Las Vegas Sands Reports Strong Quarterly Results
(firmenpresse) - LAS VEGAS, NV -- (Marketwired) -- 07/24/13 -- Las Vegas Sands Corp. (NYSE: LVS)
For the quarter ended June 30, 2013 compared to the quarter ended June 30, 2012:
(Consolidated Adjusted Property EBITDA increased 31.0% to $1.11 Billion)
(GAAP Net Income attributable to Las Vegas Sands Increased 120.2% to $529.8 Million)
(GAAP Earnings per Diluted Share Increased 120.7% to $0.64)
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended June 30, 2013.
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report outstanding quarterly financial results that reflect strong growth in revenue, cash flow and earnings per share, as well as the focused and consistent execution of our global growth strategy. Continued execution of that strategy will extend our position as the global leader in Integrated Resort development and operation.
"In Macao, we delivered record financial results, with strong growth and operating momentum reflected in every segment of our business. We welcomed more than fourteen million visitors to our Cotai Strip properties during the quarter, and delivered a record $657.2 million of adjusted property EBITDA from our Macao property portfolio. We remain confident that our market-leading Cotai Strip properties will meaningfully enhance the appeal of Macao and the Cotai Strip to business and leisure travelers and provide an outstanding platform for growth in the years ahead."
The company also delivered strong financial results in Singapore, with meaningful growth in gaming and non-gaming revenues contributing to a strong financial performance. Rolling Chip volume increased 24.9% to reach $14.37 billion, while hold-adjusted, adjusted property EBITDA increased 5.9% to reach $396.2 million.
Mr. Adelson added, "The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy."
The company paid a recurring quarterly dividend of $0.35 per common share during the quarter, an increase of 40% compared to the first quarter of 2012. In addition, the company's board of directors authorized on June 5, 2013, a $2.0 billion stock repurchase program. The stock repurchase program will complement the company's recurring dividend program and will provide another avenue for the return of capital to shareholders. The company repurchased approximately $46.5 million of common stock (883,046 shares at a weighted average price of $52.71) during the quarter ended June 30, 2013.
The company also announced that its next recurring quarterly dividend of $0.35 per common share will be paid to Las Vegas Sands shareholders on September 30, 2013 to shareholders of record as of September 20, 2013.
Net revenue for the second quarter of 2013 increased 25.6% to reach $3.24 billion, compared to $2.58 billion in the second quarter of 2012. Consolidated adjusted property EBITDA increased 31.0% to reach $1.11 billion in the second quarter of 2013, compared to $844.7 million in the year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA increased 29.0% to reach $1.17 billion in the second quarter of 2013, compared to $907.4 million in the second quarter of 2012.
On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2013 increased 96.3% to $780.6 million, compared to $397.7 million in the second quarter of 2012. The increase in operating income was principally due to stronger operating results in Macao including the contribution from Sands Cotai Central, which opened its first phase in April of 2012. The second quarter of 2012 was negatively impacted by a non-cash impairment loss of $100.7 million related to parcels 7 and 8 in Macao.
On a GAAP basis, net income attributable to Las Vegas Sands in the second quarter of 2013 increased 120.2% to $529.8 million, compared to $240.6 million in the second quarter of 2012, while diluted earnings per share in the second quarter of 2013 increased 120.7% to $0.64, compared to $0.29 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests.
Adjusted net income (see Note 1) increased to $540.6 million, or $0.65 per diluted share, compared to $365.3 million, or $0.44 per diluted share, in the second quarter of 2012. The increase in adjusted net income was driven by the higher net income attributable to Las Vegas Sands described above.
On a GAAP basis, total net revenues for Sands China Ltd. increased 39.9% to $2.07 billion in the second quarter of 2013, compared to $1.48 billion in the second quarter of 2012. Adjusted property EBITDA for Sands China Ltd. increased 54.8% to $654.8 million in the second quarter of 2013, compared to $422.9 million in the second quarter of 2012. Net income for Sands China Ltd. increased 203.8% to $487.6 million in the second quarter of 2013, compared to $160.5 million in the second quarter of 2012.
