SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 15, 1999
LAS VEGAS SANDS, INC.
---------------------
(Exact name of registrant as specified in its charter)
Nevada 333-42147 04-3010100
------ --------- ----------
(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
3355 Las Vegas Boulevard
Las Vegas, Nevada 89109
- ------------------------ -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 414-1000
--------------
Not applicable
--------------
(Former name or former address if changed since last report)
Page 1
<PAGE>
Item 5. Other Events.
On October 15, 1999, Las Vegas Sands, Inc. (the "Company") issued a
press release with the following text:
"Las Vegas Sands, Inc. announced today that it expects to
report consolidated earnings before interest, taxes, depreciation and
amortization (EBITDA) of approximately $18 to $19 million, for the
quarter ended September 30, 1999. The expected results reflected a
continued ramp up of operations after construction disruptions related
to its May 4 opening. Consolidated total net revenue for the third
quarter was approximately $100 million. The Company experienced lower
than normal win percentage in its table games for the quarter of 16%,
compared to the Company's estimated normal win percentage of 19%.
Casino win percentage can fluctuate over short periods of time. The
Company estimates that a normalized win percentage would have resulted
in EBITDA of approximately $23 to $24 million for the third quarter.
Total EBITDA normalized operating margin of the hotel casino, excluding
the Grand Canal Shops, is expected to approximate 23% of net revenues
during the quarter. Casino departmental margins were effected by costly
promotions, lower win percentages and activities related to building a
stronger casino database. The hotel rooms departmental margins improved
as operating efficiencies were achieved throughout the third quarter.
The Venetian hotel average daily room rate for July, August
and September was $127, $145 and $162, respectively and room occupancy
for the three months was 85%, 92% and 92%, respectively. October to
date room rates have averaged $188 with 90% occupancy.
Slot handle increased from $116 million in July to $126
million in August, an increase of 8.6%, and to $141 million for
September, an increase of 11.9% from August. Table games drop averaged
$2 million per day during the third quarter, compared to $1.3 million
per day during the second quarter.
The Grand Canal Shops, the Venetian's retail mall, currently
has 53 tenants. In addition 12 other tenants are under construction in
the Mall and when complete will bring total occupancy to approximately
95%. Most of the Grand Canal Shops tenants commenced operations during
the third quarter. The 38 stores, which were open for business for
Page 2
<PAGE>
the full month of August, reported average annualized sales per square
foot of approximately $1000. The Mall subsidiary contribution to
consolidated EBITDA for the third quarter is expected to approximate
$300,000, lower than anticipated because of tenants' staggered openings
throughout the quarter and rent abatements granted for construction
delay claims.
The Company paid all of its scheduled interest and principal
debt service payments during the third quarter. Total debt decreased
during the third quarter from $934 million to $928 million.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal securities
laws. Actual results and the timing of certain events could differ
materially from those projected in or contemplated by the forward-
looking statements due to a number of factors, including general
economic conditions, acts of god, and competition for construction,
hotel, casino, food and beverage, and related labor and materials in
the Las Vegas market. Reference is hereby made to the "Risk Factors"
set forth in the Company's Form S-4 filed with the Securities and
Exchange Commission."
In addition, the Company also reported that during the third quarter
the Company's principal stockholder, Sheldon G. Adelson, made available
approximately $9 million to the Company for working capital purposes.
Page 3
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
LAS VEGAS SANDS, INC.
By: /s/ David Friedman
------------------
Name: David Friedman
Title: Secretary and Assistant to the
Chairman of the Board
Dated: October 15, 1999
Page 4
