Gambling in the USA
Las Vegas Sands Reports Fourth Quarter 2018 Results
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
– 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 |
Daniel Briggs |
(702) 414-1221 |
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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.
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Exhibit 1 |
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Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||||
|
Condensed Consolidated Statements of Operations |
||||||||||||||||
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(In millions, except per share data) |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Revenues: |
||||||||||||||||
|
Casino |
$ |
2,461 |
$ |
2,416 |
$ |
9,819 |
$ |
9,086 |
||||||||
|
Rooms |
435 |
416 |
1,733 |
1,586 |
||||||||||||
|
Food and beverage |
223 |
229 |
865 |
828 |
||||||||||||
|
Mall |
200 |
175 |
690 |
651 |
||||||||||||
|
Convention, retail and other |
156 |
155 |
622 |
577 |
||||||||||||
|
Net revenues |
3,475 |
3,391 |
13,729 |
12,728 |
||||||||||||
|
Operating expenses: |
||||||||||||||||
|
Resort operations |
2,205 |
2,059 |
8,462 |
7,842 |
||||||||||||
|
Corporate |
58 |
38 |
202 |
173 |
||||||||||||
|
Pre-opening |
1 |
1 |
6 |
8 |
||||||||||||
|
Development |
3 |
5 |
12 |
13 |
||||||||||||
|
Depreciation and amortization |
289 |
258 |
1,111 |
1,171 |
||||||||||||
|
Amortization of leasehold interests in land |
9 |
9 |
35 |
37 |
||||||||||||
|
Loss (gain) on disposal or impairment of assets |
36 |
(7) |
150 |
20 |
||||||||||||
|
2,601 |
2,363 |
9,978 |
9,264 |
|||||||||||||
|
Operating income |
874 |
1,028 |
3,751 |
3,464 |
||||||||||||
|
Other income (expense): |
||||||||||||||||
|
Interest income |
23 |
5 |
59 |
16 |
||||||||||||
|
Interest expense, net of amounts capitalized |
(138) |
(87) |
(446) |
(327) |
||||||||||||
|
Other income (expense) |
(8) |
(14) |
26 |
(94) |
||||||||||||
|
Loss on modification or early retirement of debt |
(9) |
— |
(64) |
(5) |
||||||||||||
|
Income before income taxes |
742 |
932 |
3,326 |
3,054 |
||||||||||||
|
Income tax (expense) benefit |
(782) |
429 |
(375) |
209 |
||||||||||||
|
Net income (loss) |
(40) |
1,361 |
2,951 |
3,263 |
||||||||||||
|
Net income attributable to noncontrolling interests |
(130) |
(149) |
(538) |
(455) |
||||||||||||
|
Net income (loss) attributable to Las Vegas Sands Corp. |
$ |
(170) |
$ |
1,212 |
$ |
2,413 |
$ |
2,808 |
||||||||
|
Earnings (loss) per share: |
||||||||||||||||
|
Basic |
$ |
(0.22) |
$ |
1.53 |
$ |
3.07 |
$ |
3.55 |
||||||||
|
Diluted |
$ |
(0.22) |
$ |
1.53 |
$ |
3.07 |
$ |
3.55 |
||||||||
|
Weighted average shares outstanding: |
||||||||||||||||
|
Basic |
780 |
790 |
786 |
792 |
||||||||||||
|
Diluted |
780 |
791 |
786 |
792 |
||||||||||||
|
Dividends declared per common share |
$ |
0.75 |
$ |
0.73 |
$ |
3.00 |
$ |
2.92 |
||||||||
|
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 |
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Las Vegas Sands Corp. and Subsidiaries |
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Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Net Revenues |
||||||||||||||||
|
The Venetian Macao |
$ |
919 |
$ |
822 |
$ |
3,474 |
$ |
2,924 |
||||||||
|
Sands Cotai Central |
558 |
551 |
2,153 |
1,916 |
||||||||||||
|
The Parisian Macao |
414 |
321 |
1,533 |
1,395 |
||||||||||||
|
The Plaza Macao and Four Seasons Hotel Macao |
175 |
174 |
719 |
587 |
||||||||||||
|
Sands Macao |
156 |
150 |
650 |
626 |
||||||||||||
|
Ferry Operations and Other |
37 |
42 |
160 |
161 |
||||||||||||
|
Macao Operations |
2,259 |
2,060 |
8,689 |
7,609 |
||||||||||||
|
Marina Bay Sands |
726 |
821 |
3,069 |
3,134 |
||||||||||||
|
Las Vegas Operating Properties |
424 |
433 |
1,682 |
1,657 |
||||||||||||
|
Sands Bethlehem |
128 |
138 |
536 |
564 |
||||||||||||
|
Intersegment Eliminations |
(62) |
(61) |
(247) |
(236) |
||||||||||||
|
$ |
3,475 |
$ |
3,391 |
$ |
13,729 |
$ |
12,728 |
|||||||||
|
Adjusted Property EBITDA |
||||||||||||||||
|
The Venetian Macao |
$ |
355 |
$ |
324 |
$ |
1,378 |
$ |
1,133 |
||||||||
|
Sands Cotai Central |
194 |
202 |
759 |
633 |
||||||||||||
|
The Parisian Macao |
132 |
89 |
484 |
413 |
||||||||||||
|
The Plaza Macao and Four Seasons Hotel Macao |
64 |
71 |
262 |
233 |
||||||||||||
|
Sands Macao |
38 |
40 |
178 |
174 |
||||||||||||
|
Ferry Operations and Other |
3 |
4 |
18 |
