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Las Vegas Sands Reports Fourth Quarter 2022 Results

PRNewswire 25-Jan-2023 4:04 PM

For the quarter ended December 31, 2022
(Compared to the quarter ended December 31, 2021)

– Travel Restrictions and Reduced Visitation Continue to Impact Financial Results

– The Recovery at Marina Bay Sands Continued to Progress During the Quarter, with Mass Gaming Revenue Reaching an All-Time Property Record

– Ongoing Investments in Both Macao and Singapore Position the Company for Future Growth

– Support for Local Communities Remains Central to Our Efforts

LAS VEGAS, Jan. 25, 2023 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE:LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended December 31, 2022.

"While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, we remain confident in a robust recovery in travel and tourism spending across our markets and deeply enthusiastic about the opportunity to welcome more guests back to our properties throughout 2023 and in the years ahead," said Robert G. Goldstein, chairman and chief executive officer.

"In Singapore, we were pleased to see the robust recovery continue at Marina Bay Sands during the quarter, with the property delivering record levels of performance in both mass gaming and retail revenue.  We are excited to have the opportunity to introduce our new suite product to more customers as airlift capacity improves and growth in visitation from China and  the wider region is enabled by the relaxing of travel restrictions."

"In Macao, we were gratified to receive a new gaming concession during the quarter, which will enable us to continue our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism.  We remain deeply confident in the future of Macao and consider Macao an ideal market for additional capital investment."

"Looking ahead, our industry-leading investments in our team members, our communities and our market-leading Integrated Resort offerings position us exceedingly well to deliver growth as travel restrictions are further relaxed and the recovery comes to fruition.  We are fortunate that our financial strength supports our ongoing investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."

Net revenue was $1.12 billion, an increase of 10.8% from the prior year quarter.  Operating loss was $166 million, compared to $138 million in the prior year quarter.  Net loss from continuing operations in the fourth quarter of 2022 was $269 million, compared to $315 million in the fourth quarter of 2021.

Consolidated adjusted property EBITDA was $222 million, compared to $251 million in the prior year quarter.  Consolidated hold-normalized adjusted property EBITDA was $329 million, compared to $234 million in the prior year quarter.

Full year 2022 operating loss was $792 million, compared to $689 million in 2021. Net income attributable to Las Vegas Sands was $1.83 billion, or $2.40 per diluted share, in 2022 and included a $3.60 billion gain on sale of our Las Vegas real property and operations.  This compared to a net loss of $961 million, or $1.26 per diluted share, in 2021.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 31.7%, compared to the fourth quarter of 2021, to $439 million.  Net loss for SCL was $348 million, compared to $245 million in the fourth quarter of 2021.

On a GAAP basis, full year 2022 total net revenues for SCL decreased 44.2%, compared to the full year 2021, to $1.61 billion.  Net loss for SCL was $1.58 billion in 2022, compared to $1.05 billion in 2021.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $201 million for the fourth quarter of 2022, compared to $152 million in the prior year quarter.  Our weighted average borrowing cost in the fourth quarter of 2022 was 5.2%, compared to 4.2% during the fourth quarter of 2021, while our weighted average debt balance increased compared to the prior year quarter due to borrowings of $1.20 billion under the SCL Credit Facility in the last year.

Our income tax benefit for the fourth quarter of 2022 was $18 million, compared to income tax expense of $14 million in the prior year quarter.  We had income tax expense of $154 million in 2022 as compared to an income tax benefit of $5 million in the prior year.  The income tax expense for 2022 is due to the increased profitability of our Singapore operations and Singapore's 17% statutory rate.

Balance Sheet Items
Unrestricted cash balances as of December 31, 2022 were $6.31 billion.

The company has access to $2.48 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of December 31, 2022, total debt outstanding, excluding finance leases and financed purchases, was $15.95 billion.

Capital Expenditures
Capital expenditures during the fourth quarter totaled $147 million, including construction, development and maintenance activities of $93 million at Marina Bay Sands, $44 million in Macao and $10 million in Corporate and Other.

Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, January 25, 2023 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.

About Sands (NYSE:LVS)
Sands is the world's preeminent developer and operator of world-class Integrated Resorts.

Our iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make our host regions ideal places to live, work and visit.

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.

