These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Nevada
(State or other jurisdiction of incorporation or organization) |
27-0099920
(I.R.S. Employer Identification No.) |
|
3355 Las Vegas Boulevard South
Las Vegas, Nevada (Address of principal executive offices) |
89109
(Zip Code) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
Class | Outstanding at April 29, 2011 | |
Common Stock ($0.001 par value) | 728,978,326 shares |
2
ITEM 1 |
—
FINANCIAL STATEMENTS
|
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
(In thousands, except share | ||||||||
and per share data) | ||||||||
(Unaudited) | ||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 3,133,941 | $ | 3,037,081 | ||||
Restricted cash and cash equivalents
|
146,532 | 164,315 | ||||||
Accounts receivable, net
|
803,100 | 716,919 | ||||||
Inventories
|
33,633 | 32,260 | ||||||
Deferred income taxes, net
|
33,860 | 61,606 | ||||||
Prepaid expenses and other
|
54,219 | 46,726 | ||||||
|
||||||||
Total current assets
|
4,205,285 | 4,058,907 | ||||||
Property and equipment, net
|
14,693,989 | 14,502,197 | ||||||
Deferred financing costs, net
|
144,402 | 155,378 | ||||||
Restricted cash and cash equivalents
|
512,345 | 645,605 | ||||||
Deferred income taxes, net
|
8,729 | 10,423 | ||||||
Leasehold interests in land, net
|
1,403,797 | 1,398,840 | ||||||
Intangible assets, net
|
87,905 | 89,805 | ||||||
Other assets, net
|
180,538 | 183,153 | ||||||
|
||||||||
Total assets
|
$ | 21,236,990 | $ | 21,044,308 | ||||
|
||||||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 87,734 | $ | 113,505 | ||||
Construction payables
|
477,989 | 516,981 | ||||||
Accrued interest payable
|
23,421 | 42,625 | ||||||
Other accrued liabilities
|
1,072,192 | 1,160,234 | ||||||
Income taxes payable
|
8,631 | — | ||||||
Current maturities of long-term debt
|
917,007 | 767,068 | ||||||
|
||||||||
Total current liabilities
|
2,586,974 | 2,600,413 | ||||||
Other long-term liabilities
|
81,182 | 78,240 | ||||||
Deferred income taxes
|
124,038 | 115,219 | ||||||
Deferred proceeds from sale of The Shoppes at The Palazzo
|
243,928 | 243,928 | ||||||
Deferred gain on sale of The Grand Canal Shoppes
|
49,942 | 50,808 | ||||||
Deferred rent from mall transactions
|
139,392 | 147,378 | ||||||
Long-term debt
|
9,185,752 | 9,373,755 | ||||||
|
||||||||
Total liabilities
|
12,411,208 | 12,609,741 | ||||||
|
||||||||
Preferred stock, $0.001 par value, issued to Principal
Stockholder’s family, 5,250,000 shares issued and
outstanding, after allocation of fair value of attached
warrants, aggregate redemption/liquidation value of
$577,500
|
526,515 | 503,379 | ||||||
Commitments and contingencies (Note 9)
|
||||||||
Equity:
|
||||||||
Preferred stock, $0.001 par value, 50,000,000 shares
authorized, 2,437,523 and 3,614,923 shares issued and
outstanding with warrants to purchase up to 2,751,506
and 22,663,212 shares of common stock
|
139,819 | 207,356 | ||||||
Common stock, $0.001 par value, 1,000,000,000 shares
authorized, 728,656,309 and 707,507,982 shares issued
and outstanding
|
729 | 708 | ||||||
Capital in excess of par value
|
5,544,162 | 5,444,705 | ||||||
Accumulated other comprehensive income
|
164,012 | 129,519 | ||||||
Retained earnings
|
1,108,859 | 880,703 | ||||||
|
||||||||
Total Las Vegas Sands Corp. stockholders’ equity
|
6,957,581 | 6,662,991 | ||||||
Noncontrolling interests
|
1,341,686 | 1,268,197 | ||||||
|
||||||||
Total equity
|
8,299,267 | 7,931,188 | ||||||
|
||||||||
Total liabilities and equity
|
$ | 21,236,990 | $ | 21,044,308 | ||||
|
3
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(In thousands, except share and | ||||||||
per share data) | ||||||||
(Unaudited) | ||||||||
Revenues:
|
||||||||
Casino
|
$ | 1,664,489 | $ | 1,061,770 | ||||
Rooms
|
231,974 | 180,782 | ||||||
Food and beverage
|
145,393 | 92,079 | ||||||
Convention, retail and other
|
164,655 | 108,215 | ||||||
|
||||||||
|
2,206,511 | 1,442,846 | ||||||
Less-promotional allowances
|
(94,592 | ) | (107,958 | ) | ||||
|
||||||||
Net revenues
|
2,111,919 | 1,334,888 | ||||||
|
||||||||
Operating expenses:
|
||||||||
Casino
|
921,536 | 694,635 | ||||||
Rooms
|
48,453 | 29,654 | ||||||
Food and beverage
|
71,703 | 44,303 | ||||||
Convention, retail and other
|
87,245 | 58,404 | ||||||
Provision for doubtful accounts
|
35,058 | 16,442 | ||||||
General and administrative
|
210,485 | 126,259 | ||||||
Corporate expense
|
37,576 | 23,476 | ||||||
Rental expense
|
13,156 | 8,698 | ||||||
Pre-opening expense
|
9,471 | 37,459 | ||||||
Development expense
|
573 | 157 | ||||||
Depreciation and amortization
|
190,237 | 153,089 | ||||||
Loss on disposal of assets
|
499 | 492 | ||||||
|
||||||||
|
1,625,992 | 1,193,068 | ||||||
|
||||||||
Operating income
|
485,927 | 141,820 | ||||||
Other income (expense):
|
||||||||
Interest income
|
2,047 | 1,633 | ||||||
Interest expense, net of amounts capitalized
|
(73,585 | ) | (78,165 | ) | ||||
Other expense
|
(4,675 | ) | (6,448 | ) | ||||
Gain on early retirement of debt
|
— | 2,176 | ||||||
|
||||||||
Income before income taxes
|
409,714 | 61,016 | ||||||
Income tax expense
|
(45,211 | ) | (13,202 | ) | ||||
|
||||||||
Net income
|
364,503 | 47,814 | ||||||
Net income attributable to noncontrolling interests
|
(75,180 | ) | (30,233 | ) | ||||
|
||||||||
Net income attributable to Las Vegas Sands Corp.
|
289,323 | 17,581 | ||||||
Preferred stock dividends
|
(19,598 | ) | (23,350 | ) | ||||
Accretion to redemption value of preferred stock
issued to Principal Stockholder’s family
|
(23,136 | ) | (23,136 | ) | ||||
Preferred stock inducement and repurchase premiums
|
(18,433 | ) | — | |||||
|
||||||||
Net income (loss) attributable to common stockholders
|
$ | 228,156 | $ | (28,905 | ) | |||
|
||||||||
Basic earnings (loss) per share
|
$ | 0.32 | $ | (0.04 | ) | |||
|
||||||||
Diluted earnings (loss) per share
|
$ | 0.28 | $ | (0.04 | ) | |||
|
||||||||
Weighted average shares outstanding:
|
||||||||
Basic
|
723,389,226 | 660,280,641 | ||||||
|
||||||||
Diluted
|
811,239,242 | 660,280,641 | ||||||
|
4
Las Vegas Sands Corp. Stockholders’ Equity | ||||||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||
Capital in | Other | Total | ||||||||||||||||||||||||||||||
Preferred | Common | Excess of | Comprehensive | Retained | Comprehensive | Noncontrolling | ||||||||||||||||||||||||||
Stock | Stock | Par Value | Income | Earnings | Income | Interests | Total | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Balance at January 1, 2010
|
$ | 234,607 | $ | 660 | $ | 5,114,851 | $ | 26,748 | $ | 473,833 | $ | 1,089,888 | $ | 6,940,587 | ||||||||||||||||||
Net income
|
— | — | — | — | 17,581 | 17,581 | 30,233 | 47,814 | ||||||||||||||||||||||||
Currency translation adjustment
|
— | — | — | (877 | ) | — | (877 | ) | (1,447 | ) | (2,324 | ) | ||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total comprehensive income
|
16,704 | 28,786 | 45,490 | |||||||||||||||||||||||||||||
Exercise of stock options
|
— | — | 73 | — | — | — | 73 | |||||||||||||||||||||||||
Tax shortfall from stock-based compensation
|
— | — | (195 | ) | — | — | — | (195 | ) | |||||||||||||||||||||||
Stock-based compensation
|
— | — | 14,970 | — | — | 853 | 15,823 | |||||||||||||||||||||||||
Deemed contribution from Principal Stockholder
|
— | — | 58 | — | — | — | 58 | |||||||||||||||||||||||||
Dividends declared, net of amounts previously
accrued
|
— | — | — | — | (16,496 | ) | — | (16,496 | ) | |||||||||||||||||||||||
Accumulated but undeclared dividend
requirement on preferred stock issued to
Principal Stockholder’s family
|
— | — | — | — | (6,854 | ) | — | (6,854 | ) | |||||||||||||||||||||||
Accretion to redemption value of preferred
stock issued to Principal Stockholder’s
family
|
— | — | — | — | (23,136 | ) | — | (23,136 | ) | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Balance at March 31, 2010
|
$ | 234,607 | $ | 660 | $ | 5,129,757 | $ | 25,871 | $ | 444,928 | $ | 1,119,527 | $ | 6,955,350 | ||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Balance at January 1, 2011
|
$ | 207,356 | $ | 708 | $ | 5,444,705 | $ | 129,519 | $ | 880,703 | $ | 1,268,197 | $ | 7,931,188 | ||||||||||||||||||
Net income
|
— | — | — | — | 289,323 | 289,323 | 75,180 | 364,503 | ||||||||||||||||||||||||
Currency translation adjustment
|
— | — | — | 34,493 | — | 34,493 | (2,537 | ) | 31,956 | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total comprehensive income
|
323,816 | 72,643 | 396,459 | |||||||||||||||||||||||||||||
Exercise of stock options
|
— | 1 | 8,419 | — | — | 91 | 8,511 | |||||||||||||||||||||||||
Tax shortfall from stock-based compensation
|
— | — | (11 | ) | — | — | — | (11 | ) | |||||||||||||||||||||||
Stock-based compensation
|
— | — | 20,084 | — | — | 755 | 20,839 | |||||||||||||||||||||||||
Exercise of warrants
|
(65,225 | ) | 20 | 70,965 | — | — | — | 5,760 | ||||||||||||||||||||||||
Repurchase of preferred stock
|
