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Las Vegas Sands Reports Fourth Quarter 2018 Results

Published

6 years ago

January 25, 2019

For the Quarter Ended December 31, 2018
(Compared to the Quarter Ended December 31, 2017)

– Consolidated Net Revenue Increased 2.5% to $3.48 Billion

– Due to U.S. Tax Reform, Net Loss of $40 Million and $0.22 per Diluted Share Includes a Nonrecurring Non-Cash Income Tax Expense of $727 Million

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– Adjusted Earnings per Diluted Share Was $0.77 and Excludes the $0.93 Impact per Diluted Share Due to U.S. Tax Reform

– Hold-Normalized Adjusted Property EBITDA Increased 0.2% to $1.30 Billion, Consolidated Adjusted Property EBITDA Was $1.27 Billion

– In Macao, Adjusted Property EBITDA Increased 7.7% to $786 Million

– At Marina Bay Sands in Singapore, Adjusted Property EBITDA Was $362 Million

– At Our Las Vegas Operating Properties, Adjusted Property EBITDA Was $100 Million, While Hold-Normalized Adjusted Property EBITDA Increased 9.6% to $125 Million

– The Company Paid Quarterly Dividends of $0.75 per Share

– The Company Repurchased $430 Million of Common Stock During the Quarter

For the Year Ended December 31, 2018
(Compared to the Year Ended December 31, 2017)

– Consolidated Net Revenue was $13.73 Billion, Net Income was $2.95 Billion, Net Income Attributable to Las Vegas Sands Was $2.41 Billion and $3.07 per Diluted Share

– Adjusted Earnings per Diluted Share was $3.32, Consolidated Adjusted Property EBITDA was $5.28 Billion

– The Company Paid Dividends of $3.00 per Share

– The Company Repurchased $905 Million of Common Stock

– The Company’s Board of Directors Announced an Increase in the Company’s Recurring Common Stock Dividend for 2019 to $3.08 per Share ($0.77 per Share per Quarter)

Las Vegas Sands Corp., the world’s leading developer and operator of convention-based Integrated Resorts, reported financial results for the quarter ended December 31, 2018.

Fourth 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 record mass revenues and continued growth in every market segment in Macao. Our Integrated Resort property portfolio in Macao delivered adjusted property EBITDA of $786 million, an increase of 7.7% compared to the fourth quarter of 2017. At Marina Bay Sands in Singapore, our hotel, retail, convention and mass gaming segments all exhibited growth, contributing to $362 million of adjusted property EBITDA for the quarter.

We also continued to invest in growth initiatives in each of our markets. We remain confident in the future opportunity in Macao and are progressing with our investments in the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and The Londoner Macao. We believe our market-leading interconnected Integrated Resort portfolio in Macao, including the additional destination retail, luxurious hotel suite offerings and world class entertainment attractions created by these investments, will provide an ideal platform for growth in Macao in the years ahead.”

The company paid a recurring quarterly dividend of $0.75 per common share and increased its return of capital through share repurchases of $430 million during the quarter. The company increased the annual dividend for the 2019 calendar year to $3.08, or $0.77 per common share per quarter, and announced its next quarterly dividend of $0.77 per common share will be paid on March 28, 2019, to Las Vegas Sands shareholders of record on March 20, 2019.

Company-Wide Operating Results

Net revenue for the fourth quarter of 2018 increased 2.5% to $3.48 billion, compared to $3.39 billion in the fourth quarter of 2017. Net loss was $40 million in the fourth quarter of 2018 due to non-recurring non-cash income tax expense of $727 million for U.S. tax reform discussed below, compared to net income of $1.36 billion in the year-ago quarter, which included a non-recurring non-cash income tax benefit of $526 million also related to U.S. tax reform.

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 fourth quarter of 2018 decreased to $874 million, compared to $1.03 billion in the fourth quarter of 2017. The decrease in operating income was due to depreciation acceleration and asset impairments associated with our development projects in Macao. We also had softer Rolling Chip volume in Singapore, partially offset by stronger operating performance in Macao due to a 10% increase in revenues. Consolidated adjusted property EBITDA (a non-GAAP measure) of $1.27 billion decreased 4.7% in the fourth quarter of 2018, compared to the year-ago quarter. On a hold-normalized basis, consolidated adjusted property EBITDA increased to $1.30 billion in the fourth quarter of 2018.

On a GAAP basis, net loss attributable to Las Vegas Sands in the fourth quarter of 2018 was $170 million, compared to net income attributable to Las Vegas Sands of $1.21 billion in the fourth quarter of 2017, while diluted loss per share in the fourth quarter of 2018 was $0.22, compared to diluted earnings per share of $1.53 in the prior-year quarter. The decrease was primarily a result of nonrecurring, non-cash income tax items due to the implementation of U.S. tax reform indicated above.

Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) was $598 million, or $0.77 per diluted share, compared to $700 million, or $0.88 per diluted share, in the fourth quarter of 2017. Hold-normalized adjusted earnings per diluted share decreased 6.0% to $0.79.

On a GAAP basis, full year 2018 operating income increased 8.3% to $3.75 billion, compared to $3.46 billion in 2017. The increase in operating income was principally due to stronger operating performance in our Macao business due to a 14% increase in revenues. Net income attributable to Las Vegas Sands decreased 14.1% to $2.41 billion, or $3.07 per diluted share, in 2018, compared to $2.81 billion, or $3.55 per diluted share, in 2017. The decrease in net income attributable to Las Vegas Sands reflected increases in income tax expense, interest expense and loss on modification or early retirement of debt.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL increased 9% to $2.25 billion in the fourth quarter of 2018, compared to $2.06 billion in the fourth quarter of 2017. Net income for SCL decreased 11% to $465 million in the fourth quarter of 2018, compared to $519 million in the fourth quarter of 2017.

On a GAAP basis, full year 2018 total net revenues for SCL increased 14% to $8.67 billion, compared to $7.59 billion in 2017. Net income for SCL increased 19% to $1.90 billion in 2018, compared to $1.60 billion in 2017.

