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Las Vegas Sands Reports Fourth Quarter 2018 Results
Reading Time: 25 minutes
For the Quarter Ended December 31, 2018
(Compared to the Quarter Ended December 31, 2017)
– Consolidated Net Revenue Increased 2.5% to $3.48 Billion
– Due to U.S. Tax Reform, Net Loss of $40 Million and $0.22 per Diluted Share Includes a Nonrecurring Non-Cash Income Tax Expense of $727 Million
– Adjusted Earnings per Diluted Share Was $0.77 and Excludes the $0.93 Impact per Diluted Share Due to U.S. Tax Reform
– Hold-Normalized Adjusted Property EBITDA Increased 0.2% to $1.30 Billion, Consolidated Adjusted Property EBITDA Was $1.27 Billion
– In Macao, Adjusted Property EBITDA Increased 7.7% to $786 Million
– At Marina Bay Sands in Singapore, Adjusted Property EBITDA Was $362 Million
– At Our Las Vegas Operating Properties, Adjusted Property EBITDA Was $100 Million, While Hold-Normalized Adjusted Property EBITDA Increased 9.6% to $125 Million
– The Company Paid Quarterly Dividends of $0.75 per Share
– The Company Repurchased $430 Million of Common Stock During the Quarter
For the Year Ended December 31, 2018
(Compared to the Year Ended December 31, 2017)
– Consolidated Net Revenue was $13.73 Billion, Net Income was $2.95 Billion, Net Income Attributable to Las Vegas Sands Was $2.41 Billion and $3.07 per Diluted Share
– Adjusted Earnings per Diluted Share was $3.32, Consolidated Adjusted Property EBITDA was $5.28 Billion
– The Company Paid Dividends of $3.00 per Share
– The Company Repurchased $905 Million of Common Stock
– The Company’s Board of Directors Announced an Increase in the Company’s Recurring Common Stock Dividend for 2019 to $3.08 per Share ($0.77 per Share per Quarter)
Las Vegas Sands Corp., the world’s leading developer and operator of convention-based Integrated Resorts, reported financial results for the quarter ended December 31, 2018.
Fourth Quarter Overview
Mr. Sheldon G. Adelson, chairman and chief executive officer, said, “We are pleased to have delivered strong financial results in the quarter, led by record mass revenues and continued growth in every market segment in Macao. Our Integrated Resort property portfolio in Macao delivered adjusted property EBITDA of $786 million, an increase of 7.7% compared to the fourth quarter of 2017. At Marina Bay Sands in Singapore, our hotel, retail, convention and mass gaming segments all exhibited growth, contributing to $362 million of adjusted property EBITDA for the quarter.
We also continued to invest in growth initiatives in each of our markets. We remain confident in the future opportunity in Macao and are progressing with our investments in the Four Seasons Tower Suites Macao, St. Regis Tower Suites Macao and The Londoner Macao. We believe our market-leading interconnected Integrated Resort portfolio in Macao, including the additional destination retail, luxurious hotel suite offerings and world class entertainment attractions created by these investments, will provide an ideal platform for growth in Macao in the years ahead.”
The company paid a recurring quarterly dividend of $0.75 per common share and increased its return of capital through share repurchases of $430 million during the quarter. The company increased the annual dividend for the 2019 calendar year to $3.08, or $0.77 per common share per quarter, and announced its next quarterly dividend of $0.77 per common share will be paid on March 28, 2019, to Las Vegas Sands shareholders of record on March 20, 2019.
Company-Wide Operating Results
Net revenue for the fourth quarter of 2018 increased 2.5% to $3.48 billion, compared to $3.39 billion in the fourth quarter of 2017. Net loss was $40 million in the fourth quarter of 2018 due to non-recurring non-cash income tax expense of $727 million for U.S. tax reform discussed below, compared to net income of $1.36 billion in the year-ago quarter, which included a non-recurring non-cash income tax benefit of $526 million also related to U.S. tax reform.
Effective January 1, 2018, the Company adopted the new revenue recognition standard on a full retrospective basis. The adoption of this standard did not have a material impact on the Company’s financial condition or net income. All 2017 financial results have been revised to conform to the current presentation.
On a GAAP (accounting principles generally accepted in the United States of America) basis, operating income in the fourth quarter of 2018 decreased to $874 million, compared to $1.03 billion in the fourth quarter of 2017. The decrease in operating income was due to depreciation acceleration and asset impairments associated with our development projects in Macao. We also had softer Rolling Chip volume in Singapore, partially offset by stronger operating performance in Macao due to a 10% increase in revenues. Consolidated adjusted property EBITDA (a non-GAAP measure) of $1.27 billion decreased 4.7% in the fourth quarter of 2018, compared to the year-ago quarter. On a hold-normalized basis, consolidated adjusted property EBITDA increased to $1.30 billion in the fourth quarter of 2018.
On a GAAP basis, net loss attributable to Las Vegas Sands in the fourth quarter of 2018 was $170 million, compared to net income attributable to Las Vegas Sands of $1.21 billion in the fourth quarter of 2017, while diluted loss per share in the fourth quarter of 2018 was $0.22, compared to diluted earnings per share of $1.53 in the prior-year quarter. The decrease was primarily a result of nonrecurring, non-cash income tax items due to the implementation of U.S. tax reform indicated above.
Adjusted net income attributable to Las Vegas Sands (a non-GAAP measure) was $598 million, or $0.77 per diluted share, compared to $700 million, or $0.88 per diluted share, in the fourth quarter of 2017. Hold-normalized adjusted earnings per diluted share decreased 6.0% to $0.79.
On a GAAP basis, full year 2018 operating income increased 8.3% to $3.75 billion, compared to $3.46 billion in 2017. The increase in operating income was principally due to stronger operating performance in our Macao business due to a 14% increase in revenues. Net income attributable to Las Vegas Sands decreased 14.1% to $2.41 billion, or $3.07 per diluted share, in 2018, compared to $2.81 billion, or $3.55 per diluted share, in 2017. The decrease in net income attributable to Las Vegas Sands reflected increases in income tax expense, interest expense and loss on modification or early retirement of debt.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 9% to $2.25 billion in the fourth quarter of 2018, compared to $2.06 billion in the fourth quarter of 2017. Net income for SCL decreased 11% to $465 million in the fourth quarter of 2018, compared to $519 million in the fourth quarter of 2017.
On a GAAP basis, full year 2018 total net revenues for SCL increased 14% to $8.67 billion, compared to $7.59 billion in 2017. Net income for SCL increased 19% to $1.90 billion in 2018, compared to $1.60 billion in 2017.
Other Factors Affecting Earnings
Depreciation and amortization expense was $289 million in the fourth quarter of 2018, compared to $258 million in the fourth quarter of 2017.
Interest expense, net of amounts capitalized, was $138 million for the fourth quarter of 2018, compared to $87 million in the prior-year quarter. Our weighted average borrowing cost in the fourth quarter of 2018 was approximately 4.5%, compared to 3.4% during the fourth quarter of 2017. The increase in net weighted average borrowing cost relates to the issuance of unsecured notes by SCL in the third quarter of 2018 and increases in interest rates globally. Our outstanding debt also increased in connection with the unsecured notes issued by SCL in the third quarter of 2018 and additional borrowings in the U.S. in the second quarter of 2018.
Our income tax expense for the fourth quarter of 2018 was $782 million, compared to a benefit of $429 million in the prior year quarter. The tax expense for the fourth quarter of 2018 is primarily due to nonrecurring non-cash expense of $727 million resulting from recently issued guidance by the Internal Revenue Service related to the international provision of the Tax Cuts and Jobs Act (the “Act”). This guidance clarified the implementation of the Global Intangible Low-Taxed Income (“GILTI”) and other provisions which impact the foreign tax credit utilization and required an increase of a valuation allowance related to our historical foreign tax credits. Our effective income tax rate for the fourth quarter of 2018 would have been 7.4% without the discrete expense associated with the Act.