(2,312 | ) | — | — | — | (2,232 | ) | — | (4,544 | ) | ||||||||||||||||||||||
Dividends declared, net of amounts previously
accrued
|
— | — | — | — | (12,744 | ) | — | (12,744 | ) | |||||||||||||||||||||||
Accumulated but undeclared dividend
requirement on preferred stock issued to
Principal Stockholder’s family
|
— | — | — | — | (6,854 | ) | — | (6,854 | ) | |||||||||||||||||||||||
Accretion to redemption value of preferred
stock issued to Principal Stockholder’s
family
|
— | — | — | — | (23,136 | ) | — | (23,136 | ) | |||||||||||||||||||||||
Preferred stock inducement premium
|
— | — | — | — | (16,201 | ) | — | (16,201 | ) | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Balance at March 31, 2011
|
$ | 139,819 | $ | 729 | $ | 5,544,162 | $ | 164,012 | $ | 1,108,859 | $ | 1,341,686 | $ | 8,299,267 | ||||||||||||||||||
|
5
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 364,503 | $ | 47,814 | ||||
Adjustments to reconcile net income to net cash generated from operating activities:
|
||||||||
Depreciation and amortization
|
190,237 | 153,089 | ||||||
Amortization of leasehold interests in land included in rental expense
|
13,156 | 8,698 | ||||||
Amortization of deferred financing costs and original issue discount
|
11,871 | 7,809 | ||||||
Amortization of deferred gain and rent
|
(1,290 | ) | (1,290 | ) | ||||
Gain on early retirement of debt
|
— | (2,176 | ) | |||||
Loss on disposal of assets
|
499 | 492 | ||||||
Stock-based compensation expense
|
20,239 | 15,093 | ||||||
Provision for doubtful accounts
|
35,058 | 16,442 | ||||||
Foreign exchange (gain) loss
|
2,462 | (3,198 | ) | |||||
Deferred income taxes
|
35,372 | 4,965 | ||||||
Non-cash contribution from Principal Stockholder included in corporate expense
|
— | 58 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(119,311 | ) | 8,070 | |||||
Inventories
|
(1,239 | ) | 2,139 | |||||
Prepaid expenses and other
|
(3,135 | ) | (8,050 | ) | ||||
Leasehold interests in land
|
— | (13,891 | ) | |||||
Accounts payable
|
(26,026 | ) | 4,164 | |||||
Accrued interest payable
|
(19,148 | ) | (1,784 | ) | ||||
Income taxes payable
|
8,631 | 7,033 | ||||||
Other accrued liabilities
|
(93,501 | ) | 37,317 | |||||
|
||||||||
Net cash generated from operating activities
|
418,378 | 282,794 | ||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Changes in restricted cash and cash equivalents
|
149,962 | (182,575 | ) | |||||
Capital expenditures
|
(332,508 | ) | (538,201 | ) | ||||
Proceeds from disposal of property and equipment
|
3,097 | 2,311 | ||||||
Acquisition of intangible assets
|
(329 | ) | — | |||||
Purchases of investments
|
— | (173,978 | ) | |||||
|
||||||||
Net cash used in investing activities
|
(179,778 | ) | (892,443 | ) | ||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from exercise of stock options
|
8,511 | 73 | ||||||
Proceeds from exercise of warrants
|
5,760 | — | ||||||
Dividends paid to preferred stockholders
|
(19,598 | ) | (23,350 | ) | ||||
Proceeds from long-term debt (Note 3)
|
— | 272,056 | ||||||
Repayments on long-term debt (Note 3)
|
(121,721 | ) | (847,326 | ) | ||||
Repurchase of preferred stock
|
(4,544 | ) | — | |||||
Payments of preferred stock inducement premium
|
(16,201 | ) | — | |||||
Payments of deferred financing costs
|
— | (821 | ) | |||||
|
||||||||
Net cash used in financing activities
|
(147,793 | ) | (599,368 | ) | ||||
|
||||||||
Effect of exchange rate on cash
|
6,053 | 5,446 | ||||||
|
||||||||
Increase (decrease) in cash and cash equivalents
|
96,860 | (1,203,571 | ) | |||||
Cash and cash equivalents at beginning of period
|
3,037,081 | 4,955,416 | ||||||
|
||||||||
Cash and cash equivalents at end of period
|
$ | 3,133,941 | $ | 3,751,845 | ||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash payments for interest, net of amounts capitalized
|
$ | 80,881 | $ | 72,149 | ||||
|
||||||||
Cash payments for taxes, net of refunds
|
$ | (5,726 | ) | $ | 120 | |||
|
||||||||
Changes in construction payables
|
$ | (38,992 | ) | $ | (5,519 | ) | ||
|
||||||||
Non-cash investing and financing activities:
|
||||||||
Capitalized stock-based compensation costs
|
$ | 600 | $ | 730 | ||||
|
||||||||
Property and equipment acquired under capital lease
|
$ | — | $ | 773 | ||||
|
||||||||
Accumulated but undeclared dividend requirement on preferred stock issued to Principal
Stockholder’s family
|
$ | 6,854 | $ | 6,854 | ||||
|
||||||||
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family
|
$ | 23,136 | $ | 23,136 | ||||
|
||||||||
Warrants exercised and settled through tendering of preferred stock
|
$ | 65,225 | $ | — | ||||
|
6
7
8
9
10
11
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Land and improvements
|
$ | 428,636 | $ | 410,758 | ||||
Building and improvements
|
11,227,718 | 10,881,936 | ||||||
Furniture, fixtures, equipment and leasehold improvements
|
2,037,863 | 1,990,721 | ||||||
Transportation
|
402,832 | 402,904 | ||||||
Construction in progress
|
3,114,633 | 3,147,750 | ||||||
|
||||||||
|
17,211,682 | 16,834,069 | ||||||
Less — accumulated depreciation and amortization
|
(2,517,693 | ) | (2,331,872 | ) | ||||
|
||||||||
|
$ | 14,693,989 | $ | 14,502,197 | ||||
|
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Cotai Strip parcels 5 and 6
|
$ | 2,138,211 | $ | 2,005,386 | ||||
Four Seasons Macao (principally the
Four Seasons Apartments)
|
379,474 | 379,161 | ||||||
Marina Bay
Sands
|
165,703 | 337,835 | ||||||
Sands Bethlehem
|
116,100 | 101,960 | ||||||
Other
|
315,145 | 323,408 | ||||||
|
||||||||
|
$ | 3,114,633 | $ | 3,147,750 | ||||
|
12
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Corporate and U.S. Related:
|
||||||||
Senior Secured Credit Facility — Term B
|
$ | 2,151,775 | $ | 2,157,199 | ||||
Senior Secured Credit Facility — Delayed Draws I and II
|
718,522 | 720,332 | ||||||
6.375% Senior Notes (net of original issue discount of
$677 and $720, respectively)
|
189,035 | 188,992 | ||||||
Airplane Financings
|
77,500 | 78,422 | ||||||
HVAC Equipment Lease
|
22,580 | 23,006 | ||||||
Other
|
3,640 | 3,868 | ||||||
Macau Related:
|
||||||||
VML Credit Facility — Term B
|
1,479,289 | 1,483,789 | ||||||
VML Credit Facility — Term B Delayed
|
575,279 | 577,029 | ||||||
VOL Credit Facility — Term
|
749,316 | 749,930 | ||||||
Ferry Financing
|
165,961 | 175,011 | ||||||
Other
|
551 | 640 | ||||||
Singapore Related:
|
||||||||
Singapore Credit Facility
|
3,967,274 | 3,980,435 | ||||||
Other
|
2,037 | 2,170 | ||||||
|
||||||||
|
10,102,759 | 10,140,823 | ||||||
Less — current maturities
|
(917,007 | ) | (767,068 | ) | ||||
|
||||||||
Total long-term debt
|
$ | 9,185,752 | $ | 9,373,755 | ||||
|
13
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Proceeds from Singapore Credit Facility
|
$ | — | $ | 272,056 | ||||
|
||||||||
|
||||||||
Repayments on Singapore Credit Facility
|
$ | (97,691 | ) | $ | — | |||
Repayments on Senior Secured Credit Facility
|
(7,234 | ) | (785,860 | ) | ||||
Repayments on VML Credit Facility
|
(6,250 | ) | (12,525 | ) | ||||
Repayments on Ferry Financing
|
(8,745 | ) | (8,762 | ) | ||||
Repayments on Airplane Financings
|
(922 | ) | (922 | ) | ||||
Repayments on HVAC Equipment Lease
|
(426 | ) | (437 | ) | ||||
Repurchase and cancellation of Senior Notes
|
— | (30,156 | ) | |||||
Repayments on FF&E Facility and Other Long-Term Debt
|
(453 | ) | (8,664 | ) | ||||
|
||||||||
|
$ | (121,721 | ) | $ | (847,326 | ) | ||
|
Preferred Stock | ||||||||||||||||
Dividends Paid to | Preferred Stock | Total Preferred | ||||||||||||||
Board of Directors’ | Principal | Dividends Paid to | Stock | |||||||||||||
Declaration Date | Payment Date | Stockholder’s Family | Public Holders | Dividends Paid | ||||||||||||
February 5, 2010
|
February 16, 2010 | $ | 13,125 | $ | 10,225 | $ | 23,350 | |||||||||
February 1, 2011
|
February 15, 2011 | $ | 13,125 | $ | 6,473 | $ | 19,598 | |||||||||
May 5, 2011
|
May 16, 2011 | $ | 13,125 | $ | 6,094 | $ | 19,219 |
14
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Weighted-average common shares outstanding (used in the
calculation of basic earnings (loss) per share)
|
723,389,226 | 660,280,641 | ||||||
Potential dilution from stock options, restricted stock and warrants
|
87,850,016 | — | ||||||
|
||||||||
Weighted-average common and common equivalent shares (used in the
calculation of diluted earnings (loss) per share)
|
811,239,242 | 660,280,641 | ||||||
|
||||||||
Antidilutive stock options, restricted stock and warrants excluded
from the calculation of diluted earnings (loss) per share
|
5,334,276 | 172,467,803 | ||||||
|
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Net income
|
$ | 364,503 | $ | 47,814 | ||||
Currency translation adjustment
|
31,956 | (2,324 | ) | |||||
|
||||||||
Total comprehensive income
|
396,459 | 45,490 | ||||||
Less: comprehensive income attributable to noncontrolling interests
|
(72,643 | ) | (28,786 | ) | ||||
|
||||||||
Comprehensive income attributable to Las Vegas Sands Corp.