Sands is dedicated to being a leader in corporate responsibility, anchored by our core tenets of serving people, planet and communities.  Our ESG leadership has led to inclusion on the Dow Jones Sustainability Indices for World and North America and recognition as one of Fortune's World's Most Admired Companies.  To learn more, visit www.sands.com.

Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources.  In addition, in certain portions included in this press release, the words "anticipates," "believes," "estimates," "seeks," "expects," "plans," "intends" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements.  Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct.  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: the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of governments and other third parties, including government-mandated property closures, vaccine mandates, regular testing requirements, other increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects; risks relating to our gaming license in Singapore and new concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics, or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, execute our capital expenditure programs in Singapore, and produce future returns; new development, construction and ventures; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; our ability to continue to have our securities traded in the U.S. securities market; 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 statements and information.

Las Vegas Sands Corp.
Fourth Quarter 2022 Results
Non-GAAP Measures

Within the company's fourth quarter and full year 2022 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) 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 (loss)," and "hold-normalized adjusted earnings (loss) per diluted share."  The company believes these measures represent important internal measures of financial performance.  Set forth in the financial schedules accompanying this release and presentations included on the company's website 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 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 investors have the same financial data management uses in evaluating financial performance with the belief 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 (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding certain nonrecurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal or impairment of assets, loss on modification or early retirement of debt, other income or expense and income (loss) from discontinued operations, net of income tax.  Adjusted net income (loss) and adjusted earnings (loss) 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 Integrated Resort 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 (loss) from continuing operations 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 or impairment 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.  Integrated Resort 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, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific 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 (loss) 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, debt principal payments and income tax payments, 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 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 3.30% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 3.15% to 3.45% for our Macao and Singapore properties.  We do not present adjustments for Non-Rolling Chip drop for our table games play or for slots at our Macao and Singapore properties.  Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid, 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 (loss) and hold-normalized adjusted earnings (loss) per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income (loss) and adjusted earnings (loss) 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.

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)




Three Months Ended


Year Ended



December 31,


December 31,



2022


2021


2022


2021

Revenues:









  Casino


$               654


$               651


$           2,627


$           2,892

  Rooms


154


104


469


415

  Food and beverage


103


51


301


199

  Mall


164


180


580


649

  Convention, retail and other


42


22


133


79

Net revenues


1,117


1,008


4,110


4,234

Operating expenses:









  Resort operations


908


761


3,411


3,460

  Corporate


68


42


235


211

  Pre-opening


2


4


13


19

  Development


35


50


143


109

  Depreciation and amortization


256


266


1,036


1,041

  Amortization of leasehold interests in land


13


14


55


56

  Loss on disposal or impairment of assets


1


9


9


27



1,283


1,146


4,902


4,923

Operating loss


(166)


(138)


(792)


(689)

Other income (expense):









  Interest income


60


1


116


4

  Interest expense, net of amounts capitalized


(201)


(152)


(702)


(621)

  Other income (expense)


20


(12)


(9)


(31)

Loss on modification or early retirement of debt





(137)

Loss from continuing operations before income taxes


(287)


(301)


(1,387)


(1,474)

Income tax (expense) benefit


18


(14)


(154)


5

Net loss from continuing operations


(269)


(315)


(1,541)


(1,469)

Discontinued operations:









Income from operations of discontinued operations, net of tax



118


46


193

Gain on disposal of discontinued operations, net of tax




2,861


Adjustment to gain on disposal of discontinued operations, net of tax


(5)



(9)


Income (loss) from discontinued operations, net of tax


(5)


118


2,898


193

Net income (loss)


(274)


(197)


1,357


(1,276)

Net loss attributable to noncontrolling interests


105


74


475


315

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


$             (169)


$             (123)


$           1,832


$             (961)










Earnings (loss) per share - basic and diluted:









Net loss from continuing operations


$            (0.21)


$            (0.32)


$            (1.40)


$            (1.51)

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


(0.01)


0.15


3.80


0.25

Net income (loss) per common share


$            (0.22)


$            (0.17)


$             2.40


$            (1.26)










Weighted average shares outstanding:









  Basic and diluted


764


764


764


764

 

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)




