Las Vegas Sands Reports Second Quarter 2021 Results

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LAS VEGAS, July 21, 2021 -- 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 June 30, 2021.

"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 deeply committed 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 eventual recovery in 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 market-leading Integrated Resort offerings position us exceedingly well to deliver growth as these travel restrictions eventually 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 $1.17 billion, compared to $62 million in the prior year quarter.  Operating loss was $139 million, compared to $757 million in the prior year quarter.  Net loss from continuing operations in the second quarter of 2021 was $280 million, compared to $841 million in the second quarter of 2020.  Consolidated adjusted property EBITDA was $244 million, compared to $(425) million in the prior year quarter.

In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase price of approximately $6.25 billion and anticipates the transaction to close in the fourth quarter of 2021.  The financial position, results of operations and cash flows of the Las Vegas Operating Properties have been presented as a discontinued operation held for sale.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased to $849 million, compared to $40 million in the second quarter of 2020.  Net loss for SCL was $166 million, compared to $549 million in the second quarter of 2020.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $158 million for the second quarter of 2021, compared to $114 million in the prior year quarter.  Our weighted average borrowing cost in the second quarter of 2021 was 4.4%, compared to 3.6% during the second quarter of 2020, while our weighted average debt balance increased compared to the prior year quarter due to the issuance of $1.50 billion of senior notes by SCL in June 2020 and borrowings of $505 million under the SCL Credit Facility in the first quarter of 2021.

Our income tax benefit for the second quarter of 2021 was $6 million, compared to an income tax benefit of $31 million in the prior year quarter.  The income tax benefit for the second quarter of 2021 was primarily driven by a 21% statutory rate on our U.S. operations and a 17% statutory rate on our Singapore operations.

Balance Sheet Items
Unrestricted cash balances as of June 30, 2021 were $2.06 billion.

The company has access to $3.94 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of June 30, 2021, total debt outstanding, excluding finance leases, was $14.42 billion.

Capital Expenditures
Capital expenditures during the second quarter totaled $157 million, primarily including construction, development and maintenance activities of $129 million in Macao and $27 million at Marina Bay Sands.

Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, July 21, 2021 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 Las Vegas Sands Corp. (NYSE: LVS
Las Vegas Sands is the world's preeminent developer and operator of world-class Integrated Resorts.  We deliver unrivaled economic benefits to the communities in which we operate.

Sands created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort.  Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses.

Our properties include The Venetian Resort and Sands Expo in Las Vegas and the iconic Marina Bay Sands in Singapore.  Through majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.

Sands is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We deliver a great working environment for our team members worldwide, drive social impact through the Sands Cares community engagement and charitable giving program and lead in environmental performance through the award-winning Sands ECO360 global sustainability program. To learn more, please 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. 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, increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects; risks relating to our gaming licenses and subconcession, including the renewal or extension of the subconcession in Macao that expires on June 26, 2022; 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 previously announced capital expenditure programs in both Macao and Singapore, and produce future returns; new development, construction and ventures; government regulation; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; gaming promoters; competition; tax law changes; transportation infrastructure in Macao; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the satisfaction of the conditions precedent to the consummation of the proposed sale of our Las Vegas real property and operations, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center (the "Proposed Transaction"), including the receipt of regulatory approvals; unanticipated difficulties or expenditures relating to the Proposed Transaction; legal proceedings, judgments or settlements that may be instituted in connection with the Proposed Transaction, including those against us, our board of directors and executive officers and others; disruptions of current plans and operations caused by the announcement and pendency of the Proposed Transaction; potential difficulties in employee retention due to the announcement and pendency of the Proposed Transaction; the response of customers, suppliers, business partners and regulators to the announcement of the Proposed Transaction; 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.

Contacts:

Investment Community:
Daniel Briggs
(702) 414-1221

Media:
Ron Reese
(702) 414-3607

Las Vegas Sands Corp.
Second Quarter 2021 Results
Non-GAAP Measures

Within the company's second quarter 2021 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 and applying a win percentage of 22.0% for Baccarat and 20.0% for non-Baccarat games to the respective table games drops for the quarter if the actual win percentages are outside the expected ranges of 18.0% to 26.0% for Baccarat and 16.0% to 24.0% for non-Baccarat at our Las Vegas properties.  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, 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


Six Months Ended



June 30,


June 30,



2021


2020


2021


2020

Revenues:









  Casino


$

843



$

(4)