21 |
||||||||||||
|
Macao Operations |
786 |
730 |
3,079 |
2,607 |
||||||||||||
|
Marina Bay Sands |
362 |
457 |
1,690 |
1,755 |
||||||||||||
|
Las Vegas Operating Properties |
100 |
114 |
394 |
391 |
||||||||||||
|
Sands Bethlehem |
24 |
34 |
116 |
147 |
||||||||||||
|
$ |
1,272 |
$ |
1,335 |
$ |
5,279 |
$ |
4,900 |
|||||||||
|
Adjusted Property EBITDA as a Percentage of Net Revenues |
||||||||||||||||
|
The Venetian Macao |
38.6 |
% |
39.4 |
% |
39.7 |
% |
38.7 |
% |
||||||||
|
Sands Cotai Central |
34.8 |
% |
36.7 |
% |
35.3 |
% |
33.0 |
% |
||||||||
|
The Parisian Macao |
31.9 |
% |
27.7 |
% |
31.6 |
% |
29.6 |
% |
||||||||
|
The Plaza Macao and Four Seasons Hotel Macao |
36.6 |
% |
40.8 |
% |
36.4 |
% |
39.7 |
% |
||||||||
|
Sands Macao |
24.4 |
% |
26.7 |
% |
27.4 |
% |
27.8 |
% |
||||||||
|
Ferry Operations and Other |
8.1 |
% |
9.5 |
% |
11.3 |
% |
13.0 |
% |
||||||||
|
Macao Operations |
34.8 |
% |
35.4 |
% |
35.4 |
% |
34.3 |
% |
||||||||
|
Marina Bay Sands |
49.9 |
% |
55.7 |
% |
55.1 |
% |
56.0 |
% |
||||||||
|
Las Vegas Operating Properties |
23.6 |
% |
26.3 |
% |
23.4 |
% |
23.6 |
% |
||||||||
|
Sands Bethlehem |
18.8 |
% |
24.6 |
% |
21.6 |
% |
26.1 |
% |
||||||||
|
Total |
36.6 |
% |
39.4 |
% |
38.5 |
% |
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. |
|
Exhibit 3 |
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Las Vegas Sands Corp. and Subsidiaries |
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The following is a reconciliation of Net Income (Loss) to Consolidated Adjusted Property |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Net income (loss) |
$ |
(40) |
$ |
1,361 |
$ |
2,951 |
$ |
3,263 |
||||||||
|
Add (deduct): |
||||||||||||||||
|
Income tax expense (benefit) |
782 |
(429) |
375 |
(209) |
||||||||||||
|
Loss on modification or early retirement of debt |
9 |
— |
64 |
5 |
||||||||||||
|
Other (income) expense |
8 |
14 |
(26) |
94 |
||||||||||||
|
Interest expense, net of amounts capitalized |
138 |
87 |
446 |
327 |
||||||||||||
|
Interest income |
(23) |
(5) |
(59) |
(16) |
||||||||||||
|
Loss (gain) on disposal or impairment of assets |
36 |
(7) |
150 |
20 |
||||||||||||
|
Amortization of leasehold interests in land |
9 |
9 |
35 |
37 |
||||||||||||
|
Depreciation and amortization |
289 |
258 |
1,111 |
1,171 |
||||||||||||
|
Development expense |
3 |
5 |
12 |
13 |
||||||||||||
|
Pre-opening expense |
1 |
1 |
6 |
8 |
||||||||||||
|
Stock-based compensation (1) |
2 |
3 |
12 |
14 |
||||||||||||
|
Corporate expense |
58 |
38 |
202 |
173 |
||||||||||||
|
Consolidated Adjusted Property EBITDA |
$ |
1,272 |
$ |
1,335 |
$ |
5,279 |
$ |
4,900 |
||||||||
|
Hold-normalized casino revenue (2) |
30 |
(43) |
||||||||||||||
|
Hold-normalized casino expense (2) |
(5) |
2 |
||||||||||||||
|
Consolidated Hold-Normalized Adjusted Property EBITDA |
$ |
1,297 |
$ |
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. |
|
(2) |
See Exhibit 4. |
|
Exhibit 4 |
||||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||||
|
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA: |
||||||||||||||||
|
Three Months Ended December 31, 2018 |
||||||||||||||||
|
Hold-Normalized |
||||||||||||||||
|
Adjusted |
Hold-Normalized |
Hold-Normalized |
Adjusted |
|||||||||||||
|
Property |
Casino |
Casino |
Property |
|||||||||||||
|
EBITDA |
Revenue (1) |
Expense (2) |
EBITDA |
|||||||||||||
|
Macao Operations |
$ |
786 |
$ |
— |
$ |
— |
$ |
786 |
||||||||
|
Marina Bay Sands |
362 |
— |
— |
362 |
||||||||||||
|
United States: |
||||||||||||||||
|
Las Vegas Operating Properties |
100 |
30 |
(5) |
125 |
||||||||||||
|
Sands Bethlehem |
24 |
— |
— |
24 |
||||||||||||
|
$ |
1,272 |
$ |
30 |
$ |
(5) |
$ |
1,297 |
|||||||||
|
Three Months Ended December 31, 2017 |
||||||||||||||||
|
Hold-Normalized |
||||||||||||||||
|
Adjusted |
Hold-Normalized |
Hold-Normalized |
Adjusted |
|||||||||||||
|
Property |
Casino |
Casino |
Property |
|||||||||||||
|
EBITDA |
Revenue (1) |
Expense (2) |
EBITDA |
|||||||||||||
|
Macao Operations |
$ |
730 |
$ |
43 |
$ |
(16) |
$ |
757 |
||||||||
|
Marina Bay Sands |
457 |
(86) |
18 |
389 |
||||||||||||
|
United States: |
||||||||||||||||
|
Las Vegas Operating Properties |
114 |
— |
— |
114 |
||||||||||||
|
Sands Bethlehem |
34 |
— |
— |
34 |
||||||||||||
|
$ |
1,335 |
$ |
(43) |
$ |
2 |
$ |
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) |
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.
