| Latest Forum Topics / Others |
 Post Reply
|
|
MBS Casino
|
|||||
|
tchoonw
Veteran |
29-Oct-2010 08:23
|
||||
|
x 0
x 0 Alert Admin |
 Las Vegas Sands Corp. Reports Third Quarter 2010 ResultsConsolidated Third Quarter Adjusted Property EBITDA Increases 136.9% to Record $645.2 Million on Record Net Revenue of $1.91 Billion; Majority-Owned Subsidiary Sands China Ltd's Adjusted Property EBITDA Increases 40.8% to Record $334.6 Million and Record Adjusted Property EBITDA Margin of 31.3%; Marina Bay Sands Generates Adjusted Property EBITDA of $241.6 Million and Adjusted Property EBITDA Margin of 49.7%; Consolidated Adjusted Property EBITDA Margin Increases to 33.8%, Up 990 Basis Points Compared to the Third Quarter of 2009LAS VEGAS, NV, Oct 27, 2010 (MARKETWIRE via COMTEX News Network) -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2010. Company-Wide Operating Results Net revenue for the third quarter of 2010 was a record $1.91 billion, an increase of 67.3% compared to $1.14 billion in the third quarter of 2009. Consolidated adjusted property EBITDA in the third quarter of 2010 increased 136.9% to $645.2 million, compared to $272.3 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 990 basis points to 33.8% in the third quarter of 2010, compared to 23.9% in the third quarter of 2009. On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2010 increased to $383.3 million, compared to $62.4 million in the third quarter of 2009. The increase in operating income was principally due to stronger results across our portfolio of properties in Macau, and the first full quarter of operations at Marina Bay Sands in Singapore. Adjusted net income (see Note 1) increased to $265.2 million, or $0.34 per diluted share, compared to $20.1 million, or $0.03 per diluted share, in the third quarter of 2009. On a GAAP basis, net income attributable to common stockholders in the third quarter of 2010 was $168.0 million, compared to net loss of $123.0 million in the third quarter of 2009. Diluted earnings per share in the third quarter of 2010 was $0.21, compared to a diluted loss per share of $0.19 in the prior year quarter. The improvement in our net income attributable to common stockholders of $291.0 million reflects the increase in operating income, partially offset by an increase in net income attributable to noncontrolling interests (primarily Sands China Ltd.). Third Quarter Overview Sheldon G. Adelson, chairman and CEO, stated, "We are incredibly pleased to report that records for revenues, adjusted property EBITDA and adjusted property EBITDA margin were achieved during the third quarter of 2010. Strong revenue growth and increases in operational efficiency in Macau and outstanding results at Marina Bay Sands in Singapore contributed to substantial margin expansion and industry-leading financial performance overall. We measure our financial success by the generation of EBITDA, not by our share of market revenue. We are therefore extremely proud to deliver an all-time quarterly record of $334.6 million of adjusted property EBITDA for our Macau operations, with both The Venetian Macao and Four Seasons Hotel Macao and Plaza Casino delivering substantial revenue and adjusted property EBITDA growth and margin expansion. In Las Vegas, increases in gaming volumes and hotel revenues allowed us to deliver $58.3 million of adjusted property EBITDA during the quarter. "In Singapore, Marina Bay Sands, which just completed its first full quarter of operations, generated the highest quarterly adjusted property EBITDA and EBITDA margin from any single property in the history of our company. Marina Bay Sands produced $241.6 million of adjusted property EBITDA and an EBITDA margin of 49.7% during the quarter. Both gaming volumes and visitation to the property have continued to trend upward since our opening, and we are gratified by the overwhelming reception the property has received. One example of that growth is the increase in average daily adjusted property EBITDA of over 275% from May to October. We are proud that Marina Bay Sands has already enhanced Singapore's reputation as an international business and leisure destination. Looking ahead, we are confident that Marina Bay Sands will provide an ideal platform for strong growth and outstanding returns for our company." Sands China Ltd. Consolidated Financial Results Sands China Ltd. is a majority-owned subsidiary of the company which owns and operates the company's integrated resort properties and other assets in Macau. On a U.S. GAAP basis, total net revenues for Sands China Ltd. increased 27.7% to $1.08 billion in the third quarter of 2010, compared to $846.0 million in the third quarter of 2009. Adjusted property EBITDA for Sands China Ltd. increased 43.0% to $328.6 million in the third quarter of 2010, compared to $229.8 million in the third quarter of 2009. Net income for Sands China Ltd. increased 124.9% to $196.6 million in the third quarter of 2010, compared to $87.4 million in the third quarter of 2009. The Venetian Macao Third Quarter Operating Results The Venetian Macao continues to enjoy market-leading visitation and strong financial performance. The property delivered record adjusted property EBITDA of $211.5 million for the third quarter of 2010 and record 34.1% adjusted property EBITDA margin, an increase of 370 basis points over the third quarter of 2009. Gaming volumes were healthy in each segment of the business. Slot handle was a record $853.7 million, increasing 40.0% compared to the quarter one year ago, while Non-Rolling Chip drop was a record $956.9 million for the quarter, an increase of 14.6% compared to the same quarter last year. Non-Rolling Chip win percentage for the quarter was 26.6%. Rolling Chip volume during the quarter was $11.04 billion, with the direct play portion representing approximately $2.52 billion, or 22.8% of that amount. The following table summarizes our key operating results for The Venetian Macao for the third quarter of 2010 compared to the third quarter of 2009: Three Months Ended
The Venetian Macao Operations September 30,
---------------------
(Dollars in millions) 2010 2009(1) $ Change Change
---------- --------- --------- --------
Revenues:
Casino $ 540.3 $ 420.8 $ 119.5 28.4%
Rooms 50.6 45.0 5.6 12.4%
Food and Beverage 16.5 13.6 2.9 21.3%
Retail and Other 42.9 40.0 2.9 7.3%
Less - Promotional Allowances (29.6) (25.4) (4.2) -16.5%
---------- --------- ---------
Net Revenues $ 620.7 $ 494.0 $ 126.7 25.6%
Adjusted Property EBITDA $ 211.5 $ 150.4 $ 61.1 40.6%
EBITDA Margin % 34.1% 30.4% 3.7 pts
Operating Income $ 156.9 $ 95.6 $ 61.3 64.1%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 11,035.1 $ 9,062.2 $ 1,972.9 21.8%
Rolling Chip Win %(2) 3.05% 2.83% 0.22 pts
Non-Rolling Chip Drop $ 956.9 $ 834.9 $ 122.0 14.6%
Non-Rolling Chip Win %(3) 26.6% 23.0% 3.6 pts
Slot Handle $ 853.7 $ 609.7 $ 244.0 40.0%
Slot Hold %(4) 6.5% 7.5% -1.0 pts
Hotel Statistics
Occupancy % 90.1% 88.1% 2.0 pts
Average Daily Rate (ADR) $ 217 $ 198 $ 19 9.6%
Revenue per Available Room
(RevPAR) $ 195 $ 175 $ 20 11.4%
(1) Revenue amounts have been reclassified to conform to the current
period presentation.
