LAS VEGAS SANDS CORP (LVS) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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Exhibit 99.1

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Press Release
Las Vegas Sands Reports
Fourth Quarter 2017 Results

For the Quarter Ended December 31, 2017
(Compared to the Quarter Ended December 31, 2016)

- Consolidated Net Revenue Increased 11.7% to $3.44 Billion
- Net Income Increased 124.1% to $1.36 Billion
- GAAP Earnings per Diluted Share Increased 139.1% to $1.53; Adjusted Earnings per Diluted Share Increased 41.9% to $0.88
- Due to U.S. Tax Reform, Net Income Includes a Nonrecurring Non-Cash Income Tax Benefit of $526 Million and Adjusted Earnings per Diluted Share Excludes the $0.66 Impact per Diluted Share
- Consolidated Hold-Normalized Adjusted Property EBITDA Increased 18.9% to $1.29 Billion, While Adjusted Property EBITDA Increased 19.7% to $1.34 Billion
- In Macao, Adjusted Property EBITDA Increased 19.8% to $731 Million, While Hold-Normalized Adjusted Property EBITDA Increased 30.0% to $758 Million
- At Marina Bay Sands in Singapore, Adjusted Property EBITDA Increased 24.6% to $456 Million, While Hold-Normalized Adjusted Property EBITDA Increased 6.0% to $388 Million
- At Our Las Vegas Operating Properties, Adjusted Property EBITDA Increased 2.7% to $114 Million
- The Company Paid Quarterly Dividends of $0.73 per Share
- The Company Repurchased $75 Million of Common Stock

For the Year Ended December 31, 2017
(Compared to the Year Ended December 31, 2016)

- Consolidated Net Revenue was $12.88 Billion, Net Income was $3.26 Billion and $3.54 per Diluted Share


