0001300514-18-000089.txt : 20180725 0001300514-18-000089.hdr.sgml : 20180725 20180725160753 ACCESSION NUMBER: 0001300514-18-000089 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20180725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180725 DATE AS OF CHANGE: 20180725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAS VEGAS SANDS CORP CENTRAL INDEX KEY: 0001300514 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 270099920 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32373 FILM NUMBER: 18968810 BUSINESS ADDRESS: STREET 1: 3355 LAS VEGAS BOULEVARD, SOUTH STREET 2: ROOM 1A CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: (702) 414-1000 MAIL ADDRESS: STREET 1: 3355 LAS VEGAS BOULEVARD, SOUTH STREET 2: ROOM 1A CITY: LAS VEGAS STATE: NV ZIP: 89109 8-K 1 lvs-20180630x8k.htm 8-K Document


 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported)         July 25, 2018
 
 
LAS VEGAS SANDS CORP.
(Exact name of registrant as specified in its charter)
 
NEVADA
(State or other jurisdiction of incorporation)
 
001-32373
 
27-0099920
(Commission File Number)
(IRS Employer Identification No.)
 
 
3355 LAS VEGAS BOULEVARD SOUTH
LAS VEGAS, NEVADA
 
89109
(Address of principal executive offices)
(Zip Code)
 
 (702) 414-1000
 (Registrant’s Telephone Number, Including Area Code)
 
NOT APPLICABLE
 (Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
 
 
Emerging growth company ¨
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
 






ITEM 2.02.
Results of Operations and Financial Condition.

The following information is being furnished under Item 2.02 - Results of Operations and Financial Condition.

On July 25, 2018, Las Vegas Sands Corp. (the “Company”) issued a press release announcing its results of operations for the second quarter ended June 30, 2018. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.

Within the Company’s second quarter ended June 30, 2018 press release, the Company makes reference to certain non-GAAP financial measures that supplement the Company’s consolidated financial information prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) including “adjusted net income,” “adjusted earnings per diluted share,” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures along with “adjusted property EBITDA margin,” “hold-normalized adjusted property EBITDA,” “hold-normalized adjusted property EBITDA margin,” “hold-normalized adjusted net income,” and “hold-normalized adjusted earnings per diluted share.” The Company believes these measures represent important internal measures of financial performance. The specific reasons why the Company’s management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition, results of operations and cash flows are set forth in the press release.


ITEM 9.01.
Financial Statements and Exhibits.
 
(d)
Exhibits
99.1
Press Release, dated July 25, 2018
 
 

 
 





INDEX TO EXHIBITS
 











SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.
 
Dated: July 25, 2018
 
 
 
 
LAS VEGAS SANDS CORP.
 
By: 
 
 
 /s/ Patrick Dumont
 
 
Name:   Patrick Dumont
Title:     Executive Vice President and Chief Financial Officer
             
 
 
 



EX-99.1 2 lvs_ex991x06302018.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1

sandslogo.jpg
Press Release
Las Vegas Sands Reports
Second Quarter 2018 Results

For the Quarter Ended June 30, 2018
(Compared to the Quarter Ended June 30, 2017)

- Consolidated Net Revenue Increased 6.2% to $3.30 Billion
- Net Income Increased 5.8% to $676 Million; Hold-Normalized Adjusted Net Income Increased 21.3% to $597 Million
- GAAP Earnings per Diluted Share Increased 1.4% to $0.70; Adjusted Earnings per Diluted Share Increased 1.4% to $0.74; Hold-Normalized Adjusted Earnings per Diluted Share Increased 22.6% to $0.76
- Consolidated Adjusted Property EBITDA Increased 1.4% to $1.23 Billion, While Hold-Normalized Adjusted Property EBITDA Increased 11.6% to $1.23 Billion
- In Macao, Adjusted Property EBITDA Increased 25.0% to $750 Million, While Hold-Normalized Adjusted Property EBITDA Increased 22.3% to $730 Million
- At Marina Bay Sands in Singapore, Adjusted Property EBITDA was $368 Million
- At Our Las Vegas Operating Properties, Adjusted Property EBITDA Decreased 2.5% to $77 Million, While Hold-Normalized Adjusted Property EBITDA Increased 23.3% to $106 Million
- The Company Paid Quarterly Dividends of $0.75 per Share
- The Company Repurchased $100 Million of Common Stock

Las Vegas, NV (July 25, 2018) - 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, 2018.

