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Consensus estimates, management guidance and commentary, and questions for management in preparation for the earnings release/call tomorrow.




Total revenues:  $3,905 million

EBITDA:  $1,354 million

EPS:  $0.92/share





    1. How do you drive growth in Singapore?
    2. VIP outlook given all the concerns?
    3. Update on the CFO search process
    4. Previously indicated 75 more mass table at SCC in spring 2014 – are those now installed, game types (is this Dragon Master)?
    5. Update on efforts to rationalize excess gaming floor capacity at the Venetian Macau?
    6. Any plans to add additional ferries to the fleet given the current capacity constraints?
    7. Update on the opening of the Parisian?
    8. Update on the monetization of the entire Macau retail real estate portfolio – previously alluded to a $12-$14 billion portfolio value?
    9. Discuss the mechanics of repurchasing SCL shares, if approved by shareholders?  Is the repurchase contingent on a Macau asset sale?
    10. Expectations for Japan gaming expansion given the Japan Gaming Congress in three weeks?
    11. Update on the sale of the St. Regis Tower and Bethworks?



  • We remain on budget and on schedule. Subject, of course, to timely government approvals that may be required, we continue to target a late 2015 opening of our latest Integrated Resort.


  • We will open our Dragon Master room (premium mass) later this year, probably in the spring
  • Mass win per table per day was $13,900 Q4 of 2013 and we believe we can get to $15,000, $16,000 a table.

Macau Mass:

  • We expanded mass table productivity to $12,143 of mass win per table per day across our Macao property portfolio from just $9,716 per day one year ago
  • Goal: $15,000 win per mass table in 2014 (as well as portfolio wide)

 Macau VIP:

  • Rolling volume per table of approximately $1.23 million per day, which was a record for the company and was up 33.7% compared to the quarter one year ago

Singapore Premium Mass:

  • ADR increasing to $425 and occupancy approaching 97%
  • We expect to drive growth in the future as we focus our marketing efforts on high-value visitors from the surrounding Southeast Asian region
  • We're still running 60%-plus margins in the premium mass segment.
  • Mass gaming win increased to $4.63 million per day,  Our goal is to get to $5 million a day
  • So we're buying more rooms from the hotel and that may have an adverse effect, a point or two on the margins

Dividend/Buyback/Balance Sheet:

  • Raised our recurring dividend for the 2014 calendar year to $2 per share, an increase of 42.9% compared to the $1.40 recurring dividend we will have paid this year.
  • We have every intention of increasing the dividends at Las Vegas Sands and Sands China in the years ahead as our business and cash flows continue to grow.
  • With $1.4 billion remaining under the term's stock repurchase authorization and in the future we expect to repurchase at least $75 million of stock per month.
  • Subsequent to year end through February 28, 2014, we repurchased 8,224,255 shares of our common stock for $663.8 million
  • During 1Q14, VML established a new $2 billion credit agreement.   A portion of this new credit agreement was used to repay the $819.549 million of term loans by non-consenting lenders.   The consenting lenders, representing ~$2.386 billion consented to an extension of the maturity of term loans to March 31, 2020.