Las Vegas Sands Reports Second Quarter 2014 Results

Marketwired

LAS VEGAS, NV--(Marketwired - Jul 16, 2014) - Las Vegas Sands Corp. (NYSE: LVS)

For the Quarter Ended June 30, 2014 (Compared to the Quarter Ended June 30, 2013):

  • Net Revenue Increased 11.8% to $3.62 Billion

  • Strong Mass Gaming Volumes Drove a 21.9% Increase in Adjusted Property EBITDA in Macao to $801.3 Million (See Note 1 Below)

  • Consolidated Adjusted Property EBITDA Increased 18.6% to $1.31 Billion (See Note 1 Below)

  • Adjusted Earnings per Diluted Share Increased 30.8% to $0.85 (GAAP Earnings per Diluted Share Increased 29.7% to $0.83) (See Note 1 Below)

  • The Company Paid Dividends of $0.50 per share, an Increase of 42.9%

  • The Company Returned $320.0 Million of Capital to Shareholders through its Stock Repurchase Program (Exceeding its $75.0 Million per Month Minimum Target)

Note 1 - Includes the impact of the initiation of a "14th month" special bonus accrual for non-management employees in Macao. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher both in Macao and on a consolidated basis, and Adjusted Earnings per Diluted Share would have been $0.03 higher.

Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended June 30, 2014.

Second Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report another quarter of continued strong growth in revenue, cash flow and earnings per share. We are driving our strong financial performance through the focused and consistent execution of our global growth strategy, which continues to harness the power of our convention-based Integrated Resort business model. We are confident that the continued execution of this strategy will extend our position as the global leader in Integrated Resort development and operation.

"In Macao, we delivered strong growth in the mass and non-gaming segments of our business. We welcomed nearly seventeen million visits during the quarter to our Macao property portfolio, which delivered a second quarter record $801.3 million in adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, which will be complemented by the Parisian Macao, which is targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding platform for growth in the years ahead."

In Singapore, adjusted property EBITDA reached $417.8 million, reflecting strong growth in non-gaming revenue and steady mass gaming results. Mass win-per-day increased 3.8% in the quarter compared to the year ago quarter, and reached a property record $4.68 million per day.

Mr. Adelson added, "The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy."

Since the inception of the company's share repurchase program in June 2013, the company has returned $1.7 billion to shareholders through the repurchase of nearly 22.8 million shares, including $320.0 million of common stock (4.2 million shares at a weighted average price of $76.56) during the quarter ended June 30, 2014.

The company paid a recurring quarterly dividend of $0.50 per common share during the quarter, an increase of 42.9% compared to the second quarter of 2013. The company also announced that its next recurring quarterly dividend for the third quarter of 2014 of $0.50 per common share will be paid on September 30, 2014 to Las Vegas Sands shareholders of record on September 22, 2014.

Company-Wide Operating Results

Net revenue for the second quarter of 2014 increased 11.8% to reach $3.62 billion, compared to $3.24 billion in the second quarter of 2013. Consolidated adjusted property EBITDA increased 18.6% to reach $1.31 billion in the second quarter of 2014, compared to $1.11 billion in the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 5.3% to reach $1.22 billion in the second quarter of 2014, compared to $1.16 billion in the second quarter of 2013.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2014 increased 23.2% to $961.5 million, compared to $780.6 million in the second quarter of 2013. The increase in operating income was principally due to stronger operating results across our Macao property portfolio.

On a GAAP basis, net income attributable to Las Vegas Sands in the second quarter of 2014 increased 26.7% to $671.4 million, compared to $529.8 million in the second quarter of 2013, while diluted earnings per share in the second quarter of 2014 increased 29.7% to $0.83, compared to $0.64 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the growth in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests.

Adjusted net income (see Note 2) increased to $690.4 million, or $0.85 per diluted share, compared to $540.6 million, or $0.65 per diluted share, in the second quarter of 2013. The increase in adjusted net income was driven by the higher net income attributable to Las Vegas Sands described above.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 15.0% to $2.38 billion in the second quarter of 2014, compared to $2.07 billion in the second quarter of 2013. Adjusted property EBITDA for Sands China Ltd. increased 22.3% to $800.6 million in the second quarter of 2014, compared to $654.8 million in the second quarter of 2013. Net income for Sands China Ltd. increased 27.2% to $620.2 million in the second quarter of 2014, compared to $487.6 million in the second quarter of 2013.

The Venetian Macao Second Quarter Operating Results

The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property delivered adjusted property EBITDA of $402.1 million, an increase of 11.4% compared to the second quarter of 2013. Non-Rolling Chip drop increased 40.2% to reach $2.23 billion for the quarter with Non-Rolling Chip win percentage of 25.7%. Rolling Chip volume during the quarter increased 4.2% to reach $12.33 billion. Rolling Chip win percentage was 3.45% in the quarter, exceeding both the expected range and the 3.41% experienced in the prior-year quarter. Slot handle increased 17.1% compared to the second quarter of 2013 and reached $1.35 billion. Mall revenues increased 12.5% during the quarter to reach $42.2 million.

The following table summarizes the key operating results for The Venetian Macao for the second quarter of 2014 compared to the second quarter of 2013:

             
    Three Months Ended        
The Venetian Macao Operations June 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 927.6     $ 800.6     $ 127.0     15.9 %
  Rooms     61.2       51.1       10.1     19.8 %
  Food and Beverage     23.7       19.8       3.9     19.7 %
  Mall     42.2       37.5       4.7     12.5 %
  Convention, Retail and Other     21.3       18.4       2.9     15.8 %
  Less - Promotional Allowances     (43.3 )     (32.7 )     (10.6 )   -32.4 %
Net Revenues   $ 1,032.7     $ 894.7     $ 138.0     15.4 %
                               
Adjusted Property EBITDA   $ 402.1     $ 360.9     $ 41.2     11.4 %
  EBITDA Margin %     38.9 %     40.3 %           -1.4 pts  
                               
Operating Income   $ 361.2     $ 322.6     $ 38.6     12.0 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 12,329.7     $ 11,838.0     $ 491.7     4.2 %
  Rolling Chip Win %(1)     3.45 %     3.41 %           0.04 pts  
                               