Second Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, “We are pleased to have delivered strong financial results in the quarter, led by robust growth in Macao, where every property in our portfolio delivered growth and adjusted property EBITDA reached $750 million, an increase of 25% compared to the second quarter of 2017. While lower Rolling Chip volume and win percentage compared to the year ago quarter impacted our results at Marina Bay Sands in Singapore, the power of our unique convention-based Integrated Resort business model remains evident in our financial performance, with Singapore delivering $368 million of adjusted property EBITDA and Las Vegas performing well despite lower than expected hold on table games play. We



also continue to invest in growth initiatives in each of our markets while returning excess capital to shareholders through dividends and share repurchases.”

The company paid a recurring quarterly dividend of $0.75 per common share during the quarter. The company announced that its next quarterly dividend of $0.75 per common share will be paid on September 27, 2018, to Las Vegas Sands shareholders of record on September 19, 2018. In addition, the company repurchased $100 million of common stock (1.3 million shares at a weighted average price of $79.76) during the quarter ended June 30, 2018.

Company-Wide Operating Results

Net revenue for the second quarter of 2018 increased 6.2% to $3.30 billion, compared to $3.11 billion in the second quarter of 2017. Net income increased 5.8% to $676 million in the second quarter of 2018, compared to $639 million in the year-ago quarter.

Effective January 1, 2018, the Company adopted the new revenue recognition standard on a full retrospective basis. The adoption of this standard did not have a material impact on the Company's financial condition or net income. All 2017 financial results have been revised to conform to the current presentation.

On a GAAP (accounting principles generally accepted in the United States of America) basis, operating income in the second quarter of 2018 decreased 2.4% to $797 million, compared to $817 million in the second quarter of 2017. The decrease in operating income was primarily due to softer rolling volume and win percentage in Singapore and a $92 million write-off of costs related to the tower adjacent to the Four Seasons Macao. These items were offset by stronger operating performance in our Macao business due to an 18% increase in revenues and the impact of a change in our depreciable lives during the third quarter of 2017, as discussed further below. Consolidated adjusted property EBITDA (a non-GAAP measure) of $1.23 billion increased 1.4% in the second quarter of 2018, compared to the year-ago quarter. On a hold-normalized basis, consolidated adjusted property EBITDA increased 11.6% to $1.23 billion in the second quarter of 2018.

On a GAAP basis, net income attributable to Las Vegas Sands in the second quarter of 2018 increased 1.8% to $556 million, compared to $546 million in the second quarter of 2017, while diluted earnings per share in the second quarter of 2018 of $0.70 represented an increase of 1.4% compared to the prior-year quarter. In addition to the factors described above, the increase in net income attributable to Las Vegas Sands reflected increases in other income (expense), partially offset by the increase in net income attributable to noncontrolling interests.

Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) increased 1.9% to $588 million, or $0.74 per diluted share, compared to $577 million, or $0.73 per diluted share, in the second quarter of 2017. Hold-normalized adjusted earnings per diluted share increased 22.6% to $0.76.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. (SCL) increased 18% to $2.11 billion in the second quarter of 2018, compared to $1.79 billion in the second quarter of 2017. Net income for SCL increased 30% to $427 million in the second quarter of 2018, compared to $328 million in the second quarter of 2017.

Other Factors Affecting Earnings

Depreciation and amortization expense was $274 million in the second quarter of 2018, compared to $327 million in the second quarter of 2017. This decrease was driven primarily by a change in the estimated useful lives of our buildings, building improvements and land improvements accounted for as a change in accounting estimate beginning on July 1, 2017, and resulted in a reduction of depreciation and amortization expense and an increase in operating income of $64 million, and an increase of net income attributable to Las Vegas Sands of $47 million, or earnings per share of $0.06 on a basic and diluted basis, in the second quarter of 2018.

Interest expense, net of amounts capitalized, was $93 million for the second quarter of 2018, compared to $79 million in the prior-year quarter. Our weighted average borrowing cost in the second quarter of 2018 was approximately 3.5%, compared to 3.0% during the second quarter of 2017.

Other income, which was comprised primarily of foreign currency gains due to an appreciation of the U.S. dollar versus the Singapore dollar during the period, was $44 million for the second quarter of 2018, compared to other expense of $25 million in the second quarter of 2017.


2



Our effective income tax rate for the second quarter of 2018 was 10.7% compared to 10.9% in the prior-year quarter. The tax rate for the second quarter of 2018 is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate and a provision for our domestic earnings at the 21% corporate income tax rate based on the Tax Cuts and Jobs Act (the "Act"). The Act creates complexity that will likely require implementation guidance from the Internal Revenue Service and could impact our tax return filing positions, which may impact the estimates and assumptions utilized in our initial analysis.

The net income attributable to noncontrolling interests during the second quarter of 2018 of $120 million was principally related to SCL.

