PR Newswire | Jan 26, 2022 04:06PM EST

01/26 15:05 CST

Las Vegas Sands Reports Fourth Quarter 2021 Results- Pandemic-Related Travel Restrictions and Reduced Visitation Continue to Impact Financial Results- Continuing to Generate Positive Adjusted Property EBITDA in Macao and Singapore- Investment and Capital Expenditure Programs to Enhance and Expand our Integrated Resort Offerings in Macao and Singapore Continue- Safety and Security of Team Members and Guests and Support for Local Communities in Macao, Singapore and Las Vegas Remain Central to our Efforts LAS VEGAS, Jan. 26, 2022

LAS VEGAS, Jan. 26, 2022 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS), the world's leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended December 31, 2021.

"We remain confident in the eventual recovery in travel and tourism spending across our markets and enthusiastic about the opportunity to welcome more guests back to our properties in 2022 and the years ahead," said Robert G. Goldstein, chairman and chief executive officer. "While pandemic-related travel restrictions continue to impact our current financial performance, we again generated positive EBITDA in each of our markets. We remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the pandemic."

"Our ongoing investments in our team members, our communities and our market-leading Integrated Resort offerings position us exceedingly well to deliver growth as travel restrictions eventually subside and the recovery comes to fruition. We are fortunate that our financial strength supports our investment and capital expenditure programs in both Macao and Singapore, as well as our pursuit of growth opportunities in new markets."

Net revenue was $1.01 billion, a decrease of 0.7% from the prior year quarter. Operating loss was $138 million, compared to operating loss of $119 million in the prior year quarter. Net loss in the fourth quarter of 2021 was $315 million, compared to net loss of $303 million in the fourth quarter of 2020. Consolidated adjusted property EBITDA was $251 million, compared to $191 million in the prior year quarter.

Full year 2021 operating loss was $689 million, compared to operating loss of $1.39 billion in 2020. Net loss attributable to Las Vegas Sands was $961 million, or $1.26 per diluted share, in 2021, compared to net loss of $1.69 billion, or $2.21 per diluted share, in 2020.

In March 2021, LVS entered into definitive agreements to sell its Las Vegas real property and operations for an aggregate purchase price of approximately $6.25 billion and anticipates the transaction to close in the first quarter of 2022. The financial position, results of operations and cash flows of the Las Vegas Operating Properties have been presented as a discontinued operation held for sale.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for SCL decreased 4.3%, compared to the fourth quarter of 2020, to $643 million. Net loss for SCL was $245 million, compared to $246 million in the fourth quarter of 2020.

On a GAAP basis, full year 2021 total net revenues for SCL increased 70.4%, compared to the full year 2020, to $2.87 billion. Net loss for SCL was $1.05 billion in 2021, compared to $1.52 billion in 2020.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $152 million for the fourth quarter of 2021, compared to $147 million in the prior year quarter. Our weighted average debt balance increased compared to the prior year quarter due to borrowings under the SCL Credit Facility during 2021, while our weighted average borrowing cost in the fourth quarter of 2021 was 4.2%, compared to 4.3% during the fourth quarter of 2020.

Our income tax expense for the fourth quarter of 2021 was $14 million, compared to $28 million in the prior year quarter. The income tax expense for the fourth quarter of 2021 was driven by a non-cash expense of $12 million related to an increase in the valuation allowance related to our U.S. foreign tax credits and a 17% statutory rate on our Singapore operations.

Balance Sheet Items

Unrestricted cash balances as of December 31, 2021 were $1.85 billion.

The company has access to $3.68 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit.

As of December 31, 2021, total debt outstanding, excluding finance leases and financed purchases, was $14.77 billion.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $188 million, including construction, development and maintenance activities of $140 million in Macao, $46 million at Marina Bay Sands and $2 million in Corporate and Other.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, January 26, 2022 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.

About Las Vegas Sands Corp. (NYSE: LVS)

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

Sands created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses.

Our properties include The Venetian Resort and Sands Expo in Las Vegas, and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, The Londoner Macao and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.

Sands is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We deliver a great working environment for our team members worldwide, drive social impact through the Sands Cares community engagement and charitable giving program and lead in environmental performance through the award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.