The net income attributable to noncontrolling interests during the fourth quarter of 2018 decreased to $130 million and was principally related to SCL.
Balance Sheet Items
Unrestricted cash balances as of December 31, 2018 were $4.65 billion.
As of December 31, 2018, total debt outstanding, including the current portion, net of deferred financing costs and original issue discount and excluding capital leases, was $11.97 billion.
Capital Expenditures
Capital expenditures during the fourth quarter totaled $326 million, including construction, development and maintenance activities of $184 million in Macao, $70 million in Las Vegas, $66 million at Marina Bay Sands and $6 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company’s results on Wednesday, January 23, 2019 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.sands.com.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new development, construction and ventures, substantial leverage and debt service, fluctuations in currency exchange rates and interest rates, government regulation, tax law changes and the impact of U.S. tax reform, legalization of gaming, natural or man-made disasters, terrorist acts or war, outbreaks of infectious diseases, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our subsidiaries’ ability to make distribution payments to us, and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.
About Las Vegas Sands Corp. (NYSE: LVS)
Las Vegas Sands is the world’s pre-eminent developer and operator of world-class Integrated Resorts. We deliver unrivaled economic benefits to the communities in which we operate.
LVS created the meetings, incentives, convention and exhibition (MICE)-based Integrated Resort. Our industry-leading Integrated Resorts provide substantial contributions to our host communities including growth in leisure and business tourism, sustained job creation and ongoing financial opportunities for local small and medium-sized businesses.
Our properties include The Venetian and The Palazzo resorts and Sands Expo in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd., we have developed the largest portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao, Sands Cotai Central and The Parisian Macao, as well as the Sands Macao on the Macao Peninsula.
LVS is dedicated to being a good corporate citizen, anchored by the core tenets of serving people, planet and communities. We deliver a great working environment for 50,000 team members worldwide, drive social impact through the Sands Cares charitable giving and community engagement program and lead in environmental performance through the award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.
Contacts:
|
Investment |
Daniel Briggs |
(702) 414-1221 |
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Media: |
Ron Reese |
(702) 414-3607 |
Las Vegas Sands Corp.
Fourth Quarter 2018 Results
Non-GAAP Measures
Within the company’s fourth quarter and full year 2018 press release, the company makes reference to certain non-GAAP financial measures that supplement the company’s consolidated financial information prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) including “adjusted net income,” “adjusted earnings per diluted share,” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures along with “adjusted property EBITDA margin,” “hold-normalized adjusted property EBITDA,” “hold-normalized adjusted property EBITDA margin,” “hold-normalized adjusted net income,” and “hold-normalized adjusted earnings per diluted share.” The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this release are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company’s management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company’s financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company’s operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income, which is a non-GAAP financial measure, excludes certain non-recurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and other income or expense, attributable to Las Vegas Sands, net of income tax and an adjustment for a nonrecurring non-cash benefit due to U.S. tax reform enacted in 2017. Adjusted net income and adjusted earnings per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, 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 of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. 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. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal payments and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Hold-normalized adjusted property EBITDA, a supplemental non-GAAP financial measure, that, in addition to the aforementioned reasons for the presentation of consolidated adjusted property EBITDA, is presented to adjust for the impact of certain variances in table games’ win percentages, which can vary from period to period. Hold-normalized adjusted property EBITDA is based on applying a Rolling Chip win percentage of 3.15% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 3.0% to 3.3% for our Macao properties, applying a Rolling Chip win percentage of 2.85% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 2.7% to 3.0% for our Singapore property, and applying a win percentage of 22.0% for Baccarat and 20.0% for non-Baccarat games to the respective table games drops for the quarter if the actual win percentages are outside the expected ranges of 18.0% to 26.0% for Baccarat and 16.0% to 24.0% for non-Baccarat at our Las Vegas properties. No hold adjustments are made for Sands Bethlehem. We do not present adjustments for Non-Rolling Chip drop for our table games play at our Macao and Singapore properties, nor for slots at any of our properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid to third parties on the incremental win, bad debt expense, discounts and other incentives that would have been incurred when applying the win percentages noted above to the respective gaming volumes. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period.
Hold-normalized adjusted net income and hold-normalized adjusted earnings per diluted share are additional supplemental non-GAAP financial measures that, in addition to the aforementioned reasons for the presentation of adjusted net income and adjusted earnings per diluted share, are presented to adjust for the impact of certain variances in table games’ win percentages, which can vary from period to period.
The company may also present the above items on a constant currency basis. This information is a non-GAAP financial measure that is calculated by translating current quarter local currency amounts to U.S. dollars based on prior period exchange rates. These amounts are compared to the prior period to derive non-GAAP constant-currency growth/decline. Management considers non-GAAP constant-currency growth/decline to be a useful metric to investors and management as it allows a more direct comparison of current performance to historical performance.
The company also makes reference to adjusted property EBITDA margin and hold-normalized adjusted property EBITDA margin, which are calculated using the aforementioned non-GAAP financial measures.
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Exhibit 1 |
||||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||||
|
Condensed Consolidated Statements of Operations |
||||||||||||||||
|
(In millions, except per share data) |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Revenues: |
||||||||||||||||
|
Casino |
$ |
2,461 |
$ |
2,416 |
$ |
9,819 |
$ |
9,086 |
||||||||
|
Rooms |
435 |
416 |
1,733 |
1,586 |
||||||||||||
|
Food and beverage |
223 |
229 |
865 |
828 |
||||||||||||
|
Mall |
200 |
175 |
690 |
651 |
||||||||||||
|
Convention, retail and other |
156 |
155 |
622 |
577 |
||||||||||||
|
Net revenues |
3,475 |
3,391 |
13,729 |
12,728 |
||||||||||||
|
Operating expenses: |
||||||||||||||||
|
Resort operations |
2,205 |
2,059 |
8,462 |
7,842 |
||||||||||||
|
Corporate |
58 |
38 |
202 |
173 |
||||||||||||
|
Pre-opening |
1 |
1 |
6 |
