LAS VEGAS SANDS CORP (LVS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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EXHIBIT 99.1
 
Press Release
 

Las Vegas Sands Reports Fourth
Quarter and Full Year 2016 Results

For the Quarter Ended December 31, 2016
(Compared to the Quarter Ended December 31, 2015)

Consolidated Net Revenue Increased 7.4% to $3.08 Billion, Net Income Increased 5.6% to $607 Million

GAAP Earnings per Diluted Share was $0.64; Adjusted Earnings per Diluted Share was $0.62; and Hold-Normalized Adjusted Earnings per Diluted Share was $0.58

Consolidated Adjusted Property EBITDA Increased 6.1% to $1.12 Billion, With Margin of 36.3%

Hold-Normalized Adjusted Property EBITDA was $1.07 Billion, With Margin of 35.7%

In Macao:
 
· Adjusted Property EBITDA Increased 5.0% to $610 Million, While Hold-Normalized Adjusted Property EBITDA Increased 2.0% to $566 Million

· The Parisian Macao Generated Adjusted Property EBITDA of $95 Million During Its First Full Quarter of Operation

At Marina Bay Sands in Singapore:
· Adjusted Property EBITDA Increased 8.0% to $366 Million, With Margin Increasing 240 basis points to 50.6%
 
· Hotel RevPAR Increased 7.9% to $409

At Our Las Vegas Operating Properties:
· Adjusted Property EBITDA Increased 14.4% to $111 Million

· Hotel RevPAR Increased 4.5% to $230

The Company Paid Quarterly Dividends of $0.72 per Share


For the Year Ended December 31, 2016
(Compared to the Year Ended December 31, 2015)

Net Revenue was $11.41 Billion, Net Income was $2.02 Billion and $2.10 per Diluted Share

Consolidated Adjusted Property EBITDA was $4.13 Billion, Adjusted Earnings per Diluted Share was $2.33
The Company Paid Dividends of $2.88 per Share
The Company’s Board of Directors Announced an Increase in the Company’s Recurring Common Stock Dividend for the 2017 Calendar Year to $2.92 per Share ($0.73 per Share per Quarter)

Las Vegas, NV (January 25, 2017) — 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, 2016.


Fourth Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, “We are pleased to have delivered a solid operating performance in each of our markets, which enabled us to generate $1.12 billion in adjusted property EBITDA for the quarter, an increase of 6.1% compared to the fourth quarter of 2015.

