Las Vegas Sands Reports Strong Quarterly Results

Marketwired

LAS VEGAS, NV--(Marketwired - Jul 24, 2013) - Las Vegas Sands Corp. ( NYSE : LVS )

For the quarter ended June 30, 2013 compared to the quarter ended June 30, 2012:

  • Net Revenue Increased 25.6% to $3.24 Billion

  • Consolidated Hold-Adjusted, Adjusted Property EBITDA Increased 29.0% to $1.17 Billion (Consolidated Adjusted Property EBITDA increased 31.0% to $1.11 Billion) 

  • Strong Gaming Volumes in Macao Drove Hold-Adjusted, Adjusted Property EBITDA (and Adjusted Property EBITDA) Up 53.2% to Record $657.2 Million

  • Hold-Adjusted, Adjusted Net Income Rose 42.1% to $597.6 Million (GAAP Net Income attributable to Las Vegas Sands Increased 120.2% to $529.8 Million)

  • Hold-Adjusted, Adjusted Earnings per Diluted Share Increased 41.2% to $0.72 (GAAP Earnings per Diluted Share Increased 120.7% to $0.64)

  • The Company Paid a Recurring Quarterly Dividend of $0.35 per share, an Increase of 40% over the Second Quarter of 2012

  • On June 5, 2013, the Company's Board of Directors Authorized a $2.0 Billion Stock Repurchase Program Under Which the Company Repurchased $46.5 Million of Stock During the Quarter

Las Vegas Sands Corp. ( NYSE : LVS ) today reported financial results for the quarter ended June 30, 2013.

Second Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report outstanding quarterly financial results that reflect strong growth in revenue, cash flow and earnings per share, as well as the focused and consistent execution of our global growth strategy. Continued execution of that strategy will extend our position as the global leader in Integrated Resort development and operation.

"In Macao, we delivered record financial results, with strong growth and operating momentum reflected in every segment of our business. We welcomed more than fourteen million visitors to our Cotai Strip properties during the quarter, and delivered a record $657.2 million of adjusted property EBITDA from our Macao property portfolio. We remain confident that our market-leading Cotai Strip properties will meaningfully enhance the appeal of Macao and the Cotai Strip to business and leisure travelers and provide an outstanding platform for growth in the years ahead."

The company also delivered strong financial results in Singapore, with meaningful growth in gaming and non-gaming revenues contributing to a strong financial performance. Rolling Chip volume increased 24.9% to reach $14.37 billion, while hold-adjusted, adjusted property EBITDA increased 5.9% to reach $396.2 million.

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." 

The company paid a recurring quarterly dividend of $0.35 per common share during the quarter, an increase of 40% compared to the first quarter of 2012. In addition, the company's board of directors authorized on June 5, 2013, a $2.0 billion stock repurchase program. The stock repurchase program will complement the company's recurring dividend program and will provide another avenue for the return of capital to shareholders. The company repurchased approximately $46.5 million of common stock (883,046 shares at a weighted average price of $52.71) during the quarter ended June 30, 2013.

The company also announced that its next recurring quarterly dividend of $0.35 per common share will be paid to Las Vegas Sands shareholders on September 30, 2013 to shareholders of record as of September 20, 2013. 

Company-Wide Operating Results

Net revenue for the second quarter of 2013 increased 25.6% to reach $3.24 billion, compared to $2.58 billion in the second quarter of 2012. Consolidated adjusted property EBITDA increased 31.0% to reach $1.11 billion in the second quarter of 2013, compared to $844.7 million in the year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA increased 29.0% to reach $1.17 billion in the second quarter of 2013, compared to $907.4 million in the second quarter of 2012. 

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2013 increased 96.3% to $780.6 million, compared to $397.7 million in the second quarter of 2012. The increase in operating income was principally due to stronger operating results in Macao including the contribution from Sands Cotai Central, which opened its first phase in April of 2012. The second quarter of 2012 was negatively impacted by a non-cash impairment loss of $100.7 million related to parcels 7 and 8 in Macao.

On a GAAP basis, net income attributable to Las Vegas Sands in the second quarter of 2013 increased 120.2% to $529.8 million, compared to $240.6 million in the second quarter of 2012, while diluted earnings per share in the second quarter of 2013 increased 120.7% to $0.64, compared to $0.29 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests. 

Adjusted net income (see Note 1) increased to $540.6 million, or $0.65 per diluted share, compared to $365.3 million, or $0.44 per diluted share, in the second quarter of 2012. 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 39.9% to $2.07 billion in the second quarter of 2013, compared to $1.48 billion in the second quarter of 2012. Adjusted property EBITDA for Sands China Ltd. increased 54.8% to $654.8 million in the second quarter of 2013, compared to $422.9 million in the second quarter of 2012. Net income for Sands China Ltd. increased 203.8% to $487.6 million in the second quarter of 2013, compared to $160.5 million in the second quarter of 2012.

The Venetian Macao Second Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered record adjusted property EBITDA of $360.9 million, an increase of 57.5% compared to the second quarter of 2012. Operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.41%, compared to 2.68% in the second quarter of 2012. Adjusted property EBITDA margin increased to 40.3% in the second quarter of 2013 from 35.3% in the year-ago quarter. Non-Rolling Chip drop increased 56.1% to reach a property record $1.59 billion for the quarter with Non-Rolling Chip win percentage of 28.2%. Rolling Chip volume during the quarter increased 6.1% to reach $11.84 billion. Slot handle was $1.15 billion, consistent with the quarter one year ago. Mall revenues increased 17.9% during the quarter to reach $37.5 million.