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 |
||||||||||||||||
|
The following is a reconciliation of Net Income (Loss) Attributable to LVS to Adjusted Net Income and Hold- |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Net income (loss) attributable to LVS |
$ |
(170) |
$ |
1,212 |
$ |
2,413 |
$ |
2,808 |
||||||||
|
Pre-opening expense |
1 |
1 |
6 |
8 |
||||||||||||
|
Development expense |
3 |
5 |
12 |
13 |
||||||||||||
|
Loss (gain) on disposal or impairment of assets |
36 |
(7) |
150 |
20 |
||||||||||||
|
Other (income) expense |
8 |
14 |
(26) |
94 |
||||||||||||
|
Loss on modification or early retirement of debt |
9 |
— |
64 |
5 |
||||||||||||
|
Nonrecurring non-cash income tax expense (benefit) of U.S. tax reform (1) |
727 |
(526) |
57 |
(526) |
||||||||||||
|
Income tax impact on net income adjustments (2) |
(1) |
(2) |
(8) |
(2) |
||||||||||||
|
Noncontrolling interest impact on net income adjustments |
(15) |
3 |
(57) |
(9) |
||||||||||||
|
Adjusted net income attributable to LVS |
$ |
598 |
$ |
700 |
$ |
2,611 |
$ |
2,411 |
||||||||
|
Hold-normalized casino revenue (3) |
30 |
(43) |
||||||||||||||
|
Hold-normalized casino expense (3) |
(5) |
2 |
||||||||||||||
|
Income tax impact on hold adjustments (2) |
(5) |
12 |
||||||||||||||
|
Noncontrolling interest impact on hold adjustments |
— |
(8) |
||||||||||||||
|
Hold-normalized adjusted net income attributable to LVS |
$ |
618 |
$ |
663 |
||||||||||||
|
The following is a reconciliation of Diluted Earnings (Loss) per Share to Adjusted Earnings per Diluted Share |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Per diluted share of common stock: |
||||||||||||||||
|
Net income (loss) attributable to LVS |
$ |
(0.22) |
$ |
1.53 |
$ |
3.07 |
$ |
3.55 |
||||||||
|
Pre-opening expense |
— |
— |
0.01 |
0.01 |
||||||||||||
|
Development expense |
0.01 |
— |
0.01 |
0.01 |
||||||||||||
|
Loss (gain) on disposal or impairment of assets |
0.05 |
(0.01) |
0.19 |
0.02 |
||||||||||||
|
Other (income) expense |
0.01 |
0.02 |
(0.03) |
0.12 |
||||||||||||
|
Loss on modification or early retirement of debt |
0.01 |
— |
0.08 |
— |
||||||||||||
|
Nonrecurring non-cash income tax expense (benefit) of U.S. tax reform |
0.93 |
(0.66) |
0.07 |
(0.66) |
||||||||||||
|
Income tax impact on net income adjustments |
— |
— |
(0.01) |
— |
||||||||||||
|
Noncontrolling interest impact on net income adjustments |
(0.02) |
— |
(0.07) |
(0.01) |
||||||||||||
|
Adjusted earnings per diluted share |
$ |
0.77 |
$ |
0.88 |
$ |
3.32 |
$ |
3.04 |
||||||||
|
Hold-normalized casino revenue |
0.04 |
(0.05) |
||||||||||||||
|
Hold-normalized casino expense |
(0.01) |
— |
||||||||||||||
|
Income tax impact on hold adjustments |
(0.01) |
0.02 |
||||||||||||||
|
Noncontrolling interest impact on hold adjustments |
— |
(0.01) |
||||||||||||||
|
Hold-normalized adjusted earnings per diluted share |
$ |
0.79 |
$ |
0.84 |
||||||||||||
|
Weighted average diluted shares outstanding |
780 |
791 |
786 |
792 |
||||||||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
(1) |
Adjustment reflects the impact of the Tax Cuts and Jobs Act enacted in the U.S. in December 2017 (the “Act” or “tax reform”) 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. |
|
(3) |
See Exhibit 4. |
|
Exhibit 6 |
||||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Casino Statistics: |
||||||||||||||||
|
The Venetian Macao: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
15,100 |
$ |
14,453 |
$ |
15,177 |
$ |
13,264 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
305 |
$ |
304 |
$ |
249 |
$ |
258 |
||||||||
|
Average number of table games |
652 |
585 |
611 |
566 |
||||||||||||
|
Average number of slot machines |
1,483 |
1,670 |
1,667 |
1,635 |
||||||||||||
|
Sands Cotai Central: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
13,036 |
$ |
12,214 |
$ |
12,245 |
$ |
10,775 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
313 |
$ |
323 |
$ |
292 |
$ |
311 |
||||||||
|
Average number of table games |
392 |
401 |
405 |
399 |
||||||||||||
|
Average number of slot machines |
1,637 |
1,823 |
1,765 |
1,750 |
||||||||||||
|
