Las Vegas Sands Reports First Quarter 2022 Results

Las Vegas Sands Reports First Quarter 2022 Results


Las Vegas Sands;

Las Vegas Sands Corp. (NYSE: LVS) yesterday reported financial results for the quarter ended March 31, 2022.

“While pandemic-related restrictions continued to impact our financial results this quarter, we were able to generate positive EBITDA at Marina Bay Sands in Singapore, and for the company as a whole.  We remain enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao and Singapore,” said Robert G. Goldstein, chairman and chief executive officer.  “We also remain steadfast in our commitment to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the COVID-19 pandemic.”

“We remain confident in the recovery of travel and tourism spending across our markets.  Demand for our offerings from customers who have been able to visit remains robust, but pandemic-related travel restrictions in both Macao and Singapore continue to limit visitation and hinder our current financial performance.”

“Our industry-leading investments in our team members, our communities, and our Integrated Resort property portfolio position us exceedingly well to deliver future growth as these travel restrictions subside and the recovery comes to fruition.  We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets.”

Net revenue was $943 million, compared to $1.20 billion in the prior year quarter.  Operating loss was $302 million, compared to $96 million in the prior year quarter.  Net loss from continuing operations in the first quarter of 2022 was $478 million, compared to $280 million in the first quarter of 2021. 

Consolidated adjusted property EBITDA was $110 million, compared to $244 million in the prior year quarter.

On February 23, 2022, LVS closed the sale of its Las Vegas real property and operations and received approximately $5.05 billion in cash proceeds, before working capital adjustments, transaction costs and income taxes.  In addition, the company provided $1.20 billion in seller financing in the form of a six-year secured term loan.  The financial position, results of operations and cash flows of the Las Vegas Operating Properties have been presented as a discontinued operation.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL decreased to $547 million, compared to $771 million in the first quarter of 2021.  Net loss for SCL was $336 million, compared to $213 million in the first quarter of 2021.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $156 million for the first quarter of 2022, compared to $154 million in the prior year quarter.  Our weighted average borrowing cost in the first quarter of 2022 was 4.2% compared to 4.4% during the first quarter of 2021, while our weighted average debt balance increased compared to the prior year quarter due to borrowings of $251 million and $201 million under the SCL Credit Facility in October 2021 and March 2022, respectively.

Our income tax expense for the first quarter of 2022 was $2 million, compared to income tax expense of $14 million in the prior year quarter.  The income tax expense for the first quarter of 2022 was primarily driven by a 17% statutory rate on our Singapore operations.

Balance Sheet Items

Unrestricted cash balances as of March 31, 2022 were $6.43 billion.

The company has access to $3.48 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of March 31, 2022, total debt outstanding, excluding finance leases and financed purchases, was $14.95 billion.

Capital Expenditures

Capital expenditures during the first quarter totaled $137 million, including construction, development and maintenance activities of $84 million in Macao, $50 million at Marina Bay Sands and $3 million in Corporate and Other.

About Sands (NYSE: LVS)

Sands’ portfolio of properties includes Marina Bay Sands in Singapore and The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao, The Parisian Macao and Sands Macao in Macao SAR, China, through majority ownership in Sands China Ltd.

Las Vegas Sands Corp.

First Quarter 2022 Results

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

March 31,

2022

2021

Revenues:

  Casino

$           627

$           865

  Rooms

95

96

  Food and beverage

53

56

  Mall

149

156

  Convention, retail and other

19

23

Net revenues

943

1,196

Operating expenses:

  Resort operations

838

957

  Corporate

59

49

  Pre-opening

4

5

  Development

60

9

  Depreciation and amortization

264

255

  Amortization of leasehold interests in land

14

14

  Loss on disposal or impairment of assets

6

3

1,245

1,292

Operating loss

(302)

(96)

Other income (expense):

  Interest income

4

1

  Interest expense, net of amounts capitalized

(156)

(154)

  Other expense

(22)

(17)

Loss from continuing operations before income taxes

(476)

(266)

Income tax expense

(2)

(14)

Net loss from continuing operations

(478)

(280)

Discontinued operations:

  Income (loss) from operations of discontinued operations, net of tax

46

(62)

  Gain on disposal of discontinued operations, net of tax

2,861

Income (loss) from discontinued operations, net of tax

2,907

(62)

Net income (loss)

2,429

(342)

Net loss attributable to noncontrolling interests

101

64

Net income (loss) attributable to Las Vegas Sands Corp.

