Las Vegas Sands Reports Second Quarter 2012 Results

Net Revenue Increased 10.1% to $2.58 Billion in the Second Quarter of 2012 Compared to the Second Quarter of 2011; Consolidated Adjusted Property EBITDA was $844.7 Million and Reflected Low Hold on Table Games Play in Singapore, Macao and Las Vegas; Adjusted Earnings per Diluted Share Was $0.44 in the Second Quarter of 2012 Compared to $0.54 in the Second Quarter of 2011; Third Consecutive Quarterly Dividend of $0.25 per Share Declared

Marketwired

LAS VEGAS, NV--(Marketwire -07/25/12)- Las Vegas Sands Corp. (LVS) today reported financial results for the quarter ended June 30, 2012.

Second Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, stated, "While our quarterly results did not meet my expectations, and were impacted by lower hold on table games play compared to last year's second quarter, higher provisions for accounts receivable at Marina Bay Sands in Singapore, and elevated legal expenses, our financial results reflected solid revenue growth overall and significant cash flow in both Macao and Singapore, as well as the continued steady execution of our Cotai Strip development plan in Macao.

"We successfully opened on April 11, 2012 the first phase of Sands Cotai Central, the largest Integrated Resort development in the company's history. The debut of Cotai Central represents the completion of another major milestone in the steady and disciplined execution of our Cotai Strip master plan and development strategy. As approximately 4,000 additional rooms and suites, plus additional shopping, dining, entertainment and gaming offerings open in Cotai Central's later phases, we expect strong growth from the property to continue in the future. Importantly, we believe the attractions and offerings of Cotai Central, and in particular its vital inventory of hotel rooms and suites, will meaningfully benefit Macao and the Cotai Strip in the years ahead as it strengthens its position among the leading business and leisure destinations in Asia. That hotel inventory will also enhance the financial performance of our other Cotai Strip properties, The Venetian Macao and Four Seasons Hotel Macao and Plaza Casino. Upon the completion of Cotai Central, our three Cotai Strip properties will encompass 25 million square feet of interconnected Integrated Resort capacity featuring five hotel brands and over 9,000 rooms and suites, 1,300 gaming tables, 6,000 slot machines and electronic table games, approximately two million square feet of retail space, plus dining, convention, meeting and exhibition capacity, and entertainment attractions that will meaningfully increase overnight visitation to Macao and provide an outstanding platform for growth in the years ahead."

In Macao during the quarter we generated significantly stronger gaming volumes across our property portfolio, while adjusted property EBITDA increased 9.6% to reach $429.0 million with an adjusted property EBITDA margin of 29.5%. Strong growth in each segment of our gaming business was evident in our property portfolio, with rolling volumes increasing 36.3% to a record $33.35 billion, Non-rolling drop increasing 20.9% to a record $2.22 billion, and slot handle increasing 72.5% to a record $2.63 billion. The increases in gaming volumes led to Rolling, Non-Rolling and slot gross gaming revenue growth that was in excess of the growth in the Macao market in each category as compared to last year's second quarter by 160.8%, 18.8% and 16.8%, respectively. This is the first quarter we have exceeded the market rate of growth in Macao in all three categories since 2008. Our overall market share of gross gaming revenue in Macao also increased to 17.7% in the second quarter of 2012 compared to 16.0% in the second quarter of 2011, and we continue to lead the Macao market in terms of share of adjusted property EBITDA.

These gaming volume and revenue increases in Macao, together with the contribution from the important non-gaming (hotel, retail, mall and convention) components of our Integrated Resort business model, continue to drive growth. We remain pleased that the investments we have made to expand our offerings in the VIP segment remain evident in our quarterly operating results, with the Four Seasons Hotel Macao and Plaza Casino increasing its Rolling Chip volume by over 174% compared to the same quarter last year and generating a record quarterly EBITDA of $76.6 million for the property.

Marina Bay Sands in Singapore delivered a steady financial performance, including good growth in its hotel and retail segments, although lower rolling volume, low hold on rolling table games play and higher provisions for accounts receivable negatively impacted our results this quarter. Marina Bay Sands produced $330.4 million of adjusted property EBITDA during the quarter and an EBITDA margin of 47.6%. Strong growth in non-rolling chip drop (up 8.2%) and slot volumes (up 15.1%) coupled with continued growth in visitation and non-gaming revenue streams including hotel revenues (up 30.1%) reflect the broad appeal of the property to Singapore's visitors from across the Asian region. Looking ahead, as Singapore's complementary business and leisure tourism offerings continue to expand, we are confident that Marina Bay Sands will continue to generate outstanding returns for our company.

In Las Vegas, The Venetian and Palazzo generated $64.4 million in adjusted property EBITDA during the quarter. Hold was lower this quarter compared to the quarter last year, which negatively impacted our results. Baccarat play was up, but other table games play was down, reflecting overall market conditions in Las Vegas. Slot handle was up 8.2%.

Sands Bethlehem delivered a strong quarter with $26.9 million in adjusted property EBITDA, up 28.1% from the same quarter last year. The property continues to benefit from growth in slot handle, table games play, and hotel revenues. The events center, which opened this quarter, is off to a strong start and should benefit the property in the future.

Adjusted earnings per diluted share was $0.44 during the quarter, compared to $0.54 last year. The lower hold on table games play, increased provisions for accounts receivable in Singapore and elevated legal expenses mentioned above were the primary drivers of the decrease in adjusted earnings per diluted share.

The prudent management of our cash flow, including the ability to both invest in future growth and to continue to return cash to shareholders, remains a high priority for the company. The board of directors of Las Vegas Sands has declared its third consecutive quarterly cash dividend of $0.25 per common share to be paid on September 28, 2012 to shareholders of record as of September 20, 2012.

Company-Wide Operating Results

Net revenue for the second quarter of 2012 was $2.58 billion, an increase of 10.1% compared to $2.35 billion in the second quarter of 2011. Consolidated adjusted property EBITDA in the second quarter of 2012 was $844.7 million, a decrease of 6.3% compared to $901.6 million in the year-ago quarter. Consolidated adjusted property EBITDA margin decreased 570 basis points to 32.7% in the second quarter of 2012, compared to 38.4% in the second quarter of 2011. The EBITDA margin in the quarter was negatively impacted compared to the quarter one year ago due to lower hold in Macao, Singapore and Las Vegas and increased provisions for accounts receivable in Singapore.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2012 decreased 34.6% to $397.7 million, compared to $608.1 million in the second quarter of 2011. The decrease in operating income was principally due to a non-cash impairment loss of $100.8 million on parcels 7 and 8 in Macao, lower hold in Macao, Singapore and Las Vegas, higher provisions for accounts receivable in Singapore, elevated legal fees, and increased pre-opening expenses related to Sands Cotai Central.

