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In preparation for LVS's 3Q earnings release Thursday, we’ve put together the recent pertinent forward looking company commentary.



  • "Phase IIB [SCC] will open progressively starting in October, with the vast majority really kind of after the 1st of the year, with another 2,000 hotel rooms."
  • "We think that we've got some opportunities to grow margins obviously with the initial margin at the Sands Cotai Central being a little bit below what our historical margins are at the Venetian as a result of the mix of business being more heavily weighted toward VIP. We think as the mass market grows, both at Sands Cotai Central and really across the portfolio of properties in Macao, with the mass margins being significantly higher than the VIP margins, that we would anticipate margin expansion on a consolidated basis."
  • "The Sands Cotai Central spending stretches out into that kind of 2014, early 2015 timeframe. That's mostly as a result of retainage payments. The vast majority of the spending would be completed by 2013, a little bit into 2014, and then retainage payments after that."
  • [Parisian] "We expect to spend approximately $600 million and then in 2014, about $1.2 billion, if will, on the Parisian, with the remaining spending in 2015 and then a tail of that into 2016."
  • SCC: "The hotels are enjoying strong occupancy, including 61% in April, 74% in May, 85% for the month of June, and the ramp continues into July."
  • "The air conditioned walk-over bridge connecting the Venetian and Four Seasons to Cotai Central opens in January of 2013."
  • [Premium mass]  "We believe that that segment will continue to grow and we believe we'll be a player in each of the three sub segments because of the amount of tables we have to offer, the rooms, the retail, especially Sands Cotai Central is built for that." 
  • "We've continued to collect from the junkets as we have in the past and really see no deterioration from that perspective. Our reserves are growing a little bit just from a prudency standpoint. Against that total amount of receivables, we've got about a 15% reserve that's outstanding."
  • [Promotional environment] "Junket segment has remained pretty much fixed.  There's competition on the slot, ETG and mass table side.  We haven't seen evidence of that, but it makes sense to me that they will be moving in that direction because that's where the growth is." 


  • "We've got about $192 million in reserve, or about 1.9% of the total credit draw, which gives you an idea of really how small the potential for bad debt really is. That reserve's about 29% of receivables, excluding open programs and less than 30 days accounts outstanding, and then additionally, life to date, the reserve is about 6.9% of rolling win, which is within the range we've discussed before....We're not going to change our credit policies and change our promotional policies. We stay consistent."
  • "The number of Singaporeans that come into the property is approximately 25%."


  • "Group rooms business and pricing is picking up for 2013. We are investing for the future in Las Vegas, renovating 1,000 rooms in our Venezia tower, remodeling and redesigning the gaming floor at the Venetian, and introducing a whole new entertainment offering in the fall."
  • "With the redemption of the preferred stock in November of last year, that will benefit, obviously, the 2012 earnings per share numbers, all leading towards a strong EPS growth."
  • "In 2012, probably expect to have maintenance capital between $450 million and $500 million and then going to 2013 and 2014, about $450 million each, and that's really spread around the portfolio of properties that we have."
  • "With regard to Spain, obviously, we would need to see enabling legislation. We would like to see clarity with regard to kind of the economic situation there."