Other Factors Affecting Earnings

Depreciation and amortization expense was $289 million in the fourth quarter of 2018, compared to $258 million in the fourth quarter of 2017.

Interest expense, net of amounts capitalized, was $138 million for the fourth quarter of 2018, compared to $87 million in the prior-year quarter. Our weighted average borrowing cost in the fourth quarter of 2018 was approximately 4.5%, compared to 3.4% during the fourth quarter of 2017. The increase in net weighted average borrowing cost relates to the issuance of unsecured notes by SCL in the third quarter of 2018 and increases in interest rates globally. Our outstanding debt also increased in connection with the unsecured notes issued by SCL in the third quarter of 2018 and additional borrowings in the U.S. in the second quarter of 2018.

Our income tax expense for the fourth quarter of 2018 was $782 million, compared to a benefit of $429 million in the prior year quarter. The tax expense for the fourth quarter of 2018 is primarily due to nonrecurring non-cash expense of $727 million resulting from recently issued guidance by the Internal Revenue Service related to the international provision of the Tax Cuts and Jobs Act (the “Act”). This guidance clarified the implementation of the Global Intangible Low-Taxed Income (“GILTI”) and other provisions which impact the foreign tax credit utilization and required an increase of a valuation allowance related to our historical foreign tax credits. Our effective income tax rate for the fourth quarter of 2018 would have been 7.4% without the discrete expense associated with the Act.

The net income attributable to noncontrolling interests during the fourth quarter of 2018 decreased to $130 million and was principally related to SCL.

Balance Sheet Items

Unrestricted cash balances as of December 31, 2018 were $4.65 billion.

As of December 31, 2018, total debt outstanding, including the current portion, net of deferred financing costs and original issue discount and excluding capital leases, was $11.97 billion.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $326 million, including construction, development and maintenance activities of $184 million in Macao, $70 million in Las Vegas, $66 million at Marina Bay Sands and $6 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company’s results on Wednesday, January 23, 2019 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. (NYSE: LVS)

Las Vegas Sands is the world’s pre-eminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.

LVS 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 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., 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, 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 serving people, planet and communities. We deliver a great working environment for 50,000 team members worldwide, drive social impact through the Sands Cares charitable giving and community engagement program and lead in environmental performance through the award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.

Contacts:

Investment Community:	Daniel Briggs Advertisement	(702) 414-1221

Media:	Ron Reese	(702) 414-3607

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

Within the company’s fourth quarter and full year 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 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.

Exhibit 1
Las Vegas Sands Corp. and Subsidiaries Advertisement
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)

	Three Months Ended				Year Ended Advertisement
	December 31,				December 31,
	2018		2017		2018 Advertisement		2017
Revenues:
Casino	$	2,461 Advertisement	$	2,416	$	9,819	$ Advertisement	9,086
Rooms	435		416		1,733 Advertisement		1,586
Food and beverage	223		229		865 Advertisement		828
Mall	200		175		690 Advertisement		651
Convention, retail and other	156		155		622 Advertisement		577
Net revenues	3,475		3,391		13,729 Advertisement		12,728
Operating expenses:
Resort operations	2,205		2,059 Advertisement		8,462		7,842
Corporate	58		38 Advertisement		202		173
Pre-opening	1		1 Advertisement		6		8
Development	3		5 Advertisement		12		13
Depreciation and amortization	289		258 Advertisement		1,111		1,171
Amortization of leasehold interests in land	9		9 Advertisement		35		37
Loss (gain) on disposal or impairment of assets	36		(7) Advertisement		150		20
	2,601		2,363		9,978 Advertisement		9,264
Operating income	874		1,028		3,751 Advertisement		3,464
Other income (expense):
Interest income	23		5 Advertisement		59		16
Interest expense, net of amounts capitalized	(138)		(87) Advertisement		(446)		(327)
Other income (expense)	(8)		(14) Advertisement		26		(94)
Loss on modification or early retirement of debt	(9)		— Advertisement		(64)		(5)
Income before income taxes	742		932 Advertisement		3,326		3,054
Income tax (expense) benefit	(782)		429 Advertisement		(375)		209
Net income (loss)	(40)		1,361 Advertisement		2,951		3,263
Net income attributable to noncontrolling interests	(130)		(149) Advertisement		(538)		(455)
Net income (loss) attributable to Las Vegas Sands Corp.	$	(170) Advertisement	$	1,212	$	2,413	$ Advertisement	2,808

Earnings (loss) per share:
Basic	$	(0.22) Advertisement	$	1.53	$	3.07	$ Advertisement	3.55
Diluted	$	(0.22)	$ Advertisement	1.53	$	3.07	$	3.55 Advertisement

Weighted average shares outstanding:
Basic	780		790		786 Advertisement		792
Diluted	780		791		786 Advertisement		792

Dividends declared per common share	$	0.75	$ Advertisement	0.73	$	3.00	$	2.92 Advertisement


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.

Exhibit 2
Las Vegas Sands Corp. and Subsidiaries Net Revenues and Adjusted Property EBITDA (In millions) (Unaudited)

	Three Months Ended Advertisement						Year Ended
	December 31,						December 31,
	2018			2017 Advertisement			2018			2017
Net Revenues
The Venetian Macao	$ Advertisement	919		$	822		$	3,474 Advertisement		$	2,924
Sands Cotai Central	558			551 Advertisement			2,153			1,916
The Parisian Macao	414			321 Advertisement			1,533			1,395
The Plaza Macao and Four Seasons Hotel Macao	175			174 Advertisement			719			587
Sands Macao	156			150 Advertisement			650			626
Ferry Operations and Other	37			42 Advertisement			160			161
Macao Operations	2,259			2,060 Advertisement			8,689			7,609

Marina Bay Sands	726			821 Advertisement			3,069			3,134
Las Vegas Operating Properties	424			433 Advertisement			1,682			1,657
Sands Bethlehem	128			138 Advertisement			536			564
Intersegment Eliminations	(62)			(61) Advertisement			(247)			(236)
	$	3,475		$ Advertisement	3,391		$	13,729		$	12,728 Advertisement