$

1,708



$

1,071


  Rooms


115



5



211



146


  Food and beverage


50



6



106



70


  Mall


148



42



304



145


  Convention, retail and other


17



13



40



47


Net revenues


1,173



62



2,369



1,479


Operating expenses:









  Resort operations


932



492



1,889



1,563


  Corporate


56



53



105



112


  Pre-opening


4



4



9



9


  Development


37



9



46



15


  Depreciation and amortization


258



244



513



497


  Amortization of leasehold interests in land


14



13



28



27


  Loss on disposal or impairment of assets


11



4



14



7




1,312



819



2,604



2,230


Operating loss


(139)



(757)



(235)



(751)


Other income (expense):









  Interest income


1



4



2



17


  Interest expense, net of amounts capitalized


(158)



(114)



(312)



(242)


  Other income (expense)


10



(5)



(7)



34


Loss from continuing operations before income taxes


(286)



(872)



(552)



(942)


Income tax (expense) benefit


6



31



(8)



9


Net loss from continuing operations


(280)



(841)



(560)



(933)


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


38



(144)



(24)



(103)


Net loss


(242)



(985)



(584)



(1,036)


Net loss attributable to noncontrolling interests


50



165



114



215


Net loss attributable to Las Vegas Sands Corp.


$

(192)



$

(820)



$

(470)



$

(821)











Earnings (loss) per share — basic:









Net loss from continuing operations


$

(0.30)



$

(0.88)



$

(0.59)



$

(0.94)


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


0.05



(0.19)




(0.03)




(0.13)


Net loss per common share


$

(0.25)



$

(1.07)



$

(0.62)



$

(1.07)











Earnings (loss) per share — diluted:









Net loss from continuing operations


$

(0.30)



$

(0.88)



$

(0.59)



$

(0.94)


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


0.05



(0.19)




(0.03)




(0.13)


Net loss per common share


$

(0.25)



$

(1.07)



$

(0.62)



$

(1.07)











Weighted average shares outstanding:









  Basic


764



764



764



764


  Diluted


764



764



764



764











Dividends declared per common share


$



$



$



$

0.79


 

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)




Three Months Ended


Six Months Ended



June 30,


June 30,



2021


2020


2021


2020

Net Revenues









The Venetian Macao

$

391



$

28



$

731



$

343


The Londoner Macao

189



10



326



180


The Parisian Macao

101



(23)



188



118


The Plaza Macao and Four Seasons Macao

125



19



295



126


Sands Macao

42



7



77



76


Ferry Operations and Other

7



6



15



18


  Macao Operations

855



47



1,632



861











Marina Bay Sands

327



23



753



635


Intercompany Royalties(1)

25





50



35


Intersegment Eliminations (2)

(34)



(8)



(66)



(52)




$

1,173



$

62



$

2,369



$

1,479











Adjusted Property EBITDA









The Venetian Macao

$

108



$

(97)



$

190



$

(48)


The Londoner Macao

(5)



(79)



(28)



(79)


The Parisian Macao



(81)



(8)



(84)


The Plaza Macao and Four Seasons Macao

44



(18)



114



10


Sands Macao

(13)



(31)



(31)



(32)


Ferry Operations and Other

(2)



(6)



(5)



(12)


  Macao Operations

132



(312)



232



(245)











Marina Bay Sands

112



(113)



256



169



$

244



$

(425)



$

488



$

(76)











Adjusted Property EBITDA as a Percentage of Net Revenues








The Venetian Macao

27.6

%




26.0

%



The Londoner Macao








The Parisian Macao








The Plaza Macao and Four Seasons Macao

35.2

%




38.6

%


7.9

%

Sands Macao








Ferry Operations and Other








  Macao Operations

15.4

%




14.2

%












Marina Bay Sands

34.3

%




34.0

%


26.6

%










Total

20.8

%




20.6

%




____________________



Note:

The information for the three months ended June 30, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

(1)

Royalties earned from foreign operations, which were previously included in the Las Vegas Operating Properties and will continue post-closing of the sale.