$        2,530

$         (278)

Earnings (loss) per share — basic:

  Net loss from continuing operations

$         (0.49)

$         (0.28)

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

3.80

(0.08)

  Net income (loss) per common share

$          3.31

$         (0.36)

Earnings (loss) per share — diluted:

  Net loss from continuing operations

$         (0.49)

$         (0.28)

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

3.80

(0.08)

  Net income (loss) per common share

$          3.31

$         (0.36)

Weighted average shares outstanding:

  Basic

764

764

  Diluted

764

764

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)

Three Months Ended

March 31,

2022

2021

Net Revenues

The Venetian Macao

$          227

$          340

The Londoner Macao

121

137

The Parisian Macao

74

87

The Plaza Macao and Four Seasons Macao

102

170

Sands Macao

20

35

Ferry Operations and Other

7

8

  Macao Operations

551

777

Marina Bay Sands

399

426

Intercompany Royalties

22

25

Intersegment Eliminations (1)

(29)

(32)

$          943

$       1,196

Adjusted Property EBITDA

The Venetian Macao

$            19

$            82

The Londoner Macao

(33)

(23)

The Parisian Macao

(11)

(8)

The Plaza Macao and Four Seasons Macao

32

70

Sands Macao

(17)

(18)

Ferry Operations and Other

(1)

(3)

  Macao Operations

(11)

100

Marina Bay Sands

121

144

$          110

$          244

Adjusted Property EBITDA as a Percentage of Net Revenues

The Venetian Macao

8.4%

24.1%

The Londoner Macao

The Parisian Macao

The Plaza Macao and Four Seasons Macao

31.4%

41.2%

Sands Macao

Ferry Operations and Other

  Macao Operations

12.9%

Marina Bay Sands

30.3%

33.8%

Total

11.7%

20.4%

____________________

Note:

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The information for the three months ended March 31, 2022 and 2021, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation.

(1)

Intersegment eliminations include royalties and other intercompany services.

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

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

EBITDA and Hold-Normalized Adjusted Property EBITDA:

Three Months Ended

March 31,

2022

2021

Net loss from continuing operations

$             (478)

$             (280)

  Add (deduct):

     Income tax expense

2

14

     Other expense

22

17

     Interest expense, net of amounts capitalized

156

154

     Interest income

(4)

(1)

     Loss on disposal or impairment of assets

6

3

     Amortization of leasehold interests in land

14

14

     Depreciation and amortization

264

255

     Development expense

60

9

     Pre-opening expense

4

5

     Stock-based compensation (1)

5

5

     Corporate expense

59

49

     Consolidated Adjusted Property EBITDA

$               110

$              244

     Hold-normalized casino revenue (2)

(12)

(80)

     Hold-normalized casino expense (2)

5

27

     Consolidated Hold-Normalized Adjusted Property EBITDA

$              103

$              191

____________________

Note:

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The information for the three months ended March 31, 2022 and 2021, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation.

(1)

During the three months ended March 31, 2022 and 2021, the company recorded stock-based compensation expense from continuing operations of $14 million and $7 million, respectively, of which $9 million and $2 million, respectively, is included in corporate expense on the company’s condensed consolidated statements of operations.

(2)

See Exhibit 4.

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)

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

Three Months Ended March 31, 2022

Adjusted

Property

EBITDA

Hold-Normalized

Casino

Revenue (1)

Hold-Normalized

Casino

Expense (2)

Hold-Normalized

Adjusted Property

EBITDA

Macao Operations

$                  (11)

$                       (12)

$                          5

$                         (18)

Marina Bay Sands

121

121

$                 110

$                       (12)

$                          5

$                        103

Three Months Ended March 31, 2021

Adjusted

Property

EBITDA

Hold-Normalized

Casino

Revenue (1)

Hold-Normalized

Casino

Expense (2)

Hold-Normalized

Adjusted Property

EBITDA

Macao Operations

$                 100

$                       (46)

$                        21

$                          75

Marina Bay Sands

144

(34)

6

116

$                 244

$                       (80)

$                        27

$                        191

____________________

Note:

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The information for the three months ended March 31, 2022 and 2021, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation.