Adjusted Property EBITDA
The Venetian Macao	$	355		$ Advertisement	324		$	1,378		$	1,133 Advertisement
Sands Cotai Central	194			202			759			633 Advertisement
The Parisian Macao	132			89			484			413 Advertisement
The Plaza Macao and Four Seasons Hotel Macao	64			71			262			233 Advertisement
Sands Macao	38			40			178			174 Advertisement
Ferry Operations and Other	3			4			18			21 Advertisement
Macao Operations	786			730			3,079			2,607 Advertisement

Marina Bay Sands	362			457			1,690			1,755 Advertisement
Las Vegas Operating Properties	100			114			394			391 Advertisement
Sands Bethlehem	24			34			116			147 Advertisement
	$	1,272		$	1,335		$ Advertisement	5,279		$	4,900

Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao Advertisement	38.6		%	39.4		%	39.7 Advertisement		%	38.7		%
Sands Cotai Central	34.8 Advertisement		%	36.7		%	35.3		% Advertisement	33.0		%
The Parisian Macao	31.9		% Advertisement	27.7		%	31.6		%	29.6 Advertisement		%
The Plaza Macao and Four Seasons Hotel Macao	36.6		%	40.8 Advertisement		%	36.4		%	39.7		% Advertisement
Sands Macao	24.4		%	26.7		% Advertisement	27.4		%	27.8		%
Ferry Operations and Other Advertisement	8.1		%	9.5		%	11.3 Advertisement		%	13.0		%
Macao Operations	34.8 Advertisement		%	35.4		%	35.4		% Advertisement	34.3		%

Marina Bay Sands	49.9		% Advertisement	55.7		%	55.1		%	56.0 Advertisement		%
Las Vegas Operating Properties	23.6		%	26.3 Advertisement		%	23.4		%	23.6		% Advertisement
Sands Bethlehem	18.8		%	24.6		% Advertisement	21.6		%	26.1		%

Total Advertisement	36.6		%	39.4		%	38.5 Advertisement		%	38.5		%


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. Advertisement

Exhibit 3
Las Vegas Sands Corp. and Subsidiaries Non-GAAP Measure Reconciliation (In millions) (Unaudited)

The following is a reconciliation of Net Income (Loss) to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:

	Three Months Ended				Year Ended Advertisement
	December 31,				December 31,
	2018		2017		2018 Advertisement		2017
Net income (loss)	$	(40)	$ Advertisement	1,361	$	2,951	$	3,263 Advertisement
Add (deduct):
Income tax expense (benefit)	782		(429)		375 Advertisement		(209)
Loss on modification or early retirement of debt	9		—		64 Advertisement		5
Other (income) expense	8		14		(26) Advertisement		94
Interest expense, net of amounts capitalized	138		87		446 Advertisement		327
Interest income	(23)		(5)		(59) Advertisement		(16)
Loss (gain) on disposal or impairment of assets	36		(7)		150 Advertisement		20
Amortization of leasehold interests in land	9		9		35 Advertisement		37
Depreciation and amortization	289		258		1,111 Advertisement		1,171
Development expense	3		5		12 Advertisement		13
Pre-opening expense	1		1		6 Advertisement		8
Stock-based compensation⁽¹⁾	2		3		12 Advertisement		14
Corporate expense	58		38		202 Advertisement		173
Consolidated Adjusted Property EBITDA	$	1,272	$ Advertisement	1,335	$	5,279	$	4,900 Advertisement

Hold-normalized casino revenue⁽²⁾	30		(43)
Hold-normalized casino expense ⁽²⁾	(5) Advertisement		2
Consolidated Hold-Normalized Adjusted Property EBITDA	$	1,297	$ Advertisement	1,294


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 December 31, 2018 and 2017, the company recorded stock-based compensation expense of $7 million and $8 million, respectively, of which $5 million in each period is included in corporate expense on the company’s condensed consolidated statements of operations. During the years ended December 31, 2018 and 2017, the company recorded stock-based compensation expense of $30 million and $34 million, respectively, of which $18 million and $20 million, respectively, is included in corporate expense on the company’s condensed consolidated statements of operations. Advertisement
(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: Advertisement

	Three Months Ended December 31, 2018

							Hold-Normalized
	Adjusted		Hold-Normalized		Hold-Normalized Advertisement		Adjusted
	Property		Casino		Casino		Property Advertisement
	EBITDA		Revenue ⁽¹⁾		Expense⁽²⁾		EBITDA
Macao Operations Advertisement	$	786	$	—	$ Advertisement	—	$	786
Marina Bay Sands	362 Advertisement		—		—		362
United States:
Las Vegas Operating Properties Advertisement	100		30		(5)		125
Sands Bethlehem Advertisement	24		—		—		24
	$ Advertisement	1,272	$	30	$	(5) Advertisement	$	1,297


	Three Months Ended December 31, 2017

							Hold-Normalized
	Adjusted Advertisement		Hold-Normalized		Hold-Normalized		Adjusted
	Property		Casino Advertisement		Casino		Property
	EBITDA		Revenue ⁽¹⁾		Expense⁽²⁾ Advertisement		EBITDA
Macao Operations	$	730	$ Advertisement	43	$	(16)	$	757 Advertisement
Marina Bay Sands	457		(86)		18		389 Advertisement
United States:
Las Vegas Operating Properties	114		—		— Advertisement		114
Sands Bethlehem	34		—		— Advertisement		34
	$	1,335	$	(43) Advertisement	$	2	$	1,294


Note: Advertisement	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 Chip 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. Advertisement 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) Advertisement

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

	Three Months Ended				Year Ended
	December 31,				December 31, Advertisement
	2018		2017		2018		2017
Net income (loss) attributable to LVS Advertisement	$	(170)	$	1,212	$ Advertisement	2,413	$	2,808