(2) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions).
(3) This compares to The Venetian Macao's trailing 12 month
Non-Rolling Chip win percentage of 24.4% (calculated before
discounts).
(4) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Sands Macao Third Quarter Operating Results Sands Macao's third quarter operating performance reflected Sands' strong competitive positioning on the Macau peninsula. Gaming volumes were healthy, while efficiency programs positively impacted financial results. Adjusted property EBITDA was $74.1 million in the quarter, a decrease of 3.9% compared to the third quarter of 2009. Adjusted property EBITDA margin was 25.7% in the quarter, compared to 27.5% in the year-ago quarter. Slot handle increased to a record $435.7 million, up 33.0% compared to the quarter one year ago, while Rolling Chip volume increased 14.5% to $6.28 billion for the quarter. The following table summarizes our key operating results for the Sands Macao for the third quarter of 2010 compared to the third quarter of 2009: Three Months Ended
Sands Macao Operations September 30,
--------------------
(Dollars in millions) 2010 2009 $ Change Change
--------- --------- ------- ---------
Revenues:
Casino $ 281.8 $ 275.4 $ 6.4 2.3%
Rooms 6.1 6.6 (0.5) -7.6%
Food and Beverage 11.3 9.4 1.9 20.2%
Retail and Other 2.2 1.2 1.0 83.3%
Less - Promotional Allowances (13.2) (11.8) (1.4) -11.9%
--------- --------- -------
Net Revenues $ 288.2 $ 280.8 $ 7.4 2.6%
Adjusted Property EBITDA $ 74.1 $ 77.1 $ (3.0) -3.9%
EBITDA Margin % 25.7% 27.5% -1.8 pts
Operating Income $ 64.1 $ 64.4 $ (0.3) -0.5%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 6,275.0 $ 5,479.1 $ 795.9 14.5%
Rolling Chip Win %(1) 3.00% 3.37% -0.37 pts
Non-Rolling Chip Drop $ 649.6 $ 626.4 $ 23.2 3.7%
Non-Rolling Chip Win %(2) 20.3% 19.0% 1.3 pts
Slot Handle $ 435.7 $ 327.5 $ 108.2 33.0%
Slot Hold %(3) 5.7% 6.6% -0.9 pts
Hotel Statistics
Occupancy % 96.6% 97.9% -1.3 pts
Average Daily Rate (ADR) $ 239 $ 254 $ (15) -5.9%
Revenue per Available Room
(RevPAR) $ 231 $ 248 $ (17) -6.9%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(2) This compares to the Sands Macao's trailing 12 month Non-Rolling Chip
win percentage of 20.2% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Four Seasons Hotel Macao and Plaza Casino Third Quarter Operating Results The Four Seasons Hotel Macao and Plaza Casino delivered a quarterly record $49.0 million of adjusted property EBITDA for the third quarter of 2010, an increase of $38.8 million, or 380.4%, compared to the third quarter of 2009. Rolling Chip volume increased to $4.74 billion during the quarter, with the direct play portion representing approximately $1.99 billion, or 42.0% of that total. The mass gaming business continued to expand, with slot handle achieving $120.3 million in the quarter, an increase of 98.5% compared to last year's third quarter. Non-Rolling Chip drop increased 18.8% to $98.5 million. Hotel occupancy reached 70.9% during the quarter, up from 56.2% in the same quarter last year. The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the third quarter of 2010 compared to the third quarter of 2009: Four Seasons Hotel Macao and Three Months Ended
Plaza Casino Operations September 30,
--------------------
(Dollars in millions) 2010 2009 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 142.3 $ 54.8 $ 87.5 159.7%
Rooms 7.6 5.5 2.1 38.2%
Food and Beverage 5.1 3.9 1.2 30.8%
Retail and Other 13.9 8.0 5.9 73.8%
Less - Promotional Allowances (8.5) (5.1) (3.4) -66.7%
--------- --------- ---------
Net Revenues $ 160.4 $ 67.1 $ 93.3 139.0%
Adjusted Property EBITDA $ 49.0 $ 10.2 $ 38.8 380.4%
EBITDA Margin % 30.5% 15.1% 15.4 pts
Operating Income (Loss) $ 34.1 $ (4.3) $ 38.4 893.0%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 4,740.6 $ 2,183.7 $ 2,556.9 117.1%
Rolling Chip Win %(1) 3.08% 2.31% 0.77 pts
Non-Rolling Chip Drop $ 98.5 $ 82.9 $ 15.6 18.8%
Non-Rolling Chip Win %(2) 29.5% 22.3% 7.2 pts
Slot Handle $ 120.3 $ 60.6 $ 59.7 98.5%
Slot Hold %(3) 5.4% 5.4% 0.0 pts
Hotel Statistics
Occupancy % 70.9% 56.2% 14.7 pts
Average Daily Rate (ADR) $ 309 $ 294 $ 15 5.1%
Revenue per Available Room
(RevPAR) $ 219 $ 165 $ 54 32.7%
(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(2) This compares to the Plaza Casino's trailing 12 month Non-Rolling
Chip win percentage of 24.7% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Marina Bay Sands Third Quarter Operating Results Marina Bay Sands in Singapore, in its first full quarter of operations, delivered adjusted property EBITDA of $241.6 million for the third quarter of 2010 and 49.7% adjusted property EBITDA margin. Net revenue in the third quarter was $485.9 million. The property has now been open for approximately six months and it continues to build momentum as additional dining, convention and exhibition, and retail offerings come online to enhance the full complement of amenities available to guests. Gaming volumes were strong in each segment of the business. Rolling Chip volume was $10.25 billion. Rolling Chip win percentage was 2.65%, which is lower than our expected Rolling Chip win percentage of 2.7% to 3.0%. Non-Rolling Chip drop was $892.1 million with Non-Rolling Chip win percentage of 22.1%. Slot handle was $1.36 billion for the period with slot hold percentage of 5.9%. Quarter Ended 65 Days Ended
Marina Bay Sands Operations September 30, June 30,
(Dollars in millions) 2010 2010
------------ ------------
Revenues:
Casino $ 414.5 $ 190.8
Rooms 38.2 9.7
Food and Beverage 31.9 13.4
Retail and Other 31.3 12.5
Less - Promotional Allowances (30.0) (10.0)
------------ ------------
Net Revenues $ 485.9 $ 216.4
Adjusted Property EBITDA $ 241.6 $ 94.5
EBITDA Margin % 49.7% 43.7%
Operating Income $ 166.2 $ 52.0
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 10,254.6 $ 3,884.0
Rolling Chip Win %(1) 2.65% 2.18%
Non-Rolling Chip Drop $ 892.1 $ 538.3
Non-Rolling Chip Win % 22.1% 21.5%
Slot Handle $ 1,358.7 $ 482.3
Slot Hold % 5.9% 7.5%
Hotel Statistics
Occupancy % 68.2% 54.9%
Average Daily Rate (ADR) $ 246 $ 226
Revenue per Available Room (RevPAR) $ 168 $ 124
(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
Las Vegas Third Quarter Operating Results The Venetian Las Vegas and The Palazzo enjoyed stronger gaming volumes, improved group booking volumes and improved hotel occupancy during the quarter. Our Las Vegas operations delivered $58.3 million of adjusted property EBITDA for the third quarter of 2010, compared to $34.5 million in the third quarter of 2009. Table games drop increased 10.9% to $476.5 million and table games win percentage was 17.1% and above the 12.2% experienced in the prior year quarter. The following table summarizes our key operating results for our Las Vegas operations for the third quarter of 2010 compared to the third quarter of 2009: Three Months Ended