Non-Rolling Chip Drop   $ 2,234.9     $ 1,593.8     $ 641.1     40.2 %
  Non-Rolling Chip Win %     25.7 %     28.2 %           -2.5 pts  
                               
Slot Handle   $ 1,345.9     $ 1,149.7     $ 196.2     17.1 %
  Slot Hold %     5.0 %     5.6 %           -0.6 pts  
                               
Hotel Statistics                              
                               
Occupancy %     89.1 %     87.4 %           1.7 pts  
Average Daily Rate (ADR)   $ 262     $ 227     $ 35     15.4 %
Revenue per Available Room (RevPAR)   $ 233     $ 199     $ 34     17.1 %
                               
                               

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Sands Cotai Central Second Quarter Operating Results

Net revenues and adjusted property EBITDA for the second quarter of 2014 at Sands Cotai Central were $784.8 million and $249.0 million, respectively, resulting in an EBITDA margin of 31.7%.

Non-Rolling Chip drop increased 53.2% to reach a record $1.88 billion with Non-Rolling Chip win percentage of 21.5%. Rolling Chip volume declined 13.5% to $12.40 billion for the quarter. Slot handle increased 57.4% to $1.97 billion for the quarter.

Mass win per table per day increased 31.0% year-over-year reaching $12,596, while mass table, slot and electronic table game (ETG) win per day climbed to $5.2 million, an increase of 48.6% year-over-year. Hotel occupancy reached 84.9% with ADR of $169.

Visitation to the property continues to grow and approached 4.8 million visits in the quarter.

The following table summarizes our key operating results for Sands Cotai Central for the second quarter of 2014 compared to the second quarter of 2013:

             
    Three Months Ended        
Sands Cotai Central Operations June 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 712.8     $ 530.5     $ 182.3     34.4 %
  Rooms     73.2       48.0       25.2     52.5 %
  Food and Beverage     30.5       22.1       8.4     38.0 %
  Mall     11.3       8.8       2.5     28.4 %
  Convention, Retail and Other     6.8       5.6       1.2     21.4 %
  Less - Promotional Allowances     (49.8 )     (31.0 )     (18.8 )   -60.6 %
Net Revenues   $ 784.8     $ 584.0     $ 200.8     34.4 %
                               
Adjusted Property EBITDA   $ 249.0     $ 146.1     $ 102.9     70.4 %
  EBITDA Margin %     31.7 %     25.0 %           6.7 pts  
                               
Operating Income   $ 173.2     $ 78.5     $ 94.7     120.6 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 12,404.4     $ 14,335.4     $ (1,931.0 )   -13.5 %
  Rolling Chip Win %(1)     2.97 %     2.35 %           0.62 pts  
                               
Non-Rolling Chip Drop   $ 1,881.7     $ 1,228.2     $ 653.5     53.2 %
  Non-Rolling Chip Win %     21.5 %     22.1 %           -0.6 pts  
                               
Slot Handle   $ 1,966.7     $ 1,249.6     $ 717.1     57.4 %
  Slot Hold %     3.5 %     3.8 %           -0.3 pts  
                               
Hotel Statistics                              
                               
Occupancy %     84.9 %     67.5 %           17.4 pts  
Average Daily Rate (ADR)   $ 169     $ 143     $ 26     18.2 %
Revenue per Available Room (RevPAR)   $ 143     $ 97     $ 46     47.4 %
                               
                               

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Four Seasons Hotel Macao Second Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $68.0 million in the second quarter of 2014, an increase of 10.0% compared to the year-ago quarter. Non-Rolling Chip drop increased 97.0% in the second quarter of 2014 to reach $366.6 million, while Non-Rolling Chip win percentage was 21.9%. Rolling Chip volume was $5.65 billion for the quarter. Rolling Chip win percentage was 3.08% in the quarter, exceeding both the expected range and the 2.93% experienced in the prior-year quarter. Slot handle decreased 6.4% to $170.4 million during the quarter.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the second quarter of 2014 compared to the second quarter of 2013:

             
             
Four Seasons Hotel Macao and Plaza Casino Operations Three Months Ended June 30,         
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 197.7     $ 242.1     $ (44.4 )   -18.3 %
  Rooms     12.0       9.7       2.3     23.7 %
  Food and Beverage     7.3       6.2       1.1     17.7 %
  Mall     24.8       25.4       (0.6 )   -2.4 %
  Convention, Retail and Other     0.9       1.0       (0.1 )   -10.0 %
  Less - Promotional Allowances     (14.2 )     (10.3 )     (3.9 )   -37.9 %
Net Revenues   $ 228.5     $ 274.1     $ (45.6 )   -16.6 %
                               
Adjusted Property EBITDA   $ 68.0     $ 61.8     $ 6.2     10.0 %
  EBITDA Margin %     29.7 %     22.6 %           7.1 pts  
                               
Operating Income   $ 55.2     $ 48.1     $ 7.1     14.8 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 5,647.9     $ 9,944.3     $ (4,296.4 )   -43.2 %
  Rolling Chip Win %(1)     3.08 %     2.93 %           0.15 pts  
                               
Non-Rolling Chip Drop   $ 366.6     $ 186.1     $ 180.5     97.0 %
  Non-Rolling Chip Win %     21.9 %     22.5 %           -0.6 pts  
                               
Slot Handle   $ 170.4     $ 182.0     $ (11.6 )   -6.4 %
  Slot Hold %     6.5 %     6.2 %           0.3 pts  
                               
Hotel Statistics                              
                               
Occupancy %     85.8 %     80.7 %           5.1 pts  
Average Daily Rate (ADR)   $ 410     $ 352     $ 58     16.5 %
Revenue per Available Room (RevPAR)   $ 352     $ 284     $ 68     23.9 %
                               
                               

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Sands Macao Second Quarter Operating Results

Sands Macao's adjusted property EBITDA decreased 6.8% compared to the same quarter last year to $82.3 million. Non-Rolling Chip drop increased 31.4% to reach $1.08 billion during the quarter, while slot handle increased 30.6% to reach $832.4 million. The property realized 3.20% win on Rolling Chip volume during the quarter, above the expected range of 2.70% to 3.00% and above the 2.62% generated in the year-ago quarter. Rolling Chip volume was $4.65 billion for the quarter.