Forward-Looking Statements

This press release contains forward-looking statements 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: the uncertainty of the extent, duration and effects of the COVID-19 pandemic and the response of governments and other third parties, including government-mandated property closures, vaccine mandates, regular testing requirements, other increased operational regulatory requirements or travel restrictions, on our business, results of operations, cash flows, liquidity and development prospects; risks relating to our gaming licenses and subconcession, including the renewal or extension of the subconcession in Macao that expires on June 26, 2022 and proposed amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics, or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, execute our previously announced capital expenditure programs in both Macao and Singapore, and produce future returns; new development, construction and ventures; government regulation; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; benchmark interest rate transitions for some of our debt instruments; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; our relationship with gaming promoters; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the satisfaction of the conditions precedent to the consummation of the proposed sale of our Las Vegas real property and operations, including the Venetian Resort Las Vegas and the Sands Expo and Convention Center (the "Proposed Transaction"), including the receipt of regulatory approvals; legal proceedings, judgments or settlements that may be instituted in connection with the Proposed Transaction, including those against us, our board of directors and executive officers and others; 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.

Contacts:

Investment Community:Daniel Briggs(702) 414-1221

Media:Ron Reese(702) 414-3607

Las Vegas Sands Corp.

Fourth Quarter 2021 Results

Non-GAAP Measures

Within the company's fourth quarter and full year 2021 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income/loss," "adjusted earnings/loss per diluted share," and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures along with "adjusted property EBITDA margin," "hold-normalized adjusted property EBITDA," "hold-normalized adjusted property EBITDA margin," "hold-normalized adjusted net income/loss," and "hold-normalized adjusted earnings/loss per diluted share." The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

Adjusted net income/loss, which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding certain nonrecurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal or impairment of assets, loss on modification or early retirement of debt, other income or expense and income (loss) from discontinued operations, net of income tax. Adjusted net income/loss and adjusted earnings/loss per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income/loss from continuing operations before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income/loss from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal payments and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.

Hold-normalized adjusted property EBITDA, a supplemental non-GAAP financial measure, that, in addition to the aforementioned reasons for the presentation of consolidated adjusted property EBITDA, is presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period. Hold-normalized adjusted property EBITDA is based on applying a Rolling Chip win percentage of 3.30% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 3.15% to 3.45% for our Macao and Singapore properties and applying a win percentage of 22.0% for Baccarat and 20.0% for non-Baccarat games to the respective table games drops for the quarter if the actual win percentages are outside the expected ranges of 18.0% to 26.0% for Baccarat and 16.0% to 24.0% for non-Baccarat at our Las Vegas properties. We do not present adjustments for Non-Rolling Chip drop for our table games play at our Macao and Singapore properties, nor for slots at any of our properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid, bad debt expense, discounts and other incentives that would have been incurred when applying the win percentages noted above to the respective gaming volumes. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period.

Hold-normalized adjusted net income/loss and hold-normalized adjusted earnings/loss per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income/loss and adjusted earnings/loss per diluted share, are presented to adjust for the impact of certain variances in table games' win percentages, which can vary from period to period.

The company may also present the above items on a constant currency basis. This information is a non-GAAP financial measure that is calculated by translating current quarter local currency amounts to U.S. dollars based on prior period exchange rates. These amounts are compared to the prior period to derive non-GAAP constant-currency growth/decline. Management considers non-GAAP constant-currency growth/decline to be a useful metric to investors and management as it allows a more direct comparison of current performance to historical performance.

The company also makes reference to adjusted property EBITDA margin and hold-normalized adjusted property EBITDA margin, which are calculated using the aforementioned non-GAAP financial measures.





Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)



Three Months Ended Year Ended

December 31, December 31,

2021 2020 2021 2020

Revenues:

Casino $ 651 $ 689 $ 2,892 $ 2,041

Rooms 104 99 415 280

Food and 51 55 199 156 beverage

Mall 180 153 649 381

Convention, retail and 22 19 79 82 other

Net revenues 1,008 1,015 4,234 2,940

Operating expenses:

Resort 761 829 3,460 3,003 operations

Corporate 42 23 211 168

Pre-opening 4 5 19 19

Development 50 - 109 18

Depreciation and 266 252 1,041 997 amortization

Amortization of leasehold 14 14 56 55 interests in land

Loss on disposal or 9 11 27 73 impairment of assets

1,146 1,134 4,923 4,333

Operating loss(138) (119) (689) (1,393)

Other income (expense):

Interest 1 1 4 21 income

Interest expense, net (152) (147) (621) (523) of amounts capitalized

Other income(12) (10) (31) 19 (expense)

Loss on modification or early - - (137) - retirement of debt

Loss from continuing operations (301) (275) (1,474) (1,876) before income taxes

Income tax (expense) (14) (28) 5 (24) benefit

Net loss from continuing (315) (303) (1,469) (1,900) operations

Income (loss) from discontinued 118 (73) 193 (243) operations, net of income taxes

Net loss (197) (376) (1,276) (2,143)

Net loss attributable to 74 77 315 458 noncontrolling interests

Net loss attributable $ (123)$ (299)$ (961)$ (1,685) to Las Vegas Sands Corp.



Earnings (loss) per share - basic:

Net loss from continuing $ (0.32)$ (0.30)$ (1.51)$ (1.89)operations

Net income (loss) from discontinued 0.15 (0.10) 0.25 (0.32) operations, net of income taxes

Net loss per $ (0.17)$ (0.40)$ (1.26)$ (2.21)common share



Earnings (loss) per share - diluted:

Net loss from continuing $ (0.32)$ (0.30)$ (1.51)$ (1.89)operations

Net income (loss) from discontinued 0.15 (0.10) 0.25 (0.32) operations, net of income taxes

Net loss per $ (0.17)$ (0.40)$ (1.26)$ (2.21)common share



Weighted average shares outstanding:

Basic 764 764 764 764

Diluted 764 764 764 764



Dividends declared per $ -$ -$ -$ 0.79 common share





Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)



Three Months Ended Year Ended

December 31, December 31,

2021 2020 2021 2020

Net Revenues

The Venetian $ 272 $ 327 $ 1,256 $ 738 Macao

The Londoner 139 95 588 297 Macao

The Parisian 67 101 357 259 Macao

The Plaza Macao and Four 140 114 546 265 Seasons Macao

Sands Macao 25 32 122 120

Ferry Operations and 6 6 28 28 Other

Macao 649 675 2,897 1,707 Operations



Marina Bay 368 345 1,370 1,261 Sands

Intersegment 17 20 83 66 Royalties^(1)

Intersegment Eliminations^ (26) (25) (116) (94) (2)

$ 1,008 $ 1,015 $ 4,234 $ 2,940



Adjusted Property EBITDA

The Venetian $ 67 $ 73$ 297$ (53)Macao

The Londoner (23) (34) (84) (184) Macao

The Parisian (14) (7) (17) (131) Macao

The Plaza Macao and Four 63 38 219 33 Seasons Macao

Sands Macao (17) (18) (69) (76)

Ferry Operations and (2) (5) (8) (20) Other

Macao 74 47 338 (431) Operations



Marina Bay 177 144 448 383 Sands

$ 251 $ 191 $ 786 $ (48)



Adjusted Property EBITDA as a Percentage of Net Revenues

The Venetian 24.6% 22.3% 23.6% Macao

The Londoner Macao

The Parisian Macao

The Plaza Macao and Four 45.0% 33.3% 40.1% 12.5% Seasons Macao

Sands Macao

Ferry Operations and Other

Macao 11.4% 7.0% 11.7% Operations



Marina Bay 48.1% 41.7% 32.7% 30.4% Sands



Total 24.9% 18.8% 18.6%

____________________

The information for the three months and year ended December 31, 2021 Note:and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

Royalties were earned from foreign operations, which were previously (1) included in the Las Vegas Operating Properties and will continue post-closing of the sale.

(2) Intersegment eliminations include royalties and other intercompany services.







Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)



The following is a reconciliation of Net Loss from Continuing Operations to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:



Three Months Ended Year Ended

December 31, December 31,

2021 2020 2021 2020

Net loss from continuing $ (315)$ (303)$ (1,469)$ (1,900) operations

Add (deduct):

Income tax expense 14 28 (5) 24 (benefit)

Loss on modification or early - - 137 - retirement of debt

Other (income) 12 10 31 (19) expense

Interest expense, net of152 147 621 523 amounts capitalized

Interest income(1) (1) (4) (21)

Loss on disposal or 9 11 27 73 impairment of assets

Amortization of leasehold 14 14 56 55 interests in land

Depreciation and 266 252 1,041 997 amortization

Development 50 - 109 18 expense

Pre-opening 4 5 19 19 expense

Stock-based compensation^ 4 5 12 15 (1)

Corporate 42 23 211 168 expense

Consolidated Adjusted $ 251 $ 191 $ 786$ (48)Property EBITDA



Hold-normalized casino revenue^(15) 47 (2)

Hold-normalized casino expense (2) (22) ^(2)

Consolidated Hold-Normalized$ 234 $ 216 Adjusted Property EBITDA

____________________

The information for the three months and year ended December 31, 2021 Note:and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

During the three months ended December 31, 2021 and 2020, the company recorded stock-based compensation expense of $10 million and $8 million, respectively, of which $6 million and $3 million, respectively, is included in corporate expense on the company's (1) condensed consolidated statements of operations. During the years ended December 31, 2021 and 2020, the company recorded stock-based compensation expense of $27 million and $27 million, respectively, of which $15 million and $12 million, respectively, is included in corporate expense on the company's condensed consolidated statements of operations.

(2) See Exhibit 4.







Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions)

(Unaudited)



The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:



Three Months Ended December 31, 2021



Hold-Normalized

Adjusted Hold-Normalized Hold-Normalized Adjusted

Property Casino Casino Property

EBITDA Revenue ^(1) Expense^ (2) EBITDA

Macao $ 74$ 24$ (9)$ 89Operations

Marina Bay177 (39) 7 145 Sands

$ 251 $ (15)$ (2)$ 234





Three Months Ended December 31, 2020



Hold-Normalized

Adjusted Hold-Normalized Hold-Normalized Adjusted

Property Casino Casino Property

EBITDA Revenue ^(1) Expense^ (2) EBITDA

Macao $ 47$ 44$ (21) $ 70Operations

Marina Bay144 3 (1) 146 Sands

$ 191 $ 47$ (22) $ 216

____________________

The information for the three months and year ended December 31, 2021 Note:and 2020, excludes the results of the Las Vegas Operating Properties, as they are classified as a discontinued operation held for sale.

For Macao Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling Chip volume play that would have been earned or lost had the company's current period win percentage equaled 3.30%. This calculation will only be applied if the current period win percentage is outside the expected (1) range of 3.15% to 3.45%. The prior year non-GAAP measurement for our Macao Operations and Marina Bay Sands has also been adjusted to conform to the current period presentation. These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.

Represents the estimated expenses (gaming taxes and bad debt expense) (2) that would have been incurred or avoided on the casino revenue adjustment calculated in (1) above.







Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure Reconciliation

(In millions, except per share data)

(Unaudited)



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



Three Months Ended Year Ended

December 31, December 31,

2021 2020 2021 2020

Net loss attributable to$ (123)$ (299)$ (961)$ (1,685) LVS



Pre-opening 4 5 19 19 expense

Development 50 - 109 18 expense

Loss on disposal or 9 11 27 73 impairment of assets

Other (income) 12 10 31 (19) expense

Loss on modification or early - - 137 - retirement of debt

(Income) loss from discontinued (118) 73 (193) 243 operations, net of income taxes

Income tax impact on net income 3 1 (11) (4) adjustments^ (1)

Noncontrolling interest impact(6) (5) (61) (20) on net income adjustments

Adjusted net loss from continuing $ (169)$ (204)$ (903)$ (1,375) operations attributable to LVS



Hold-normalized casino revenue^(15) 47 (2)

Hold-normalized casino expense^(2) (22) (2)

Income tax impact on hold 5 - adjustments^ (1)

Noncontrolling interest impact(5) (7) on hold adjustments

Hold-normalized adjusted net loss from continuing $ (186)$ (186) operations attributable to LVS