(1)

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

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

(2)

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

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions, except per share data)

(Unaudited)

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

Net Loss:

Three Months Ended

March 31,

2022

2021

Net income (loss) attributable to LVS

$                    2,530

$                      (278)

Pre-opening expense

4

5

Development expense

60

9

Loss on disposal or impairment of assets

6

3

Other expense

22

17

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

(2,907)

62

Income tax impact on net income adjustments (1)

(14)

(2)

Noncontrolling interest impact on net income adjustments

(7)

(8)

Adjusted net loss from continuing operations attributable to LVS

$                     (306)

$                      (192)

Hold-normalized casino revenue (2)

(12)

(80)

Hold-normalized casino expense (2)

5

27

Income tax impact on hold adjustments (1)

5

Noncontrolling interest impact on hold adjustments

2

8

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

$                     (311)

$                      (232)

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

Three Months Ended

March 31,

2022

2021

Per diluted share of common stock:

Net income (loss) attributable to LVS

$                      3.31

$                     (0.36)

Pre-opening expense

0.01

Development expense

0.08

0.01

Loss on disposal or impairment of assets

0.01

Other expense

0.03

0.02

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

(3.80)

0.08

Income tax impact on net income adjustments

(0.02)

Noncontrolling interest impact on net income adjustments

(0.01)

(0.01)

Adjusted loss per diluted share from continuing operations

$                     (0.40)

$                     (0.25)

Hold-normalized casino revenue

(0.02)

(0.10)

Hold-normalized casino expense

0.01

0.04

Income tax impact on hold adjustments

Noncontrolling interest impact on hold adjustments

0.01

Hold-normalized adjusted loss per diluted share from continuing operations

$                     (0.41)

$                     (0.30)

Weighted average diluted shares outstanding

764

764

____________________

(1)

The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

(2)

See Exhibit 4.

Exhibit 6

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

March 31,

2022

2021

Casino Statistics:

The Venetian Macao:

     Table games win per unit per day (1)

$            3,202

$            5,363

     Slot machine win per unit per day (2)

$               101

$               194

     Average number of table games

631

629

     Average number of slot machines

1,418

1,046

The Londoner Macao:

     Table games win per unit per day (1)

$            2,242

$            2,522

     Slot machine win per unit per day (2)

$                 60

$               105

     Average number of table games

476

476

     Average number of slot machines

1,350

818

The Parisian Macao:

     Table games win per unit per day (1)

$            2,395

$            2,726

     Slot machine win per unit per day (2)

$                 41

$                 95

     Average number of table games

272

267

     Average number of slot machines

1,101

881

The Plaza Macao and Four Seasons Macao:

     Table games win per unit per day (1)

$            5,839

$         11,466

     Slot machine win per unit per day (2)

$                 52

$               106

     Average number of table games

142

142

     Average number of slot machines

165

45

Sands Macao:

     Table games win per unit per day (1)

$            1,221

$            2,871

     Slot machine win per unit per day (2)

$                 63

$               113

     Average number of table games

156

153

     Average number of slot machines

714

530

Marina Bay Sands:

     Table games win per unit per day (1)

$            4,302

$            4,077

     Slot machine win per unit per day (2)

$               671

$               942

     Average number of table games

526

580

     Average number of slot machines

2,226

1,853

Las Vegas Operating Properties(3):

     Table games win per unit per day (1)

$            3,355

$            1,938

     Slot machine win per unit per day (2)

$               518

$               380

     Average number of table games

197

179

     Average number of slot machines

1,778

1,491

____________________

Note:

These casino statistics exclude table games and slot machines shutdown due to social distancing measures implemented as a result of the COVID-19 pandemic.

(1)

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

(2)

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

(3)

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The Las Vegas Operating Properties are classified as a discontinued operation.

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Venetian Macao

March 31,

(Dollars in millions)

2022

2021

Change

Revenues:

Casino

$        157

$        266

$     (109)

Rooms

16

19

(3)

Food and Beverage

6

6

Mall

44

46

(2)

Convention, Retail and Other

4

3

1

Net Revenues

$        227

$        340

$     (113)

Adjusted Property EBITDA

$          19

$          82

$       (63)

EBITDA Margin %

8.4%

24.1%

(15.7) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$        720

$     1,231

$     (511)

     Rolling Chip Win %(1)

3.25%

4.43%

(1.18) pts

Non-Rolling Chip Drop

$        636

$        908

$     (272)