(2)

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


Six Months Ended



June 30,


June 30,



2021


2020


2021


2020

Net loss from continuing operations

$

(280)



$

(841)



$

(560)



$

(933)


  Add (deduct):








Income tax expense (benefit)

(6)



(31)



8



(9)


Other (income) expense

(10)



5



7



(34)


Interest expense, net of amounts capitalized

158



114



312



242


Interest income

(1)



(4)



(2)



(17)


Loss on disposal or impairment of assets

11



4



14



7


Amortization of leasehold interests in land

14



13



28



27


Depreciation and amortization

258



244



513



497


Development expense

37



9



46



15


Pre-opening expense

4



4



9



9


Stock-based compensation (1)

3



5



8



8


Corporate expense

56



53



105



112


Consolidated Adjusted Property EBITDA

$

244



$

(425)



$

488



$

(76)











Hold-normalized casino revenue (2)

(62)



49






Hold-normalized casino expense (2)

28



(21)






Consolidated Hold-Normalized Adjusted Property EBITDA

$

210



$

(397)







____________________



Note:

The information for the three months ended June 30, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

(1)

During the three months ended June 30, 2021 and 2020, the company recorded stock-based compensation expense from continuing operations of $7 million and $6 million, respectively, of which $4 million and $1 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations. During the six months ended June 30, 2021 and 2020, the company recorded stock-based compensation expense from continuing operations of $14 million and $13 million, respectively, of which $6 million and $5 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 June 30, 2021


















Hold-Normalized



Adjusted


Hold-Normalized


Hold-Normalized


Adjusted



Property


Casino


Casino


Property



EBITDA


Revenue (1)


Expense (2)


EBITDA

Macao Operations


$

132



$

(43)



$

24



$

113


Marina Bay Sands


112



(19)



4



97




$

244



$

(62)



$

28



$

210






















Three Months Ended June 30, 2020


















Hold-Normalized



Adjusted


Hold-Normalized


Hold-Normalized


Adjusted



Property


Casino


Casino


Property



EBITDA


Revenue (1)


Expense (2)


EBITDA

Macao Operations


$

(312)



$

47



$

(20)



$

(285)


Marina Bay Sands


(113)



2



(1)



(112)




$

(425)



$

49



$

(21)



$

(397)



____________________



Note:

The information for the three months ended June 30, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

(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 Loss Attributable to LVS to Adjusted Net Loss and Hold-Normalized Adjusted Net Loss:




Three Months Ended


Six Months Ended



June 30,


June 30,



2021


2020


2021


2020

Net loss attributable to LVS


$

(192)



$

(820)



$

(470)



$

(821)











Pre-opening expense


4



4



9



9


Development expense


37



9



46



15


Loss on disposal or impairment of assets


11



4



14



7


Other (income) expense


(10)



5



7



(34)


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


(38)



144



24



103


Income tax impact on net income adjustments (1)


(9)



(3)



(11)



(4)


Noncontrolling interest impact on net income adjustments


1





(7)



3


Adjusted net loss from continuing operations attributable to LVS


$

(196)



$

(657)



$

(388)



$

(722)











Hold-normalized casino revenue (2)


(62)



49






Hold-normalized casino expense (2)


28



(21)






Income tax impact on hold adjustments (1)


3








Noncontrolling interest impact on hold adjustments


6



(8)






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


$

(221)



$

(637)















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




Three Months Ended


Six Months Ended



June 30,


June 30,



2021


2020


2021


2020

Per diluted share of common stock:









Net loss attributable to LVS


$

(0.25)



$

(1.07)



$

(0.62)



$

(1.07)











Pre-opening expense






0.01



0.01


Development expense


0.05



0.01



0.06



0.02


Loss on disposal or impairment of assets


0.01





0.02



0.01


Other (income) expense


(0.01)



0.01



0.01



(0.04)


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


(0.05)



0.19



0.03



0.13


Income tax impact on net income adjustments


(0.01)





(0.01)



(0.01)


Noncontrolling interest impact on net income adjustments






(0.01)




Adjusted loss per diluted share from continuing operations


$

(0.26)



$

(0.86)



$

(0.51)



$

(0.95)











Hold-normalized casino revenue


(0.08)



0.06






Hold-normalized casino expense


0.04



(0.02)






Income tax impact on hold adjustments









Noncontrolling interest impact on hold adjustments


0.01



(0.01)






Hold-normalized adjusted loss per diluted share from continuing operations


$

(0.29)



$

(0.83)















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


Six Months Ended



June 30


June 30



2021


2020


2021


2020

Casino Statistics:









The Venetian Macao:









Table games win per unit per day (1)


$

6,104



$

95



$

5,736



$

3,077


Slot machine win per unit per day (2)


$

192



$

18



$

193



$

116


Average number of table games


630



643



629



570


Average number of slot machines


1,170



864



1,108



1,079











The Londoner Macao:









Table games win per unit per day (1)


$

3,919



$

12



$

3,224



$

2,505


Slot machine win per unit per day (2)


$

134



$

9



$

120



$

150


Average number of table games


475



347



475



328


Average number of slot machines


889



408



854



683











The Parisian Macao:









Table games win per unit per day (1)


$

3,116



$

(850)



$

2,923



$

2,592


Slot machine win per unit per day (2)


$

87



$

17



$

91



$

117


Average number of table games


270



299



269



268


Average number of slot machines


914



593



898



810











The Plaza Macao and Four Seasons Macao:









Table games win per unit per day (1)


$

7,597



$

941



$

9,520



$

4,939


Slot machine win per unit per day (2)


$

61



$

1



$

74



$

116


Average number of table games


142



173



142



149


Average number of slot machines


115



55



80



90











Sands Macao:









Table games win per unit per day (1)


$

3,079



$

271



$

2,976



$

2,726


Slot machine win per unit per day (2)


$

106



$

62



$

109



$

114


Average number of table games


156



185



154



168


Average number of slot machines


549



452



540



576











Marina Bay Sands:









Table games win per unit per day (1)


$

2,770



$

2,636



$

3,417



$

7,833


Slot machine win per unit per day (2)


$

773



$

714



$

851



$

575


Average number of table games


559



604



570



606


Average number of slot machines


1,947



984



1,900



2,295











Las Vegas Operating Properties(3):









Table games win per unit per day (1)


$

3,365



$

2,087



$

2,683



$

4,715


Slot machine win per unit per day (2)


$

622



$

327



$

503



$

326


Average number of table games


193



206



186



203


Average number of slot machines


1,517



1,260



1,504



1,772



____________________



Note:

These casino statistics exclude table games and slot machines shutdown due to social distancing measures or closure of the gaming facilities as a result of the COVID-19 pandemic.  The gaming operations at our Macao properties were closed on February 5, 2020 and reopened on February 20, 2020 due to a government mandate, except for operations at The Londoner Macao, which resumed on February 27, 2020.  The Las Vegas Operating Properties were closed on March 18, 2020 and reopened on June 4, 2020, due to the statewide closure of non-essential services by the State of Nevada.  Marina Bay Sands gaming operations were closed effective April 7, 2020 through June 30, 2020, due to Singapore mandated government closures of all non-essential services. During the quarter ended June 30, 2021, gaming operations at Marina Bay Sands were closed on May 17, 2021 and reopened on May 19, 2021, due to pandemic-related measures in consultation with the Singapore government authorities.

(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 Las Vegas Operating Properties are classified as a discontinued operation held for sale.

 

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended



The Venetian Macao

June 30,



(Dollars in millions)

2021


2020


Change

Revenues:






Casino

$

307



$

5



$

302


Rooms

24



1



23


Food and Beverage

7



1



6


Mall

49



18



31


Convention, Retail and Other

4



3



1


Net Revenues

$

391



$

28



$

363








Adjusted Property EBITDA

$

108



$

(97)



$

205


EBITDA Margin %

27.6

%











Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$

1,510



$

108



$

1,402


Rolling Chip Win %(1)

4.91

%


1.48

%


3.43

pts







Non-Rolling Chip Drop

$

999



$

16



$

983


Non-Rolling Chip Win %

27.6

%


24.8

%


2.8

pts







Slot Handle

$

551



$

58



$

493


Slot Hold %

3.7

%


2.5

%


1.2

pts







Hotel Statistics












Occupancy %

58.6

%


2.1

%


56.5

pts

Average Daily Rate (ADR)

$

159



$

220



$

(61)


Revenue per Available Room (RevPAR)

$

93



$

5



$

88



____________________



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 during the quarters ended June 30, 2021 and 2020.  During the quarter ended June 30, 2020, rooms utilized to house team members 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 Londoner Macao

June 30,



(Dollars in millions)

2021


2020


Change

Revenues:






Casino

$

133



$

1



$

132


Rooms

28





28


Food and Beverage

9



1



8


Mall

16



7



9


Convention, Retail and Other

3



1



2


Net Revenues

$

189



$

10



$

179








Adjusted Property EBITDA

$

(5)



$

(79)



$

74


EBITDA Margin %












Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$

1,126



$



$

1,126


Rolling Chip Win %(1)