The following table summarizes the key operating results for The Venetian Macao for the second quarter of 2013 compared to the second quarter of 2012:

             
The Venetian Macao Operations   Three Months Ended        
June 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 800.6     $ 561.6     $ 239.0     42.6 %
  Rooms     51.1       49.9       1.2     2.4 %
  Food and Beverage     19.8       19.0       0.8     4.2 %
  Mall     37.5       31.8       5.7     17.9 %
  Convention, Retail and Other     18.4       14.7       3.7     25.2 %
  Less - Promotional Allowances     (32.7 )     (27.6 )     (5.1 )   -18.5 %
Net Revenues   $ 894.7     $ 649.4     $ 245.3     37.8 %
                               
Adjusted Property EBITDA   $ 360.9     $ 229.2     $ 131.7     57.5 %
  EBITDA Margin %     40.3 %     35.3 %           5.0 pts  
                               
Operating Income   $ 322.6     $ 189.9     $ 132.7     69.9 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 11,838.0     $ 11,161.6     $ 676.4     6.1 %
  Rolling Chip Win % (1)     3.41 %     2.68 %           0.73 pts  
                               
Non-Rolling Chip Drop   $ 1,593.8     $ 1,020.9     $ 572.9     56.1 %
  Non-Rolling Chip Win %     28.2 %     30.6 %           -2.4 pts  
                               
Slot Handle   $ 1,149.7     $ 1,148.8     $ 0.9     0.1 %
  Slot Hold %     5.6 %     5.2 %           0.4 pts  
                               
Hotel Statistics                              
                               
Occupancy %     87.4 %     86.7 %           0.7 pts  
Average Daily Rate (ADR)   $ 227     $ 228     $ (1 )   -0.4 %
Revenue per Available Room (RevPAR)   $ 199     $ 198     $ 1     0.5 %
 
(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 2013 at Sands Cotai Central were $584.0 million and $146.1 million, respectively, resulting in an EBITDA margin of 25.0%. The quarter's results were negatively impacted by lower than expected Rolling Chip win percentage of 2.35%. The first phase of Sands Cotai Central opened on April 11, 2012. The property was open for 81 days during last year's second quarter. 

Rolling Chip volume reflected strong growth and reached $14.34 billion for the quarter, while Non-Rolling Chip drop reached $1.23 billion with Non-Rolling Chip win percentage of 22.1%. Slot handle, driven by robust electronic table games play, reached $1.25 billion for the quarter. Mass win per table per day increased 21.2% compared to the first quarter of 2013, reaching $9,615 per day, while mass table, slot and ETG win per day climbed to $3.51 million, an increase of 16.4% compared to the first quarter of 2013. Hotel occupancy reached 67.5% on 5,723 hotel rooms with ADR of $143.

Visitation to the property continues to expand and exceeded 3.7 million visits in the quarter. An air-conditioned footbridge connecting Sands Cotai Central on the East side of the Cotai Strip with The Venetian Macao and Four Seasons Macao Hotel and Plaza Casino on the West side of the Cotai Strip opened on December 20, 2012.

The following table summarizes our key operating results for Sands Cotai Central for the second quarter of 2013 compared to the 81-day period ended June 30, 2012:

Sands Cotai Central Operations                  
Three Months Ended June 30,     81 Days Ended June 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 530.5     $ 249.5     $ 281.0     112.6 %
  Rooms     48.0       15.3       32.7     213.7 %
  Food and Beverage     22.1       9.4       12.7     135.1 %
  Mall     8.8       3.3       5.5     166.7 %
  Convention, Retail and Other     5.6       1.7       3.9     229.4 %
  Less - Promotional Allowances     (31.0 )     (13.6 )     (17.4 )   -127.9 %
Net Revenues   $ 584.0     $ 265.6     $ 318.4     119.9 %
                               
Adjusted Property EBITDA   $ 146.1     $ 51.8     $ 94.3     182.0 %
  EBITDA Margin %     25.0 %     19.5 %           5.5 pts  
                               
Operating Income (Loss)   $ 78.5     $ (17.9 )   $ 96.4     N.M.  
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 14,335.4     $ 6,820.6     $ 7,514.8     110.2 %
  Rolling Chip Win % (1)     2.35 %     3.12 %           -0.77 pts  
                               
Non-Rolling Chip Drop   $ 1,228.2     $ 389.4     $ 838.8     215.4 %
  Non-Rolling Chip Win %     22.1 %     21.5 %           0.6 pts  
                               
Slot Handle   $ 1,249.6     $ 665.4     $ 584.2     87.8 %
  Slot Hold %     3.8 %     4.0 %           -0.2 pts  
                               
Hotel Statistics                              
                               
Occupancy %     67.5 %     75.1 %           -7.6 pts  
Average Daily Rate (ADR)   $ 143     $ 141     $ 2     1.4 %
Revenue per Available Room (RevPAR)   $ 97     $ 106     $ (9 )   -8.5 %
 
(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
N.M. - Not Meaningful
 

Four Seasons Hotel Macao and Plaza Casino Second Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $61.8 million in the second quarter of 2013. Rolling Chip volume was $9.94 billion for the quarter, an increase of 8.0% compared to the second quarter of 2012. Non-Rolling Chip drop increased 104.5% to $186.1 million, while Non-Rolling Chip win percentage was 22.5% and below the 43.9% experienced in the second quarter of 2012. Slot handle decreased 8.6% to $182.0 million during the quarter. 