1

The following information was filed by LAS VEGAS SANDS CORP on Wednesday, January 25, 2017 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Click a sentiment analysis snippet from LVS's Management Discussions to find these positive and negative remarks within their 10-K Annual report below:
  • lvs_10k_2017-02-24_248_274
    Other - Other
    Future events, such as property expansions, property developments, new competition, or new regulations, could result in a change in the manner in which we use certain assets requiring a change in the estimated useful lives of such assets.
  • lvs_10k_2017-02-24_87_115
    Revenue & Net Sales - Product
    The decrease is primarily attributable to a decrease of $2.65 billion at our Macao properties, driven by a decrease in Rolling Chip volume as demand has decreased in the VIP market, and a $260 million decrease at Marina Bay Sands, driven by a decrease in Rolling Chip win percentage.
  • lvs_10k_2017-02-24_70_82
    Financial - Earnings
    Consolidated adjusted property EBITDA is net income 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.
  • lvs_10k_2017-02-24_181_190
    Financial - Cash Flow
    The decrease was primarily attributable to the decrease in operating cash flows generated from our Macao operations.
  • lvs_10k_2017-02-24_28_47
    Revenue & Net Sales - Product
    The decrease is primarily due to decreases of $522 million at our Macao properties excluding The Parisian Macao, driven by a decrease in Rolling Chip volume as demand has decreased in the VIP market, and $152 million at Marina Bay Sands, driven by a decrease in Rolling Chip volume and win percentage, as well as a decrease in Non-Rolling Chip drop.
  • lvs_10k_2017-02-24_208_245
    Financial - Debt
    The debt instruments of our U.S., Macao and Singapore subsidiaries contain certain restrictions that, among other things, limit the ability of certain subsidiaries to incur additional indebtedness, issue disqualified stock or equity interests, pay dividends or make other distributions, repurchase equity interests or certain indebtedness, create certain liens, enter into certain transactions with affiliates, enter into certain mergers or consolidations or sell our assets of our company without prior approval of the lenders or noteholders.
  • lvs_10k_2017-02-24_222_476
    Other - Other
    our insurance coverage, including the risk that we have not obtained sufficient coverage, may not be able to obtain sufficient coverage in the future, or will only be able to obtain additional coverage at significantly increased rates
  • lvs_10k_2017-02-24_136_160
    Revenue & Net Sales - Geography
    We have recorded a valuation allowance related to certain deferred tax assets generated by operations in the U.S. and certain foreign jurisdictions however, to the extent that the financial results of these operations improve and it becomes more-likely-than-not that these deferred tax assets or a portion thereof are realizable, we will reduce the valuation allowances in the period such determination is made.
  • lvs_10k_2017-02-24_82_109
    Revenue & Net Sales - Geography
    We have recorded a valuation allowance related to certain deferred tax assets generated by operations in the U.S. and certain foreign jurisdictions however, to the extent that the financial results of these operations improve and it becomes more-likely-than-not that these deferred tax assets or a portion thereof are realizable, we will reduce the valuation allowances in the period such determination is made as appropriate.
  • lvs_10k_2017-02-24_63_62
    Financial - Expense
    The increase was primarily attributable to operating expenses of $299 million at The Parisian Macao, which opened in September 2016, a $112 million increase in depreciation and amortization, and an $82 million increase in pre-opening expenses related to the opening of The Parisian Macao.
  • lvs_10k_2017-02-24_64_66
    Financial - Expense
    The remaining decrease is primarily due to decreases in junket commissions and our cost control and cost avoidance initiatives at our Macao properties excluding The Parisian Macao, including the transition of personnel to pre-opening in advance of and in connection with the opening of The Parisian Macao, and decreases in casino expenses at our Las Vegas Operating Properties and Marina Bay Sands.
  • lvs_10k_2017-02-24_36_52
    Revenue & Net Sales - Product
    Our Macao properties decreased $3 million, due to a $39 million decrease at our properties excluding The Parisian Macao driven by the slowdown in the overall Macao gaming industry, partially offset by $36 million in revenues attributable to The Parisian Macao.
  • lvs_10k_2017-02-24_197_235
    Financial - Shares / Equity
    The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including our financial position, earnings, legal requirements, other investment opportunities and market conditions.
  • lvs_10k_2017-02-24_260_316
    Revenue & Net Sales - Geography
    We recorded a valuation allowance on the net deferred tax assets of certain foreign jurisdictions of $234 million and $196 million, as of December 31, 2016 and 2015, respectively, and a valuation allowance on certain net deferred tax assets of our U.S. operations of $3.96 billion and $3.11 billion as of December 31, 2016 and 2015, respectively.
  • lvs_10k_2017-02-24_72_96
    Revenue & Net Sales - Product
    As previously described, the decrease was primarily due to the decrease in casino operations, driven by decreases in Rolling Chip volume and win percentage, as well as a decrease in Non-rolling chip drop.
  • lvs_10k_2017-02-24_136_159
    Financial - Income
    The effective income tax rates reflect a 17% statutory tax rate on our Singapore operations and a zero percent tax rate on profits generated by our Macao gaming operations due to our income tax exemption in Macao, which expires at the end of 2018.
  • lvs_10k_2017-02-24_82_108
    Financial - Income
    The effective income tax rates reflect a 17% statutory tax rate on our Singapore operations and a zero percent tax rate on our Macao gaming operations due to our income tax exemption in Macao, which expires at the end of 2018.
