EX-99.1 2 lvs_ex991x03312021.htm EX-99.1 Document
EXHIBIT 99.1
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Press Release
For Immediate Release

Las Vegas Sands Reports
First Quarter 2021 Results
For the quarter ended March 31, 2021
(Compared to the quarter ended March 31, 2020)
- Generating Positive Adjusted Property EBITDA in Macao and Singapore
- Pandemic-Related Travel Restrictions and Reduced Visitation Continue to Impact Financial Results
- Safety and Security of Team Members and Guests and Support for Local Communities in Macao, Singapore and Las Vegas Remain Central to our Efforts
- Investment and Capital Expenditure Programs that Expand and Enhance our Integrated Resort Offerings in Macao and Singapore Provide Ideal Platform for Growth
- Balance Sheet Strength Enables the Company to Pursue Promising Development Opportunities in New Markets


LAS VEGAS, NV, April 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 March 31, 2021.

“We couldn’t be more enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao, Singapore and Las Vegas,” 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 our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in 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 $1.20 billion, a decrease of 15.6% from the prior year quarter. Operating loss was $96 million, compared to operating income of $6 million in the prior year quarter. Net loss from continuing operations in the first quarter of 2021 was $280 million, compared to $92 million in the first quarter of 2020. Consolidated adjusted property EBITDA was $244 million, compared to $349 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 decreased 4.6%, compared to the first quarter of 2020, to $771 million. Net loss for SCL was $213 million, compared to $166 million in the first quarter of 2020.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $154 million for the first quarter of 2021, compared to $128 million for the prior year quarter. Our weighted average borrowing cost in the first quarter of 2021 was 4.4%, compared to 4.2% during the first 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.

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Our income tax expense for the first quarter of 2021 was $14 million, compared to $22 million in the prior year quarter. The income tax expense for the first quarter of 2021 was primarily driven by a 17% statutory rate on our Singapore operations and a non-cash expense of $20 million related to an increase of a valuation allowance related to our U.S. foreign tax credits.

Balance Sheet Items
Unrestricted cash balances as of March 31, 2021 were $2.07 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 March 31, 2021, total debt outstanding, excluding finance leases, was $14.42 billion.

Capital Expenditures
Capital expenditures during the first quarter totaled $291 million, including construction, development and maintenance activities of $268 million in Macao and $23 million at Marina Bay Sands.

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Conference Call Information
The company will host a conference call to discuss the company’s results on Wednesday, April 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.

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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; 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; risks relating to our gaming licenses and subconcession; 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;
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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
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Las Vegas Sands Corp.
First Quarter 2021 Results
Non-GAAP Measures

Within the company’s first 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
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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,
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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.