     Non-Rolling Chip Win %

24.9%

27.4%

(2.5) pts

Slot Handle

$        423

$        462

$       (39)

     Slot Hold %

3.0%

4.0%

(1.0) pts

Hotel Statistics

Occupancy %

42.7%

47.2%

(4.5) pts

Average Daily Rate (ADR)

$        153

$        157

$         (4)

Revenue per Available Room (RevPAR)

$          65

$          74

$         (9)

____________________

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Londoner Macao

March 31,

(Dollars in millions)

2022

2021

Change

Revenues:

Casino

$          79

$          91

$       (12)

Rooms

19

19

Food and Beverage

8

7

1

Mall

14

14

Convention, Retail and Other

1

6

(5)

Net Revenues

$        121

$        137

$       (16)

Adjusted Property EBITDA

$         (33)

$         (23)

$       (10)

EBITDA Margin %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$        369

$        523

$     (154)

     Rolling Chip Win %(1)

4.72%

3.71%

1.01  pts

Non-Rolling Chip Drop

$        354

$        408

$       (54)

     Non-Rolling Chip Win %

22.2%

21.7%

0.5 pts

Slot Handle

$        232

$        197

$        35

     Slot Hold %

3.1%

3.9%

(0.8) pts

Hotel Statistics

Occupancy %

28.0%

35.5%

(7.5) pts

Average Daily Rate (ADR)

$        154

$        173

$       (19)

Revenue per Available Room (RevPAR)

$          43

$          61

$       (18)

____________________

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022. Rooms utilized for government quarantine purposes during 2021 and 2022, and to house team members during 2022 due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Parisian Macao

March 31,

(Dollars in millions)

2022

2021

Change

Revenues:

Casino

$          51

$          59

$         (8)

Rooms

11

12

(1)

Food and Beverage

3

5

(2)

Mall

8

10

(2)

Convention, Retail and Other

1

1

Net Revenues

$          74

$          87

$       (13)

Adjusted Property EBITDA

$         (11)

$           (8)

$         (3)

EBITDA Margin %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$        160

$        114

$        46

     Rolling Chip Win %(1)

7.95%

(3.01)%

10.96  pts

Non-Rolling Chip Drop

$        180

$        300

$     (120)

     Non-Rolling Chip Win %

25.5%

23.0%

2.5 pts

Slot Handle

$        123

$        223

$     (100)

     Slot Hold %

3.3%

3.4%

(0.1) pts

Hotel Statistics

Occupancy %

41.3%

46.7%

(5.4) pts

Average Daily Rate (ADR)

$        119

$        118

$          1

Revenue per Available Room (RevPAR)

$          49

$          55

$         (6)

____________________

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022. Rooms utilized to house team members during 2022 due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Plaza Macao and Four Seasons Macao

March 31,

(Dollars in millions)

2022

2021

Change

Revenues:

Casino

$          55

$        115

$       (60)

Rooms

9

11

(2)

Food and Beverage

4

4

Mall

34

39

(5)

Convention, Retail and Other

1

(1)

Net Revenues

$        102

$        170

$       (68)

Adjusted Property EBITDA

$          32

$          70

$       (38)

EBITDA Margin %

31.4%

41.2%

(9.8) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$        574

$     1,436

$     (862)

     Rolling Chip Win %(1)

3.29%

5.93%

(2.64) pts

Non-Rolling Chip Drop

$        215

$        256

$       (41)

     Non-Rolling Chip Win %

25.9%

24.1%

1.8 pts

Slot Handle

$            9

$            4

$          5

     Slot Hold %

8.7%

10.8%

(2.1) pts

Hotel Statistics

Occupancy %

35.8%

43.7%

(7.9) pts

Average Daily Rate (ADR)

$        440

$        432

$          8

Revenue per Available Room (RevPAR)

$        157

$        189

$       (32)

____________________

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022. Rooms utilized to house team members during 2022 due to travel restrictions were excluded from the calculation of hotel statistics above.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Sands Macao

March 31,

(Dollars in millions)

2022

2021

Change

Revenues:

Casino

$         17

$         31

$       (14)

Rooms

2

3

(1)

Food and Beverage

1

1

Net Revenues

$         20

$         35

$       (15)

Adjusted Property EBITDA

$        (17)

$        (18)

$          1

EBITDA Margin %

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$         80

$        484

$     (404)

     Rolling Chip Win %(1)

2.83%

4.34%

(1.51) pts

Non-Rolling Chip Drop

$         77

$        122

$       (45)

     Non-Rolling Chip Win %

19.4%

15.1%

4.3 pts

Slot Handle

$        124

$        158

$       (34)

     Slot Hold %

3.3%

3.4%

(0.1) pts

Hotel Statistics

Occupancy %

57.1%

71.5%

(14.4) pts

Average Daily Rate (ADR)

$        137

$        138

$         (1)

Revenue per Available Room (RevPAR)

$          78

$          99

$       (21)

____________________

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022.