|
$ | 323,816 | $ | 16,704 | ||||
|
15
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Compensation expense:
|
||||||||
Stock options
|
$ | 15,301 | $ | 14,968 | ||||
Restricted shares
|
4,938 | 125 | ||||||
|
||||||||
|
$ | 20,239 | $ | 15,093 | ||||
|
||||||||
Compensation cost capitalized as part of property and equipment
|
$ | 600 | $ | 730 | ||||
|
||||||||
LVSC 2004 Plan:
|
||||||||
Stock options granted
|
230 | 2,046 | ||||||
|
||||||||
Weighted average grant date fair value
|
$ | 36.22 | $ | 10.66 | ||||
|
||||||||
Restricted shares granted
|
620 | — | ||||||
|
||||||||
Weighted average grant date fair value
|
$ | 48.01 | $ | — | ||||
|
||||||||
SCL Equity Plan:
|
||||||||
Stock options granted
|
2,746 | 17,876 | ||||||
|
||||||||
Weighted average grant date fair value
|
$ | 1.52 | $ | 1.06 | ||||
|
16
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
LVSC 2004 Plan:
|
||||||||
Weighted average volatility
|
94.3 | % | 97.8 | % | ||||
Expected term (in years)
|
6.3 | 4.4 | ||||||
Risk-free rate
|
2.8 | % | 2.9 | % | ||||
Expected dividends
|
— | — | ||||||
SCL Equity Plan:
|
||||||||
Weighted average volatility
|
68.9 | % | 73.6 | % | ||||
Expected term (in years)
|
6.3 | 6.3 | ||||||
Risk-free rate
|
1.7 | % | 2.0 | % | ||||
Expected dividends
|
— | — |
Fair Value Measurements Using: | ||||||||||||||||
Quoted Market | Significant Other | Significant | ||||||||||||||
Total Carrying | Prices in Active | Observable Inputs | Unobservable Inputs | |||||||||||||
Value | Markets (Level 1) | (Level 2) | (Level 3) | |||||||||||||
As of March 31, 2011
|
||||||||||||||||
Cash equivalents(1)
|
$ | 2,202,759 | $ | 2,202,759 | $ | — | $ | — | ||||||||
Interest rate caps(2)
|
$ | 1,414 | $ | — | $ | 1,414 | $ | — | ||||||||
As of December 31, 2010
|
||||||||||||||||
Cash equivalents(1)
|
$ | 2,490,809 | $ | 2,490,809 | $ | — | $ | — | ||||||||
Interest rate caps(2)
|
$ | 1,617 | $ | — | $ | 1,617 | $ | — |
(1) |
The Company has short-term investments classified as cash equivalents
as the original maturities are less than 90 days.
|
|
(2) |
As of March 31, 2011 and December 31, 2010, the Company has 34
interest rate cap agreements with an aggregate fair value of
approximately $1.4 million and $1.6 million, respectively, based on
quoted market values from the institutions holding the agreements.
|
17
18
19
20
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Net Revenues:
|
||||||||
Macau:
|
||||||||
The Venetian Macao
|
$ | 638,269 | $ | 549,695 | ||||
Sands Macao
|
322,793 | 283,806 | ||||||
Four Seasons Macao
|
172,107 | 102,344 | ||||||
Other Asia
|
33,773 | 24,172 | ||||||
|
||||||||
|
1,166,942 | 960,017 | ||||||
United States:
|
||||||||
Las Vegas Operating Properties
|
305,075 | 330,510 | ||||||
Sands Bethlehem
|
91,030 | 67,241 | ||||||
|
||||||||
|
396,105 | 397,751 | ||||||
Marina Bay Sands
|
584,925 | — | ||||||
Intersegment eliminations
|
(36,053 | ) | (22,880 | ) | ||||
|
||||||||
Total net revenues
|
$ | 2,111,919 | $ | 1,334,888 | ||||
|
||||||||
Adjusted Property EBITDA(1)
|
||||||||
Macau:
|
||||||||
The Venetian Macao
|
$ | 228,400 | $ | 169,915 | ||||
Sands Macao
|
92,648 | 69,761 | ||||||
Four Seasons Macao
|
57,547 | 19,495 | ||||||
Other Asia
|
(4,606 | ) | (4,432 | ) | ||||
|
||||||||
|
373,989 | 254,739 | ||||||
United States:
|
||||||||
Las Vegas Operating Properties
|
65,165 | 105,292 | ||||||
Sands Bethlehem
|
22,109 | 10,968 | ||||||
|
||||||||
|
87,274 | 116,260 | ||||||
Marina Bay Sands
|
284,471 | — | ||||||
|
||||||||
Total adjusted property EBITDA
|
745,734 | 370,999 | ||||||
Other Operating Costs and Expenses
|
||||||||
Stock-based compensation expense
|
(8,295 | ) | (5,808 | ) | ||||
Corporate expense
|
(37,576 | ) | (23,476 | ) | ||||
Rental expense
|
(13,156 | ) | (8,698 | ) | ||||
Pre-opening expense
|
(9,471 | ) | (37,459 | ) | ||||
Development expense
|
(573 | ) | (157 | ) | ||||
Depreciation and amortization
|
(190,237 | ) | (153,089 | ) | ||||
Loss on disposal of assets
|
(499 | ) | (492 | ) | ||||
|
||||||||
Operating income
|
485,927 | 141,820 | ||||||
Other Non-Operating Costs and Expenses
|
||||||||
Interest income
|
2,047 | 1,633 | ||||||
Interest expense, net of amounts capitalized
|
(73,585 | ) | (78,165 | ) | ||||
Other expense
|
(4,675 | ) | (6,448 | ) | ||||
Gain on early retirement of debt
|
— | 2,176 | ||||||
Income tax expense
|
(45,211 | ) | (13,202 | ) | ||||
|
||||||||
Net income
|
$ | 364,503 | $ | 47,814 | ||||
|
(1) |
Adjusted property EBITDA is net income before stock-based compensation
expense, corporate expense, rental expense, pre-opening expense,
development expense, depreciation and amortization, loss on disposal
of assets, interest, other expense, gain on early retirement of debt
and income taxes. Adjusted property EBITDA is used by management as
the primary measure of operating performance of the Company’s
properties and to compare the operating performance of the Company’s
properties with that of its competitors.
|
21
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Intersegment Revenues
|
||||||||
Macau:
|
||||||||
The Venetian Macao
|
$ | 895 | $ | 2,413 | ||||
Other Asia
|
7,901 | 13,826 | ||||||
|
||||||||
|
8,796 | 16,239 | ||||||
Las Vegas Operating Properties
|
27,060 | 6,641 | ||||||
Marina Bay Sands
|
197 | — | ||||||
|
||||||||
Total intersegment revenues
|
$ | 36,053 | $ | 22,880 | ||||
|
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Capital Expenditures
|
||||||||
Corporate and Other
|
$ | 2,845 | $ | 8,009 | ||||
Macau:
|
||||||||
The Venetian Macao
|
— | 5,867 | ||||||
Sands Macao
|
— | 654 | ||||||
Four Seasons Macao
|
1,293 | 11,636 | ||||||
Other Asia
|
3,718 | 1,784 | ||||||
Other Development Projects
|
140,094 | 27,798 | ||||||
|
||||||||
|
145,105 | 47,739 | ||||||
United States:
|
||||||||
Las Vegas Operating Properties
|
8,402 | 4,631 | ||||||
Sands Bethlehem
|
18,172 | 11,259 | ||||||
|
||||||||
|
26,574 | 15,890 | ||||||
Marina Bay Sands
|
157,984 | 466,563 | ||||||
|
||||||||
Total capital expenditures
|
$ | 332,508 | $ | 538,201 | ||||
|
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Total Assets
|
||||||||
Corporate and Other
|
$ | 1,412,180 | $ | 1,574,180 | ||||
Macau:
|
||||||||
The Venetian Macao
|
3,377,662 | 3,194,598 | ||||||
Sands Macao
|
469,216 | 483,678 | ||||||
Four Seasons Macao
|
1,133,927 | 1,155,243 | ||||||
Other Asia
|
382,963 | 370,525 | ||||||
Other Development Projects
|
3,136,676 | 3,140,905 | ||||||
|
||||||||
|
8,500,444 | 8,344,949 | ||||||
United States:
|
||||||||
Las Vegas Operating Properties
|
3,966,295 | 3,966,754 | ||||||
Sands Bethlehem
|
785,903 | 757,993 | ||||||
|
||||||||
|
4,752,198 | 4,724,747 | ||||||
Marina Bay Sands
|
6,572,168 | 6,400,432 | ||||||
|
||||||||
Total assets
|
$ | 21,236,990 | $ | 21,044,308 | ||||
|
22
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Total Long-Lived Assets
|
||||||||
Corporate and Other
|
$ | 307,236 | $ | 308,438 | ||||
Macau:
|
||||||||
The Venetian Macao
|
2,086,513 | 2,138,419 | ||||||
Sands Macao
|
306,506 | 315,380 | ||||||
Four Seasons Macao
|
1,010,665 | 1,024,302 | ||||||
Other Asia
|
226,787 | 230,640 | ||||||
Other Development Projects
|
2,433,401 | 2,303,959 | ||||||
|
||||||||
|
6,063,872 | 6,012,700 | ||||||
United States:
|
||||||||
Las Vegas Operating Properties
|
3,384,003 | 3,429,997 | ||||||
Sands Bethlehem
|
616,817 | 608,021 | ||||||
|
||||||||
|
4,000,820 | 4,038,018 | ||||||
Marina Bay Sands
|
5,725,858 | 5,541,881 | ||||||
|
||||||||
Total long-lived assets
|
$ | 16,097,786 | $ | 15,901,037 | ||||
