StockSelector.com
  Research, Select, & Monitor Thursday, October 19, 2017 2:07:53 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Las Vegas Sands Corp$62.22$.33.53%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Las Vegas Sands Reports Fourth Quarter and Full Year 2016 Results
   Wednesday, January 25, 2017 4:01:00 PM ET

For the Quarter Ended December 31, 2016 (Compared to the Quarter Ended December 31, 2015)

-- Consolidated Net Revenue Increased 7.4% to $3.08 Billion, Net Income Increased 5.6% to $607 Million

-- GAAP Earnings per Diluted Share was $0.64; Adjusted Earnings per Diluted Share was $0.62; and Hold-Normalized Adjusted Earnings per Diluted Share was $0.58

-- Consolidated Adjusted Property EBITDA Increased 6.1% to $1.12 Billion, With Margin of 36.3%

-- Hold-Normalized Adjusted Property EBITDA was $1.07 Billion, With Margin of 35.7%

In Macao:

-- Adjusted Property EBITDA Increased 5.0% to $610 Million, While Hold-Normalized Adjusted Property EBITDA Increased 2.0% to $566 Million

-- The Parisian Macao Generated Adjusted Property EBITDA of $95 Million During Its First Full Quarter of Operation

At Marina Bay Sands in Singapore:

-- Adjusted Property EBITDA Increased 8.0% to $366 Million, With Margin Increasing 240 basis points to 50.6%

-- Hotel RevPAR Increased 7.9% to $409

At Our Las Vegas Operating Properties:

-- Adjusted Property EBITDA Increased 14.4% to $111 Million

-- Hotel RevPAR Increased 4.5% to $230

-- The Company Paid a Quarterly Dividend of $0.72 per Share

For the Year Ended December 31, 2016 (Compared to the Year Ended December 31, 2015)

-- Net Revenue was $11.41 Billion, Net Income was $2.02 Billion and $2.10 per Diluted Share

-- Consolidated Adjusted Property EBITDA was $4.13 Billion, Adjusted Earnings per Diluted Share was $2.33

-- The Company Paid Dividends of $2.88 per Share

-- The Company’s Board of Directors Announced an Increase in the Company’s Recurring Common Stock Dividend for the 2017 Calendar Year to $2.92 per Share ($0.73 per Share per Quarter)

Las Vegas Sands Corp. (LVS ), the world’s leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended December 31, 2016.

Fourth Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "We are pleased to have delivered a solid operating performance in each of our markets, which enabled us to generate $1.12 billion in adjusted property EBITDA for the quarter, an increase of 6.1% compared to the fourth quarter of 2015.

"In Macao, our industry-leading Cotai Strip property portfolio, which has been meaningfully expanded by the opening of the Parisian Macao, generated growth of 16% in the mass gaming segment. This result was our strongest growth in Macao’s most important and profitable segment since the second quarter of 2014. The Macao market overall continued its recovery in the fourth quarter, while our Macao portfolio generated visitation growth of 23% and higher hotel occupancy rates. We are confident that the benefits of the increased scale we have achieved in our market-leading hotel, retail and entertainment offerings will enable us to deliver growth in Macao and strong financial performance.

"We are pleased The Parisian Macao, our latest Integrated Resort delivered $95 million in adjusted property EBITDA during its first full quarter of operation and quickly established itself as another ’must see’ destination for visitors to the Cotai Strip. To date we have invested approximately $13 billion in Macao, contributing to Macao’s diversification and appeal as a business and leisure tourism destination. We remain confident that our market-leading Cotai Strip portfolio of properties will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide both Macao and our Company an outstanding and diversified platform for future growth.

"Our focus remains on the consistent execution of our proven global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. We are particularly encouraged by the recent passage of the IR Promotion Bill in Japan as it paves the way for more detailed legislation that we believe will create opportunities for us to bring the economic benefits of our industry-leading convention-based Integrated Resort business model to this dynamic and promising market."

The Company paid a recurring quarterly dividend of $0.72 per common share during the quarter. The Company announced that its next recurring quarterly dividend of $0.73 per common share will be paid on March 31, 2017, to Las Vegas Sands shareholders of record on March 23, 2017.

Marina Bay Sands in Singapore delivered $366 million in adjusted property EBITDA, an increase of 8.0% compared to the same quarter last year. The property continues to attract business and leisure visitors from across the region and deliver the economic benefits of our convention-based business model to Singapore. Consistent mass win-per-day of $4.59 million and strength in non-gaming revenues, including a 7.9% increase in RevPAR, contributed to an adjusted property EBITDA margin of 50.6%, 240 basis points higher than in the prior-year quarter.

At The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, adjusted property EBITDA grew 14.4% to $111 million compared to the fourth quarter of last year. Revenue growth of 3.0% reflected modest top-line increases in all business segments. Revenue growth in combination with cost discipline generated a 260 basis point improvement in adjusted property EBITDA margin to 26.9%.

Company-Wide Operating Results

Net revenue for the fourth quarter of 2016 increased 7.4% to $3.08 billion, compared to $2.86 billion in the fourth quarter of 2015. Net income increased 5.6% to $607 million in the fourth quarter of 2016, compared to $575 million in the year-ago quarter.

On a GAAP (accounting principles generally accepted in the United States of America) basis, operating income in the fourth quarter of 2016 decreased 4.7% to $669 million, compared to $702 million in the fourth quarter of 2015. The modest decrease in operating income was a result of higher depreciation and amortization expenses as well as asset impairment charges during the quarter. This was largely offset by higher revenues and lower pre-opening costs. Consolidated adjusted property EBITDA (a non-GAAP measure) of $1.12 billion increased 6.1% in the fourth quarter of 2016, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA was $1.07 billion in the fourth quarter of 2016, unchanged from the prior-year quarter.

On a GAAP basis, net income attributable to Las Vegas Sands in the fourth quarter of 2016 increased 9.2% to $509 million, compared to $466 million in the fourth quarter of 2015, while diluted earnings per share in the fourth quarter of 2016 of $0.64, represented an increase of 8.5% compared to the prior-year quarter. The increase in net income attributable to Las Vegas Sands was a result primarily of $64 million of other income related to foreign exchange gains and changes in the value of forward currency contracts.

Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) decreased 0.6% to $491 million, or $0.62 per diluted share, compared to $494 million, or $0.62 per diluted share, in the fourth quarter of 2015.