Progress on repositioning the property to become a leading premium mass destination in Macao continues. During the quarter, we increased the mass table count to an average of 58 tables, compared to 36 mass tables in the second quarter of 2012. Additionally, the property had an average of 26 fewer VIP tables in operation during the quarter compared to the second quarter of 2012. At June 30, 2013, the property had a total of 94 VIP tables and 63 mass tables in operation.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the second quarter of 2013 compared to the second quarter of 2012:

             
Four Seasons Hotel Macao and Plaza Casino Operations   Three Months Ended        
June 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 242.1     $ 239.8     $ 2.3     1.0 %
  Rooms     9.7       8.9       0.8     9.0 %
  Food and Beverage     6.2       5.6       0.6     10.7 %
  Mall     25.4       21.3       4.1     19.2 %
  Convention, Retail and Other     1.0       0.8       0.2     25.0 %
  Less - Promotional Allowances     (10.3 )     (10.3 )     -     0.0 %
Net Revenues   $ 274.1     $ 266.1     $ 8.0     3.0 %
                               
Adjusted Property EBITDA   $ 61.8     $ 76.6     $ (14.8 )   -19.3 %
  EBITDA Margin %     22.6 %     28.8 %           -6.2 pts  
                               
Operating Income   $ 48.1     $ 62.0     $ (13.9 )   -22.4 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 9,944.3     $ 9,207.3     $ 737.0     8.0 %
  Rolling Chip Win % (1)     2.93 %     3.05 %           -0.12 pts  
                               
Non-Rolling Chip Drop   $ 186.1     $ 91.0     $ 95.1     104.5 %
  Non-Rolling Chip Win %     22.5 %     43.9 %           -21.4 pts  
                               
Slot Handle   $ 182.0     $ 199.1     $ (17.1 )   -8.6 %
  Slot Hold %     6.2 %     5.4 %           0.8 pts  
                               
Hotel Statistics                              
                               
Occupancy %     80.7 %     73.3 %           7.4 pts  
Average Daily Rate (ADR)   $ 352     $ 357     $ (5 )   -1.4 %
Revenue per Available Room (RevPAR)   $ 284     $ 261     $ 23     8.8 %
 
(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 increased 23.8% compared to the same quarter last year to reach $88.3 million. Adjusted property EBITDA margin increased 370 basis points to 30.0%. The property realized 2.62% win on Rolling Chip volume during the quarter, compared to 2.58% in the year-ago quarter. Rolling Chip volume was $5.82 billion for the quarter. Non-Rolling Chip drop increased 14.8% to reach $822.9 million during the quarter, while slot handle increased 4.2% to reach $637.2 million.

The following table summarizes our key operating results for Sands Macao for the second quarter of 2013 compared to the second quarter of 2012:

             
Sands Macao Operations   Three Months Ended        
June 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 287.5     $ 264.8     $ 22.7     8.6 %
  Rooms     5.9       5.8       0.1     1.7 %
  Food and Beverage     9.2       8.3       0.9     10.8 %
  Convention, Retail and Other     2.6       2.4       0.2     8.3 %
  Less - Promotional Allowances     (10.5 )     (9.7 )     (0.8 )   -8.2 %
Net Revenues   $ 294.7     $ 271.6     $ 23.1     8.5 %
                               
Adjusted Property EBITDA   $ 88.3     $ 71.3     $ 17.0     23.8 %
  EBITDA Margin %     30.0 %     26.3 %           3.7 pts  
                               
Operating Income   $ 79.7     $ 63.3     $ 16.4     25.9 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 5,818.2     $ 6,164.8     $ (346.6 )   -5.6 %
  Rolling Chip Win % (1)     2.62 %     2.58 %           0.04 pts  
                               
Non-Rolling Chip Drop   $ 822.9     $ 717.1     $ 105.8     14.8 %
  Non-Rolling Chip Win %     20.3 %     19.7 %           0.6 pts  
                               
Slot Handle   $ 637.2     $ 611.7     $ 25.5     4.2 %
  Slot Hold %     4.1 %     4.1 %           0.0 pts  
                               
Hotel Statistics                              
                               
Occupancy %     95.0 %     93.2 %           1.8 pts  
Average Daily Rate (ADR)   $ 242     $ 242     $ -     0.0 %
Revenue per Available Room (RevPAR)   $ 230     $ 225     $ 5     2.2 %
 
(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 hold-adjusted, adjusted property EBITDA of $396.2 million, an increase of 5.9% compared to the second quarter of 2012. Adjusted property EBITDA was $355.3 million for the second quarter, and was negatively impacted by lower than expected Rolling Chip win percentage of 2.53% for the quarter.

Rolling Chip volume increased 24.9% to reach $14.37 billion for the quarter. Non-Rolling Chip win increased 1.8% to reach $272.4 million during the quarter. Slot handle was flat at $2.74 billion for the quarter. Total mass win per day during the quarter decreased slightly to $4.51 million, compared to $4.52 million in the second quarter of 2012.

The high margin hotel room segment of the property continued to reflect strong revenue growth of 8.0%. ADR expanded during the quarter, driving a RevPAR increase of 8.3% compared to the same quarter last year. Occupancy was 99.4% during the quarter.

The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2013 compared to the second quarter of 2012:

...
             
Marina Bay Sands Operations   Three Months Ended        
June 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 590.3     $ 550.2     $ 40.1     7.3 %
  Rooms     86.5       80.1       6.4     8.0 %
  Food and Beverage     44.2       43.4       0.8     1.8 %
  Mall     35.8       37.4       (1.6 )   -4.3 %
  Convention, Retail and Other     27.6       25.0       2.6     10.4 %
  Less - Promotional Allowances     (44.9 )     (41.3 )     (3.6 )   -8.7 %
Net Revenues   $ 739.5     $ 694.8     $ 44.7     6.4 %
                               
Adjusted Property EBITDA   $ 355.3     $ 330.4     $ 24.9     7.5 %
  EBITDA Margin %     48.1 %     47.6 %           0.5 pts  
                               
Operating Income   $ 255.1     $ 235.3     $ 19.8     8.4 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 14,371.6     $ 11,505.7     $ 2,865.9     24.9 %
  Rolling Chip Win % (1)     2.53 %     2.42 %           0.11 pts  
                               
Non-Rolling Chip Drop   $ 1,163.7     $ 1,205.5     $ (41.8 )   -3.5 %
  Non-Rolling Chip Win %     23.4 %     22.2 %           1.2 pts  
                               