The following table summarizes our key operating results for Sands Macao for the second quarter of 2014 compared to the second quarter of 2013:

             
    Three Months Ended        
Sands Macao Operations June 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 307.0     $ 287.5     $ 19.5     6.8 %
  Rooms     5.5       5.9       (0.4 )   -6.8 %
  Food and Beverage     10.0       9.2       0.8     8.7 %
  Convention, Retail and Other     2.5       2.6       (0.1 )   -3.8 %
  Less - Promotional Allowances     (12.2 )     (10.5 )     (1.7 )   -16.2 %
Net Revenues   $ 312.8     $ 294.7     $ 18.1     6.2 %
                               
Adjusted Property EBITDA   $ 82.3     $ 88.3     $ (6.0 )   -6.8 %
  EBITDA Margin %     26.3 %     30.0 %           -3.7 pts  
                               
Operating Income   $ 73.0     $ 79.7     $ (6.7 )   -8.4 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 4,651.5     $ 5,818.2     $ (1,166.7 )   -20.1 %
  Rolling Chip Win %(1)     3.20 %     2.62 %           0.58 pts  
                               
Non-Rolling Chip Drop   $ 1,081.3     $ 822.9     $ 258.4     31.4 %
  Non-Rolling Chip Win %     17.5 %     20.3 %           -2.8 pts  
                               
Slot Handle   $ 832.4     $ 637.2     $ 195.2     30.6 %
  Slot Hold %     3.7 %     4.1 %           -0.4 pts  
                               
Hotel Statistics                              
                               
Occupancy %     98.5 %     95.0 %           3.5 pts  
Average Daily Rate (ADR)   $ 216     $ 242     $ (26 )   -10.7 %
Revenue per Available Room (RevPAR)   $ 213     $ 230     $ (17 )   -7.4 %
                               
                               

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Marina Bay Sands Second Quarter Operating Results

Marina Bay Sands in Singapore generated adjusted property EBITDA of $417.8 million, an increase of 17.6% compared to the second quarter of 2013. Rolling Chip win percentage of 3.45% in the second quarter of 2014 exceeded both the expected range and the 2.53% achieved in the second quarter of 2013.

Non-Rolling Chip drop was $1.11 billion during the quarter. Slot handle increased 11.7% to $3.07 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 3.8% to $4.68 million, compared to $4.51 million in the second quarter of 2013. Rolling Chip volume was $10.45 billion for the quarter.

The high-margin hotel room and retail mall segments of the property continued to reflect strong revenue growth of 7.6% and 12.6%, respectively. ADR increased to $409 during the quarter, driving a RevPAR increase of 7.4% compared to the same quarter last year. Occupancy was 99.1% during the quarter.

The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2014 compared to the second quarter of 2013:

...
             
    Three Months Ended        
Marina Bay Sands Operations   June 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 646.4     $ 590.3     $ 56.1     9.5 %
  Rooms     93.1       86.5       6.6     7.6 %
  Food and Beverage     46.7       44.2       2.5     5.7 %
  Mall     40.3       35.8       4.5     12.6 %
  Convention, Retail and Other     27.5       27.6       (0.1 )   -0.4 %
  Less - Promotional Allowances     (49.3 )     (44.9 )     (4.4 )   -9.8 %
Net Revenues   $ 804.7     $ 739.5     $ 65.2     8.8 %
                               
Adjusted Property EBITDA   $ 417.8     $ 355.3     $ 62.5     17.6 %
  EBITDA Margin %     51.9 %     48.1 %           3.8 pts  
                               
Operating Income   $ 308.8     $ 255.1     $ 53.7     21.1 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 10,446.5     $ 14,371.6     $ (3,925.1 )   -27.3 %
  Rolling Chip Win %(1)     3.45 %     2.53 %           0.92 pts  
                               
Non-Rolling Chip Drop   $ 1,106.3     $ 1,163.7     $ (57.4 )   -4.9 %
  Non-Rolling Chip Win %     24.8 %     23.4 %           1.4 pts  
                               
Slot Handle   $ 3,066.7     $ 2,744.5     $ 322.2     11.7 %
  Slot Hold %     4.9 %     5.0 %           -0.1 pts  
                               
Hotel Statistics                              
                               
Occupancy %     99.1 %     99.4 %           -0.3 pts  
Average Daily Rate (ADR)   $ 409     $ 379     $ 30     7.9 %
Revenue per Available Room (RevPAR)   $ 405     $ 377     $ 28     7.4 %
                               
                              

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Las Vegas Operations Second Quarter Operating Results

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $66.1 million for the quarter, a 4.9% increase compared to the second quarter of 2013. Hotel ADR increased 8.8% to reach $223 in the quarter, compared to the second quarter of 2013. RevPAR increased 6.9% to $201 in the quarter. Table games drop decreased 20.2% in the quarter to $440.0 million while slot handle increased 1.7% to $483.6 million.

The following table summarizes our key operating results for our Las Vegas operations for the second quarter of 2014 compared to the second quarter of 2013:

             
    Three Months Ended        
Las Vegas Operations   June 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 104.3     $ 105.1     $ (0.8 )   -0.8 %
  Rooms     126.5       120.6       5.9     4.9 %
  Food and Beverage     69.0       65.7       3.3     5.0 %
  Convention, Retail and Other     74.7       75.7       (1.0 )   -1.3 %
  Less - Promotional Allowances     (21.4 )     (21.4 )     0.0     -  
Net Revenues   $ 353.1     $ 345.7     $ 7.4     2.1 %
                               
Adjusted Property EBITDA   $ 66.1     $ 63.0     $ 3.1     4.9 %
  EBITDA Margin %     18.7 %     18.2 %           0.5 pts  
                               
Operating Income   $ 54.9     $ 49.5     $ 5.4     10.9 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 440.0     $ 551.3     $ (111.3 )   -20.2 %
Table Games Win %(1)     18.2 %     15.9 %           2.3 pts  
                               
Slot Handle   $ 483.6     $ 475.4     $ 8.2     1.7 %
Slot Hold %     8.3 %     8.7 %           -0.4 pts  
                               
Hotel Statistics                              
                               
Occupancy %     90.1 %     91.6 %           -1.5 pts  
Average Daily Rate (ADR)   $ 223     $ 205     $ 18     8.8 %
Revenue per Available Room (RevPAR)   $ 201     $ 188     $ 13     6.9 %
                               
                               

(1) This compares to our expected Baccarat win percentage of 22.0% to 30.0% and our expected non-Baccarat win percentage of 14.0% to 18.0% (calculated before discounts).