On a GAAP basis, full year 2016 operating income decreased 12.2% to $2.49 billion, compared to $2.84 billion in 2015. The decrease in operating income was principally due to lower net revenues, non-recurring legal costs in 2016 and higher pre-opening expenses, most of which relate to The Parisian Macao. Net income attributable to Las Vegas Sands decreased 15.1% to $1.67 billion, or $2.10 per diluted share, in 2016, compared to $2.0 billion, or $2.47 per diluted share, in 2015. The decline in net income attributable to Las Vegas Sands reflected the decrease in operating income described above, partially offset by a decrease in net income attributable to noncontrolling interests.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. (SCL) increased 12.0% to $1.86 billion in the fourth quarter of 2016, compared to $1.66 billion in the fourth quarter of 2015. Net income for SCL decreased 7.9% to $348 million in the fourth quarter of 2016, compared to $378 million in the fourth quarter of 2015.

On a GAAP basis, full year 2016 total net revenues for Sands China Ltd. decreased 2.5% to $6.69 billion, compared to $6.86 billion in 2015. Net income for Sands China Ltd. decreased 15.9% to $1.22 billion in 2016, compared to $1.45 billion in 2015.

The Venetian Macao Fourth Quarter Operating Results

The property generated revenue of $707 million and adjusted property EBITDA of $262 million in the fourth quarter, with an adjusted property EBITDA margin of 37.1%. Non-Rolling Chip drop was $1.72 billion for the quarter, with a Non-Rolling Chip win percentage of 25.1%. Rolling Chip volume decreased $1.1 billion to $6.89 billion, with a Rolling Chip win percentage of 3.23%, below the 3.34% experienced in the prior-year quarter. Slot handle was $783 million.

The following table summarizes the key operating results for The Venetian Macao for the fourth quarter of 2016 compared to the fourth quarter of 2015:

The Venetian Macao Operations       Three Months Ended
                                    December 31,
(Dollars in millions)               2016                     2015                     $ Change                 Change
Revenues:
Casino                              $           602          $           632          $           (30)         -4.7%
Rooms                                           44                       50                       (6)          -12.0%
Food and Beverage                               21                       24                       (3)          -12.5%
Mall                                            57                       62                       (5)          -8.1%
Convention, Retail and Other                    21                       30                       (9)          -30.0%
Less - Promotional Allowances                   (38)                     (37)                     (1)          -2.7%
Net Revenues                        $           707          $           761          $           (54)         -7.1%
Adjusted Property EBITDA            $           262          $           298          $           (36)         -12.1%
EBITDA Margin %                                 37.1%                    39.2%                                 -2.1 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                 $           6,889        $           7,997        $           (1,108)      -13.9%
Rolling Chip Win %(1)                           3.23%                    3.34%                                 -0.11 pts
Non-Rolling Chip Drop               $           1,715        $           1,743        $           (28)         -1.6%
Non-Rolling Chip Win %                          25.1%                    23.4%                                 1.7 pts
Slot Handle                         $           783          $           1,009        $           (226)        -22.4%
Slot Hold %                                     4.3%                     4.7%                                  -0.4 pts
Hotel Statistics
Occupancy %                                     94.2%                    83.5%                                 10.7 pts
Average Daily Rate (ADR)            $           211          $           223          $           (12)         -5.4%
Revenue per Available Room (RevPAR) $           199          $           186          $           13           7.0%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Sands Cotai Central Fourth Quarter Operating Results

Revenue and adjusted property EBITDA for the fourth quarter of 2016 at Sands Cotai Central were $444 million and $132 million, respectively, resulting in an adjusted property EBITDA margin of 29.7%.

Non-Rolling Chip drop was $1.42 billion in the fourth quarter, with a Non-Rolling Chip win percentage of 19.1%. Rolling Chip volume was $2.83 billion for the quarter, with a Rolling Chip win percentage of 3.04%. Slot handle was $1.27 billion for the quarter. Hotel occupancy was 85.9% with an ADR of $146.

The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2016 compared to the fourth quarter of 2015:

Sands Cotai Central Operations      Three Months Ended
                                    December 31,
(Dollars in millions)               2016                     2015                     $ Change                 Change
Revenues:
Casino                              $           365          $           426          $           (61)         -14.3%
Rooms                                           71                       69                       2            2.9%
Food and Beverage                               26                       26                       -            -%
%Mall                                           16                       18                       (2)          -11.1%
Convention, Retail and Other                    6                        7                        (1)          -14.3%
Less - Promotional Allowances                   (40)                     (40)                     -            -%
Net Revenues                        $           444          $           506          $           (62)         -12.3%
Adjusted Property EBITDA            $           132          $           160          $           (28)         -17.5%
EBITDA Margin %                                 29.7%                    31.6%                                 -1.9 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                 $           2,827        $           4,129        $           (1,302)      -31.5%
Rolling Chip Win %(1)                           3.04%                    2.62%                                 0.42 pts
Non-Rolling Chip Drop               $           1,421        $           1,459        $           (38)         -2.6%
Non-Rolling Chip Win %                          19.1%                    21.3%                                 -2.2 pts
Slot Handle                         $           1,273        $           1,480        $           (207)        -14.0%
Slot Hold %                                     3.4%                     3.6%                                  -0.2 pts
Hotel Statistics
Occupancy %                                     85.9%                    85.4%                                 0.5 pts
Average Daily Rate (ADR)            $           146          $           151          $           (5)          -3.3%
Revenue per Available Room (RevPAR) $           125          $           129          $           (4)          -3.1%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

The Parisian Macao Fourth Quarter Operating Results

The Parisian Macao opened on September 13, 2016, and the fourth quarter results reflect its first full quarter of operation. Revenue and adjusted property EBITDA at The Parisian Macao were $344 million and $95 million, respectively, resulting in an adjusted property EBITDA margin of 27.6%.

Non-Rolling Chip drop was $895 million, with a Non-Rolling Chip win percentage of 18.3%. Rolling Chip volume was $3.31 billion, with a Rolling Chip win percentage of 4.52%. Slot handle was $803 million and hotel occupancy was 91.1% with an ADR of $138.

The following table summarizes our key operating results for The Parisian Macao in the fourth quarter of 2016:

The Parisian Macao Operations              Three Months
                                           Ended
                                           December 31,(2)
(Dollars in millions)                      2016
Revenues:
Casino                                     $                                          301
Rooms                                                                                 30
Food and Beverage                                                                     17
Mall                                                                                  18
Convention, Retail and Other                                                          6
Less - Promotional Allowances                                                         (28)
Net Revenues                               $                                          344
Adjusted Property EBITDA                   $                                          95
EBITDA Margin %                                                                       27.6%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                        $                                          3,313
Rolling Chip Win %(1)                                                                 4.52%
Non-Rolling Chip Drop                      $                                          895
Non-Rolling Chip Win %                                                                18.3%
Slot Handle                                $                                          803
Slot Hold %                                                                           4.4%
Hotel Statistics
Occupancy %                                                                           91.1%
Average Daily Rate (ADR)                   $                                          138
Revenue per Available Room (RevPAR)        $                                          126
(1)     This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)     The Parisian Macao opened in September 2016.

Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated revenue of $163 million and adjusted property EBITDA of $67 million in the fourth quarter of 2016. Non-Rolling Chip drop was $313 million, with a Non-Rolling Chip win percentage of 18.4%. Rolling Chip volume was $2.49 billion for the quarter. Rolling Chip win percentage was 3.22% in the quarter, below the 3.43% experienced in the prior-year quarter. Slot handle was $108 million during the quarter.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2016 compared to the fourth quarter of 2015:

Four Seasons Hotel Macao and Plaza Casino Operations Three Months Ended
                                                     December 31,
(Dollars in millions)                                2016                     2015                     $ Change                 Change
Revenues:
Casino                                               $           121          $           114          $           7            6.1%
Rooms                                                            10                       10                       -            -%
Food and Beverage                                                7                        7                        -            -%
Mall                                                             33                       38                       (5)          -13.2%
Convention, Retail and Other                                     1                        1                        -            -%
Less - Promotional Allowances                                    (9)                      (12)                     3            25.0%
Net Revenues                                         $           163          $           158          $           5            3.2%
Adjusted Property EBITDA                             $           67           $           66           $           1            1.5%
EBITDA Margin %                                                  41.1%                    41.8%                                 -0.7 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                                  $           2,494        $           2,425        $           69           2.8%
Rolling Chip Win %(1)                                            3.22%                    3.43%                                 -0.21 pts
Non-Rolling Chip Drop                                $           313          $           272          $           41           15.1%
Non-Rolling Chip Win %                                           18.4%                    20.1%                                 -1.7 pts
Slot Handle                                          $           108          $           104          $           4            3.8%
Slot Hold %                                                      7.2%                     6.6%                                  0.6 pts
Hotel Statistics
Occupancy %                                                      82.8%                    81.1%                                 1.7 pts
Average Daily Rate (ADR)                             $           413          $           351          $           62           17.7%
Revenue per Available Room (RevPAR)                  $           342          $           284          $           58           20.4%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Sands Macao Fourth Quarter Operating Results

Sands Macao’s revenue was $161 million and adjusted property EBITDA was $47 million. Non-Rolling Chip drop was $608 million during the quarter, while slot handle was $592 million. Rolling Chip volume was $1.40 billion for the quarter. The property realized 1.83% win on Rolling Chip volume during the quarter, below the 3.18% generated in the year-ago quarter. Adjusted property EBITDA margin of 29.2% represents an increase of 430 basis points compared to the prior-year quarter.

The following table summarizes our key operating results for Sands Macao for the fourth quarter of 2016 compared to the fourth quarter of 2015:

Sands Macao Operations              Three Months Ended
                                    December 31,
(Dollars in millions)               2016                     2015                     $ Change                 Change
Revenues:
Casino                              $           155          $           198          $           (43)         -21.7%
Rooms                                           5                        6                        (1)          -16.7%
Food and Beverage                               7                        8                        (1)          -12.5%
Convention, Retail and Other                    2                        3                        (1)          -33.3%
Less - Promotional Allowances                   (8)                      (10)                     2            20.0%
Net Revenues                        $           161          $           205          $           (44)         -21.5%
Adjusted Property EBITDA            $           47           $           51           $           (4)          -7.8%
EBITDA Margin %                                 29.2%                    24.9%                                 4.3 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                 $           1,404        $           2,696        $           (1,292)      -47.9%
Rolling Chip Win %(1)                           1.83%                    3.18%                                 -1.35 pts
Non-Rolling Chip Drop               $           608          $           716          $           (108)        -15.1%
Non-Rolling Chip Win %                          20.0%                    17.3%                                 2.7 pts
Slot Handle                         $           592          $           662          $           (70)         -10.6%
Slot Hold %                                     3.4%                     3.3%                                  0.1 pts
Hotel Statistics
Occupancy %                                     98.6%                    99.1%                                 -0.5 pts
Average Daily Rate (ADR)            $           196          $           209          $           (13)         -6.2%
Revenue per Available Room (RevPAR) $           193          $           207          $           (14)         -6.8%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Marina Bay Sands Fourth Quarter Operating Results

Marina Bay Sands generated revenue of $723 million and adjusted property EBITDA of $366 million.

Rolling Chip win percentage of 2.87% in the fourth quarter of 2016 was above the 2.39% achieved in the fourth quarter of 2015, but within the expected range. Rolling Chip volume was $8.26 billion for the quarter.

Non-Rolling Chip drop was $951 million during the quarter, with a Non-Rolling Chip win percentage of 28.1%. Slot handle increased 1.8% to $3.38 billion for the quarter compared to the year-ago quarter. Total mass win-per-day during the quarter was $4.59 million, consistent with the same quarter last year.

Occupancy was essentially unchanged at 96.7% during the quarter, while ADR increased 7.9% to $423, resulting in a RevPAR increase of 7.9% compared to the same quarter last year.

The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2016 compared to the fourth quarter of 2015:

Marina Bay Sands Operations         Three Months Ended
                                    December 31,
(Dollars in millions)               2016                     2015                     $ Change                 Change
Revenues:
Casino                              $           563          $           533          $           30           5.6%
Rooms                                           95                       88                       7            8.0%
Food and Beverage                               55                       55                       -            -%
Mall                                            44                       42                       2            4.8%
Convention, Retail and Other                    26                       29                       (3)          -10.3%
Less - Promotional Allowances                   (60)                     (44)                     (16)         -36.4%
Net Revenues                        $           723          $           703          $           20           2.8%
Adjusted Property EBITDA            $           366          $           339          $           27           8.0%
EBITDA Margin %                                 50.6%                    48.2%                                 2.4 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                 $           8,257        $           10,117       $           (1,860)      -18.4%
Rolling Chip Win %(1)                           2.87%                    2.39%                                 0.48 pts
Non-Rolling Chip Drop               $           951          $           976          $           (25)         -2.6%
Non-Rolling Chip Win %                          28.1%                    28.5%                                 -0.4 pts
Slot Handle                         $           3,383        $           3,323        $           60           1.8%
Slot Hold %                                     4.6%                     4.4%                                  0.2 pts
Hotel Statistics
Occupancy %                                     96.7%                    96.6%                                 0.1 pts
Average Daily Rate (ADR)            $           423          $           392          $           31           7.9%
Revenue per Available Room (RevPAR) $           409          $           379          $           30           7.9%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Las Vegas Operations Fourth Quarter Operating Results

Revenue and adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, were $412 million and $111 million, respectively, for the quarter. RevPAR increased 4.5% year-over-year to $230 in the quarter, reflecting a 6.3% increase in ADR to $254 and a 1.8 percentage point decrease in occupancy to 90.3%. Table games drop decreased 14.8% in the quarter to $403 million, reflecting softer play in both the Baccarat and non-Baccarat segments, while slot handle increased 4.3% to $707 million.