Pre-opening expense	1 Advertisement		1		6		8
Development expense	3 Advertisement		5		12		13
Loss (gain) on disposal or impairment of assets	36 Advertisement		(7)		150		20
Other (income) expense	8 Advertisement		14		(26)		94
Loss on modification or early retirement of debt	9 Advertisement		—		64		5
Nonrecurring non-cash income tax expense (benefit) of U.S. tax reform ⁽¹⁾	727 Advertisement		(526)		57		(526)
Income tax impact on net income adjustments⁽²⁾	(1) Advertisement		(2)		(8)		(2)
Noncontrolling interest impact on net income adjustments	(15) Advertisement		3		(57)		(9)
Adjusted net income attributable to LVS	$ Advertisement	598	$	700	$	2,611 Advertisement	$	2,411

Hold-normalized casino revenue⁽³⁾	30		(43) Advertisement
Hold-normalized casino expense⁽³⁾	(5)		2
Income tax impact on hold adjustments⁽²⁾	(5) Advertisement		12
Noncontrolling interest impact on hold adjustments	—		(8)
Hold-normalized adjusted net income attributable to LVS Advertisement	$	618	$	663

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

	Three Months Ended				Year Ended
	December 31,				December 31,
	2018 Advertisement		2017		2018		2017
Per diluted share of common stock:
Net income (loss) attributable to LVS Advertisement	$	(0.22)	$	1.53	$ Advertisement	3.07	$	3.55

Pre-opening expense	— Advertisement		—		0.01		0.01
Development expense	0.01 Advertisement		—		0.01		0.01
Loss (gain) on disposal or impairment of assets	0.05 Advertisement		(0.01)		0.19		0.02
Other (income) expense	0.01 Advertisement		0.02		(0.03)		0.12
Loss on modification or early retirement of debt	0.01 Advertisement		—		0.08		—
Nonrecurring non-cash income tax expense (benefit) of U.S. tax reform	0.93 Advertisement		(0.66)		0.07		(0.66)
Income tax impact on net income adjustments	— Advertisement		—		(0.01)		—
Noncontrolling interest impact on net income adjustments	(0.02) Advertisement		—		(0.07)		(0.01)
Adjusted earnings per diluted share	$ Advertisement	0.77	$	0.88	$	3.32 Advertisement	$	3.04

Hold-normalized casino revenue	0.04		(0.05) Advertisement
Hold-normalized casino expense	(0.01)		—
Income tax impact on hold adjustments	(0.01) Advertisement		0.02
Noncontrolling interest impact on hold adjustments	—		(0.01)
Hold-normalized adjusted earnings per diluted share Advertisement	$	0.79	$	0.84

Weighted average diluted shares outstanding Advertisement	780		791		786		792


Note: Advertisement	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”) and related guidance issued to date on the valuation allowance related to certain of the company’s tax attributes.
(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. Advertisement
(3)	See Exhibit 4.

Exhibit 6
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)

	Three Months Ended Advertisement				Year Ended
	December 31,				December 31,
	2018		2017 Advertisement		2018		2017
Casino Statistics:
The Venetian Macao:
Table games win per unit per day⁽¹⁾ Advertisement	$	15,100	$	14,453	$ Advertisement	15,177	$	13,264
Slot machine win per unit per day⁽²⁾	$ Advertisement	305	$	304	$	249 Advertisement	$	258
Average number of table games	652		585 Advertisement		611		566
Average number of slot machines	1,483		1,670 Advertisement		1,667		1,635

Sands Cotai Central:
Table games win per unit per day⁽¹⁾	$ Advertisement	13,036	$	12,214	$	12,245 Advertisement	$	10,775
Slot machine win per unit per day⁽²⁾	$	313 Advertisement	$	323	$	292	$ Advertisement	311
Average number of table games	392		401		405 Advertisement		399
Average number of slot machines	1,637		1,823		1,765 Advertisement		1,750

The Parisian Macao:
Table games win per unit per day⁽¹⁾	$	13,696 Advertisement	$	9,075	$	12,246	$ Advertisement	9,815
Slot machine win per unit per day⁽²⁾	$	380	$ Advertisement	218	$	290	$	223 Advertisement
Average number of table games	325		368		340		378 Advertisement
Average number of slot machines	1,149		1,487		1,302		1,514 Advertisement

The Plaza Macao and Four Seasons Hotel Macao:
Table games win per unit per day⁽¹⁾	$	16,930	$ Advertisement	16,223	$	17,636	$	14,637 Advertisement
Slot machine win per unit per day⁽²⁾	$	451	$	673 Advertisement	$	507	$	497
Average number of table games Advertisement	107		108		113		103
Average number of slot machines Advertisement	168		164		187		178

Sands Macao: Advertisement
Table games win per unit per day⁽¹⁾	$	8,441	$	7,882 Advertisement	$	8,724	$	8,127
Slot machine win per unit per day⁽²⁾ Advertisement	$	258	$	223	$ Advertisement	246	$	235
Average number of table games	205 Advertisement		193		204		198
Average number of slot machines	805 Advertisement		1,014		890		943

Marina Bay Sands:
Table games win per unit per day⁽¹⁾ Advertisement	$	8,430	$	10,311	$ Advertisement	9,555	$	10,805
Slot machine win per unit per day⁽²⁾	$ Advertisement	778	$	734	$	794 Advertisement	$	678
Average number of table games	599		602 Advertisement		580		582
Average number of slot machines	2,178		2,499 Advertisement		2,255		2,494

Las Vegas Operating Properties:
Table games win per unit per day⁽¹⁾	$ Advertisement	2,983	$	3,614	$	3,256 Advertisement	$	3,402
Slot machine win per unit per day⁽²⁾	$	368 Advertisement	$	384	$	356	$ Advertisement	319
Average number of table games	244		238		235 Advertisement		240
Average number of slot machines	1,874		1,803		1,782 Advertisement		1,909

Sands Bethlehem:
Table games win per unit per day⁽¹⁾	$	2,696 Advertisement	$	3,444	$	3,024	$ Advertisement	3,515
Slot machine win per unit per day⁽²⁾	$	243	$ Advertisement	257	$	260	$	267 Advertisement
Average number of table games	189		175		184		176 Advertisement
Average number of slot machines	3,271		3,186		3,249		3,162 Advertisement


(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.