Adjusted net income (see Note 1) decreased to $365.3 million, or $0.44 per diluted share, compared to $438.6 million, or $0.54 per diluted share, in the second quarter of 2011. The decrease in adjusted net income was principally driven by the lower hold on table games play and higher provisions for accounts receivable mentioned above.

On a GAAP basis, net income attributable to common stockholders in the second quarter of 2012 decreased 34.6% to $240.6 million, compared to $367.6 million in the second quarter of 2011, while diluted earnings per share in the second quarter of 2012 decreased 35.6% to $0.29, compared to $0.45 in the prior year quarter. The decrease in net income attributable to common stockholders reflected the decrease in operating income described above, as well as the loss on modification or early retirement of debt during the quarter, partially offset by the benefit from the discontinuation of preferred stock dividends and the accretion of preferred stock resulting from the redemption of the company's outstanding preferred stock in November 2011.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 22.3% to $1.48 billion in the second quarter of 2012, compared to $1.21 billion in the second quarter of 2011. Adjusted property EBITDA for Sands China Ltd. increased 10.7% to $422.9 million in the second quarter of 2012, compared to $382.1 million in the second quarter of 2011. Net income for Sands China Ltd. decreased 40.0% to $160.5 million in the second quarter of 2012, compared to $267.4 million in the second quarter of 2011. The decrease in net income for the quarter was principally due to the aforementioned $100.8 million non-cash impairment loss on parcels 7 and 8, lower Rolling Chip hold, and increased pre-opening expenses related to Cotai Central.

The Venetian Macao Second Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered adjusted property EBITDA of $229.2 million, a decrease of 11.3% compared to $258.4 million in the second quarter of 2011. Operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.68%. The 2011 quarter included an abnormally high Rolling Chip win percentage of 3.46%. Adjusted property EBITDA margin increased to 35.3% in the second quarter of 2012 from 35.1% in the year-ago quarter. Non-Rolling Chip drop was $1.02 billion for the quarter, about the same as the quarter one year ago, while Non-Rolling Chip win percentage increased to 30.6%. Rolling Chip volume during the quarter decreased 16.5% to $11.16 billion partially due to Paiza Club renovations, which resulted in 19 fewer active rolling tables on average during the quarter. Slot handle was $1.15 billion, an increase of 33.9% compared to the quarter one year ago. Mall revenues increased 23.7% during the quarter compared to the quarter last year. RevPAR decreased 1.0% to $198 due to lower hotel occupancy.

The following table summarizes the key operating results for The Venetian Macao for the second quarter of 2012 compared to the second quarter of 2011:

 

Three Months Ended
The Venetian Macao Operations June 30,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 561.6 $ 648.5 $ (86.9) -13.4%
Rooms 49.9 51.4 (1.5) -2.9%
Food and Beverage 19.0 16.3 2.7 16.6%
Mall 31.8 25.7 6.1 23.7%
Convention, Retail and Other 14.7 18.0 (3.3) -18.3%
Less - Promotional Allowances (27.6) (24.5) (3.1) -12.7%
--------- --------- ---------
Net Revenues $ 649.4 $ 735.4 $ (86.0) -11.7%

Adjusted Property EBITDA $ 229.2 $ 258.4 $ (29.2) -11.3%
EBITDA Margin % 35.3% 35.1% 0.2 pts

Operating Income $ 189.9 $ 214.5 $ (24.6) -11.5%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume $11,161.6 $13,369.9 $(2,208.3) -16.5%
Rolling Chip Win %(1) 2.68% 3.46% -0.78 pts

Non-Rolling Chip Drop $ 1,020.9 $ 1,024.2 $ (3.3) -0.3%
Non-Rolling Chip Win %(2) 30.6% 25.6% 5.0 pts

Slot Handle $ 1,148.8 $ 858.2 $ 290.6 33.9%
Slot Hold %(3) 5.2% 6.7% -1.5 pts

Hotel Statistics

Occupancy % 86.7% 89.7% -3.0 pts
Average Daily Rate (ADR) $ 228 $ 223 $ 5 2.2%
Revenue per Available Room
(RevPAR) $ 198 $ 200 $ (2) -1.0%

(1)This compares to The Venetian Macao's trailing 12 month Rolling Chip win
percentage of 2.81% (calculated before discounts and commissions).
(2)This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip
win percentage of 29.2% (calculated before discounts).
(3)This compares to The Venetian Macao's trailing 12 month slot hold
percentage of 5.7% (calculated before slot club cash incentives).


Four Seasons Hotel Macao and Plaza Casino Second Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated record adjusted property EBITDA of $76.6 million in the second quarter of 2012, an increase of 103.7% compared to the $37.6 million for the second quarter of 2011. The operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.05% for the current quarter, which enhanced adjusted property EBITDA. Rolling Chip volume reached $9.21 billion for the quarter, an increase of 174.4% compared to the second quarter of 2011. Non-Rolling Chip drop was $91.0 million while Non-Rolling Chip win was up 9.5% compared to the year-ago quarter. Slot handle was $199.1 million during the quarter, about the same as the second quarter of 2011. The non-gaming offerings of the property continued to exhibit healthy growth, with increases in occupancy and RevPAR, while mall revenue was $21.3 million, a 40.1% increase compared to last year's second quarter.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the second quarter of 2012 compared to the second quarter of 2011:

 

Four Seasons Hotel Macao and Three Months Ended
Plaza Casino Operations June 30,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 239.8 $ 98.3 $ 141.5 143.9%
Rooms 8.9 7.6 1.3 17.1%
Food and Beverage 5.6 5.4 0.2 3.7%
Mall 21.3 15.2 6.1 40.1%
Convention, Retail and Other 0.8 0.6 0.2 33.3%
Less - Promotional Allowances (10.3) (6.3) (4.0) -63.5%
--------- --------- ---------
Net Revenues $ 266.1 $ 120.8 $ 145.3 120.3%

Adjusted Property EBITDA $ 76.6 $ 37.6 $ 39.0 103.7%
EBITDA Margin % 28.8% 31.2% -2.4 pts

Operating Income $ 62.0 $ 22.6 $ 39.4 174.3%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume $ 9,207.3 $ 3,355.7 $ 5,851.6 174.4%
Rolling Chip Win %(1) 3.05% 2.25% 0.80 pts

Non-Rolling Chip Drop $ 91.0 $ 96.9 $ (5.9) -6.1%
Non-Rolling Chip Win %(2) 43.9% 37.6% 6.3 pts

Slot Handle $ 199.1 $ 200.6 $ (1.5) -0.7%
Slot Hold %(3) 5.4% 5.4% 0.0 pts

Hotel Statistics

Occupancy % 73.3% 67.8% 5.5 pts
Average Daily Rate (ADR) $ 357 $ 323 $ 34 10.5%
Revenue per Available Room
(RevPAR) $ 261 $ 219 $ 42 19.2%

(1)This compares to the Plaza Casino's trailing 12 month Rolling Chip win
percentage of 2.85% (calculated before discounts and commissions).
(2)This compares to the Plaza Casino's trailing 12 month Non-Rolling Chip
win percentage of 42.1% (calculated before discounts).
(3)This compares to the Plaza Casino's trailing 12 month slot hold
percentage of 5.6% (calculated before slot club cash incentives).