4.76

%


%


4.76

pts







Non-Rolling Chip Drop

$

551



$

6



$

545


Non-Rolling Chip Win %

21.0

%


6.9

%


14.1

pts







Slot Handle

$

286



$

11



$

275


Slot Hold %

3.8

%


3.3

%


0.5

pts







Hotel Statistics












Occupancy %

44.2

%


1.1

%


43.1

pts

Average Daily Rate (ADR)

$

152



$

144



$

8


Revenue per Available Room (RevPAR)

$

67



$

2



$

65



____________________



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 during the quarters ended June 30, 2021 and 2020. Rooms utilized for government quarantine purposes during the quarters ended June 30, 2021 and 2020, and to provide lodging for team members due to travel restrictions, as well as the hotel tower consisting of rooms under the Conrad brand that remained closed for a portion of time during the quarter ended June 30, 2020, 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

June 30,



(Dollars in millions)

2021


2020


Change

Revenues:






Casino

$

69



$

(30)



$

99


Rooms

17



1



16


Food and Beverage

4



1



3


Mall

10



4



6


Convention, Retail and Other

1



1




Net Revenues

$

101



$

(23)



$

124








Adjusted Property EBITDA

$



$

(81)



$

81


EBITDA Margin %












Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$

32



$

382



$

(350)


Rolling Chip Win %(1)

8.24

%


(6.40)

%


14.64

pts







Non-Rolling Chip Drop

$

358



$

6



$

352


Non-Rolling Chip Win %

20.6

%


20.4

%


0.2

pts







Slot Handle

$

244



$

19



$

225


Slot Hold %

3.0

%


4.7

%


(1.7)

pts







Hotel Statistics












Occupancy %

58.4

%


3.5

%


54.9

pts

Average Daily Rate (ADR)

$

119



$

148



$

(29)


Revenue per Available Room (RevPAR)

$

70



$

5



$

65



____________________



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 during the quarters ended June 30, 2021 and 2020.  During the quarter ended June 30, 2020, rooms utilized to house team members 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

June 30,



(Dollars in millions)

2021


2020


Change

Revenues:






Casino

$

74



$

8



$

66


Rooms

12



1



11


Food and Beverage

5



1



4


Mall

34



9



25


Net Revenues

$

125



$

19



$

106








Adjusted Property EBITDA

$

44



$

(18)



$

62


EBITDA Margin %

35.2

%











Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$

529



$

563



$

(34)


Rolling Chip Win %(1)

4.42

%


2.42

%


2.00

pts







Non-Rolling Chip Drop

$

350



$

19



$

331


Non-Rolling Chip Win %

21.4

%


6.5

%


14.9

pts







Slot Handle

$

18



$



$

18


Slot Hold %

3.5

%


%


3.5

pts







Hotel Statistics












Occupancy %

48.4

%


6.2

%


42.2

pts

Average Daily Rate (ADR)

$

445



$

358



$

87


Revenue per Available Room (RevPAR)

$

215



$

22



$

193



____________________



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 during the quarters ended June 30, 2021 and 2020.  During the quarter ended June 30, 2020, rooms utilized to house team members 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

June 30,



(Dollars in millions)

2021


2020


Change

Revenues:






Casino

$

37



$

5



$

32


Rooms

2



1



1


Food and Beverage

1





1


Mall

1



1




Convention, Retail and Other

1





1


Net Revenues

$

42



$

7



$

35








Adjusted Property EBITDA

$

(13)



$

(31)



$

18


EBITDA Margin %












Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$

332



$

219



$

113


Rolling Chip Win %(1)

6.51

%


0.78

%


5.73

pts







Non-Rolling Chip Drop

$

131



$

28



$

103


Non-Rolling Chip Win %

16.9

%


10.2

%


6.7

pts







Slot Handle

$

161



$

77



$

84


Slot Hold %

3.3

%


3.3

%


pts







Hotel Statistics












Occupancy %

71.1

%


10.6

%


60.5

pts

Average Daily Rate (ADR)

$

141



$

153



$

(12)


Revenue per Available Room (RevPAR)

$

100



$

16



$

84



____________________



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 during the quarters ended June 30, 2021 and 2020.  During the quarter ended June 30, 2020, rooms utilized to house team members 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



Marina Bay Sands

June 30,



(Dollars in millions)

2021


2020


Change

Revenues:






Casino

$

223



$

7



$

216


Rooms

32



1



31


Food and Beverage

24



2



22


Mall

39



3



36


Convention, Retail and Other

9



10



(1)