Balance Sheet Items

Unrestricted cash balances as of June 30, 2018 were $4.35 billion.

As of June 30, 2018, total debt outstanding, including the current portion and net of deferred financing costs (excluding those costs related to our revolving facilities) and original issue discount, was $11.32 billion.

Capital Expenditures

Capital expenditures during the second quarter totaled $178 million, including construction, development and maintenance activities of $95 million in Macao, $37 million in Las Vegas, $37 million at Marina Bay Sands and $9 million at Sands Bethlehem.

###

Conference Call Information

The company will host a conference call to discuss the company’s results on Wednesday, July 25, 2018 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.sands.com.

Forward-Looking Statements

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

About Las Vegas Sands Corp.

Las Vegas Sands Corp. (NYSE: LVS) is the world’s pre-eminent developer and operator of world-class Integrated Resorts that feature luxury hotels; best-in-class gaming; retail; dining and entertainment; Meetings, Incentives, Convention and Exhibition (MICE) facilities; and many other leisure and business amenities. We pioneered the MICE-driven Integrated Resort, a unique, industry-leading and extremely successful model that serves both the leisure and business tourism markets.

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

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


3



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


4



Las Vegas Sands Corp.
Second Quarter 2018 Results
Non-GAAP Measures

Within the company’s second quarter 2018 press release, the company makes reference to certain non-GAAP financial measures that supplement the company’s consolidated financial information prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) including “adjusted net income,” “adjusted earnings per diluted share,” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures along with “adjusted property EBITDA margin,” “hold-normalized adjusted property EBITDA,” “hold-normalized adjusted property EBITDA margin,” “hold-normalized adjusted net income,” and “hold-normalized adjusted earnings per diluted share.” The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this release are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company’s management believes 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, which is a non-GAAP financial measure, excludes certain non-recurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and other income or expense, attributable to Las Vegas Sands, net of income tax and an adjustment for a nonrecurring non-cash benefit due to U.S. tax reform enacted in 2017. Adjusted net income and adjusted earnings per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of 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 before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. 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 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 3.15% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 3.0% to 3.3% for our Macao properties, applying a Rolling Chip win percentage of 2.85% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 2.7% to 3.0% for our Singapore property, 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. No hold adjustments are made for Sands Bethlehem. We do not present adjustments for Non-Rolling Chip drop for our table games play at our Macao and Singapore properties, nor for slots at any of our properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid to third parties on the incremental win, bad debt expense, discounts and other incentives that would have been incurred when applying the win

5



percentages noted above to the respective gaming volumes. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period.

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

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

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


6



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,
 
 
2018
 
2017
 
2018
 
2017
Revenues:
 
 
 
 
 
 
 
 
  Casino
 
$
2,346

 
$
2,243

 
$
4,945

 
$
4,400

  Rooms
 
418

 
367

 
863

 
765

  Food and beverage
 
219

 
195

 
447

 
407

  Mall
 
164

 
159

 
320

 
316

  Convention, retail and other
 
156

 
145

 
307

 
288

Net revenues
 
3,303

 
3,109

 
6,882

 
6,176

Operating expenses:
 
 
 
 
 
 
 
 
  Resort operations
 
2,081

 
1,905

 
4,164

 
3,827

  Corporate
 
33

 
42

 
89

 
84

  Pre-opening
 
2

 
4

 
3

 
6

  Development
 
2

 
2

 
5

 
5

  Depreciation and amortization
 
274

 
327

 
538

 
648

  Amortization of leasehold interests in land
 
9

 
9

 
18

 
19

  Loss on disposal or impairment of assets
 
105

 
3

 
110

 
6

 
 
2,506

 
2,292

 
4,927

 
4,595

Operating income
 
797

 
817

 
1,955

 
1,581

Other income (expense):
 
 
 
 
 
 
 
 
  Interest income
 
9

 
4

 
14

 
7

  Interest expense, net of amounts capitalized
 
(93
)
 
(79
)
 
(182
)
 
(157
)
  Other income (expense)
 
44

 
(25
)
 
18

 
(61
)
  Loss on modification or early retirement of debt
 

 

 
(3
)
 
(5
)
Income before income taxes
 
757

 
717

 
1,802

 
1,365

Income tax (expense) benefit
 
(81
)
 
(78
)
 
490

 
(147
)
Net income
 
676

 
639

 
2,292

 
1,218

Net income attributable to noncontrolling interests
 
(120
)
 
(93
)
 
(280
)
 
(191
)
Net income attributable to Las Vegas Sands Corp.
 
