Other Factors Affecting Earnings
Other Asia adjusted property EBITDA, which is principally composed of our CotaiJet ferry operation, was negative $3.6 million during the quarter, compared to negative $5.7 million in the first quarter of 2012.
Pre-opening expenses, related primarily to Sands Cotai Central on the Cotai Strip in Macao, decreased to $6.8 million in the first quarter of 2013, compared to $51.5 million in the first quarter of 2012.
Depreciation and amortization expense was $252.6 million in the first quarter of 2013, compared to $194.7 million in the first quarter of 2012.
Interest expense, net of amounts capitalized, was $68.8 million for the first quarter of 2013, compared to $64.7 million during the first quarter of 2012. Capitalized interest was $1.8 million during the first quarter of 2013, compared to $22.1 million during the first quarter of 2012. Our weighted average borrowing cost in the first quarter of 2013 was 2.7%.
Corporate expense was $56.3 million in the first quarter of 2013, compared to $49.0 million in the first quarter of 2012.
Other expense, which was principally composed of foreign currency losses, was $2.1 million in the first quarter of 2013, compared to $3.4 million in the first quarter of 2012.
The company's effective income tax rate for the first quarter of 2013 was 7.3%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.
Net income attributable to noncontrolling interests during the first quarter of 2013 of $132.0 million was principally related to Sands China Ltd.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2013 were $2.38 billion.
As of March 31, 2013, total debt outstanding, including the current portion, was $9.83 billion. Total principal payments for the remainder of 2013 are expected to be approximately $89.2 million.
Capital expenditures during the first quarter totaled $197.2 million, including construction and development activities of $128.7 million in Macao, $36.1 million at Marina Bay Sands, $31.4 million in Las Vegas, and $1.0 million at Sands Bethlehem.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, May 1, 2013 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.lasvegassands.com.
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 ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao 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.
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