The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2016 compared to the fourth quarter of 2015:

                                    Three Months Ended
Las Vegas Operations                December 31,
(Dollars in millions)               2016                           2015                           $ Change                       Change
Revenues:
Casino                              $              130             $              129             $              1               0.8%
Rooms                                              144                            142                            2               1.4%
Food and Beverage                                  75                             74                             1               1.4%
Convention, Retail and Other                       90                             82                             8               9.8%
Less - Promotional Allowances                      (27)                           (27)                           -               -%
Net Revenues                        $              412             $              400             $              12              3.0%
Adjusted Property EBITDA            $              111             $              97              $              14              14.4%
EBITDA Margin %                                    26.9%                          24.3%                                          2.6 pts
Gaming Statistics
(Dollars in millions)
Table Games Drop                    $              403             $              473             $              (70)            -14.8%
Table Games Win %(1)                               22.3%                          18.5%                                          3.8 pts
Slot Handle                         $              707             $              678             $              29              4.3%
Slot Hold %                                        7.9%                           8.0%                                           -0.1 pts
Hotel Statistics
Occupancy %                                        90.3%                          92.1%                                          -1.8 pts
Average Daily Rate (ADR)            $              254             $              239             $              15              6.3%
Revenue per Available Room (RevPAR) $              230             $              220             $              10              4.5%
(1)   This compares to our expected Baccarat win percentage of 21.0% to 29.0% and our expected non-Baccarat win percentage of 16.0% to 20.0% (calculated before discounts).

Sands Bethlehem Fourth Quarter Operating Results

Revenue and adjusted property EBITDA at Sands Bethlehem were $139 million and $28 million, respectively, for the quarter. Table games drop decreased 7.5% to $271 million for the quarter, while table games win percentage was 19.0%, above the 18.3% realized in the fourth quarter of 2015. Slot handle increased 8.1% year-over-year to $1.15 billion for the quarter, with a slot hold percentage of 6.6%.

The following table summarizes our key operating results for Sands Bethlehem for the fourth quarter of 2016 compared to the fourth quarter of 2015:

                                    Three Months Ended
Sands Bethlehem Operations          December 31,
(Dollars in millions)               2016                 2015                 $ Change                       Change
Revenues:
Casino                              $         129        $         130        $         (1)        -0.8%
Rooms                                         4                    4                    -          -%
Food and Beverage                             7                    8                    (1)        -12.5%
Mall                                          1                    1                    -          -%
Convention, Retail and Other                  5                    5                    -          -%
Less - Promotional Allowances                 (7)                  (8)                  1          -12.5%
Net Revenues                        $         139        $         140        $         (1)        -0.7%
Adjusted Property EBITDA            $         28         $         34         $         (6)        -17.6%
EBITDA Margin %                               20.1%                24.3%                           -4.2 pts
Gaming Statistics
(Dollars in millions)
Table Games Drop                    $         271        $         293        $         (22)       -7.5%
Table Games Win %(1)                          19.0%                18.3%                           0.7 pts
Slot Handle                         $         1,149      $         1,063      $         86         8.1%
Slot Hold %                                   6.6%                 6.9%                            -0.3 pts
Hotel Statistics
Occupancy %                                   93.3%                92.8%                           0.5 pts
Average Daily Rate (ADR)            $         163        $         152        $         11         7.2%
Revenue per Available Room (RevPAR) $         152        $         141        $         11         7.8%
(1) This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).

Asian Retail Mall Operations

Gross revenue from tenants in the Company’s retail malls on Macao’s Cotai Strip (The Venetian Macao, Four Seasons Macao, Sands Cotai Central and The Parisian Macao) and Marina Bay Sands in Singapore was $167 million for the fourth quarter of 2016, an increase of 5.0% compared to the fourth quarter of 2015. Operating profit derived from these retail mall assets increased 2.8% year-over-year to $148 million.

                                For The Three Months Ended December 31, 2016                                                TTM
                                                                                                                            December
                                                                                                                            31, 2016
(Dollars in millions            Gross                 Operating        Operating Profit  Gross          Occupancy    Tenant Sales
except per square foot data)    Revenue(1)            Profit           Margin            Leasable Area  % at End of  Per
                                                                                         (sq. ft.)      Period       Sq. Ft.(2)
Shoppes at Venetian             $      56             $       51       91.1%             777,413        97.6%        $      1,326
Shoppes at Four Seasons
           Luxury Retail               21                     19       90.5%             142,562        100.0%              4,200
           Other Stores                12                     11       91.7%             116,848        98.4%               1,451
           Total                       33                     30       90.9%             259,410        99.3%               3,004
Shoppes at Cotai Central(3)                   16              14       87.5%             407,065        96.7%               882
Shoppes at Parisian(4)                 18                     15       83.3%             299,778        92.6%               N/A
Total Cotai Strip in Macao             123                    110      89.4%             1,743,666      96.8%               1,559
The Shoppes at Marina Bay Sands        44                     38       86.4%             612,567        98.3%               1,383
Total                           $      167            $       148      088.6%            2,356,233      97.2%        $      1,506
(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) At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.
(4) The Shoppes at Parisian opened in September 2016.

Other Factors Affecting Earnings

Ferry Operations and Other, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $7 million during the quarter, compared to $6 million in the fourth quarter of 2015.

Pre-opening expense was $2 million in the fourth quarter of 2016, compared to $18 million in the fourth quarter of 2015.

Depreciation and amortization expense was $319 million in the fourth quarter of 2016, compared to $249 million in the fourth quarter of 2015. This increase was driven primarily by the opening of The Parisian Macao.

Interest expense, net of amounts capitalized, was $76 million for the fourth quarter of 2016, compared to $66 million in the prior-year quarter. Capitalized interest was $1 million during the fourth quarter of 2016, compared to $11 million during the fourth quarter of 2015. Our weighted average borrowing cost in the fourth quarter of 2016 was approximately 3.0%.

The Company’s effective income tax rate for the fourth quarter of 2016 was 7.9% compared to 9.7% in the prior-year quarter. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

The net income attributable to noncontrolling interests during the fourth quarter of 2016 of $98 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of December 31, 2016 were $2.13 billion.

As of December 31, 2016, total debt outstanding, including the current portion and net of deferred financing costs (excluding those costs related to our revolving facilities) and original issue discount, was $9.60 billion.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $295 million, including construction, development and maintenance activities of $215 million in Macao (principally for The Parisian Macao), $40 million in Las Vegas, $33 million at Marina Bay Sands and $7 million at Sands Bethlehem.

Conference Call Information

The Company will host a conference call to discuss the Company’s results on Wednesday, January 25, 2017 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the Company’s website at www.sands.com.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our ability to meet certain development deadlines, our subsidiaries’ ability to make distribution payments to us, and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

About Las Vegas Sands

Las Vegas Sands (LVS ) is the world’s leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state-of-the-art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants and many other amenities.