The Parisian Macao: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
13,696 |
$ |
9,075 |
$ |
12,246 |
$ |
9,815 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
380 |
$ |
218 |
$ |
290 |
$ |
223 |
||||||||
|
Average number of table games |
325 |
368 |
340 |
378 |
||||||||||||
|
Average number of slot machines |
1,149 |
1,487 |
1,302 |
1,514 |
||||||||||||
|
The Plaza Macao and Four Seasons Hotel Macao: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
16,930 |
$ |
16,223 |
$ |
17,636 |
$ |
14,637 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
451 |
$ |
673 |
$ |
507 |
$ |
497 |
||||||||
|
Average number of table games |
107 |
108 |
113 |
103 |
||||||||||||
|
Average number of slot machines |
168 |
164 |
187 |
178 |
||||||||||||
|
Sands Macao: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
8,441 |
$ |
7,882 |
$ |
8,724 |
$ |
8,127 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
258 |
$ |
223 |
$ |
246 |
$ |
235 |
||||||||
|
Average number of table games |
205 |
193 |
204 |
198 |
||||||||||||
|
Average number of slot machines |
805 |
1,014 |
890 |
943 |
||||||||||||
|
Marina Bay Sands: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
8,430 |
$ |
10,311 |
$ |
9,555 |
$ |
10,805 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
778 |
$ |
734 |
$ |
794 |
$ |
678 |
||||||||
|
Average number of table games |
599 |
602 |
580 |
582 |
||||||||||||
|
Average number of slot machines |
2,178 |
2,499 |
2,255 |
2,494 |
||||||||||||
|
Las Vegas Operating Properties: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
2,983 |
$ |
3,614 |
$ |
3,256 |
$ |
3,402 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
368 |
$ |
384 |
$ |
356 |
$ |
319 |
||||||||
|
Average number of table games |
244 |
238 |
235 |
240 |
||||||||||||
|
Average number of slot machines |
1,874 |
1,803 |
1,782 |
1,909 |
||||||||||||
|
Sands Bethlehem: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
2,696 |
$ |
3,444 |
$ |
3,024 |
$ |
3,515 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
243 |
$ |
257 |
$ |
260 |
$ |
267 |
||||||||
|
Average number of table games |
189 |
175 |
184 |
176 |
||||||||||||
|
Average number of slot machines |
3,271 |
3,186 |
3,249 |
3,162 |
||||||||||||
|
(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 |
||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
The Venetian Macao |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
747 |
$ |
664 |
$ |
83 |
12.5 |
% |
||||||
|
Rooms |
56 |
53 |
3 |
5.7 |
% |
|||||||||
|
Food and Beverage |
19 |
21 |
(2) |
(9.5) |
% |
|||||||||
|
Mall |
65 |
59 |
6 |
10.2 |
% |
|||||||||
|
Convention, Retail and Other |
32 |
25 |
7 |
28.0 |
% |
|||||||||
|
Net Revenues |
$ |
919 |
$ |
822 |
$ |
97 |
11.8 |
% |
||||||
|
Adjusted Property EBITDA |
$ |
355 |
$ |
324 |
$ |
31 |
9.6 |
% |
||||||
|
EBITDA Margin % |
38.6 |
% |
39.4 |
% |
(0.8) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
9,393 |
$ |
8,021 |
$ |
1,372 |
17.1 |
% |
||||||
|
Rolling Chip Win %(1) |
3.20 |
% |
2.73 |
% |
0.47 |
pts |
||||||||
|
Non-Rolling Chip Drop |
$ |
2,404 |
$ |
2,084 |
$ |
320 |
15.4 |
% |
||||||
|
Non-Rolling Chip Win % |
25.1 |
% |
26.8 |
% |
(1.7) |
pts |
||||||||
|
Slot Handle |
$ |
841 |
$ |
877 |
$ |
(36) |
(4.1) |
% |
||||||
|
Slot Hold % |
5 |
% |
5.3 |
% |
(0.3) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
96.5 |
% |
95.5 |
% |
1.0 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
222 |
$ |
232 |
$ |
(10) |
(4.3) |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
214 |
$ |
222 |
$ |
(8) |
(3.6) |
% |
||||||
|
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 |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Sands Cotai Central |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
418 |
$ |
417 |
$ |
1 |
0.2 |
% |
||||||
|
Rooms |
86 |
84 |
2 |
2.4 |
% |
|||||||||
|
Food and Beverage |
25 |
28 |
(3) |
(10.7) |
% |
|||||||||
|
Mall |
21 |
15 |
6 |
40.0 |
% |
|||||||||
|
Convention, Retail and Other |
8 |
7 |
1 |
14.3 |
% |
|||||||||
|
Net Revenues |
$ |
558 |
$ |
551 |
$ |
7 |
1.3 |
% |
||||||
|
Adjusted Property EBITDA |
$ |
194 |
$ |
202 |
$ |
(8) |
(4.0) |
% |