|
23
Consolidating/ | ||||||||||||||||||||
Las Vegas | Guarantor | Non-Guarantor | Eliminating | |||||||||||||||||
Sands Corp. | Subsidiaries | Subsidiaries | Entries | Total | ||||||||||||||||
Cash and cash equivalents
|
$ | 930,935 | $ | 468,724 | $ | 1,734,282 | $ | — | $ | 3,133,941 | ||||||||||
Restricted cash and cash equivalents
|
— | 2,090 | 144,442 | — | 146,532 | |||||||||||||||
Intercompany receivables
|
45,092 | 59,209 | 21,640 | (125,941 | ) | — | ||||||||||||||
Accounts receivable, net
|
763 | 174,130 | 628,438 | (231 | ) | 803,100 | ||||||||||||||
Inventories
|
2,338 | 12,006 | 19,289 | — | 33,633 | |||||||||||||||
Deferred income taxes, net
|
— | 26,427 | 17,665 | (10,232 | ) | 33,860 | ||||||||||||||
Prepaid expenses and other
|
7,889 | 9,124 | 37,206 | — | 54,219 | |||||||||||||||
|
||||||||||||||||||||
Total current assets
|
987,017 | 751,710 | 2,602,962 | (136,404 | ) | 4,205,285 | ||||||||||||||
Property and equipment, net
|
132,147 | 3,526,378 | 11,035,464 | — | 14,693,989 | |||||||||||||||
Investment in subsidiaries
|
6,667,060 | 5,288,011 | — | (11,955,071 | ) | — | ||||||||||||||
Deferred financing costs, net
|
728 | 27,193 | 116,481 | — | 144,402 | |||||||||||||||
Restricted cash and cash equivalents
|
— | 4,705 | 507,640 | — | 512,345 | |||||||||||||||
Intercompany receivables
|
31,976 | 105,989 | — | (137,965 | ) | — | ||||||||||||||
Intercompany notes receivable
|
— | 681,626 | — | (681,626 | ) | — | ||||||||||||||
Deferred income taxes, net
|
59,668 | — | — | (50,939 | ) | 8,729 | ||||||||||||||
Leasehold interests in land, net
|
— | — | 1,403,797 | — | 1,403,797 | |||||||||||||||
Intangible assets, net
|
690 | — | 87,215 | — | 87,905 | |||||||||||||||
Other assets, net
|
113 | 25,266 | 155,159 | — | 180,538 | |||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 7,879,399 | $ | 10,410,878 | $ | 15,908,718 | $ | (12,962,005 | ) | $ | 21,236,990 | |||||||||
|
||||||||||||||||||||
Accounts payable
|
$ | 4,025 | $ | 23,053 | $ | 60,887 | $ | (231 | ) | $ | 87,734 | |||||||||
Construction payables
|
— | 2,090 | 475,899 | — | 477,989 | |||||||||||||||
Intercompany payables
|
21,640 | 45,092 | 59,209 | (125,941 | ) | — | ||||||||||||||
Accrued interest payable
|
1,604 | 1,033 | 20,784 | — | 23,421 | |||||||||||||||
Other accrued liabilities
|
6,926 | 175,088 | 890,178 | — | 1,072,192 | |||||||||||||||
Income taxes payable
|
7,965 | — | 666 | — | 8,631 | |||||||||||||||
Deferred income taxes
|
10,232 | — | — | (10,232 | ) | — | ||||||||||||||
Current maturities of long-term debt
|
3,688 | 30,595 | 882,724 | — | 917,007 | |||||||||||||||
|
||||||||||||||||||||
Total current liabilities
|
56,080 | 276,951 | 2,390,347 | (136,404 | ) | 2,586,974 | ||||||||||||||
Other long-term liabilities
|
26,761 | 10,282 | 44,139 | — | 81,182 | |||||||||||||||
Intercompany payables
|
49,615 | — | 88,350 | (137,965 | ) | — | ||||||||||||||
Intercompany notes payable
|
— | — | 681,626 | (681,626 | ) | — | ||||||||||||||
Deferred income taxes
|
— | 51,847 | 123,130 | (50,939 | ) | 124,038 | ||||||||||||||
Deferred amounts related to mall
transactions
|
— | 433,262 | — | — | 433,262 | |||||||||||||||
Long-term debt
|
262,847 | 2,862,282 | 6,060,623 | — | 9,185,752 | |||||||||||||||
|
||||||||||||||||||||
Total liabilities
|
395,303 | 3,634,624 | 9,388,215 | (1,006,934 | ) | 12,411,208 | ||||||||||||||
|
||||||||||||||||||||
Preferred stock issued to Principal
Stockholder’s family
|
526,515 | — | — | — | 526,515 | |||||||||||||||
Total Las Vegas Sands Corp.
stockholders’ equity
|
6,957,581 | 6,775,849 | 5,179,222 | (11,955,071 | ) | 6,957,581 | ||||||||||||||
Noncontrolling interests
|
— | 405 | 1,341,281 | — | 1,341,686 | |||||||||||||||
|
||||||||||||||||||||
Total equity
|
6,957,581 | 6,776,254 | 6,520,503 | (11,955,071 | ) | 8,299,267 | ||||||||||||||
|
||||||||||||||||||||
Total liabilities and equity
|
$ | 7,879,399 | $ | 10,410,878 | $ | 15,908,718 | $ | (12,962,005 | ) | $ | 21,236,990 | |||||||||
|
24
Consolidating/ | ||||||||||||||||||||
Las Vegas | Guarantor | Non-Guarantor | Eliminating | |||||||||||||||||
Sands Corp. | Subsidiaries | Subsidiaries | Entries | Total | ||||||||||||||||
Cash and cash equivalents
|
$ | 1,031,844 | $ | 412,226 | $ | 1,593,011 | $ | — | $ | 3,037,081 | ||||||||||
Restricted cash and cash equivalents
|
— | 2,179 | 162,136 | — | 164,315 | |||||||||||||||
Intercompany receivables
|
11,843 | 65,834 | 22,927 | (100,604 | ) | — | ||||||||||||||
Accounts receivable, net
|
298 | 156,012 | 561,217 | (608 | ) | 716,919 | ||||||||||||||
Inventories
|
2,174 | 11,755 | 18,331 | — | 32,260 | |||||||||||||||
Deferred income taxes, net
|
— | 24,496 | 47,389 | (10,279 | ) | 61,606 | ||||||||||||||
Prepaid expenses and other
|
15,272 | 4,782 | 30,432 | (3,760 | ) | 46,726 | ||||||||||||||
|
||||||||||||||||||||
Total current assets
|
1,061,431 | 677,284 | 2,435,443 | (115,251 | ) | 4,058,907 | ||||||||||||||
Property and equipment, net
|
133,901 | 3,570,465 | 10,797,831 | — | 14,502,197 | |||||||||||||||
Investment in subsidiaries
|
6,273,755 | 4,996,023 | — | (11,269,778 | ) | — | ||||||||||||||
Deferred financing costs, net
|
767 | 29,198 | 125,413 | — | 155,378 | |||||||||||||||
Restricted cash and cash equivalents
|
— | 4,616 | 640,989 | — | 645,605 | |||||||||||||||
Intercompany receivables
|
31,996 | 97,813 | — | (129,809 | ) | — | ||||||||||||||
Intercompany notes receivable
|
— | 638,986 | — | (638,986 | ) | — | ||||||||||||||
Deferred income taxes, net
|
62,638 | — | — | (52,215 | ) | 10,423 | ||||||||||||||
Leasehold interests in land, net
|
— | — | 1,398,840 | — | 1,398,840 | |||||||||||||||
Intangible assets, net
|
590 | — | 89,215 | — | 89,805 | |||||||||||||||
Other assets, net
|
78 | 27,104 | 155,971 | — | 183,153 | |||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 7,565,156 | $ | 10,041,489 | $ | 15,643,702 | $ | (12,206,039 | ) | $ | 21,044,308 | |||||||||
|
||||||||||||||||||||
Accounts payable
|
$ | 5,750 | $ | 26,975 | $ | 81,388 | $ | (608 | ) | $ | 113,505 | |||||||||
Construction payables
|
— | 2,179 | 514,802 | — | 516,981 | |||||||||||||||
Intercompany payables
|
22,926 | 11,843 | 65,835 | (100,604 | ) | — | ||||||||||||||
Accrued interest payable
|
4,629 | 7,689 | 30,307 | — | 42,625 | |||||||||||||||
Other accrued liabilities
|
15,692 | 175,011 | 969,531 | — | 1,160,234 | |||||||||||||||
Income taxes payable
|
— | — | 3,760 | (3,760 | ) | — | ||||||||||||||
Deferred income taxes
|
10,279 | — | — | (10,279 | ) | — | ||||||||||||||
Current maturities of long-term debt
|
3,687 | 30,606 | 732,775 | — | 767,068 | |||||||||||||||
|
||||||||||||||||||||
Total current liabilities
|
62,963 | 254,303 | 2,398,398 | (115,251 | ) | 2,600,413 | ||||||||||||||
Other long-term liabilities
|
26,761 | 10,911 | 40,568 | — | 78,240 | |||||||||||||||
Intercompany payables
|
45,336 | — | 84,473 | (129,809 | ) | — | ||||||||||||||
Intercompany notes payable
|
— | — | 638,986 | (638,986 | ) | — | ||||||||||||||
Deferred income taxes
|
— | 53,034 | 114,400 | (52,215 | ) | 115,219 | ||||||||||||||
Deferred amounts related to mall
transactions
|
— | 442,114 | — | — | 442,114 | |||||||||||||||
Long-term debt
|
263,726 | 2,869,931 | 6,240,098 | — | 9,373,755 | |||||||||||||||
|
||||||||||||||||||||
Total liabilities
|
398,786 | 3,630,293 | 9,516,923 | (936,261 | ) | 12,609,741 | ||||||||||||||
|
||||||||||||||||||||
Preferred stock issued to Principal
Stockholder’s family
|
503,379 | — | — | — | 503,379 | |||||||||||||||
Total Las Vegas Sands Corp.