8 |
||||||||||||
|
Development |
3 |
5 |
12 |
13 |
||||||||||||
|
Depreciation and amortization |
289 |
258 |
1,111 |
1,171 |
||||||||||||
|
Amortization of leasehold interests in land |
9 |
9 |
35 |
37 |
||||||||||||
|
Loss (gain) on disposal or impairment of assets |
36 |
(7) |
150 |
20 |
||||||||||||
|
2,601 |
2,363 |
9,978 |
9,264 |
|||||||||||||
|
Operating income |
874 |
1,028 |
3,751 |
3,464 |
||||||||||||
|
Other income (expense): |
||||||||||||||||
|
Interest income |
23 |
5 |
59 |
16 |
||||||||||||
|
Interest expense, net of amounts capitalized |
(138) |
(87) |
(446) |
(327) |
||||||||||||
|
Other income (expense) |
(8) |
(14) |
26 |
(94) |
||||||||||||
|
Loss on modification or early retirement of debt |
(9) |
— |
(64) |
(5) |
||||||||||||
|
Income before income taxes |
742 |
932 |
3,326 |
3,054 |
||||||||||||
|
Income tax (expense) benefit |
(782) |
429 |
(375) |
209 |
||||||||||||
|
Net income (loss) |
(40) |
1,361 |
2,951 |
3,263 |
||||||||||||
|
Net income attributable to noncontrolling interests |
(130) |
(149) |
(538) |
(455) |
||||||||||||
|
Net income (loss) attributable to Las Vegas Sands Corp. |
$ |
(170) |
$ |
1,212 |
$ |
2,413 |
$ |
2,808 |
||||||||
|
Earnings (loss) per share: |
||||||||||||||||
|
Basic |
$ |
(0.22) |
$ |
1.53 |
$ |
3.07 |
$ |
3.55 |
||||||||
|
Diluted |
$ |
(0.22) |
$ |
1.53 |
$ |
3.07 |
$ |
3.55 |
||||||||
|
Weighted average shares outstanding: |
||||||||||||||||
|
Basic |
780 |
790 |
786 |
792 |
||||||||||||
|
Diluted |
780 |
791 |
786 |
792 |
||||||||||||
|
Dividends declared per common share |
$ |
0.75 |
$ |
0.73 |
$ |
3.00 |
$ |
2.92 |
||||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
Exhibit 2 |
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Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Net Revenues |
||||||||||||||||
|
The Venetian Macao |
$ |
919 |
$ |
822 |
$ |
3,474 |
$ |
2,924 |
||||||||
|
Sands Cotai Central |
558 |
551 |
2,153 |
1,916 |
||||||||||||
|
The Parisian Macao |
414 |
321 |
1,533 |
1,395 |
||||||||||||
|
The Plaza Macao and Four Seasons Hotel Macao |
175 |
174 |
719 |
587 |
||||||||||||
|
Sands Macao |
156 |
150 |
650 |
626 |
||||||||||||
|
Ferry Operations and Other |
37 |
42 |
160 |
161 |
||||||||||||
|
Macao Operations |
2,259 |
2,060 |
8,689 |
7,609 |
||||||||||||
|
Marina Bay Sands |
726 |
821 |
3,069 |
3,134 |
||||||||||||
|
Las Vegas Operating Properties |
424 |
433 |
1,682 |
1,657 |
||||||||||||
|
Sands Bethlehem |
128 |
138 |
536 |
564 |
||||||||||||
|
Intersegment Eliminations |
(62) |
(61) |
(247) |
(236) |
||||||||||||
|
$ |
3,475 |
$ |
3,391 |
$ |
13,729 |
$ |
12,728 |
|||||||||
|
Adjusted Property EBITDA |
||||||||||||||||
|
The Venetian Macao |
$ |
355 |
$ |
324 |
$ |
1,378 |
$ |
1,133 |
||||||||
|
Sands Cotai Central |
194 |
202 |
759 |
633 |
||||||||||||
|
The Parisian Macao |
132 |
89 |
484 |
413 |
||||||||||||
|
The Plaza Macao and Four Seasons Hotel Macao |
64 |
71 |
262 |
233 |
||||||||||||
|
Sands Macao |
38 |
40 |
178 |
174 |
||||||||||||
|
Ferry Operations and Other |
3 |
4 |
18 |
21 |
||||||||||||
|
Macao Operations |
786 |
730 |
3,079 |
2,607 |
||||||||||||
|
Marina Bay Sands |
362 |
457 |
1,690 |
1,755 |
||||||||||||
|
Las Vegas Operating Properties |
100 |
114 |
394 |
391 |
||||||||||||
|
Sands Bethlehem |
24 |
34 |
116 |
147 |
||||||||||||
|
$ |
1,272 |
$ |
1,335 |
$ |
5,279 |
$ |
4,900 |
|||||||||
|
Adjusted Property EBITDA as a Percentage of Net Revenues |
||||||||||||||||
|
The Venetian Macao |
38.6 |
% |
39.4 |
% |
39.7 |
% |
38.7 |
% |
||||||||
|
Sands Cotai Central |
34.8 |
% |
36.7 |
% |
35.3 |
% |
33.0 |
% |
||||||||
|
The Parisian Macao |
31.9 |
% |
27.7 |
% |
31.6 |
% |
29.6 |
% |
||||||||
|
The Plaza Macao and Four Seasons Hotel Macao |
36.6 |
% |
40.8 |
% |
36.4 |
% |
39.7 |
% |
||||||||
|
Sands Macao |
24.4 |
% |
26.7 |
% |
27.4 |
% |
27.8 |
% |
||||||||
|
Ferry Operations and Other |
8.1 |
% |
9.5 |
% |
11.3 |
% |
13.0 |
% |
||||||||
|
Macao Operations |
34.8 |
% |
35.4 |
% |
35.4 |
% |
34.3 |
% |
||||||||
|
Marina Bay Sands |
49.9 |
% |
55.7 |
% |
55.1 |
% |
56.0 |
% |
||||||||
|
Las Vegas Operating Properties |
23.6 |
% |
26.3 |
% |
23.4 |
% |
23.6 |
% |
||||||||
|
Sands Bethlehem |
18.8 |
% |
24.6 |
% |
21.6 |
% |
26.1 |
% |
||||||||
|
Total |
36.6 |
% |
39.4 |
% |
38.5 |
% |
38.5 |
% |
||||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
Exhibit 3 |
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Las Vegas Sands Corp. and Subsidiaries |
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The following is a reconciliation of Net Income (Loss) to Consolidated Adjusted Property |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Net income (loss) |
$ |
(40) |
$ |
1,361 |
$ |
2,951 |
$ |
3,263 |
||||||||
|
Add (deduct): |
||||||||||||||||
|
Income tax expense (benefit) |
782 |
(429) |
375 |
(209) |
||||||||||||
|
Loss on modification or early retirement of debt |
9 |
— |
64 |
5 |
||||||||||||
|
Other (income) expense |
8 |
14 |
(26) |
94 |
||||||||||||
|
Interest expense, net of amounts capitalized |
138 |
87 |
446 |
327 |
||||||||||||
|
Interest income |
(23) |
(5) |
(59) |
(16) |
||||||||||||
|
Loss (gain) on disposal or impairment of assets |
36 |
(7) |
150 |
20 |
||||||||||||
|
Amortization of leasehold interests in land |
9 |
9 |
35 |
37 |
||||||||||||
|
Depreciation and amortization |
289 |
258 |
1,111 |
1,171 |
||||||||||||
|
Development expense |
3 |
5 |
12 |
13 |
||||||||||||
|
Pre-opening expense |
1 |
1 |
6 |
8 |
||||||||||||
|
Stock-based compensation (1) |
2 |
3 |
12 |
14 |
||||||||||||
|
Corporate expense |
58 |
38 |
202 |
173 |
||||||||||||
|
Consolidated Adjusted Property EBITDA |
$ |
1,272 |
$ |
1,335 |
$ |
5,279 |
$ |
4,900 |
||||||||
|
Hold-normalized casino revenue (2) |
30 |
(43) |
||||||||||||||
|
Hold-normalized casino expense (2) |
(5) |
2 |
||||||||||||||
|
Consolidated Hold-Normalized Adjusted Property EBITDA |
$ |
1,297 |
$ |
1,294 |
||||||||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
(1) |
During the three months ended December 31, 2018 and 2017, the company recorded stock-based compensation expense of $7 million and $8 million, respectively, of which $5 million in each period is included in corporate expense on the company’s condensed consolidated statements of operations. During the years ended December 31, 2018 and 2017, the company recorded stock-based compensation expense of $30 million and $34 million, respectively, of which $18 million and $20 million, respectively, is included in corporate expense on the company’s condensed consolidated statements of operations. |
|
(2) |
See Exhibit 4. |
|
Exhibit 4 |
||||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||||
|
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA: |
||||||||||||||||
|
Three Months Ended December 31, 2018 |
||||||||||||||||
|
Hold-Normalized |
||||||||||||||||
|
Adjusted |
Hold-Normalized |
Hold-Normalized |
Adjusted |
|||||||||||||
|
Property |
Casino |
Casino |
Property |
|||||||||||||
|
EBITDA |
Revenue (1) |
Expense (2) |
EBITDA |
|||||||||||||
|
Macao Operations |
$ |
786 |
$ |
— |
$ |
— |
$ |
786 |
||||||||
|
Marina Bay Sands |
362 |
— |
— |
362 |
||||||||||||
|
United States: |
||||||||||||||||
|
Las Vegas Operating Properties |
100 |
30 |
(5) |
125 |
||||||||||||
|
Sands Bethlehem |
24 |
— |
— |
24 |
||||||||||||
|
$ |
1,272 |
$ |
30 |
$ |
(5) |
$ |
1,297 |
|||||||||
|
Three Months Ended December 31, 2017 |
||||||||||||||||
|
Hold-Normalized |
||||||||||||||||
|
Adjusted |
Hold-Normalized |
Hold-Normalized |
Adjusted |
|||||||||||||
|
Property |
Casino |
Casino |
Property |
|||||||||||||
|
EBITDA |
Revenue (1) |
Expense (2) |
EBITDA |
|||||||||||||
|
Macao Operations |
$ |
730 |
$ |
43 |
$ |
(16) |
$ |
757 |
||||||||
|
Marina Bay Sands |
457 |
(86) |
18 |
389 |
||||||||||||
|
United States: |
||||||||||||||||
|
Las Vegas Operating Properties |
114 |
— |
— |
114 |
||||||||||||
|
Sands Bethlehem |
34 |
— |
— |
34 |
||||||||||||
|
$ |
1,335 |
$ |
(43) |
$ |
2 |
$ |
1,294 |
|||||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation.