Exhibit 7 Advertisement
Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)

	Three Months Ended
The Venetian Macao	December 31,
(Dollars in millions) Advertisement	2018			2017			$ Change		Change
Revenues: Advertisement
Casino	$	747		$	664 Advertisement		$	83	12.5	%
Rooms Advertisement	56			53			3		5.7	% Advertisement
Food and Beverage	19			21			(2)		(9.5) Advertisement	%
Mall	65			59			6 Advertisement		10.2	%
Convention, Retail and Other	32			25 Advertisement			7		28.0	%
Net Revenues	$ Advertisement	919		$	822		$	97 Advertisement	11.8	%

Adjusted Property EBITDA	$	355 Advertisement		$	324		$	31	9.6 Advertisement	%
EBITDA Margin %	38.6		%	39.4 Advertisement		%			(0.8)	pts

Gaming Statistics
(Dollars in millions) Advertisement

Rolling Chip Volume	$	9,393		$	8,021 Advertisement		$	1,372	17.1	%
Rolling Chip Win %⁽¹⁾ Advertisement	3.20		%	2.73		%			0.47 Advertisement	pts

Non-Rolling Chip Drop	$	2,404		$ Advertisement	2,084		$	320	15.4	% Advertisement
Non-Rolling Chip Win %	25.1		%	26.8		% Advertisement			(1.7)	pts

Slot Handle	$	841 Advertisement		$	877		$	(36)	(4.1) Advertisement	%
Slot Hold %	5		%	5.3 Advertisement		%			(0.3)	pts

Hotel Statistics

Occupancy % Advertisement	96.5		%	95.5		%			1.0 Advertisement	pts
Average Daily Rate (ADR)	$	222		$ Advertisement	232		$	(10)	(4.3)	% Advertisement
Revenue per Available Room (RevPAR)	$	214		$	222 Advertisement		$	(8)	(3.6)	%


Note: Advertisement	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, 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 Advertisement
Sands Cotai Central	December 31,
(Dollars in millions)	2018			2017 Advertisement			$ Change		Change
Revenues:
Casino	$ Advertisement	418		$	417		$	1 Advertisement	0.2	%
Rooms	86			84 Advertisement			2		2.4	%
Food and Beverage	25 Advertisement			28			(3)		(10.7)	%
Mall Advertisement	21			15			6		40.0	% Advertisement
Convention, Retail and Other	8			7			1		14.3 Advertisement	%
Net Revenues	$	558		$ Advertisement	551		$	7	1.3	% Advertisement

Adjusted Property EBITDA	$	194		$	202 Advertisement		$	(8)	(4.0)	%
EBITDA Margin % Advertisement	34.8		%	36.7		%			(1.9) Advertisement	pts

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume	$ Advertisement	2,875		$	2,354		$	521 Advertisement	22.1	%
Rolling Chip Win %⁽¹⁾	3.72		% Advertisement	3.68		%			0.04	pts

Non-Rolling Chip Drop Advertisement	$	1,678		$	1,718		$ Advertisement	(40)	(2.3)	%
Non-Rolling Chip Win %	21.7 Advertisement		%	21.2		%			0.5	pts Advertisement

Slot Handle	$	1,164		$	1,293 Advertisement		$	(129)	(10.0)	%
Slot Hold % Advertisement	4.0		%	4.2		%			(0.2) Advertisement	pts

Hotel Statistics

Occupancy %	96.5		% Advertisement	92.3		%			4.2	pts
Average Daily Rate (ADR) Advertisement	$	160		$	160		$ Advertisement	—	—	%
Revenue per Available Room (RevPAR)	$ Advertisement	154		$	148		$	6 Advertisement	4.1	%


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) Advertisement	This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)

	Three Months Ended
The Parisian Macao	December 31, Advertisement
(Dollars in millions)	2018			2017			$ Change		Change Advertisement
Revenues:
Casino	$	345		$ Advertisement	251		$	94	37.5	% Advertisement
Rooms	33			34			(1)		(2.9) Advertisement	%
Food and Beverage	17			15			2 Advertisement		13.3	%
Mall	14			16 Advertisement			(2)		(12.5)	%
Convention, Retail and Other	5 Advertisement			5			—		—	%
Net Revenues Advertisement	$	414		$	321		$ Advertisement	93	29.0	%

Adjusted Property EBITDA	$ Advertisement	132		$	89		$	43 Advertisement	48.3	%
EBITDA Margin %	31.9		% Advertisement	27.7		%			4.2	pts

Gaming Statistics Advertisement
(Dollars in millions)

Rolling Chip Volume	$	4,816		$ Advertisement	3,845		$	971	25.3	% Advertisement
Rolling Chip Win %⁽¹⁾	3.16		%	2.75		% Advertisement			0.41	pts

Non-Rolling Chip Drop	$	1,135 Advertisement		$	1,016		$	119	11.7 Advertisement	%
Non-Rolling Chip Win %	22.6		%	19.8 Advertisement		%			2.8	pts

Slot Handle	$ Advertisement	1,234		$	1,014		$	220 Advertisement	21.7	%
Slot Hold %	3.3		% Advertisement	2.9		%			0.4	pts

Hotel Statistics Advertisement

Occupancy %	97.0		%	98.4		% Advertisement			(1.4)	pts
Average Daily Rate (ADR)	$	160 Advertisement		$	151		$	9	6.0 Advertisement	%
Revenue per Available Room (RevPAR)	$	156		$ Advertisement	148		$	8	5.4	% Advertisement


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, 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) Advertisement

	Three Months Ended
The Plaza Macao and Four Seasons Hotel Macao	December 31,
(Dollars in millions)	2018 Advertisement			2017			$ Change		Change
Revenues:
Casino Advertisement	$	108		$	118		$ Advertisement	(10)	(8.5)	%
Rooms	10 Advertisement			10			—		—	%
Food and Beverage Advertisement	8			8			—		—	% Advertisement
Mall	48			37			11		29.7 Advertisement	%
Convention, Retail and Other	1			1			— Advertisement		—	%
Net Revenues	$	175 Advertisement		$	174		$	1	0.6 Advertisement	%