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Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
Three Months Ended
March 31,
20212020
Revenues:
  Casino$865 $1,075 
  Rooms96 141 
  Food and beverage56 64 
  Mall156 103 
  Convention, retail and other23 34 
Net revenues1,196 1,417 
Operating expenses:
  Resort operations957 1,071 
  Corporate49 59 
  Pre-opening
  Development
  Depreciation and amortization255 253 
  Amortization of leasehold interests in land14 14 
  Loss on disposal or impairment of assets
1,292 1,411 
Operating income (loss)(96)
Other income (expense):
  Interest income13 
  Interest expense, net of amounts capitalized(154)(128)
  Other income (expense)(17)39 
Loss from continuing operations before income taxes(266)(70)
Income tax expense(14)(22)
Net loss from continuing operations(280)(92)
Income (loss) from discontinued operations, net of income taxes(62)41 
Net loss(342)(51)
Net loss attributable to noncontrolling interests64 50 
Net loss attributable to Las Vegas Sands Corp.$(278)$(1)
Earnings (loss) per share — basic:
Net loss from continuing operations$(0.28)$(0.05)
Net income (loss) from discontinued operations, net of income taxes(0.08)0.05 
Net loss per common share$(0.36)$— 
Earnings (loss) per share — diluted:
Net loss from continuing operations$(0.28)$(0.05)
Net income (loss) from discontinued operations, net of income taxes(0.08)0.05 
Net loss per common share$(0.36)$— 
Weighted average shares outstanding:
  Basic764 764 
  Diluted764 764 
Dividends declared per common share$— $0.79 
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Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
Three Months Ended
March 31,
20212020
Net Revenues
The Venetian Macao$340 $315 
The Londoner Macao137 170 
The Parisian Macao87 141 
The Plaza Macao and Four Seasons Macao170 107 
Sands Macao35 69 
Ferry Operations and Other12 
  Macao Operations777 814 
Marina Bay Sands426 612 
Intercompany Royalties(1)
25 35 
Intersegment Eliminations (2)
(32)(44)
$1,196 $1,417 
Adjusted Property EBITDA
The Venetian Macao$82 $49 
The Londoner Macao(23)— 
The Parisian Macao(8)(3)
The Plaza Macao and Four Seasons Macao70 28 
Sands Macao(18)(1)
Ferry Operations and Other(3)(6)
  Macao Operations100 67 
Marina Bay Sands144 282 
$244 $349 
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao24.1 %15.6 %
The Londoner Macao
The Parisian Macao
The Plaza Macao and Four Seasons Macao41.2 %26.2 %
Sands Macao
Ferry Operations and Other
  Macao Operations12.9 %8.2 %
Marina Bay Sands33.8 %46.1 %
Total20.4 %24.6 %
____________________
Note:The information for the three months ended March 31, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.
(1)Royalties earned from foreign operations, which were previously included in the Las Vegas Operating Properties and will continue post-closing of the sale.
(2)Intersegment eliminations include royalties and other intercompany services.
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Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
The following is a reconciliation of Net Loss from Continuing Operations to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:
Three Months Ended
March 31,
20212020
Net loss from continuing operations$(280)$(92)
  Add (deduct):
Income tax expense14 22 
Other (income) expense17 (39)
Interest expense, net of amounts capitalized154 128 
Interest income(1)(13)
Loss on disposal or impairment of assets
Amortization of leasehold interests in land14 14 
Depreciation and amortization255 253 
Development expense
Pre-opening expense
Stock-based compensation (1)
Corporate expense49 59 
Consolidated Adjusted Property EBITDA$244 $349 
Hold-normalized casino revenue (2)
(80)10 
Hold-normalized casino expense (2)
27 (5)
Consolidated Hold-Normalized Adjusted Property EBITDA$191 $354 
____________________
Note:The information for the three months ended March 31, 2021 and 2020, excludes the results of the Las Vegas Operating Properties, as it is classified as a discontinued operation held for sale.
(1)
During the three months ended March 31, 2021 and 2020, the company recorded stock-based compensation expense of $7 million and $7 million, respectively, of which $2 million and $4 million, respectively, is included in corporate expense on the company’s condensed consolidated statements of operations.
(2)See Exhibit 4.




















