3Q20 Earnings Call Presentation
Historical Hold-Normalized Adj. Property EBITDA¹
($ in US millions)
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
Macao Operations²
Reported
$754
$786
$858
$765
$755
$811
$67
($312)
($233)
Hold-Normalized Adjustment
34
(13)
-
2
(23)
17
27
(7)
Hold-Normalized
$754
$820
$845
$765
$757
$788
$84
($285)
($240)
Marina Bay Sands
Reported
$419
$362
$423
$346
$435
$457
$282
($113)
$70
Hold-Normalized Adjustment
28
10
46
(39)
(40)
(12)
(11)
Hold-Normalized
$419
$390
$433
$392
$396
$417
$270
($112)
$59
Las Vegas Operations
Reported
$76
$100
$138
$136
$93
$120
$88
($122)
($40)
Hold-Normalized Adjustment
21
25
(7)
10
13
5
37
Hold-Normalized
$97
$125
$131
$146
$106
$120
$88
($117)
($3)
Sands Bethlehem³
3
Reported
Hold-Normalized
ឌឌ
$33
$24
$33
$19
$33
$24
$33
$19
159
LVS Consolidated
Reported
$1,282
$1,272
$1,452
$1,266
$1,283
$1,388
$437
($547)
($203)
Hold-Normalized Adjustment
Hold-Normalized
21
$1,303
87
$1,359
(10)
$1,442
56
$1,322
(24)
$1,259
(63)
$1,325
5
33
19
$442
($514)
($184)
1. This schedule presents hold-normalized adjusted property EBITDA based on the following methodology:
- for Macao operations and Marina Bay Sands: if the quarter's rolling win percentage is outside of the 3.15%-3.45% range, then a hold adjustment is calculated by applying a rolling win percentage of 3.30% to the rolling volume for the quarter.
- for Las Vegas Operations: if the quarter's baccarat win percentage is outside of the 18.0%-26.0% range, then a hold adjustment is calculated by applying a baccarat win percentage of 22.0%, and if the quarter's non-baccarat win
percentage is outside of the 16.0%-24.0% range, then a hold adjustment is calculated by applying a non-baccarat win percentage of 20.0%.
- for Sands Bethlehem: no hold adjustment was made.
- for all properties: gaming taxes, commissions paid, bad debt expense, discounts and other incentives are applied to determine the hold-normalized adjusted property EBITDA impact.
2. Adjusted property EBITDA presented here reflects adjusted property EBITDA from The Venetian Macao, Sands Cotai Central, The Parisian Macao, The Plaza Macao and Four Seasons Hotel Macao, Sands Macao and Ferry Operations and Other.
3. The company completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019.
Sands 53View entire presentation