Adjusted Property EBITDA	$	64		$ Advertisement	71		$	(7)	(9.9)	% Advertisement
EBITDA Margin %	36.6		%	40.8		% Advertisement			(4.2)	pts

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume Advertisement	$	3,365		$	2,662		$ Advertisement	703	26.4	%
Rolling Chip Win %⁽¹⁾	2.65 Advertisement		%	2.88		%			(0.23)	pts Advertisement

Non-Rolling Chip Drop	$	345		$	389 Advertisement		$	(44)	(11.3)	%
Non-Rolling Chip Win % Advertisement	22.2		%	21.9		%			0.3 Advertisement	pts

Slot Handle	$	153		$ Advertisement	125		$	28	22.4	% Advertisement
Slot Hold %	4.5		%	8.2		% Advertisement			(3.7)	pts

Hotel Statistics

Occupancy %	90.0 Advertisement		%	86.2		%			3.8	pts Advertisement
Average Daily Rate (ADR)	$	343		$	330 Advertisement		$	13	3.9	%
Revenue per Available Room (RevPAR) Advertisement	$	309		$	285		$ Advertisement	24	8.4	%


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. Advertisement
(1)	This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (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 Advertisement	December 31,
(Dollars in millions)	2018			2017			$ Change Advertisement		Change
Revenues:
Casino	$	144 Advertisement		$	136		$	8	5.9 Advertisement	%
Rooms	5			4			1 Advertisement		25.0	%
Food and Beverage	7			8 Advertisement			(1)		(12.5)	%
Convention, Retail and Other	— Advertisement			2			(2)		(100.0)	%
Net Revenues Advertisement	$	156		$	150		$ Advertisement	6	4.0	%

Adjusted Property EBITDA	$ Advertisement	38		$	40		$	(2) Advertisement	(5.0)	%
EBITDA Margin %	24.4		% Advertisement	26.7		%			(2.3)	pts

Gaming Statistics Advertisement
(Dollars in millions)

Rolling Chip Volume	$	1,635		$ Advertisement	748		$	887	118.6	% Advertisement
Rolling Chip Win %⁽¹⁾	2.61		%	3.48		% Advertisement			(0.87)	pts

Non-Rolling Chip Drop	$	630 Advertisement		$	615		$	15	2.4 Advertisement	%
Non-Rolling Chip Win %	18.5		%	18.5 Advertisement		%			—	pts

Slot Handle	$ Advertisement	643		$	609		$	34 Advertisement	5.6	%
Slot Hold %	3.0		% Advertisement	3.4		%			(0.4)	pts

Hotel Statistics Advertisement

Occupancy %	98.9		%	98.5		% Advertisement			0.4	pts
Average Daily Rate (ADR)	$	176 Advertisement		$	177		$	(1)	(0.6) Advertisement	%
Revenue per Available Room (RevPAR)	$	175		$ Advertisement	174		$	1	0.6	% Advertisement


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 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) Advertisement

	Three Months Ended
Marina Bay Sands	December 31,
(Dollars in millions)	2018 Advertisement			2017			$ Change		Change
Revenues:
Casino Advertisement	$	500		$	607		$ Advertisement	(107)	(17.6)	%
Rooms	94 Advertisement			90			4		4.4	%
Food and Beverage Advertisement	55			53			2		3.8	% Advertisement
Mall	51			47			4		8.5 Advertisement	%
Convention, Retail and Other	26			24			2 Advertisement		8.3	%
Net Revenues	$	726 Advertisement		$	821		$	(95)	(11.6) Advertisement	%

Adjusted Property EBITDA	$	362		$ Advertisement	457		$	(95)	(20.8)	% Advertisement
EBITDA Margin %	49.9		%	55.7		% Advertisement			(5.8)	pts

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume Advertisement	$	6,825		$	7,926		$ Advertisement	(1,101)	(13.9)	%
Rolling Chip Win %⁽¹⁾	2.79 Advertisement		%	3.95		%			(1.16)	pts Advertisement

Non-Rolling Chip Drop⁽²⁾	$	1,259		$	1,342 Advertisement		$	(83)	(6.2)	%
Non-Rolling Chip Win %⁽²⁾ Advertisement	21.8		%	19.2		%			2.6 Advertisement	pts

Slot Handle	$	3,450		$ Advertisement	3,672		$	(222)	(6.0)	% Advertisement
Slot Hold %	4.5		%	4.6		% Advertisement			(0.1)	pts

Hotel Statistics

Occupancy %	95.5 Advertisement		%	94.2		%			1.3	pts Advertisement
Average Daily Rate (ADR)	$	423		$	417 Advertisement		$	6	1.4	%
Revenue per Available Room (RevPAR) Advertisement	$	404		$	393		$ Advertisement	11	2.8	%


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. Advertisement
(1)	This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated 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)	As of Q1 2018, Non-Rolling Chip drop at MBS includes chips purchased and exchanged at the cage. Prior period amounts have been updated to conform to the current period presentation.