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Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure Reconciliation
(In millions)
(Unaudited)
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
Three Months Ended March 31, 2021
Hold-Normalized
AdjustedHold-NormalizedHold-NormalizedAdjusted
PropertyCasinoCasinoProperty
EBITDA
Revenue (1)
Expense (2)
EBITDA
Macao Operations$100 $(46)$21 $75 
Marina Bay Sands144 (34)116 
$244 $(80)$27 $191 
Three Months Ended March 31, 2020
Hold-Normalized
AdjustedHold-NormalizedHold-NormalizedAdjusted
PropertyCasinoCasinoProperty
EBITDA
Revenue (1)
Expense (2)
EBITDA
Macao Operations$67 $25 $(8)$84 
Marina Bay Sands282 (15)270 
$349 $10 $(5)$354 
____________________
Note:The information for the three months ended March 31, 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.
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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
March 31,
20212020
Net loss attributable to LVS$(278)$(1)
Pre-opening expense
Development expense
Loss on disposal or impairment of assets
Other (income) expense17 (39)
(Income) loss from discontinued operations, net of income taxes62 (41)
Income tax impact on net income adjustments (1)
(2)(1)
Noncontrolling interest impact on net income adjustments(8)
Adjusted net loss from continuing operations attributable to LVS$(192)$(65)
Hold-normalized casino revenue (2)
(80)10 
Hold-normalized casino expense (2)
27 (5)
Income tax impact on hold adjustments (1)
Noncontrolling interest impact on hold adjustments(5)
Hold-normalized adjusted net loss from continuing operations attributable to LVS$(232)$(63)
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
March 31,
20212020
Per diluted share of common stock:
Net loss attributable to LVS$(0.36)$— 
Pre-opening expense0.01 — 
Development expense0.01 0.01 
Loss on disposal or impairment of assets— — 
Other (income) expense0.02 (0.05)
(Income) loss from discontinued operations, net of income taxes0.08 (0.05)
Income tax impact on net income adjustments— — 
Noncontrolling interest impact on net income adjustments(0.01)— 
Adjusted loss per diluted share from continuing operations$(0.25)$(0.09)
Hold-normalized casino revenue (0.10)0.01 
Hold-normalized casino expense 0.04 — 
Income tax impact on hold adjustments— — 
Noncontrolling interest impact on hold adjustments0.01 — 
Hold-normalized adjusted loss per diluted share from continuing operations$(0.30)$(0.08)
Weighted average diluted shares outstanding764 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.
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Exhibit 6
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
March 31,
20212020
Casino Statistics:
The Venetian Macao:
Table games win per unit per day (1)
$5,363 $7,757 
Slot machine win per unit per day (2)
$194 $190 
Average number of table games629 484 
Average number of slot machines1,046 1,333 
The Londoner Macao:
Table games win per unit per day (1)
$2,522 $6,201 
Slot machine win per unit per day (2)
$105 $221 
Average number of table games476 304 
Average number of slot machines818 1,040 
The Parisian Macao:
Table games win per unit per day (1)
$2,726 $7,888 
Slot machine win per unit per day (2)
$95 $183 
Average number of table games267 230 
Average number of slot machines881 1,066 
The Plaza Macao and Four Seasons Macao:
Table games win per unit per day (1)
$11,466 $11,682 
Slot machine win per unit per day (2)
$106 $173 
Average number of table games142 121 
Average number of slot machines45 131 
Sands Macao:
Table games win per unit per day (1)
$2,871 $6,356 
Slot machine win per unit per day (2)
$113 $152 
Average number of table games153 148 
Average number of slot machines530 722 
Marina Bay Sands:
Table games win per unit per day (1)
$4,077 $8,117 
Slot machine win per unit per day (2)
$942 $572 
Average number of table games580 606 
Average number of slot machines1,853 2,368 
Las Vegas Operating Properties(3):
Table games win per unit per day (1)
$1,938 $5,522 
Slot machine win per unit per day (2)
$380 $321 
Average number of table games179 206 
Average number of slot machines1,491 1,978 
____________________
Note:These casino statistics exclude table games and slot machines shutdown due to social distancing measures or closure of the gaming facilities as a result of the COVID-19 pandemic. Gaming operations at The Venetian Macao, The Londoner Macao, The Parisian Macao, The Plaza Macao and Sands Macao were closed during a portion of February 2020 due to Macao government mandated closures of all casinos. The Las Vegas Operating Properties were closed from March 18, 2020 through June 4, 2020, due to the statewide closure of non-essential services by the State of Nevada. Marina Bay Sands remained in operation during this period.
(1)Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
(2)Slot machine win per unit per day is shown before deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
(3)The Las Vegas Operating Properties are classified as a discontinued operation held for sale.
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Exhibit 7
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Venetian MacaoMarch 31,
(Dollars in millions)20212020$ ChangeChange
Revenues:
Casino$266 $251 $15 6.0 %
Rooms19 21 (2)(9.5)%
Food and Beverage20.0 %
Mall46 29 17 58.6 %
Convention, Retail and Other(6)(66.7)%
Net Revenues$340 $315 $25 7.9 %
Adjusted Property EBITDA$82 $49 $33 67.3 %
EBITDA Margin %24.1 %15.6 %8.5 pts
 