stockholders’ equity
|
6,662,991 | 6,410,791 | 4,858,987 | (11,269,778 | ) | 6,662,991 | ||||||||||||||
Noncontrolling interests
|
— | 405 | 1,267,792 | — | 1,268,197 | |||||||||||||||
|
||||||||||||||||||||
Total equity
|
6,662,991 | 6,411,196 | 6,126,779 | (11,269,778 | ) | 7,931,188 | ||||||||||||||
|
||||||||||||||||||||
Total liabilities and equity
|
$ | 7,565,156 | $ | 10,041,489 | $ | 15,643,702 | $ | (12,206,039 | ) | $ | 21,044,308 | |||||||||
|
25
Consolidating/ | ||||||||||||||||||||
Las Vegas | Guarantor | Non-Guarantor | Eliminating | |||||||||||||||||
Sands Corp. | Subsidiaries | Subsidiaries | Entries | Total | ||||||||||||||||
Revenues:
|
||||||||||||||||||||
Casino
|
$ | — | $ | 83,123 | $ | 1,581,366 | $ | — | $ | 1,664,489 | ||||||||||
Rooms
|
— | 112,874 | 119,100 | — | 231,974 | |||||||||||||||
Food and beverage
|
— | 50,307 | 95,086 | — | 145,393 | |||||||||||||||
Convention, retail and other
|
— | 64,543 | 130,059 | (29,947 | ) | 164,655 | ||||||||||||||
|
||||||||||||||||||||
|
— | 310,847 | 1,925,611 | (29,947 | ) | 2,206,511 | ||||||||||||||
Less-promotional allowances
|
(163 | ) | (17,626 | ) | (76,396 | ) | (407 | ) | (94,592 | ) | ||||||||||
|
||||||||||||||||||||
Net revenues
|
(163 | ) | 293,221 | 1,849,215 | (30,354 | ) | 2,111,919 | |||||||||||||
|
||||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Casino
|
— | 64,368 | 857,745 | (577 | ) | 921,536 | ||||||||||||||
Rooms
|
— | 32,248 | 16,205 | — | 48,453 | |||||||||||||||
Food and beverage
|
— | 23,596 | 49,563 | (1,456 | ) | 71,703 | ||||||||||||||
Convention, retail and other
|
— | 21,153 | 70,582 | (4,490 | ) | 87,245 | ||||||||||||||
Provision for doubtful accounts
|
— | 6,096 | 28,962 | — | 35,058 | |||||||||||||||
General and administrative
|
— | 60,732 | 149,973 | (220 | ) | 210,485 | ||||||||||||||
Corporate expense
|
32,980 | 55 | 28,152 | (23,611 | ) | 37,576 | ||||||||||||||
Rental expense
|
— | — | 13,156 | — | 13,156 | |||||||||||||||
Pre-opening expense
|
— | — | 9,471 | — | 9,471 | |||||||||||||||
Development expense
|
573 | — | — | — | 573 | |||||||||||||||
Depreciation and amortization
|
4,183 | 52,813 | 133,241 | — | 190,237 | |||||||||||||||
(Gain) loss on disposal of assets
|
— | (55 | ) | 554 | — | 499 | ||||||||||||||
|
||||||||||||||||||||
|
37,736 | 261,006 | 1,357,604 | (30,354 | ) | 1,625,992 | ||||||||||||||
|
||||||||||||||||||||
Operating income (loss)
|
(37,899 | ) | 32,215 | 491,611 | — | 485,927 | ||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income
|
557 | 25,275 | 1,292 | (25,077 | ) | 2,047 | ||||||||||||||
Interest expense, net of amounts capitalized
|
(3,450 | ) | (23,072 | ) | (72,140 | ) | 25,077 | (73,585 | ) | |||||||||||
Other expense
|
— | (717 | ) | (3,958 | ) | — | (4,675 | ) | ||||||||||||
Income from equity investments in
subsidiaries
|
328,939 | 277,722 | — | (606,661 | ) | — | ||||||||||||||
|
||||||||||||||||||||
Income before income taxes
|
288,147 | 311,423 | 416,805 | (606,661 | ) | 409,714 | ||||||||||||||
Income tax benefit (expense)
|
1,176 | (9,052 | ) | (37,335 | ) | — | (45,211 | ) | ||||||||||||
|
||||||||||||||||||||
Net income
|
289,323 | 302,371 | 379,470 | (606,661 | ) | 364,503 | ||||||||||||||
Net income attributable to noncontrolling
interests
|
— | — | (75,180 | ) | — | (75,180 | ) | |||||||||||||
|
||||||||||||||||||||
Net income attributable to Las Vegas Sands
Corp.
|
$ | 289,323 | $ | 302,371 | $ | 304,290 | $ | (606,661 | ) | $ | 289,323 | |||||||||
|
26
Consolidating/ | ||||||||||||||||||||
Las Vegas | Guarantor | Non-Guarantor | Eliminating | |||||||||||||||||
Sands Corp. | Subsidiaries | Subsidiaries | Entries | Total | ||||||||||||||||
Revenues:
|
||||||||||||||||||||
Casino
|
$ | — | $ | 155,345 | $ | 906,425 | $ | — | $ | 1,061,770 | ||||||||||
Rooms
|
— | 120,067 | 60,715 | — | 180,782 | |||||||||||||||
Food and beverage
|
— | 43,522 | 48,557 | — | 92,079 | |||||||||||||||
Convention, retail and other
|
— | 51,022 | 66,241 | (9,048 | ) | 108,215 | ||||||||||||||
|
||||||||||||||||||||
|
— | 369,956 | 1,081,938 | (9,048 | ) | 1,442,846 | ||||||||||||||
Less-promotional allowances
|
(132 | ) | (50,650 | ) | (56,485 | ) | (691 | ) | (107,958 | ) | ||||||||||
|
||||||||||||||||||||
Net revenues
|
(132 | ) | 319,306 | 1,025,453 | (9,739 | ) | 1,334,888 | |||||||||||||
|
||||||||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Casino
|
— | 86,652 | 608,590 | (607 | ) | 694,635 | ||||||||||||||
Rooms
|
— | 23,211 | 6,443 | — | 29,654 | |||||||||||||||
Food and beverage
|
— | 18,332 | 27,599 | (1,628 | ) | 44,303 | ||||||||||||||
Convention, retail and other
|
— | 19,700 | 40,938 | (2,234 | ) | 58,404 | ||||||||||||||
Provision for doubtful accounts
|
— | 8,340 | 8,102 | — | 16,442 | |||||||||||||||
General and administrative
|
— | 56,575 | 69,948 | (264 | ) | 126,259 | ||||||||||||||
Corporate expense
|
20,271 | 81 | 8,124 | (5,000 | ) | 23,476 | ||||||||||||||
Rental expense
|
— | — | 8,698 | — | 8,698 | |||||||||||||||
Pre-opening expense
|
178 | 2 | 37,285 | (6 | ) | 37,459 | ||||||||||||||
Development expense
|
157 | — | — | — | 157 | |||||||||||||||
Depreciation and amortization
|
3,019 | 58,459 | 91,611 | — | 153,089 | |||||||||||||||
Loss on disposal of assets
|
— | — | 492 | — | 492 | |||||||||||||||
|
||||||||||||||||||||
|
23,625 | 271,352 | 907,830 | (9,739 | ) | 1,193,068 | ||||||||||||||
|
||||||||||||||||||||
Operating income (loss)
|
(23,757 | ) | 47,954 | 117,623 | — | 141,820 | ||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income
|
504 | 20,278 | 510 | (19,659 | ) | 1,633 | ||||||||||||||
Interest expense, net of amounts capitalized
|
(4,278 | ) | (29,564 | ) | (63,982 | ) | 19,659 | (78,165 | ) | |||||||||||
Other expense
|
— | (16 | ) | (6,432 | ) | — | (6,448 | ) | ||||||||||||
Gain (loss) on early retirement of debt
|
2,397 | — | (221 | ) | — | 2,176 | ||||||||||||||
Income from equity investments in
subsidiaries
|
50,590 | 25,556 | — | (76,146 | ) | — | ||||||||||||||
|
||||||||||||||||||||
Income before income taxes
|
25,456 | 64,208 | 47,498 | (76,146 | ) | 61,016 | ||||||||||||||
Income tax benefit (expense)
|
(7,875 | ) | (8,440 | ) | 3,113 | — | (13,202 | ) | ||||||||||||
|
||||||||||||||||||||
Net income
|
17,581 | 55,768 | 50,611 | (76,146 | ) | 47,814 | ||||||||||||||
Net income attributable to noncontrolling
interests
|
— | — | (30,233 | ) | — | (30,233 | ) | |||||||||||||
|
||||||||||||||||||||
Net income attributable to Las Vegas Sands
Corp.
|
$ | 17,581 | $ | 55,768 | $ | 20,378 | $ | (76,146 | ) | $ | 17,581 | |||||||||
|
27
Non- | Consolidating/ | |||||||||||||||||||
Las Vegas | Guarantor | Guarantor | Eliminating | |||||||||||||||||
Sands Corp. | Subsidiaries | Subsidiaries | Entries | Total | ||||||||||||||||
Net cash generated from (used in) operating
activities
|
$ | (49,859 | ) | $ | 46,192 | $ | 422,045 | $ | — | $ | 418,378 | |||||||||
|
||||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Changes in restricted cash and cash equivalents
|
— | — | 149,962 | — | 149,962 | |||||||||||||||
Capital expenditures
|
(2,429 | ) | (8,760 | ) | (321,319 | ) | — | (332,508 | ) | |||||||||||
Proceeds from disposal of property and equipment
|
— | — | 3,097 | — | 3,097 | |||||||||||||||
Acquisition of intangible assets
|
(100 | ) | — | (229 | ) | — | (329 | ) | ||||||||||||
Notes receivable to non-guarantor subsidiaries
|
— | (18,110 | ) | — | 18,110 | — | ||||||||||||||
Dividends from Guarantor Subsidiaries
|
28,564 | — | — | (28,564 | ) | — | ||||||||||||||
Dividends from non-guarantor subsidiaries
|
— | 23,400 | — | (23,400 | ) | — | ||||||||||||||
Capital contributions to subsidiaries
|
(50,000 | ) | — | — | 50,000 | — | ||||||||||||||
|
||||||||||||||||||||
Net used in investing activities
|
(23,965 | ) | (3,470 | ) | (168,489 | ) | 16,146 | (179,778 | ) | |||||||||||
|
||||||||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Proceeds from exercise of stock options
|
8,420 | — | 91 | — | 8,511 | |||||||||||||||
Proceeds from exercise of warrants
|
5,760 | — | — | — | 5,760 | |||||||||||||||
Dividends paid to preferred stockholders
|
(19,598 | ) | — | — | — | (19,598 | ) | |||||||||||||
Dividends paid to Las Vegas Sands Corp.