Sands Bethlehem Second Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania decreased 0.6% to $126.1 million and adjusted property EBITDA decreased 17.0% to $27.9 million for the second quarter of 2014. Table games drop increased 0.7% to $260.6 million for the quarter, while table games win percentage was 16.1%, which compared to 16.2% in the second quarter of 2013. Slot handle decreased 3.5% year-over-year to $1.02 billion for the quarter with slot hold percentage of 7.2%.

The following table summarizes our key operating results for Sands Bethlehem for the second quarter of 2014 compared to the second quarter of 2013:

             
    Three Months Ended        
Sands Bethlehem Operations   June 30,        
(Dollars in millions)   2014     2013     $ Change     Change  
Revenues:                              
  Casino   $ 117.1     $ 118.0     $ (0.9 )   -0.8 %
  Rooms     3.5       2.8       0.7     25.0 %
  Food and Beverage     6.9       7.5       (0.6 )   -8.0 %
  Mall     0.8       0.7       0.1     14.3 %
  Convention, Retail and Other     4.4       4.1       0.3     7.3 %
  Less - Promotional Allowances     (6.6 )     (6.3 )     (0.3 )   -4.8 %
Net Revenues   $ 126.1     $ 126.8     $ (0.7 )   -0.6 %
                               
Adjusted Property EBITDA   $ 27.9     $ 33.6     $ (5.7 )   -17.0 %
EBITDA Margin %     22.1 %     26.5 %           -4.4 pts  
                               
Operating Income   $ 20.2     $ 24.4     $ (4.2 )   -17.2 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 260.6     $ 258.9     $ 1.7     0.7 %
Table Games Win %(1)     16.1 %     16.2 %           -0.1 pts  
                               
Slot Handle   $ 1,018.3     $ 1,055.1     $ (36.8 )   -3.5 %
Slot Hold %     7.2 %     7.0 %           0.2 pts  
                               
Hotel Statistics                              
                               
Occupancy %     87.2 %     72.5 %           14.7 pts  
Average Daily Rate (ADR)   $ 144     $ 143     $ 1     0.7 %
Revenue per Available Room (RevPAR)   $ 126     $ 104     $ 22     21.2 %
                               
                               

(1) This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).

Asian Retail Mall Operations

Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $118.3 million for the second quarter of 2014, an increase of 10.3% compared to the second quarter of 2013. Operating profit derived from these retail mall assets increased 12.7% for the quarter compared to the quarter one year ago, reaching $101.0 million.

           
  For The Three Months Ended June 30, 2014       TTM June 30, 2014
(Dollars in millions
except per square foot data)
Gross Revenue(1)   Operating Profit   Operating Profit Margin     Gross Leasable Area
(sq. ft.)
  Occupancy % at End of Period       Tenant Sales Per
Sq. Ft.(2)
                                 
Shoppes at Venetian $ 42.0   $ 35.3   84.0 %   755,876   95.9 %   $ 1,563
                                 
Shoppes at Four Seasons                                
  Luxury Retail   17.6     16.2   92.0 %   142,562   100.0 %     6,356
  Other Stores   7.2     6.8   94.4 %   113,326   91.3 %     2,851
  Total   24.8     23.0   92.7 %   255,888   96.2 %     5,593
                                 
Shoppes at Cotai Central   11.2     9.2   82.1 %   312,848(3 ) 97.8 %     1,461
Total Cotai Strip in Macao   78.0     67.5   86.5 %   1,324,612   96.4 %     2,267
                                 
The Shoppes at Marina Bay Sands   40.3     33.5   83.1 %   651,750   89.5%(4 )     1,497
                                 
Total $ 118.3   $ 101.0   85.4 %   1,976,362   94.1 %   $ 2,037
                                 
                                 

(1) Gross revenue figures are net of intersegment revenue eliminations.
(2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
(3) At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.
(4) This occupancy percentage reflects the ongoing repositioning of the mall in which approximately 44,000 square feet of gross leasable area is undergoing new fit-out but rent collection has not commenced.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected a loss of $0.5 million during the quarter, compared to a loss of $2.1 million in the second quarter of 2013.

Pre-opening expenses increased to $16.1 million in the second quarter of 2014, compared to $1.0 million in the second quarter of 2013.

Depreciation and amortization expense was $264.0 million in the second quarter of 2014, compared to $251.0 million in the second quarter of 2013.

Interest expense, net of amounts capitalized, was $69.6 million for the second quarter of 2014, compared to $68.4 million in the prior-year quarter. Capitalized interest was $1.5 million during the second quarter of 2014, compared to $0.6 million during the second quarter of 2013. Our weighted average borrowing cost in the second quarter of 2014 was approximately 2.6%.

Corporate expense was $45.1 million in the second quarter of 2014, compared to $46.5 million in the second quarter of 2013.

Other income, which was principally composed of foreign currency gains, was $2.2 million in the second quarter of 2014, compared to $3.9 million in the second quarter of 2013.

The company's effective income tax rate for the second quarter of 2014 was 5.2%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

The net income attributable to noncontrolling interests during the second quarter of 2014 of $181.4 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of June 30, 2014 were $3.29 billion.

As of June 30, 2014, total debt outstanding, including the current portion, was $10.38 billion.

Capital Expenditures

Capital expenditures during the second quarter totaled $275.1 million, including construction, development and maintenance activities of $221.0 million in Macao, $34.2 million in Las Vegas, $18.0 million at Marina Bay Sands and $1.9 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, July 16, 2014 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, tax law changes, 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 2

Adjusted net income excludes pre-opening expense, development expense, gain or loss on disposal of assets and loss on modification or early retirement of debt.