Las Vegas Operations September 30,
-----------------
(Dollars in millions) 2010 2009(1) $ Change Change
------- -------- ------ -------
Revenues:
Casino $ 116.6 $ 99.0 $ 17.6 17.8%
Rooms 105.6 98.6 7.0 7.1%
Food and Beverage 47.2 41.7 5.5 13.2%
Retail and Other 62.6 31.6 31.0 98.1%
Less - Promotional Allowances (41.3) (41.9) 0.6 1.4%
------- -------- ------
Net Revenues $ 290.7 $ 229.0 $ 61.7 26.9%
Adjusted Property EBITDA $ 58.3 $ 34.5 $ 23.8 69.0%
EBITDA Margin % 20.0% 15.0% 5.0 pts
Operating Income (Loss) $ 23.4 $ (28.9) $ 52.3 181.0%
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 476.5 $ 429.7 $ 46.8 10.9%
Table Games Win %(2) 17.1% 12.2% 4.9 pts
Slot Handle $ 663.6 $ 672.2 $ (8.6) -1.3%
Slot Hold %(3) 7.9% 7.8% 0.1 pts
Hotel Statistics
The Venetian Las Vegas:
Occupancy % 94.0% 88.7% 5.3 pts
Average Daily Rate (ADR) $ 166 $ 171 $ (5) -2.9%
Revenue per Available Room (RevPAR) $ 156 $ 152 $ 4 2.6%
The Palazzo:
Occupancy % 93.2% 87.9% 5.3 pts
Average Daily Rate (ADR) $ 185 $ 174 $ 11 6.3%
Revenue per Available Room (RevPAR) $ 173 $ 153 $ 20 13.1%
(1) Revenue amounts have been reclassified to conform to the current
presentation.
(2) This compares to our Las Vegas Operations trailing 12 month table
games win percentage of 17.1% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 7% to 8%
(calculated before slot club cash incentives).
Sands Bethlehem Third Quarter Operating Results Net revenues for Sands Bethlehem in Pennsylvania were $82.8 million and adjusted property EBITDA reached $16.4 million for the third quarter of 2010, the highest total since the opening of the property in May 2009. The introduction of 89 table games in July 2010 expanded the property's offerings and produced $72.9 million of table games drop with a win percentage of 13.0%. Slot handle at the property was $934.6 million for the quarter. Construction of the property's 300-room hotel tower is progressing and the hotel is expected to open in May 2011. The following table summarizes our key operating results for Sands Bethlehem for the third quarter of 2010 compared to the third quarter of 2009: Three Months Ended
Sands Bethlehem Operations September 30,
----------------
(Dollars in millions) 2010 2009 $ Change Change
------- ------- ------- -------
Revenues:
Casino $ 78.5 $ 58.2 $ 20.3 34.9%
Food and Beverage 5.2 5.8 (0.6) -10.3%
Retail and Other 2.3 0.9 1.4 155.6%
Less - Promotional Allowances (3.2) (1.9) (1.3) -68.4%
------- ------- -------
Net Revenues $ 82.8 $ 63.0 $ 19.8 31.4%
Adjusted Property EBITDA $ 16.4 $ 8.3 $ 8.1 97.6%
EBITDA Margin % 19.7% 13.2% 6.5 pts
Operating Income $ 8.4 $ 0.9 $ 7.5 833.3%
Gaming Statistics
(Dollars in millions)
Table Games Drop(1) $ 72.9
Table Games Win % 13.0%
Slot Handle $ 934.6 $ 813.3 $ 121.3 14.9%
Slot Hold %(2) 7.2% 7.2% 0.0 pts
(1) Table games were introduced at the property on July 18, 2010.
(2) This compares to our expected slot hold percentage of 6% to 7%
(calculated before slot club cash incentives).
Other Factors Affecting Earnings Other Asia adjusted property EBITDA, which is principally composed of losses from our CotaiJet ferry operation, was negative $5.6 million in the quarter. Pre-opening expenses, related principally to Marina Bay Sands in Singapore and the Shangri-La, Traders, Sheraton, St. Regis development on Parcels 5 & 6 of the Cotai Strip, decreased to $10.1 million in the third quarter of 2010, compared to $28.9 million in the third quarter of 2009. Depreciation and amortization expense was $186.7 million in the third quarter of 2010, compared to $148.7 million in the third quarter of 2009. The increase was principally driven by the opening of Marina Bay Sands in April 2010. Interest expense, net of amounts capitalized, was $76.7 million for the third quarter of 2010, compared to $88.5 million during the third quarter of 2009. Our weighted average borrowing cost in the third quarter of 2010 was 4.1%. Capitalized interest was $32.0 million during the third quarter of 2010, compared to $16.9 million during the third quarter of 2009. Corporate expense was $28.7 million in the third quarter of 2010, compared to $17.5 million in the third quarter of 2009. The increase was driven principally by higher incentive compensation expenses attributable to the company's improved performance. The company recorded a non-cash impairment loss of $16.1 million during the quarter primarily related to equipment in Macau that is expected to be disposed. Other income, which was principally composed of foreign currency translation gains, was $6.4 million in the third quarter of 2010, compared to other expense of $1.6 million in the third quarter of 2009. Loss on modification or early retirement of debt was primarily comprised of the write-down of deferred financing costs and fees associated with the company's amend and extend transaction consummated during the third quarter. The company's effective tax rate for the third quarter of 2010 was 8.6%. The effective tax rate includes a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate. Net income attributable to noncontrolling interests during the third quarter of $54.3 million was principally related to Sands China Ltd. Balance Sheet Items Unrestricted cash balances as of September 30, 2010, were $2.39 billion, while restricted cash balances were $959.7 million. Of the restricted cash balances, $885.2 million pertains to construction for the Shangi-La, Traders, Sheraton, St. Regis development on Parcels 5 & 6 in Macau, and $61.5 million is restricted for construction of Marina Bay Sands in Singapore. As of September 30, 2010, total debt outstanding, including the current portion, was $10.14 billion. Scheduled principal payments required in 2010 and 2011 total $37.9 million and $798.0 million, respectively. Capital Expenditures Capital expenditures during the third quarter totaled $523.1 million, including construction and development activities of $356.4 million at Marina Bay Sands, $146.9 million in Macau, $11.9 million at Sands Bethlehem, and $7.9 million in Las Vegas. Conference Call Information The company will hold a conference call to discuss the company's results on Wednesday, October 27, 2010 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.lasvegassands.com. Forward-Looking