Slot Handle   $ 2,744.5     $ 2,741.1     $ 3.4     0.1 %
  Slot Hold %     5.0 %     5.2 %           -0.2 pts  
                               
Hotel Statistics                              
                               
Occupancy %     99.4
%     99.1 %           0.3 pts   Average Daily Rate (ADR)   $ 379     $ 351     $ 28     8.0 % Revenue per Available Room (RevPAR)   $ 377     $ 348     $ 29     8.3 %
 
(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

The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, delivered an increase in hold-adjusted, adjusted property EBITDA of 8.0%, reaching $89.1 million dollars for the quarter. Adjusted property EBITDA was $63.0 million while margin was 18.2% for the quarter. Table games drop, which reflected strong baccarat play, increased 26.9% to reach $551.3 million. Slot handle increased 6.8% to $475.4 million with slot hold percentage of 8.7%. Hotel occupancy percentage increased 540 basis points to 91.6% during the quarter, while RevPAR grew 6.8% compared to last year's quarter.

The following table summarizes our key operating results for our Las Vegas operations for the second quarter of 2013 compared to the second quarter of 2012:

             
    Three Months Ended        
Las Vegas Operations   June 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 105.1     $ 94.6     $ 10.5     11.1 %
  Rooms     120.6       112.8       7.8     6.9 %
  Food and Beverage     65.7       67.2       (1.5 )   -2.2 %
  Convention, Retail and Other     75.7       72.3       3.4     4.7 %
  Less - Promotional Allowances     (21.4 )     (19.6 )     (1.8 )   -9.2 %
Net Revenues   $ 345.7     $ 327.3     $ 18.4     5.6 %
                               
Adjusted Property EBITDA   $ 63.0     $ 64.4     $ (1.4 )   -2.2 %
EBITDA Margin %     18.2 %     19.7 %           -1.5 pts  
                               
Operating Income   $ 49.5     $ 38.3     $ 11.2     29.2 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 551.3     $ 434.6     $ 116.7     26.9 %
Table Games Win %(1)     15.9 %     16.5 %           -0.6 pts  
                               
Slot Handle   $ 475.4     $ 445.1     $ 30.3     6.8 %
Slot Hold %     8.7 %     8.9 %           -0.2 pts  
                               
Hotel Statistics                              
                               
Occupancy %     91.6 %     86.2 %           5.4 pts  
Average Daily Rate (ADR)   $ 205     $ 205     $ 0     0.0 %
Revenue per Available Room (RevPAR)   $ 188     $ 176     $ 12     6.8 %
                               
(1) This compares to our expected Table Games win percentage of 20.0% and 22.0% (calculated before discounts).
 

Sands Bethlehem Second Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 10.2% to reach $126.8 million while adjusted property EBITDA increased 24.9% to reach $33.6 million for the second quarter of 2013. Table games drop increased 18.5% to reach $258.9 million for the quarter, while table games win percentage was 16.2%. Slot handle was $1.06 billion for the quarter with slot hold percentage of 7.0%.

The following table summarizes our key operating results for Sands Bethlehem for the second quarter of 2013 compared to the second quarter of 2012:

             
    Three Months Ended        
Sands Bethlehem Operations   June 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 118.0     $ 107.0     $ 11.0     10.3 %
  Rooms     2.8       2.4       0.4     16.7 %
  Food and Beverage     7.5       6.9       0.6     8.7 %
  Mall     0.7       0.5       0.2     40.0 %
  Convention, Retail and Other     4.1       4.3       (0.2 )   -4.7 %
  Less - Promotional Allowances     (6.3 )     (6.0 )     (0.3 )   -5.0 %
Net Revenues   $ 126.8     $ 115.1     $ 11.7     10.2 %
                               
Adjusted Property EBITDA   $ 33.6     $ 26.9     $ 6.7     24.9 %
EBITDA Margin %     26.5 %     23.4 %           3.1 pts  
                               
Operating Income   $ 24.4     $ 17.4     $ 7.0     40.2 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 258.9     $ 218.4     $ 40.5     18.5 %
Table Games Win %(1)     16.2 %     14.3 %           1.9 pts  
                               
Slot Handle   $ 1,055.1     $ 1,012.6     $ 42.5     4.2 %
Slot Hold %     7.0 %     7.2 %           -0.2 pts  
                               
Hotel Statistics                              
                               
Occupancy %     72.5 %     62.2 %           10.3 pts  
Average Daily Rate (ADR)   $ 143     $ 142     $ 1     0.7 %
Revenue per Available Room (RevPAR)   $ 104     $ 88     $ 16     18.2 %
                               
(1) This compares to our expected Table Games win percentage of 14.0% and 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 $107.3 million for the second quarter of 2013, an increase of 15.0% compared to the second quarter of 2012. Operating profit derived from these retail mall assets increased 18.2% for the quarter compared to the quarter one year ago, reaching $89.6 million.

         
    For The Three Months Ended June 30, 2013   LTM June 30, 2013
(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)
                         
The Grand Canal Shoppes at The Venetian Macao   $37.4   $31.4   84.0%   759,077   95.6%   $1,357
                         
The Shoppes at Four Seasons                        
  Luxury Retail   20.2   19.1   94.6%   141,904   100.0%   6,844
  Other Stores   5.2   4.6   88.5%   99,512   75.4%   1,752
  Total   25.4   23.7   93.3%   241,416   89.9%   4,661
                         
The Shoppes at Sands Cotai Central   8.7   7.1   81.6%   210,143   100.0%   N/A
Total Cotai Strip in Macao   71.5   62.2   87.0%   1,210,636   95.2%   2,020
                         
The Shoppes at Marina Bay Sands   35.8   27.4   76.5%   640,648   86.7%(3)   1,552
                         
Total   $107.3   $89.6   83.5%   1,851,284   92.3%   $1,842
                         
(1) Gross revenue figures are net of intersegment revenue eliminations.
(2) Tenant sales per square foot reflects sales from tenants only after the tenant has been open for a period of 12 months.
(3) This occupancy percentage reflects the ongoing repositioning of the mall in which approximately 56,000 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 composed of our CotaiJet ferry operation, was negative $2.1 million during the quarter, compared to negative $6.0 million in the second quarter of 2012.