$
556

 
$
546

 
$
2,012

 
$
1,027

 
 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
 
  Basic
 
$
0.70

 
$
0.69

 
$
2.55

 
$
1.30

  Diluted
 
$
0.70

 
$
0.69

 
$
2.55

 
$
1.29

 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
  Basic
 
789

 
792

 
789

 
793

  Diluted
 
790

 
792

 
790

 
794

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.75

 
$
0.73

 
$
1.50

 
$
1.46

____________________
Note: The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.

7



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,
 
 
2018
 
2017
 
2018
 
2017
Net Revenues
 
 
 
 
 
 
 
 
The Venetian Macao
 
$
830

 
$
674

 
$
1,698

 
$
1,400

Sands Cotai Central
 
509

 
439

 
1,058

 
898

The Parisian Macao
 
371

 
353

 
730

 
663

The Plaza Macao and Four Seasons Hotel Macao
 
186

 
135

 
377

 
273

Sands Macao
 
180

 
156

 
334

 
334

Ferry Operations and Other
 
42

 
41

 
81

 
79

  Macao Operations
 
2,118

 
1,798

 
4,278

 
3,647

 
 
 
 
 
 
 
 
 
Marina Bay Sands
 
705

 
834

 
1,577

 
1,524

Las Vegas Operating Properties
 
402

 
392

 
879

 
837

Sands Bethlehem
 
136

 
143

 
270

 
282

Intersegment Eliminations
 
(58
)
 
(58
)
 
(122
)
 
(114
)
 
 
$
3,303

 
$
3,109

 
$
6,882

 
$
6,176

 
 
 
 
 
 
 
 
 
Adjusted Property EBITDA
 
 
 
 
 
 
 
 
The Venetian Macao
 
$
331

 
$
256

 
$
679

 
$
545

Sands Cotai Central
 
176

 
134

 
377

 
277

The Parisian Macao
 
114

 
106

 
230

 
188

The Plaza Macao and Four Seasons Hotel Macao
 
72

 
60

 
145

 
111

Sands Macao
 
52

 
39

 
99

 
93

Ferry Operations and Other
 
5

 
5

 
9

 
12

  Macao Operations
 
750

 
600

 
1,539

 
1,226

 
 
 
 
 
 
 
 
 
Marina Bay Sands
 
368

 
492

 
909

 
856

Las Vegas Operating Properties
 
77

 
79

 
218

 
201

Sands Bethlehem
 
30

 
37

 
59

 
73

 
 
$
1,225

 
$
1,208

 
$
2,725

 
$
2,356

 
 
 
 
 
 
 
 
 
Adjusted Property EBITDA as a Percentage of Net Revenues
 
 
 
 
 
 
 
 
The Venetian Macao
 
39.9
%
 
38.0
%
 
40.0
%
 
38.9
%
Sands Cotai Central
 
34.6
%
 
30.5
%
 
35.6
%
 
30.8
%
The Parisian Macao
 
30.7
%
 
30.0
%
 
31.5
%
 
28.4
%
The Plaza Macao and Four Seasons Hotel Macao
 
38.7
%
 
44.4
%
 
38.5
%
 
40.7
%
Sands Macao
 
28.9
%
 
25.0
%
 
29.6
%
 
27.8
%
Ferry Operations and Other
 
11.9
%
 
12.2
%
 
11.1
%
 
15.2
%
  Macao Operations
 
35.4
%
 
33.4
%
 
36.0
%
 
33.6
%
 
 
 
 
 
 
 
 
 
Marina Bay Sands
 
52.2
%
 
59.0
%
 
57.6
%
 
56.2
%
Las Vegas Operating Properties
 
19.2
%
 
20.2
%
 
24.8
%
 
24.0
%
Sands Bethlehem
 
22.1
%
 
25.9
%
 
21.9
%
 
25.9
%
 
 
 
 
 
 
 
 
 
Total
 
37.1
%
 
38.9
%
 
39.6
%
 
38.1
%
____________________
Note: The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.

8



Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2018
 
2017
 
2018
 
2017
Net income
 
$
676

 
$
639

 
$
2,292

 
$
1,218

  Add (deduct):
 
 
 
 
 
 
 
 
Income tax expense (benefit)
 
81

 
78

 
(490
)
 
147

Loss on modification or early retirement of debt
 

 

 
3

 
5

Other (income) expense
 
(44
)
 
25

 
(18
)
 
61

Interest expense, net of amounts capitalized
 
93

 
79

 
182

 
157

Interest income
 
(9
)
 
(4
)
 
(14
)
 
(7
)
Loss on disposal or impairment of assets
 
105

 
3

 
110

 
6

Amortization of leasehold interests in land
 
9

 
9

 
18

 
19

Depreciation and amortization
 
274

 
327

 
538

 
648

Development expense
 
2

 
2

 
5

 
5

Pre-opening expense
 
2

 
4

 
3

 
6

Stock-based compensation (1)
 