|
— | (28,564 | ) | — | 28,564 | — | ||||||||||||||
Dividends paid to Guarantor Subsidiaries
|
— | — | (23,400 | ) | 23,400 | — | ||||||||||||||
Capital contributions received
|
— | 50,000 | — | (50,000 | ) | — | ||||||||||||||
Borrowings from Guarantor Subsidiaries
|
— | — | 18,110 | (18,110 | ) | — | ||||||||||||||
Repayments on Singapore credit facility
|
— | — | (97,691 | ) | — | (97,691 | ) | |||||||||||||
Repayments on senior secured credit facility
|
— | (7,234 | ) | — | — | (7,234 | ) | |||||||||||||
Repayments on VML credit facility
|
— | — | (6,250 | ) | — | (6,250 | ) | |||||||||||||
Repayments on ferry financing
|
— | — | (8,745 | ) | — | (8,745 | ) | |||||||||||||
Repayments on airplane financings
|
(922 | ) | — | — | — | (922 | ) | |||||||||||||
Repayments on HVAC equipment lease
|
— | (426 | ) | — | — | (426 | ) | |||||||||||||
Repayments on FF&E facility and other long-term
debt
|
— | — | (453 | ) | — | (453 | ) | |||||||||||||
Repurchase of preferred stock
|
(4,544 | ) | — | — | — | (4,544 | ) | |||||||||||||
Payments of preferred stock inducement premium
|
(16,201 | ) | — | — | — | (16,201 | ) | |||||||||||||
|
||||||||||||||||||||
Net cash generated from (used in) financing
activities
|
(27,085 | ) | 13,776 | (118,338 | ) | (16,146 | ) | (147,793 | ) | |||||||||||
|
||||||||||||||||||||
Effect of exchange rate on cash
|
— | — | 6,053 | — | 6,053 | |||||||||||||||
|
||||||||||||||||||||
Increase (decrease) in cash and cash equivalents
|
(100,909 | ) | 56,498 | 141,271 | — | 96,860 | ||||||||||||||
Cash and cash equivalents at beginning of period
|
1,031,844 | 412,226 | 1,593,011 | — | 3,037,081 | |||||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 930,935 | $ | 468,724 | $ | 1,734,282 | $ | — | $ | 3,133,941 | ||||||||||
|
28
Consolidating/ | ||||||||||||||||||||
Las Vegas | Guarantor | Non-Guarantor | Eliminating | |||||||||||||||||
Sands Corp. | Subsidiaries | Subsidiaries | Entries | Total | ||||||||||||||||
Net cash generated from (used in)
operating activities
|
$ | (44,115 | ) | $ | 103,595 | $ | 223,314 | $ | — | $ | 282,794 | |||||||||
|
||||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Changes in restricted cash and cash equivalents
|
— | — | (182,575 | ) | — | (182,575 | ) | |||||||||||||
Capital expenditures
|
(4,378 | ) | (8,170 | ) | (525,653 | ) | — | (538,201 | ) | |||||||||||
Proceeds from disposal of property and equipment
|
— | 700 | 1,611 | — | 2,311 | |||||||||||||||
Purchases of investments
|
— | — | (173,978 | ) | — | (173,978 | ) | |||||||||||||
Notes receivable to non-guarantor subsidiaries
|
— | (42,695 | ) | — | 42,695 | — | ||||||||||||||
Repayment of receivable from non-guarantor
subsidiaries
|
— | 50 | — | (50 | ) | — | ||||||||||||||
Dividends from Guarantor Subsidiaries
|
1,675,313 | — | — | (1,675,313 | ) | — | ||||||||||||||
Dividends from non-guarantor subsidiaries
|
— | 11,500 | — | (11,500 | ) | — | ||||||||||||||
Capital contributions to subsidiaries
|
(1,400,000 | ) | — | — | 1,400,000 | — | ||||||||||||||
|
||||||||||||||||||||
Net cash generated from (used in) investing
activities
|
270,935 | (38,615 | ) | (880,595 | ) | (244,168 | ) | (892,443 | ) | |||||||||||
|
||||||||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Proceeds from exercise of stock options
|
73 | — | — | — | 73 | |||||||||||||||
Dividends paid to preferred stockholders
|
(23,350 | ) | — | — | — | (23,350 | ) | |||||||||||||
Dividends paid to Las Vegas Sands Corp.
|
— | (1,675,313 | ) | — | 1,675,313 | — | ||||||||||||||
Dividends paid to Guarantor Subsidiaries
|
— | — | (11,500 | ) | 11,500 | — | ||||||||||||||
Capital contributions received
|
— | 1,400,000 | — | (1,400,000 | ) | — | ||||||||||||||
Borrowings from Guarantor Subsidiaries
|
— | — | 42,695 | (42,695 | ) | — | ||||||||||||||
Repayment on borrowings from Guarantor
Subsidiaries
|
— | — | (50 | ) | 50 | — | ||||||||||||||
Proceeds from Singapore credit facility
|
— | — | 272,056 | — | 272,056 | |||||||||||||||
Repayments on senior secured credit facility
|
— | (785,860 | ) | — | — | (785,860 | ) | |||||||||||||
Repayments on VML credit facility
|
— | — | (12,525 | ) | — | (12,525 | ) | |||||||||||||
Repurchase and cancellation of senior notes
|
(30,156 | ) | — | — | — | (30,156 | ) | |||||||||||||
Repayments on ferry financing
|
— | — | (8,762 | ) | — | (8,762 | ) | |||||||||||||
Repayments on airplane financings
|
(922 | ) | — | — | — | (922 | ) | |||||||||||||
Repayments on HVAC equipment lease
|
— | (437 | ) | — | — | (437 | ) | |||||||||||||
Repayments on FF&E facility and other long-term
debt
|
— | (8,350 | ) | (314 | ) | — | (8,664 | ) | ||||||||||||
Payments of deferred financing costs
|
— | — | (821 | ) | — | (821 | ) | |||||||||||||
|
||||||||||||||||||||
Net cash generated from (used in) financing
activities
|
(54,355 | ) | (1,069,960 | ) | 280,779 | 244,168 | (599,368 | ) | ||||||||||||
|
||||||||||||||||||||
Effect of exchange rate on cash
|
— | — | 5,446 | — | 5,446 | |||||||||||||||
|
||||||||||||||||||||
Increase (decrease) in cash and cash equivalents
|
172,465 | (1,004,980 | ) | (371,056 | ) | — | (1,203,571 | ) | ||||||||||||
Cash and cash equivalents at beginning of period
|
254,256 | 3,033,625 | 1,667,535 | — | 4,955,416 | |||||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 426,721 | $ | 2,028,645 | $ | 1,296,479 | $ | — | $ | 3,751,845 | ||||||||||
|
29
ITEM 2 |
—
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
30
31
32
• |
Parcels 5 and 6 — We are staging the construction of the integrated
resort on parcels 5 and 6. Upon completion of phases I and II of the
project, the integrated resort will feature approximately 6,000 hotel
rooms, approximately 300,000 square feet of gaming space,
approximately 1.2 million square feet of retail, entertainment and
dining facilities, exhibition and conference facilities and a
multipurpose theater. Phase I of the project is expected to include
two hotel towers, one of which will be managed by Sheraton
International Inc. and Sheraton Overseas Management Co. (collectively
“Starwood”) under its Sheraton brand, as well as completion of the
structural work of an adjacent hotel tower to be managed by Starwood
under its Sheraton brand. The second hotel tower was to be managed by
Shangri-La International Hotel Management Limited (“Shangri-La”);
however, in March 2011, we mutually agreed with Shangri-La to
terminate the hotel management agreement and are now currently
evaluating alternative hotel brands to manage our second tower. Phase
I will also include the gaming space and a partial opening of the
retail and exhibition and conference facilities. Phase II of the
project includes completion of the additional Sheraton hotel tower,
the theater and the remaining retail facilities. The total cost to
complete phases I and II is expected to be approximately $1.9 billion.
Phase III of the project is expected to include a fourth hotel and
mixed-use tower to be managed by Starwood under its St. Regis brand
and the total cost to complete is expected to be approximately
$450 million. In connection with entering into the $1.75 billion
Venetian Orient Limited (“VOL”) credit facility to be used together
with $500.0 million of proceeds from the SCL Offering, we have
recommenced construction activities. We are currently working with the
Macau government to obtain sufficient construction labor for the
project. Although we have made significant progress on phases I and II
with the construction labor currently onsite, our anticipated opening
of phase I may be delayed until the first quarter of 2012 if
additional construction labor is not secured. Until adequate labor
quotas are received, the timing of the completion of phase II is
currently not determinable. We intend to commence construction of
phase III of the project as demand and market conditions warrant it.