The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered record adjusted property EBITDA of $360.9 million, an increase of 57.5% compared to the second quarter of 2012. Operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.41%, compared to 2.68% in the second quarter of 2012. Adjusted property EBITDA margin increased to 40.3% in the second quarter of 2013 from 35.3% in the year-ago quarter. Non-Rolling Chip drop increased 56.1% to reach a property record $1.59 billion for the quarter with Non-Rolling Chip win percentage of 28.2%. Rolling Chip volume during the quarter increased 6.1% to reach $11.84 billion. Slot handle was $1.15 billion, consistent with the quarter one year ago. Mall revenues increased 17.9% during the quarter to reach $37.5 million.
The following table summarizes the key operating results for The Venetian Macao for the second quarter of 2013 compared to the second quarter of 2012:
Net revenues and adjusted property EBITDA for the second quarter of 2013 at Sands Cotai Central were $584.0 million and $146.1 million, respectively, resulting in an EBITDA margin of 25.0%. The quarter's results were negatively impacted by lower than expected Rolling Chip win percentage of 2.35%. The first phase of Sands Cotai Central opened on April 11, 2012. The property was open for 81 days during last year's second quarter.
Rolling Chip volume reflected strong growth and reached $14.34 billion for the quarter, while Non-Rolling Chip drop reached $1.23 billion with Non-Rolling Chip win percentage of 22.1%. Slot handle, driven by robust electronic table games play, reached $1.25 billion for the quarter. Mass win per table per day increased 21.2% compared to the first quarter of 2013, reaching $9,615 per day, while mass table, slot and ETG win per day climbed to $3.51 million, an increase of 16.4% compared to the first quarter of 2013. Hotel occupancy reached 67.5% on 5,723 hotel rooms with ADR of $143.
Visitation to the property continues to expand and exceeded 3.7 million visits in the quarter. An air-conditioned footbridge connecting Sands Cotai Central on the East side of the Cotai Strip with The Venetian Macao and Four Seasons Macao Hotel and Plaza Casino on the West side of the Cotai Strip opened on December 20, 2012.
The following table summarizes our key operating results for Sands Cotai Central for the second quarter of 2013 compared to the 81-day period ended June 30, 2012:
The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $61.8 million in the second quarter of 2013. Rolling Chip volume was $9.94 billion for the quarter, an increase of 8.0% compared to the second quarter of 2012. Non-Rolling Chip drop increased 104.5% to $186.1 million, while Non-Rolling Chip win percentage was 22.5% and below the 43.9% experienced in the second quarter of 2012. Slot handle decreased 8.6% to $182.0 million during the quarter.
Progress on repositioning the property to become a leading premium mass destination in Macao continues. During the quarter, we increased the mass table count to an average of 58 tables, compared to 36 mass tables in the second quarter of 2012. Additionally, the property had an average of 26 fewer VIP tables in operation during the quarter compared to the second quarter of 2012. At June 30, 2013, the property had a total of 94 VIP tables and 63 mass tables in operation.
The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the second quarter of 2013 compared to the second quarter of 2012:
Sands Macao's adjusted property EBITDA increased 23.8% compared to the same quarter last year to reach $88.3 million. Adjusted property EBITDA margin increased 370 basis points to 30.0%. The property realized 2.62% win on Rolling Chip volume during the quarter, compared to 2.58% in the year-ago quarter. Rolling Chip volume was $5.82 billion for the quarter. Non-Rolling Chip drop increased 14.8% to reach $822.9 million during the quarter, while slot handle increased 4.2% to reach $637.2 million.
The following table summarizes our key operating results for Sands Macao for the second quarter of 2013 compared to the second quarter of 2012:
Marina Bay Sands in Singapore generated hold-adjusted, adjusted property EBITDA of $396.2 million, an increase of 5.9% compared to the second quarter of 2012. Adjusted property EBITDA was $355.3 million for the second quarter, and was negatively impacted by lower than expected Rolling Chip win percentage of 2.53% for the quarter.
Rolling Chip volume increased 24.9% to reach $14.37 billion for the quarter. Non-Rolling Chip win increased 1.8% to reach $272.4 million during the quarter. Slot handle was flat at $2.74 billion for the quarter. Total mass win per day during the quarter decreased slightly to $4.51 million, compared to $4.52 million in the second quarter of 2012.
The high margin hotel room segment of the property continued to reflect strong revenue growth of 8.0%. ADR expanded during the quarter, driving a RevPAR increase of 8.3% compared to the same quarter last year. Occupancy was 99.4% during the quarter.