3

 
4

 
7

 
7

Corporate expense
 
33

 
42

 
89

 
84

Consolidated Adjusted Property EBITDA
 
$
1,225

 
$
1,208

 
$
2,725

 
$
2,356

 
 
 
 
 
 
 
 
 
Hold-normalized casino revenue (2)
 
(7
)
 
(139
)
 
 
 
 
Hold-normalized casino expense (2)
 
16

 
37

 
 
 
 
Consolidated Hold-Normalized Adjusted Property EBITDA
 
$
1,234

 
$
1,106

 
 
 
 
____________________
Note:
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.
(1)
During the three months ended June 30, 2018 and 2017, the company recorded stock-based compensation expense of $7 million and $8 million, respectively, of which $4 million is included in corporate expense on the company's condensed consolidated statements of operations. During the six months ended June 30, 2018 and 2017, the company recorded stock-based compensation expense of $16 million and $18 million, respectively, of which $9 million and $11 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations.
(2)
See Exhibit 4.

9



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, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hold-Normalized
 
 
Adjusted
 
Hold-Normalized
 
Hold-Normalized
 
Adjusted
 
 
Property
 
Casino
 
Casino
 
Property
 
 
EBITDA
 
Revenue (1)
 
Expense (2)
 
EBITDA
Macao Operations
 
$
750

 
$
(43
)
 
$
23

 
$
730

Marina Bay Sands
 
368

 

 

 
368

United States:
 
 
 
 
 
 
 
 
   Las Vegas Operating Properties
 
77

 
36

 
(7
)
 
106

   Sands Bethlehem
 
30

 

 

 
30

 
 
$
1,225

 
$
(7
)
 
$
16

 
$
1,234

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hold-Normalized
 
 
Adjusted
 
Hold-Normalized
 
Hold-Normalized
 
Adjusted
 
 
Property
 
Casino
 
Casino
 
Property
 
 
EBITDA
 
Revenue (1)
 
Expense (2)
 
EBITDA
Macao Operations
 
$
600

 
$
(14
)
 
$
11

 
$
597

Marina Bay Sands
 
492

 
(134
)
 
28

 
386

United States:
 
 
 
 
 
 
 
 
   Las Vegas Operating Properties
 
79

 
9

 
(2
)
 
86

   Sands Bethlehem
 
37

 

 

 
37

 
 
$
1,208

 
$
(139
)
 
$
37

 
$
1,106

____________________
Note:
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.
(1)
For Macao Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling volume play that would have been earned or lost had the company’s current period win percentage equaled 3.15% for Macao Operations and 2.85% for Marina Bay Sands. This calculation will only be applied if the current period win percentage is outside the expected range of 3.0% to 3.3% for Macao Operations and 2.7% to 3.0% for Marina Bay Sands.

For the Las Vegas Operating Properties, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the company’s current period win percentage equaled 22.0% for Baccarat and 20.0% for non-Baccarat. This calculation will only be applied if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 18.0% to 26.0% and 16.0% to 24.0%, respectively.

For Sands Bethlehem, no adjustments have been made.

These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.
(2)
Represents the estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.

10



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 Attributable to Las Vegas Sands Corp. to Adjusted Net Income and Hold-Normalized Adjusted Net Income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2018
 
2017
 
2018
 
2017
Net income attributable to Las Vegas Sands Corp.
 
$
556

 
$
546

 
$
2,012

 
$
1,027

 
 
 
 
 
 
 
 
 
Pre-opening expense
 
2

 
4

 
3

 
6

Development expense
 
2

 
2

 
5

 
5

Loss on disposal or impairment of assets
 
105

 
3

 
110

 
6

Other (income) expense
 
(44
)
 
25

 
(18
)
 
61

Loss on modification or early retirement of debt
 

 

 
3

 
5

Nonrecurring non-cash income tax benefit of U.S. tax reform (1)
 

 

 
(670
)
 

Income tax impact on net income adjustments (2)
 
(5
)
 

 
(6
)
 

Noncontrolling interest impact on net income adjustments
 
(28
)
 
(3
)
 
(30
)
 
(5
)
Adjusted net income
 
$
588

 
$
577

 
$
1,409

 
$
1,105

 
 
 
 
 
 
 
 
 
Hold-normalized casino revenue (3)
 
(7
)
 
(139
)
 
 
 
 
Hold-normalized casino expense (3)
 
16

 
37

 
 
 
 
Income tax impact on hold adjustments (2)
 
(6
)
 
16

 
 
 
 
Noncontrolling interest impact on hold adjustments
 
6

 
1

 
 
 
 
Hold-normalized adjusted net income
 
$
597

 
$
492

 
 
 
 
 
 
 
 
 
 
 
 
 
The following is a reconciliation of Diluted Earnings per Share to Adjusted Earnings per Diluted Share and Hold-Normalized Adjusted Earnings per Diluted Share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2018
 
2017
 
2018
 
2017
Per diluted share of common stock:
 
 
 
 
 
 
 
 
Net income attributable to Las Vegas Sands Corp.
 