The following information was filed by LAS VEGAS SANDS CORP on Wednesday, January 24, 2018 as an 8K 2.02 statement, which is an earnings 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 below from LVS's Management Discussions to find these positive and negative remarks within their 10-K Annual report:
  • lvs_10k_2018-02-23_287_280
    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_2018-02-23_81_83
    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_2018-02-23_101_116
    Revenue - 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_2018-02-23_246_250
    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_2018-02-23_260_533
    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_2018-02-23_96_110
    Revenue - 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_2018-02-23_175_167
    Revenue - 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_2018-02-23_154_131
    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_2018-02-23_155_135
    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_2018-02-23_165_154
    Revenue - Product
    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_2018-02-23_110_121
    Revenue - 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_2018-02-23_235_243
    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_2018-02-23_303_326
    Revenue - Geography
    We recorded a valuation allowance on the net deferred tax assets of certain foreign jurisdictions of $261 million and $234 million, as of December 31, 2017 and 2016, respectively, and a valuation allowance on certain net deferred tax assets of our U.S. operations of $4.43 billion and $3.96 billion as of December 31, 2017 and 2016, respectively.
  • lvs_10k_2018-02-23_92_99
    Financial - Expense
    Interest cost increased $21 million compared to the year ended December 31, 2016, resulting primarily from an increase in our weighted average total debt balance and a slight increase in our weighted average interest rate.
  • lvs_10k_2018-02-23_96_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_2018-02-23_175_166
    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_2018-02-23_172_159
    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_2018-02-23_219_194
    Other - Other
    For the year ended December 31, 2017, net cash generated from operating activities increased $499 million compared to the year ended December 31, 2016.
  • lvs_10k_2018-02-23_219_196
    Other - Other
    For the year ended December 31, 2016, net cash generated from operating activities increased $585 million compared to the year ended December 31, 2015.
  • lvs_10k_2018-02-23_159_147
    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_2018-02-23_81_86
    Other - Other
    Integrated resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.
  • lvs_10k_2018-02-23_17_50
    Revenue - Product
    The increase was due to increases of $911 million at The Parisian Macao, which opened in September 2016, and $357 million at Marina Bay Sands, driven by increases in Rolling Chip win percentage and volume.
  • lvs_10k_2018-02-23_81_91
    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_2018-02-23_12_36
    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_2018-02-23_101_117
    Revenue - Product
    These decreases were partially offset by $359 million in revenues attributable to The Parisian Macao.
  • lvs_10k_2018-02-23_86_95
    Revenue - Product
    The increase was primarily due to increased casino revenues, driven by increases in Rolling Chip win percentage and volume.
  • lvs_10k_2018-02-23_229_204
    Revenue - 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_2018-02-23_154_130
    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_2018-02-23_72_63
    Financial - Expense
    Operating expenses were $9.42 billion for the year ended December 31, 2017, an increase of $503 million compared to $8.92 billion for the year ended December 31, 2016.
  • lvs_10k_2018-02-23_290_294
    Revenue - 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_2018-02-23_231_220
    Financial - Cash Flow
    We believe the cash on hand and cash flow generated from operations, as well as the $3.51 billion available for borrowing under our U.S., Macao and Singapore credit facilities, net of outstanding letters of credit, as of December 31, 2017, 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_2018-02-23_175_164
    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_2018-02-23_95_104
    Financial - Income
    Our effective income tax rate was 6.8% for the year ended December 31, 2017, compared to 10.6% for the year ended December 31, 2016.
  • lvs_10k_2018-02-23_94_409
    Financial - Debt
    The loss on modification or early retirement of debt was $5 million for the year ended December 31, 2017, and primarily related the amendment 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_2018-02-23_280_258
    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_2018-02-23_157_140
    Financial - Expense
    Corporate expenses increased $80 million compared to the year ended December 31, 2015.
  • lvs_10k_2018-02-23_73_65
    Financial - Expense
    Casino expenses increased $564 million compared to the year ended December 31, 2016.
  • lvs_10k_2018-02-23_75_71
    Financial - Expense
    General and administrative expenses increased $131 million compared to the year ended December 31, 2016.
  • lvs_10k_2018-02-23_155_133
    Financial - Expense
    Casino expenses decreased $276 million compared to the year ended December 31, 2015.
  • lvs_10k_2018-02-23_76_73
    Financial - Expense
    Corporate expenses decreased $82 million compared to the year ended December 31, 2016.
  • lvs_10k_2018-02-23_77_76
    Financial - Expense
    Pre-opening expenses decreased $121 million compared to the year ended December 31, 2016, primarily due to The Parisian Macao.
  • lvs_10k_2018-02-23_78_78
    Financial - Expense
    Depreciation and amortization expense increased $60 million compared to the year ended December 31, 2016.
  • lvs_10k_2018-02-23_159_146
    Financial - Expense
    Depreciation and amortization expense increased $112 million compared to the year ended December 31, 2015.
  • lvs_10k_2018-02-23_78_79
    Other - Other
    The increase is primarily attributable to a $144 million increase at The Parisian Macao, partially offset by a $112 million decrease resulting from a change in the estimated useful lives of certain property and equipment see Item 8 Financial
  • lvs_10k_2018-02-23_13_44