Statements This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificates and subconcession, infrastructure in Macau 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. Note 1 Adjusted net income excludes U.S. deferred tax valuation allowance, pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt, legal settlement expense, preferred stock dividends, and accretion to redemption value of preferred stock issued to the Principal Stockholder's family. About Las Vegas Sands Corp. Las Vegas Sands Corp. (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (integrated resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities. THE VENETIAN(R) and THE PALAZZO(R), Five-Diamond luxury resorts on the Las Vegas Strip, are among the company's properties in the United States. In Singapore, the iconic MARINA BAY SANDS(R) is the most recent addition to the company's portfolio. Through its majority-owned subsidiary Sands China Ltd., the company also owns a collection of properties in Macau, including THE VENETIAN(R) Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at its COTAI STRIP(R) development, as well as the SANDS(R) Macao on the Macau peninsula. The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the Shangri-La, Traders, Sheraton, and St. Regis hotel brands. Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360 program and is an active community partner through its various charitable organizations. Las Vegas Sands Corp. Third Quarter 2010 Results Non-GAAP Reconciliations Within the company's third quarter 2010 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," and "adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release. Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, impairment loss, gain or loss on disposal of assets, pre-opening expense, development expense, stock-based compensation, corporate expense, and rental expense. Reconciliations of GAAP operating income (loss) and GAAP net income (loss) attributable to Las Vegas Sands Corp. to adjusted property EBITDA are included in the financial schedules accompanying this release. Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
----------- ----------- ----------- -----------
Revenues:
Casino $ 1,573,851 $ 908,255 $ 3,929,922 $ 2,504,233
Rooms 208,160 155,673 579,709 492,030
Food and beverage 117,186 74,457 314,344 248,852
Convention, retail
and other 147,179 95,604 370,660 304,976
----------- ----------- ----------- -----------
2,046,376 1,233,989 5,194,635 3,550,091
Less - promotional
allowances (137,604) (92,845) (356,499) (271,185)
----------- ----------- ----------- -----------
1,908,772 1,141,144 4,838,136 3,278,906
----------- ----------- ----------- -----------
Operating expenses:
Resort operations 1,271,862 877,224 3,371,333 2,520,646
Corporate expense 28,686 17,519 78,116 105,250
Rental expense 9,186 6,691 30,690 22,497
Pre-opening expense 10,107 28,855 97,684 115,619
Development expense 425 80 1,258 344
Depreciation and
amortization 186,738 148,677 510,521 431,559
Impairment loss 16,057 - 16,057 151,175
(Gain) loss on
disposal of assets 2,406 (284) 40,577 4,500
----------- ----------- ----------- -----------
1,525,467 1,078,762 4,146,236 3,351,590
----------- ----------- ----------- -----------
Operating income (loss) 383,305 62,382 691,900 (72,684)
Interest income 2,661 1,599 6,367 9,840
Interest expense, net
of amounts
capitalized (76,723) (88,514) (231,875) (224,503)
Other income
(expense) 6,444 (1,564) (6,205) (6,534)
Loss on modification
or early retirement
of debt (21,692) (204) (18,555) (204)
----------- ----------- ----------- -----------
Income (loss) before
income taxes 293,995 (26,301) 441,632 (294,085)
Income tax expense (25,161) (54,316) (46,436) (641)
----------- ----------- ----------- -----------
Net income (loss) 268,834 (80,617) 395,196 (294,726)
Net (income) loss
attributable to
noncontrolling
interests (54,337) 4,111 (121,311) 7,674
----------- ----------- ----------- -----------
Net income (loss)
attributable to Las
Vegas Sands Corp. 214,497 (76,506) 273,885 (287,052)
Preferred stock
dividends (23,350) (23,350) (70,050) (69,676)
Accretion to redemption
value of preferred
stock issued to
Principal
Stockholder's family (23,136) (23,136) (69,408) (69,408)
----------- ----------- ----------- -----------
Net income (loss)
attributable to common
stockholders $ 168,011 $ (122,992) $ 134,427 $ (426,136)
=========== =========== =========== ===========
Basic earnings (loss)
per share $ 0.25 $ (0.19) $ 0.20 $ (0.65)
============ =========== ============ ===========
Diluted earnings (loss)
per share $ 0.21 $ (0.19) $ 0.17 $ (0.65)
============ =========== ============ ===========
Weighted average shares
outstanding:
Basic 660,836,841 660,245,590 660,495,783 655,687,503
============ =========== ============ ===========
Diluted 789,156,247 660,245,590 782,156,007 655,687,503
============ =========== ============ ===========
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted
Property EBITDA:
Three Months Ended September 30, 2010
Impairment
and (Gain) Pre-Opening
Operating Depreciation Loss on and
Income and Disposal Development
(Loss) Amortization of Assets Expense
----------- ------------ ----------- ------------
The Venetian Macao $ 156,872 $ 48,376 $ 3,442 $ -
Sands Macao 64,102 9,487 23 -
Four Seasons Hotel
Macao and Plaza
Casino 34,065 12,981 (71) 1,171
----------- ------------ ----------- ------------
Macau Property
Operations 255,039 70,844 3,394 1,171
Las Vegas Operating
Properties 23,441 56,738 323 -
Sands Bethlehem 8,414 6,871 - 425
----------- ------------ ----------- ------------
United States
Property
Operations 31,855 63,609 323 425
Marina Bay Sands 166,216 44,731 311 2,533
Other Asia (2) (14,958) 4,089 - 69
Other Development (23,082) 170 14,435 6,334
Corporate (31,765) 3,295 - -
----------- ------------ ----------- ------------
$ 383,305 $ 186,738 $ 18,463 $ 10,532
=========== ============ =========== ============
(1) Adjusted
Royalty Stock-Based Corporate Rental Property
Fees Compensation Expense Expense EBITDA
--------- ---------- ---------- ---------- ---------
The Venetian Macao $ - $ 539 $ - $ 2,267 $ 211,496
Sands Macao - 139 - 352 74,103
Four Seasons Hotel
Macao and Plaza
Casino - 112 - 704 48,962
--------- ---------- ---------- ---------- ---------
Macau Property
Operations - 790 - 3,323 334,561
Las Vegas Operating
Properties (26,434) 4,203 - - 58,271
Sands Bethlehem - 651 - - 16,361
--------- ---------- ---------- ---------- ---------
United States
Property
Operations (26,434) 4,854 - - 74,632