Our properties include The Venetian and The Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd. (HK: 1928), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, Sands Cotai Central, and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.

LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through its Sands Cares corporate citizenship program and leading innovation with the Company’s award-winning Sands ECO360? global sustainability program. To learn more, please visit www.sands.com.

Contacts:
Investment Community: Daniel Briggs (702) 414-1221
Media:                Ron Reese     (702) 414-3607

Las Vegas Sands Corp. Fourth Quarter 2016 Results Non-GAAP Measures

Within the Company’s fourth quarter 2016 press release, the Company makes reference to certain non-GAAP financial measures that supplement the Company’s consolidated financial information prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") including "adjusted net income," "adjusted earnings per diluted share," and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures along with "adjusted property EBITDA margin," "hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA margin," "hold-normalized adjusted net income," and "hold-normalized adjusted earnings per diluted share." The Company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this release are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the Company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the Company’s management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition, results of operations and cash flows are presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the Company’s operations and operating performance. These non-GAAP financial measures are presented so that investors have the same financial data that management uses in evaluating financial performance with the belief that it will assist the investment community in properly assessing the underlying financial performance of the Company on a year-over-year and a quarter sequential basis.

Adjusted net income, which is a non-GAAP financial measure, excludes certain non-recurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and other income and expense, attributable to Las Vegas Sands, net of income tax. Adjusted net income and adjusted earnings per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of gaming companies, as these non-GAAP measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Gaming companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific casino properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal repayments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands Corp. may not be directly comparable to similarly titled measures presented by other companies.

Hold-normalized adjusted property EBITDA, a supplemental non-GAAP financial measure, that, in addition to the aforementioned reasons for the presentation of consolidated adjusted property EBITDA, is presented to adjust for the impact of certain variances in table games’ win percentages, which can vary from period to period. Hold-normalized adjusted property EBITDA is based on applying a Rolling Chip win percentage of 2.85% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 2.7% to 3.0% for our Macao and Singapore properties, and applying a win percentage of 25.0% for Baccarat and 18.0% for non-Baccarat games to the respective table games drops for the quarter if the actual win percentages are outside the expected ranges of 21.0% to 29.0% for Baccarat and 16.0% to 20.0% for non-Baccarat at our Las Vegas properties. No hold adjustments are made for Sands Bethlehem. We do not present adjustments for Non-Rolling Chip drop for our table games play at our Macao and Singapore properties, nor for slots at any of our properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid to third parties on the incremental win, bad debt expense, discounts and other incentives that would have been incurred when applying the win percentages noted above to the respective gaming volumes. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period.

Hold-normalized adjusted net income and hold-normalized adjusted earnings per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income and adjusted earnings per diluted share, are presented to adjust for the impact of certain variances in table games’ win percentages, which can vary from period to period.

The Company may also present the above items on a constant currency basis. This information is a non-GAAP financial measure that is calculated by translating current quarter local currency amounts to U.S. dollars based on prior period exchange rates. These amounts are compared to the prior period to derive non-GAAP constant-currency growth/decline. Management considers non-GAAP constant-currency growth/decline to be a useful metric to investors and management as it allows a more direct comparison of current performance to historical performance.

The Company also makes reference to adjusted property EBITDA margin and hold-normalized adjusted property EBITDA margin, which are calculated using the aforementioned non-GAAP financial measures.

Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except share and per share data)
(Unaudited)
                                                    Three Months Ended                  Year Ended
                                                    December 31,                        December 31,
                                                    2016               2015             2016               2015
Revenues:
Casino                                              $          2,365   $        2,162   $          8,771   $         9,083
Rooms                                               404                367              1,527              1,470
Food and beverage                                   215                201              774                757
Mall                                                169                160              591                564
Convention, retail and other                        144                152              533                540
                                                    3,297              3,042            12,196             12,414
Less - promotional allowances                       (222)              (180)            (786)              (726)
                                                    3,075              2,862            11,410             11,688
Operating expenses:
Resort operations                                   1,962              1,815            7,294              7,540
Corporate                                           48                 49               256                176
Pre-opening                                         2                  18               130                48
Development                                         2                  3                9                  10
Depreciation and amortization                       319                249              1,111              999
Amortization of leasehold interests in land         9                  10               38                 39
Loss on disposal or impairment of assets            64                 16               79                 35
                                                    2,406              2,160            8,917              8,847
Operating income                                    669                702              2,493              2,841
Other income (expense):
Interest income                                     4                  2                10                 15
Interest expense, net of amounts capitalized        (76)               (66)             (274)              (265)
Other income (expense)                              64                 (1)              31                 31
Loss on modification or early retirement of debt    (2)                -                (5)                -
Income before income taxes                          659                637              2,255              2,622
Income tax expense                                  (52)               (62)             (239)              (236)
Net income                                          607                575              2,016              2,386
Net income attributable to noncontrolling interests (98)               (109)            (346)              (420)
Net income attributable to Las Vegas Sands Corp.    $             509  $           466  $          1,670   $         1,966
Earnings per share:
Basic                                               $            0.64  $          0.59  $            2.10  $           2.47
Diluted                                             $            0.64  $          0.59  $            2.10  $           2.47
Weighted average shares outstanding:
Basic                                               794,778,997        794,963,357      794,627,349        796,785,900
Diluted                                             795,077,689        795,653,442      795,210,673        797,596,082
Dividends declared per common share                 $            0.72  $          0.65  $            2.88  $           2.60
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure and Supplemental Data
(In millions)
(Unaudited)
Net Revenues
                                                       Three Months Ended  Year Ended
                                                       December 31,        December 31,
                                                       2016       2015     2016      2015
The Venetian Macao                                     $   707    $   761  $  2,895  $  2,987
Sands Cotai Central                                    444        506      1,965     2,182
The Parisian Macao                                     344        -        413       -
Four Seasons Hotel Macao and Plaza Casino              163        158      597       691
Sands Macao                                            161        205      688       879
Ferry Operations and Other                             48         43       174       160
Macao Operations                                       1,867      1,673    6,732     6,899
Marina Bay Sands                                       723        703      2,799     2,952
Las Vegas Operating Properties                         412        400      1,537     1,508
Sands Bethlehem                                        139        140      571       549
Intersegment Eliminations                              (66)       (54)     (229)     (220)
                                                       $3,075     $2,862   $11,410   $11,688
Adjusted Property EBITDA
                                                       Three Months Ended  Year Ended
                                                       December 31,        December 31,
                                                       2016       2015     2016      2015
The Venetian Macao                                     $   262    $   298  $  1,089  $  1,079
Sands Cotai Central                                    132        160      616       651
The Parisian Macao                                     95         -        114       -
Four Seasons Hotel Macao and Plaza Casino              67         66       221       243
Sands Macao                                            47         51       172       226
Ferry Operations and Other                             7          6        32        23
Macao Operations                                       610        581      2,244     2,222
Marina Bay Sands                                       366        339      1,389     1,507
Las Vegas Operating Properties                         111        97       356       305
Sands Bethlehem                                        28         34       141       136
                                                       $1,115     $1,051   $  4,130  $  4,170
Adjusted Property EBITDA as a Percentage of Net Revenues
                                                       Three Months Ended  Year Ended
                                                       December 31,        December 31,
                                                       2016       2015     2016      2015
The Venetian Macao                                     37.1%      39.2%    37.6%     36.1%
Sands Cotai Central                                    29.7%      31.6%    31.3%     29.8%
The Parisian Macao                                     27.6%      -        27.6%     -
Four Seasons Hotel Macao and Plaza Casino              41.1%      41.8%    37.0%     35.2%
Sands Macao                                            29.2%      24.9%    25.0%     25.7%
Ferry Operations and Other                             14.6%      14.0%    18.4%     14.4%
Macao Operations                                       32.7%      34.7%    33.3%     32.2%
Marina Bay Sands                                       50.6%      48.2%    49.6%     51.1%
Las Vegas Operating Properties                         26.9%      24.3%    23.2%     20.2%
Sands Bethlehem                                        20.1%      24.3%    24.7%     24.8%
Total                                                  36.3%      36.7%    36.2%     35.7%
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
                                                                        Three Months Ended      Year Ended
                                                                        December 31,            December 31,
                                                                        2016       2015         2016       2015
Room Statistics:
     The Venetian Macao:
                Occupancy %                                             94.2%      83.5%        86.0%      84.0%
                Average daily room rate (ADR) (1)                       $     211  $     223    $     214  $     243
                Revenue per available room (RevPAR) (2)                 $     199  $     186    $     184  $     204
     Sands Cotai Central:
                Occupancy %                                             85.9%      85.4%        82.2%      83.1%
                Average daily room rate (ADR) (1)                       $     146  $     151    $     148  $     157
                Revenue per available room (RevPAR) (2)                 $     125  $     129    $     122  $     131
     The Parisian Macao:
                Occupancy %                                             91.1%      0.0%         90.5%      0.0%
                Average daily room rate (ADR) (1)                       $     138  $         -  $     138  $         -
                Revenue per available room (RevPAR) (2)                 $     126  $         -  $     125  $         -
     Four Seasons Hotel Macao and Plaza Casino:
                Occupancy %                                             82.8%      81.1%        75.3%      82.0%
                Average daily room rate (ADR) (1)                       $     413  $     351    $     364  $     376
                Revenue per available room (RevPAR) (2)                 $     342  $     284    $     274  $     308
     Sands Macao:
                Occupancy %                                             98.6%      99.1%        97.1%      99.3%
                Average daily room rate (ADR) (1)                       $     196  $     209    $     199  $     220
                Revenue per available room (RevPAR) (2)                 $     193  $     207    $     193  $     218
     Marina Bay Sands:
                Occupancy %                                             96.7%      96.6%        97.3%      96.3%
                Average daily room rate (ADR) (1)                       $     423  $     392    $     417  $     404
                Revenue per available room (RevPAR) (2)                 $     409  $     379    $     406  $     389
     Las Vegas Operating Properties:
                Occupancy %                                             90.3%      92.1%        93.5%      91.8%
                Average daily room rate (ADR) (1)                       $     254  $     239    $     246  $     233
                Revenue per available room (RevPAR) (2)                 $     230  $     220    $     230  $     214
     Sands Bethlehem:
                Occupancy %                                             93.3%      92.8%        94.5%      91.5%
                Average daily room rate (ADR) (1)                       $     163  $     152    $     160  $     151
                Revenue per available room (RevPAR) (2)                 $     152  $     141    $     151  $     138
Casino Statistics:
     The Venetian Macao:
                Table games win per unit per day (3)                    $13,244    $11,563      $11,789    $11,864
                Slot machine win per unit per day (4)                   $     240  $     267    $     258  $     261
                Average number of table games                           536        635          616        618
                Average number of slot machines                         1,528      1,925        1,807      2,077
     Sands Cotai Central:
                Table games win per unit per day (3)                    $  9,600   $  9,035     $  9,294   $10,340
                Slot machine win per unit per day (4)                   $     294  $     320    $     315  $     341
                Average number of table games                           405        503          479        504
                Average number of slot machines                         1,606      1,791        1,788      1,726
     The Parisian Macao:
                Table games win per unit per day (3)                    $  8,502   $         -  $  8,467   $         -
                Slot machine win per unit per day (4)                   $     242  $         -  $     255  $         -
                Average number of table games                           400        -            401        -
                Average number of slot machines                         1,583      -            1,572      -
     Four Seasons Hotel Macao and Plaza Casino:
                Table games win per unit per day (3)                    $17,080    $15,024      $15,166    $15,801
                Slot machine win per unit per day (4)                   $     684  $     471    $     501  $     501
                Average number of table games                           88         100          94         116
                Average number of slot machines                         123        157          141        159
     Sands Macao:
                Table games win per unit per day (3)                    $  8,129   $  8,309     $  7,467   $  8,616
                Slot machine win per unit per day (4)                   $     267  $     260    $     267  $     281
