UNLV Consolidated Statements of Operations Las Vegas Sands Corp Excel Task

UNLV Consolidated Statements of Operations Las Vegas Sands Corp Excel Task
THE UNIVERSITY OF NEVADA, LAS VEGAS
WILLIAM F. HARRAH COLLEGE OF HOSPITALITY
HMD 340, sec 1002
Fall 2020
Project 2
PURPOSE
The purpose of this project is two-fold:
1) to become sufficient in basic Excel functionality, including formulas and formatting
2) to forecast this year’s income statement for your hospitality company using numerous
different methods and selecting the method you believe should be used and supporting why.
In addition this project will address the following learning objectives required of this course.
UNLV University Undergraduate Learning Objectives:
-Inquiry and Critical Thinking: Graduates are able to identify problems, articulate
questions, and use various forms of research and reasoning to guide the collection,
analysis, and use of information related to those problems.
-Communication: Graduates are able to write and speak effectively to both general and
specialized audiences, create effective visuals that support written or spoken
communication, and use electronic media common to one’s field or profession.
Hospitality College Learning Objectives:
-Communicate effectively in written, spoken, visual and digital modes to different
audiences (e.g. industry leaders, employees, employers, faculty and peers).
-Manage all forms of capital (e.g., human, financial) in an ethical and sustainable way.
-Analyze financial, marketing, and operational results and outcomes for hospitality
operations.
-Demonstrate effective management techniques in hospitality operations (hotel, F&B,
gaming, meetings, events, etc.).
This project is intended to integrate the material learned in class and specifically Chapter 2, 3,
and 9. This project will give students an application example that is very common in industry.
Every company does forecasts and/or budgets so they can not only plan for what will happen in
the future but to also compare to when the period is over to evaluate company performance.
While most companies only forecast one way, they need to forecast numerous different ways
when they are first starting (or when they realize their forecasts are not as accurate as they would
like). In addition some forecasts (such as short term volume) may use one method, while others
(such as expenses) may use another. The project will give students exposure to numerous
different methods. You will need to work with the team that you did for the project 1. If there are
any member changes in the team, the team members have to inform instruction and provide a
reason why there is a change.
Submissions are expected to resemble those presented to an upper level manager in a hospitality
operation and will give students an opportunity to apply written communication skills.
1
You are expressly forbidden to consult anyone besides your partners about this project.
If you need assistance please see the professor during office hours or make an appointment
in sufficient time prior to the due date.
TASK
This project is to be completed using the publicly traded hospitality company that you choose in
Project 1 and is an extension of that work already done.
Collecting more data
1. Start with your Income Statements from Project 1, which has 2017 and 2018 data. It is
suggested that you start with the student’s Project 1 that has the least amount of errors to fix
to save you time.
2. Collect the previous 3 years of data for the Income Statement (2014-2016) so you have a
total of 5 years of data.
3. This data is required to be in the Excel file that you turn in. In addition all subtotals from
Project 1 are still required for all years and all forecasts.
Forecasts (Excel)
1. Your group is required to do the following forecasts (2019) for the Income Statement:
a) Moving 3 year average
b) Moving 5 year average
c) Trend based on absolute change over last 5 years
d) Trend based on relative change over last 5 years
e) Trend based on common size over last 5 years
f) Any combination of the above depending on the line item
2.
You can have 1 page per forecast, have them all on 1 page, or any combination. It is your
choice, but it must make logical sense. Each column must be labeled so the reader knows
what forecast they are reading. In addition, if you use multiple pages you must make sure
the Income Statement names (first column) appears on all pages otherwise how would a
reader know what line items each number goes to.
3.
All forecasts are to be formulas linked to the 5 years of data or subtotal/total formulas.
There are to be no hardcoded numbers.
Support for forecasts (Write-Up)
1. The moving 3 years and moving 5 years forecasts do not need support as there is only 1 way
to do each. Your Excel file will be reviewed to make sure you did these calculations right.
2. The next two forecasts, trend based on absolute change and trend based on relative change,
you must support how you came up with the trend. You must calculate the absolute and
relative change over all 5 years before determining the trend. In class, the trend was
consistent from year to year, but in your data it will not be. You must make a reasonable
2
determination on what to use based on what you have learned in class. Do not give any
numbers here since the forecast already has the numbers. You should look at each
individual account and each may have a different logic. Subtotals should stay subtotals
and you should not use a trend on a subtotal. As long as it is logical, you evaluated every
line item, and you support your choice, you will get credit. Keep in mind these are two
different forecasts. One you only evaluate the absolute trend and forecast on that and the
second one you only evaluate the relative change and forecast on that. Do not combine these
two together. Your write-up must be the logic and support for what you used for each one.