|
|
(1) |
For Macao Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling Chip volume play that would have been earned or lost had the company’s current period win percentage equaled 3.15% for Macao Operations and 2.85% for Marina Bay Sands. This calculation will only be applied if the current period win percentage is outside the expected range of 3.0% to 3.3% for Macao Operations and 2.7% to 3.0% for Marina Bay Sands.
For the Las Vegas Operating Properties, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the company’s current period win percentage equaled 22.0% for Baccarat and 20.0% for non-Baccarat. This calculation will only be applied if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 18.0% to 26.0% and 16.0% to 24.0%, respectively.
For Sands Bethlehem, no adjustments have been made.
These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.
|
|
(2) |
Represents the estimated incremental expenses (gaming taxes and bad debt expense) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above. |
|
Exhibit 5 |
||||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||||
|
The following is a reconciliation of Net Income (Loss) Attributable to LVS to Adjusted Net Income and Hold- |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Net income (loss) attributable to LVS |
$ |
(170) |
$ |
1,212 |
$ |
2,413 |
$ |
2,808 |
||||||||
|
Pre-opening expense |
1 |
1 |
6 |
8 |
||||||||||||
|
Development expense |
3 |
5 |
12 |
13 |
||||||||||||
|
Loss (gain) on disposal or impairment of assets |
36 |
(7) |
150 |
20 |
||||||||||||
|
Other (income) expense |
8 |
14 |
(26) |
94 |
||||||||||||
|
Loss on modification or early retirement of debt |
9 |
— |
64 |
5 |
||||||||||||
|
Nonrecurring non-cash income tax expense (benefit) of U.S. tax reform (1) |
727 |
(526) |
57 |
(526) |
||||||||||||
|
Income tax impact on net income adjustments (2) |
(1) |
(2) |
(8) |
(2) |
||||||||||||
|
Noncontrolling interest impact on net income adjustments |
(15) |
3 |
(57) |
(9) |
||||||||||||
|
Adjusted net income attributable to LVS |
$ |
598 |
$ |
700 |
$ |
2,611 |
$ |
2,411 |
||||||||
|
Hold-normalized casino revenue (3) |
30 |
(43) |
||||||||||||||
|
Hold-normalized casino expense (3) |
(5) |
2 |
||||||||||||||
|
Income tax impact on hold adjustments (2) |
(5) |
12 |
||||||||||||||
|
Noncontrolling interest impact on hold adjustments |
— |
(8) |
||||||||||||||
|
Hold-normalized adjusted net income attributable to LVS |
$ |
618 |
$ |
663 |
||||||||||||
|
The following is a reconciliation of Diluted Earnings (Loss) per Share to Adjusted Earnings per Diluted Share |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Per diluted share of common stock: |
||||||||||||||||
|
Net income (loss) attributable to LVS |
$ |
(0.22) |
$ |
1.53 |
$ |
3.07 |
$ |
3.55 |
||||||||
|
Pre-opening expense |
— |
— |
0.01 |
0.01 |
||||||||||||
|
Development expense |
0.01 |
— |
0.01 |
0.01 |
||||||||||||
|
Loss (gain) on disposal or impairment of assets |
0.05 |
(0.01) |
0.19 |
0.02 |
||||||||||||
|
Other (income) expense |
0.01 |
0.02 |
(0.03) |
0.12 |
||||||||||||
|
Loss on modification or early retirement of debt |
0.01 |
— |
0.08 |
— |
||||||||||||
|
Nonrecurring non-cash income tax expense (benefit) of U.S. tax reform |
0.93 |
(0.66) |
0.07 |
(0.66) |
||||||||||||
|
Income tax impact on net income adjustments |
— |
— |
(0.01) |
— |
||||||||||||
|
Noncontrolling interest impact on net income adjustments |
(0.02) |
— |
(0.07) |
(0.01) |
||||||||||||
|
Adjusted earnings per diluted share |
$ |
0.77 |
$ |
0.88 |
$ |
3.32 |
$ |
3.04 |
||||||||
|
Hold-normalized casino revenue |
0.04 |
(0.05) |
||||||||||||||
|
Hold-normalized casino expense |
(0.01) |
— |
||||||||||||||
|
Income tax impact on hold adjustments |
(0.01) |
0.02 |
||||||||||||||
|
Noncontrolling interest impact on hold adjustments |
— |
(0.01) |
||||||||||||||
|
Hold-normalized adjusted earnings per diluted share |
$ |
0.79 |
$ |
0.84 |
||||||||||||
|
Weighted average diluted shares outstanding |
780 |
791 |
786 |
792 |
||||||||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
(1) |
Adjustment reflects the impact of the Tax Cuts and Jobs Act enacted in the U.S. in December 2017 (the “Act” or “tax reform”) and related guidance issued to date on the valuation allowance related to certain of the company’s tax attributes. |
|
(2) |
The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment. |
|
(3) |
See Exhibit 4. |
|
Exhibit 6 |
||||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||||
|
Three Months Ended |
Year Ended |
|||||||||||||||
|
December 31, |
December 31, |
|||||||||||||||
|
2018 |
2017 |
2018 |
2017 |
|||||||||||||
|
Casino Statistics: |
||||||||||||||||
|
The Venetian Macao: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
15,100 |
$ |
14,453 |
$ |
15,177 |
$ |
13,264 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
305 |
$ |
304 |
$ |
249 |
$ |
258 |
||||||||
|
Average number of table games |
652 |
585 |
611 |
566 |
||||||||||||
|
Average number of slot machines |
1,483 |
1,670 |
1,667 |
1,635 |
||||||||||||
|
Sands Cotai Central: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
13,036 |
$ |
12,214 |
$ |
12,245 |
$ |
10,775 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
313 |
$ |
323 |
$ |
292 |
$ |
311 |
||||||||
|
Average number of table games |
392 |
401 |
405 |
399 |
||||||||||||
|
Average number of slot machines |
1,637 |
1,823 |
1,765 |
1,750 |
||||||||||||
|
The Parisian Macao: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
13,696 |
$ |
9,075 |
$ |
12,246 |
$ |
9,815 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
380 |
$ |
218 |
$ |
290 |
$ |
223 |
||||||||
|
Average number of table games |
325 |
368 |
340 |
378 |
||||||||||||
|
Average number of slot machines |
1,149 |
1,487 |
1,302 |
1,514 |
||||||||||||
|
The Plaza Macao and Four Seasons Hotel Macao: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
16,930 |
$ |
16,223 |
$ |
17,636 |
$ |
14,637 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
451 |
$ |
673 |
$ |
507 |
$ |
497 |
||||||||
|
Average number of table games |
107 |
108 |
113 |
103 |
||||||||||||
|
Average number of slot machines |
168 |
164 |
187 |
178 |
||||||||||||
|
Sands Macao: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
8,441 |
$ |
7,882 |
$ |
8,724 |
$ |
8,127 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
258 |
$ |
223 |
$ |
246 |
$ |
235 |
||||||||
|
Average number of table games |
205 |
193 |
204 |
198 |
||||||||||||
|
Average number of slot machines |
805 |
1,014 |
890 |
943 |
||||||||||||
|
Marina Bay Sands: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
