 144 | $ | 538 | |||||||||||
Non-Rolling Chip Win % | 22.2 | % | 22.7 | % | (0.5) | pts | |||||||||||
Slot Handle | $ | — | $ | 5 | $ | (5) | |||||||||||
Slot Hold % | — | % | 8.4 | % | (8.4) | pts | |||||||||||
Hotel Statistics | |||||||||||||||||
Occupancy % | 87.8 | % | 31.0 | % | 56.8 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 474 | $ | 453 | $ | 21 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 416 | $ | 140 | $ | 276 |
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 3.30% (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) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 72 | $ | 14 | $ | 58 | |||||||||||
Rooms | 5 | 1 | 4 | ||||||||||||||
Food and Beverage | 3 | 1 | 2 | ||||||||||||||
Convention, Retail and Other | 1 | 1 | — | ||||||||||||||
Net Revenues | $ | 81 | $ | 17 | $ | 64 | |||||||||||
Adjusted Property EBITDA | $ | 17 | $ | (20) | $ | 37 | |||||||||||
EBITDA Margin % | 21.0 | % | |||||||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 28 | $ | 30 | $ | (2) | |||||||||||
Rolling Chip Win %(1) | 4.54 | % | 2.34 | % | 2.20 | pts | |||||||||||
Non-Rolling Chip Drop | $ | 410 | $ | 56 | $ | 354 | |||||||||||
Non-Rolling Chip Win % | 17.0 | % | 17.6 | % | (0.6) | pts | |||||||||||
Slot Handle | $ | 474 | $ | 93 | $ | 381 | |||||||||||
Slot Hold % | 2.7 | % | 3.4 | % | (0.7) | pts | |||||||||||
Hotel Statistics | |||||||||||||||||
Occupancy % | 98.9 | % | 44.1 | % | 54.8 | pts | |||||||||||
Average Daily Rate (ADR) | $ | 175 | $ | 151 | $ | 24 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 173 | $ | 67 | $ | 106 |
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 and quarantine restrictions during 2022 were excluded from the calculation of hotel statistics above. | ||||
(1) | This compares to our expected Rolling Chip win percentage of 3.30% (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) | 2023 | 2022 | Change | ||||||||||||||
Revenues: | |||||||||||||||||
Casino | $ | 741 | $ | 402 | $ | 339 | |||||||||||
Rooms | 117 | 99 | 18 | ||||||||||||||
Food and Beverage | 92 | 84 | 8 | ||||||||||||||
Mall | 76 | 67 | 9 | ||||||||||||||
Convention, Retail and Other | 35 | 30 | 5 | ||||||||||||||
Net Revenues | $ | 1,061 | $ | 682 | $ | 379 | |||||||||||
Adjusted Property EBITDA | $ | 544 | $ | 273 | $ | 271 | |||||||||||
EBITDA Margin % | 51.3 | % | 40.0 | % | 11.3 | pts | |||||||||||
Gaming Statistics | |||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Rolling Chip Volume | $ | 7,240 | $ | 7,093 | $ | 147 | |||||||||||
Rolling Chip Win %(1) | 4.57 | % | 1.24 | % | 3.33 | pts | |||||||||||
Non-Rolling Chip Drop | $ | 1,885 | $ | 1,450 | $ | 435 | |||||||||||
Non-Rolling Chip Win % | 18.9 | % | 19.0 | % | (0.1) | pts | |||||||||||
Slot Handle | $ | 6,226 | $ | 4,750 | $ | 1,476 | |||||||||||
Slot Hold % | 3.7 | % | 4.2 | % | (0.5) | pts | |||||||||||
Hotel Statistics (2) | |||||||||||||||||
Occupancy % | 94.4 | % | 98.3 | % | (3.9) | pts | |||||||||||
Average Daily Rate (ADR) | $ | 647 | $ | 550 | $ | 97 | |||||||||||
Revenue per Available Room (RevPAR) | $ | 611 | $ | 541 | $ | 70 |
(1) | This compares to our expected Rolling Chip win percentage of 3.30% (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 December 31, 2023 and 2022, approximately 2,200 and 2,000 rooms, respectively, were available for occupancy. Of the 2,200 available rooms for the three months ended December 31, 2023, approximately 1,250 rooms have been renovated. The completion of the remaining rooms is projected for early 2025 and will ultimately result in 1,850 available rooms. |
For The Three Months Ended December 31, 2023 | TTM December 31, 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 | $ | 66 | $ | 59 | 89.4 | % | 818,686 | 79.7 | % | $ | 1,906 | |||||||||||||||||||||||||||
Shoppes at Four Seasons | ||||||||||||||||||||||||||||||||||||||
Luxury Retail | 45 | 42 | 93.3 | % | 129,932 | 100.0 | % | 9,265 | ||||||||||||||||||||||||||||||
Other Stores | 17 | 15 | 88.2 | % | 119,441 | 85.2 | % | 4,347 | ||||||||||||||||||||||||||||||
62 | 57 | 91.9 | % | 249,373 | 92.9 | % | 7,594 | |||||||||||||||||||||||||||||||
Shoppes at Londoner | 19 | 16 | 84.2 | % | 611,905 | 59.1 | % | 1,796 | ||||||||||||||||||||||||||||||
Shoppes at Parisian | 9 | 7 | 77.8 | % | 296,352 | 67.2 | % | 710 | ||||||||||||||||||||||||||||||
Total Cotai Strip in Macao | 156 | 139 | 89.1 | % | 1,976,316 | 73.1 | % | 2,636 | ||||||||||||||||||||||||||||||
The Shoppes at Marina Bay Sands | 76 | 68 | 89.5 | % | 615,633 | 99.8 | % | 2,991 | ||||||||||||||||||||||||||||||
Total | $ | 232 | $ | 207 | 89.2 | % | 2,591,949 | 79.4 | % | $ | 2,754 |
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. |