||||||
|
EBITDA Margin % |
34.8 |
% |
36.7 |
% |
(1.9) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
2,875 |
$ |
2,354 |
$ |
521 |
22.1 |
% |
||||||
|
Rolling Chip Win %(1) |
3.72 |
% |
3.68 |
% |
0.04 |
pts |
||||||||
|
Non-Rolling Chip Drop |
$ |
1,678 |
$ |
1,718 |
$ |
(40) |
(2.3) |
% |
||||||
|
Non-Rolling Chip Win % |
21.7 |
% |
21.2 |
% |
0.5 |
pts |
||||||||
|
Slot Handle |
$ |
1,164 |
$ |
1,293 |
$ |
(129) |
(10.0) |
% |
||||||
|
Slot Hold % |
4.0 |
% |
4.2 |
% |
(0.2) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
96.5 |
% |
92.3 |
% |
4.2 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
160 |
$ |
160 |
$ |
— |
— |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
154 |
$ |
148 |
$ |
6 |
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) |
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 |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
The Parisian Macao |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
345 |
$ |
251 |
$ |
94 |
37.5 |
% |
||||||
|
Rooms |
33 |
34 |
(1) |
(2.9) |
% |
|||||||||
|
Food and Beverage |
17 |
15 |
2 |
13.3 |
% |
|||||||||
|
Mall |
14 |
16 |
(2) |
(12.5) |
% |
|||||||||
|
Convention, Retail and Other |
5 |
5 |
— |
— |
% |
|||||||||
|
Net Revenues |
$ |
414 |
$ |
321 |
$ |
93 |
29.0 |
% |
||||||
|
Adjusted Property EBITDA |
$ |
132 |
$ |
89 |
$ |
43 |
48.3 |
% |
||||||
|
EBITDA Margin % |
31.9 |
% |
27.7 |
% |
4.2 |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
4,816 |
$ |
3,845 |
$ |
971 |
25.3 |
% |
||||||
|
Rolling Chip Win %(1) |
3.16 |
% |
2.75 |
% |
0.41 |
pts |
||||||||
|
Non-Rolling Chip Drop |
$ |
1,135 |
$ |
1,016 |
$ |
119 |
11.7 |
% |
||||||
|
Non-Rolling Chip Win % |
22.6 |
% |
19.8 |
% |
2.8 |
pts |
||||||||
|
Slot Handle |
$ |
1,234 |
$ |
1,014 |
$ |
220 |
21.7 |
% |
||||||
|
Slot Hold % |
3.3 |
% |
2.9 |
% |
0.4 |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
97.0 |
% |
98.4 |
% |
(1.4) |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
160 |
$ |
151 |
$ |
9 |
6.0 |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
156 |
$ |
148 |
$ |
8 |
5.4 |
% |
||||||
|
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. |
|
(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 |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
The Plaza Macao and Four Seasons Hotel Macao |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
108 |
$ |
118 |
$ |
(10) |
(8.5) |
% |
||||||
|
Rooms |
10 |
10 |
— |
— |
% |
|||||||||
|
Food and Beverage |
8 |
8 |
— |
— |
% |
|||||||||
|
Mall |
48 |
37 |
11 |
29.7 |
% |
|||||||||
|
Convention, Retail and Other |
1 |
1 |
— |
— |
% |
|||||||||
|
Net Revenues |
$ |
175 |
$ |
174 |
$ |
1 |
0.6 |
% |
||||||
|
Adjusted Property EBITDA |
$ |
64 |
$ |
71 |
$ |
(7) |
(9.9) |
% |
||||||
|
EBITDA Margin % |
36.6 |
% |
40.8 |
% |
(4.2) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
3,365 |
$ |
2,662 |
$ |
703 |
26.4 |
% |
||||||
|
Rolling Chip Win %(1) |
2.65 |
% |
2.88 |
% |
(0.23) |
pts |
||||||||
|
Non-Rolling Chip Drop |
$ |
345 |
$ |
389 |
$ |
(44) |
(11.3) |
% |
||||||
|
Non-Rolling Chip Win % |
22.2 |
% |
21.9 |
% |
0.3 |
pts |
||||||||
|
Slot Handle |
$ |
153 |
$ |
125 |
$ |
28 |
22.4 |
% |
||||||
|
Slot Hold % |
4.5 |
% |
8.2 |
% |
(3.7) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
90.0 |
% |
86.2 |
% |
3.8 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
343 |
$ |
330 |
$ |
13 |
3.9 |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
309 |
$ |
285 |
$ |
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. |
|
(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 |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Sands Macao |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
144 |
$ |
136 |
$ |
8 |
5.9 |
% |
||||||
|
Rooms |
5 |
4 |
1 |
25.0 |
% |
|||||||||
|
Food and Beverage |
7 |
8 |
(1) |
(12.5) |
% |
|||||||||
|
Convention, Retail and Other |
— |
2 |
(2) |
(100.0) |
% |
|||||||||
|
Net Revenues |
$ |
156 |
$ |
150 |
$ |
6 |
4.0 |
% |
||||||
|
Adjusted Property EBITDA |
$ |
38 |
$ |
40 |
$ |
(2) |
(5.0) |
% |
||||||
|
EBITDA Margin % |
24.4 |
% |
26.7 |
% |
