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Las Vegas Sands reports record Q1 2014 results25 April 2014LAS VEGAS, Nevada -- (PRESS RELEASE) -- Las Vegas Sands Corp. (NYSE: LVS) For the Quarter Ended March 31, 2014 (Compared to the Quarter Ended March 31, 2013):
First Quarter Overview Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report another quarter of record financial results that reflect continued strong growth in revenue, cash flow and earnings per share. The focused and consistent execution of our global growth strategy, which leverages the power of our convention-based Integrated Resort business model, is clearly driving our financial results. 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 seventeen million visits during the quarter to our Macao property portfolio, which delivered a record $939.8 million of adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, including our latest Integrated Resort on the Cotai Strip, the Parisian Macao, which is targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding platform for growth in the years ahead." In Singapore, adjusted property EBITDA reached $435.2 million reflecting strong growth in non-gaming revenue, steady mass gaming results and a higher hold rate on VIP play. Mass win-per-day increased slightly to $4.65 million per day. 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 $0.50 per common share during the quarter, an increase of 42.9% compared to the first quarter of 2013. The company repurchased approximately $810.0 million of common stock (10.0 million shares at a weighted average price of $80.80) during the quarter ended March 31, 2014. Company-Wide Operating Results Net revenue for the first quarter of 2014 increased 21.4% to reach $4.01 billion, compared to $3.30 billion in the first quarter of 2013. Consolidated adjusted property EBITDA increased 26.8% to reach $1.48 billion in the first quarter of 2014, compared to $1.17 billion in the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 15.2% to reach $1.37 billion in the first quarter of 2014, compared to $1.19 billion in the first quarter of 2013. On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2014 increased 38.4% to $1.14 billion, compared to $826.7 million in the first quarter of 2013. The increase in operating income was principally due to stronger operating results across our Macao property portfolio. On a GAAP basis, net income attributable to Las Vegas Sands in the first quarter of 2014 increased 35.7% to $776.2 million, compared to $572.0 million in the first quarter of 2013, while diluted earnings per share in the first quarter of 2014 increased 37.7% to $0.95, compared to $0.69 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 $793.9 million, or $0.97 per diluted share, compared to $583.9 million, or $0.71 per diluted share, in the first quarter of 2013. The increase in adjusted net income was driven by the higher net income attributable to Las Vegas Sands described above. Sands China Ltd. Consolidated Financial Results On a GAAP basis, total net revenues for Sands China Ltd. increased 34.7% to $2.72 billion in the first quarter of 2014, compared to $2.02 billion in the first quarter of 2013. Adjusted property EBITDA for Sands China Ltd. increased 49.8% to $938.1 million in the first quarter of 2014, compared to $626.4 million in the first quarter of 2013. Net income for Sands China Ltd. increased 66.0% to $751.9 million in the first quarter of 2014, compared to $452.9 million in the first quarter of 2013. The Venetian Macao First Quarter Operating Results The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property delivered record adjusted property EBITDA of $470.1 million, an increase of 34.9% compared to the first quarter of 2013. Non-Rolling Chip drop increased 80.7% to reach a property record $2.41 billion for the quarter with Non-Rolling Chip win percentage of 26.1%. Rolling Chip volume during the quarter increased 31.2% to reach $15.32 billion. Slot handle was $1.45 billion, increasing 21.9% compared to the first quarter of 2013. Mall revenues increased 26.4% during the quarter to reach $38.3 million. Sands Cotai Central First Quarter Operating Results Net revenues and adjusted property EBITDA for the first quarter of 2014 at Sands Cotai Central were $827.6 million and $265.2 million, respectively, resulting in an EBITDA margin of 32.0%. Rolling Chip volume grew 13.8% to reach $15.51 billion for the quarter, while Non-Rolling Chip drop increased 73.9% to reach a record $1.80 billion with Non-Rolling Chip win percentage of 22.9%. Slot handle increased 48.3% to $1.82 billion for the quarter. Mass win per table per day increased 82.3% year-over-year and 3.7% compared to the fourth quarter of 2013, reaching $14,463, while mass table, slot and electronic table game (ETG) win per day climbed to $5.3 million, an increase of 76.3% year-over-year and 9.2% compared to the fourth quarter of 2013. Hotel occupancy reached 88.8% with ADR of $177. Visitation to the property continues to grow and approached 4.8 million visits in the quarter. Four Seasons Hotel Macao First Quarter Operating Results The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $113.0 million in the first quarter of 2014, an increase of 110.8% compared to the year-ago quarter. Non-Rolling Chip drop increased to $352.0 million, while Non-Rolling Chip win percentage was 28.4%. Rolling Chip volume was $9.19 billion for the quarter, a decrease of 3.0% compared to the first quarter of 2013. Rolling Chip win percentage was 3.62% in the quarter, above the expected range and above the 2.21% experienced in the prior-year quarter. Slot handle increased 57.2% to $289.8 million during the quarter. Sands Macao First Quarter Operating Results Sands Macao's adjusted property EBITDA decreased 5.4% compared to the same quarter last year to $91.4 million. Adjusted property EBITDA margin decreased 200 basis points to 29.1%. Non-Rolling Chip drop increased 43.1% to reach $1.09 billion during the quarter, while slot handle increased 13.7% to reach $803.2 million. The property realized 2.59% win on Rolling Chip volume during the quarter, below the expected range of 2.70 to 3.00% and below the 2.76% generated in the year-ago quarter. Rolling Chip volume was $5.38 billion for the quarter. Marina Bay Sands First Quarter Operating Results Marina Bay Sands in Singapore generated adjusted property EBITDA of $435.2 million, an increase of 9.7% compared to the first quarter of 2013. Rolling Chip win percentage of 3.41% in the first quarter of 2014 was above the expected range, and above the 2.51% achieved in the first quarter of 2013. Non-Rolling Chip drop decreased 3.1% to $1.16 billion during the quarter. Slot handle increased 9.5% to $3.05 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased slightly to $4.65 million, compared to $4.64 million in the first quarter of 2013. Rolling Chip volume was $12.94 billion for the quarter. The high-margin hotel room segment of the property continued to reflect strong revenue growth of 14.8%. ADR increased to $428 during the quarter, driving a RevPAR increase of 14.2% compared to the same quarter last year. Occupancy was 99.3% during the quarter. Las Vegas Operations First Quarter Operating Results Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $79.7 million for the quarter. On a hold-normalized basis, adjusted property EBITDA was $97.3 million, up 4.8% compared to the first quarter of 2013. Hotel ADR reached $241 in the quarter, which was the highest quarterly ADR for our Las Vegas operations since the second quarter of 2008, and an increase of 14.2% compared to the first quarter of 2013. RevPAR increased 12.0% to $214 in the quarter. Table games drop increased 2.4% in the quarter to reach $518.5 million reflecting strong growth in Baccarat drop. Slot handle decreased 4.4% to $473.2 million. Sands Bethlehem First Quarter Operating Results Net revenues for Sands Bethlehem in Pennsylvania decreased 4.6% to $117.2 million and adjusted property EBITDA decreased 11.4% to $26.5 million for the first quarter of 2014. Table games drop increased 1.2% to $247.6 million for the quarter, while table games win percentage was 16.1%, which compared to 15.6% in the first quarter of 2013. Slot handle decreased 8.3% year-over-year to $948.5 million for the quarter with slot hold percentage of 7.1%. |