Pre-opening expenses decreased to $1.0 million in the second quarter of 2013, compared to $43.5 million in the second quarter of 2012.

Depreciation and amortization expense was $251.0 million in the second quarter of 2013, compared to $220.4 million in the second quarter of 2012.

Interest expense, net of amounts capitalized, was $68.4 million for the second quarter of 2013, compared to $64.5 million during the second quarter of 2012. Capitalized interest was $0.6 million during the second quarter of 2013, compared to $12.3 million during the second quarter of 2012. Our weighted average borrowing cost in the second quarter of 2013 was 2.7%.

Corporate expense was $46.5 million in the second quarter of 2013, compared to $58.6 million in the second quarter of 2012.

Other income, which was principally composed of foreign currency gains, was $3.9 million in the second quarter of 2013, compared to $1.8 million in the second quarter of 2012.

The company's effective income tax rate for the second quarter of 2013 was 6.6%. 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 2013 was $141.9 million and was principally related to Sands China Ltd. 

Balance Sheet Items

Unrestricted cash balances as of June 30, 2013 were $2.51 billion.

As of June 30, 2013, total debt outstanding, including the current portion, was $9.49 billion. Total principal payments for the remainder of 2013 are expected to be approximately $16.5 million.

Capital Expenditures

Capital expenditures during the second quarter totaled $196.8 million, including construction, development and maintenance activities of $115.3 million in Macao, $60.8 million at Marina Bay Sands, $17.6 million in Las Vegas, and $3.1 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, July 24, 2013 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.lasvegassands.com.

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 and loss on modification or early retirement of debt.

About Las Vegas Sands

Las Vegas Sands (NYSE: LVS) is a Fortune 500 company and the leading global developer and operator 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. (HKSE: 1928), the company owns a portfolio of properties on Macao's Cotai Strip®, including The Venetian® Macao, Four Seasons Hotel Macao, and Sands Cotai Central. The company also owns the Sands® Macao on the Macao Peninsula.

Las Vegas Sands is committed to global sustainability through its Sands ECO360 program and is an active community partner through its various charitable organizations.

For more information, please visit www.lasvegassands.com.

Las Vegas Sands Corp.
Second Quarter 2013 Results
Non-GAAP Reconciliations

Within the company's second quarter 2013 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-adjusted, adjusted net income," "adjusted earnings per diluted share," "hold-adjusted, adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-adjusted, 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 (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-adjusted, 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,  
    2013     2012     2013     2012  
                                 
Revenues:                                
  Casino   $ 2,674,129     $ 2,067,424     $ 5,410,183     $ 4,333,917  
  Rooms     324,629       275,311       649,645       543,038  
  Food and beverage     174,772       159,744       360,101       313,199  
  Mall     107,993       93,740       193,454       165,158  
  Convention, retail and other     123,050       116,834       249,111       246,551  
        3,404,573       2,713,053       6,862,494       5,601,863  
  Less - promotional allowances     (161,632 )     (131,147 )     (316,834 )     (257,215 )
      3,242,941       2,581,906       6,545,660       5,344,648  
Operating expenses:                                
  Resort operations     2,142,868       1,743,557       4,285,768       3,448,955  
  Corporate     46,481       58,592       102,753       107,547  
  Pre-opening     1,031       43,472       7,868       94,931  
  Development     6,002       6,797       11,353       7,995  
  Depreciation and amortization     251,048       220,440       503,605       415,187  
  Amortization of leasehold interests in land     10,108       10,057       20,275       20,002  
  Impairment loss     -       100,781       -       143,674  
  Loss on disposal of assets     4,762       482       6,694       1,075  
      2,462,300       2,184,178       4,938,316       4,239,366  
Operating income     780,641       397,728       1,607,344       1,105,282  
Other income (expense):                                
  Interest income     3,236       6,892       7,029       12,540  
  Interest expense, net of amounts capitalized     (68,376 )     (64,533 )     (137,208 )     (129,205 )
  Other income (expense)     3,893       1,782       1,785       (1,637 )
  Loss on modification or early retirement of debt     -       (16,403 )     -       (19,234 )
Income before income taxes     719,394       325,466       1,478,950       967,746  
Income tax expense     (47,721 )     (39,085 )     (103,303 )     (102,256 )
Net income     671,673       286,381       1,375,647       865,490  
Net income attributable to noncontrolling interests     (141,920 )     (45,794 )     (273,933 )     (125,961 )
Net income attributable to Las Vegas Sands Corp.   $ 529,753     $ 240,587     $ 1,101,714     $ 739,529  
                                 
Earnings per share:                                
  Basic   $ 0.64     $ 0.29     $ 1.34     $ 0.94  
  Diluted   $ 0.64     $ 0.29     $ 1.33     $ 0.90  
                                 
Weighted average shares outstanding:                                
  Basic     823,974,421       821,110,555       823,671,664       790,773,996  
  Diluted     827,901,261       826,102,326       827,701,270       822,458,833  
                                 
Dividends declared per common share   $ 0.35     $ 0.25     $ 0.70     $ 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, 2013  
                                           
 
 
 
 
 
 
 
 
Operating
Income (Loss)
    Depreciation
and
Amortization
  Amortization
of Leasehold
Interests
in Land
  Loss
on Disposal
of Assets
Pre-Opening
and
Development
Expense
    Royalty
Fees
    (1)
Stock-Based
Compensation
  Corporate
Expense
  Adjusted
Property
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  
                                                             
                                           
Three Months Ended June 30, 2012  
                                           
 
 
 
 
 
 
 
 