Sands Cotai Central Second Quarter Operating Results

The first phase of Sands Cotai Central on Macao's Cotai Strip began operations on April 11, 2012, with a portion of the property's gaming, hotel, dining, convention and exhibition, and retail offerings open to the public for 81 days during the quarter. Net revenues and adjusted property EBITDA for this 81-day period were $265.6 million and $51.8 million, respectively, resulting in an EBITDA margin of 19.5%.

Rolling Chip volume was $6.82 billion with Rolling Chip win percentage of 3.12%. Non-Rolling Chip drop was $389.4 million while slot handle was $665.4 million. Hotel occupancy reached 75.1% during the quarter with ADR of $141.

The following table summarizes our key operating results for Sands Cotai Central for the second quarter of 2012:

 

81-Day Period
Ended
Sands Cotai Central Operations June 30,
(Dollars in millions) 2012
-------------
Revenues:
Casino $ 249.5
Rooms 15.3
Food and Beverage 9.4
Mall 3.3
Convention, Retail and Other 1.7
Less - Promotional Allowances (13.6)
-------------
Net Revenues $ 265.6

Adjusted Property EBITDA $ 51.8
EBITDA Margin % 19.5%

Operating Loss $ (17.9)

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume $ 6,820.6
Rolling Chip Win % 3.12%

Non-Rolling Chip Drop $ 389.4
Non-Rolling Chip Win % 21.5%

Slot Handle $ 665.4
Slot Hold % 4.0%

Hotel Statistics

Occupancy % 75.1%
Average Daily Rate (ADR) $ 141
Revenue per Available Room (RevPAR) $ 106


Sands Macao Second Quarter Operating Results

Sands Macao's adjusted property EBITDA was $71.3 million while adjusted property EBITDA margin was 26.3%. Lower than expected Rolling Chip win percentage of 2.58% negatively impacted adjusted property EBITDA. Rolling Chip volume was $6.16 billion for the quarter. Non-Rolling Chip drop was $717.1 million during the quarter, about the same as last year, despite a 21.5% decrease in the average number of Non-Rolling chip tables in operation during the quarter. The property had 212 Non-Rolling chip tables in operation on average during the quarter, compared to 270 in the year-ago quarter. Slot handle increased 32.2% to $611.7 million.

The following table summarizes our key operating results for the Sands Macao for the second quarter of 2012 compared to the second quarter of 2011:

 

Three Months Ended
Sands Macao Operations June 30,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 264.8 $ 323.7 $ (58.9) -18.2%
Rooms 5.8 5.6 0.2 3.6%
Food and Beverage 8.3 10.0 (1.7) -17.0%
Convention, Retail and Other 2.4 2.1 0.3 14.3%
Less - Promotional Allowances (9.7) (10.4) 0.7 6.7%
--------- --------- ---------
Net Revenues $ 271.6 $ 331.0 $ (59.4) -17.9%

Adjusted Property EBITDA $ 71.3 $ 95.6 $ (24.3) -25.4%
EBITDA Margin % 26.3% 28.9% -2.6 pts

Operating Income $ 63.3 $ 87.0 $ (23.7) -27.2%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume $ 6,164.8 $ 7,753.3 $(1,588.5) -20.5%
Rolling Chip Win %(1) 2.58% 2.98% -0.40 pts

Non-Rolling Chip Drop $ 717.1 $ 713.5 $ 3.6 0.5%
Non-Rolling Chip Win %(2) 19.7% 20.0% -0.3 pts

Slot Handle $ 611.7 $ 462.6 $ 149.1 32.2%
Slot Hold %(3) 4.1% 5.8% -1.7 pts

Hotel Statistics

Occupancy % 93.2% 88.0% 5.2 pts
Average Daily Rate (ADR) $ 242 $ 242 $ 0 0.0%
Revenue per Available Room
(RevPAR) $ 225 $ 213 $ 12 5.6%

(1)This compares to the Sands Macao's trailing 12 month Rolling Chip win
percentage of 2.91% (calculated before discounts and commissions).
(2)This compares to the Sands Macao's trailing 12 month Non-Rolling Chip win
percentage of 20.6% (calculated before discounts).
(3)This compares to the Sands Macao's trailing 12 month slot hold percentage
of 4.6% (calculated before slot club cash incentives).


Marina Bay Sands Second Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $330.4 million for the second quarter. The operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.42% for the quarter, as well as a provision for accounts receivable of $39.9 million during the quarter, compared to $11.4 million in the second quarter of 2011. Adjusted property EBITDA margin was 47.6% for the quarter, and was negatively impacted by the lower hold and the higher provision.

Gaming volumes reflected strong growth in the mass segments. Non-Rolling Chip drop increased 8.2% to $1.21 billion, with Non-Rolling Chip win percentage of 22.2%. Slot handle increased 15.1% to reach $2.74 billion for the quarter, with slot hold percentage of 5.2%. Total mass win per day during the quarter increased 8.9% to reach $4.52 million, compared to $4.15 million in the second quarter of 2011. Rolling Chip volume was $11.51 billion for the quarter.

The high margin hotel room and mall segments of the property continued to reflect strong revenue growth of 30.0% and 13.0%, respectively, as the property's full complement of offerings and amenities continued to mature. Occupancy and ADR both expanded during the quarter, driving a RevPAR increase of 29.9% compared to the same quarter last year.

The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2012 compared to the second quarter of 2011:

 

Three Months Ended
Marina Bay Sands Operations June 30,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 550.2 $ 594.6 $ (44.4) -7.5%
Rooms 80.1 61.6 18.5 30.0%
Food and Beverage 43.4 45.4 (2.0) -4.4%
Mall 37.4 33.1 4.3 13.0%
Convention, Retail and Other 25.0 40.2 (15.2) -37.8%
Less - Promotional Allowances (41.3) (37.3) (4.0) -10.7%
--------- --------- ---------
Net Revenues $ 694.8 $ 737.6 $ (42.8) -5.8%

Adjusted Property EBITDA $ 330.4 $ 405.4 $ (75.0) -18.5%
EBITDA Margin % 47.6% 55.0% -7.4 pts

Operating Income $ 235.3 $ 315.3 $ (80.0) -25.4%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume $11,505.7 $12,228.8 $ (723.1) -5.9%
Rolling Chip Win %(1) 2.42% 2.99% -0.57 pts

Non-Rolling Chip Drop $ 1,205.5 $ 1,114.5 $ 91.0 8.2%
Non-Rolling Chip Win %(2) 22.2% 22.5% -0.3 pts

Slot Handle $ 2,741.1 $ 2,380.7 $ 360.4 15.1%
Slot Hold %(3) 5.2% 5.4% -0.2 pts

Hotel Statistics

Occupancy % 99.1% 90.8% 8.3 pts
Average Daily Rate (ADR) $ 351 $ 295 $ 56 19.0%
Revenue per Available Room
(RevPAR) $ 348 $ 268 $ 80 29.9%

(1)This compares to Marina Bay Sands' trailing 12 month Rolling Chip win
percentage of 2.98% (calculated before discounts and commissions).
(2)This compares to Marina Bay Sands' trailing 12 month Non-Rolling Chip win
percentage of 22.8% (calculated before discounts).
(3)This compares to Marina Bay Sands' trailing 12 month slot hold percentage
of 5.3% (calculated before slot club cash incentives).