                Average number of table games                           197        274          242        280
                Average number of slot machines                         826        912          886        945
     Marina Bay Sands:
                Table games win per unit per day (3)                    $  9,236   $  9,218     $  8,972   $10,434
                Slot machine win per unit per day (4)                   $     676  $     661    $     667  $     659
                Average number of table games                           592        613          594        600
                Average number of slot machines                         2,496      2,402        2,471      2,411
     Las Vegas Operating Properties:
                Table games win per unit per day (3)                    $  3,865   $  3,856     $  3,222   $  3,698
                Slot machine win per unit per day (4)                   $     301  $     284    $     282  $     242
                Average number of table games                           253        247          248        245
                Average number of slot machines                         2,006      2,080        2,002      2,193
     Sands Bethlehem:
                Table games win per unit per day (3)                    $  3,156   $  3,332     $  3,342   $  3,159
                Slot machine win per unit per day (4)                   $     260  $     270    $     273  $     274
                Average number of table games                           177        175          177        176
                Average number of slot machines                         3,162      2,976        3,077      2,992
_________________
(1)      ADR is calculated by dividing total room revenue by total rooms occupied.
(2)      RevPAR is calculated by dividing total room revenue by total rooms available.
(3)      Table games win per unit per day is shown before discounts and commissions.
(4)      Slot machine win per unit per day is shown before deducting cost for slot points.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:
                                                      Three Months Ended                                                                                                Year Ended
                                                      December 31,                                                                                                      December 31,
                                                      2016              2015                                                                                            2016    2015
Net income                                            $   607           $   575                                                                                         $2,016  $2,386
Add (deduct):
Income tax expense                                    52                62                                                                                              239     236
Loss on modification or early retirement of debt      2                 -                                                                                               5       -
Other (income) expense                                (64)              1                                                                                               (31)    (31)
Interest expense, net of amounts capitalized          76                66                                                                                              274     265
Interest income                                       (4)               (2)                                                                                             (10)    (15)
Loss on disposal or impairment of assets              64                16                                                                                              79      35
Amortization of leasehold interests in land           9                 10                                                                                              38      39
Depreciation and amortization                         319               249                                                                                             1,111   999
Development expense                                   2                 3                                                                                               9       10
Pre-opening expense                                   2                 18                                                                                              130     48
Stock-based compensation (1)                          2                 4                                                                                               14      22
Corporate expense                                     48                49                                                                                              256     176
Consolidated Adjusted Property EBITDA                 $1,115            $1,051                                                                                          $4,130  $4,170
Hold-normalized casino revenue (2)                    (78)              8
Hold-normalized casino expense (2)                    34                11
Consolidated Hold-Normalized Adjusted Property EBITDA $1,071            $1,070
(1)  See Exhibit 7
(2)  See Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
                                   Three Months Ended December 31, 2016
                                               (1)                   (2)                   Hold-Normalized
                                   Adjusted    Hold-Normalized       Hold-Normalized       Adjusted
                                   Property    Casino                Casino                Property
                                   EBITDA      Revenue               Expense               EBITDA
Macao Operations                   $   610     $               (78)  $                 34  $                  566
Marina Bay Sands                   366         -                     -                     366
United States:
Las Vegas Operating Properties     111         -                     -                     111
Sands Bethlehem                    28          -                     -                     28
United States Property Operations  139         -                     -                     139
                                   $ 1,115     $               (78)  $                 34  $               1,071
                                   Three Months Ended December 31, 2015
                                               (1)                   (2)                   Hold-Normalized
                                   Adjusted    Hold-Normalized       Hold-Normalized       Adjusted
                                   Property    Casino                Casino                Property
                                   EBITDA      Revenue               Expense               EBITDA
Macao Operations                   $   581     $               (48)  $                 22  $                  555
Marina Bay Sands                   339         46                    (9)                   376
United States:
Las Vegas Operating Properties     97          10                    (2)                   105
Sands Bethlehem                    34          -                     -                     34
United States Property Operations  131         10                    (2)                   139
                                   $ 1,051     $                  8  $                 11  $               1,070
(1) For Macao Property Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling volume play that would have been earned or lost had the Company’s current period win percentage equaled 2.85%. This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%.
    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 25.0% for Baccarat and 18.0% for non-Baccarat. This calculation will only be done if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 21.0% to 29.0% and 16.0% to 20.0%, respectively.
    For Sands Bethlehem, no adjustments have been, or will be, made.
    These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.
(2) Represents the estimated incremental expenses (gaming taxes, bad debt expense and commissions paid to third parties) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions, except share and per share data)
(Unaudited)
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Net Income and Hold-Normalized Adjusted Net Income:
                                                          Three Months Ended                              Year Ended
                                                          December 31,                                    December 31,
                                                          2016                    2015 (1)                2016                                                   2015 (1)
Net income attributable to Las Vegas Sands Corp.          $              509      $           466         $         1,670                                        $         1,966
Nonrecurring corporate expense                            -                       -                       79                                                     -
Pre-opening expense                                       2                       18                      130                                                    48
Development expense                                       2                       3                       9                                                      10
Loss on disposal or impairment of assets                  64                      16                      79                                                     35
Other (income) expense                                    (64)                    1                       (31)                                                   (31)
Loss on modification or early retirement of debt          2                       -                       5                                                      -
Income tax impact on net income adjustments (2)           (21)                    (4)                     (40)                                                   (5)
Noncontrolling interest impact on net income adjustments  (3)                     (6)                     (52)                                                   (19)
Adjusted net income                                       $              491      $           494         $         1,849                                        $         2,004
Hold-normalized casino revenue (3)                        (78)                    8
Hold-normalized casino expense (3)                        34                      11
Income tax impact on hold adjustments(2)                  -                       (6)
Noncontrolling interest impact on hold adjustments        13                      8
Hold-normalized adjusted net income                       $              460      $           515
The following is a reconciliation of Diluted Earnings per Share to Adjusted Earnings per Diluted Share and Hold-Normalized Adjusted Earnings per Diluted Share:
                                                          Three Months Ended                              Year Ended
                                                          December 31,                                    December 31,
                                                          2016                    2015 (1)                2016                                                   2015 (1)
Per diluted share of common stock:
Net income attributable to Las Vegas Sands Corp.          $             0.64      $          0.59         $          2.10                                        $          2.47
Nonrecurring corporate expense                            -                       -                       0.10                                                   -
Pre-opening expense                                       -                       0.02                    0.16                                                   0.06
Development expense                                       -                       -                       0.01                                                   0.01
Loss on disposal or impairment of assets                  0.08                    0.02                    0.10                                                   0.04
Other (income) expense                                    (0.08)                  0.01                    (0.04)                                                 (0.04)
Loss on modification or early retirement of debt          -                       -                       0.01                                                   -
Income tax impact on net income adjustments               (0.02)                  (0.01)                  (0.04)                                                 (0.01)
Noncontrolling interest impact on net income adjustments  -                       (0.01)                  (0.07)                                                 (0.02)
Adjusted earnings per diluted share                       $             0.62      $          0.62         $          2.33                                        $          2.51
Hold-normalized casino revenue                            (0.10)                  0.01
Hold-normalized casino expense                            0.04                    0.02
Income tax impact on hold adjustments                     -                       (0.01)
Noncontrolling interest impact on hold adjustments        0.02                    0.01
Hold-normalized adjusted earnings per diluted share       $             0.58      $          0.65