Operating
Income (Loss)
   
Depreciation
and
Amortization
  Amortization
of Leasehold
Interests
in Land
  Impairment
and (Gain) Loss
on Disposal
of Assets
  Pre-Opening
and
Development
Expense
 

Royalty
Fees
   
(1)
Stock-Based
Compensation
 

Corporate
Expense
 
Adjusted
Property
EBITDA
 
Macao:                                                            
  The Venetian Macao   $ 189,918     $ 36,344   $ 1,652   $ 17   $ 53   $ -     $ 1,257   $ -   $ 229,241  
  Sands Cotai Central     (17,876 )     25,558     2,152     -     41,771     -       233     -     51,838  
  Four Seasons Hotel Macao and Plaza Casino     61,985       12,480     705     33     1,340     -       44     -     76,587  
Sands Macao     63,292       7,616     353     (261 )   -     -       304     -     71,304  
Macao Property Operations     297,319       81,998     4,862     (211 )   43,164     -       1,838     -     428,970  
Marina Bay Sands     235,291       66,016     4,574     138     -     22,649       1,737     -     330,405  
United States:                                                            
  Las Vegas Operating Properties     38,282       56,034     -     165     -     (32,696 )     2,565     -     64,350  
  Sands Bethlehem     17,362       8,865     -     405     147     -       138     -     26,917  
United States Property Operations     55,644       64,899     -     570     147     (32,696 )     2,703     -     91,267  
Other Asia (2)     (20,066 )     3,702     -     24     51     10,274       60     -     (5,955 )
Other Development     (108,424 )     153     621     100,743     6,907     -       -     -     -  
Corporate     (62,036 )     3,672     -     (1 )   -     (227 )     -     58,592     -  
    $ 397,728     $ 220,440   $ 10,057   $ 101,263   $ 50,269   $ -     $ 6,338   $ 58,592   $ 844,687  
                                                             
                                         
Six Months Ended June 30, 2013  
   
 
 
 
 
 
 
 
 
 
 
Operating
Income (Loss)
    Depreciation
and
Amortization
  Amortization
of Leasehold
Interests
in Land
  Loss
on Disposal
of Assets
Pre-Opening
and
Development
Expense
  Royalty
Fees
    (1)
Stock-Based
Compensation
  Corporate
Expense
  Adjusted
Property
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  
                                                           
                                           
Six Months Ended June 30, 2012  
   
 
 
 
 
 
 
 
 
 
 
Operating
Income (Loss)
    Depreciation
and
Amortization
  Amortization
of Leasehold
Interests
in Land
  Impairment
and (Gain) Loss
on Disposal
of Assets
  Pre-Opening
and
Development
Expense
  Royalty
Fees
    (1)
Stock-Based
Compensation
  Corporate
Expense
  Adjusted
Property
EBITDA
 
Macao:                                                            
  The Venetian Macao   $ 388,486     $ 73,112   $ 3,302   $ 42,949   $ 53   $ -     $ 3,272   $ -   $ 511,174  
  Sands Cotai Central     (17,876 )     25,558     2,152     -     41,771     -       233     -     51,838  
  Four Seasons Hotel Macao and Plaza Casino     115,395       24,904     1,410     37     2,222     -       138     -     144,106  
Sands Macao     161,834       15,027     706     (169 )   -     -       862     -     178,260  
Macao Property Operations     647,839       138,601     7,570     42,817     44,046     -       4,505     -     885,378  
Marina Bay Sands     608,489       131,067     9,042     (1 )   -     50,790       3,537     -     802,924  
United States:                                                            
  Las Vegas Operating Properties     125,986       112,716     -     567     -     (65,556 )     6,443     -     180,156  
  Sands Bethlehem     35,540       17,739     -     413     241     -       486     -     54,419  
United States Property Operations     161,526       130,455     -     980     241     (65,556 )     6,929     -     234,575  
Other Asia (2)     (35,016 )     7,383     -     24     122     15,274       536     -     (11,677 )
Other Development     (163,259 )     422     3,390     100,930     58,517     -       -     -     -  
Corporate     (114,297 )     7,259     -     (1 )   -     (508 )     -     107,547     -  
    $ 1,105,282     $ 415,187   $ 20,002   $ 144,749   $ 102,926   $ -     $ 15,507   $ 107,547   $ 1,911,200  
                                                             
(1) During the three months ended June 30, 2013 and 2012, the Company recorded stock-based compensation expense of $11.9 million and $13.7 million, respectively, of which $5.1 million and $7.1 million, respectively, is included in corporate expense and $0.0 million and $0.3 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, 2013 and 2012, the Company recorded stock-based compensation expense of $26.5 million and $32.9 million, respectively, of which $12.8 million and $16.9 million, respectively, is included in corporate expense and $0.0 million and $0.5 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-Adjusted, Adjusted Property EBITDA:  
                         
Three Months Ended June 30, 2013  
   
 
 
 
 
 
 
 
 
 
 
Adjusted
Property
EBITDA
 
 
 
 
 
 
 
 
 
 
(1)
Hold-Adjusted
Casino
Revenue
 
 
 
 
 
 
 
 
 
 
(2)
Hold-Adjusted
Casino
Expense
 
 
 
 
 
 
 
 
 
 
Hold-Adjusted,
Adjusted
Property
EBITDA
 
 
 
 
 
                                 
Macao Property Operations   $ 657,158     $ -     $ -     $ 657,158  
Marina Bay Sands     355,349       46,059       (5,163 )     396,245  
United States:                                
  Las Vegas Operating Properties     62,969       28,296       (2,122 )     89,143  
  Sands Bethlehem     33,579       (3,684 )     571       30,466  
United States Property Operations     96,548       24,612       (1,551 )     119,609  
Other Asia     (2,135 )     -       -       (2,135 )
Other Development     -       -       -       -  
Corporate     -       -       -       -  
    $ 1,106,920     $ 70,671     $ (6,714 )   $ 1,170,877  
                                 