Three Months Ended


Year Ended



December 31,


December 31,



2022


2021


2022


2021

Net Revenues









The Venetian Macao


$         201


$         272


$         682


$      1,256

The Londoner Macao


93


139


350


588

The Parisian Macao


51


67


188


357

The Plaza Macao and Four Seasons Macao


75


140


313


546

Sands Macao


17


25


65


122

Ferry Operations and Other


7


6


29


28

  Macao Operations


444


649


1,627


2,897










Marina Bay Sands


682


368


2,516


1,370

Intercompany Royalties


29


17


107


83

Intersegment Eliminations(1)


(38)


(26)


(140)


(116)



$      1,117


$      1,008


$      4,110


$      4,234










Adjusted Property EBITDA









The Venetian Macao


$           14


$           67


$         (25)


$         297

The Londoner Macao


(42)


(23)


(189)


(84)

The Parisian Macao


(26)


(14)


(103)


(17)

The Plaza Macao and Four Seasons Macao


26


63


81


219

Sands Macao


(20)


(17)


(81)


(69)

Ferry Operations and Other


(3)


(2)


(7)


(8)

  Macao Operations


(51)


74


(324)


338










Marina Bay Sands


273


177


1,056


448



$         222


$         251


$         732


$         786










Adjusted Property EBITDA as a Percentage of Net Revenues









The Venetian Macao


7.0 %


24.6 %




23.6 %

The Londoner Macao









The Parisian Macao









The Plaza Macao and Four Seasons Macao


34.7 %


45.0 %


25.9 %


40.1 %

Sands Macao









Ferry Operations and Other









  Macao Operations




11.4 %




11.7 %










Marina Bay Sands


40.0 %


48.1 %


42.0 %


32.7 %










Total


19.9 %


24.9 %


17.8 %


18.6 %

____________________

Note:

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The information for the three months ended December 31, 2021 and for the years ended December 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


Year Ended



December 31,


December 31,



2022


2021


2022


2021

Net loss from continuing operations


$           (269)


$           (315)


$       (1,541)


$       (1,469)

  Add (deduct):









  Income tax expense (benefit)


(18)


14


154


(5)

  Loss on modification or early retirement of debt





137

  Other (income) expense


(20)


12


9


31

  Interest expense, net of amounts capitalized


201


152


702


621

  Interest income


(60)


(1)


(116)


(4)

  Loss on disposal or impairment of assets


1


9


9


27

  Amortization of leasehold interests in land


13


14


55


56

  Depreciation and amortization


256


266


1,036


1,041

  Development expense


35


50


143


109

  Pre-opening expense


2


4


13


19

  Stock-based compensation (1)


13


4


33


12

  Corporate expense


68


42


235


211

  Consolidated Adjusted Property EBITDA


$             222


$             251


$             732


$             786










  Hold-normalized casino revenue (2)


134


(15)





  Hold-normalized casino expense (2)


(27)


(2)





  Consolidated Hold-Normalized Adjusted Property EBITDA


$             329


$             234





____________________

Note:

The sale of the Las Vegas Operating Properties closed on February 23, 2022.  The information for the three months ended December 31, 2021 and for the years ended December 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 December 31, 2022 and 2021, the company recorded stock-based compensation expense of $23 million and $10 million, respectively, of which $10 million and $6 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations.  During the years ended December 31, 2022 and 2021, the company recorded stock-based compensation expense of $70 million and $27 million, respectively, of which $37 million and $15 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 December 31, 2022


















Hold-Normalized



Adjusted


Hold-Normalized


Hold-Normalized


Adjusted



Property


Casino


Casino


Property



EBITDA


Revenue (1)


Expense (2)


EBITDA

Macao Operations


$                   (51)


$                          (10)


$                              4


$                          (57)

Marina Bay Sands


273


144


(31)


386



$                   222


$                          134


$                          (27)


$                          329





















Three Months Ended December 31, 2021


















Hold-Normalized



Adjusted


Hold-Normalized


Hold-Normalized


Adjusted



Property


Casino


Casino


Property



EBITDA


Revenue (1)


Expense (2)


EBITDA

Macao Operations


$                     74


$                            24


$                             (9)


$                            89

Marina Bay Sands


177


(39)


7


145



$                   251


$                          (15)


$                             (2)


$                          234

____________________

Note:

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

(1)

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)

This 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


Year Ended



December 31,


December 31,



2022


2021


2022


2021

Net income (loss) attributable to LVS


$             (169)