Weighted average diluted shares outstanding               795,077,689             795,653,442             795,210,673                                            797,596,082
(1) The information for the three months and year ended December 31, 2015, has been reclassified to conform to the current presentation.
(2) 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.
(3) See Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data By Segment
(In millions)
(Unaudited)
                                           Three Months Ended December 31, 2016
                                                                             Amortization     Loss on        Pre-Opening
                                                             Depreciation    of  Leasehold    Disposal or    and                        (1)                            Adjusted
                                           Operating         and             Interests        Impairment     Development       Royalty  Stock-Based        Corporate   Property
                                           Income (Loss)     Amortization    in Land          of Assets      Expense           Fees     Compensation       Expense     EBITDA
Macao:
The Venetian Macao                         $            217  $           40  $             2  $           2  $             -   $    -   $               1  $        -  $   262
Sands Cotai Central                        55                70              2                4              -                 -        1                  -           132
The Parisian Macao                         45                48              1                -              1                 -        -                  -           95
Four Seasons Hotel Macao and Plaza Casino  54                10              1                -              2                 -        -                  -           67
Sands Macao                                37                10              -                -              -                 -        -                  -           47
Ferry Operations and Other                 (19)              4               -                -              (1)               23       -                  -           7
Macao Operations                           389               182             6                6              2                 23       2                  -           610
Marina Bay Sands                           259               76              3                2              -                 26       -                  -           366
United States:
Las Vegas Operating Properties             110               45              -                5              -                 (49)     -                  -           111
Sands Bethlehem                            20                7               -                1              -                 -        -                  -           28
United States Property Operations          130               52              -                6              -                 (49)     -                  -           139
Other Development                          (53)              2               -                49             2                 -        -                  -           -
Corporate                                  (56)              7               -                1              -                 -        -                  48          -
                                           $            669  $         319   $             9  $         64   $              4  $    -   $               2  $       48  $ 1,115
                                           Three Months Ended December 31, 2015
                                                                             Amortization     Loss on        Pre-Opening
                                                             Depreciation    of Leasehold     Disposal or    and                        (1)                            Adjusted
                                           Operating         and             Interests        Impairment     Development       Royalty  Stock-Based        Corporate   Property
                                           Income (Loss)     Amortization    in Land          of Assets      Expense           Fees     Compensation       Expense     EBITDA
Macao:
The Venetian Macao                         $            253  $           40  $             2  $           1  $             -   $    -   $               2  $        -  $   298
Sands Cotai Central                        78                67              2                3              9                 -        1                  -           160
Four Seasons Hotel Macao and Plaza Casino  53                11              1                -              1                 -        -                  -           66
Sands Macao                                42                9               -                -              -                 -        -                  -           51
Ferry Operations and Other                 (12)              4               -                -              -                 14       -                  -           6
Macao Operations                           414               131             5                4              10                14       3                  -           581
Marina Bay Sands                           247               62              4                1              1                 24       -                  -           339
United States:
Las Vegas Operating Properties             80                43              -                11             -                 (38)     1                  -           97
Sands Bethlehem                            27                7               -                -              -                 -        -                  -           34
United States Property Operations          107               50              -                11             -                 (38)     1                  -           131
Other Development                          (10)              (1)             1                -              10                -        -                  -           -
Corporate                                  (56)              7               -                -              -                 -        -                  49          -
                                           $            702  $         249   $           10   $         16   $            21   $    -   $               4  $       49  $ 1,051
                                           Year Ended December 31, 2016
                                                                             Amortization     Loss on        Pre-Opening
                                                             Depreciation    of Leasehold     Disposal or    and                        (1)                            Adjusted
                                           Operating         and             Interests        Impairment     Development       Royalty  Stock-Based        Corporate   Property
                                           Income (Loss)     Amortization    in Land          of Assets      Expense           Fees     Compensation       Expense     EBITDA
Macao:
The Venetian Macao                         $            912  $         160   $             7  $           3  $             -   $    -   $               7  $        -  $ 1,089
Sands Cotai Central                        311               287             8                8              (1)               -        3                  -           616
The Parisian Macao                         34                57              1                -              22                -        -                  -           114
Four Seasons Hotel Macao and Plaza Casino  174               39              3                -              4                 -        1                  -           221
Sands Macao                                132               38              1                -              -                 -        1                  -           172
Ferry Operations and Other                 (56)              15              -                -              -                 73       -                  -           32
Macao Operations                           1,507             596             20               11             25                73       12                 -           2,244
Marina Bay Sands                           1,002             280             16               1              -                 90       -                  -           1,389
United States:
Las Vegas Operating Properties             325               175             -                15             1                 (162)    2                  -           356
Sands Bethlehem                            111               29              -                1              -                 -        -                  -           141
United States Property Operations          436               204             -                16             1                 (162)    2                  -           497
Other Development                          (166)             2               2                49             113               -        -                  -           -
Corporate                                  (286)             29              -                2              -                 (1)      -                  256         -
                                           $         2,493   $       1,111   $           38   $         79   $          139    $    -   $             14   $     256   $ 4,130
                                           Year Ended December 31, 2015
                                                                             Amortization     Loss on        Pre-Opening
                                                             Depreciation    of Leasehold     Disposal or    and                        (1)                            Adjusted
                                           Operating         and             Interests        Impairment     Development       Royalty  Stock-Based        Corporate   Property
                                           Income (Loss)     Amortization    in Land          of Assets      Expense           Fees     Compensation       Expense     EBITDA
Macao:
The Venetian Macao                         $            898  $         155   $             7  $         10   $             -   $    -   $               9  $        -  $ 1,079
Sands Cotai Central                        337               277             8                7              18                -        4                  -           651
Four Seasons Hotel Macao and Plaza Casino  194               39              3                -              6                 -        1                  -           243
Sands Macao                                185               36              1                3              -                 -        1                  -           226
Ferry Operations and Other                 (47)              14              -                -              -                 55       1                  -           23
Macao Operations                           1,567             521             19               20             24                55       16                 -           2,222
Marina Bay Sands                           1,145             243             17               2              2                 97       1                  -           1,507
United States:
Las Vegas Operating Properties             264               174             -                13             -                 (151)    5                  -           305
Sands Bethlehem                            108               28              -                -              -                 -        -                  -           136
United States Property Operations          372               202             -                13             -                 (151)    5                  -           441
Other Development                          (35)              -               3                -              32                -        -                  -           -
Corporate                                  (208)             33              -                -              -                 (1)      -                  176         -
                                           $         2,841   $         999   $           39   $         35   $            58   $    -   $             22   $     176   $ 4,170
(1) During the three months ended December 31, 2016 and 2015, the Company recorded stock-based compensation expense of $6 million and $9 million, respectively, of which $4 million and $5 million, respectively, is included in corporate expense on the Company’s condensed consolidated statements of operations. During the years ended December 31, 2016 and 2015, the Company recorded stock-based compensation expense of $34 million and $46 million, respectively, of which $19 million and $23 million, respectively, is included in corporate expense, and $1 million and $1 million, respectively, is included in pre-opening expense on the Company’s condensed consolidated statements of operations.

http://photos.prnewswire.com/prnvar/20150528/219021LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-fourth-quarter-and-full-year-2016-results-300396855.html

SOURCE Las Vegas Sands Corp.

https://rt.prnewswire.com/rt.gif?NewsItemId=LA96017&Transmission_Id=201701251601PR_NEWS_USPR_____LA96017&DateId=20170125



Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.