8,430 |
$ |
10,311 |
$ |
9,555 |
$ |
10,805 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
778 |
$ |
734 |
$ |
794 |
$ |
678 |
||||||||
|
Average number of table games |
599 |
602 |
580 |
582 |
||||||||||||
|
Average number of slot machines |
2,178 |
2,499 |
2,255 |
2,494 |
||||||||||||
|
Las Vegas Operating Properties: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
2,983 |
$ |
3,614 |
$ |
3,256 |
$ |
3,402 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
368 |
$ |
384 |
$ |
356 |
$ |
319 |
||||||||
|
Average number of table games |
244 |
238 |
235 |
240 |
||||||||||||
|
Average number of slot machines |
1,874 |
1,803 |
1,782 |
1,909 |
||||||||||||
|
Sands Bethlehem: |
||||||||||||||||
|
Table games win per unit per day (1) |
$ |
2,696 |
$ |
3,444 |
$ |
3,024 |
$ |
3,515 |
||||||||
|
Slot machine win per unit per day (2) |
$ |
243 |
$ |
257 |
$ |
260 |
$ |
267 |
||||||||
|
Average number of table games |
189 |
175 |
184 |
176 |
||||||||||||
|
Average number of slot machines |
3,271 |
3,186 |
3,249 |
3,162 |
||||||||||||
|
(1) |
Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
|
(2) |
Slot machine win per unit per day is shown before deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis. |
|
Exhibit 7 |
||||||||||||||
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
The Venetian Macao |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
747 |
$ |
664 |
$ |
83 |
12.5 |
% |
||||||
|
Rooms |
56 |
53 |
3 |
5.7 |
% |
|||||||||
|
Food and Beverage |
19 |
21 |
(2) |
(9.5) |
% |
|||||||||
|
Mall |
65 |
59 |
6 |
10.2 |
% |
|||||||||
|
Convention, Retail and Other |
32 |
25 |
7 |
28.0 |
% |
|||||||||
|
Net Revenues |
$ |
919 |
$ |
822 |
$ |
97 |
11.8 |
% |
||||||
|
Adjusted Property EBITDA |
$ |
355 |
$ |
324 |
$ |
31 |
9.6 |
% |
||||||
|
EBITDA Margin % |
38.6 |
% |
39.4 |
% |
(0.8) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
9,393 |
$ |
8,021 |
$ |
1,372 |
17.1 |
% |
||||||
|
Rolling Chip Win %(1) |
3.20 |
% |
2.73 |
% |
0.47 |
pts |
||||||||
|
Non-Rolling Chip Drop |
$ |
2,404 |
$ |
2,084 |
$ |
320 |
15.4 |
% |
||||||
|
Non-Rolling Chip Win % |
25.1 |
% |
26.8 |
% |
(1.7) |
pts |
||||||||
|
Slot Handle |
$ |
841 |
$ |
877 |
$ |
(36) |
(4.1) |
% |
||||||
|
Slot Hold % |
5 |
% |
5.3 |
% |
(0.3) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
96.5 |
% |
95.5 |
% |
1.0 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
222 |
$ |
232 |
$ |
(10) |
(4.3) |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
214 |
$ |
222 |
$ |
(8) |
(3.6) |
% |
||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Sands Cotai Central |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
418 |
$ |
417 |
$ |
1 |
0.2 |
% |
||||||
|
Rooms |
86 |
84 |
2 |
2.4 |
% |
|||||||||
|
Food and Beverage |
25 |
28 |
(3) |
(10.7) |
% |
|||||||||
|
Mall |
21 |
15 |
6 |
40.0 |
% |
|||||||||
|
Convention, Retail and Other |
8 |
7 |
1 |
14.3 |
% |
|||||||||
|
Net Revenues |
$ |
558 |
$ |
551 |
$ |
7 |
1.3 |
% |
||||||
|
Adjusted Property EBITDA |
$ |
194 |
$ |
202 |
$ |
(8) |
(4.0) |
% |
||||||
|
EBITDA Margin % |
34.8 |
% |
36.7 |
% |
(1.9) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
2,875 |
$ |
2,354 |
$ |
521 |
22.1 |
% |
||||||
|
Rolling Chip Win %(1) |
3.72 |
% |
3.68 |
% |
0.04 |
pts |
||||||||
|
Non-Rolling Chip Drop |
$ |
1,678 |
$ |
1,718 |
$ |
(40) |
(2.3) |
% |
||||||
|
Non-Rolling Chip Win % |
21.7 |
% |
21.2 |
% |
0.5 |
pts |
||||||||
|
Slot Handle |
$ |
1,164 |
$ |
1,293 |
$ |
(129) |
(10.0) |
% |
||||||
|
Slot Hold % |
4.0 |
% |
4.2 |
% |
(0.2) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
96.5 |
% |
92.3 |
% |
4.2 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
160 |
$ |
160 |
$ |
— |
— |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
154 |
$ |
148 |
$ |
6 |
4.1 |
% |
||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
The Parisian Macao |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
345 |
$ |
251 |
$ |
94 |
37.5 |
% |
||||||
|
Rooms |
33 |
34 |
(1) |
(2.9) |
% |
|||||||||
|
Food and Beverage |
17 |
15 |
2 |
13.3 |
% |
|||||||||
|
Mall |
14 |
16 |
(2) |
(12.5) |
% |
|||||||||
|
Convention, Retail and Other |
5 |
5 |
— |
— |
% |
|||||||||
|
Net Revenues |
$ |
414 |
$ |
321 |
$ |
93 |
29.0 |
% |
||||||
|
Adjusted Property EBITDA |
$ |
132 |
$ |
89 |
$ |
43 |
48.3 |
% |
||||||
|
EBITDA Margin % |
31.9 |
% |
27.7 |
% |
4.2 |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
4,816 |
$ |
3,845 |
$ |
971 |
25.3 |
% |
||||||
|
Rolling Chip Win %(1) |
3.16 |
% |
2.75 |
% |
0.41 |
pts |
||||||||
|
Non-Rolling Chip Drop |
$ |
1,135 |
$ |
1,016 |
$ |
119 |
11.7 |
% |
||||||
|
Non-Rolling Chip Win % |
22.6 |
% |
19.8 |
% |
2.8 |
pts |
||||||||
|
Slot Handle |
$ |
1,234 |
$ |
1,014 |
$ |
220 |
21.7 |
% |
||||||
|
Slot Hold % |
3.3 |
% |
2.9 |
% |
0.4 |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
97.0 |
% |
98.4 |
% |
(1.4) |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
160 |
$ |
151 |
$ |
9 |
6.0 |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
156 |
$ |
148 |
$ |
8 |
5.4 |
% |
||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
The Plaza Macao and Four Seasons Hotel Macao |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
108 |
$ |
118 |
$ |
(10) |
(8.5) |
% |
||||||
|
Rooms |
10 |
10 |
— |
— |
% |
|||||||||
|
Food and Beverage |
8 |
8 |
— |
— |
% |
|||||||||
|
Mall |
48 |
37 |
11 |
29.7 |
% |
|||||||||
|
Convention, Retail and Other |
1 |
1 |
— |
— |
% |
|||||||||
|
Net Revenues |
$ |
175 |
$ |
174 |
$ |
1 |
0.6 |
% |
||||||
|
Adjusted Property EBITDA |
$ |
64 |
$ |
71 |
$ |
(7) |
(9.9) |
% |
||||||
|
EBITDA Margin % |
36.6 |
% |
40.8 |
% |
(4.2) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
3,365 |
$ |
2,662 |
$ |
703 |
26.4 |
% |
||||||
|
Rolling Chip Win %(1) |
2.65 |
% |
2.88 |
% |
(0.23) |
pts |
||||||||
|
Non-Rolling Chip Drop |
$ |
345 |
$ |
389 |
$ |
(44) |
(11.3) |
% |
||||||
|
Non-Rolling Chip Win % |
22.2 |
% |
21.9 |
% |
0.3 |
pts |
||||||||
|
Slot Handle |
$ |
153 |
$ |
125 |
$ |
28 |
22.4 |
% |
||||||
|
Slot Hold % |
4.5 |
% |
8.2 |
% |
(3.7) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
90.0 |
% |
86.2 |
% |
3.8 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
343 |
$ |
330 |
$ |
13 |
3.9 |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
309 |
$ |
285 |
$ |
24 |
8.4 |
% |
||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated before discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Sands Macao |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
144 |
$ |
136 |
$ |
8 |
5.9 |
% |
||||||
|
Rooms |
5 |
4 |
1 |
25.0 |
% |
|||||||||
|