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited) Advertisement

	Three Months Ended
Las Vegas Operating Properties	December 31,
(Dollars in millions)	2018 Advertisement			2017			$ Change		Change
Revenues:
Casino Advertisement	$	89		$	103		$ Advertisement	(14)	(13.6)	%
Rooms	147 Advertisement			137			10		7.3	%
Food and Beverage Advertisement	85			89			(4)		(4.5)	% Advertisement
Convention, Retail and Other	103			104			(1)		(1.0) Advertisement	%
Net Revenues	$	424		$ Advertisement	433		$	(9)	(2.1)	% Advertisement

Adjusted Property EBITDA	$	100		$	114 Advertisement		$	(14)	(12.3)	%
EBITDA Margin % Advertisement	23.6		%	26.3		%			(2.7) Advertisement	pts

Gaming Statistics
(Dollars in millions)

Table Games Drop	$ Advertisement	526		$	381		$	145 Advertisement	38.1	%
Table Games Win %⁽¹⁾	12.7		% Advertisement	20.7		%			(8.0)	pts

Slot Handle Advertisement	$	794		$	735		$ Advertisement	59	8.0	%
Slot Hold %	8.0 Advertisement		%	8.7		%			(0.7)	pts Advertisement

Hotel Statistics

Occupancy %	91.1		%	91.7 Advertisement		%			(0.6)	pts
Average Daily Rate (ADR)	$ Advertisement	250		$	235		$	15 Advertisement	6.4	%
Revenue per Available Room (RevPAR)	$	228 Advertisement		$	215		$	13	6.0 Advertisement	%


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 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, 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). Advertisement

Las Vegas Sands Corp. and Subsidiaries Supplemental Data (Unaudited)

	Three Months Ended
Sands Bethlehem	December 31,
(Dollars in millions) Advertisement	2018			2017			$ Change		Change
Revenues: Advertisement
Casino	$	110		$	120 Advertisement		$	(10)	(8.3)	%
Rooms Advertisement	4			4			—		—	% Advertisement
Food and Beverage	7			7			—		— Advertisement	%
Mall	1			1			— Advertisement		—	%
Convention, Retail and Other	6			6 Advertisement			—		—	%
Net Revenues	$ Advertisement	128		$	138		$	(10) Advertisement	(7.2)	%

Adjusted Property EBITDA	$	24 Advertisement		$	34		$	(10)	(29.4) Advertisement	%
EBITDA Margin %	18.8		%	24.6 Advertisement		%			(5.8)	pts

Gaming Statistics
(Dollars in millions) Advertisement

Table Games Drop	$	275		$	285 Advertisement		$	(10)	(3.5)	%
Table Games Win % Advertisement	17.0		%	19.4		%			(2.4) Advertisement	pts

Slot Handle	$	1,181		$ Advertisement	1,165		$	16	1.4	% Advertisement
Slot Hold %	6.2		%	6.5		% Advertisement			(0.3)	pts

Hotel Statistics

Occupancy %	93.9 Advertisement		%	92.7		%			1.2	pts Advertisement
Average Daily Rate (ADR)	$	164		$	161 Advertisement		$	3	1.9	%
Revenue per Available Room (RevPAR) Advertisement	$	154		$	149		$ Advertisement	5	3.4	%


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. Advertisement

Las Vegas Sands Corp. and Subsidiaries Supplemental Data – Asian Retail Mall Operations (Unaudited)

	For The Three Months Ended December 31, 2018									TTM December 31, 2018
(Dollars in millions except per square foot data) Advertisement	Gross Revenue⁽¹⁾		Operating Profit		Operating Profit Margin		Gross Leasable Area (sq. ft.)	Occupancy Advertisement % at End of Period		Tenant Sales Per Sq. Ft.⁽²⁾
Shoppes at Venetian	$ Advertisement	65	$	57	87.7	% Advertisement	813,376	90.3	%	$	1,746 Advertisement

Shoppes at Four Seasons
Luxury Retail	34		32		94.1 Advertisement	%	125,566	100.0	%	5,836 Advertisement
Other Stores	14		13		92.9	% Advertisement	115,982	97.9	%	2,046
Total Advertisement	48		45		93.8	%	241,548 Advertisement	99.0	%	4,373

Shoppes at Cotai Central⁽³⁾	21 Advertisement		18		85.7	%	519,681	91.5 Advertisement	%	892

Shoppes at Parisian	13		10 Advertisement		76.9	%	295,915	89.8	% Advertisement	649

Total Cotai Strip in Macao	147		130		88.4 Advertisement	%	1,870,520	91.7	%	1,778 Advertisement

The Shoppes at Marina Bay Sands	51		44		86.3	% Advertisement	606,362	95.4	%	1,898

Total Advertisement	$	198	$	174	87.9 Advertisement	%	2,476,882	92.6	%	$ Advertisement	1,808


Note:	This table excludes the results of our mall operations at Sands Macao and Sands Bethlehem.
(1)	Gross revenue figures are net of intersegment revenue eliminations. Advertisement
(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 Cotai Central will feature up to an estimated 600,000 square feet of gross leasable area at completion of all phases of Sands Cotai Central’s renovation, rebranding and expansion to The Londoner Macao.

Source: Las Vegas Sands Corp.

Gambling in the USA

Snoqualmie Casino Announces Exciting Rebranding to Snoqualmie Casino & Hotel Ahead of Major Expansion

Published

1 week ago

November 12, 2024

Niji Narayan

Snoqualmie Casino has announced its rebranding to Snoqualmie Casino & Hotel, reflecting an exciting new chapter in the venue’s history as it embarks on a much-anticipated expansion. Set for completion in mid-2025, this project promises to elevate the guest experience, making Snoqualmie Casino & Hotel a premier destination for entertainment, relaxation, and culinary excellence.

The cornerstone of the expansion is the construction of a luxurious hotel, which will offer guests unparalleled comfort and stunning views of the Snoqualmie Valley and Mount Si. With a focus on sustainability and modern design, the hotel will feature upscale accommodations, a full-service destination spa, and amenities that cater to both leisure and business travelers. Plus, there are architectural details inspired by Snoqualmie culture from a modern slant roof hotel design representing the original longhouses of the Snoqualmie Tribe’s ancestors to carefully chosen artwork placed throughout for guests to enjoy.

Snoqualmie Casino & Hotel’s destination spa will offer an immersive escape that blends relaxation with the healing power of nature. Nestled in the serene landscapes of the Pacific Northwest, the spa provides a range of rejuvenating treatments. Experience the perfect blend of wellness and nature where luxury, tradition and innovation come together for an incredibly transformative experience.

“It is my honor and privilege to announce that Snoqualmie Casino has now become Snoqualmie Casino and Hotel. Over the past three years, the Snoqualmie Tribe and Casino have been diligently working to bring a one-of-a-kind, world-class hotel to the Snoqualmie Valley,” said Interim CEO Mary Lou Patterson.