As of March 31, 2011, we have capitalized costs of $2.24 billion for
the entire project, including the land premium and $136.1 million in
outstanding construction payables. Our management agreement with
Starwood imposes certain construction deadlines and opening
obligations on us and certain past and/or anticipated delays, as
described above, would allow Starwood to terminate its agreement. We
are currently negotiating an amendment to the management agreement
with Starwood to provide for new opening timelines.
|
||
• |
Parcels 7 and 8 — If we are successful in winning our appeal and
obtaining the land concession for parcels 7 and 8 (as discussed
below), the related integrated resort is expected to be similar in
size and scope to the integrated resort on parcels 5 and 6. We had
commenced pre-construction activities and have capitalized
construction costs of $101.9 million as of March 31, 2011. We intend
to commence construction after the integrated resorts on parcels 5 and
6 and 3 are complete, necessary government approvals are obtained
(including the land concession), regional and global economic
conditions improve, future demand warrants it and additional financing
is obtained.
|
||
• |
Parcel 3 — The integrated resort on parcel 3 will be connected to The
Venetian Macao and Four Seasons Macao. The multi-hotel complex is
intended to include a gaming area, a shopping mall and serviced luxury
apart-hotel units. We had commenced pre-construction activities and
have capitalized costs of $97.2 million, including the land premium,
as of March 31, 2011. We intend to commence construction after the
integrated resort on parcels 5 and 6 is complete, necessary government
approvals are obtained, regional and global economic conditions
improve, future demand warrants it and additional financing is
obtained.
|
33
34
Three Months Ended March 31, | ||||||||||||
Percent | ||||||||||||
2011 | 2010 | Change | ||||||||||
(Dollars in thousands) | ||||||||||||
Net revenues
|
$ | 2,111,919 | $ | 1,334,888 | 58.2 | % | ||||||
Operating expenses
|
1,625,992 | 1,193,068 | 36.3 | % | ||||||||
Operating income
|
485,927 | 141,820 | 242.6 | % | ||||||||
Income before income taxes
|
409,714 | 61,016 | 571.5 | % | ||||||||
Net income
|
364,503 | 47,814 | 662.3 | % | ||||||||
Net income attributable to Las Vegas Sands Corp.
|
289,323 | 17,581 | 1,545.7 | % |
Percent of Net Revenues | ||||||||
Three Months | ||||||||
Ended March 31, | ||||||||
2011 | 2010 | |||||||
Operating expenses
|
77.0 | % | 89.4 | % | ||||
Operating income
|
23.0 | % | 10.6 | % | ||||
Income before income taxes
|
19.4 | % | 4.6 | % | ||||
Net income
|
17.3 | % | 3.6 | % | ||||
Net income attributable to Las Vegas Sands Corp.
|
13.7 | % | 1.3 | % |
35
Three Months Ended March 31, | ||||||||||||
Percent | ||||||||||||
2011 | 2010 | Change | ||||||||||
(Dollars in thousands) | ||||||||||||
Casino
|
$ | 1,664,489 | $ | 1,061,770 | 56.8 | % | ||||||
Rooms
|
231,974 | 180,782 | 28.3 | % | ||||||||
Food and beverage
|
145,393 | 92,079 | 57.9 | % | ||||||||
Convention, retail and other
|
164,655 | 108,215 | 52.2 | % | ||||||||
|
||||||||||||
|
2,206,511 | 1,442,846 | 52.9 | % | ||||||||
Less — promotional allowances
|
(94,592 | ) | (107,958 | ) | 12.4 | % | ||||||
|
||||||||||||
Total net revenues
|
$ | 2,111,919 | $ | 1,334,888 | 58.2 | % | ||||||
|
36
Three Months Ended March 31, | ||||||||||||
2011 | 2010 | Change | ||||||||||
(Dollars in thousands) | ||||||||||||
Macau Operations:
|
||||||||||||
The Venetian Macao
|
||||||||||||
Total casino revenues
|
$ | 553,417 | $ | 474,755 | 16.6 | % | ||||||
Non-Rolling Chip drop
|
$ | 980,605 | $ | 921,931 | 6.4 | % | ||||||
Non-Rolling Chip win percentage
|
27.9 | % | 25.1 | % | 2.8 | pts | ||||||
Rolling Chip volume
|
$ | 12,388,979 | $ | 10,049,678 | 23.3 | % | ||||||
Rolling Chip win percentage
|
2.69 | % | 2.92 | % | (0.23 | )pts | ||||||
Slot handle
|
$ | 743,071 | $ | 670,749 | 10.8 | % | ||||||
Slot hold percentage
|
6.9 | % | 7.4 | % | (0.5 | )pts | ||||||
Sands Macao
|
||||||||||||
Total casino revenues
|
$ | 315,674 | $ | 277,945 | 13.6 | % | ||||||
Non-Rolling Chip drop
|
$ | 688,680 | $ | 589,496 | 16.8 | % | ||||||
Non-Rolling Chip win percentage
|
20.3 | % | 20.3 | % | 0.0 | pts | ||||||
Rolling Chip volume
|
$ | 8,269,381 | $ | 6,406,933 | 29.1 | % | ||||||
Rolling Chip win percentage
|
2.75 | % | 3.18 | % | (0.43 | )pts | ||||||
Slot handle
|
$ | 435,865 | $ | 362,505 | 20.2 | % | ||||||
Slot hold percentage
|
6.5 | % | 6.1 | % | 0.4 | pts | ||||||
Four Seasons Macao
|
||||||||||||
Total casino revenues
|
$ | 160,823 | $ | 90,454 | 77.8 | % | ||||||
Non-Rolling Chip drop
|
$ | 82,443 | $ | 99,012 | (16.7 | )% | ||||||
Non-Rolling Chip win percentage
|
40.1 | % | 25.3 | % | 14.8 | pts | ||||||
Rolling Chip volume
|
$ | 3,947,963 | $ | 3,717,941 | 6.2 | % | ||||||
Rolling Chip win percentage
|
3.90 | % | 2.48 | % | 1.42 | pts | ||||||
Slot handle
|
$ | 187,504 | $ | 148,761 | 26.0 | % | ||||||
Slot hold percentage
|
6.5 | % | 5.6 | % | 0.9 | pts | ||||||
U.S. Operations:
|
||||||||||||
Las Vegas Operating Properties
|
||||||||||||
Total casino revenues
|
$ | 83,123 | $ | 155,345 | (46.5 | )% | ||||||
Table games drop
|
$ | 476,582 | $ | 547,043 | (12.9 | )% | ||||||
Table games win percentage
|
13.3 | % | 23.4 | % | (10.1 | )pts | ||||||
Slot handle
|
$ | 407,348 | $ | 637,795 | (36.1 | )% | ||||||
Slot hold percentage
|
8.5 | % | 7.8 | % | 0.7 | pts | ||||||
Sands Bethlehem
|
||||||||||||
Total casino revenues
|
$ | 87,055 | $ | 63,271 | 37.6 | % | ||||||
Table games drop
|
$ | 118,965 | $ | — | — | % | ||||||
Table games win percentage
|
16.7 | % | — | % | — | pts | ||||||
Slot handle
|
$ | 881,378 | $ | 921,631 | (4.4 | )% | ||||||
Slot hold percentage
|
7.4 | % | 6.9 | % | 0.5 | pts | ||||||
Singapore Operations:
|
||||||||||||
Marina Bay Sands
|
||||||||||||
Total casino revenues
|
$ | 464,397 | $ | — | — | % | ||||||
Non-Rolling Chip drop
|
$ | 986,444 | $ | — | — | % | ||||||
Non-Rolling Chip win percentage
|
22.6 | % | — | % | — | pts | ||||||
Rolling Chip volume
|
$ | 10,132,339 | $ | — | — | % | ||||||
Rolling Chip win percentage
|
2.56 | % | — | % | — | pts | ||||||
Slot handle
|
$ | 2,041,765 | $ | — | — | % | ||||||
Slot hold percentage
|
5.3 | % | — | % | — | pts |
37
Three Months Ended March 31, | ||||||||||||
2011 | 2010 | Change | ||||||||||
(Room revenues in thousands) | ||||||||||||
Macau Operations:
|
||||||||||||
The Venetian Macao
|
||||||||||||
Total room revenues
|
$ | 50,225 | $ | 47,557 | 5.6 | % | ||||||
Average daily room rate
|
$ | 227 | $ | 202 | 12.4 | % | ||||||
Occupancy rate
|
86.5 | % | 92.8 | % | (6.3 | )pts | ||||||
Revenue per available room
|
$ | 197 | $ | 187 | 5.3 | % | ||||||
Sands Macao
|
||||||||||||
Total room revenues
|
$ | 5,535 | $ | 6,594 | (16.1 | )% | ||||||
Average daily room rate
|
$ | 251 | $ | 262 | (4.2 | )% | ||||||
Occupancy rate
|
84.9 | % | 97.3 | % | (12.4 | )pts | ||||||
Revenue per available room
|
$ | 213 | $ | 254 | (16.1 | )% | ||||||
Four Seasons Macao
|
||||||||||||
Total room revenues
|
$ | 7,506 | $ | 6,564 | 14.4 | % | ||||||
Average daily room rate
|
$ | 341 | $ | 278 | 22.7 | % | ||||||
Occupancy rate
|
64.6 | % | 72.9 | % | (8.3 | )pts | ||||||
Revenue per available room
|
$ | 220 | $ | 203 | 8.4 | % | ||||||
U.S. Operations:
|
||||||||||||
Las Vegas Operating Properties
|
||||||||||||
Total room revenues
|
$ | 112,874 | $ | 120,067 | (6.0 | )% | ||||||
Average daily room rate
|
$ | 212 | $ | 207 | 2.4 | % | ||||||
Occupancy rate
|
83.9 | % | 91.3 | % | (7.4 | )pts | ||||||
Revenue per available room
|
$ | 178 | $ | 189 | (5.8 | )% | ||||||
Singapore Operations:
|
||||||||||||
Marina Bay Sands
|
||||||||||||
Total room revenues
|
$ | 55,834 | $ | — | — | % | ||||||
Average daily room rate
|
$ | 285 | $ | — | — | % | ||||||
Occupancy rate
|
86.3 | % | — | % | — | pts | ||||||
Revenue per available room
|
$ | 246 | $ | — | — | % |
Three Months Ended March 31, | ||||||||||||
Percent | ||||||||||||
2011 | 2010 | Change | ||||||||||
(Dollars in thousands) | ||||||||||||
Casino
|
$ | 921,536 | $ | 694,635 | 32.7 | % | ||||||
Rooms
|
48,453 | 29,654 | 63.4 | % | ||||||||
Food and beverage
|
71,703 | 44,303 | 61.8 | % | ||||||||
Convention, retail and other
|
87,245 | 58,404 | 49.4 | % | ||||||||
Provision for doubtful accounts
|
35,058 | 16,442 | 113.2 | % | ||||||||
General and administrative
|
210,485 | 126,259 | 66.7 | % | ||||||||
Corporate expense
|
37,576 | 23,476 | 60.1 | % | ||||||||
Rental expense
|
13,156 | 8,698 | 51.3 | % | ||||||||
Pre-opening expense
|
9,471 | 37,459 | (74.7 | )% | ||||||||
Development expense
|
573 | 157 | 265.0 | % | ||||||||
Depreciation and amortization
|
190,237 | 153,089 | 24.3 | % | ||||||||
Loss on disposal of assets
|
499 | 492 | 1.4 | % | ||||||||
|
||||||||||||
Total operating expenses
|
$ | 1,625,992 | $ | 1,193,068 | 36.3 | % | ||||||
|
38
Three Months Ended March 31, | ||||||||||||
Percent | ||||||||||||
2011 | 2010 | Change | ||||||||||
(Dollars in thousands) | ||||||||||||
Macau:
|
||||||||||||
The Venetian Macao
|
$ | 228,400 | $ | 169,915 | 34.4 | % | ||||||