                                 
Three Months Ended June 30, 2012  
   
      Adjusted
Property
EBITDA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Hold-Adjusted
Casino
Revenue
      (2)
Hold-Adjusted
Casino
Expense
      Hold-Adjusted,
Adjusted
Property
EBITDA
 
                                 
Macao Property Operations   $ 428,970     $ -     $ -     $ 428,970  
Marina Bay Sands     330,405       49,095       (5,504 )     373,996  
United States:                                
  Las Vegas Operating Properties     64,350       19,678       (1,476 )     82,552  
  Sands Bethlehem     26,917       1,094       (192 )     27,819  
United States Property Operations     91,267       20,772       (1,668 )     110,371  
Other Asia     (5,955 )     -       -       (5,955 )
Other Development     -       -       -       -  
Corporate     -       -       -       -  
    $ 844,687     $ 69,867     $ (7,172 )   $ 907,382  
                                 
(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 and Sands Bethlehem 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 21.0% and 14.8%, respectively.
 
(2) Represents the estimated incremental gaming taxes 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-Adjusted, Adjusted Property EBITDA:  
                         
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2013     2012     2013     2012  
Net income attributable to Las Vegas Sands Corp.   $ 529,753     $ 240,587     $ 1,101,714     $ 739,529  
  Add (deduct):                                
    Net income attributable to noncontrolling interests     141,920       45,794       273,933       125,961  
    Income tax expense     47,721       39,085       103,303       102,256  
    Loss on modification or early retirement of debt     -       16,403       -       19,234  
    Other (income) expense     (3,893 )     (1,782 )     (1,785 )     1,637  
    Interest expense, net of amounts capitalized     68,376       64,533       137,208       129,205  
    Interest income     (3,236 )     (6,892 )     (7,029 )     (12,540 )
    Loss on disposal of assets     4,762       482       6,694       1,075  
    Impairment loss     -       100,781       -       143,674  
    Amortization of leasehold interests in land     10,108       10,057       20,275       20,002  
    Depreciation and amortization     251,048       220,440       503,605       415,187  
    Development expense     6,002       6,797       11,353       7,995  
    Pre-opening expense     1,031       43,472       7,868       94,931  
    Stock-based compensation (1)     6,847       6,338       13,661       15,507  
    Corporate expense     46,481       58,592       102,753       107,547  
Adjusted Property EBITDA   $ 1,106,920     $ 844,687     $ 2,273,553     $ 1,911,200  
                                 
    Hold-adjusted casino revenue (2)     70,671       69,867                  
    Hold-adjusted casino expense (2)     (6,714 )     (7,172 )                
Hold-Adjusted, Adjusted Property EBITDA   $ 1,170,877     $ 907,382                  
                                 
(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,  
    2013     2012     2013     2012  
                                 
The Venetian Macao   $ 894,706     $ 649,446     $ 1,766,918     $ 1,422,206  
Sands Cotai Central     584,002       265,601       1,171,181       265,601  
Four Seasons Hotel Macao and Plaza Casino     274,089       266,137       497,309       565,741  
Sands Macao     294,667       271,603       604,940       620,686  
Marina Bay Sands     739,490       694,762       1,534,354       1,543,431  
Las Vegas Operating Properties     345,730       327,313       757,271       711,916  
Sands Bethlehem     126,759       115,096       249,675       230,658  
Other Asia     36,408       37,935       70,281       73,503  
Intersegment Eliminations     (52,910 )     (45,987 )     (106,269 )     (89,094 )
    $ 3,242,941     $ 2,581,906     $ 6,545,660     $ 5,344,648  
                                 
_______________________                                
                         
                         
                         
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,  
    2013     2012     2013     2012  
The Venetian Macao   40.3 %   35.3 %   40.1 %   35.9 %
Sands Cotai Central   25.0 %   19.5 %   23.7 %   19.5 %
Four Seasons Hotel Macao and Plaza Casino   22.6 %   28.8 %   23.2 %   25.5 %
Sands Macao   30.0 %   26.3 %   30.6 %   28.7 %
Marina Bay Sands   48.1 %   47.6 %   49.0 %   52.0 %
Las Vegas Operating Properties   18.2 %   19.7 %   23.3 %   25.3 %
Sands Bethlehem   26.5 %   23.4 %   25.4 %   23.6 %
Other Asia   -5.9 %   -15.7 %   -8.1 %   -15.9 %
                         
Total   34.1 %   32.7 %   34.7 %   35.8 %
                     
                     
                     
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Adjusted, Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold-Adjusted, Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
                     
    Three Months Ended     Six Months Ended
    June 30,     June 30,
    2013     2012     2013   2012
                             
Net income attributable to Las Vegas Sands Corp.   $ 529,753     $ 240,587     $ 1,101,714   $ 739,529
                             
Pre-opening expense, net     832       30,611       5,659     66,810
Development expense, net     6,002       6,797       11,353     7,995
Impairment loss, net     -       70,855       -     101,009
Loss on disposal of assets, net     4,025       549       5,804     1,046
Loss on modification or early retirement of debt, net     -       15,883       -     18,714
Adjusted net income   $ 540,612     $ 365,282     $ 1,124,530   $ 935,103
                             
Hold-adjusted casino revenue (1)     70,671       69,867              
Hold-adjusted casino expense (1)     (6,714 )     (7,172 )            
Income tax impact on hold adjustments     (6,952 )     (7,410 )            
Noncontrolling interest impact on hold adjustments     -       -              
Hold-adjusted, adjusted net income   $ 597,617     $ 420,567              
                             
(1) See Exhibit 3                            
                             
Per diluted share of common stock:                            
Net income attributable to Las Vegas Sands Corp.   $ 0.64     $ 0.29     $ 1.33   $ 0.90
                             