$
0.70

 
$
0.69

 
$
2.55

 
$
1.29

 
 
 
 
 
 
 
 
 
Pre-opening expense
 

 
0.01

 

 
0.01

Development expense
 

 

 
0.01

 
0.01

Loss on disposal or impairment of assets
 
0.13

 

 
0.14

 
0.01

Other (income) expense
 
(0.05
)
 
0.03

 
(0.02
)
 
0.07

Loss on modification or early retirement of debt
 

 

 

 
0.01

Nonrecurring non-cash income tax benefit of U.S. tax reform
 

 

 
(0.85
)
 

Income tax impact on net income adjustments
 
(0.01
)
 

 
(0.01
)
 

Noncontrolling interest impact on net income adjustments
 
(0.03
)
 

 
(0.04
)
 
(0.01
)
Adjusted earnings per diluted share
 
$
0.74

 
$
0.73

 
$
1.78

 
$
1.39

 
 
 
 
 
 
 
 
 
Hold-normalized casino revenue
 
(0.01
)
 
(0.18
)
 
 
 
 
Hold-normalized casino expense
 
0.02

 
0.05

 
 
 
 
Income tax impact on hold adjustments
 

 
0.02

 
 
 
 
Noncontrolling interest impact on hold adjustments
 
0.01

 

 
 
 
 
Hold-normalized adjusted earnings per diluted share
 
$
0.76

 
$
0.62

 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average diluted shares outstanding
 
790

 
792

 
790

 
794

____________________
Note:
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.
(1)
Adjustment reflects the impact of the Tax Cuts and Jobs Act enacted in the U.S. in December 2017 (the "Act" or "tax reform") on the valuation allowance related to certain of the company's tax attributes. This adjustment includes estimates and assumptions based on the company's initial analysis of the Act in applying it to the 2018 income tax provision and may be adjusted in future periods as required. The Act creates complexity and will require implementation guidance from the Internal Revenue Service and could impact the company's tax return filing positions, which may impact the estimates and assumptions utilized in the initial analysis.
(2)
The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.
(3)
See Exhibit 4.

11



Exhibit 6
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2018
 
2017
 
2018
 
2017
Casino Statistics:
 
 
 
 
 
 
 
 
The Venetian Macao:
 
 
 
 
 
 
 
 
Table games win per unit per day (1)
 
$
14,594

 
$
12,096

 
$
15,322

 
$
12,947

Slot machine win per unit per day (2)
 
$
229

 
$
232

 
$
248

 
$
245

Average number of table games
 
598

 
565

 
597

 
558

Average number of slot machines
 
1,774

 
1,694

 
1,777

 
1,596

 
 
 
 
 
 
 
 
 
Sands Cotai Central:
 
 
 
 
 
 
 
 
Table games win per unit per day (1)
 
$
11,387

 
$
10,167

 
$
11,946

 
$
10,296

Slot machine win per unit per day (2)
 
$
299

 
$
276

 
$
303

 
$
303

Average number of table games
 
412

 
398

 
409

 
401

Average number of slot machines
 
1,866

 
1,797

 
1,851

 
1,689

 
 
 
 
 
 
 
 
 
The Parisian Macao:
 
 
 
 
 
 
 
 
Table games win per unit per day (1)
 
$
12,148

 
$
9,702

 
$
11,377

 
$
8,955

Slot machine win per unit per day (2)
 
$
223

 
$
222

 
$
229

 
$
235

Average number of table games
 
340

 
382

 
351

 
383

Average number of slot machines
 
1,380

 
1,523

 
1,364

 
1,532

 
 
 
 
 
 
 
 
 
The Plaza Macao and Four Seasons Hotel Macao:
 
 
 
 
 
 
 
 
Table games win per unit per day (1)
 
$
17,439

 
$
13,073

 
$
18,328

 
$
13,774

Slot machine win per unit per day (2)
 
$
575

 
$
394

 
$
537

 
$
488

Average number of table games
 
117

 
100

 
115

 
101

Average number of slot machines
 
202

 
202

 
203

 
164

 
 
 
 
 
 
 
 
 
Sands Macao:
 
 
 
 
 
 
 