Food and Beverage |
7 |
8 |
(1) |
(12.5) |
% |
|||||||||
|
Convention, Retail and Other |
— |
2 |
(2) |
(100.0) |
% |
|||||||||
|
Net Revenues |
$ |
156 |
$ |
150 |
$ |
6 |
4.0 |
% |
||||||
|
Adjusted Property EBITDA |
$ |
38 |
$ |
40 |
$ |
(2) |
(5.0) |
% |
||||||
|
EBITDA Margin % |
24.4 |
% |
26.7 |
% |
(2.3) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
1,635 |
$ |
748 |
$ |
887 |
118.6 |
% |
||||||
|
Rolling Chip Win %(1) |
2.61 |
% |
3.48 |
% |
(0.87) |
pts |
||||||||
|
Non-Rolling Chip Drop |
$ |
630 |
$ |
615 |
$ |
15 |
2.4 |
% |
||||||
|
Non-Rolling Chip Win % |
18.5 |
% |
18.5 |
% |
— |
pts |
||||||||
|
Slot Handle |
$ |
643 |
$ |
609 |
$ |
34 |
5.6 |
% |
||||||
|
Slot Hold % |
3.0 |
% |
3.4 |
% |
(0.4) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
98.9 |
% |
98.5 |
% |
0.4 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
176 |
$ |
177 |
$ |
(1) |
(0.6) |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
175 |
$ |
174 |
$ |
1 |
0.6 |
% |
||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 3.0% to 3.3% (calculated discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Marina Bay Sands |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
500 |
$ |
607 |
$ |
(107) |
(17.6) |
% |
||||||
|
Rooms |
94 |
90 |
4 |
4.4 |
% |
|||||||||
|
Food and Beverage |
55 |
53 |
2 |
3.8 |
% |
|||||||||
|
Mall |
51 |
47 |
4 |
8.5 |
% |
|||||||||
|
Convention, Retail and Other |
26 |
24 |
2 |
8.3 |
% |
|||||||||
|
Net Revenues |
$ |
726 |
$ |
821 |
$ |
(95) |
(11.6) |
% |
||||||
|
Adjusted Property EBITDA |
$ |
362 |
$ |
457 |
$ |
(95) |
(20.8) |
% |
||||||
|
EBITDA Margin % |
49.9 |
% |
55.7 |
% |
(5.8) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Rolling Chip Volume |
$ |
6,825 |
$ |
7,926 |
$ |
(1,101) |
(13.9) |
% |
||||||
|
Rolling Chip Win %(1) |
2.79 |
% |
3.95 |
% |
(1.16) |
pts |
||||||||
|
Non-Rolling Chip Drop(2) |
$ |
1,259 |
$ |
1,342 |
$ |
(83) |
(6.2) |
% |
||||||
|
Non-Rolling Chip Win %(2) |
21.8 |
% |
19.2 |
% |
2.6 |
pts |
||||||||
|
Slot Handle |
$ |
3,450 |
$ |
3,672 |
$ |
(222) |
(6.0) |
% |
||||||
|
Slot Hold % |
4.5 |
% |
4.6 |
% |
(0.1) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
95.5 |
% |
94.2 |
% |
1.3 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
423 |
$ |
417 |
$ |
6 |
1.4 |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
404 |
$ |
393 |
$ |
11 |
2.8 |
% |
||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
(1) |
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated discounts, commissions, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
(2) |
As of Q1 2018, Non-Rolling Chip drop at MBS includes chips purchased and exchanged at the cage. Prior period amounts have been updated to conform to the current period presentation. |
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Las Vegas Operating Properties |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
89 |
$ |
103 |
$ |
(14) |
(13.6) |
% |
||||||
|
Rooms |
147 |
137 |
10 |
7.3 |
% |
|||||||||
|
Food and Beverage |
85 |
89 |
(4) |
(4.5) |
% |
|||||||||
|
Convention, Retail and Other |
103 |
104 |
(1) |
(1.0) |
% |
|||||||||
|
Net Revenues |
$ |
424 |
$ |
433 |
$ |
(9) |
(2.1) |
% |
||||||
|
Adjusted Property EBITDA |
$ |
100 |
$ |
114 |
$ |
(14) |
(12.3) |
% |
||||||
|
EBITDA Margin % |
23.6 |
% |
26.3 |
% |
(2.7) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Table Games Drop |
$ |
526 |
$ |
381 |
$ |
145 |
38.1 |
% |
||||||
|
Table Games Win %(1) |
12.7 |
% |
20.7 |
% |
(8.0) |
pts |
||||||||
|
Slot Handle |
$ |
794 |
$ |
735 |
$ |
59 |
8.0 |
% |
||||||
|
Slot Hold % |
8.0 |
% |
8.7 |
% |
(0.7) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
91.1 |
% |
91.7 |
% |
(0.6) |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
250 |
$ |
235 |
$ |
15 |
6.4 |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
228 |
$ |
215 |
$ |
13 |
6.0 |
% |
||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
(1) |
This compares to our expected Baccarat win percentage of 18.0% to 26.0% and our expected non-Baccarat win percentage of 16.0% to 24.0% (calculated before discounts, deferring revenue associated with the company’s loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis). |
|
Las Vegas Sands Corp. and Subsidiaries |
||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Sands Bethlehem |
December 31, |
|||||||||||||
|
(Dollars in millions) |
2018 |
2017 |
$ Change |
Change |
||||||||||
|
Revenues: |
||||||||||||||
|
Casino |
$ |
110 |
$ |
120 |
$ |
(10) |
(8.3) |
% |
||||||
|
Rooms |
4 |
4 |
— |
— |
% |
|||||||||
|
Food and Beverage |
7 |
7 |
— |
— |
% |
|||||||||
|
Mall |
1 |
1 |
— |
— |
% |
|||||||||
|
Convention, Retail and Other |
6 |
6 |
— |
— |
% |
|||||||||
|
Net Revenues |
$ |
128 |
$ |
138 |
$ |
(10) |
(7.2) |
% |
||||||
|
Adjusted Property EBITDA |
$ |
24 |
$ |
34 |
$ |
(10) |
(29.4) |
% |
||||||
|
EBITDA Margin % |
18.8 |
% |
24.6 |
% |
(5.8) |
pts |
||||||||
|
Gaming Statistics |
||||||||||||||
|
(Dollars in millions) |
||||||||||||||
|
Table Games Drop |
$ |
275 |
$ |
285 |
$ |
(10) |
(3.5) |
% |
||||||
|
Table Games Win % |
17.0 |
% |
19.4 |
% |
(2.4) |
pts |
||||||||
|
Slot Handle |
$ |
1,181 |
$ |
1,165 |
$ |
16 |
1.4 |
% |
||||||
|
Slot Hold % |
6.2 |
% |
6.5 |
% |
(0.3) |
pts |
||||||||
|
Hotel Statistics |
||||||||||||||
|
Occupancy % |
93.9 |
% |
92.7 |
% |
1.2 |
pts |
||||||||
|
Average Daily Rate (ADR) |
$ |
164 |
$ |
161 |
$ |
3 |
1.9 |
% |
||||||
|
Revenue per Available Room (RevPAR) |
$ |
154 |
$ |
149 |
$ |
5 |
3.4 |
% |
||||||
|
Note: |
The prior period presentation has been adjusted for the adoption of ASC 606, Revenue from Contracts with Customers, and conformed to the current period presentation. |
|
Las Vegas Sands Corp. and Subsidiaries |
|||||||||||||||||||||
|
For The Three Months Ended December 31, 2018 |
TTM December 31, |
||||||||||||||||||||
|
(Dollars in millions except per |
Gross |
Operating |
Operating |
Gross |
Occupancy % at End of |
Tenant Sales |
|||||||||||||||
|
Shoppes at Venetian |
$ |
65 |
$ |
57 |
87.7 |
% |
813,376 |
90.3 |
% |
$ |
1,746 |
||||||||||
|
Shoppes at Four Seasons |
|||||||||||||||||||||
|
Luxury Retail |
34 |
32 |
94.1 |
% |
125,566 |
100.0 |
% |
5,836 |
|||||||||||||
|
Other Stores |
14 |
13 |
92.9 |
% |
115,982 |
97.9 |
% |
2,046 |
|||||||||||||
|
Total |
48 |
45 |
93.8 |
% |
241,548 |
99.0 |
% |
4,373 |
|||||||||||||
|
Shoppes at Cotai Central(3) |
21 |
18 |
85.7 |
% |
519,681 |
91.5 |
% |
892 |
|||||||||||||
|
Shoppes at Parisian |
13 |
10 |
76.9 |
% |
295,915 |
89.8 |
% |
649 |
|||||||||||||
|
Total Cotai Strip in Macao |
147 |
130 |
88.4 |
% |
1,870,520 |
91.7 |