  • lvs_10k_2017-02-24_259_315
    Financial - Earnings
    This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with operating loss and tax credit carryforwards not expiring, and implementation of tax planning strategies.
  • lvs_10k_2017-02-24_79_101
    Financial - Expense
    Interest cost increased $15 million compared to the year ended December 31, 2015, resulting primarily from an increase in our weighted average total debt balance.
  • lvs_10k_2017-02-24_181_187
    Other - Other
    For the year ended December 31, 2016, net cash generated from operating activities increased $593 million compared to the year ended December 31, 2015.
  • lvs_10k_2017-02-24_68_78
    Financial - Expense
    The increase is primarily attributable to $57 million of expenses at The Parisian Macao and a $38 million increase at Marina Bay Sands, driven by the acceleration of depreciation of certain assets due to room renovations.
  • lvs_10k_2017-02-24_70_85
    Other - Other
    Gaming companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.
  • lvs_10k_2017-02-24_11_10
    Revenue & Net Sales - Product
    The percentage of non-gaming revenue reflects the integrated resorts emphasis on the group convention and trade show business and the resulting high occupancy and room rates throughout the week, including during mid-week periods.
  • lvs_10k_2017-02-24_70_90
    Other - Other
    As a result, our presentation of consolidated adjusted property EBITDA may not be directly comparable to similarly titled measures presented by other companies.
  • lvs_10k_2017-02-24_23_31
    Other - Other
    Complimentary room rates are determined based on an analysis of retail or cash room rates by type of customer and room product to ensure the complimentary room rates are consistent with retail rates.
  • lvs_10k_2017-02-24_28_48
    Revenue & Net Sales - Product
    These decreases were partially offset by $359 million in revenues attributable to The Parisian Macao.
  • lvs_10k_2017-02-24_23_36
    Revenue & Net Sales - Product
    In cases where a significant number of rooms are resold, occupancy rates may be in excess of 100% and revenue per available room may be higher than the average daily room rate.
  • lvs_10k_2017-02-24_190_199
    Revenue & Net Sales - Geography
    We can elect to contribute cash on hand to our Las Vegas operations on a bi-quarterly basis such contributions having the effect of increasing Adjusted EBITDA during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio.
  • lvs_10k_2017-02-24_63_61
    Financial - Expense
    Operating expenses were $8.92 billion for the year ended December 31, 2016, an increase of $70 million compared to $8.85 billion for the year ended December 31, 2015.
  • lvs_10k_2017-02-24_86_113
    Revenue & Net Sales - Product
    The decrease in net revenues was driven by decreases of $2.71 billion at our Macao operations and $262 million at Marina Bay Sands, primarily due to decreased casino revenues.
  • lvs_10k_2017-02-24_23_33
    Revenue & Net Sales - Product
    Because not all available rooms are occupied, average daily room rates are normally higher than revenue per available room.
  • lvs_10k_2017-02-24_252_288
    Revenue & Net Sales - Product
    Any gains or losses not previously recognized that result from the sale of the disposal group shall be recognized at the date of sale.
  • lvs_10k_2017-02-24_192_213
    Financial - Cash Flow
    We believe the cash on hand and cash flow generated from operations, as well as the $3.46 billion available for borrowing under our U.S., Macao and Singapore credit facilities, net of outstanding letters of credit, as of December 31, 2016, will be sufficient to maintain compliance with the financial covenants of our credit facilities and fund our working capital needs, committed and planned capital expenditures, development opportunities, debt obligations and dividend commitments.
  • lvs_10k_2017-02-24_136_158
    Financial - Income
    Our effective income tax rate was 9.0% for the year ended December 31, 2015, compared to 6.4% for the year ended December 31, 2014.
  • lvs_10k_2017-02-24_82_106
    Financial - Income
    Our effective income tax rate was 10.6% for the year ended December 31, 2016, compared to 9.0% for the year ended December 31, 2015.
  • lvs_10k_2017-02-24_135_413
    Financial - Debt
    The loss on modification or early retirement of debt was $20 million for the year ended December 31, 2014, and was primarily due to an $18 million loss related to the amendment of our 2011 VML Credit Facility in March 2014 see Item 8 Financial Statements and Supplementary Data Notes to Consolidated Financial Statements Note 8 Long-term Debt 2011 VML Credit Facility .
  • lvs_10k_2017-02-24_242_253
    Other - Other
    New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us.
  • lvs_10k_2017-02-24_193_215
    Other - Other
    In June 2016, we entered into an agreement to amend our 2011 VML Credit Facility, which became effective in August 2016.
  • lvs_10k_2017-02-24_66_71
    Financial - Expense
    Corporate expenses increased $80 million compared to the year ended December 31, 2015.
  • lvs_10k_2017-02-24_120_134
    Financial - Expense
    Convention, retail and other expenses decreased $44 million compared to the year ended December 31, 2014.
  • lvs_10k_2017-02-24_119_131
    Financial - Expense
    Casino expenses decreased $1.59 billion compared to the year ended December 31, 2014.
  • lvs_10k_2017-02-24_64_64
    Financial - Expense
    Casino expenses decreased $276 million compared to the year ended December 31, 2015.
  • lvs_10k_2017-02-24_118_129
    Financial - Expense
    Operating expenses were $8.85 billion for the year ended December 31, 2015, a decrease of $1.64 billion compared to $10.48 billion for the year ended December 31, 2014.
  • lvs_10k_2017-02-24_68_77
    Financial - Expense
    Depreciation and amortization expense increased $112 million compared to the year ended December 31, 2015.
  • lvs_10k_2017-02-24_24_41
    Other - Other