About Las Vegas Sands

Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state of the art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.

Our properties include the five-diamond Venetian and Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through our majority ownership in Sands China Ltd. (1928.HK), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.

LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through our Sands Cares corporate citizenship program and leading innovation with the company's award-winning Sands ECO360 global sustainability program. To learn more, please visit www.sands.com.

Las Vegas Sands Corp.
Second Quarter 2014 Results
Non-GAAP Reconciliations

Within the company's second quarter 2014 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized 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, pre-opening expense, development expense, royalty fees, stock-based compensation and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized 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,  
    2014     2013     2014     2013  
                                 
Revenues:                                
  Casino   $ 3,012,810     $ 2,674,129     $ 6,384,875     $ 5,410,183  
  Rooms     375,116       324,629       775,338       649,645  
  Food and beverage     194,196       174,772       396,983       360,101  
  Mall     119,073       107,993       228,104       193,454  
  Convention, retail and other     125,829       123,050       263,205       249,111  
      3,827,024       3,404,573       8,048,505       6,862,494  
  Less - promotional allowances     (202,674 )     (161,632 )     (413,771 )     (316,834 )
      3,624,350       3,242,941       7,634,734       6,545,660  
Operating expenses:                                
  Resort operations     2,319,757       2,142,868       4,858,049       4,285,768  
  Corporate     45,123       46,481       95,800       102,753  
  Pre-opening     16,141       1,031       20,441       7,868  
  Development     4,217       6,002       5,909       11,353  
  Depreciation and amortization     264,016       251,048       525,063       503,605  
  Amortization of leasehold interests in land     10,040       10,108       20,066       20,275  
  Loss on disposal of assets     3,596       4,762       4,121       6,694  
      2,662,890       2,462,300       5,529,449       4,938,316  
Operating income     961,460       780,641       2,105,285       1,607,344  
Other income (expense):                                
  Interest income     5,697       3,236       11,500       7,029  
  Interest expense, net of amounts capitalized     (69,590 )     (68,376 )     (140,716 )     (137,208 )
  Other income (expense)     2,194       3,893       (2,463 )     1,785  
  Loss on modification or early retirement of debt     -       -       (17,964 )     -  
Income before income taxes     899,761       719,394       1,955,642       1,478,950  
Income tax expense     (46,917 )     (47,721 )     (106,070 )     (103,303 )
Net income     852,844       671,673       1,849,572       1,375,647  
Net income attributable to noncontrolling interests     (181,410 )     (141,920 )     (401,953 )     (273,933 )
Net income attributable to Las Vegas Sands Corp.   $ 671,434     $ 529,753     $ 1,447,619     $ 1,101,714  
                                 
Earnings per share:                                
  Basic   $ 0.83     $ 0.64     $ 1.79     $ 1.34  
  Diluted   $ 0.83     $ 0.64     $ 1.78     $ 1.33  
                                 
Weighted average shares outstanding:                                
  Basic     807,038,086       823,974,421       810,881,047       823,671,664  
  Diluted     809,224,051       827,901,261       813,304,140       827,701,270  
                                 
Dividends declared per common share   $ 0.50     $ 0.35     $ 1.00     $ 0.70  
                                 
                                 
 
 
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, 2014
                                                 
              Amortization         Pre-Opening                        
          Depreciation   of Leasehold   (Gain) Loss     and           (1)         Adjusted  
    Operating     and   Interests   on Disposal     Development     Royalty     Stock-Based     Corporate   Property  
    Income (Loss)     Amortization   in Land   of Assets     Expense     Fees     Compensation     Expense   EBITDA  
Macao:                                                                  
  The Venetian Macao   $ 361,191     $ 36,195   $ 1,653   $ 457     $ -     $ -     $ 2,561     $ -   $ 402,057  
  Sands Cotai Central     173,198       68,027     2,153     291       3,982       -       1,322       -     248,973  
  Four Seasons Hotel Macao and Plaza Casino     55,219       9,919     706     14       1,805       -       291       -     67,954  
  Sands Macao     73,047       8,430     353     35       -       -       454       -     82,319  
Macao Property Operations     662,655       122,571     4,865     797       5,787       -       4,628       -     801,303  
Marina Bay Sands     308,829       75,369     4,553     3,335       -       24,284       1,408       -     417,778  
United States:                                                                  
  Las Vegas Operating Properties     54,919       45,974     -     (434 )     -       (36,242 )     1,898       -     66,115  
  Sands Bethlehem     20,208       7,746     -     (102 )     63       -       -       -     27,915  
United States Property Operations     75,127       53,720     -     (536 )     63       (36,242 )     1,898       -     94,030  
Other Asia (2)     (16,348 )     3,559     -     -       5       12,200       116       -     (468 )
Other Development     (15,283 )     158     622     -       14,503       -       -       -     -  
Corporate     (53,520 )     8,639     -     -       -       (242 )     -       45,123     -  
    $ 961,460     $ 264,016   $ 10,040   $ 3,596     $ 20,358     $ -     $ 8,050     $ 45,123   $ 1,312,643  
                                                                   
 
 