 
Table games win per unit per day (1)
 
$
9,801

 
$
8,461

 
$
8,975

 
$
8,852

Slot machine win per unit per day (2)
 
$
256

 
$
229

 
$
244

 
$
252

Average number of table games
 
207

 
201

 
203

 
204

Average number of slot machines
 
906

 
946

 
928

 
878

 
 
 
 
 
 
 
 
 
Marina Bay Sands:
 
 
 
 
 
 
 
 
Table games win per unit per day (1)
 
$
8,897

 
$
12,433

 
$
10,372

 
$
11,057

Slot machine win per unit per day (2)
 
$
807

 
$
656

 
$
798

 
$
654

Average number of table games
 
544

 
565

 
559

 
574

Average number of slot machines
 
2,275

 
2,480

 
2,337

 
2,489

 
 
 
 
 
 
 
 
 
Las Vegas Operating Properties:
 
 
 
 
 
 
 
 
Table games win per unit per day (1)
 
$
1,291

 
$
2,655

 
$
3,299

 
$
3,398

Slot machine win per unit per day (2)
 
$
367

 
$
300

 
$
352

 
$
287

Average number of table games
 
224

 
238

 
231

 
245

Average number of slot machines
 
1,722

 
1,946

 
1,710

 
1,971

 
 
 
 
 
 
 
 
 
Sands Bethlehem:
 
 
 
 
 
 
 
 
Table games win per unit per day (1)
 
$
3,110

 
$
3,564

 
$
3,177

 
$
3,483

Slot machine win per unit per day (2)
 
$
269

 
$
272

 
$
269

 
$
272

Average number of table games
 
181

 
177

 
178

 
177

Average number of slot machines
 
3,271

 
3,155

 
3,226

 
3,157

____________________
(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 revenues related to goods and services provided to patrons on a complimentary basis.

12



Exhibit 7
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
 
Three Months Ended
 
 
 
 
The Venetian Macao
June 30,
 
 
 
 
(Dollars in millions)
2018
 
2017
 
$ Change
 
Change
Revenues:
 
 
 
 
 
 
 
Casino
$
677

 
$
538

 
$
139

 
25.8
 %
Rooms
52

 
40

 
12

 
30.0
 %
Food and Beverage
18

 
17

 
1

 
5.9
 %
Mall
56

 
55

 
1

 
1.8
 %
Convention, Retail and Other
27

 
24

 
3

 
12.5
 %
Net Revenues
$
830

 
$
674

 
$
156

 
23.1
 %
 
 
 
 
 
 
 
 
Adjusted Property EBITDA
$
331

 
$
256

 
$
75

 
29.3
 %
EBITDA Margin %
39.9
%
 
38.0
%
 
 
 
1.9
 pts
 
 
 
 
 
 
 
 
Gaming Statistics
 
 
 
 
 
 
 
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rolling Chip Volume
$
7,464

 
$
5,172

 
$
2,292

 
44.3
 %
Rolling Chip Win %(1)
3.10
%
 
3.61
%
 
 
 
(0.51
)pts
 
 
 
 
 
 
 
 
Non-Rolling Chip Drop
$
2,245

 
$
1,695

 
$
550

 
32.4
 %
Non-Rolling Chip Win %
25.1
%
 
25.7
%
 
 
 
(0.6
)pts
 
 
 
 
 
 
 
 
Slot Handle
$
819

 
$
681

 
$
138

 
20.3
 %
Slot Hold %
4.5
%
 
5.3
%
 
 
 
(0.8
)pts
 
 
 
 
 
 
 
 
Hotel Statistics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Occupancy %
95.6
%
 
93.3
%
 
 
 
2.3
 pts
Average Daily Rate (ADR)
$
217

 
$
202

 
$
15

 
7.4
 %
Revenue per Available Room (RevPAR)
$
208

 
$
189

 
$
19

 
10.1
 %
____________________
Note:
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.
(1)
This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts and commissions).

13




Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
 
Three Months Ended
 
 
 
 
Sands Cotai Central
June 30,
 
 
 
 
(Dollars in millions)
2018
 
2017
 
$ Change
 
Change
Revenues:
 
 
 
 
 
 
 
Casino
$
386

 
$
331

 
$
55

 
16.6
 %
Rooms
78

 
64

 
14

 
21.9
 %
Food and Beverage
23

 
24

 
(1
)
 
(4.2
)%
Mall
15

 
14

 
1

 
7.1
 %
Convention, Retail and Other
7

 
6

 
1

 
16.7
 %
Net Revenues
$
509

 
$
439

 
$
70

 
15.9
 %
 
 
 
 
 
 
 