Gaming Statistics
(Dollars in millions)
 
Rolling Chip Volume$1,231 $2,270 $(1,039)(45.8)%
Rolling Chip Win %(1)
4.43 %3.03 %1.40 pts
Non-Rolling Chip Drop$908 $817 $91 11.1 %
Non-Rolling Chip Win %
27.4 %27.0 %0.4 pts
 
Slot Handle$462 $438 $24 5.5 %
Slot Hold %
4.0 %4.5 %(0.5)pts
 
Hotel Statistics
 
Occupancy %47.2 %39.2 %8.0 pts
Average Daily Rate (ADR)$157 $238 $(81)(34.0)%
Revenue per Available Room (RevPAR)$74 $93 $(19)(20.4)%
____________________
Note:As a result of the COVID-19 pandemic, gaming operations were closed from February 5-19, 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions. The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed. Rooms utilized to house team members during the quarter ended March 31, 2020, due to travel restrictions, were excluded from the calculation of hotel statistics above.
(1)This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
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Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Londoner MacaoMarch 31,
(Dollars in millions)20212020$ ChangeChange
Revenues:
Casino$91 $123 $(32)(26.0)%
Rooms19 27 (8)(29.6)%
Food and Beverage(1)(12.5)%
Mall14 55.6 %
Convention, Retail and Other100.0 %
Net Revenues$137 $170 $(33)(19.4)%
Adjusted Property EBITDA$(23)$— $(23)N.M.
EBITDA Margin %
 
Gaming Statistics
(Dollars in millions)
 
Rolling Chip Volume$523 $167 $356 213.2 %
Rolling Chip Win %(1)
3.71 %5.85 %(2.14)pts
Non-Rolling Chip Drop
$408 $556 $(148)(26.6)%
Non-Rolling Chip Win %
21.7 %22.0 %(0.3)pts
 
Slot Handle
$197 $367 $(170)(46.3)%
Slot Hold %
3.9 %4.4 %(0.5)pts
 
Hotel Statistics
 
Occupancy %
35.5 %38.1 %(2.6)pts
Average Daily Rate (ADR)
$173 $175 $(2)(1.1)%
Revenue per Available Room (RevPAR)
$61 $67 $(6)(9.0)%
____________________
N.M.Not Meaningful
Note:As a result of the COVID-19 pandemic, gaming operations were closed from February 5-26, 2020, while hotel operations were closed for a period in February and March of 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions. The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed. Rooms utilized for government quarantine purposes during the quarters ended March 31, 2021 and 2020, and to provide lodging for team members during the quarter ended March 31, 2020, due to travel restrictions, were excluded from the calculation of hotel statistics above.
(1)This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
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Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Parisian MacaoMarch 31,
(Dollars in millions)20212020$ ChangeChange
Revenues:
Casino$59 $115 $(56)(48.7)%
Rooms12 13 (1)(7.7)%
Food and Beverage— — %
Mall10 66.7 %
Convention, Retail and Other(1)(50.0)%
Net Revenues$87 $141 $(54)(38.3)%
Adjusted Property EBITDA$(8)$(3)$(5)166.7 %
EBITDA Margin %
 
Gaming Statistics
(Dollars in millions)
 
Rolling Chip Volume$114 $1,890 $(1,776)(94.0)%
Rolling Chip Win %(1)
(3.01)%2.49 %(5.50)pts
Non-Rolling Chip Drop
$300 $390 $(90)(23.1)%
Non-Rolling Chip Win %
23.0 %23.8 %(0.8)pts
 