Marina Bay Sands 21,650 2,428 - 3,720 241,589
Other Asia (2) 5,000 237 - - (5,563)
Other Development - - - 2,143 -
Corporate (216) - 28,686 - -
--------- ---------- ---------- ---------- ---------
$ - $ 8,309 $ 28,686 $ 9,186 $ 645,219
========= ========== ========== ========== =========
Three Months Ended September 30, 2009
(Gain) Pre-Opening
Operating Depreciation Loss on and
Income and Disposal Development
(Loss) Amortization of Assets Expense
----------- ------------- ----------- -----------
The Venetian Macao $ 95,580 $ 51,056 $ (323) $ (10)
Sands Macao 64,432 11,430 6 -
Four Seasons Hotel
Macao and Plaza
Casino (4,322) 12,876 28 722
----------- ------------- ----------- -----------
Macau Property
Operations 155,690 75,362 (289) 712
Las Vegas Operating
Properties (28,908) 58,706 3 (1)
Sands Bethlehem 917 7,033 - (262)
----------- ------------- ----------- -----------
United States
Property
Operations (27,991) 65,739 3 (263)
Other Asia (2) (12,344) 3,701 2 460
Other Development (32,389) 810 - 28,026
Corporate (20,584) 3,065 - -
----------- ------------- ----------- -----------
$ 62,382 $ 148,677 $ (284) $ 28,935
=========== ============= =========== ===========
(1) Adjusted
Royalty Stock-Based Corporate Rental Property
Fees Compensation Expense Expense EBITDA
---------- ---------- ---------- ---------- ---------
The Venetian Macao $ - $ 2,032 $ - $ 2,054 $ 150,389
Sands Macao - 892 - 355 77,115
Four Seasons Hotel
Macao and Plaza
Casino - 193 - 655 10,152
---------- ---------- ---------- ---------- ---------
Macau Property
Operations - 3,117 - 3,064 237,656
Las Vegas Operating
Properties - 4,578 - 74 34,452
Sands Bethlehem - 635 - - 8,323
---------- ---------- ---------- ---------- ---------
United States
Property
Operations - 5,213 - 74 42,775
Other Asia (2) - 93 - - (8,088)
Other Development - - - 3,553 -
Corporate - - 17,519 - -
---------- ---------- ---------- ---------- ---------
$ - $ 8,423 $ 17,519 $ 6,691 $ 272,343
========== ========== ========== ========== =========
Nine Months Ended September 30, 2010
Impairment
and (Gain) Pre-Opening
Operating Depreciation Loss on and
Income and Disposal Development
(Loss) Amortization of Assets Expense
----------- ------------ ----------- ------------
The Venetian Macao $ 405,426 $ 152,611 $ 3,714 $ -
Sands Macao 192,931 30,302 (566) -
Four Seasons Hotel
Macao and Plaza
Casino 58,796 37,552 (76) 2,159
----------- ------------ ----------- ------------
Macau Property
Operations 657,153 220,465 3,072 2,159
Las Vegas Operating
Properties 77,681 175,728 600 -
Sands Bethlehem 15,725 20,763 - 1,300
----------- ------------ ----------- ------------
United States
Property
Operations 93,406 196,491 600 1,300
Marina Bay Sands 218,259 70,013 302 15,942
Other Asia (2) (44,012) 12,050 - 113
Other Development (145,675) 2,171 52,660 79,428
Corporate (87,231) 9,331 - -
----------- ------------ ----------- ------------
$ 691,900 $ 510,521 $ 56,634 $ 98,942
=========== ============ =========== ============
(1) Adjusted
Royalty Stock-Based Corporate Rental Property
Fees Compensation Expense Expense EBITDA
--------- ---------- ---------- ---------- ----------
The Venetian Macao $ - $ 3,158 $ - $ 9,331 $ 574,240
Sands Macao - 1,350 - 1,059 225,076
Four Seasons Hotel
Macao and Plaza
Casino - 336 - 2,689 101,456
--------- ---------- ---------- ---------- ----------
Macau Property
Operations - 4,844 - 13,079 900,772
Las Vegas Operating
Properties (36,434) 11,980 - - 229,555
Sands Bethlehem - 1,662 - - 39,450
--------- ---------- ---------- ---------- ----------
United States
Property
Operations (36,434) 13,642 - - 269,005
Marina Bay Sands 21,650 3,694 - 6,195 336,055
Other Asia (2) 15,000 700 - - (16,149)
Other Development - - - 11,416 -
Corporate (216) - 78,116 - -
--------- ---------- ---------- ---------- ----------
$ - $ 22,880 $ 78,116 $ 30,690 $1,489,683
========= ========== ========== ========== ==========
Nine Months Ended September 30, 2009
Impairment
and (Gain) Pre-Opening
Operating Depreciation Loss on and
Income and Disposal Development
(Loss) Amortization of Assets Expense
----------- ------------- ------------ -------------
The Venetian Macao $ 215,233 $ 151,974 $ 4,447 $ (105)
Sands Macao 149,631 36,062 93 -
Four Seasons Hotel
Macao and Plaza
Casino (21,809) 37,517 65 2,008
----------- ------------- ------------ -------------
Macau Property
Operations 343,055 225,553 4,605 1,903
Las Vegas Operating
Properties (140,913) 175,263 151,068 (55)
Sands Bethlehem 1,480 8,998 - (262)
----------- ------------- ------------ -------------
United States
Property
Operations (139,433) 184,261 151,068 (317)
Other Asia (2) (36,060) 10,179 2 1,360
Other Development (126,618) 3,188 - 113,017
Corporate (113,628) 8,378 - -
----------- ------------- ------------ -------------
$ (72,684) $ 431,559 $ 155,675 $ 115,963
=========== ============= ============ =============
(1) Adjusted
Royalty Stock-Based Corporate Rental Property
Fees Compensation Expense Expense EBITDA
---------- ---------- ---------- ---------- ---------
The Venetian Macao $ - $ 4,139 $ - $ 6,161 $ 381,849
Sands Macao - 1,674 - 1,062 188,522
Four Seasons Hotel
Macao and Plaza
Casino - 336 - 1,966 20,083
---------- ---------- ---------- ---------- ---------
Macau Property
Operations - 6,149 - 9,189 590,454
Las Vegas Operating
Properties - 14,078 - 2,895 202,336
Sands Bethlehem - 944 - - 11,160
---------- ---------- ---------- ---------- ---------
United States
Property
Operations - 15,022 - 2,895 213,496
Other Asia (2) - 530 - - (23,989)
Other Development - - - 10,413 -
Corporate - - 105,250 - -
---------- ---------- ---------- ---------- ---------
$ - $ 21,701 $ 105,250 $ 22,497 $ 779,961
========== ========== ========== ========== =========
(1) During the three months ended September 30, 2010 and 2009, the Company
recorded stock-based compensation expense of $13.7 million and $12.0
million, respectively, of which $5.3 million and $2.2 million,
respectively, is included in corporate expense and $0.1 million and
$1.4 million, respectively, is included in pre-opening and development
expense on the Company's condensed consolidated statements of
operations. During the nine months ended September 30, 2010 and 2009,
the Company recorded stock-based compensation expense of $42.6 million
and $32.9 million, respectively, of which $17.8 million and
$6.9 million, respectively, is included in corporate expense and $1.9
million and $4.3 million, respectively, is included in pre-opening and
development expense on the Company's condensed consolidated statements
of operations.