The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2013 compared to the second quarter of 2012:
The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, delivered an increase in hold-adjusted, adjusted property EBITDA of 8.0%, reaching $89.1 million dollars for the quarter. Adjusted property EBITDA was $63.0 million while margin was 18.2% for the quarter. Table games drop, which reflected strong baccarat play, increased 26.9% to reach $551.3 million. Slot handle increased 6.8% to $475.4 million with slot hold percentage of 8.7%. Hotel occupancy percentage increased 540 basis points to 91.6% during the quarter, while RevPAR grew 6.8% compared to last year's quarter.
The following table summarizes our key operating results for our Las Vegas operations for the second quarter of 2013 compared to the second quarter of 2012:
Net revenues for Sands Bethlehem in Pennsylvania increased 10.2% to reach $126.8 million while adjusted property EBITDA increased 24.9% to reach $33.6 million for the second quarter of 2013. Table games drop increased 18.5% to reach $258.9 million for the quarter, while table games win percentage was 16.2%. Slot handle was $1.06 billion for the quarter with slot hold percentage of 7.0%.
The following table summarizes our key operating results for Sands Bethlehem for the second quarter of 2013 compared to the second quarter of 2012:
Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $107.3 million for the second quarter of 2013, an increase of 15.0% compared to the second quarter of 2012. Operating profit derived from these retail mall assets increased 18.2% for the quarter compared to the quarter one year ago, reaching $89.6 million.
Other Asia adjusted property EBITDA, which is principally composed of our CotaiJet ferry operation, was negative $2.1 million during the quarter, compared to negative $6.0 million in the second quarter of 2012.
Pre-opening expenses decreased to $1.0 million in the second quarter of 2013, compared to $43.5 million in the second quarter of 2012.
Depreciation and amortization expense was $251.0 million in the second quarter of 2013, compared to $220.4 million in the second quarter of 2012.
Interest expense, net of amounts capitalized, was $68.4 million for the second quarter of 2013, compared to $64.5 million during the second quarter of 2012. Capitalized interest was $0.6 million during the second quarter of 2013, compared to $12.3 million during the second quarter of 2012. Our weighted average borrowing cost in the second quarter of 2013 was 2.7%.
Corporate expense was $46.5 million in the second quarter of 2013, compared to $58.6 million in the second quarter of 2012.
Other income, which was principally composed of foreign currency gains, was $3.9 million in the second quarter of 2013, compared to $1.8 million in the second quarter of 2012.
The company's effective income tax rate for the second quarter of 2013 was 6.6%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.
Net income attributable to noncontrolling interests during the second quarter of 2013 was $141.9 million and was principally related to Sands China Ltd.
Unrestricted cash balances as of June 30, 2013 were $2.51 billion.
As of June 30, 2013, total debt outstanding, including the current portion, was $9.49 billion. Total principal payments for the remainder of 2013 are expected to be approximately $16.5 million.
Capital expenditures during the second quarter totaled $196.8 million, including construction, development and maintenance activities of $115.3 million in Macao, $60.8 million at Marina Bay Sands, $17.6 million in Las Vegas, and $3.1 million at Sands Bethlehem.
The company will host a conference call to discuss the company's results on Wednesday, July 24, 2013 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 .
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 ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao 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.
Adjusted net income excludes pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets and loss on modification or early retirement of debt.
Las Vegas Sands (NYSE: LVS) is a Fortune 500 company and the leading global developer and operator of destination properties (Integrated Resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.
® and ®, Five-Diamond luxury resorts on the Las Vegas Strip, and in Eastern Pennsylvania are the company's properties in the United States. ® is the company's iconic Integrated Resort in Singapore's downtown Marina Bay district.
Through its majority-owned subsidiary Sands China Ltd. (HKSE: 1928), the company owns a portfolio of properties on Macao's Cotai Strip®, including , , and . The company also owns the on the Macao Peninsula.
Las Vegas Sands is committed to global sustainability through its Sands ECO360 program and is an active community partner through its various charitable organizations.
For more information, please visit .
Within the company's second quarter 2013 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-adjusted, adjusted net income," "adjusted earnings per diluted share," "hold-adjusted, adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-adjusted, adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.
Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, impairment loss, pre-opening expense, development expense, royalty fees, stock-based compensation, and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-adjusted, adjusted property EBITDA are included in the financial schedules accompanying this release.
Investment Community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607
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Datum: 24.07.2013 - 14:01 Uhr
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