Las Vegas Second Quarter Operating Results

The Venetian and The Palazzo delivered adjusted property EBITDA of $64.4 million for the second quarter of 2012, a decrease of 30.7% compared to the $92.9 million generated in the second quarter of 2011. Adjusted property EBITDA margin was 19.7% for the quarter. The operating results were negatively impacted by lower than expected table games win percentage of 16.5% for the quarter. Table games hold was 20.0% in the 2011 quarter. Slot handle increased 8.2% to $445.1 million while table games drop increased 2.9% to $434.6 million. Stronger group meeting and convention business during the quarter drove a 2.5% increase in hotel ADR.

The following table summarizes our key operating results for our Las Vegas operations for the second quarter of 2012 compared to the second quarter of 2011:

 

Three Months Ended
Las Vegas Operations June 30,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 94.6 $ 105.1 $ (10.5) -10.0%
Rooms 112.8 112.9 (0.1) -0.1%
Food and Beverage 67.2 63.4 3.8 6.0%
Convention, Retail and Other 72.3 68.0 4.3 6.3%
Less - Promotional Allowances (19.6) (16.9) (2.7) -16.0%
--------- --------- ---------
Net Revenues $ 327.3 $ 332.5 $ (5.2) -1.6%

Adjusted Property EBITDA $ 64.4 $ 92.9 $ (28.5) -30.7%
EBITDA Margin % 19.7% 27.9% -8.2 pts

Operating Income $ 38.3 $ 53.8 $ (15.5) -28.8%

Gaming Statistics
(Dollars in millions)

Table Games Drop $ 434.6 $ 422.2 $ 12.4 2.9%
Table Games Win %(1) 16.5% 20.0% -3.5 pts

Slot Handle $ 445.1 $ 411.5 $ 33.6 8.2%
Slot Hold %(2) 8.9% 8.8% 0.1 pts

Hotel Statistics

Occupancy % 86.2% 88.8% -2.6 pts
Average Daily Rate (ADR) $ 205 $ 200 $ 5 2.5%
Revenue per Available Room
(RevPAR) $ 176 $ 177 $ (1) -0.6%

(1) This compares to our Las Vegas Operations' trailing 12 month table games
win percentage of 20.0% (calculated before discounts).
(2) This compares to our Las Vegas Operations' trailing 12 month slot hold
percentage of 8.7% (calculated before slot club cash incentives).


Sands Bethlehem Second Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $115.1 million and adjusted property EBITDA reached $26.9 million for the second quarter of 2012. Table games drop was $218.4 million for the quarter, an increase of 44.2% compared to the quarter one year ago, while table games win percentage was 14.3%. Slot handle increased 6.8% to reach $1.01 billion for the quarter with slot hold percentage of 7.2%. The property's 300-room hotel tower contributed $2.4 million of room revenue during the current quarter. The hotel, together with the addition of the retail mall and the events center, which debuted in May 2012, should contribute to future growth of both gaming and non-gaming offerings at the property.

The following table summarizes our key operating results for Sands Bethlehem for the second quarter of 2012 compared to the second quarter of 2011:

 

Three Months Ended
Sands Bethlehem Operations June 30,
--------------------
(Dollars in millions) 2012 2011(1) $ Change Change
--------- --------- --------- --------
Revenues:
Casino $ 107.0 $ 92.0 $ 15.0 16.3%
Rooms 2.4 0.7 1.7 242.9%
Food and Beverage 6.9 5.5 1.4 25.5%
Mall 0.5 - 0.5 N/A
Convention, Retail and Other 4.3 3.6 0.7 19.4%
Less - Promotional Allowances (6.0) (4.7) (1.3) -27.7%
--------- --------- ---------
Net Revenues $ 115.1 $ 97.1 $ 18.0 18.5%

Adjusted Property EBITDA $ 26.9 $ 21.0 $ 5.9 28.1%
EBITDA Margin % 23.4% 21.7% 1.7 pts

Operating Income $ 17.4 $ 12.5 $ 4.9 39.2%

Gaming Statistics
(Dollars in millions)

Table Games Drop $ 218.4 $ 151.5 $ 66.9 44.2%
Table Games Win %(2) 14.3% 14.0% 0.3 pts

Slot Handle $ 1,012.6 $ 947.9 $ 64.7 6.8%
Slot Hold %(3) 7.2% 7.2% 0.0 pts

Hotel Statistics

Occupancy % 62.2% 49.1% 13.1 pts
Average Daily Rate (ADR) $ 142 $ 168 (26) -15.5%
Revenue per Available Room
(RevPAR) $ 88 $ 83 5 6.0%

(1) The hotel tower opened on May 27, 2011 and the first phase of the retail
mall opened on November 1, 2011.
(2) This compares to Sands Bethlehem's trailing 12 month table games win
percentage of 14.2% (calculated before discounts).
(3) This compares to Sands Bethlehem's trailing 12 month slot hold
percentage of 7.2% (calculated before slot club cash incentives).


Retail Mall Operations

Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, the Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $93.3 million for the second quarter of 2012, an increase of 26.3% compared to the second quarter of 2011. Operating profit derived from these retail mall assets increased 30.7% for the quarter to reach $75.8 million.