    Base rent per square foot is the weighted average base, or minimum, rent charge in effect at the end of the reporting period for all tenants that would qualify to be included in occupancy.
  • lvs_10k_2017-02-24_19_15
    Revenue & Net Sales - Product
    The volume measurement for Non-Rolling Chip play is table games drop drop , which is net markers issued credit instruments, cash deposited in the table drop boxes and gaming chips purchased at the cage.
  • lvs_10k_2017-02-24_70_88
    Financial - Cash Flow
    We have significant uses of cash flow, including capital expenditures, dividend payments, interest payments and debt principal repayments, which are not reflected in consolidated adjusted property EBITDA.
  • lvs_10k_2017-02-24_71_93
    Financial - Expense
    The increase was primarily attributable to $114 million in adjusted property EBITDA generated at The Parisian Macao, and cost control and cost avoidance initiatives at our other Macao properties.
  • lvs_10k_2017-02-24_23_29
    Revenue & Net Sales - Product
    Hotel revenue measurements: Performance indicators used are occupancy rate, which is the average percentage of available hotel rooms occupied during a period, and average daily room rate, which is the average price of occupied rooms per day.
  • lvs_10k_2017-02-24_70_81
    Other - Other
    Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is used by management as the primary measure of the operating performance of our segments.
  • lvs_10k_2017-02-24_253_296
    Other - Other
    If the fair value of the asset does not exceed the carrying amount, an impairment will be recognized in an amount equal to the difference.
  • lvs_10k_2017-02-24_206_241
    Other - Other
    As of December 31, 2016, we had a $16 million liability related to unrecognized tax benefits we do not expect this liability to result in a payment of cash within the next 12 months.
  • lvs_10k_2017-02-24_238_492
    Other - Other
    our failure to maintain the integrity of our customer or company data, including against past or future cybersecurity attacks, and any litigation or disruption to our operations resulting from such loss of data integrity
  • lvs_10k_2017-02-24_36_50
    Revenue & Net Sales - Product
    Room revenues increased $57 million compared to the year ended December 31, 2015.
  • lvs_10k_2017-02-24_37_55
    Revenue & Net Sales - Product
    Food and beverage revenues increased $17 million compared to the year ended December 31, 2015.
  • lvs_10k_2017-02-24_38_57
    Revenue & Net Sales - Product
    Mall revenues increased $27 million compared to the year ended December 31, 2015.
  • lvs_10k_2017-02-24_96_123
    Revenue & Net Sales - Product
    Mall revenues increased $10 million compared to the year ended December 31, 2014.
  • lvs_10k_2017-02-24_181_189
    Other - Other
    For the year ended December 31, 2015, net cash generated from operating activities decreased $1.38 billion compared to the year ended December 31, 2014.
  • lvs_10k_2017-02-24_249_281
    Financial - Cash Flow
    If an asset is still under development, future cash flows include remaining construction costs.
  • lvs_10k_2017-02-24_186_453
    Financial - Cash Flow
    Net cash flows used in financing activities were $3.21 billion for the year ended December 31, 2015, which was primarily attributable to $2.69 billion in dividend payments, a net repayment of $413 million on our 2013 U.S. Credit Facility and $205 million in common stock repurchases, partially offset by net proceeds of $179 million on our 2011 VML Credit Facility.
  • lvs_10k_2017-02-24_187_193
    Financial - Cash Flow
    Net cash flows used in financing activities were $3.72 billion for the year ended December 31, 2014, which was primarily attributable to $2.39 billion in dividend payments and $1.68 billion in common stock repurchases, partially offset by net proceeds of $430 million from our 2013 U.S.
  • lvs_10k_2017-02-24_70_87
    Financial - Income
    Consolidated adjusted property EBITDA should not be interpreted as an alternative to income 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.
  • lvs_10k_2017-02-24_121_137
    Other - Other
    The decrease was driven by the overall decrease in casino receivables at our Macao properties due to decreases in VIP play and junket activity.
  • lvs_10k_2017-02-24_129_409
    Financial - Expense
    The following table summarizes information related to interest expense:
  • lvs_10k_2017-02-24_75_375
    Financial - Expense
    The following table summarizes information related to interest expense:
  • lvs_10k_2017-02-24_21_23
    Revenue & Net Sales - Product
    Casino revenue measurements for the U.S.: The volume measurements in the U.S. are slot handle, as previously described, and table games drop, which is the total amount of cash and net markers issued that are deposited in the table drop boxes.
  • lvs_10k_2017-02-24_27_44
    Revenue & Net Sales - Product
    Consolidated net revenues were $11.41 billion for the year ended December 31, 2016, a decrease of $278 million compared to $11.69 billion for the year ended December 31, 2015.
  • lvs_10k_2017-02-24_86_112
    Revenue & Net Sales - Product
    Consolidated net revenues were $11.69 billion for the year ended December 31, 2015, a decrease of $2.90 billion compared to $14.58 billion for the year ended December 31, 2014.
  • lvs_10k_2017-02-24_81_379
    Financial - Debt
    The loss on modification or early retirement of debt was $5 million for the year ended December 31, 2016, and primarily related to amendments to the 2013 U.S. Credit Facility see Item 8 Financial Statements and Supplementary Data Notes to Consolidated Financial Statements Note 8 Long-term Debt 2013 U.S. Credit Facility .
  • lvs_10k_2017-02-24_193_217
    Financial - Earnings
    In August and December 2016, we entered into agreements to amend our 2013 U.S. Credit Facility, which extended the maturity of a portion of the revolving credit commitments under the facility to September 2020 and to lower the applicable margin credit spread for borrowings under the term loans see Item 8 Financial Statements and Supplementary Data Notes to Consolidated Financial Statements Note 8 Long-term Debt 2013 U.S. Credit Facility .

