Las Vegas Sands Corp. (LVS, Financial) filed Annual Report for the period ended 2010-12-31.
Las Vegas Sands Corp. has a market cap of $31.94 billion; its shares were traded at around $46.64 with a P/E ratio of 53 and P/S ratio of 4.7. Las Vegas Sands Corp. had an annual average earning growth of 2.3% over the past 5 years.Hedge Fund Gurus that owns LVS: Andreas Halvorsen of Viking Global Investors LP, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, Louis Moore Bacon of Moore Capital Management, LP. Mutual Fund and Other Gurus that owns LVS: Murray Stahl of Horizon Asset Management, Mario Gabelli of GAMCO Investors, Jeremy Grantham of GMO LLC, Pioneer Investments.
The Four Seasons Macao, which is located adjacent to The Venetian Macao, includes the Four Seasons Hotel Macao with 360 rooms and suites managed by Four Seasons Hotels Inc. and the Plaza Casino, which we own and operate and which features approximately 70,000 square feet of gaming space with approximately 120 table games and 200 slot machines or similar electronic gaming devices; 19 Paiza mansions; several food and beverage offerings; conference and banquet facilities; and retail space of approximately 211,000 square feet, which is connected to the mall at The Venetian Macao. The property will also feature the Four Seasons Apartments Macao, Cotai Striptm (the Four Seasons Apartments), which will consist of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. We have completed the structural work of the tower and expect to monetize the units within the Four Seasons Apartments subject to market conditions and obtaining the relevant government approvals. As of December 31, 2010, we have capitalized construction costs of $1.07 billion for the property (including $16.2 million of outstanding construction payables). We expect to spend approximately $115 million primarily on costs to complete the Four Seasons Apartments, including FF&E and pre-opening costs, and to pay for outstanding construction payables, as noted above.
Marina Bay Sands, our integrated resort in Singapore, partially opened on April 27, 2010 with additional portions opened progressively throughout 2010. Marina Bay Sands features three 55-story hotel towers (with approximately 2,600 rooms and suites), the Sands SkyParktm (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 161,000 square feet of gaming space with approximately 620 table games and 2,300 slot machines, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.3 million square feet and theaters. Subsequent to year-end, the Marina Bay Sands opened a landmark iconic structure at the bay-front promenade that contains an art/science museum. As of December 31, 2010, we have capitalized 7.40 billion Singapore dollars (SGD, approximately $5.74 billion at exchange rates in effect on December 31, 2010) in costs for this project, including the land premium and SGD 428.6 million (approximately $332.2 million at exchange rates in effect on December 31, 2010) in outstanding construction payables. We expect to spend approximately SGD 955 million (approximately $740 million at exchange rates in effect on December 31, 2010) on additional costs to complete the integrated resort, FF&E and other costs, and to pay outstanding construction payables, as noted above. As we have obtained Singapore-denominated financing and primarily pay our costs in Singapore dollars, our exposure to foreign exchange gains and losses is expected to be minimal.
The impact of the delayed construction on our previously estimated cost to complete our Cotai Strip developments is currently not determinable. As of December 31, 2010, we have capitalized an aggregate of $6.1 billion in construction costs for our Cotai Strip developments, including The Venetian Macao and Four Seasons Macao, as well as our investments in transportation infrastructure, including our passenger ferry service operations. In addition to funding phases I and II of parcels 5 and 6 with the $1.75 billion VOL credit facility, we will need to arrange additional financing to fund the balance of our Cotai Strip developments and there is no assurance that we will be able to obtain any of the additional financing required.
Under our land concession for parcel 3, we were initially required to complete the corresponding development by August 2011. The Macau government has granted us a two-year extension to complete the development of parcel 3, which now must be completed by April 2013. The land concession for parcels 5 and 6 contains a similar requirement that the corresponding development be completed by May 2014 (48 months from the date the land concession became effective). We believe that if we are not able to complete the developments by the respective deadlines, we will likely be able to obtain extensions from the Macau government; however, no assurances can be given that additional extensions will be granted. If we are unable to meet the applicable deadlines and those deadlines are not extended, we could lose our land concessions for parcels 3 or 5 and 6, which would prohibit us from operating any facilities developed under the respective land concessions. As a result, we could record a charge for all or some portion of the $34.3 million and $2.01 billion in capitalized construction costs, as of December 31, 2010, related to our developments on parcels 3 or 5 and 6, respectively.
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Las Vegas Sands Corp. has a market cap of $31.94 billion; its shares were traded at around $46.64 with a P/E ratio of 53 and P/S ratio of 4.7. Las Vegas Sands Corp. had an annual average earning growth of 2.3% over the past 5 years.Hedge Fund Gurus that owns LVS: Andreas Halvorsen of Viking Global Investors LP, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors, Louis Moore Bacon of Moore Capital Management, LP. Mutual Fund and Other Gurus that owns LVS: Murray Stahl of Horizon Asset Management, Mario Gabelli of GAMCO Investors, Jeremy Grantham of GMO LLC, Pioneer Investments.