(1)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Marina Bay Sands

March 31,

(Dollars in millions)

2022

2021

Change

Revenues:

Casino

$        268

$        303

$       (35)

Rooms

38

32

6

Food and Beverage

31

33

(2)

Mall

49

47

2

Convention, Retail and Other

13

11

2

Net Revenues

$        399

$        426

$       (27)

Adjusted Property EBITDA

$        121

$        144

$       (23)

EBITDA Margin %

30.3%

33.8%

(3.5) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$     1,899

$     1,512

$      387

     Rolling Chip Win %(1)

3.30%

5.59%

(2.29) pts

Non-Rolling Chip Drop

$        795

$        674

$      121

     Non-Rolling Chip Win %

17.7%

19.1%

(1.4) pts

Slot Handle

$     3,282

$     3,745

$     (463)

     Slot Hold %

4.1%

4.2%

(0.1) pts

Hotel Statistics(2)

Occupancy %

83.8%

63.0%

20.8  pts

Average Daily Rate (ADR)

$        257

$        228

$        29

Revenue per Available Room (RevPAR)

$        215

$        143

$        72

____________________

Note:

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, with some operations temporarily closed at various times during 2021 and 2022.

(1)

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

(2)

During the three months ended March 31, 2022, approximately 500 rooms were under construction for renovation purposes.

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data – Discontinued Operation

(Unaudited)

Las Vegas Operating Properties(1)

53-Day Period

Ended

February 22,

(Dollars in millions)

2022

Revenues:

Casino

$               61

Rooms

78

Food and Beverage

43

Convention, Retail and Other

46

Net Revenues

$             228

Adjusted Property EBITDA

$               63

EBITDA Margin %

27.6%

Gaming Statistics

(Dollars in millions)

Table Games Drop

$             257

     Table Games Win %(2)

13.6%

Slot Handle

$             599

     Slot Hold %

8.2%

Hotel Statistics

Occupancy %

84.6%

Average Daily Rate (ADR)

$             247

Revenue per Available Room (RevPAR)

$             209

____________________

(1)

On February 23, 2022, LVS closed on the sale of its Las Vegas Operating Properties and as a result have been classified as a discontinued operation. Results of the Las Vegas Operating Properties are through February 22, 2022.

(2)

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

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data – Asian Retail Mall Operations

(Unaudited)

For the Three Months Ended March 31, 2022

TTM

March 31,

2022

(Dollars in millions except per

square foot data)

Gross

Revenue(1)

Operating

Profit

Operating

Profit

Margin

Gross

Leasable

Area (sq. ft.)

Occupancy

% at End

of Period

Tenant Sales

Per Sq. Ft.(2)

Shoppes at Venetian

$           44

$         39

88.6%

814,720

77.6%

$          1,328

Shoppes at Four Seasons

Luxury Retail

22

20

90.9%

125,466

100.0%

9,144

Other Stores

12

11

91.7%

118,742

88.2%

2,548

Total

34

31

91.2%

244,208

94.3%

6,159

Shoppes at Londoner(3)

14

12

85.7%

555,806

56.7%

1,528

Shoppes at Parisian

8

6

75.0%

296,322

73.3%

586

Total Cotai Strip in Macao

100

88

88.0%

1,911,056

73.0%

2,151

The Shoppes at Marina Bay

Sands

49

44

89.8%

622,242

98.9%

1,748

Total

$         149

$       132

88.6%

2,533,298

79.4%

$          2,021

____________________

Note:

This table excludes the results of our mall operations at Sands Macao. As a result of the COVID-19 pandemic, tenants were provided rent concessions of $10 million at our Macao properties and $2 million at Marina Bay Sands.

(1)

Gross revenue figures are net of intersegment revenue eliminations.

(2)

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

(3)

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

SOURCE Las Vegas Sands Corp.

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