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Exhibit 10.5 - MATERIAL CONTRACT

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Exhibit 21.1 - SUBSIDARIES OF THE REGISTRANT

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Exhibit 23.1 - CONSENTS OF EXPERTS AND COUNSEL

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Exhibit 31.1 - RULE 13A-14A/15D-14A CERTIFICATION

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Exhibit 31.2 - RULE 13A-14A/15D-14A CERTIFICATION

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Exhibit 32.1 - SECTION 1350 CERTIFICATION

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Exhibit 32.2 - SECTION 1350 CERTIFICATION

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  • Form Type: Annual
  • Number of times amended: 0
  • Accession Number: 0001300514-17-000005
  • Submitted to the SEC: Friday, February 24, 2017
  • Accepted by the SEC: Friday, February 24, 2017
  • Period Ending: December 2016
Companies
 

LVS Morningstar

LAS VEGAS SANDS CORP

$59.58 +0.32 (+0.54%)

Day's Range:
$57.31 to $59.85

52-Week Range:
$41.45 to $63.38

Volume:
4,607,536

Volume (Avg):
3,575,180

Earnings per Share:
$2.10

PEG / Short / PE Ratios:
8.04 / 3.13 / 28.37

Market Cap:
$47.36B

Book Value:
7.77

EBITDA:
$3.76B