Las Vegas Sands Reports All-Time Record Quarterly Results

LAS VEGAS, NV--(Marketwired - May 1, 2013) - Las Vegas Sands Corp. ( NYSE : LVS )

For the quarter ended March 31, 2013 compared to the quarter ended March 31, 2012:

  • Net Revenue Increased 19.5% to a Record $3.30 Billion

  • Consolidated Hold-Adjusted Adjusted Property EBITDA Increased 28.2% to a Record $1.19 Billion (Consolidated Adjusted Property EBITDA Increased 9.4% to a Record $1.17 Billion)

  • Record Gaming Volumes in Macao Drove Hold-Adjusted Adjusted Property EBITDA in Macao Up 51.2% to Record $630.2 Million (Macao Adjusted Property EBITDA was up 38.1% to a Record $630.2 Million)

  • Hold-Adjusted Adjusted Net Income Attributable to Las Vegas Sands Rose 30.8% to Reach $596.6 Million (Net Income Attributable to Las Vegas Sands Rose 14.6% to Reach $572.0 Million)

  • Hold-Adjusted Adjusted Earnings per Diluted Share Increased 28.6% to $0.72 (Adjusted Earnings per diluted share was $0.71)

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

Las Vegas Sands Corp. ( NYSE : LVS ) today reported financial results for the quarter ended March 31, 2013.

First Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report all-time record quarterly financial results that reflect strong revenue and cash flow growth and the steady execution of our global growth strategy.

"In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business. We welcomed a record fourteen million visits to our Cotai Strip properties during the quarter, and delivered a record $630.2 million of adjusted property EBITDA from our Macao property portfolio. We remain confident that our market-leading Cotai Strip properties, The Venetian Macao, Four Seasons Hotel Macao and Plaza Casino, and Sands Cotai Central, with their unrivaled hotel inventory of nearly 9,000 rooms and suites, including the world's largest Sheraton, Conrad and Holiday Inn, and 28 million square feet of interconnected Integrated Resort capacity, 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.

"We also delivered strong financial results in Singapore, with meaningful growth in gaming and non-gaming revenues contributing to a record financial performance. Rolling Chip volume increased 42.2% to reach a property record $18.21 billion, while Hold-Adjusted Adjusted Property EBITDA increased 15.7% to reach a record $451.1 million.

"The prudent management of our cash flow, including the ability to both invest in future growth and to increase the return of capital to our shareholders, 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."

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 June 28, 2013 to shareholders of record as of June 20, 2013.

Company-Wide Operating Results

Net revenue for the first quarter of 2013 increased 19.5% to reach $3.30 billion, compared to $2.76 billion in the first quarter of 2012. Consolidated adjusted property EBITDA increased 9.4% to reach $1.17 billion in the first quarter of 2013, compared to $1.07 billion in the year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA increased 28.2% to reach $1.19 billion in the first quarter of 2013, compared to $927 million in the first quarter of 2012.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2013 increased 16.8% to $826.7 million, compared to $707.6 million in the first quarter of 2012. The increase in operating income was principally due to strong operating results in Macao, partially offset by higher depreciation and amortization expense related to the opening of Sands Cotai Central and lower table games hold in Singapore.

On a GAAP basis, net income attributable to Las Vegas Sands in the first quarter of 2013 increased 14.6% to $572.0 million, compared to $498.9 million in the first quarter of 2012, while diluted earnings per share in the first quarter of 2013 increased 13.1% to $0.69, compared to $0.61 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 $583.9 million, or $0.71 per diluted share, compared to $569.8 million, or $0.70 per diluted share, in the first 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 39.3% to $2.02 billion in the first quarter of 2013, compared to $1.45 billion in the first quarter of 2012. Adjusted property EBITDA for Sands China Ltd. increased 39.0% to $626.4 million in the first quarter of 2013, compared to $450.6 million in the first quarter of 2012. Net income for Sands China Ltd. increased 63.3% to $452.9 million in the first quarter of 2013, compared to $277.4 million in the first quarter of 2012.

The Venetian Macao First Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered a record adjusted property EBITDA of $348.5 million, an increase of 23.6% compared to the first quarter of 2012. Operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.57%, compared to 2.93% in the first quarter of 2012. Adjusted property EBITDA margin increased to 40.0% in the first quarter of 2013 from 36.5% in the year-ago quarter. Non-Rolling Chip drop increased 20.6% to reach a property record $1.33 billion for the quarter, while Non-Rolling Chip win percentage increased to 32.1%. Rolling Chip volume during the quarter decreased 15.4% to $11.67 billion partially due to Paiza Club renovations, which resulted in 18 fewer active rolling tables in service on average during the quarter. Slot handle was $1.19 billion, a decrease of 4.0% compared to the quarter one year ago. Mall revenues increased 15.2% during the quarter compared to the quarter last year.

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

             
    Three Months Ended        
The Venetian Macao Operations   March 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 778.5     $ 673.9     $ 104.6     15.5 %
  Rooms     54.4       59.0       (4.6 )   -7.8 %
  Food and Beverage     21.9       22.5       (0.6 )   -2.7 %
  Mall     30.3       26.3       4.0     15.2 %
  Convention, Retail and Other     16.7       22.8       (6.1 )   -26.8 %
  Less - Promotional Allowances     (29.6 )     (31.7 )     2.1     6.6 %
Net Revenues   $ 872.2     $ 772.8     $ 99.4     12.9 %
                               
Adjusted Property EBITDA   $ 348.5     $ 281.9     $ 66.6     23.6 %
  EBITDA Margin %     40.0 %     36.5 %           3.5 pts  
                               