(2.3) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
1,635 |
$ |
748 |
$ |
887 |
118.6 |
% |
||||||
|
Rolling Chip Win %(1) |
2.61 |
% |
3.48 |
% |
(0.87) |
pts |
||||||||
|
Non-Rolling Chip Drop |
$ |
630 |
$ |
615 |
$ |
15 |
2.4 |
% |
||||||
|
Non-Rolling Chip Win % |
18.5 |
% |
18.5 |
% |
— |
pts |
||||||||
|
Slot Handle |
$ |
643 |
$ |
609 |
$ |
34 |
5.6 |
% |
||||||
|
Slot Hold % |
3.0 |
% |
3.4 |
% |
(0.4) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
98.9 |
% |
98.5 |
% |
0.4 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
176 |
$ |
177 |
$ |
(1) |
(0.6) |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
175 |
$ |
174 |
$ |
1 |
0.6 |
% |
||||||
|
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 |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Marina Bay Sands |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
500 |
$ |
607 |
$ |
(107) |
(17.6) |
% |
||||||
|
Rooms |
94 |
90 |
4 |
4.4 |
% |
|||||||||
|
Food and Beverage |
55 |
53 |
2 |
3.8 |
% |
|||||||||
|
Mall |
51 |
47 |
4 |
8.5 |
% |
|||||||||
|
Convention, Retail and Other |
26 |
24 |
2 |
8.3 |
% |
|||||||||
|
Net Revenues |
$ |
726 |
$ |
821 |
$ |
(95) |
(11.6) |
% |
||||||
|
Adjusted Property EBITDA |
$ |
362 |
$ |
457 |
$ |
(95) |
(20.8) |
% |
||||||
|
EBITDA Margin % |
49.9 |
% |
55.7 |
% |
(5.8) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
6,825 |
$ |
7,926 |
$ |
(1,101) |
(13.9) |
% |
||||||
|
Rolling Chip Win %(1) |
2.79 |
% |
3.95 |
% |
(1.16) |
pts |
||||||||
|
Non-Rolling Chip Drop(2) |
$ |
1,259 |
$ |
1,342 |
$ |
(83) |
(6.2) |
% |
||||||
|
Non-Rolling Chip Win %(2) |
21.8 |
% |
19.2 |
% |
2.6 |
pts |
||||||||
|
Slot Handle |
$ |
3,450 |
$ |
3,672 |
$ |
(222) |
(6.0) |
% |
||||||
|
Slot Hold % |
4.5 |
% |
4.6 |
% |
(0.1) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
95.5 |
% |
94.2 |
% |
1.3 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
423 |
$ |
417 |
$ |
6 |
1.4 |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
404 |
$ |
393 |
$ |
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. |
|
(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 |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Las Vegas Operating Properties |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
89 |
$ |
103 |
$ |
(14) |
(13.6) |
% |
||||||
|
Rooms |
147 |
137 |
10 |
7.3 |
% |
|||||||||
|
Food and Beverage |
85 |
89 |
(4) |
(4.5) |
% |
|||||||||
|
Convention, Retail and Other |
103 |
104 |
(1) |
(1.0) |
% |
|||||||||
|
Net Revenues |
$ |
424 |
$ |
433 |
$ |
(9) |
(2.1) |
% |
||||||
|
Adjusted Property EBITDA |
$ |
100 |
$ |
114 |
$ |
(14) |
(12.3) |
% |
||||||
|
EBITDA Margin % |
23.6 |
% |
26.3 |
% |
(2.7) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Table Games Drop |
$ |
526 |
$ |
381 |
$ |
145 |
38.1 |
% |
||||||
|
Table Games Win %(1) |
12.7 |
% |
20.7 |
% |
(8.0) |
pts |
||||||||
|
Slot Handle |
$ |
794 |
$ |
735 |
$ |
59 |
8.0 |
% |
||||||
|
Slot Hold % |
8.0 |
% |
8.7 |
% |
(0.7) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
91.1 |
% |
91.7 |
% |
(0.6) |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
250 |
$ |
235 |
$ |
15 |
6.4 |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
228 |
$ |
215 |
$ |
13 |
6.0 |
% |
||||||
|
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). |
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Sands Bethlehem |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
110 |
$ |
120 |
$ |
(10) |
(8.3) |
% |
||||||
|
Rooms |
4 |
4 |
— |
— |
% |
|||||||||
|
Food and Beverage |
7 |
7 |
— |
— |
% |
|||||||||
|
Mall |
1 |
1 |
— |
— |
% |
|||||||||
|
Convention, Retail and Other |
6 |
6 |
— |
— |
% |
|||||||||
|
Net Revenues |
$ |
128 |
$ |
138 |
$ |
(10) |
(7.2) |
% |
||||||
|
Adjusted Property EBITDA |
$ |
24 |
$ |
34 |
$ |
(10) |
(29.4) |
% |
||||||
|
EBITDA Margin % |
18.8 |
% |
24.6 |
% |
(5.8) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Table Games Drop |
$ |
275 |
$ |
285 |
$ |
(10) |
(3.5) |
% |
||||||
|
Table Games Win % |
17.0 |
% |
19.4 |
% |
(2.4) |
pts |
||||||||
|
Slot Handle |
$ |
1,181 |
$ |
1,165 |
$ |
16 |
1.4 |
% |
||||||
|
Slot Hold % |
6.2 |
% |
6.5 |
% |