Three Months Ended June 30, 2013
                                                 
              Amortization         Pre-Opening                        
          Depreciation   of Leasehold   Loss     and           (1)         Adjusted  
    Operating     and   Interests   on Disposal     Development     Royalty     Stock-Based     Corporate   Property  
    Income (Loss)     Amortization   in Land   of Assets     Expense     Fees     Compensation     Expense   EBITDA  
Macao:                                                                  
  The Venetian Macao   $ 322,584     $ 34,031   $ 1,624   $ 1,106     $ -     $ -     $ 1,519     $ -   $ 360,864  
  Sands Cotai Central     78,481       63,689     2,152     1,309       (118 )     -       634       -     146,147  
  Four Seasons Hotel Macao and Plaza Casino     48,090       12,047     734     52       842       -       44       -     61,809  
  Sands Macao     79,738       7,838     353     4       -       -       405       -     88,338  
Macao Property Operations     528,893       117,605     4,863     2,471       724       -       2,602       -     657,158  
Marina Bay Sands     255,092       66,700     4,624     1,740       -       25,343       1,850       -     355,349  
United States:                                                                  
  Las Vegas Operating Properties     49,514       46,781     -     551       1       (36,090 )     2,212       -     62,969  
  Sands Bethlehem     24,362       9,043     -     -       61       -       113       -     33,579  
United States Property Operations     73,876       55,824     -     551       62       (36,090 )     2,325       -     96,548  
Other Asia (2)     (16,901 )     3,685     -     -       11       11,000       70       -     (2,135 )
Other Development     (7,015 )     158     621     -       6,236       -       -       -     -  
Corporate     (53,304 )     7,076     -     -       -       (253 )     -       46,481     -  
    $ 780,641     $ 251,048   $ 10,108   $ 4,762     $ 7,033     $ -     $ 6,847     $ 46,481   $ 1,106,920  
                                                                   
 
 
Six Months Ended June 30, 2014
                                                 
              Amortization         Pre-Opening                        
          Depreciation   of Leasehold   (Gain) Loss     and           (1)         Adjusted  
    Operating     and   Interests   on Disposal     Development     Royalty     Stock-Based     Corporate   Property  
    Income (Loss)     Amortization   in Land   of Assets     Expense     Fees     Compensation     Expense   EBITDA  
Macao:                                                                  
  The Venetian Macao   $ 790,802     $ 72,433   $ 3,306   $ 604     $ -     $ -     $ 4,996     $ -   $ 872,141  
  Sands Cotai Central     368,294       134,132     4,306     611       4,397       -       2,439       -     514,179  
  Four Seasons Hotel Macao and Plaza Casino     155,136       19,697     1,412     52       4,134       -       564       -     180,995  
  Sands Macao     155,352       16,684     707     118       -       -       896       -     173,757  
Macao Property Operations     1,469,584       242,946     9,731     1,385       8,531       -       8,895       -     1,741,072  
Marina Bay Sands     640,283       146,840     9,092     3,373       -       50,536       2,815       -     852,939  
United States:                                                                  
  Las Vegas Operating Properties     123,512       93,512     -     (719 )     97       (74,431 )     3,796       -     145,767  
  Sands Bethlehem     37,552       16,918     -     (67 )     65       -       (22 )     -     54,446  
United States Property Operations     161,064       110,430     -     (786 )     162       (74,431 )     3,774       -     200,213  
Other Asia (2)     (33,785 )     7,147     -     149       34       24,400       173       -     (1,882 )
Other Development     (19,175 )     309     1,243     -       17,623       -       -       -     -  
Corporate     (112,686 )     17,391     -     -       -       (505 )     -       95,800     -  
    $ 2,105,285     $ 525,063   $ 20,066   $ 4,121     $ 26,350     $ -     $ 15,657     $ 95,800   $ 2,792,342  
                                                                   
 
 
Six Months Ended June 30, 2013
                                                 
              Amortization         Pre-Opening                        
          Depreciation   of Leasehold   Loss     and           (1)         Adjusted  
    Operating     and   Interests   on Disposal     Development     Royalty     Stock-Based     Corporate   Property  
    Income (Loss)     Amortization   in Land   of Assets     Expense     Fees     Compensation     Expense   EBITDA  
Macao:                                                                  
  The Venetian Macao   $ 634,468     $ 66,884   $ 3,278   $ 1,480     $ 121     $ -     $ 3,115     $ -   $ 709,346  
  Sands Cotai Central     139,372       126,103     4,306     1,312       5,369       -       1,206       -     277,668  
  Four Seasons Hotel Macao and Plaza Casino     88,781       23,347     1,440     65       1,649       -       79       -     115,361  
  Sands Macao     167,810       15,522     707     116       -       -       785       -     184,940  
Macao Property Operations     1,030,431       231,856     9,731     2,973       7,139       -       5,185       -     1,287,315  
Marina Bay Sands     547,774       136,728     9,301     2,594       -       52,034       3,699       -     752,130  
United States:                                                                  
  Las Vegas Operating Properties     148,323       95,935     -     1,114       116       (73,514 )     4,423       -     176,397  
  Sands Bethlehem     45,194       17,908     -     -       107       -       226       -     63,435  
United States Property Operations     193,517       113,843     -     1,114       223       (73,514 )     4,649       -     239,832  
Other Asia (2)     (35,498 )     7,382     -     13       251       22,000       128       -     (5,724 )
Other Development     (13,167 )     316     1,243     -       11,608       -       -       -     -  
Corporate     (115,713 )     13,480     -     -       -       (520 )     -       102,753     -  
    $ 1,607,344     $ 503,605   $ 20,275   $ 6,694     $ 19,221     $ -     $ 13,661     $ 102,753   $ 2,273,553  
                                                                   
                                                                   

(1) During the three months ended June 30, 2014 and 2013, the Company recorded stock-based compensation expense of $10.1 million and $11.9 million, respectively, of which $1.9 million and $5.1 million, respectively, is included in corporate expense and $0.1 million and $0.0 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, 2014 and 2013, the Company recorded stock-based compensation expense of $26.2 million and $26.5 million, respectively, of which $10.3 million and $12.8 million, respectively, is included in corporate expense and $0.2 million and $0.0 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 are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:  
   
Three Months Ended June 30, 2014  
                         
          (1)     (2)     Hold-Normalized  
    Adjusted     Hold-Normalized     Hold-Normalized     Adjusted  
    Property     Casino     Casino     Property  
    EBITDA     Revenue     Expense     EBITDA  
                                 
Macao Property Operations   $ 801,303     $ (100,819 )   $ 52,012     $ 752,496  
Marina Bay Sands     417,778       (61,764 )     12,459       368,473  
United States:                                
  Las Vegas Operating Properties     66,115       5,196       (913 )     70,398  
  Sands Bethlehem     27,915       -       -       27,915  
United States Property Operations     94,030       5,196       (913 )     98,313  
Other Asia     (468 )     -       -       (468 )
Other Development     -       -       -       -  
Corporate     -       -       -       -  
    $ 1,312,643     $ (157,387 )   $ 63,558     $ 1,218,814  
                                 