Highlight of Business Operations:
In May 2009, we partially opened the Sands Bethlehem, a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. The Sands Bethlehem currently features approximately 146,000 square feet of gaming space and includes over 80 table games, which operations commenced in July 2010, and 3,020 slot machines. In April 2010, we recommenced construction of a 300-room hotel tower, which is expected to open in the second quarter of 2011. Subsequent to year end, we are initiating construction activities on the remaining components of the integrated resort, which include an approximate 200,000-square-foot retail facility and a 50,000-square-foot multipurpose event center. Sands Bethlehem is also expected to be home to the National Museum of Industrial History, an arts and cultural center, and the broadcast home of the local PBS affiliate. We own 86% of the economic interest of the gaming, hotel and entertainment portion of the property through our ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest of the retail portion of the property through our ownership interest in Sands Bethworks Retail, LLC. As of December 31, 2010, we have capitalized construction costs of $654.1 million for this project (including $12.2 million in outstanding construction payables). We expect to spend approximately $70 million to complete construction of the project, on furniture, fixtures and equipment (FF&E) and other costs, and to pay outstanding construction payables, as noted above.The Four Seasons Macao, which is located adjacent to The Venetian Macao, includes the Four Seasons Hotel Macao with 360 rooms and suites managed by Four Seasons Hotels Inc. and the Plaza Casino, which we own and operate and which features approximately 70,000 square feet of gaming space with approximately 120 table games and 200 slot machines or similar electronic gaming devices; 19 Paiza mansions; several food and beverage offerings; conference and banquet facilities; and retail space of approximately 211,000 square feet, which is connected to the mall at The Venetian Macao. The property will also feature the Four Seasons Apartments Macao, Cotai Striptm (the Four Seasons Apartments), which will consist of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. We have completed the structural work of the tower and expect to monetize the units within the Four Seasons Apartments subject to market conditions and obtaining the relevant government approvals. As of December 31, 2010, we have capitalized construction costs of $1.07 billion for the property (including $16.2 million of outstanding construction payables). We expect to spend approximately $115 million primarily on costs to complete the Four Seasons Apartments, including FF&E and pre-opening costs, and to pay for outstanding construction payables, as noted above.
Marina Bay Sands, our integrated resort in Singapore, partially opened on April 27, 2010 with additional portions opened progressively throughout 2010. Marina Bay Sands features three 55-story hotel towers (with approximately 2,600 rooms and suites), the Sands SkyParktm (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 161,000 square feet of gaming space with approximately 620 table games and 2,300 slot machines, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.3 million square feet and theaters. Subsequent to year-end, the Marina Bay Sands opened a landmark iconic structure at the bay-front promenade that contains an art/science museum. As of December 31, 2010, we have capitalized 7.40 billion Singapore dollars (SGD, approximately $5.74 billion at exchange rates in effect on December 31, 2010) in costs for this project, including the land premium and SGD 428.6 million (approximately $332.2 million at exchange rates in effect on December 31, 2010) in outstanding construction payables. We expect to spend approximately SGD 955 million (approximately $740 million at exchange rates in effect on December 31, 2010) on additional costs to complete the integrated resort, FF&E and other costs, and to pay outstanding construction payables, as noted above. As we have obtained Singapore-denominated financing and primarily pay our costs in Singapore dollars, our exposure to foreign exchange gains and losses is expected to be minimal.
The impact of the delayed construction on our previously estimated cost to complete our Cotai Strip developments is currently not determinable. As of December 31, 2010, we have capitalized an aggregate of $6.1 billion in construction costs for our Cotai Strip developments, including The Venetian Macao and Four Seasons Macao, as well as our investments in transportation infrastructure, including our passenger ferry service operations. In addition to funding phases I and II of parcels 5 and 6 with the $1.75 billion VOL credit facility, we will need to arrange additional financing to fund the balance of our Cotai Strip developments and there is no assurance that we will be able to obtain any of the additional financing required.
Under our land concession for parcel 3, we were initially required to complete the corresponding development by August 2011. The Macau government has granted us a two-year extension to complete the development of parcel 3, which now must be completed by April 2013. The land concession for parcels 5 and 6 contains a similar requirement that the corresponding development be completed by May 2014 (48 months from the date the land concession became effective). We believe that if we are not able to complete the developments by the respective deadlines, we will likely be able to obtain extensions from the Macau government; however, no assurances can be given that additional extensions will be granted. If we are unable to meet the applicable deadlines and those deadlines are not extended, we could lose our land concessions for parcels 3 or 5 and 6, which would prohibit us from operating any facilities developed under the respective land concessions. As a result, we could record a charge for all or some portion of the $34.3 million and $2.01 billion in capitalized construction costs, as of December 31, 2010, related to our developments on parcels 3 or 5 and 6, respectively.
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