(0.3) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
93.9 |
% |
92.7 |
% |
1.2 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
164 |
$ |
161 |
$ |
3 |
1.9 |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
154 |
$ |
149 |
$ |
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. |
|
Las Vegas Sands Corp. and Subsidiaries |
|||||||||||||||||||||
|
For The Three Months Ended December 31, 2018 |
TTM December 31, |
||||||||||||||||||||
|
(Dollars in millions except per |
Gross |
Operating |
Operating |
Gross |
Occupancy % at End of |
Tenant Sales |
|||||||||||||||
|
Shoppes at Venetian |
$ |
65 |
$ |
57 |
87.7 |
% |
813,376 |
90.3 |
% |
$ |
1,746 |
||||||||||
|
Shoppes at Four Seasons |
|||||||||||||||||||||
|
Luxury Retail |
34 |
32 |
94.1 |
% |
125,566 |
100.0 |
% |
5,836 |
|||||||||||||
|
Other Stores |
14 |
13 |
92.9 |
% |
115,982 |
97.9 |
% |
2,046 |
|||||||||||||
|
Total |
48 |
45 |
93.8 |
% |
241,548 |
99.0 |
% |
4,373 |
|||||||||||||
|
Shoppes at Cotai Central(3) |
21 |
18 |
85.7 |
% |
519,681 |
91.5 |
% |
892 |
|||||||||||||
|
Shoppes at Parisian |
13 |
10 |
76.9 |
% |
295,915 |
89.8 |
% |
649 |
|||||||||||||
|
Total Cotai Strip in Macao |
147 |
130 |
88.4 |
% |
1,870,520 |
91.7 |
% |
1,778 |
|||||||||||||
|
The Shoppes at Marina Bay Sands |
51 |
44 |
86.3 |
% |
606,362 |
95.4 |
% |
1,898 |
|||||||||||||
|
Total |
$ |
198 |
$ |
174 |
87.9 |
% |
2,476,882 |
92.6 |
% |
$ |
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. |
|
(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
Industry veteran joins North American operator as chief interactive gaming officer to drive growth in iCasino states and efficiencies in its online sportsbook
Delaware North, a global hospitality and entertainment company with a significant gaming division, has named industry veteran Lee Terfloth as chief interactive gaming officer as it pushes ahead with ambitious plans for its digital offering.
Terfloth has an impeccable track record across some of the biggest land-based and online gaming operators in North America, including Borgata, Resorts Digital, Hard Rock and, most recently, Prime Sports, where he was chief executive officer.
As chief interactive gaming officer at Delaware North, Terfloth will be responsible for two core objectives: Expanding the operator’s Betly mobile sportsbook and casino brand into additional iGaming states while also reviewing its sportsbook business to improve operational efficiency.
The appointment of Terfloth comes hot on the heels of news that Delaware North has chosen to migrate to Playtech’s powerful online sportsbook and casino platform in the states of Ohio, Arkansas, Tennessee and West Virginia.
Jason Gregorec, president of Delaware North’s gaming division, said:
“Lee Terfloth is a high-caliber senior iGaming executive who has played a key role in launching and growing interactive gaming divisions at some of the most established and renowned gambling operators in North America.
“We are delighted to be able to leverage this experience and knowledge as we ramp up our own online gaming division via our Betly brand, which has already gained traction in key online sports betting and iGaming states such as Ohio, Arkansas, Tennessee and West Virginia.
“I’d like to officially welcome Lee to the team and look forward to working with him as we deploy our ambitious plans for online gaming across regulated U.S. states,” Gregorec said.
Lee Terfloth, chief interactive gaming officer at Delaware North, added: “I’m thrilled to join Delaware North at a pivotal time for the business as it shifts up a gear with its activity in the online gaming space.
“Betly is an incredibly strong brand and now that we are migrating to the Playtech platform, we have the technological foundation to really level up our activity in terms of markets and the quality of the experience we offer to players.
“I have plenty of experience working with operators at this stage in their lifecycle and look forward to working with the incredible team we have in place to not only meet but exceed the goals the business has set for its interactive division,” Terfloth said.
