LVSC(US:LVS)2023-02-02 16:00Financial Performance - Las Vegas Sands Corp. generated 53% of its total adjusted property EBITDA from Macao and 47% from Singapore over the past five years[10] - In 2022, Macao's annual gross gaming revenues were 42.20 billion patacas (approximately $5.25 billion), a decrease of 51.4% compared to 2021[18] - Singapore welcomed approximately 6.3 million international visitors in 2022, a 1,810.5% increase compared to 2021[22] - The company has unrestricted cash and cash equivalents of $2.57 billion and restricted cash of $125 million as of December 31, 2022, with approximately $2.06 billion available for repatriation[60] - The company suspended its quarterly dividend program in April 2020 due to the impact of the COVID-19 pandemic, with plans to reassess resumption based on future conditions[60] Market Share and Operations - The company holds approximately 30% market share in the mass gaming segment in Macao, with mass market table revenues contributing to about two-thirds of total gross gaming revenue at Marina Bay Sands[10] - The mass market segment is anticipated to continue delivering long-term growth due to the introduction of high-quality gaming facilities and non-gaming amenities[11] - The mass market gaming segment generated approximately 30% market share for combined SCL properties in Macao, with mass table revenues yielding a significantly higher gross margin than VIP table revenues[10] - The company operates approximately 2.9 million square feet of global MICE space, catering to business and leisure travelers[10] Investments and Expansion Plans - Las Vegas Sands Corp. plans to invest in the renovation and expansion of Marina Bay Sands and The Londoner Macao as part of its growth strategy[11] - The company has a financial commitment to spend approximately $3.77 billion (30.24 billion patacas) through 2032 on both capital and operating projects, including $3.46 billion (27.80 billion patacas) in non-gaming projects[36] - The company plans to develop a new approximately 18,000-square-meter MICE facility to enhance its convention offerings[36] - The MBS Expansion Project in Singapore has a total project cost of approximately 4.5 billion SGD (approximately $3.3 billion)[15] - The total project cost for the MBS Expansion Project is approximately SGD 4.5 billion (approximately $3.3 billion) with a significant portion allocated for additional MICE facilities and a new hotel tower[48] Sustainability and Community Engagement - Las Vegas Sands Corp. has been recognized in the Dow Jones Sustainability North America Index and the Dow Jones Sustainability World Index for three consecutive years[6] - The company is committed to responsible gaming and community engagement through its Project Protect and Sands Cares programs[6] - The company is committed to environmental sustainability through its Sands ECO360 program, aligning with the United Nations Sustainable Development Goals[34] - The Drop by Drop Project aims to promote sustainability in local regions and reinvest capital into innovative water projects in Macao and Singapore[34] Regulatory and Legal Considerations - The company has entered into a concession agreement with the Macao government for a duration of ten years, starting January 1, 2023, with annual payments of 750 patacas per square meter for the first three years[41] - The company is obligated to pay a special gaming tax of 35% on gross gaming revenues and a special annual gaming premium if revenues fall below specified minimums[46] - The company must contribute 5% of gross gaming revenue to designated utilities, which may be reduced or exempted if the company successfully expands to foreign tourist markets[46] - The Macao gaming authorities require prior approval for any loan or financing transaction above 100 million patacas (approximately $12 million)[45] - The SEC's Holding Foreign Companies Accountable Act could impose trading prohibitions if the company is identified as a "Commission-Identified Issuer" for two consecutive years[59] Employee and Workforce Management - The company employs approximately 35,700 employees worldwide, with about 50% being female[32] - The company has implemented various employee programs, including competitive pay and healthcare benefits, to attract and retain talent[32] - The company focuses on creating a diverse and inclusive workforce[32] Gaming Operations and Facilities - The Venetian Macao features approximately 503,000 square feet of gaming space with around 630 table games and 1,180 slot machines[12] - The Londoner Macao includes approximately 400,000 square feet of gaming space with about 480 table games and 860 slot machines[12] - Marina Bay Sands offers approximately 160,000 square feet of gaming space with around 500 table games and 2,900 slot machines[15] - The Sands Macao includes approximately 176,000 square feet of gaming space with about 160 table games and 560 slot machines[14] - The Londoner Macao has approximately 369,000 square feet of meeting space and a 6,000-seat arena[12] Visitor Trends and Tourism Impact - Approximately 6 million visitors were welcomed to Macao in 2022, down from 8 million in 2021, with expectations for a return to pre-pandemic visitation levels driven by various factors[18] - Changi Airport in Singapore saw 32 million passengers in the twelve months ended December 31, 2022, a 955% increase compared to 2021 but a 53% decrease compared to 2019[23] - Tourism receipts in Singapore were estimated at SGD 1.89 billion (approximately $1.41 billion) in 2021[22]