 

LTM June
For The Three Months Ended June 30, 2012 30, 2012
------------------------------------------------ --------
(Dollars in Gross Tenant
millions Operating Leasable Occupancy Sales
except per square Gross Operating Profit Area % at End Per Sq.
foot data) Revenue Profit(1) Margin (sq. ft.) of Period Ft.(2)
------- ---------- --------- --------- --------- --------

The Grand Canal
Shoppes at The
Venetian Macao $ 31.3 $ 25.5 81.5% 806,897 91.6% $ 1,165

The Shoppes at
Four Seasons
Luxury Retail 17.3 16.3 94.2% 87,063 100.0% 6,335
Other Stores 4.0 3.4 85.0% 102,025 85.6% 1,251
------- ---------- ---------
Total 21.3 19.7 92.5% 189,088 92.2% 4,095

The Shoppes at
Sands Cotai
Central (Phase I
only) 3.3 2.1 63.6% 50,635 100.0% N/A

The Shoppes at
Marina Bay Sands 37.4 28.5 76.2% 629,734 97.2% 1,313
------- ---------- ---------

Total $ 93.3 $ 75.8 81.2% 1,676,354 94.0% $ 1,582
======= ========== =========

(1) Operating profit excludes bad debt expense of $0.1 million at The Grand
Canal Shoppes at The Venetian Macao and $0.2 million at The Shoppes at Four
Seasons. Bad debt expense at The Shoppes at Sands Cotai Central and The
Shoppes at Marina Bay Sands was immaterial for the quarter.
(2) Tenant sales per square foot reflects sales from tenants only after the
tenant has been open for a period of 12 months.


Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of our CotaiJet ferry operation, was negative $6.0 million during the quarter, an improvement over last year's loss during the quarter of $9.2 million.

Pre-opening expenses, related primarily to Cotai Central on the Cotai Strip in Macao, increased to $43.5 million in the second quarter of 2012, compared to $18.2 million in the second quarter of 2011.

Depreciation and amortization expense was $220.4 million in the second quarter of 2012, compared to $206.2 million in the second quarter of 2011.

Interest expense, net of amounts capitalized, was $64.5 million for the second quarter of 2012, compared to $70.6 million during the second quarter of 2011. The decrease was principally the result of a lower average borrowing cost, as well as lower debt balances outstanding during the quarter compared to the second quarter of 2011. Capitalized interest was $12.3 million during the second quarter of 2012, compared to $31.8 million during the second quarter of 2011. Our weighted average borrowing cost in the second quarter of 2012 was 3.0%.

Corporate expense was $58.6 million in the second quarter of 2012, compared to $42.4 million in the second quarter of 2011. The increase was primarily driven by higher legal fees.

The company recorded a non-cash impairment loss of $100.8 million related to capitalized costs on parcels 7 and 8 in Macao.

Other income, which was principally composed of foreign currency gains, was $1.8 million in the second quarter of 2012, compared to $1.9 million in the second quarter of 2011.

The company recorded a $16.4 million loss on modification or early retirement of debt as a result of the refinancing of its Singapore credit facility and the pre-payment of debt in the United States (see balance sheet items section below).

The company's effective income tax rate for the second quarter of 2012 was 12.0%. 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 second quarter of 2012 of $45.8 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of June 30, 2012, were $3.52 billion, while restricted cash balances were $7.6 million.

As of June 30, 2012, total debt outstanding, including the current portion, was $9.37 billion. That balance reflects the early retirement of debt in the United States of approximately $400 million that was completed during the second quarter of 2012. Total principal payments for the remainder of 2012 and the full year 2013 are approximately $16.7 million and $96.8 million, respectively.

During the quarter, the company refinanced its Singapore credit facility.

Capital Expenditures

Capital expenditures during the second quarter totaled $337.3 million, including construction and development activities of $269.3 million in Macao, $38.3 million in Las Vegas, $25.1 million at Marina Bay Sands, and $4.6 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, July 25, 2012 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.

Forward-Looking Statements

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.

Note 1

Adjusted net income excludes pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder's family, and preferred stock inducement, repurchase and redemption premiums.

About Las Vegas Sands

Las Vegas Sands (LVS) is a Fortune 500 company and the leading global developer of destination properties (Integrated Resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.

THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, and SANDS® Bethlehem in Eastern Pennsylvania are the company's properties in the United States.

MARINA BAY SANDS® is the company's iconic Integrated Resort in Singapore's downtown Marina Bay district.

Through its majority-owned subsidiary Sands China Ltd., the company owns a portfolio of properties on Macao's COTAISTRIP®, including THE VENETIAN® Macao, Four Seasons Hotel Macao, and Sands Cotai Central, a 13.7 million square foot 6,400-room Integrated Resort, the first phase of which debuted in April 2012. The company also owns the SANDS® Macao on the Macao Peninsula.

Las Vegas Sands is committed to global sustainability through its SANDS Eco 360 program and is an active community partner through its various charitable organizations.

Las Vegas Sands Corp.
Second Quarter 2012 Results
Non-GAAP Reconciliations

Within the company's second quarter 2012 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," and "adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.

Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, impairment loss, pre-opening expense, development expense, royalty fees, stock-based compensation, and corporate expense. Reconciliations of GAAP operating income and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA are included in the financial schedules accompanying this release.

 

Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
------------ ------------ ------------ ------------

Revenues:
Casino $ 2,067,424 $ 1,862,272 $ 4,333,917 $ 3,526,761
Rooms 275,311 239,696 543,038 471,670
Food and beverage 159,744 146,016 313,199 291,409
Mall 93,740 73,879 165,158 129,744
Convention, retail
and other 116,834 126,763 246,551 235,553
------------ ------------ ------------ ------------
2,713,053 2,448,626 5,601,863 4,655,137
Less - promotional
allowances (131,147) (103,530) (257,215) (198,122)
------------ ------------ ------------ ------------
2,581,906 2,345,096 5,344,648 4,457,015
------------ ------------ ------------ ------------
Operating expenses:
Resort operations 1,743,557 1,450,362 3,448,955 2,824,842
Corporate 58,592 42,376 107,547 79,952
Pre-opening 43,472 18,178 94,931 27,649
Development 6,797 2,420 7,995 2,993
Depreciation and
amortization 220,440 206,161 415,187 396,398
Amortization of
leasehold
interests in land 10,057 10,034 20,002 23,190
Impairment loss 100,781 - 143,674 -
Loss on disposal of
assets 482 7,443 1,075 7,942
------------ ------------ ------------ ------------
2,184,178 1,736,974 4,239,366 3,362,966
------------ ------------ ------------ ------------
Operating income 397,728 608,122 1,105,282 1,094,049
Other income
(expense):
Interest income 6,892 4,028 12,540 6,075
Interest expense,
net of amounts
capitalized (64,533) (70,592) (129,205) (144,177)
Other income
(expense) 1,782 1,908 (1,637) (2,767)
Loss on
modification or
early retirement
of debt (16,403) - (19,234) -
------------ ------------ ------------ ------------
Income before income
taxes 325,466 543,466 967,746 953,180
Income tax expense (39,085) (54,374) (102,256) (99,585)
------------ ------------ ------------ ------------
Net income 286,381 489,092 865,490 853,595
Net income
attributable to
noncontrolling
interests (45,794) (78,455) (125,961) (153,635)
------------ ------------ ------------ ------------
Net income
attributable to Las
Vegas Sands Corp.     240,587 410,637 739,529 699,960
Preferred stock
dividends - (19,219) - (38,817)
Accretion to
redemption value of
preferred stock
issued to Principal
Stockholder's family - (23,136) - (46,272)
Preferred stock
inducement and
repurchase premiums - (675) - (19,108)
------------ ------------ ------------ ------------
Net income
attributable to
common stockholders $ 240,587 $ 367,607 $ 739,529 $ 595,763
============ ============ ============ ============