Follow Chapter 9, Problem 11 if you don’t know where to start.
3. For trend based on common size follow the same method as the last two forecasts. You must
calculate the common size for all 5 years before determining the trend. This forecast will
require you to use a different method for total revenue first and then common size after.
Total revenue needs a different forecast because that is the 100% on your common size and
you cannot forecast a number with just 100%. You must have a starting number and then all
numbers calculate off this. You can use whichever previous forecast (a-d) you want for total
revenue as long as you explain and support why you choose that one. You must make a
reasonable determination on what to use based on what you have learned in class. Do not
give any numbers here since the forecast already has the numbers. As long as it is logical,
you evaluated every line item, and you support your choice, you will get credit.
Follow Chapter 10, Problem 1 if you don’t know where to start.
4. The last forecast method is one of your own choosing but it cannot just be one of the other
forecast you have already done. This forecast should be a combination of any of the forecast
methods previously done for this project (do not use other methods besides a-e). This is the
most common type of forecast as each account generally changes differently. For instance
some accounts may be growing by a certain percentage year over year, while others may be
changing by a certain dollar amount each year, others could be fluctuating randomly, and
others still may be based on the revenue that they generate. For each account, you must
determine and support why you choose the method you did. Again give no numbers but
address how the account is changing over time, in general terms, and use that to determine
how you will forecast it for this year.
5. The last part of the write-up is your group choosing which forecast method you would
suggest the company use and why. You can only choose one of the six methods you
calculated. Keep in mind in industry, we do all the methods first, evaluate the numbers, and
based on intuition and our knowledge of the business select the most appropriate method.
You should never go into a project with a predetermined outcome because then you are just
doing busy work and not opening your eyes to other potentially good options. To adequately
support your decision this must be a minimum of ¾ of a page. You cannot just have 1-2
sentences on why you choose it. You need to convince your manager that this is the correct
method to use.
Team Member Evaluation
3
This project requires a team member evaluation. You can find the team member evaluation from
in the WebCampus. Teamwork is significant in the real world. The team member evaluation will
weight 40% of your total group project grade. Your evaluation grade will be the average of what
your team members give to you.
This mean the project works weight 60% of the group project grade.
CRITERIA
Due Date
The project is due on Friday, November 6th before midnight through online. Projects received
after this date will be penalized 10 points (out of 100) each 24-hour period they are late
(beginning at the start of class). This includes not submitting both parts online by the due date or
extra credit date. You can earn extra credit by turning the project in before Friday, November
27th. All projects turned in for extra credit will earn 1% point additional on your final class
grade. Projects must be submitted through WebCampus.
Any projects not completed are not eligible for extra credit including not having all pages or
parts attached.
It is imperative you turn in professional work and not leave this until the last minute. I will
not accept unprofessional work just as your manager would not. Unprofessional work is
not college level, it’s extremely hard to grade, and the scores are extremely low. If I
determine your work is unprofessional, such as no formatting on the statements, multiple
pages per statement, papers not straight or unreadable, etc. you will incur a 15 point
penalty and be informed via email that you then have 24 hours to fix and resubmit. I will
keep your old submission and you need to only turn in a new submission. If you do not
resubmit within 24 hours, you start incurring the 10 point per additional 24 hour penalty.
You need to make sure your paper is professional before submitting and it is better you
take the late penalty of 10 points by determining yourself it its not ready than to have me
penalize you 15.
Requirements
1. All forecasts must be completed using Excel. All write-ups must be completed in Word.
Handwritten income statements or write-ups are unacceptable. All forecasts (6 in total)
should be “portrait” style and the write-ups must also be portrait style and must be double
spaced in 12 point font.
2. You must do the forecast in Excel and I will be reviewing all electronic submissions to
confirm you did all required formulas in Excel. Not doing this project in Excel or not
using the Excel formulas will result in no credit for the forecast section and hence a
50% point penalty.
3. All forecasted figures should be presented exactly like the 10-K. Make sure that all
forecasted are formatted with dollar signs, commas, borders, underlining, etc. and are
presentable. Also make sure to note what value your company’s dollar values are in, for
instance thousands or millions.