In addition, Snoqualmie Casino & Hotel will expand its gaming floor, introducing an array of new options to enhance the entertainment experience for guests. This expansion will include the latest slots, electronic and traditional table games, as well as a dedicated high-limit gaming area for discerning players seeking a more exclusive gaming experience.

One of the highlights of the expansion is the development of a state-of-the-art 2000-seat entertainment and convention center. This versatile venue will host a variety of events, from concerts to conferences, positioning Snoqualmie Casino & Hotel as a key player in the region’s entertainment landscape. With cutting-edge technology and a focus on guest comfort, the center will attract top-tier talent and events, making it a must-visit destination.

In addition to the award-winning Vista Prime Steaks & Seafood, 12 Moons, and Falls Buffet, a new sports bar and grill will be introduced to provide patrons with the ultimate game day experience. Other new dining options, set to open later, will showcase local ingredients and flavors, ensuring a memorable culinary experience for guests.

Snoqualmie Casino & Hotel recently launched a brand-new valet garage. The dual level indoor and outdoor structure, with 600 additional spaces, doubles the previous capacity for valet parking creating easier access into the casino. This is the first piece of new development at Snoqualmie Casino & Hotel that has opened for immediate use. The entire project anticipates creating numerous job opportunities for local residents, contributing to the economic growth of the Snoqualmie area.

Gambling in the USA

Wind Creek Chicago Southland to Open to the Public on November 11

Published

1 week ago

November 11, 2024

Niji Narayan

Wind Creek Chicago Southland has announced that it will open to the public on November 11. The state-of-the-art casino represents the first step toward delivering a full-scale integrated resort experience, scheduled for completion in spring 2025.

Spanning an impressive 70,000 square feet, Wind Creek Chicago Southland features over 1400 slot machines, 56 table games, high-limit slot areas, a high-limit table games salon, a poker room, a dynamic sportsbook, and 4 “Hidden Gems” throughout the casino floor–offering visitors a unique and customizable private gaming and event microenvironment. Designed with an emphasis on curated entertainment spaces, this new offering aims to redefine leisure and hospitality for the entire region.

“The opening of Wind Creek Chicago Southland underscores our dedication to making a positive economic impact in the communities we serve. We’re committed to create opportunities that support the region, offer competitive benefits for Team Members, and further strengthen the vibrant Southland community,” said Jay Dorris, President and CEO of Wind Creek Hospitality.

Wind Creek Chicago Southland is expected to create more than 1000 full-time jobs in fields ranging from hospitality to technology. Roles will include security, gaming attendants, food service, IT technicians, and environmental services, reinforcing Wind Creek’s commitment to strengthening the local economy. Additionally, Homewood and East Hazel Crest will benefit from gambling revenue, along with 42 other south suburban communities—funding essential local services within the immediate and surrounding communities.

“Wind Creek Chicago Southland is more than a casino—it’s a community-driven destination. The Tribe and Wind Creek will continue to prioritize the Villages of Homewood and East Hazel Crest as we are committed to uplifting our neighbors,” said Stephanie Bryan, Tribal Chair and CEO, Poarch Creek Indians.

On Nov. 6th and Nov. 7th, the Illinois Gaming Board visited the casino for two mandatory test days, which also included an extended invitation to family friends and local dignitaries. Wind Creek Hospitality received notice of approval on Nov. 8th to operate on Monday, Nov. 11th at approximately 11:00 a.m.

The Nov. 11th opening marks only the beginning of what will become a flagship destination. High-limit gaming rooms, a hotel, spa, poker room, a sportsbook and more will be available for Guests seeking diverse experiences. Wind Creek’s partnership with Fabio Viviani Hospitality Group will also introduce an exceptional range of signature restaurants and food & beverage offerings to the highly anticipated property.

“Whether you’re looking for elevated dining, quick-service eateries, or something in between—you won’t be disappointed as we’re creating something truly unforgettable,” said Fabio Viviani.

“From the start, our mission has been to create jobs, spur economic growth, and offer the ultimate entertainment escape. We’re thrilled to welcome our Guests on Nov. 11th to experience the excitement firsthand,” said Roger Kuehn, EVP and General Manager of Wind Creek Chicago Southland.

Gambling in the USA

Spin Your Way to Political Fun in Slotland and WinADay’s Race for Office MegaMatrix Slot

Published

2 weeks ago

November 4, 2024

Peter Tolan

The drama of the 2024 U.S. elections is here, and players can take advantage of extra bonuses to play Race for Office, Game of the Month.

Slotland and WinADay are bringing the excitement of the U.S. presidential election to life this month with the fan-favourite, Race for Office, packed with a wealth of bonuses.

Launched in 2020, Race for Office features a lively American theme with familiar political figures set against the U.S. Capitol. Updated for 2024, revamped to include Kamala Harris and Donald Trump with their running mates in a light-hearted style. With a 5-reel MegaMatrix setup and 15 paylines, players can bet anywhere from $0.60 to $30.

As the Game of the Month on Slotland and WinADay, Race for Office will be featured with special Match bonuses—55% at Slotland and 44% at WinADay. Players using cryptocurrency can enjoy a 75% Match on Slotland deposits of $5 to $500, and a 66% Match on WinADay deposits of $40 to $200!

Keep spinning to unlock a lucky PICK ME round and boost your balance with some extra campaign cash! Players who hit three PICK ME scatters, the handshake, can enter a bonus game. By clicking on tiles in a 5×5 grid, players can level up to higher prizes, creating a race to collect winnings until they hit the coveted ‘COLLECT’ sign.

Players can also enter a random draw for a chance to win up to $300. Every 100 spins earns a ticket for the Monthly Contest, with winners announced by December 17, 2024. It’s the perfect incentive to keep spinning as the political season unfolds!

Michael Hilary, Casino Manager, says: “This November, join Slotland and WinADay in the Race for Office and experience the fun of politics like never before. Spin the reels, claim your bonuses, and who knows—you might just land a jackpot that’ll have you celebrating like it’s election night!”

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