Earnings per share:
Basic $ 0.29 $ 0.50 $ 0.94 $ 0.82
============ ============ ============ ============
Diluted $ 0.29 $ 0.45 $ 0.90 $ 0.73
============ ============ ============ ============

Weighted average
shares outstanding:
Basic 821,110,555 728,695,140 790,773,996 726,056,840
============ ============ ============ ============
Diluted 826,102,326 811,274,706 822,458,833 811,243,195
============ ============ ============ ============

Dividends declared
per common share $ 0.25 $ - $ 0.50 $ -
============ ============ ============ ============



Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)

The following are reconciliations of Operating Income (Loss) to
Adjusted Property EBITDA:

Three Months Ended June 30, 2012

Amortization Impairment
of and (Gain)
Operating Depreciation Leasehold Loss on
Income and Interests Disposal
(Loss) Amortization in Land of Assets
---------- ------------- -------------- -------------
Macao:
The
Venetian
Macao $ 189,918 $ 36,344 $ 1,652 $ 17
Sands Macao 63,292 7,616 353 (261)
Four
Seasons
Hotel
Macao and
Plaza
Casino 61,985 12,480 705 33
Sands Cotai
Central (17,876) 25,558 2,152 -
---------- ------------- -------------- -------------
Macao
Property
Operations 297,319 81,998 4,862 (211)
Marina Bay
Sands 235,291 66,016 4,574 138
United
States:
Las Vegas
Operating
Properties 38,282 56,034 - 165
Sands
Bethlehem 17,362 8,865 - 405
---------- ------------- -------------- -------------
United States
Property
Operations 55,644 64,899 - 570
Other Asia
(2) (20,066) 3,702 - 24
Other
Development (108,424) 153 621 100,743
Corporate (62,036) 3,672 - (1)
---------- ------------- -------------- -------------
$ 397,728 $ 220,440 $ 10,057 $ 101,263
========== ============= ============== =============




Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)

The following are reconciliations of Operating Income (Loss) to Adjusted
Property EBITDA:

Three Months Ended June 30, 2012

Pre-
Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ --------- -------------- ---------- ------------
Macao:
The
Venetian
Macao $ 53 $ - $ 1,257 $ - $ 229,241
Sands Macao - - 304 - 71,304
Four
Seasons
Hotel
Macao and
Plaza
Casino 1,340 - 44 - 76,587
Sands Cotai
Central 41,771 - 233 - 51,838
------------ --------- ------------- ---------- ------------
Macao
Property
Operations 43,164 - 1,838 - 428,970
Marina Bay
Sands - 22,649 1,737 - 330,405
United
States:
Las Vegas
Operating
Properties - (32,696) 2,565 - 64,350
Sands
Bethlehem 147 - 138 - 26,917
------------ --------- ------------- ---------- ------------
United States
Property
Operations 147 (32,696) 2,703 - 91,267
Other Asia
(2) 51 10,274 60 - (5,955)
Other
Development 6,907 - - - -
Corporate - (227) - 58,592 -
------------ --------- ------------- ---------- ------------
$ 50,269 $ - $ 6,338 $ 58,592 $ 844,687
============ ========= ============= ========== ============



Three Months Ended June 30, 2011

Amortization (Gain)
of Loss on
Operating Depreciation Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
---------- ------------- -------------- -------------
Macao:
The
Venetian
Macao $ 214,460 $ 42,132 $ 1,028 $ (1,093)
Sands Macao 86,982 7,737 352 21
Four
Seasons
Hotel
Macao and
Plaza
Casino 22,602 13,150 703 37
---------- ------------- -------------- -------------
Macao
Property
Operations 324,044 63,019 2,083 (1,035)
Marina Bay
Sands 315,292 62,078 4,565 56
United
States:
Las Vegas
Operating
Properties 53,811 65,037 - (1,715)
Sands
Bethlehem 12,508 7,532 - -
---------- ------------- -------------- -------------
United States
Property
Operations 66,319 72,569 - (1,715)
Other Asia
(2) (18,522) 3,843 - 4
Other
Development (24,718) 174 3,386 2,471
Corporate (54,293) 4,478 - 7,662
---------- ------------- -------------- -------------
$ 608,122 $ 206,161 $ 10,034 $ 7,443
========== ============= ============== =============




Three Months Ended June 30, 2011

Pre-
Opening (1)
and Stock- Adjusted
Development Royalty Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ --------- ------------------------- ------------
Macao:
The
Venetian
Macao $ 18 $ - $ 1,821 $ - $ 258,366
Sands Macao - - 481 - 95,573
Four
Seasons
Hotel
Macao and
Plaza
Casino 1,002 - 126 - 37,620
------------ --------- ------------- ---------- ------------
Macao
Property
Operations 1,020 - 2,428 - 391,559
Marina Bay
Sands 274 22,334 760 - 405,359
United
States:
Las Vegas
Operating
Properties - (27,111) 2,887 - 92,909
Sands
Bethlehem 484 - 515 - 21,039
------------ --------- ------------- ---------- ------------
United States
Property
Operations 484 (27,111) 3,402 - 113,948
Other Asia
(2) 133 5,000 312 - (9,230)
Other
Development 18,687 - - - -
Corporate - (223) - 42,376 -
------------ --------- ------------- ---------- ------------
$ 20,598 $ - $ 6,902 $ 42,376 $ 901,636
============ ========= ============= ========== ============



Six Months Ended June 30, 2012

Impairment
and
Amortization (Gain)
of Loss
Operating Depreciation Leasehold on
Income and Interests Disposal
(Loss) Amortization in Land of Assets
---------- ------------- -------------- -------------
Macao:
The
Venetian
Macao $ 388,486 $ 73,112 $ 3,302 $ 42,949
Sands Macao 161,834 15,027 706 (169)
Four
Seasons
Hotel
Macao and
Plaza
Casino 115,395 24,904 1,410 37
Sands Cotai
Central (17,876) 25,558 2,152 -
---------- ------------- -------------- -------------
Macao
Property
Operations 647,839 138,601 7,570 42,817
Marina Bay
Sands 608,489 131,067 9,042 (1)
United
States:
Las Vegas
Operating
Properties 125,986 112,716 - 567
Sands
Bethlehem 35,540 17,739 - 413
---------- ------------- -------------- -------------
United States
Property
Operations 161,526 130,455 - 980
Other Asia
(2) (35,016) 7,383 - 24
Other
Development (163,259) 422 3,390 100,930
Corporate (114,297) 7,259 - (1)
---------- ------------- -------------- -------------
$1,105,282 $ 415,187 $ 20,002 $ 144,749
========== ============= ============== =============