4
4. Each group must submit their Excel submission to WebCampus. In addition the group must
submit the group write-up part on WebCampus and check and note their plagiarism score.
These are both submitted as one assignment and both are due before the due date and time
online.
5. Spelling and grammar count. Remember you are presenting to upper management and the
report should be written with that in mind. Run spell check in both Excel and Word. It is
suggested you see the Writing Center if your writing skills are lacking. Points will be
deducted for papers that are hard to read and if they are too hard to read it will be a “0”.
6. You must submit hard copies of the project and you must present your work as follows in
order to receive credit (one submission not 2 parts):
Submission
a) Cover Page with your name, the name of your company, and your plagiarism score.
b) Forecasts (depending on how you print this, will be anywhere from 1-6 pages)
a. Moving 3 year average
b. Moving 5 year average
c. Trend based on absolute change over last 5 years
d. Trend based on relative change over last 5 years
e. Trend based on common size over last 5 years
f. Any combination of the above depending on the line item
c) Write-ups on how you forecasted and selection (does not need to be individual pages, but
must be in order with clear headers for each)
a. Trend based on absolute change over last 5 years
b. Trend based on relative change over last 5 years
c. Trend based on common size over last 5 years
d. Any combination of the above depending on the line item
e. Suggestion and support for forecast recommendation
7. The project should be presented as a “unified” group project. This means that all sheets must
be in the same font, format, etc. Do not just copy and paste each group member’s part into
the document and submit without making sure it is consistent in format, tone, wording, etc.
Remember this is a group project so you should not use “I” and instead use “we”.
8. The grading rubric below should be carefully reviewed and followed.
9. If you would like feedback on your project you must schedule an appointment or come into
office hours at least 2 weeks prior to the due date. You cannot wait any longer as you will
need time to take the feedback I give and add it to your project. I will not discuss project
questions if it is within 2 weeks of the due date unless you have previously seen me and
you need additional guidance on what we have already discussed.
Grading Rubric
This is a high level guide to make sure the project is completed and follows all the requirements.
This has been added since I have found that most points off are because students do not read all
the instructions and make up their own “rules”. This is just a guide so you don’t miss any
minimum requirements.
5
These items are points that come right off the starting score of 100%:
Requirement
Unprofessional work
Cover page with all required information
Turning in on time including turning in on WebCampus (late at 1 min
after class starts)
Project in required order as listed in #9 of Requirements
Not including additional Income Statement detail as per instructor
Formatting, grammar, spelling, etc. (dollar signs, spelling, presentable,
borders, consistency, etc.)
Spelling and grammar issues, after first 2
Points off if not
followed
-15 and required to
fix within 24 hours
Up to -10
-10 per 24 hours
-5
-20
Up to -20
-1 point each error
These are the maximum points for each required part:
Requirement
Forecasts:
5 points each for moving average (a & b)
10 points each for other 4 (c-f)
These points are all only about the math, not the logic. Those points are
in the write-up portion of the grade. Whatever you state in the write-up,
as long as you did that here, you will get credit.
Write Up on forecast detail: 10 points each
Remember there is no detail required on moving average ones, so no
points here on that
Just stating what you did with no support as to why will get you 0 points
on that write-up.
Write Up on forecast recommendation
If your recommendation is not one of the 6 methods you will get 0 points.
Must not only state which method chosen, but why. Stating the method
only with no support will get you 0 points.
6
Points off if not
followed
50
40
10
Las Vegas Sands Corp. and Subsidiaries
Condolidated Statements of Operations
Year ended December 31, 2014, 15, 16, 2017 and 2018
(In millions, except per share data)
2014
Revenues:
Casino
Rooms
Food and beverage
Mall
Convention, retail and other
Less – promotional allowances
$
$
$
$
$
$
$
Net Revenues $
Operating Expense:
Casino
Rooms
Food and beverage
Mall
Convention, retail and other
Provision for doubtful accounts
General and administrative
Corporate
Pre-opening
Development
Depreciation and amortization
Amortization of leasehold interests in land
Loss on disposal or impairment of assets
Total Operating Expense
Operating Income
Other income (expense):
Interest income
Interest expense, net of amounts capitalized
Other income (expense)
Loss on modification or early retirement of debt
Total Other Income (Expense)
Income before income taxes
Income tax (expense) benefit
Net Income
Net income attributable to noncontrolling interests
Net income attributable to Las Vegas Sands Corp.