                                 
Three Months Ended June 30, 2013  
                         
          (1)     (2)     Hold-Normalized  
    Adjusted     Hold-Normalized     Hold-Normalized     Adjusted  
    Property     Casino     Casino     Property  
    EBITDA     Revenue     Expense     EBITDA  
                                 
Macao Property Operations   $ 657,158     $ -     $ -     $ 657,158  
Marina Bay Sands     355,349       35,908       (7,243 )     384,014  
United States:                                
  Las Vegas Operating Properties     62,969       26,003       (4,571 )     84,401  
  Sands Bethlehem     33,579       -       -       33,579  
United States Property Operations     96,548       26,003       (4,571 )     117,980  
Other Asia     (2,135 )     -       -       (2,135 )
Other Development     -       -       -       -  
Corporate     -       -       -       -  
    $ 1,106,920     $ 61,911     $ (11,814 )   $ 1,157,017  
                                 
                                 

(1) For Macao Property Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling volume play that would have been earned or lost had the Company's current period win percentage equaled 2.85%.  This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%. 

For the Las Vegas Operating Properties, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the Company's current period win percentage equaled 26.0% for Baccarat and 16.0% for non-Baccarat.  This calculation will only be done if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 22.0% to 30.0% and 14.0% to 18.0%, respectively. 

For Sands Bethlehem, no adjustments have been, or will be, made. 

These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.

(2) Represents the estimated incremental expenses (gaming taxes, bad debt expense and commissions paid to third parties) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.

   
   
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 and Hold-Normalized Adjusted Property EBITDA:  
   
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2014     2013     2014     2013  
Net income attributable to Las Vegas Sands Corp.   $ 671,434     $ 529,753     $ 1,447,619     $ 1,101,714  
  Add (deduct):                                
    Net income attributable to noncontrolling interests     181,410       141,920       401,953       273,933  
    Income tax expense     46,917       47,721       106,070       103,303  
    Loss on modification or early retirement of debt     -       -       17,964       -  
    Other (income) expense     (2,194 )     (3,893 )     2,463       (1,785 )
    Interest expense, net of amounts capitalized     69,590       68,376       140,716       137,208  
    Interest income     (5,697 )     (3,236 )     (11,500 )     (7,029 )
    Loss on disposal of assets     3,596       4,762       4,121       6,694  
    Amortization of leasehold interests in land     10,040       10,108       20,066       20,275  
    Depreciation and amortization     264,016       251,048       525,063       503,605  
    Development expense     4,217       6,002       5,909       11,353  
    Pre-opening expense     16,141       1,031       20,441       7,868  
    Stock-based compensation (1)     8,050       6,847       15,657       13,661  
    Corporate expense     45,123       46,481       95,800       102,753  
Adjusted Property EBITDA   $ 1,312,643     $ 1,106,920     $ 2,792,342     $ 2,273,553  
                                 
    Hold-normalized casino revenue (2)     (157,387 )     61,911                  
    Hold-normalized casino expense (2)     63,558       (11,814 )                
Hold-Normalized Adjusted Property EBITDA   $ 1,218,814     $ 1,157,017                  
                                 
(1) See Exhibit 2                                
(2) See Exhibit 3                                
_______________________                                
                                 
Las Vegas Sands Corp. and Subsidiaries  
Supplemental Data - Net Revenues  
(In thousands)  
(Unaudited)  
                         
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2014     2013     2014     2013  
The Venetian Macao   $ 1,032,746     $ 894,706     $ 2,217,337     $ 1,766,918  
Sands Cotai Central     784,776       584,002       1,612,359       1,171,181  
Four Seasons Hotel Macao and Plaza Casino     228,492       274,089       598,508       497,309  
Sands Macao     312,842       294,667       626,803       604,940  
Marina Bay Sands     804,690       739,490       1,640,113       1,534,354  
Las Vegas Operating Properties     353,075       345,730       735,733       757,271  
Sands Bethlehem     126,123       126,759       243,306       249,675  
Other Asia     36,686       36,408       71,847       70,281  
Intersegment Eliminations     (55,080 )     (52,910 )     (111,272 )     (106,269 )
    $ 3,624,350     $ 3,242,941     $ 7,634,734     $ 6,545,660  
                                 
_______________________                                
   
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,  
    2014     2013     2014     2013  
The Venetian Macao     38.9 %     40.3 %     39.3 %     40.1 %
Sands Cotai Central     31.7 %     25.0 %     31.9 %     23.7 %
Four Seasons Hotel Macao and Plaza Casino     29.7 %     22.6 %     30.2 %     23.2 %
Sands Macao     26.3 %     30.0 %     27.7 %     30.6 %
Marina Bay Sands     51.9 %     48.1 %     52.0 %     49.0 %
Las Vegas Operating Properties     18.7 %     18.2 %     19.8 %     23.3 %
Sands Bethlehem     22.1 %     26.5 %     22.4 %     25.4 %
Other Asia     -1.3 %     -5.9 %     -2.6 %     -8.1 %
                                 
Total     36.2 %     34.1 %     36.6 %     34.7 %
                                 
                                 
 
 
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
                     
    Three Months Ended     Six Months Ended
    June 30,     June 30,
    2014     2013     2014   2013
Net income attributable to Las Vegas Sands Corp.   $ 671,434     $ 529,753     $ 1,447,619   $ 1,101,714
                             
Pre-opening expense, net     11,343       832       14,395     5,659
Development expense, net     4,217       6,002       5,909     11,353
Loss on disposal of assets, net     3,358       4,025       3,708     5,804
Loss on modification or early retirement of debt, net     -       -       12,611     -
Adjusted net income   $ 690,352     $ 540,612     $ 1,484,242   $ 1,124,530
                             
Hold-normalized casino revenue (1)     (157,387 )     61,911              
Hold-normalized casino expense (1)     63,558       (11,814 )            
Income tax impact on hold adjustments     8,382       (4,873 )            
Noncontrolling interest impact on hold adjustments     14,569       -              
Hold-normalized adjusted net income   $ 619,474     $ 585,836              
                             