Six Months Ended June 30, 2012



Pre-
Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ --------- ------------- ---------- ------------
Macao:
The
Venetian
Macao $ 53 $ - $ 3,272 $ - $ 511,174
Sands Macao - - 862 - 178,260
Four
Seasons
Hotel
Macao and
Plaza
Casino 2,222 - 138 - 144,106
Sands Cotai
Central 41,771 - 233 - 51,838
------------ --------- ------------- ---------- ------------
Macao
Property
Operations 44,046 - 4,505 - 885,378
Marina Bay
Sands - 50,790 3,537 - 802,924
United
States:
Las Vegas
Operating
Properties - (65,556) 6,443 - 180,156
Sands
Bethlehem 241 - 486 - 54,419
------------ --------- ------------- ---------- ------------
United States
Property
Operations 241 (65,556) 6,929 - 234,575
Other Asia
(2) 122 15,274 536 - (11,677)
Other
Development 58,517 - - - -
Corporate - (508) - 107,547 -
------------ --------- ------------- ---------- ------------
$ 102,926 $ - $ 15,507 $ 107,547 $ 1,911,200
============ ========= ============= ========== ============


 

Six Months Ended June 30, 2011

Amortization (Gain)
of Loss on
Operating Depreciation Leasehold Disposal
Income and Interests of
(Loss) Amortization in Land Assets
---------- ------------- -------------- -------------
Macao:
The
Venetian
Macao $ 395,301 $ 85,411 $ 3,297 $ (720)
Sands Macao 170,895 15,549 705 122
Four
Seasons
Hotel
Macao and
Plaza
Casino 65,282 26,504 1,407 122
---------- ------------- -------------- -------------
Macao
Property
Operations 631,478 127,464 5,409 (476)
Marina Bay
Sands 512,019 117,984 12,248 743
United
States:
Las Vegas
Operating
Properties 85,129 119,117 - (1,778)
Sands
Bethlehem 26,626 14,853 - -
---------- ------------- -------------- -------------
United States
Property
Operations 111,755 133,970 - (1,778)
Other Asia
(2) (32,549) 7,970 - 2
Other
Development (32,792) 349 5,533 1,789
Corporate (95,862) 8,661 - 7,662
---------- ------------- -------------- -------------
$1,094,049 $ 396,398 $ 23,190 $ 7,942
========== ============= ============== =============




Six Months Ended June 30, 2011

Pre-
Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ --------- ------------- ---------- ------------
Macao:
The
Venetian
Macao $ 215 $ - $ 3,262 $ - $ 486,766
Sands Macao - - 950 - 188,221
Four
Seasons
Hotel
Macao and
Plaza
Casino 1,631 - 221 - 95,167
------------ --------- ------------- ---------- ------------
Macao
Property
Operations 1,846 - 4,433 - 770,154
Marina Bay
Sands 2,844 41,275 2,717 - 689,830
United
States:
Las Vegas
Operating
Properties - (50,862) 6,468 - 158,074
Sands
Bethlehem 639 - 1,030 - 43,148
------------ --------- ------------- ---------- ------------
United States
Property
Operations 639 (50,862) 7,498 - 201,222
Other Asia
(2) 192 10,000 549 - (13,836)
Other
Development 25,121 - - - -
Corporate - (413) - 79,952 -
------------ --------- ------------- ---------- ------------
$ 30,642 $ - $ 15,197 $ 79,952 $ 1,647,370
============ ========= ============= ========== ============


(1) During the three months ended June 30, 2012 and 2011, the Company recorded stock-based compensation expense of $13.7 million and $13.1 million, respectively, of which $7.1 million and $6.1 million, respectively, is included in corporate expense and $0.3 million and $0.1 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the six months ended June 30, 2012 and 2011, the Company recorded stock-based compensation expense of $32.9 million and $33.3 million, respectively, of which $16.9 million and $17.9 million, respectively, is included in corporate expense and $0.5 million and $0.2 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.

(2) Primarily includes the results of the CotaiJet ferry operations.

 

Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)

The following is a reconciliation of Net Income Attributable to Las Vegas
Sands Corp. to Adjusted Property EBITDA:

Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
----------- ----------- ----------- -----------
Net income attributable
to Las Vegas Sands
Corp.     $ 240,587 $ 410,637 $ 739,529 $ 699,960
Add (deduct):
Net income
attributable to
noncontrolling
interests 45,794 78,455 125,961 153,635
Income tax expense 39,085 54,374 102,256 99,585
Loss on modification
or early retirement
of debt 16,403 - 19,234 -
Other (income) expense (1,782) (1,908) 1,637 2,767
Interest expense, net
of amounts
capitalized 64,533 70,592 129,205 144,177
Interest income (6,892) (4,028) (12,540) (6,075)
Loss on disposal of
assets 482 7,443 1,075 7,942
Impairment loss 100,781 - 143,674 -
Amortization of
leasehold interests
in land 10,057 10,034 20,002 23,190
Depreciation and
amortization 220,440 206,161 415,187 396,398
Development expense 6,797 2,420 7,995 2,993
Pre-opening expense 43,472 18,178 94,931 27,649
Stock-based
compensation (1) 6,338 6,902 15,507 15,197
Corporate expense 58,592 42,376 107,547 79,952
----------- ----------- ----------- -----------

Adjusted Property EBITDA $ 844,687 $ 901,636 $ 1,911,200 $ 1,647,370
=========== =========== =========== ===========


(1) See prior page
(Exhibit 2)


Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
----------- ----------- ----------- -----------

The Venetian Macao $ 649,446 $ 735,405 $ 1,422,206 $ 1,373,674
Sands Macao 271,603 330,960 620,686 653,753
Four Seasons Hotel Macao
and Plaza Casino 266,137 120,757 565,741 292,864
Sands Cotai Central 265,601 - 265,601 -
Marina Bay Sands 694,762 737,569 1,543,431 1,322,494
Las Vegas Operating
Properties 327,313 332,522 711,916 637,597
Sands Bethlehem 115,096 97,120 230,658 188,150
Other Asia 37,935 32,450 73,503 66,223
Intersegment
Eliminations (45,987) (41,687) (89,094) (77,740)
----------- ----------- ----------- -----------

$ 2,581,906 $ 2,345,096 $ 5,344,648 $ 4,457,015
=========== =========== =========== ===========



Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net
Revenues
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
---------- ---------- ---------- ----------
The Venetian Macao 35.3% 35.1% 35.9% 35.4%
Sands Macao 26.3% 28.9% 28.7% 28.8%
Four Seasons Hotel Macao and
Plaza Casino 28.8% 31.2% 25.5% 32.5%
Sands Cotai Central 19.5% N/A 19.5% N/A
Marina Bay Sands 47.6% 55.0% 52.0% 52.2%
Las Vegas Operating
Properties 19.7% 27.9% 25.3% 24.8%
Sands Bethlehem 23.4% 21.7% 23.6% 22.9%
Other Asia -15.7% -28.4% -15.9% -20.9%