 
Adjusted Property EBITDA
$
176

 
$
134

 
$
42

 
31.3
 %
EBITDA Margin %
34.6
%
 
30.5
%
 
 
 
4.1
 pts
 
 
 
 
 
 
 
 
Gaming Statistics
 
 
 
 
 
 
 
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rolling Chip Volume
$
2,592

 
$
2,522

 
$
70

 
2.8
 %
Rolling Chip Win %(1)
3.24
%
 
3.15
%
 
 
 
0.09
 pts
 
 
 
 
 
 
 
 
Non-Rolling Chip Drop
$
1,635

 
$
1,367

 
$
268

 
19.6
 %
Non-Rolling Chip Win %
21.0
%
 
21.1
%
 
 
 
(0.1
)pts
 
 
 
 
 
 
 
 
Slot Handle
$
1,236

 
$
1,139

 
$
97

 
8.5
 %
Slot Hold %
4.1
%
 
4.0
%
 
 
 
0.1
 pts
 
 
 
 
 
 
 
 
Hotel Statistics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Occupancy %
93.0
%
 
81.4
%
 
 
 
11.6
 pts
Average Daily Rate (ADR)
$
150

 
$
141

 
$
9

 
6.4
 %
Revenue per Available Room (RevPAR)
$
140

 
$
114

 
$
26

 
22.8
 %
____________________
Note:
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.
(1)
This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts and commissions).

14




Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
 
Three Months Ended
 
 
 
 
The Parisian Macao
June 30,
 
 
 
 
(Dollars in millions)
2018
 
2017
 
$ Change
 
Change
Revenues:
 
 
 
 
 
 
 
Casino
$
308

 
$
285

 
$
23

 
8.1
 %
Rooms
28

 
31

 
(3
)
 
(9.7
)%
Food and Beverage
16

 
15

 
1

 
6.7
 %
Mall
15

 
17

 
(2
)
 
(11.8
)%
Convention, Retail and Other
4

 
5

 
(1
)
 
(20.0
)%
Net Revenues
$
371

 
$
353

 
$
18

 
5.1
 %
 
 
 
 
 
 
 
 
Adjusted Property EBITDA
$
114

 
$
106

 
$
8

 
7.5
 %
EBITDA Margin %
30.7
%
 
30.0
%
 
 
 
0.7
 pts
 
 
 
 
 
 
 
 
Gaming Statistics
 
 
 
 
 
 
 
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rolling Chip Volume
$
4,479

 
$
3,760

 
$
719

 
19.1
 %
Rolling Chip Win %(1)
3.76
%
 
3.89
%
 
 
 
(0.13
)pts
 
 
 
 
 
 
 
 
Non-Rolling Chip Drop
$
1,057

 
$
973

 
$
84

 
8.6
 %
Non-Rolling Chip Win %
19.6
%
 
19.7
%
 
 
 
(0.1
)pts
 
 
 
 
 
 
 
 
Slot Handle
$
1,173

 
$
935

 
$
238

 
25.5
 %
Slot Hold %
2.4
%
 
3.3
%
 
 
 
(0.9
)pts
 
 
 
 
 
 
 
 
Hotel Statistics
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Occupancy %
96.4
%
 
88.0
%
 
 
 
8.4
 pts
Average Daily Rate (ADR)
$
149

 
$
137

 
$
12

 
8.8
 %
Revenue per Available Room (RevPAR)
$
143

 
$
120

 
$
23

 
19.2
 %
____________________
Note:
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.
(1)
This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts and commissions).

15




Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
 
Three Months Ended
 
 
 
 
The Plaza Macao and Four Seasons Hotel Macao
June 30,
 
 
 
 
(Dollars in millions)
2018
 
2017
 
$ Change
 
Change
Revenues:
 
 
 
 
 
 
 
Casino
$
136

 
$
88

 
$
48

 
54.5
 %
Rooms
10

 
8

 
2

 
25.0
 %
Food and Beverage
7

 
6

 
1

 
16.7
 %
Mall
33

 
32

 
1

 
3.1
 %
Convention, Retail and Other

 
1

 
(1
)
 
(100.0
)%
Net Revenues
$
186

 
$
135

 
$
51

 
37.8
 %
 
 
 
 
 
 
 
 
Adjusted Property EBITDA
$
72

 
$
60

 
$
12

 
20.0
 %
EBITDA Margin %
38.7
%
 
44.4
%
 
 
 
(5.7
)pts
 
 
 
 
 
 
 
 
Gaming Statistics
 
 
 
 
 
 
 
(Dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rolling Chip Volume
$
2,649

 
$
2,417

 
$
232

 
9.6
 %
Rolling Chip Win %(1)
3.75
%
 
1.97
%