Sands Macao
|
92,648 | 69,761 | 32.8 | % | ||||||||
Four Seasons Macao
|
57,547 | 19,495 | 195.2 | % | ||||||||
Other Asia
|
(4,606 | ) | (4,432 | ) | (3.9 | )% | ||||||
|
||||||||||||
|
373,989 | 254,739 | 46.8 | % | ||||||||
United States:
|
||||||||||||
Las Vegas Operating Properties
|
65,165 | 105,292 | (38.1 | )% | ||||||||
Sands Bethlehem
|
22,109 | 10,968 | 101.6 | % | ||||||||
|
||||||||||||
|
87,274 | 116,260 | (24.9 | )% | ||||||||
Marina Bay Sands
|
284,471 | — | — | % | ||||||||
|
||||||||||||
Total adjusted property EBITDA
|
$ | 745,734 | $ | 370,999 | 101.0 | % | ||||||
|
39
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Interest cost (which includes
the amortization of deferred
financing costs and original issue
discount)
|
$ | 104,196 | $ | 97,818 | ||||
Less — capitalized interest
|
(30,611 | ) | (19,653 | ) | ||||
|
||||||||
Interest expense, net
|
$ | 73,585 | $ | 78,165 | ||||
|
||||||||
Cash paid for interest
|
$ | 111,492 | $ | 91,802 | ||||
Weighted average total debt balance
|
$ | 10,162,989 | $ | 11,138,465 | ||||
Weighted average interest rate
|
4.1 | % | 3.5 | % |
40
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Net cash generated from operations
|
$ | 418,378 | $ | 282,794 | ||||
|
||||||||
Investing cash flows:
|
||||||||
Change in restricted cash and cash equivalents
|
149,962 | (182,575 | ) | |||||
Capital expenditures
|
(332,508 | ) | (538,201 | ) | ||||
Proceeds from disposal of property and equipment
|
3,097 | 2,311 | ||||||
Acquisition of intangible assets
|
(329 | ) | — | |||||
Purchases of investments
|
— | (173,978 | ) | |||||
|
||||||||
Net cash used in investing activities
|
(179,778 | ) | (892,443 | ) | ||||
|
||||||||
Financing cash flows:
|
||||||||
Proceeds from exercise of stock options
|
8,511 | 73 | ||||||
Proceeds from exercise of warrants
|
5,760 | — | ||||||
Dividends paid to preferred stockholders
|
(19,598 | ) | (23,350 | ) | ||||
Proceeds from long-term debt
|
— | 272,056 | ||||||
Repayments of long-term debt
|
(121,721 | ) | (847,326 | ) | ||||
Repurchase of preferred stock
|
(4,544 | ) | — | |||||
Payments of preferred stock inducement premium
|
(16,201 | ) | — | |||||
Payments of deferred financing costs
|
— | (821 | ) | |||||
|
||||||||
Net cash used in financing activities
|
(147,793 | ) | (599,368 | ) | ||||
|
||||||||
Effect of exchange rate on cash
|
6,053 | 5,446 | ||||||
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
$ | 96,860 | $ | (1,203,571 | ) | |||
|
41
42
• |
our substantial leverage, debt service and debt covenant compliance (including
sensitivity to fluctuations in interest rates, as a significant portion of our debt is
variable-rate debt, and other capital markets trends);
|
• |
disruptions in the global financing markets and our ability to obtain sufficient funding
for our current and future developments, including our Cotai Strip, Singapore, Pennsylvania
and Las Vegas developments;
|
• |
general economic and business conditions which may impact levels of disposable income,
consumer spending, group meeting business, pricing of hotel rooms and retail and mall sales;
|
• |
increased competition for labor and materials due to other planned construction projects
in Macau;
|
• |
the impact of the suspensions of certain of our development projects and our ability to
meet certain development deadlines;
|
• |
the uncertainty of tourist behavior related to spending and vacationing at casino-resorts
in Las Vegas, Macau and Singapore;
|
43
• |
regulatory policies in mainland China or other countries in which our customers reside,
including visa restrictions limiting the number of visits or the length of stay for visitors
from mainland China to Macau and restrictions on foreign currency exchange or importation of
currency;
|
• |
our dependence upon properties primarily in Las Vegas, Macau and Singapore for all of our
cash flow;
|
• |
our relationship with GGP or any successor owner of The Shoppes at The Palazzo and The
Grand Canal Shoppes, and the ability of GGP to perform under the purchase and sale agreement
for The Shoppes at The Palazzo, as amended;
|
• |
new developments, construction and ventures, including our Cotai Strip developments,
Marina Bay Sands and Sands Bethlehem;
|
• |
the passage of new legislation and receipt of governmental approvals for our proposed
developments in Macau and other jurisdictions where we are planning to operate;
|
• |
our insurance coverage, including the risk that we have not obtained sufficient coverage
or will only be able to obtain additional coverage at significantly increased rates;
|
• |
disruptions or reductions in travel due to acts of terrorism;
|
• |
disruptions or reductions in travel, as well as disruptions in our operations, due to
outbreaks of infectious diseases, such as severe acute respiratory syndrome, avian flu or
swine flu;
|
• |
government regulation of the casino industry, including gaming license regulation, the
legalization of gaming in other jurisdictions and regulation of gaming on the Internet;
|
• |
increased competition in Las Vegas and Macau, including recent and upcoming increases in
hotel rooms, meeting and convention space, and retail space;
|
• |
fluctuations in the demand for all-suites rooms, occupancy rates and average daily room
rates in Las Vegas, Macau and Singapore;
|
• |
the popularity of Las Vegas, Macau and Singapore as convention and trade show
destinations;
|
• |
new taxes, changes to existing tax rates or proposed changes in tax legislation;
|
• |
our ability to maintain our gaming licenses, certificates and subconcession;
|
• |
the completion of infrastructure projects in Macau and Singapore; and
|
• |
the outcome of any ongoing and future litigation.
|
44
ITEM 3 |
—
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Fair | ||||||||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | Thereafter | Total | Value(1) | |||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||
LIABILITIES
|
||||||||||||||||||||||||||||||||
Long-term debt
|
||||||||||||||||||||||||||||||||
Fixed rate
|
$ | — | $ | — | $ | — | $ | 189.7 | $ | — | $ | — | $ | 189.7 | $ | 192.1 | ||||||||||||||||
Average interest rate(2)
|
— | — | — | 6.4 | % | — | — | 6.4 | % | |||||||||||||||||||||||
Variable rate
|
$ | 914.3 | $ | 1,742.3 | $ | 1,071.4 | $ | 3,878.2 | $ | 619.7 | $ | 1,662.7 | $ | 9,888.6 | $ | 9,644.1 | ||||||||||||||||
Average interest rate(2)
|
3.6 | % | 4.2 | % | 3.6 | % | 2.5 | % | 4.1 | % | 3.0 | % | 3.2 | % | ||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||||||
Cap agreements(3)
|
$ | 0.1 | $ | 1.3 | $ | — | $ | — | $ | — | $ | — | $ | 1.4 | $ | 1.4 |
(1) |
The estimated fair values are based on quoted market prices, if
available, or by pricing models based on the value of related cash
flows discounted at current market interest rates.
|
|
(2) |
Based upon contractual interest rates for fixed rate indebtedness or
current LIBOR, HIBOR and SOR for variable-rate indebtedness. Based on
variable-rate debt levels as of March 31, 2011, an assumed 100 basis
point change in LIBOR, HIBOR and SOR would cause our annual interest
cost to change approximately $96.7 million.
|
|
(3) |
As of March 31, 2011, we have 34 interest rate cap agreements with an
aggregate fair value of approximately $1.4 million based on quoted
market values from the institutions holding the agreements.
|
45
ITEM 4 |
—
CONTROLS AND PROCEDURES
|
ITEM 1 |
—
LEGAL PROCEEDINGS
|
ITEM 1A |
—
RISK FACTORS
|
46
ITEM 6 |
—
EXHIBITS
|
Exhibit No. | Description of Document | |||
|
||||
31.1 |
Certification of the Chief Executive Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
31.2 |
Certification of the Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
32.1 |
Certification of Chief Executive Officer of Las Vegas
Sands Corp. pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.
|
|||
|
||||
32.2 |
Certification of Chief Financial Officer of Las Vegas
Sands Corp. pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002.
|
|||
|
||||
101.INS | * |
XBRL Instance Document
|
||
|
||||
101.SCH | * |
XBRL Taxonomy Extension Schema Document
|
||
|
||||
101.CAL | * |
XBRL Taxonomy Extension Calculation Linkbase Document
|
||
|
||||
101.DEF | * |
XBRL Taxonomy Extension Definition Linkbase Document
|
||
|
||||
101.LAB | * |
XBRL Taxonomy Extension Label Linkbase Document
|
||
|
||||
101.PRE | * |
XBRL Taxonomy Extension Presentation Linkbase Document
|
* |
Pursuant to Rule 406T of Regulation S-T, this interactive data file is
deemed not filed or part of a registration statement or prospectus for
purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed
not filed for purposes of Section 18 of the Securities Exchange Act of
1934, and otherwise is not subject to liability under these sections.
|
47
LAS VEGAS SANDS CORP.
|
||||
By: | /s/ Sheldon G. Adelson | |||
Sheldon G. Adelson | ||||
Chairman of the Board and
Chief Executive Officer |
By: | /s/ Kenneth J. Kay | |||
Kenneth J. Kay | ||||
Chief Financial Officer |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Sabre Corporation | SABR |
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|