% |
1,778 |
|||||||||||||
|
The Shoppes at Marina Bay Sands |
51 |
44 |
86.3 |
% |
606,362 |
95.4 |
% |
1,898 |
|||||||||||||
|
Total |
$ |
198 |
$ |
174 |
87.9 |
% |
2,476,882 |
92.6 |
% |
$ |
1,808 |
||||||||||
|
Note: |
This table excludes the results of our mall operations at Sands Macao and Sands Bethlehem. |
|
(1) |
Gross revenue figures are net of intersegment revenue eliminations. |
|
(2) |
Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. |
|
(3) |
The Shoppes at Cotai Central will feature up to an estimated 600,000 square feet of gross leasable area at completion of all phases of Sands Cotai Central’s renovation, rebranding and expansion to The Londoner Macao. |
Source: Las Vegas Sands Corp.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Las Vegas Sands Reports Fourth Quarter 2018 Results
Latest News
Duels for Friends in Trophy Hunter. Invite your friends and create a shared space for fun and competition.
Starting September 5, Trophy Hunter players can invite friends to join the game and enjoy it together. But that’s not all – the new update introduces hot-seat duels, one-on-one asynchronous challenges that let players prove who is the best marksman and earn extra rewards. All this is made possible by the new Duels for Friends feature, which expands the social dimension of Trophy Hunter and gives players complete freedom to choose their opponents – both among existing fans of the game and those who haven’t yet tried it. This is another step in delivering the game’s dynamic, content-rich roadmap, with Trophy Hunter already recording very promising KPIs and steadily growing its player base since its July 3 global launch.
Duels for Friends – compete with your friends
– From the very beginning, the social aspect and players’ engagement in league competition have been extremely important for the development of Trophy Hunter. This clearly sets the game apart from the competition and strongly engages our users. Now we are taking the next step by giving players a tool that lets them create their own space in the game – inviting friends, competing, and simply having fun together. This is an important milestone in the game’s development and the foundation for the next features we are already working on.” – says Jakub Noganowicz, Product Owner of Trophy Hunter and Hunting Clash.
With the Duels for Friends feature, every Trophy Hunter player can invite anyone to join the game by sending them a special link via SMS or messenger. Members of the club can also be invited. In this way, players not only expand the Trophy Hunter community but also actively shape its composition. Invited friends can join the competition, become members of any club, or set up a new club together with the player who invited them and compete in the club league. It enhances the competitive spirit and motivates players to improve their skills.
The update also adds a new form of competition alongside the league system – asynchronous one-on-one duels with friends (hot-seat duels). Each duel consists of three rounds and must be completed within a set time. The challenger selects an opponent from their friends list, chooses an arena unlocked by both players, and plays the first round. The match then continues step by step, with each participant taking their turn when convenient, but within the required time limit. In-game notifications remind players when it’s their turn, and before starting the next round they can watch a replay of their opponent’s shots. After three rounds, the duel is concluded, the winner receives a reward, and the loser can instantly challenge them to a rematch. An additional reward is granted only for the first duel of the day with a specific friend, but players can play as many duels as they like to prove who is the best marksman. To maximize rewards, players need to challenge as many friends as possible and win those encounters. All active duels are visible in the friends panel introduced with this update, while the notification system keeps players informed about ongoing challenges and results.
New arenas – dynamic game growth
At its global launch on July 3, 2025, Trophy Hunter offered players nine arenas where they could compete in their first duels. Just a month later, on August 13, the game was expanded with a tenth arena – Northern Lights. Set against the breathtaking spectacle of the aurora borealis, it challenges players to make precise long-range shots in low-visibility conditions. In the last week of August, the eleventh arena – Scottish Highlands – was introduced, bringing another unique environment and new challenges. The update also includes technical improvements that enhance the overall player experience. The fast pace of these additions is only the beginning of more exciting content that the Trophy Hunter team is actively working on to ensure the game continues to evolve dynamically.
The post Duels for Friends in Trophy Hunter. Invite your friends and create a shared space for fun and competition. appeared first on European Gaming Industry News.
Seasoned iGaming executive brings decade of commercial expertise to drive B2B growth
VeliTech, the B2B technology division of Veli Group, today announced the appointment of Mats Lundin as Chief Sales Officer (CSO). Lundin brings over 10 years of commercial leadership experience across the iGaming sector to accelerate VeliTech expansion as operators worldwide seek battle-tested platform solutions.
In his new role, Lundin will spearhead VeliTech global sales strategy, focusing on delivering the company’s comprehensive suite of iGaming solutions to operators seeking proven technology backed by real-world performance. His appointment reinforces VeliTech commitment to partnering with operators who demand more than promises – they want technology that is already winning in the market.
“Mats embodies the kind of proven expertise that our operator partners expect,” said Giorgi Aleksidze, CEO at VeliTech.
“His track record of building meaningful relationships and driving revenue growth aligns perfectly with our approach of backing our technology with real results. When we say we bet on our tech, we need leaders who understand what that means in practice.”
Lundin joins VeliTech from Vegangster, where he served as Sales Manager. His career spans key roles including Director of Sales and Chief Commercial Officer at Gaming Corps, Head of Sales at iSoftBet, and various commercial positions where he consistently delivered revenue growth and market expansion
“What drew me to VeliTech is their unique position in the market,” said Lundin.