Net Revenues

$

327



$

23



$

304








Adjusted Property EBITDA

$

112



$

(113)



$

225


EBITDA Margin %

34.3

%











Gaming Statistics






(Dollars in millions)












Rolling Chip Volume

$

612



$

122



$

490


Rolling Chip Win %(1)

6.44

%


1.91

%


4.53

pts







Non-Rolling Chip Drop

$

553



$

25



$

528


Non-Rolling Chip Win %

18.1

%


22.2

%


(4.1)

pts







Slot Handle

$

3,165



$

94



$

3,071


Slot Hold %

4.3

%


3.7

%


0.6

pts







Hotel Statistics












Occupancy %

67.9

%


40.2

%


27.7

pts

Average Daily Rate (ADR)

$

221



$

328



$

(107)


Revenue per Available Room (RevPAR)

$

150



$

132



$

18



____________________



Note:

Due to government-mandated closure of non-essential services as a result of the COVID-19 pandemic, the property was closed from April 7, 2020 through June 18, 2020 for certain retail and restaurant operations and through June 30, 2020 for gaming operations.  During the quarter ended June 30, 2021, gaming operations at Marina Bay Sands were closed on May 17, 2021 and reopened on May 19, 2021, due to pandemic-related measures in consultation with the Singapore government authorities.  Due to social distancing measures and travel restrictions, the property operated at a reduced capacity during the quarters ended June 30, 2021 and 2020, with some operations temporarily closed.  Rooms utilized for government quarantine purposes 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 - Discontinued Operation Held for Sale

(Unaudited)



Three Months Ended



Las Vegas Operating Properties(1)

June 30,



(Dollars in millions)

2021


2020


Change

Revenues:






Casino

$

110



$

14



$

96


Rooms

107



9



98


Food and Beverage

52



6



46


Convention, Retail and Other(2)

21



7



14


Net Revenues

$

290



$

36



$

254








Adjusted Property EBITDA

$

51



$

(122)



$

173


EBITDA Margin %

17.6

%











Gaming Statistics






(Dollars in millions)












Table Games Drop

$

362



$

99



$

263


Table Games Win %(3)

16.3

%


11.8

%


4.5

pts







Slot Handle

$

1,000



$

192



$

808


Slot Hold %

8.6

%


5.8

%


2.8

pts







Hotel Statistics












Occupancy %

85.5

%


33.5

%


52.0

pts

Average Daily Rate (ADR)

$

199



$

162



$

37


Revenue per Available Room (RevPAR)

$

170



$

54



$

116



____________________



Note:

Due to the statewide closure of non-essential services by the State of Nevada as a result of the COVID-19 pandemic, the property was closed on March 18, 2020 and reopened on June 4, 2020.  During the quarters ended June 30, 2021 and 2020, 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; however, these capacity restrictions were lifted on June 1, 2021.  Rooms within the property's Venezia tower that remained closed for a portion of the quarters ended June 30, 2021 and 2020, were excluded from the calculation of hotel statistics above.

(1)

In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations and as a result have been classified as a discontinued operation held for sale.

(2)

Prior year amounts have been adjusted to conform to the current period presentation, which excludes intercompany royalties as these will continue post-closing of the sale. See Exhibit 2.

(3)

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 June 30, 2021


TTM

June 30, 2021

(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


$

49



$

44



89.8

%


814,731



79.2

%


$

1,227















Shoppes at Four Seasons













Luxury Retail


21



20



95.2

%


125,466



100.0

%


7,627


Other Stores


13



12



92.3

%


118,638



87.5

%


2,353


Total


34



32



94.1

%


244,104



93.9

%


5,389















Shoppes at Londoner(3)


15



12



80.0

%


520,941



60.9

%


1,058















Shoppes at Parisian


10



8



80.0

%


296,145



78.1

%


593















Total Cotai Strip in Macao


108



96



88.9

%


1,875,921



75.9

%


1,793















The Shoppes at Marina Bay Sands


39



34



87.2

%


620,427



98.2

%


1,366















Total


$

147



$

130



88.4

%


2,496,348



81.4

%


$

1,671



____________________



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 $7 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 up to an estimated 600,000 square feet of gross leasable area upon completion of all phases of the renovation, rebranding and expansion to The Londoner Macao.

 

LVSC Logo (PRNewsfoto/Las Vegas Sands)

 

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SOURCE Las Vegas Sands Corp.