ighlights for the quarter ended March 31, 2016
(Compared to the Quarter Ended March 31, 2015)
- Consolidated Net Revenue was $2.72 Billion
- Hold-Normalized Adjusted Property EBITDA was $1.03 Billion
- Consolidated Adjusted Property EBITDA was $917.6 Million
- Adjusted Property EBITDA was $510.4 Million
- Strong Cost Discipline Drove a 190 Basis Point Improvement in Hold-Normalized Adjusted Property EBITDA Margin to 32.1%
At Marina Bay Sands in Singapore:
- Hold-Normalized Adjusted Property EBITDA was $382.8 Million, While Adjusted Property EBITDA was $274.9 Million
- On a Constant-Currency Basis, Hold-Normalized Adjusted Property EBITDA Increased 10.3%
- Hold-Normalized Adjusted Earnings per Diluted Share was $0.57; Adjusted Earnings per Diluted Share was $0.45; and GAAP Earnings per Diluted Share was $0.40
- The Company Paid Dividends of $0.72 per Share, an Increase of 10.8%
"Our convention-based Integrated Resort business model continues to appeal to the broadest set of customers, generate the most diversified set of cash flows and deliver the industry's highest revenue and profit from non-gaming segments, while bringing unsurpassed economic and diversification benefits to the regions in which we operate," said Sheldon G. Adelson, chairman and chief executive officer
Sheldon G. Adelson, chairman and chief executive officer, said, "The operating environment in Macau remained challenging during the quarter; but we do see signs of stabilization, particularly in the mass market. Our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows enabled us to once again deliver in excess of one billion U.S. dollars of hold-normalized adjusted property EBITDA during the quarter. We remain intensely focused on the consistent execution of our proven global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model.
"Our convention-based Integrated Resort business model continues to appeal to the broadest set of customers, generate the most diversified set of cash flows and deliver the industry's highest revenue and profit from non-gaming segments, while bringing unsurpassed economic and diversification benefits to the regions in which we operate. We remain confident in our ability to both further extend our global leadership position and deliver strong growth in the future.
"The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy."
The company paid a recurring quarterly dividend of $0.72 per common share during the quarter, an increase of 10.8% compared to the first quarter of 2015. The company announced that its next recurring quarterly dividend of $0.72 per common share will be paid on June 30, 2016, to Las Vegas Sands shareholders of record on June 22, 2016. That dividend also represents an increase of 10.8% compared to the dividend paid in the second quarter of 2015. Additionally, since the inception of the company's share repurchase program in June 2013, the company has returned $2.44 billion to shareholders through the repurchase of 35.4 million shares.
Adelson added, "In Macau, notwithstanding the difficult operating environment, we delivered $510.4 million in adjusted property EBITDA across our Macau property portfolio during the quarter. We remain confident that our market-leading Cotai Strip properties, which will be complemented later this year by The Parisian Macao, targeted to open in mid-September 2016, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide our company with an outstanding and diversified platform for growth in the years ahead."
Marina Bay Sands in Singapore continues to attract visitors from across the region to Singapore, which enabled us to generate yet another record mass gaming win-per-day in local currency terms. While the impact of the stronger U.S. dollar and low win percentage on Rolling Chip play negatively impacted the company's reported financial results for the quarter, both gaming volumes and our non-gaming segments remain resilient. On a constant currency basis, hold-normalized adjusted property EBITDA increased 10.3%.
At The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, a 10.0% year-over-year increase in RevPAR to $231 drove a 17.3% increase in adjusted property EBITDA during the first quarter of 2016.