“This is not just another platform provider making bold claims – this is a team that operates their own gaming brands and proves their technology works where it matters most. That combination of technical excellence and real-world validation creates compelling value for operators.”
Throughout his career, Lundin has specialised in provider and operator relationship management, regulatory navigation, and market analysis. His expertise spans both B2B and B2C sectors, with a proven ability to identify growth opportunities and translate them into sustainable commercial success.
The VeliTech platforms cover all critical aspects of iGaming, including player account management, no-code CRM, payment gateway, content aggregation, and game development. The appointment of Lundin as CSO comes as the company continues expanding its presence across regulated markets, from European casinos to emerging African markets.
The post VeliTech Appoints Mats Lundin as Chief Sales Officer appeared first on European Gaming Industry News.
Here are this weeks latest slots releases compiled by European Gaming
Relax Gaming is taking players on a divine adventure above the clouds in its latest release, Aura God. This celestial 6×6 tumble slot offers 46,656 ways to win and a top prize of 10,000x the player’s stake. In this celestial quest, players will encounter the thrilling Mystery Reveal feature, where Mystery Frames and Mystery Symbols combine to unveil paying symbols or coins worth up to 100x.
Thunderkick has launched Carnival Queen 2, a sequel to its vibrant Mardi Gras-inspired street party, where a new reel structure combines with an infinite multiplier to unveil 25,000x win potential. Building on the original with a new grid layout, the height of each reel can change at random from two to seven symbols, providing from 5,040 up to a maximum of 117,649 ways to win.
Evoplay has launched Fogo Do Brasil 777, a classic-style slot bursting with carnival spirit and inspired by the vibrant energy of Brazil. Set against a backdrop of Rio’s glowing lights and samba beats, the 3-reels slot combines traditional machine action with colourful, festive flair. Glittering sevens and fireworks across the reels create an atmosphere that captures the excitement of a Brazilian celebration.
Blueprint Gaming has blended one of its most popular trending mechanics with the power of an established classic IP in Reel King® Riches, an eagerly awaited title that breathes new life into one of the industry’s most iconic brands. Promising an experience that will resonate with a generation of slot players, the new game capitalises on a revered franchise. The Reel King® brand is a household name in both land-based and online gaming, with its cheerful, chubby king and distinctive regal style being instantly recognisable.
Evoplay has launched Ignis Rex, a fiery slot where classic fruit icons meet regal treasures. Played on a 5×3 grid, the title blends the familiarity of traditional slot play with dynamic bonus features. Players will encounter gleaming Coins and the commanding King, who appears as a Sticky Wild symbol and oversees every spin.
SLOT MART, a brand under Massive Gaming, a rapidly growing B2B iGaming software provider, is taking players on a magical and enchanted journey with endless rewards in its latest release, Cinderella. Set on a 3×3 grid with five paylines, Cinderella brings the classic fairytale to life with over 13 themed symbols.
Play’n GO returns to its molten jungle realm in Fire Toad 2 – the long-awaited sequel to the 2021 fan-favourite slot. With evolved mechanics, transformative features, and a fresh layer of visual polish, Fire Toad 2 builds on its predecessor’s charm while igniting new paths to amphibious fortune. The volcanic pools have reignited, and the fire-backed toads are ready to evolve once more.
PG Soft, a world-class digital mobile games company, has launched its fairytale-inspired slots title, Grimms’ Bounty: Hansel & Gretel. It’s a 3-reel, 5-row video slot that features increasing multipliers and extra respins to keep the action engaging. The Wild is represented by a bubbling cauldron that substitutes for all symbols to create more winning combinations, while the mystical potion Scatter unlocks the Free Spins feature.
GAMOMAT has cranked up the craziness with the release of Book of Madness 2. This chilling 5×3 slot is set within a derelict, blood-smeared asylum that oozes with tension, underscored by an eerie soundscape. Following the massive success of the original, Book of Madness is back with a thrilling sequel that turns up the chaos.
Relax Gaming is bringing back its favourite double act in Bill & Coin 2: Mummy Mischief, an Ancient Egyptian adventure packed with new features, huge win potential, and a dash of mischievous charm. Players will join Bill & Coin as they search for the treasures of the pharaohs, with the chance to win up to 15,000x their bet.
Inspired Entertainment, Inc., a leading B2B provider of gaming content, systems, and solutions, has announced the release of two new online slot titles across UK and Malta iGaming jurisdictions: King Kong Crash Climber™ and Wolf It Up! Again™. Each title is designed to provide distinctive gameplay experiences while delivering strong performance for operators.
In its latest release, Tao Tree Coins, Tom Horn Gaming is inviting players to step into the glow of silken lanterns and embrace the promise of fortune in a game showered in golden coins. Tao Tree Coins blends the timeless charm of Asian-themed slots with a modern, on-trend Hold & Win mechanic, offering dynamic gameplay designed to engage both traditional slot fans and thrill-seekers alike.
SlotMatrix, the world’s largest casino content aggregation platform, has launched Fortune Llama Hyper Heist, a rebellious adventure where a gang of fearless llamas set off on the ultimate coin-packed heist. Developed by Fantasma Games, part of the EveryMatrix Group, Fortune Llama Hyper Heist sees players embark on a bank job like no other, collecting as many coins, prizes and jackpots as they can.
The stars are set to align for stellar rewards once again in Star Clusters II from Big Time Gaming. This is a Megaclusters slot where players need to strap in and hold tight as they blast off towards the big-win galaxy. Players venture into the unknown as Megaclusters unleash powerful chain reactions among the stars.
Million Games proudly announces the launch of Riches of Zeus, a high-volatility video slot set on top of Mount Olympus. This 5×3 slot blends escalating Free Spins, symbol upgrades, and cinematic gameplay for a mighty experience that grows more powerful with every spin. Players enter the game at the base of Olympus and ascend through divine trials—unlocking expanding Wilds, bonus upgrades, and an evolving win structure that reflects their progress.
Play’n GO deepens its mythological portfolio with Rise of Olympus Extreme, a supercharged follow-up to one of its most enduring grid slot titles. Following the popularity of the original Rise of Olympus, this new release expands the celestial stakes with enhanced mechanics and visual polish. Returning players will reunite with the mighty trio – Hades, Poseidon, and Zeus – who now command more formidable powers in a refined 5×5 cascading grid.
Just Slots, has announced the network release of its latest slot title, Rain and Ruin. The new slot pits the Queen of Rain against the King of Ruin in a dramatic clash of the elements, offering players a fresh narrative twist and building on the studio’s recent run of standout releases. Just Slots, known for putting striking art and storytelling at the center of its games, has made no exceptions with Rain and Ruin.
Playson, the accomplished digital entertainment supplier, has enhanced its Royal Coins series with the release of 3 Royal Coins: Hold and Win, featuring its popular 3 Pots mechanic and a rewarding new Twin Feature. In the latest instalment of the popular series, Special Coins elevate gameplay by triggering the Hold and Win Bonus Game with Special Coin Features.
This month, popular software providers Swintt are inviting players to join them on a classic safecracking caper in Victorian Vaults – a new action-packed Premium release where lining up the perfect combination of symbols could open the door to unforgettable riches. A five-reel title that can be played with either five or ten paylines, Victorian Vaults boasts a striking combination of ornate reels and steampunk-inspired symbols.
Revolver Gaming is proud to announce the launch of Pyramid of Ra, an industry-first slot title that brings a revolutionary triangular reel configuration to the iGaming world. Set against the mystical backdrop of ancient Egypt, this highly innovative release is packed with cutting-edge features and designed to deliver a fresh, engaging, and unforgettable experience for players.
The post Week 36/2025 slot games releases appeared first on European Gaming Industry News.
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