Total 32.7% 38.4% 35.8% 37.0%



Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted
Share
(In thousands, except share and per share data)
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
------------- ------------- ------------- -------------

Net income
attributable to
common stockholders $ 240,587 $ 367,607 $ 739,529 $ 595,763

Pre-opening expense,
net 30,611 18,131 66,810 27,165
Development expense,
net 6,797 2,420 7,995 2,993
Impairment loss, net 70,855 - 101,009 -
Loss on disposal of
assets, net 549 7,443 1,046 7,942
Loss on modification
or early retirement
of debt, net 15,883 - 18,714 -
Preferred stock
dividends - 19,219 - 38,817
Accretion to
redemption value of
preferred stock
issued to Principal
Stockholder's
family - 23,136 - 46,272
Preferred stock
inducement and
repurchase premiums - 675 - 19,108
------------- ------------- ------------- -------------

Adjusted net income $ 365,282 $ 438,631 $ 935,103 $ 738,060
============= ============= ============= =============


Per diluted share of
common stock:
Net income
attributable to
common stockholders $ 0.29 $ 0.46 $ 0.90 $ 0.74

Pre-opening expense,
net 0.03 0.02 0.08 0.03
Development expense,
net 0.01 - 0.01 -
Impairment loss, net 0.09 - 0.13 -
Loss on disposal of
assets, net - 0.01 - 0.01
Loss on modification
or early retirement
of debt, net 0.02 - 0.02 -
Preferred stock
dividends - 0.02 - 0.05
Accretion to
redemption value of
preferred stock
issued to Principal
Stockholder's
family - 0.03 - 0.06
Preferred stock
inducement and
repurchase premiums - - - 0.02
------------- ------------- ------------- -------------

Adjusted earnings
per diluted share $ 0.44 $ 0.54 $ 1.14 $ 0.91
============= ============= ============= =============

Weighted average
diluted shares
outstanding 826,102,326 811,274,706 822,458,833 811,243,195



Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
----------- ----------- ----------- -----------

Room Statistics:
The Venetian Macao:
Occupancy % 86.7% 89.7% 90.1% 88.1%
Average daily room
rate (ADR) (1) $ 228 $ 223 $ 236 $ 225
Revenue per
available room
(RevPAR) (2) $ 198 $ 200 $ 213 $ 198

Sands Macao:
Occupancy % 93.2% 88.0% 93.5% 86.5%
Average daily room
rate (ADR) (1) $ 242 $ 242 $ 247 $ 247
Revenue per
available room
(RevPAR) (2) $ 225 $ 213 $ 231 $ 213

Four Seasons Hotel
Macao and Plaza
Casino:
Occupancy % 73.3% 67.8% 77.8% 66.2%
Average daily room
rate (ADR) (1) $ 357 $ 323 $ 358 $ 331
Revenue per
available room
(RevPAR) (2) $ 261 $ 219 $ 279 $ 220

Sands Cotai Central:
Occupancy % 75.1% N/A 75.1% N/A
Average daily room
rate (ADR) (1) $ 141 N/A $ 141 N/A
Revenue per
available room
(RevPAR) (2) $ 106 N/A $ 106 N/A

Marina Bay Sands:
Occupancy % 99.1% 90.8% 98.7% 88.6%
Average daily room
rate (ADR) (1) $ 351 $ 295 $ 346 $ 290
Revenue per
available room
(RevPAR) (2) $ 348 $ 268 $ 341 $ 257

Las Vegas Operating
Properties:
Occupancy % 86.2% 88.8% 84.8% 86.4%
Average daily room
rate (ADR) (1) $ 205 $ 200 $ 209 $ 206
Revenue per
available room
(RevPAR) (2) $ 176 $ 177 $ 177 $ 178

Sands Bethlehem:
Occupancy % 62.2% 49.1% 56.2% 49.1%
Average daily room
rate (ADR) (1) $ 142 $ 168 $ 141 $ 168
Revenue per
available room
(RevPAR) (2) $ 88 $ 83 $ 79 $ 83

Casino Statistics:
The Venetian Macao:
Table games win per
unit per day (3) $ 13,860 $ 13,269 $ 14,117 $ 12,276
Slot machine win per
unit per day (4) $ 295 $ 295 $ 315 $ 279
Average number of
table games 485 600 527 599
Average number of
slot machines 2,220 2,154 2,251 2,152

Sands Macao:
Table games win per
unit per day (3) $ 9,500 $ 9,926 $ 10,159 $ 9,875
Slot machine win per
unit per day (4) $ 240 $ 257 $ 267 $ 267
Average number of
table games 348 414 373 415
Average number of
slot machines 1,158 1,157 1,125 1,145

Four Seasons Hotel
Macao and Plaza
Casino:
Table games win per
unit per day (3) $ 22,227 $ 10,420 $ 24,625 $ 13,988
Slot machine win per
unit per day (4) $ 649 $ 627 $ 694 $ 662
Average number of
table games 159 118 162 118
Average number of
slot machines 183 190 180 192

Sands Cotai Central:
Table games win per
unit per day (3) $ 10,112 N/A $ 10,112 N/A
Slot machine win per
unit per day (4) $ 397 N/A $ 397 N/A
Average number of
table games 362 N/A 362 N/A
Average number of
slot machines 819 N/A 819 N/A

Marina Bay Sands:
Table games win per
unit per day (3) $ 9,825 $ 11,185 $ 11,395 $ 9,936
Slot machine win per
unit per day (4) $ 636 $ 611 $ 646 $ 568
Average number of
table games 611 606 609 610
Average number of
slot machines 2,484 2,297 2,482 2,293

Las Vegas Operating
Properties:
Table games win per
unit per day (3) $ 3,402 $ 4,032 $ 5,227 $ 3,586
Slot machine win per
unit per day (4) $ 200 $ 152 $ 194 $ 147
Average number of
table games 231 230 229 228
Average number of
slot machines 2,170 2,608 2,293 2,666

Sands Bethlehem:
Table games win per
unit per day (3) $ 2,813 $ 2,550 $ 2,799 $ 2,698
Slot machine win per
unit per day (4) $ 265 $ 249 $ 272 $ 244
Average number of
table games 122 91 120 84
Average number of
slot machines 3,024 3,024 3,009 3,020


(1) ADR is calculated by dividing total room revenue by total rooms occupied.

(2) RevPAR is calculated by dividing total room revenue by total rooms available.

(3) Table games win per unit per day is shown before discounts and commissions.

(4) Slot machine win per unit per day is shown before deducting cost for slot points.

Contact:

Investment Community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607

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