(2) Primarily includes the results of the CotaiJet ferry operations.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following is a reconciliation of Net Income (Loss) Attributable to Las
Vegas Sands Corp. to Adjusted Property EBITDA:
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
----------- ----------- ----------- -----------
Net income (loss)
attributable to Las
Vegas Sands Corp. $ 214,497 $ (76,506) $ 273,885 $ (287,052)
Add (deduct) :
Net income (loss)
attributable to
noncontrolling
interests 54,337 (4,111) 121,311 (7,674)
Income tax expense 25,161 54,316 46,436 641
Loss on
modification or
early retirement
of debt 21,692 204 18,555 204
Other (income)
expense (6,444) 1,564 6,205 6,534
Interest expense,
net of amounts
capitalized 76,723 88,514 231,875 224,503
Interest income (2,661) (1,599) (6,367) (9,840)
Loss on disposal
of assets 2,406 (284) 40,577 4,500
Impairment loss 16,057 - 16,057 151,175
Depreciation and
amortization 186,738 148,677 510,521 431,559
Development
expense 425 80 1,258 344
Pre-opening
expense 10,107 28,855 97,684 115,619
Stock-based
compensation (1) 8,309 8,423 22,880 21,701
Rental expense 9,186 6,691 30,690 22,497
Corporate expense 28,686 17,519 78,116 105,250
----------- ----------- ----------- -----------
Adjusted Property
EBITDA $ 645,219 $ 272,343 $ 1,489,683 $ 779,961
=========== =========== =========== ===========
(1) See prior table (Exhibit 2)
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
----------- ----------- ----------- -----------
The Venetian Macao $ 620,745 $ 494,014 $ 1,751,472 $ 1,421,722
Sands Macao 288,235 280,793 874,253 739,403
Four Seasons Hotel
Macao and Plaza Casino 160,367 67,052 406,807 162,743
Las Vegas Operating
Properties 290,690 228,993 902,419 839,571
Sands Bethlehem 82,843 62,994 218,708 95,705
Marina Bay Sands 485,886 - 702,279 -
Other Asia 28,403 21,131 80,961 64,170
Eliminations (48,397) (13,833) (98,763) (44,408)
----------- ----------- ----------- -----------
$ 1,908,772 $ 1,141,144 $ 4,838,136 $ 3,278,906
=========== =========== =========== ===========
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net
Revenues
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
----------- ----------- ----------- -----------
The Venetian Macao 34.1% 30.4% 32.8% 26.9%
Sands Macao 25.7% 27.5% 25.7% 25.5%
Four Seasons Hotel
Macao and Plaza Casino 30.5% 15.1% 24.9% 12.3%
Las Vegas Operating
Properties 20.0% 15.0% 25.4% 24.1%
Sands Bethlehem 19.7% 13.2% 18.0% 11.7%
Marina Bay Sands 49.7% N/A 47.9% N/A
Other Asia -19.6% -38.3% -19.9% -37.4%
Total 33.8% 23.9% 30.8% 23.8%
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted
Share
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
------------ ----------- ------------ -----------
Net income (loss)
attributable to common
stockholders $ 168,011 $ (122,992) $ 134,427 $ (426,136)
U.S. deferred tax
valuation allowance - 67,797 - -
Pre-opening expense,
net 10,107 28,855 97,684 115,619
Development expense,
net 425 80 1,258 344
Impairment loss, net 16,057 - 16,057 151,175
(Gain) loss on disposal
of assets, net 2,406 (284) 40,577 4,500
Loss on modification or
early retirement of
debt 21,692 204 18,555 204
Legal settlement
expense - - - 42,500
Preferred stock
dividends 23,350 23,350 70,050 69,676
Accretion to redemption
value of preferred
stock issued to
Principal
Stockholder's family 23,136 23,136 69,408 69,408
------------ ----------- ------------ -----------
Adjusted net income $ 265,184 $ 20,146 $ 448,016 $ 27,290
============ =========== ============ ===========
Per diluted share of
common stock:
Net income (loss)
attributable to common
stockholders $ 0.21 $ (0.16) $ 0.17 $ (0.60)
U.S. deferred tax
valuation allowance - 0.09 - -
Pre-opening expense,
net 0.02 0.04 0.13 0.16
Development expense,
net - - - -
Impairment loss, net 0.02 - 0.02 0.21
(Gain) loss on disposal
of assets, net - - 0.05 0.01
Loss on modification or
early retirement of
debt 0.03 - 0.02 -
Legal settlement
expense - - - 0.06
Preferred stock
dividends 0.03 0.03 0.09 0.10
Accretion to redemption
value of preferred
stock issued to
Principal
Stockholder's family 0.03 0.03 0.09 0.10
------------ ----------- ------------ -----------
Adjusted earnings per
diluted share $ 0.34 $ 0.03 $ 0.57 $ 0.04
============ =========== ============ ===========
Weighted average
diluted shares
outstanding 789,156,247 746,216,623 782,156,007 705,728,431
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
-------- -------- -------- --------
Room Statistics:
The Venetian Macao:
Occupancy % 90.1% 88.1% 91.6% 80.6%
Average daily room rate (ADR)
(1) $ 217 $ 198 $ 207 $ 205
Revenue per available room
(RevPAR) (2) $ 195 $ 175 $ 190 $ 165
Sands Macao:
Occupancy % 96.6% 97.9% 97.2% 97.5%
Average daily room rate (ADR)
(1) $ 239 $ 254 $ 248 $ 258
Revenue per available room
(RevPAR) (2) $ 231 $ 248 $ 241 $ 252
Four Seasons Hotel Macao and
Plaza Casino:
Occupancy % 70.9% 56.2% 71.0% 46.5%
Average daily room rate (ADR)
(1) $ 309 $ 294 $ 295 $ 293
Revenue per available room
(RevPAR) (2) $ 219 $ 165 $ 209 $ 136
The Venetian Las Vegas:
Occupancy % 94.0% 88.7% 93.5% 88.9%
Average daily room rate (ADR)
(1) $ 166 $ 171 $ 183 $ 189
Revenue per available room
(RevPAR) (2) $ 156 $ 152 $ 171 $ 168
The Palazzo:
Occupancy % 93.2% 87.9% 95.2% 90.7%
Average daily room rate (ADR)
(1) $ 185 $ 174 $ 201 $ 201
Revenue per available room
(RevPAR) (2) $ 173 $ 153 $ 191 $ 182
Marina Bay Sands:
Occupancy % 68.2% N/A 64.8% N/A
Average daily room rate (ADR)
(1) $ 246 N/A $ 242 N/A
Revenue per available room
(RevPAR) (2) $ 168 N/A $ 157 N/A
Casino Statistics:
The Venetian Macao:
Table games win per unit per
day (3) $ 10,708 $ 8,244 $ 10,222 $ 8,057
Slot machine win per unit per
day (4) $ 286 $ 230 $ 263 $ 218
Average number of table games 600 591 597 603
Average number of slot machines 2,123 2,163 2,163 2,154
Sands Macao:
Table games win per unit per