$             (123)


$           1,832


$             (961)










Pre-opening expense


2


4


13


19

Development expense


35


50


143


109

Loss on disposal or impairment of assets


1


9


9


27

Other (income) expense


(20)


12


9


31

Loss on modification or early retirement of debt





137

(Income) loss from discontinued operations, net of tax


5


(118)


(2,898)


(193)

Income tax impact on net income adjustments (1)


(7)


3


(26)


(11)

Noncontrolling interest impact on net income adjustments


11


(6)



(61)

Adjusted net loss from continuing operations attributable to LVS


$             (142)


$             (169)


$             (918)


$             (903)










Hold-normalized casino revenue (2)


134


(15)





Hold-normalized casino expense (2)


(27)


(2)





Income tax impact on hold adjustments (1)


(19)


5





Noncontrolling interest impact on hold adjustments


2


(5)





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


$               (52)


$             (186)














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


Year Ended



December 31,


December 31,



2022


2021


2022


2021

Per diluted share of common stock:









Net income (loss) attributable to LVS


$            (0.22)


$            (0.17)


$             2.40


$            (1.26)










Pre-opening expense



0.01


0.01


0.02

Development expense


0.05


0.07


0.19


0.14

Loss on disposal or impairment of assets



0.01


0.01


0.04

Other (income) expense


(0.03)


0.02


0.01


0.04

Loss on modification or early retirement of debt





0.18

(Income) loss from discontinued operations, net of tax


0.01


(0.15)


(3.79)


(0.25)

Income tax impact on net income adjustments


(0.01)



(0.03)


(0.01)

Noncontrolling interest impact on net income adjustments


0.01


(0.01)



(0.08)

Adjusted loss per diluted share from continuing operations


$            (0.19)


$            (0.22)


$            (1.20)


$            (1.18)










Hold-normalized casino revenue


0.18


(0.02)





Hold-normalized casino expense


(0.04)






Income tax impact on hold adjustments


(0.02)


0.01





Noncontrolling interest impact on hold adjustments



(0.01)





Hold-normalized adjusted loss per diluted share from continuing operations


$            (0.07)


$            (0.24)














Weighted average diluted shares outstanding


764


764


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


Year Ended



December 31,


December 31,



2022


2021


2022


2021

Casino Statistics:









The Venetian Macao:









Table games win per unit per day (1)


$          2,496


$          3,679


$          2,255


$          4,625

Slot machine win per unit per day (2)


$               90


$             156


$               87


$             162

Average number of table games


626


634


626


629

Average number of slot machines


1,523


1,368


1,435


1,216










The Londoner Macao:









Table games win per unit per day (1)


$          1,443


$          2,600


$          1,449


$          2,869

Slot machine win per unit per day (2)


$               39


$               92


$               48


$             101

Average number of table games


472


478


473


475

Average number of slot machines


1,360


1,155


1,366


998










The Parisian Macao:









Table games win per unit per day (1)


$          1,528


$          1,928


$          1,417


$          2,793

Slot machine win per unit per day (2)


$               30


$               62


$               29


$               73

Average number of table games


269


273


269


270

Average number of slot machines


1,115


1,066


1,110


960










The Plaza Macao and Four Seasons Macao:









Table games win per unit per day (1)


$          2,697


$          6,506


$          3,919


$          7,544

Slot machine win per unit per day (2)


$               44


$               46


$               41


$               57

Average number of table games


142


142


142


142

Average number of slot machines


100


167


135


117










Sands Macao:









Table games win per unit per day (1)


$             759


$          1,556


$             934


$          2,139

Slot machine win per unit per day (2)


$               45


$               44


$               50


$               83

Average number of table games


152


157


153


155

Average number of slot machines


765


695


731


608










Marina Bay Sands:









Table games win per unit per day (1)


$          7,832


$          3,828


$          7,849


$          3,262

Slot machine win per unit per day (2)


$             757


$             649


$             724


$             756

Average number of table games


505


514


517


549

Average number of slot machines


2,891


1,967


2,670


1,913










Las Vegas Operating Properties(3):









Table games win per unit per day (1)






$          3,355


$          3,913

Slot machine win per unit per day (2)






$             518


$             555

Average number of table games






197


188

Average number of slot machines






1,778


1,609

____________________

Note:

These casino statistics exclude slot machines shutdown in 2022 and 2021 due to social distancing measures implemented as a result of the COVID-19 pandemic. In response to a government mandate, our Macao casinos were ordered to close from July 11, 2022 to July 22, 2022.