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



Three Months Ended Year Ended

December 31, December 31,

2021 2020 2021 2020

Per diluted share of common stock:

Net loss attributable to$ (0.17) $ (0.40) $ (1.26) $ (2.21) LVS



Pre-opening 0.01 0.01 0.02 0.03 expense

Development 0.07 - 0.14 0.02 expense

Loss on disposal or 0.01 0.01 0.04 0.11 impairment of assets

Other (income) 0.02 0.01 0.04 (0.03) expense

Loss on modification or early - - 0.18 - retirement of debt

(Income) loss from discontinued (0.15) 0.10 (0.25) 0.32 operations, net of income taxes

Income tax impact on net - - (0.01) (0.01) income adjustments

Noncontrolling interest impact(0.01) - (0.08) (0.03) on net income adjustments

Adjusted loss per diluted share from $ (0.22)$ (0.27)$ (1.18)$ (1.80)continuing operations



Hold-normalized(0.02) 0.07 casino revenue

Hold-normalized- (0.03) casino expense

Income tax impact on hold 0.01 - adjustments

Noncontrolling interest impact(0.01) (0.01) on hold adjustments

Hold-normalized adjusted loss per diluted $ (0.24)$ (0.24) share from continuing operations



Weighted average diluted764 764 764 764 shares outstanding

____________________

The income tax impact for each adjustment is derived by applying the (1)effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

(2)See Exhibit 4.







Exhibit 6

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended Year Ended

December 31, December 31,

2021 2020 2021 2020

Casino Statistics:

The Venetian Macao:

Table games win per $ 3,679 $ 4,349 $ 4,625 $ 2,729 unit per day^ (1)

Slot machine win per unit $ 156 $ 219 $ 162 $ 129 per day^ (2)

Average number of 634 695 629 631 table games

Average number of 1,368 884 1,216 954 slot machines



The Londoner Macao:

Table games win per $ 2,600 $ 2,248 $ 2,869 $ 1,840 unit per day^ (1)

Slot machine win per unit $ 92$ 111 $ 101 $ 119 per day^ (2)

Average number of 478 342 475 329 table games

Average number of 1,155 545 998 563 slot machines



The Parisian Macao:

Table games win per $ 1,928 $ 3,464 $ 2,793 $ 2,409 unit per day^ (1)

Slot machine win per unit $ 62$ 143 $ 73$ 105 per day^ (2)

Average number of 273 266 270 271 table games

Average number of 1,066 768 960 776 slot machines



The Plaza Macao and Four Seasons Macao:

Table games win per $ 6,506 $ 5,201 $ 7,544 $ 3,873 unit per day^ (1)

Slot machine win per unit $ 46$ (42)$ 57$ 91per day^ (2)

Average number of 142 173 142 164 table games

Average number of 167 18 117 52 slot machines



Sands Macao:

Table games win per $ 1,556 $ 1,954 $ 2,139 $ 2,004 unit per day^ (1)

Slot machine win per unit $ 44$ 80$ 83$ 88per day^ (2)

Average number of 157 160 155 166 table games

Average number of 695 551 608 549 slot machines



Marina Bay Sands:

Table games win per $ 3,828 $ 2,490 $ 3,262 $ 4,319 unit per day^ (1)

Slot machine win per unit $ 649 $ 943 $ 756 $ 757 per day^ (2)

Average number of 514 604 549 605 table games

Average number of 1,967 1,714 1,913 1,861 slot machines



Las Vegas Operating Properties^ (3):

Table games win per $ 4,965 $ 1,797 $ 3,913 $ 2,896 unit per day^ (1)

Slot machine win per unit $ 614 $ 348 $ 555 $ 351 per day^ (2)

Average number of 190 194 188 199 table games

Average number of 1,731 1,432 1,609 1,532 slot machines

____________________

These casino statistics exclude table games and slot machines shutdown Note:due to social distancing measures or closure of the gaming facilities implemented as a result of the COVID-19 pandemic.

Table games win per unit per day is shown before discounts, (1) commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

Slot machine win per unit per day is shown before deferring revenue (2) associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

(3) The Las Vegas Operating Properties are classified as a discontinued operation held for sale.







Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended

The Venetian December 31, Macao

(Dollars in2021 2020 $ Change Change millions)

Revenues:

Casino $ 195 $ 243 $ (48) (19.8)%

Rooms 16 21 (5) (23.8)%

Food and 5 6 (1) (16.7)% Beverage

Mall 51 51 - - %

Convention, Retail and 5 6 (1) (16.7)% Other

Net $ 272 $ 327 $ (55) (16.8)% Revenues



Adjusted Property $ 67$ 73$ (6)(8.2)% EBITDA

EBITDA 24.6% 22.3% 2.3 pts Margin %



Gaming Statistics

(Dollars in millions)



Rolling $ 890 $ 1,209 $ (319) (26.4)% Chip Volume

Rolling Chip Win %^3.36% 3.31% 0.05 pts (1)



Non-Rolling$ 695 $ 975 $ (280) (28.7)% Chip Drop

Non-Rolling26.6% 24.4% 2.2 pts Chip Win %



Slot Handle$ 466 $ 444 $ 22 5.0%

Slot Hold %4.2% 4.0% 0.2 pts



Hotel Statistics



Occupancy %44.2% 49.3% (5.1) pts

Average Daily Rate $ 156 $ 167 $ (11) (6.6)% (ADR)

Revenue per Available $ 69$ 82$ (13) (15.9)% Room (RevPAR)

____________________

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, Note:with some operations temporarily closed at various times during 2020 and 2021. Rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue (1) associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).







Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended

The Londoner December 31, Macao

(Dollars in2021 2020 $ Change Change millions)

Revenues:

Casino $ 92 $ 63 $ 2946.0%

Rooms 21 13 8 61.5%

Food and 8 5 3 60.0% Beverage

Mall 13 13 - - %

Convention, Retail and 5 1 4 400.0% Other

Net $ 139 $ 95 $ 4446.3% Revenues



Adjusted Property $ (23)$ (34)$ 11(32.4)% EBITDA

EBITDA Margin %



Gaming Statistics

(Dollars in millions)



Rolling $ 759 $ - $ 759 Chip Volume

Rolling Chip Win %^2.60% (1)



Non-Rolling$ 408 $ 291 $ 117 40.2% Chip Drop

Non-Rolling23.2% 24.3% (1.1) ptsChip Win %



Slot Handle$ 254 $ 118 $ 136 115.3%

Slot Hold %3.9% 4.7% (0.8) pts



Hotel Statistics



Occupancy %41.5% 22.2% 19.3 pts

Average Daily Rate $ 166 $ 151 $ 159.9% (ADR)

Revenue per Available $ 69 $ 34 $ 35102.9% Room (RevPAR)

____________________

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, Note:with some operations temporarily closed at various times during 2020 and 2021. Rooms utilized for government quarantine purposes and to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue (1) associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).







Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended

The Parisian December 31, Macao

(Dollars in2021 2020 $ Change Change millions)

Revenues:

Casino $ 41 $ 69 $ (28) (40.6)%

Rooms 13 15 (2) (13.3)%

Food and 4 5 (1) (20.0)% Beverage

Mall 9 11 (2) (18.2)%

Convention, Retail and - 1 (1) (100.0)% Other

Net $ 67 $ 101 $ (34) (33.7)% Revenues



Adjusted Property $ (14)$ (7)$ (7)100.0% EBITDA

EBITDA Margin %



Gaming Statistics

(Dollars in millions)



Rolling $ 181 $ 534 $ (353) (66.1)% Chip Volume

Rolling Chip Win %^(4.77)% (1.40)% (3.37) pts(1)



Non-Rolling$ 242 $ 404 $ (162) (40.1)% Chip Drop

Non-Rolling23.5% 22.8% 0.7 pts Chip Win %



Slot Handle$ 167 $ 268 $ (101) (37.7)%

Slot Hold %3.6% 3.8% (0.2) pts



Hotel Statistics



Occupancy %50.8% 50.0% 0.8 pts

Average Daily Rate $ 119 $ 132 $ (13) (9.8)% (ADR)

Revenue per Available $ 60 $ 66 $ (6) (9.1)% Room (RevPAR)

____________________

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, Note:with some operations temporarily closed at various times during 2020 and 2021. Rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue (1) associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).







Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended

The Plaza Macao and Four December 31, Seasons Macao

(Dollars in2021 2020 $ Change Change millions)

Revenues:

Casino $ 65$ 58$ 712.1%

Rooms 11 11 - - %

Food and 5 5 - - % Beverage

Mall 59 40 19 47.5%

Net $ 140 $ 114 $ 26 22.8% Revenues



Adjusted Property $ 63$ 38$ 25 65.8% EBITDA

EBITDA 45.0% 33.3% 11.7 ptsMargin %



Gaming Statistics

(Dollars in millions)



Rolling $ 386 $ 1,070 $ (684) (63.9)% Chip Volume

Rolling Chip Win %^1.97% 1.76% 0.21 pts(1)



Non-Rolling$ 265 $ 274 $ (9)(3.3)% Chip Drop

Non-Rolling29.1% 23.3% 5.8 pts Chip Win %



Slot Handle$ 13$ - $ 13

Slot Hold %5.3%



Hotel Statistics



Occupancy %43.9% 42.0% 1.9 pts

Average Daily Rate $ 437 $ 449 $ (12) (2.7)% (ADR)

Revenue per Available $ 192 $ 189 $ 3 1.6% Room (RevPAR)

____________________

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, Note:with some operations temporarily closed at various times during 2020 and 2021. Rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue (1) associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).







Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended

Sands MacaoDecember 31,

(Dollars in2021 2020 $ Change Change millions)

Revenues:

Casino $ 21 $ 27 $ (6) (22.2)%

Rooms 3 3 - - %

Food and 1 2 (1) (50.0)% Beverage

Net $ 25 $ 32 $ (7) (21.9)% Revenues



Adjusted Property $ (17)$ (18)$ 1 (5.6)% EBITDA

EBITDA Margin %



Gaming Statistics

(Dollars in millions)



Rolling $ 120 $ 506 $ (386) (76.3)% Chip Volume

Rolling Chip Win %^3.65% 1.15% 2.50 pts (1)



Non-Rolling$ 91 $ 127 $ (36) (28.3)% Chip Drop

Non-Rolling19.8% 18.1% 1.7 pts Chip Win %



Slot Handle$ 140 $ 129 $ 11 8.5%

Slot Hold %2.0% 3.1% (1.1) pts



Hotel Statistics



Occupancy %67.0% 69.6% (2.6) pts

Average Daily Rate $ 139 $ 141 $ (2)(1.4)% (ADR)

Revenue per Available $ 93 $ 98 $ (5)(5.1)% Room (RevPAR)

____________________

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, Note:with some operations temporarily closed at various times during 2020 and 2021. Rooms utilized to house team members due to travel restrictions were excluded from the calculation of hotel statistics above.

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue (1) associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).







Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)



Three Months Ended

Marina Bay December 31, Sands

(Dollars in2021 2020 $ Change Change millions)

Revenues:

Casino $ 237$ 229$ 83.5%

Rooms 40 36 4 11.1%

Food and 28 32 (4) (12.5)% Beverage

Mall 49 39 10 25.6%

Convention, Retail and 14 9 5 55.6% Other

Net $ 368$ 345$ 23 6.7% Revenues



Adjusted Property $ 177$ 144$ 33 22.9% EBITDA

EBITDA 48.1% 41.7% 6.4 pts Margin %



Gaming Statistics

(Dollars in millions)



Rolling $ 1,318 $ 1,257 $ 61 4.9% Chip Volume

Rolling Chip Win %^6.32% 3.09% 3.23 pts (1)



Non-Rolling$ 814$ 556$ 258 46.4% Chip Drop

Non-Rolling12.0% 17.9% (5.9) ptsChip Win %



Slot Handle$ 2,876 $ 3,315 $ (439) (13.2)%

Slot Hold %4.1% 4.5% (0.4) pts



Hotel Statistics ^(2)



Occupancy %79.1% 69.0% 10.1pts

Average Daily Rate $ 259$ 229$ 30 13.1% (ADR)

Revenue per Available $ 205$ 158$ 47 29.7% Room (RevPAR)

____________________

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, Note:with some operations temporarily closed at various times during 2020 and 2021. Rooms utilized for government quarantine purposes were excluded from the calculation of hotel statistics above.