day (3) $ 8,370 $ 8,080 $ 8,714 $ 7,031
Slot machine win per unit per
day (4) $ 228 $ 202 $ 216 $ 198
Average number of table games 416 408 416 419
Average number of slot machines 1,180 1,156 1,175 1,117
Four Seasons Hotel Macao and
Plaza Casino:
Table games win per unit per
day (3) $ 16,107 $ 6,928 $ 14,593 $ 5,032
Slot machine win per unit per
day (4) $ 367 $ 173 $ 405 $ 154
Average number of table games 118 108 117 107
Average number of slot machines 194 207 188 215
The Venetian Las Vegas:
Table games win per unit per
day (3) $ 3,787 $ 2,944 $ 2,885 $ 3,191
Slot machine win per unit per
day (4) $ 207 $ 213 $ 222 $ 210
Average number of table games 111 115 113 119
Average number of slot machines 1,498 1,486 1,409 1,467
The Palazzo:
Table games win per unit per
day (3) $ 3,959 $ 1,779 $ 5,543 $ 3,157
Slot machine win per unit per
day (4) $ 183 $ 181 $ 177 $ 171
Average number of table games 117 130 117 133
Average number of slot machines 1,416 1,408 1,415 1,408
Sands Bethlehem:
Table games win per unit per
day (3) $ 1,640 N/A $ 1,640 N/A
Slot machine win per unit per
day (4) $ 243 $ 213 $ 230 $ 224
Average number of table games 77 N/A 77 N/A
Average number of slot machines 3,028 2,977 3,123 2,984
Marina Bay Sands:
Table games win per unit per
day (3) $ 8,075 N/A $ 6,955 N/A
Slot machine win per unit per
day (4) $ 481 N/A $ 437 N/A
Average number of table games 631 N/A 613 N/A
Average number of slot machines 1,798 N/A 1,684 N/A
(1) ADR is calculated by dividing total room revenue by total rooms
occupied.
(2) RevPAR is calculated by dividing total room revenue by total rooms
available.
(3) Table games win per unit per day is shown before discounts and
commissions.
(4) Slot machine win per unit per day is shown before deducting cost for
slot points.
Contacts: Investment Community: Daniel Briggs (702) 414-1221 Media: Ron Reese (702) 414-3607 SOURCE: Las Vegas Sands Copyright 2010 Marketwire, Inc., All rights reserved. News Provided by COMTEX |
||||
| Useful To Me Not Useful To Me | |||||
|
pharoah88
Supreme |
19-Sep-2010 20:27
|
||||
|
x 0
x 0 Alert Admin |
sEE hEr aTTT MBS ? ? ? ? 
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
niuyear
Supreme |
20-Aug-2010 13:40
|
||||
|
x 0
x 0 Alert Admin |
To rate their hotel 6 - star, may be, they need to instal a Slot Machine in each hotel room, so that those 'giao gui' can also gamble while sleeping. hahaha!
|
||||
| Useful To Me Not Useful To Me | |||||
|
tchoonw
Veteran |
20-Aug-2010 13:03
|
||||
|
x 0
x 0 Alert Admin |
u think they interested to provide 6* services? nah, they just want more ppl to go there to gamble to recoupe their $ fast...when u check in to the hotel, u r just staying with a bunch of "kiao gui" gamblers...
|
||||
| Useful To Me Not Useful To Me | |||||
|
niuyear
Supreme |
20-Aug-2010 11:29
|
||||
|
x 0
x 0 Alert Admin |
Poor Singaporeans!! Being the first batch  guinea pigs......to try their rooms and services. Well, they will improve over time.
Poor Singaporeans, also serve as guinea pigs to have employed the maids from foreign countries for merely 2 years, get killed, get tortured, only realsied much much later that the maids are using you as stepping stone in order to go HongKong, Taiwan to work where they would tell their hongkong/taiwan bosses that they had worked in SIGAPORE for 2 years. |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
rphoenix
Member |
20-Aug-2010 11:26
|
||||
|
x 0
x 0 Alert Admin |
I wonder if MBS will list on SGX soon |
||||
| Useful To Me Not Useful To Me | |||||
|
niuyear
Supreme |
20-Aug-2010 10:32
|
||||
|
x 0
x 0 Alert Admin |
LOL! Did I promise you a world class hotel??? I thought i only promise you a World Class Casino !! YOu want 6 star hotel, go Rizt Carlton
|
||||
| Useful To Me Not Useful To Me | |||||
|
pharoah88
Supreme |
20-Aug-2010 10:21
|
||||
|
x 0
x 0 Alert Admin |
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
tchoonw
Veteran |
20-Aug-2010 09:08
|
||||
|
x 0
x 0 Alert Admin |
亚洲天王周杰伦（Jay Chou）本地豪赌，2天输掉近200万！ 一名赌场常客向《联合晚报》爆料，周董周杰伦最近来新办演唱会，曾到滨海湾金沙赌场（Marina Bay Sands）“试手气”，没想到2天之内却输近200万！ 周董个性酷，赌起来同样阔气，有人说，周董即使输钱，眉头都不皱一下，颇有“千金散尽还复来”的豪气！ 这名赌客爆料指出，曾在滨海湾金沙赌场见到这名巨星现身赌场，他说：“周杰伦一到赌场，就在经理人及男性友人陪伴下，火速送进贵宾房，姿态虽然很低调，但因为门口有几名保安把守，显示闲杂人等不得进入，突显其尊贵架势！” |
||||
| Useful To Me Not Useful To Me | |||||
|
pharoah88
Supreme |
15-Aug-2010 20:35
|
||||
|
x 0
x 0 Alert Admin |
Aug 14, 2010Not the place to celebrate National DayI CHECKED into the Marina Bay Sands integrated resort hotel on National Day to enjoy a panoramic view of the fireworks display over the waterfront. But it was far from a world-class resort: Customers frustrated by their non-delightful experience transformed a well-appointed lobby into a market place. We had to queue for hours to check into our rooms. I eventually got my keys and checked into my room at 7pm, four hours after the agreed time. The water heater did not work, and when I reported the fault, the resort promised to resolve the situation within 45 minutes. But I had to settle for a cold shower, six hours later. At noon the next day, a hotel employee promptly knocked on my door informing us to check out, making us feel unwelcome. When I left my room and tried to re-enter moments later to retrieve an item, my key was already disabled. In other words, I was locked out before my departure. Reaching my room from the ground floor was an odyssey as the lift lobbies were crowded. Most of us had to wait a good 20 minutes before we could make our way into a vacant elevator. My unpleasant experience suggests that the first-class hardware of Sands is poorly served by its third class 'software', or service. I am puzzled why rooms were let to maximum capacity when Sands obviously had neither the manpower nor operational readiness to cope. My unpleasant and disappointing National Day stay also raises the question of whether the hotel had the resources to meet the required safety guidelines for events like National Day. Did the hotel also breach service guidelines by failing to check in guests at the agreed time? Gerald Koh |