(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

December 31,



(Dollars in millions)

2022


2021


Change

Revenues:






Casino

$           130


$           195


$          (65)

Rooms

17


16


1

Food and Beverage

5


5


Mall

43


51


(8)

Convention, Retail and Other

6


5


1

Net Revenues

$           201


$           272


$          (71)







Adjusted Property EBITDA

$             14


$             67


$          (53)

EBITDA Margin %

7.0 %


24.6 %


          (17.6) pts







Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$           197


$           890


$       (693)

 Rolling Chip Win %(1)

5.56 %


3.36 %


         2.20 pts







Non-Rolling Chip Drop

$           491


$           695


$       (204)

 Non-Rolling Chip Win %

27.0 %


26.6 %


       0.4 pts







Slot Handle

$           296


$           466


$       (170)

 Slot Hold %

4.2 %


4.2 %


     —  pts







Hotel Statistics












Occupancy %

50.2 %


44.2 %


       6.0 pts

Average Daily Rate (ADR)

$           145


$           156


$        (11)

Revenue per Available Room (RevPAR)

$             73


$             69


$           4


____________________

Note:

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

(1)

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

 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended



The Londoner Macao

December 31,



(Dollars in millions)

2022


2021


Change

Revenues:






Casino

$             49


$             92


$          (43)

Rooms

18


21


(3)

Food and Beverage

7


8


(1)

Mall

12


13


(1)

Convention, Retail and Other

7


5


2

Net Revenues

$             93


$           139


$          (46)







Adjusted Property EBITDA

$            (42)


$            (23)


$          (19)







Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$           165


$           759


$        (594)

 Rolling Chip Win %(1)

6.36 %


2.60 %


         3.76 pts







Non-Rolling Chip Drop

$           252


$           408


$        (156)

 Non-Rolling Chip Win %

20.7 %


23.2 %


        (2.5) pts







Slot Handle

$           172


$           254


$          (82)

 Slot Hold %

2.9 %


3.9 %


        (1.0) pts







Hotel Statistics












Occupancy %

30.7 %


41.5 %


          (10.8) pts

Average Daily Rate (ADR)

$           171


$           166


$             5

Revenue per Available Room (RevPAR)

$             52


$             69


$          (17)

____________________

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 and to house team members due to travel and quarantine restrictions during 2021 and 2022 were excluded from the calculation of hotel statistics above.

(1)

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

 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended



The Parisian Macao

December 31,



(Dollars in millions)

2022


2021


Change

Revenues:






Casino

$             33


$             41


$            (8)

Rooms

10


13


(3)

Food and Beverage

3


4


(1)

Mall

5


9


(4)

Convention, Retail and Other



Net Revenues

$             51


$             67


$          (16)







Adjusted Property EBITDA

$           (26)


$           (14)


$          (12)







Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$             48


$           181


$        (133)

 Rolling Chip Win %(1)

11.98 %


(4.77) %


           16.75 pts







Non-Rolling Chip Drop

$           123


$           242


$        (119)

 Non-Rolling Chip Win %

26.1 %


23.5 %


       2.6 pts







Slot Handle

$             85


$           167


$          (82)

 Slot Hold %

3.6 %


3.6 %


     — pts







Hotel Statistics












Occupancy %

36.1 %


50.8 %


          (14.7) pts

Average Daily Rate (ADR)

$           117


$           119


$            (2)

Revenue per Available Room (RevPAR)

$             42


$             60


$          (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 and to house team members due to travel and quarantine restrictions during 2022 were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% 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

December 31,



(Dollars in millions)

2022


2021


Change

Revenues:






Casino

$             26


$             65


$          (39)

Rooms

9


11


(2)

Food and Beverage

3


5


(2)

Mall

37


59


(22)

Net Revenues

$             75


$           140


$          (65)







Adjusted Property EBITDA

$             26


$             63


$          (37)

EBITDA Margin %

34.7 %


45.0 %


          (10.3) pts







Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$           177


$           386


$        (209)