(1) See Exhibit 3                            
                             
Per diluted share of common stock:                            
Net income attributable to Las Vegas Sands Corp.   $ 0.83     $ 0.64     $ 1.78   $ 1.33
                             
Pre-opening expense, net     0.01       -       0.02     0.01
Development expense, net     0.01       0.01       0.01     0.01
Loss on disposal of assets, net     -       -       -     0.01
Loss on modification or early retirement of debt, net     -       -       0.01     -
Adjusted earnings per diluted share   $ 0.85     $ 0.65     $ 1.82   $ 1.36
                             
Hold-normalized casino revenue     (0.19 )     0.08              
Hold-normalized casino expense     0.08       (0.01 )            
Income tax impact on hold adjustments     0.01       (0.01 )            
Noncontrolling interest impact on hold adjustments     0.02       -              
Hold-normalized adjusted earnings per diluted share   $ 0.77     $ 0.71              
                             
Weighted average diluted shares outstanding     809,224,051       827,901,261       813,304,140     827,701,270
                             
                             
   
   
Las Vegas Sands Corp. and Subsidiaries  
Supplemental Data Schedule  
(Unaudited)  
   
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2014     2013     2014     2013  
                                 
Room Statistics:                                
  The Venetian Macao:                                
    Occupancy %     89.1 %     87.4 %     91.7 %     89.5 %
    Average daily room rate (ADR) (1)   $ 262     $ 227     $ 265     $ 229  
    Revenue per available room (RevPAR) (2)   $ 233     $ 199     $ 243     $ 205  
                                 
  Sands Cotai Central:                                
    Occupancy %     84.9 %     67.5 %     86.9 %     69.0 %
    Average daily room rate (ADR) (1)   $ 169     $ 143     $ 173     $ 148  
    Revenue per available room (RevPAR) (2)   $ 143     $ 97     $ 150     $ 102  
                                 
  Four Seasons Hotel Macao and Plaza Casino:                                
    Occupancy %     85.8 %     80.7 %     86.4 %     81.0 %
    Average daily room rate (ADR) (1)   $ 410     $ 352     $ 419     $ 361  
    Revenue per available room (RevPAR) (2)   $ 352     $ 284     $ 363     $ 292  
                                 
  Sands Macao:                                
    Occupancy %     98.5 %     95.0 %     97.6 %     94.9 %
    Average daily room rate (ADR) (1)   $ 216     $ 242     $ 254     $ 244  
    Revenue per available room (RevPAR) (2)   $ 213     $ 230     $ 248     $ 232  
                                 
  Marina Bay Sands:                                
    Occupancy %     99.1 %     99.4 %     99.2 %     99.0 %
    Average daily room rate (ADR) (1)   $ 409     $ 379     $ 418     $ 379  
    Revenue per available room (RevPAR) (2)   $ 405     $ 377     $ 415     $ 375  
                                 
  Las Vegas Operating Properties:                                
    Occupancy %     90.1 %     91.6 %     89.5 %     91.0 %
    Average daily room rate (ADR) (1)   $ 223     $ 205     $ 232     $ 208  
    Revenue per available room (RevPAR) (2)   $ 201     $ 188     $ 207     $ 189  
                                 
  Sands Bethlehem:                                
    Occupancy %     87.2 %     72.5 %     78.0 %     68.9 %
    Average daily room rate (ADR) (1)   $ 144     $ 143     $ 145     $ 141  
    Revenue per available room (RevPAR) (2)   $ 126     $ 104     $ 113     $ 97  
                                 
Casino Statistics:                                
  The Venetian Macao:                                
    Table games win per unit per day (3)   $ 16,926     $ 16,788     $ 18,044     $ 17,325  
    Slot machine win per unit per day (4)   $ 358     $ 314     $ 373     $ 317  
    Average number of table games     649       559       662       542  
    Average number of slot machines     2,050       2,245       2,088       2,257  
                                 
  Sands Cotai Central:                                
    Table games win per unit per day (3)   $ 17,171     $ 13,096     $ 18,744     $ 13,653  
    Slot machine win per unit per day (4)   $ 432     $ 245     $ 410     $ 246  
    Average number of table games     495       510       479       507  
    Average number of slot machines     1,748       2,143       1,822       2,150  
                                 
  Four Seasons Hotel Macao and Plaza Casino:                                
    Table games win per unit per day (3)   $ 21,994     $ 23,601     $ 29,792     $ 21,900  
    Slot machine win per unit per day (4)   $ 790     $ 707     $ 805     $ 626  
    Average number of table games     127       155       128       150  
    Average number of slot machines     153       177       162       182  
                                 
  Sands Macao:                                
    Table games win per unit per day (3)   $ 14,695     $ 11,537     $ 14,271     $ 12,255  
    Slot machine win per unit per day (4)   $ 375     $ 241     $ 343     $ 239  
    Average number of table games     253       304       261       296  
    Average number of slot machines     914       1,192       999       1,210  
                                 
  Marina Bay Sands:                                
    Table games win per unit per day (3)   $ 11,311     $ 11,345     $ 11,793     $ 12,455  
    Slot machine win per unit per day (4)   $ 713     $ 674     $ 700     $ 691  
    Average number of table games     617       616       631       608  
    Average number of slot machines     2,335       2,253       2,363       2,232  
                                 
  Las Vegas Operating Properties:                                
    Table games win per unit per day (3)   $ 3,737     $ 4,016     $ 3,945     $ 5,250  
    Slot machine win per unit per day (4)   $ 185     $ 193     $ 187     $ 196  
    Average number of table games     236       239       237       239  
    Average number of slot machines     2,385       2,360       2,385       2,406  
                                 
  Sands Bethlehem:                                
    Table games win per unit per day (3)   $ 2,808     $ 3,139     $ 2,774     $ 3,081  
    Slot machine win per unit per day (4)   $ 266     $ 270     $ 257     $ 271  
    Average number of table games     164       147       163       144  
    Average number of slot machines     3,012       3,012       3,011       3,016  
                                     
                                     

(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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