Pre-opening expense, net     -       0.03       0.01     0.08
Development expense, net     0.01       0.01       0.01     0.01
Impairment loss, net     -       0.09       -     0.13
Loss on disposal of assets, net     -       -       0.01     -
Loss on modification or early retirement of debt, net     -       0.02       -     0.02
Adjusted earnings per diluted share   $ 0.65     $ 0.44     $ 1.36   $ 1.14
                             
Hold-adjusted casino revenue     0.09       0.09              
Hold-adjusted casino expense     (0.01 )     (0.01 )            
Income tax impact on hold adjustments     (0.01 )     (0.01 )            
Noncontrolling interest impact on hold adjustments     -       -              
Hold-adjusted, adjusted earnings per diluted share   $ 0.72     $ 0.51              
                             
Weighted average diluted shares outstanding     827,901,261       826,102,326       827,701,270     822,458,833
                             
                             
                             
Las Vegas Sands Corp. and Subsidiaries  
Supplemental Data Schedule  
(Unaudited)  
                         
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2013     2012     2013     2012  
                                 
Room Statistics:                                
  The Venetian Macao:                                
    Occupancy %     87.4 %     86.7 %     89.5 %     90.1 %
    Average daily room rate (ADR) (1)   $ 227     $ 228     $ 229     $ 236  
    Revenue per available room (RevPAR) (2)   $ 199     $ 198     $ 205     $ 213  
                                   
  Sands Cotai Central:                                
    Occupancy %     67.5 %     75.1 %     69.0 %     75.1 %
    Average daily room rate (ADR) (1)   $ 143     $ 141     $ 148     $ 141  
    Revenue per available room (RevPAR) (2)   $ 97     $ 106     $ 102     $ 106  
                                   
  Four Seasons Hotel Macao and Plaza Casino:                                
    Occupancy %     80.7 %     73.3 %     81.0 %     77.8 %
    Average daily room rate (ADR) (1)   $ 352     $ 357     $ 361     $ 358  
    Revenue per available room (RevPAR) (2)   $ 284     $ 261     $ 292     $ 279  
                                   
  Sands Macao:                                
    Occupancy %     95.0 %     93.2 %     94.9 %     93.5 %
    Average daily room rate (ADR) (1)   $ 242     $ 242     $ 244     $ 247  
    Revenue per available room (RevPAR) (2)   $ 230     $ 225     $ 232     $ 231  
                                   
  Marina Bay Sands:                                
    Occupancy %     99.4 %     99.1 %     99.0 %     98.7 %
    Average daily room rate (ADR) (1)   $ 379     $ 351     $ 379     $ 346  
    Revenue per available room (RevPAR) (2)   $ 377     $ 348     $ 375     $ 341  
                                   
  Las Vegas Operating Properties:                                
    Occupancy %     91.6 %     86.2 %     91.0 %     84.8 %
    Average daily room rate (ADR) (1)   $ 205     $ 205     $ 208     $ 209  
    Revenue per available room (RevPAR) (2)   $ 188     $ 176     $ 189     $ 177  
                                   
  Sands Bethlehem:                                
    Occupancy %     72.5 %     62.2 %     68.9 %     56.2 %
    Average daily room rate (ADR) (1)   $ 143     $ 142     $ 141     $ 141  
    Revenue per available room (RevPAR) (2)   $ 104     $ 88     $ 97     $ 79  
                                 
Casino Statistics:                                
  The Venetian Macao:                                
    Table games win per unit per day (3)   $ 16,788     $ 13,860     $ 17,325     $ 14,117  
    Slot machine win per unit per day (4)   $ 314     $ 295     $ 317     $ 315  
    Average number of table games     559       485       542       527  
    Average number of slot machines     2,245       2,220       2,257       2,251  
                                   
  Sands Cotai Central:                                
    Table games win per unit per day (3)   $ 13,096     $ 10,112     $ 13,653     $ 10,112  
    Slot machine win per unit per day (4)   $ 245     $ 397     $ 246     $ 397  
    Average number of table games     510       362       507       362  
    Average number of slot machines     2,143       819       2,150       819  
                                   
  Four Seasons Hotel Macao and Plaza Casino:                                
    Table games win per unit per day (3)   $ 23,601     $ 22,227     $ 21,900     $ 24,625  
    Slot machine win per unit per day (4)   $ 707     $ 649     $ 626     $ 694  
    Average number of table games     155       159       150       162  
    Average number of slot machines     177       183       182       180  
                                   
  Sands Macao:                                
    Table games win per unit per day (3)   $ 11,537     $ 9,500     $ 12,255     $ 10,159  
    Slot machine win per unit per day (4)   $ 241     $ 240     $ 239     $ 267  
    Average number of table games     304       348       296       373  
    Average number of slot machines     1,192       1,158       1,210       1,125  
                                   
  Marina Bay Sands:                                
    Table games win per unit per day (3)   $ 11,345     $ 9,825     $ 12,455     $ 11,395  
    Slot machine win per unit per day (4)   $ 674     $ 636     $ 691     $ 646  
    Average number of table games     616       611       608       609  
    Average number of slot machines     2,253       2,484       2,232       2,482  
                                   
  Las Vegas Operating Properties:                                
    Table games win per unit per day (3)   $ 4,016     $ 3,402     $ 5,250     $ 5,227  
    Slot machine win per unit per day (4)   $ 193     $ 200     $ 196     $ 194  
    Average number of table games     239       231       239       229  
    Average number of slot machines     2,360       2,170       2,406       2,293  
                                   
  Sands Bethlehem:                                
    Table games win per unit per day (3)   $ 3,139     $ 2,813     $ 3,081     $ 2,799  
    Slot machine win per unit per day (4)   $ 270     $ 265     $ 271     $ 272  
    Average number of table games     147       122       144       120  
    Average number of slot machines     3,012       3,024       3,016       3,009  
 
(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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