 Rolling Chip Win %(1)

1.34 %


1.97 %


          (0.63) pts







Non-Rolling Chip Drop

$           144


$           265


$        (121)

 Non-Rolling Chip Win %

22.7 %


29.1 %


        (6.4) pts







Slot Handle

$               5


$             13


$            (8)

 Slot Hold %

8.4 %


5.3 %


       3.1 pts







Hotel Statistics












Occupancy %

31.0 %


43.9 %


          (12.9) pts

Average Daily Rate (ADR)

$           453


$           437


$           16

Revenue per Available Room (RevPAR)

$           140


$           192


$          (52)

____________________

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 due to travel restrictions during 2021 and 2022 were excluded from the calculation of hotel statistics above.

(1)

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

 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended



Sands Macao

December 31,



(Dollars in millions)

2022


2021


Change

Revenues:






Casino

$             14


$             21


$            (7)

Rooms

1


3


(2)

Food and Beverage

1


1


Mall



Convention, Retail and Other

1



1

Net Revenues

$             17


$             25


$            (8)







Adjusted Property EBITDA

$           (20)


$           (17)


$            (3)







Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$             30


$           120


$          (90)

 Rolling Chip Win %(1)

2.34 %


3.65 %


          (1.31) pts







Non-Rolling Chip Drop

$             56


$             91


$          (35)

 Non-Rolling Chip Win %

17.6 %


19.8 %


        (2.2) pts







Slot Handle

$             93


$           140


$          (47)

 Slot Hold %

3.4 %


2.0 %


       1.4 pts







Hotel Statistics












Occupancy %

44.1 %


67.0 %


          (22.9) pts

Average Daily Rate (ADR)

$           151


$           139


$           12

Revenue per Available Room (RevPAR)

$             67


$             93


$          (26)

____________________

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 due to travel and quarantine restrictions during 2022 were excluded from the calculation of hotel statistics above.

(1)

This compares to our expected Rolling Chip win percentage of 3.15% 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

December 31,



(Dollars in millions)

2022


2021


Change

Revenues:






Casino

$           402


$           237


$         165

Rooms

99


40


59

Food and Beverage

84


28


56

Mall

67


49


18

Convention, Retail and Other

30


14


16

Net Revenues

$           682


$           368


$         314







Adjusted Property EBITDA

$           273


$           177


$           96

EBITDA Margin %

40.0 %


48.1 %


        (8.1) pts







Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$        7,093


$        1,318


$      5,775

 Rolling Chip Win %(1)

1.24 %


6.32 %


          (5.08) pts







Non-Rolling Chip Drop

$        1,450


$           814


$         636

 Non-Rolling Chip Win %

19.0 %


12.0 %


       7.0 pts







Slot Handle

$        4,750


$        2,876


$      1,874

 Slot Hold %

4.2 %


4.1 %


       0.1 pts







Hotel Statistics (2)












Occupancy %

98.3 %


79.1 %


         19.2 pts

Average Daily Rate (ADR)

$           550


$           259


$         291

Revenue per Available Room (RevPAR)

$           541


$           205


$         336

____________________

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.

(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 December 31, 2022, approximately 500 rooms were under construction for renovation purposes.

 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Asian Retail Mall Operations

(Unaudited)




For The Three Months Ended December 31, 2022


TTM

December 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


$               43


$             38


88.4 %


813,832


81.0 %


$                  932














Shoppes at Four Seasons













Luxury Retail


25


23


92.0 %


129,932


100.0 %


5,546

Other Stores


12


10


83.3 %


118,742


86.7 %


1,612

Total


37


33


89.2 %


248,674


93.6 %


3,806














Shoppes at Londoner


12


9


75.0 %


610,238


54.7 %


1,139














Shoppes at Parisian


5


3


60.0 %


296,322


67.6 %


338














Total Cotai Strip in Macao


97


83


85.6 %


1,969,066


72.4 %


1,421














The Shoppes at Marina Bay Sands


67


61


91.0 %


622,007


99.5 %


2,596














Total


$             164


$           144


87.8 %


2,591,073


78.9 %


$              1,801

____________________

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 $9 million at our Macao properties.

(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.

 

Sands logo (PRNewsfoto/Las Vegas Sands)

 

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SOURCE Las Vegas Sands Corp.