    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_2018-02-23_8_14
    Revenue - 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_2018-02-23_16_48
    Revenue - Product
    The increase was primarily due to increases of $1.02 billion at The Parisian Macao, which opened in September 2016, and $355 million at Marina Bay Sands, primarily due to increased casino revenues.
  • lvs_10k_2018-02-23_164_151
    Financial - Expense
    The increase was primarily attributable to $114 million in adjusted property EBITDA generated at The Parisian Macao, which opened in September 2016, and cost control and cost avoidance initiatives at our other Macao properties.
  • lvs_10k_2018-02-23_81_82
    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_2018-02-23_293_303
    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_2018-02-23_81_89
    Financial - Cash Flow
    We have significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments and income taxes, which are not reflected in consolidated adjusted property EBITDA.
  • lvs_10k_2018-02-23_239_244
    Other - Other
    As of December 31, 2017, we had a $30 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_2018-02-23_67_396
    Other - Other
    The Shoppes at Cotai Central will feature up to approximately 600,000 square feet of gross leasable area upon completion of all phases of Sands Cotai Centrals renovation, rebranding and expansion to The Londoner Macao.
  • lvs_10k_2018-02-23_149_456
    Other - Other
    The Shoppes at Cotai Central will feature up to approximately 600,000 square feet of gross leasable area upon completion of all phases of Sands Cotai Centrals renovation, rebranding and expansion to The Londoner Macao.
  • lvs_10k_2018-02-23_276_549
    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_2018-02-23_12_33
    Revenue - Product
    Hotel revenue measurements: Performance indicators used are occupancy rate a volume indicator, which is the average percentage of available hotel rooms occupied during a period and average daily room rate ADR, a price indicator, which is the average price of occupied rooms per day.
  • lvs_10k_2018-02-23_301_325
    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
  • lvs_10k_2018-02-23_44_57
    Revenue - Product
    Food and beverage revenues increased $69 million compared to the year ended December 31, 2016.
  • lvs_10k_2018-02-23_46_59
    Revenue - Product
    Mall revenues increased $60 million compared to the year ended December 31, 2016.
  • lvs_10k_2018-02-23_26_52
    Revenue - Product
    Room revenues increased $92 million compared to the year ended December 31, 2016.
  • lvs_10k_2018-02-23_128_124
    Revenue - Product
    Food and beverage revenues increased $17 million compared to the year ended December 31, 2015.
  • lvs_10k_2018-02-23_129_126
    Revenue - Product
    Mall revenues increased $27 million compared to the year ended December 31, 2015.
  • lvs_10k_2018-02-23_110_119
    Revenue - Product
    Room revenues increased $57 million compared to the year ended December 31, 2015.
  • lvs_10k_2018-02-23_17_49
    Revenue - Product
    Casino revenues increased $1.29 billion compared to the year ended December 31, 2016.
  • lvs_10k_2018-02-23_232_222
    Financial - Earnings
    In March 2017, we amended our U.S. credit facility, which refinanced the term loans in an aggregate amount of $2.18 billion, extended the maturity of the term loans to March 2024, removed the requirement to prepay outstanding revolving loans andor permanently reduce revolving commitments in certain circumstances and lowered 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.
  • lvs_10k_2018-02-23_97_112
    Financial - Earnings
    These amounts are primarily related to the noncontrolling interest of SCL and reflect the increased net income generated by SCL in 2017.
  • lvs_10k_2018-02-23_73_66
    Revenue - Product
    The increase was primarily attributable to increases of $585 million at The Parisian Macao and $40 million at Marina Bay Sands, driven by an increase in gaming tax, partially offset by a $48 million decrease at our Macao Operations excluding The Parisian Macao, driven by a $22 million decrease in gaming taxes due to decreased casino revenues.
  • lvs_10k_2018-02-23_288_288
    Financial - Cash Flow
    If an asset is still under development, future cash flows include remaining construction costs.
  • lvs_10k_2018-02-23_224_508
    Financial - Cash Flow
    Net cash flows used in financing activities were $3.49 billion for the year ended December 31, 2017, which was primarily attributable to $2.94 billion in dividend payments, $375 million in common stock repurchases, net repayments of $204 million on our various credit facilities, partially offset by proceeds of $40 million from the exercise of stock options.
  • lvs_10k_2018-02-23_226_510
    Financial - Cash Flow
    Net cash flows used in financing activities were $3.22 billion for the year ended December 31, 2015, which was primarily attributable to $2.71 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 $179 million of net proceeds on our 2011 VML Credit Facility.
  • lvs_10k_2018-02-23_81_88
    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_2018-02-23_96_107
    Other - Other
    Our effective tax rate for 2017 would have been 10.4% without the one-time discrete benefit of $526 million recorded as a result of U.S. tax reform.
  • lvs_10k_2018-02-23_16_47
    Revenue - Product
    Consolidated net revenues were $12.88 billion for the year ended December 31, 2017, an increase of $1.47 billion compared to $11.41 billion for the year ended December 31, 2016.
  • lvs_10k_2018-02-23_168_464
    Financial - Expense
    The following table summarizes information related to interest expense:
  • lvs_10k_2018-02-23_88_405
    Financial - Expense
    The following table summarizes information related to interest expense:
  • lvs_10k_2018-02-23_11_26
    Revenue - 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 box.
  • lvs_10k_2018-02-23_100_113
    Revenue - 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_2018-02-23_174_468
    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.

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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: 0001300514-18-000022
  • Filing Date: Friday, February 23, 2018
  • Accepted by the SEC: Friday, February 23, 2018 4:14:21 PM EST
  • Period Ending: December 2017
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