Gambling in the USA
Mr. Gamble Expands Across the US: CMO Paul Puolakka Reflects on the Growth into Pennsylvania and West Virginia
Expanding Mr. Gamble’s footprint into Pennsylvania and West Virginia is a significant milestone for us. This is not just about entering new markets – it is about strengthening our position in the dynamic US iGaming sector.
By securing licences in these crucial states, we are readily available to deliver tailor-made experiences that align with the preferences of locals within these US states, thus enhancing our competitive advantage.
As the Chief Marketing Officer, I have played a key role in his expansion. My deep understanding of market trends and expertise in affiliate marketing has been vital in navigating these new territories. My focus has been on ensuring that our entry into these US states is not only successful but sustainable in the long term.
As we venture into these new states and new markets, I am more than confident that Mr. Gamble is going to be a loyal companion and guide for many players looking to take that first step towards casino gambling.
The Strategic Vision Behind Mr. Gamble’s US Expansion
Expanding into Pennsylvania, and West Virginia is a strategic move that aligns perfectly with Mr. Gamble’s growth plans. These states have been specifically chosen for their thriving and expanding markets, clear regulatory frameworks, and strong player engagements.
West Virginia has shown a growing interest in online gambling, making it a tempting choice for expansion.
Our success in New Jersey was a prime factor in this decision. The positive feedback and solid performance of our site have validated our approach and showcased the potential for growth in other states. This experience has given us a good confidence boost as we venture into these new markets. We are confident that our offerings as well as adherence to regulatory standards will resonate with our readers.
For Mr. Gamble, entering West Virginia is a natural progression. These new states provide markets with strong regulations that give priority to player safety. Given our achievement in New Jersey, I am optimistic that our site will connect with players in these states just as effectively.
Positive Response from Our Readers
The feedback we have received since expanding into the US has been exceptionally gratifying. Both our operator partners and readers have shown great enthusiasm for what Mr. Gamble has to offer. Our dedication to transparent high-quality content and user-centric experience has clearly struck a chord with the US audience.
From my point, the feedback has been overwhelmingly positive. Readers have praised our honest reviews and transparent information, highlighting their satisfaction with the reliability of our content. The feedback mirrors our commitment to building trust and delivering good value to our readers.
Our casino operator partners have also expressed their appreciation for our marketing approach. They have noted that our effective marketing strategies and transparent methods have contributed significantly to their positive experiences.
One partner remarked, ‘Mr. Gamble’s clear, straightforward approach and dedication to high-quality content and exclusive bonus offers have made our collaboration both smooth and rewarding.’
What Players in Pennsylvania and West Virginia Can Expect
Players in Pennsylvania and West Virginia are in for a treat with Mr. Gamble’s arrival. Players can enjoy reading comprehensive reviews of licensed and regulated casino sites, get their hands on exclusive casino bonuses and enjoy a wide range of games by the world’s leading game developers. Whether you are accessing our site from your laptop or mobile device, we have optimised the experience so you can navigate the site without any issues.
We are also rolling out state-specific casino bonuses. Expect generous welcome casino bonus offers, free spins, no deposit bonuses and match deposit offers designed to boost your bankroll. We regularly update our page so you always have access to the latest casino promotions.
Mr. Gamble’s website features a user-friendly design with handy filtering options, making it easy to find exactly what you are looking for. The site has been created with different player needs in mind, ensuring a smooth and enjoyable experience as you explore the best casinos and bonuses available in your state.
Promoting Responsible Gambling: Play Smart with Mr. Gamble
At Mr. Gamble, our dedication to responsible gambling is unwavering. We strive to ensure that our readers enjoy a secure and enjoyable experience by featuring only licensed casinos that follow regulatory standards religiously.
Responsible gambling is a fundamental principle for us as we enter the US market. We are committed to equipping readers with the necessary tools and resources they may require to gamble responsibly. Every casino we promote meets the highest standards for fairness, security and player protection.
Our team’s effort has been key to our successful expansion into these new states. From content to development and marketing, every department has worked tirelessly to achieve our goals. Their hard work is the driving force behind our progress and I am incredibly proud of this monumental achievement.
The potential in the US market is enormous and the positive feedback we have received is only the tip of the iceberg. As we continue to grow, I am excited about what the future holds and that the presence of our site in these states will only strengthen, setting the stage for further expansion in the years to come.
Mr. Gamble: Gamblers’ One Stop Shop
Mr. Gamble stands at the very front of iGaming affiliating, offering in-depth and frank casino reviews as well as expert insights for gamblers. With a strong presence across multiple regulated markets, we are dedicated to delivering reliable information while promoting responsible gambling practices.
Since launching, Mr. Gamble has gained recognition and scooped up awards for its commitment to transparency and fairness. We pride ourselves on providing unbiased reviews of online casinos, slot and casino games and clear terms for casino bonuses and promotions.
Our main goal and mission is to equip players with all the necessary information to help them make informed choices, thus ensuring a safe and enjoyable gaming experience.
Gambling in the USA
Snoqualmie Casino Announces Exciting Rebranding to Snoqualmie Casino & Hotel Ahead of Major Expansion
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.
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