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2015
2016
2017
2018
2019 (budgeted)
$ 9,086
$ 1,586
$
828
$
651
$
577
$ 12,728
$
$ 12,728
$ 9,819
$ 1,733
$
865
$
690
$
622
$ 13,729
$
$ 13,729
$
$
$
$
$
$
$
$
8,930
1,606
813
644
582
12,576
12,576
12,004
1,540
779
554
549
15,426
(842)
14,584
$
$
$
$
$
$
$
$
9,083
1,470
757
564
540
12,414
(726)
11,688
$
$
$
$
$
$
$
$
7,886
1,499
747
591
548
11,271
11,271
6,705
257
393
70
321
187
1,258
175
26
14
1,031
41
7
10,485
4,099
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,114
262
403
61
277
156
1,267
176
48
10
999
39
35
8,847
2,841
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
4,365
370
584
64
303
173
1,287
256
130
9
1,111
38
79
8,769
2,502
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
4,876
411
640
77
325
96
1,417
173
8
13
1,171
37
20
9,264
3,464
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,448
438
673
79
336
5
1,483
202
6
12
1,111
35
150
9,978
3,751
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
4,896
406
632
73
321
91
1,396
210
48
11
1,131
37
83
9,337
3,239
$
$
$
$
$
$
$
$
$
$
15
(265)
31
(219)
2,622
(236)
2,386
(420)
1,966
$
$
$
$
$
$
$
$
$
$
10
(274)
31
(5)
(238)
2,264
(239)
2,025
(346)
1,679
$
$
$
$
$
$
$
$
$
$
16
(327)
(94)
(5)
(410)
3,054
209
3,263
(455)
2,808
$
$
$
$
$
$
$
$
$
$
59
(446)
26
(64)
(425)
3,326
(375)
2,951
(538)
2,413
$
$
$
$
$
$
$
$
$
$
28
(349)
(12)
(25)
(358)
2,881
(135)
2,746
(446)
2,300
26
(274)
2
(20)
(266)
3,833
(245)
3,588
(747)
2,841
Las Vegas Sands Corp. and Subsidiaries
Condolidated Statements of Operations
Year ended December 31, 2014, 15, 16, 2017 and 2018
(In millions, except per share data)
2014
Revenues:
Casino
Rooms
Food and beverage
Mall
Convention, retail and other
Less – promotional allowances
$
$
$
$
$
$
$
Net Revenues $
Operating Expense:
Casino
Rooms
Food and beverage
Mall
Convention, retail and other
Provision for doubtful accounts
General and administrative
Corporate
Pre-opening
Development
Depreciation and amortization
Amortization of leasehold interests in land
Loss on disposal or impairment of assets
Total Operating Expense
Operating Income
Other income (expense):
Interest income
Interest expense, net of amounts capitalized
Other income (expense)
Loss on modification or early retirement of debt
Total Other Income (Expense)
Income before income taxes
Income tax (expense) benefit
Net Income
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2015
12,004
1,540
779
554
549
15,426
(842)
14,584
$
$
$
$
$
$
$
$
9,083
1,470
757
564
540
12,414
(726)
11,688
6,705
257
393
70
321
187
1,258
175
26
14
1,031
41
7
10,485
4,099
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,114
262
403
61
277
156
1,267
176
48
10
999
39
35
8,847
2,841
$
$
$
$
$
$
$
$
15
(265)
31
(219)
2,622
(236)
2,386
26
(274)
2
(20)
(266)
3,833
(245)
3,588
Net income attributable to noncontrolling interests
$
Net income attributable to Las Vegas Sands Corp. $
(747) $
2,841 $
(420)
1,966
ries
ons
7 and 2018
)
2016
2017
2018
2019 (budgeted)
$ 9,086
$ 1,586
$
828
$
651
$
577
$ 12,728
$
$ 12,728
$ 9,819
$ 1,733
$
865
$
690
$
622
$ 13,729
$
$ 13,729
$
$
$
$
$
$
$
$
9,576
1,566
795
610
567
13,114
(314)
12,800
$
$
$
$
$
$
$
$
7,886
1,499
747
591
548
11,271
11,271
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
4,365
370
584
64
303
173
1,287
256
130
9
1,111
38
79
8,769
2,502
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
4,876
411
640
77
325
96
1,417
173
8
13
1,171
37
20
9,264
3,464
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
5,448
438
673
79
336
5
1,483
202
6
12
1,111
35
150
9,978
3,751
$
$
$
$
$
$
$
$
$
$
$
$
$

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