||||
| Useful To Me Not Useful To Me | |||||
|
tchoonw
Veteran |
05-Aug-2010 13:04
|
||||
|
x 0
x 0 Alert Admin |
LOS ANGELES - SINGAPORE'S Marina Bay Sands generated US$94 million (S$128 million) in earnings in its first 65 days of operation. The US$5.7 billion casino resort began operating here in April. Chairman and chief executive officer Mr Adelson of Las Vegas Sands Corp said during a conference call on Wednesday that he still expects the Singapore resort to bring in US$1 billion in EBITDA next year, due in part to a broader-than-expected customer base. 'There are so many people that are coming from different countries in Asia ... We have a group of Koreans flying in every week,' he said. 'I think that the outer reaches of our marketing radius is wider than what we thought before.' The casino group posted a better-than-expected quarterly profit on Wednesday, aided by strong performances at its new Singapore resort and in Macau. Sands earned 17 US cents a share in the second quarter after adjusting for one-time items. Analysts on average expected 9 US cents a share, according to Thomson Reuters. Net revenue rose nearly 51 per cent to US$1.59 billion. 'They had a monster quarter,' said Sanford Bernstein analyst Janet Brashear, adding that much of the out performance was driven by better-than-expected profit margins. -- REUTERS |
||||
| Useful To Me Not Useful To Me | |||||
|
pharoah88
Supreme |
28-Jun-2010 15:38
|
||||
|
x 0
x 0 Alert Admin |
RWS Casino is even smaller than that of MBS
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Hulumas
Supreme |
28-Jun-2010 15:36
Yells: "INVEST but not TRADE please!" |
||||
|
x 0
x 0 Alert Admin |
I start selling by the way! You may buy if you want to!
|
||||
| Useful To Me Not Useful To Me | |||||
|
niuyear
Supreme |
28-Jun-2010 15:33
|
||||
|
x 0
x 0 Alert Admin |
MBS casino only takes up 2% of whole of its total area yet it cld generate more money than its other facilitites. This shows Small is Beautiful. hahaha! | ||||
| Useful To Me Not Useful To Me | |||||
|
tchoonw
Veteran |
28-Jun-2010 15:23
|
||||
|
x 0
x 0 Alert Admin |
25,000 visit MBS casino each day
Some 500,000 punters have passed through the Marina Bay Sands casino this month alone. The update was given today at a news conference to mark the official opening of Singapore's second Integrated Resort today. Las Vegas Sands Chairman, Sheldon Adelson, said on average, about 25,000 people visit the casino each day. But he was also quick to point out that the US$5.5 billion Marina Bay Sands is more than just a place to gamble. He said the casino here is not just a hub but a destination. "I know that MICE facilities don't make money. Showrooms don't make money. You spend US$150 to US$250 million building a theatre and producing a show, you can't get a return on it. So we need the casino to subsidise those returns. These amenities feed on one another and i don't believe any casino should be more than 10 percent of the total amount of built space." The gaming floor space at Marina Bay Sands takes up less then 2 per cent of the total floor area of the IR. The question was also asked about revenue since the resort opened two months ago but Mr Adelson refused to disclose the numbers. It was previously reported that annual revenue at MBS is expected to hit over US$1 billion a year. About 60 to 70 per cent of that will come from the casino floor. |
||||
| Useful To Me Not Useful To Me | |||||
|
niuyear
Supreme |
20-May-2010 13:00
|
||||
|
x 0
x 0 Alert Admin |
If MBS cant find a good mathematician in US to help dispose 70 million, they are lucky they can get good people here. Mr Obama had noted that singaporeans' middle-schoolers outperformed theirs 3 to 1. Few of their states are adopting our method of teaching mathematics.
|
||||
| Useful To Me Not Useful To Me | |||||
|
smartrader
Elite |
19-May-2010 21:00
|
||||
|
x 0
x 0 Alert Admin |
if you are the person think of this idea, i think you deserve a year-end bonus of $2mil.. peanuts.. | ||||
| Useful To Me Not Useful To Me | |||||
|
tchoonw
Veteran |
19-May-2010 15:35
|
||||
|
x 0
x 0 Alert Admin |
probably it ended up to someone's salary...
|
||||
| Useful To Me Not Useful To Me | |||||
|
niuyear
Supreme |
19-May-2010 15:34
|
||||
|
x 0
x 0 Alert Admin |
70 million should be used to fund the 'Gambling rehab centre' or gambling related activities.
|
||||
| Useful To Me Not Useful To Me | |||||
|
tchoonw
Veteran |
19-May-2010 15:31
|
||||
|
x 0
x 0 Alert Admin |
Man fined $2,000 for stealing casino chips
06:10 AM May 19, 2010
A Chinese national was yesterday fined $2,000 for stealing two Marina Bay Sands casino chips from a gamer.
Wang XingRong, 33, admitted to filching the chips, each with a $25 value, from American Huang Albert Htin Aung, 52, at the casino on Monday. Mr Huang, 52, was playing at the baccarat table and had placed two $25-chips in one of the betting boxes. He then placed another two chips of the same value outside the box and presumed that the dealer would know it was meant for another betting box across the table. But Mr Huang left for the next table without waiting to see if the dealer took the chips. Shortly after, the dealer noticed the two chips and asked if they belonged to anyone. Wang, on hearing this, stretched out his hand to retrieve the chips. He used one to place a bet and kept the other. When Wang did not win, he walked away. That was when Mr Huang realised his chips were missing. Wang was later traced with the help of surveillance cameras and detained at the main floor of the casino. He could have been jailed up to three years or fined or both. |
||||
| Useful To Me Not Useful To Me | |||||