This compares to our expected Rolling Chip win percentage of 3.15% to 3.45% (calculated before discounts, commissions, deferring revenue (1) associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

During the three months ended December 31, 2021, total available rooms (2) decreased 16% compared to the three months ended December 31, 2020, primarily due to rooms under construction for renovation purposes.







Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Discontinued Operation Held for Sale

(Unaudited)



Three Months Ended

Las Vegas Operating December 31, Properties^ (1)

(Dollars in2021 2020 $ Change Change millions)

Revenues:

Casino $ 139$ 53 $ 86162.3%

Rooms 160 41 119 290.2%

Food and 90 22 68 309.1% Beverage

Convention, Retail and 54 15 39 260.0% Other^(2)

Net $ 443$ 131 $ 312 238.2% Revenues



Adjusted Property $ 154$ (50)$ 204 EBITDA

EBITDA 34.8% Margin %



Gaming Statistics

(Dollars in millions)



Table Games$ 493$ 289 $ 204 70.6% Drop

Table Games17.6% 11.1% 6.5 pts Win %^(3)



Slot Handle$ 1,148 $ 569 $ 579 101.8%

Slot Hold %8.5% 8.1% 0.4 pts



Hotel Statistics



Occupancy %100.3% 43.9% 56.4 pts

Average Daily Rate $ 247$ 185 $ 6233.5% (ADR)

Revenue per Available $ 247$ 81 $ 166 204.9% Room (RevPAR)

____________________

Due to social distancing measures and travel restrictions as a result of the COVID-19 pandemic, the property operated at a reduced capacity, Note:with some operations temporarily closed at various times during 2020. Rooms within the property's Venezia tower and Palazzo tower that were closed during the three months ended December 31, 2020, were excluded from the calculation of hotel statistics above.

In March 2021, LVS entered into definitive agreements to sell its Las (1) Vegas real property and operations and as a result have been classified as a discontinued operation held for sale.

Prior year amounts have been adjusted to conform to the current period (2) presentation, which excludes intercompany royalties as these will continue post-closing of the sale. See Exhibit 2.

This compares to our expected Baccarat win percentage of 18.0% to 26.0%(3) and our expected non-Baccarat win percentage of 16.0% to 24.0% (calculated before discounts).







Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Asian Retail Mall Operations

(Unaudited)



TTM For The Three Months Ended December 31, 2021 December 31, 2021

(Dollars in Occupancy millions Operating except Gross Operating Profit Gross Leasable% at Tenant Sales per Revenue^(1) Profit Margin Area (sq. ft.) Per Sq. Ft.^(2) square End of foot Period data)

Shoppes at $ 50$ 4590.0% 814,784 79.7% $ 1,348Venetian



Shoppes at Four Seasons

Luxury 43 41 95.3% 125,466 100.0% 9,150 Retail

Other 16 15 93.8% 118,742 88.2% 2,700 Stores

Total 59 56 94.9% 244,208 94.3% 6,300



Shoppes at 13 10 76.9% 532,175 54.4% 1,462 Londoner ^(3)



Shoppes at 9 8 88.9% 296,322 74.5% 648 Parisian



Total Cotai 131 119 90.8% 1,887,489 73.7% 2,154 Strip in Macao



The Shoppes at 49 43 87.8% 622,362 98.2% 1,614 Marina Bay Sands



Total $ 180 $ 162 90.0% 2,509,851 79.7% $ 1,991

____________________

This table excludes the results of our mall operations at Sands Macao. Note:As a result of the COVID-19 pandemic, tenants were provided rent concessions of $8 million at our Macao properties and $4 million at Marina Bay Sands.

(1) Gross revenue figures are net of intersegment revenue eliminations.

(2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

The Shoppes at Londoner will feature more than 600,000 square feet of (3) gross leasable area at completion of all phases of the renovation, rebranding and expansion to The Londoner Macao.

View original content to download multimedia: https://www.prnewswire.com/news-releases/las-vegas-sands-reports-fourth-quarter-2021-results-301469080.html

SOURCE Las Vegas Sands