Slot Handle
$223 $432 $(209)(48.4)%
Slot Hold %
3.4 %3.5 %(0.1)pts
 
Hotel Statistics
 
Occupancy %
46.7 %40.3 %6.4 pts
Average Daily Rate (ADR)
$118 $169 $(51)(30.2)%
Revenue per Available Room (RevPAR)
$55 $68 $(13)(19.1)%
____________________
Note:As a result of the COVID-19 pandemic, gaming operations were closed from February 5-19, 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions. The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed. Rooms utilized to house team members during the quarter ended March 31, 2020, 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).
17



Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Plaza Macao and Four Seasons MacaoMarch 31,
(Dollars in millions)20212020$ ChangeChange
Revenues:
Casino$115 $83 $32 38.6 %
Rooms11 175.0 %
Food and Beverage33.3 %
Mall39 17 22 129.4 %
Convention, Retail and Other— N.M.
Net Revenues$170 $107 $63 58.9 %
Adjusted Property EBITDA$70 $28 $42 150.0 %
EBITDA Margin %41.2 %26.2 %15.0 pts
 
Gaming Statistics
(Dollars in millions)
 
Rolling Chip Volume$1,436 $1,626 $(190)(11.7)%
Rolling Chip Win %(1)
5.93 %2.84 %3.09 pts
Non-Rolling Chip Drop
$256 $210 $46 21.9 %
Non-Rolling Chip Win %
24.1 %29.9 %(5.8)pts
 
Slot Handle
$$37 $(33)(89.2)%
Slot Hold %
10.8 %4.7 %6.1 pts
 
Hotel Statistics
 
Occupancy %
43.7 %48.4 %(4.7)pts
Average Daily Rate (ADR)
$432 $329 $103 31.3 %
Revenue per Available Room (RevPAR)
$189 $159 $30 18.9 %
____________________
N.M.Not Meaningful
Note:As a result of the COVID-19 pandemic, gaming operations were closed from February 5-19, 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions. The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed. Rooms utilized to house team members during the quarter ended March 31, 2020, 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).
18



Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Sands MacaoMarch 31,
(Dollars in millions)20212020$ ChangeChange
Revenues:
Casino$31 $64 $(33)(51.6)%
Rooms50.0 %
Food and Beverage(1)(50.0)%
Convention, Retail and Other— (1)(100.0)%
Net Revenues$35 $69 $(34)(49.3)%
Adjusted Property EBITDA$(18)$(1)$(17)1,700.0 %
EBITDA Margin %
 
Gaming Statistics
(Dollars in millions)
 
Rolling Chip Volume$484 $507 $(23)(4.5)%
Rolling Chip Win %(1)
4.34 %4.37 %(0.03)pts
Non-Rolling Chip Drop
$122 $250 $(128)(51.2)%
Non-Rolling Chip Win %
15.1 %20.1 %(5.0)pts
 
Slot Handle
$158 $276 $(118)(42.8)%
Slot Hold %
3.4 %3.0 %0.4 pts
 
Hotel Statistics
 
Occupancy %
71.5 %59.8 %11.7 pts
Average Daily Rate (ADR)
$138 $179 $(41)(22.9)%
Revenue per Available Room (RevPAR)
$99 $107 $(8)(7.5)%
____________________
Note:As a result of the COVID-19 pandemic, gaming operations were closed from February 5-19, 2020 and non-gaming operations were operating at a reduced capacity or were temporarily closed during the quarter ended March 31, 2020, due to social distancing measures and travel restrictions. The property was open during the quarter ended March 31, 2021; however, the property continued to operate at a reduced capacity, with some operations temporarily closed. Rooms utilized to house team members during the quarter ended March 31, 2020, 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).
19



Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Marina Bay SandsMarch 31,
(Dollars in millions)20212020$ ChangeChange
Revenues:
Casino$303 $439 $(136)(31.0)%
Rooms32 74 (42)(56.8)%
Food and Beverage33 41 (8)(19.5)%
Mall47 42 11.9 %
Convention, Retail and Other11 16 (5)(31.3)%
Net Revenues$426 $612 $(186)(30.4)%
Adjusted Property EBITDA$144 $282 $(138)(48.9)%
EBITDA Margin %33.8 %46.1 %(12.3)pts
 
Gaming Statistics
(Dollars in millions)
 
Rolling Chip Volume$1,512 $6,639 $(5,127)(77.2)%
Rolling Chip Win %(1)
5.59 %3.53 %2.06 pts
Non-Rolling Chip Drop
$674 $1,077 $(403)(37.4)%
Non-Rolling Chip Win %
19.1 %19.8 %(0.7)pts
 
Slot Handle
$3,745 $2,870 $875 30.5 %
Slot Hold %
4.2 %4.3 %(0.1)pts
 
Hotel Statistics
 
Occupancy %
63.0 %81.0 %(18.0)pts
Average Daily Rate (ADR)
$228 $417 $(189)(45.3)%
Revenue per Available Room (RevPAR)
$143 $338 $(195)(57.7)%
____________________
Note:Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity during the quarter ended March 31, 2021, with some operations temporarily closed.
(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).
20



Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Discontinued Operation Held for Sale
(Unaudited)
Three Months Ended
Las Vegas Operating Properties(1)
March 31,
(Dollars in millions)20212020$ ChangeChange
Revenues:
Casino$53 $102 $(49)(48.0)%
Rooms45 127 (82)(64.6)%
Food and Beverage24 75 (51)(68.0)%
Convention, Retail and Other(2)
17 61 (44)(72.1)%
Net Revenues$139 $365 $(226)(61.9)%
Adjusted Property EBITDA$(47)$88 $(135)(153.4)%
EBITDA Margin %24.1 %
 
Gaming Statistics
(Dollars in millions)
 
Table Games Drop$335 $446 $(111)(24.9)%
Table Games Win %(3)
9.3 %19.9 %(10.6)pts
Slot Handle
$625 $603 $22 3.6 %
Slot Hold %
8.1 %8.2 %(0.1)pts
 
Hotel Statistics
 
Occupancy %
42.6 %87.2 %(44.6)pts
Average Daily Rate (ADR)
$185 $266 $(81)(30.5)%
Revenue per Available Room (RevPAR)
$79 $232 $(153)(65.9)%
____________________
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 beginning on March 18, 2020, and reopened on June 4, 2020. For the quarter ended March 31, 2021, 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 due to social distancing measures. Rooms within the property’s Venezia tower that remained closed for a portion of the quarter ended March 31, 2021, 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).
21



Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Asian Retail Mall Operations
(Unaudited)
For the Three Months Ended March 31, 2021TTM
March 31, 2021
(Dollars in millions except per square foot data)
Gross Revenue(1)
Operating ProfitOperating Profit MarginGross Leasable Area (sq. ft.)Occupancy
% at
End of Period
Tenant Sales Per Sq. Ft.(2)
Shoppes at Venetian$46 $42 91.3 %812,936 79.9 %$940 
Shoppes at Four Seasons
Luxury Retail21 20 95.2 %125,466 100.0 %5,150 
Other Stores18 17 94.4 %118,638 87.7 %1,632 
Total39 37 94.9 %244,104 94.0 %3,665 
Shoppes at Londoner(3)
14 12 85.7 %515,958 81.0 %576 
Shoppes at Parisian10 90.0 %296,145 79.8 %422 
 
Total Cotai Strip in Macao109 100 91.7 %1,869,143 82.0 %1,182 
 
The Shoppes at Marina Bay Sands47 41 87.2 %620,297 98.9 %1,048 
 
Total$156 $141 90.4 %2,489,440 86.2 %$1,138 
____________________
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 $13 million at our Macao properties and $6 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.
22