Operating Income   $ 311.9     $ 198.6     $ 113.3     57.0 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 11,670.9     $ 13,801.6     $ (2,130.7 )   -15.4 %
  Rolling Chip Win %(1)     3.57 %     2.93 %           0.64 pts  
                               
Non-Rolling Chip Drop   $ 1,333.9     $ 1,105.6     $ 228.3     20.6 %
  Non-Rolling Chip Win %     32.1 %     30.7 %           1.4 pts  
                               
Slot Handle   $ 1,191.5     $ 1,240.8     $ (49.3 )   -4.0 %
  Slot Hold %     5.5 %     5.6 %           -0.1 pts  
                               
Hotel Statistics                              
                               
Occupancy %     91.6 %     93.4 %           -1.8 pts  
Average Daily Rate (ADR)   $ 231     $ 244     $ (13 )   -5.3 %
Revenue per Available Room (RevPAR)   $ 212     $ 228     $ (16 )   -7.0 %
                               
(1)   This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
     

Sands Cotai Central First Quarter Operating Results

The first two phases of Sands Cotai Central opened on April 11, 2012 and September 20, 2012. An additional 2,100 Sheraton rooms opened on January 28, 2013. Net revenues and adjusted property EBITDA for the first quarter of 2013 were $587.2 million and $131.5 million, respectively, resulting in an EBITDA margin of 22.4%. The quarter's results were positively impacted by higher than expected Rolling Chip win percentage of 3.09%.

Rolling Chip volume reflected meaningful growth and reached $13.62 billion while Non-Rolling Chip drop reached $1.04 billion with Non-Rolling Chip win percentage of 21.6%. Slot handle, driven by robust electronic table games play, was $1.23 billion for the quarter. Rolling Chip Volume per table per day expanded to reach approximately $800,000 in the quarter. Mass win per table per day increased 20% compared to the fourth quarter of 2012, reaching $7,933 per day, while mass table, slot and ETG win per day climbed to $3.01 million, an increase of 16.7% compared to the fourth quarter of 2012. Hotel occupancy reached 70.8% during the quarter with ADR of $152.

Visitation to the property continues to expand, reaching in excess of 3.4 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 first quarter of 2013:

       
Sands Cotai Central   Three Months Ended  
(Dollars in millions)   March 31, 2013  
Revenues:        
  Casino   $ 533.8  
  Rooms     46.2  
  Food and Beverage     22.6  
  Mall     8.0  
  Convention, Retail and Other     5.2  
  Less - Promotional Allowances     (28.6 )
Net Revenues   $ 587.2  
         
Adjusted Property EBITDA   $ 131.5  
  EBITDA Margin %     22.4 %
         
Operating Income   $ 60.9  
         
Gaming Statistics        
(Dollars in millions)        
         
Rolling Chip Volume   $ 13,622.4  
  Rolling Chip Win %(1)     3.09 %
         
Non-Rolling Chip Drop   $ 1,035.3  
  Non-Rolling Chip Win %     21.6 %
         
Slot Handle   $ 1,228.5  
  Slot Hold %     3.9 %
         
Hotel Statistics        
         
Occupancy %     70.8 %
Average Daily Rate (ADR)   $ 152  
Revenue per Available Room (RevPAR)   $ 108  
         
(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 and Plaza Casino First Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $53.6 million in the first quarter of 2013. Operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.21% for the current quarter. Rolling Chip volume was $9.48 billion for the quarter. Non-Rolling Chip drop was $110.5 million while Non-Rolling Chip win percentage was 48.6%. Slot handle was $184.4 million during the quarter.

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

Four Seasons Hotel Macao and Plaza Casino Operations   Three Months Ended
March 31,
 
 
 
 
 
 
 
 
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 206.5     $ 282.9     $ (76.4 )   -27.0 %
  Rooms     10.2       10.1       0.1     1.0 %
  Food and Beverage     6.5       6.8       (0.3 )   -4.4 %
  Mall     10.3       10.5       (0.2 )   -1.9 %
  Convention, Retail and Other     0.8       0.7       0.1     14.3 %
  Less - Promotional Allowances     (11.1 )     (11.4 )     0.3     2.6 %
Net Revenues   $ 223.2     $ 299.6     $ (76.4 )   -25.5 %
                               
Adjusted Property EBITDA   $ 53.6     $ 67.5     $ (13.9 )   -20.6 %
  EBITDA Margin %     24.0 %     22.5 %           1.5 pts  
                               
Operating Income   $ 40.7     $ 53.4     $ (12.7 )   -23.8 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 9,480.1     $ 12,703.2     $ (3,223.1 )   -25.4 %
  Rolling Chip Win %(1)     2.21 %     2.83 %           -0.62 pts  
                               
Non-Rolling Chip Drop   $ 110.5     $ 105.9     $ 4.6     4.3 %
  Non-Rolling Chip Win %     48.6 %     41.7 %           6.9 pts  
                               
Slot Handle   $ 184.4     $ 198.2     $ (13.8 )   -7.0 %
  Slot Hold %     5.0 %     6.0 %           -1.0 pts  
                               
Hotel Statistics                              
                               
Occupancy %     81.2 %     82.3 %           -1.1 pts  
Average Daily Rate (ADR)   $ 370     $ 360     $ 10     2.8 %
Revenue per Available Room (RevPAR)   $ 301     $ 296     $ 5     1.7 %
                               
(1)   This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
     

Sands Macao First Quarter Operating Results

Sands Macao's adjusted property EBITDA was $96.6 million. Adjusted property EBITDA margin increased 50 basis points to 31.1%. The property realized 2.76% win on Rolling Chip volume during the quarter, compared to 3.73% in the year-ago quarter. Rolling Chip volume was $6.38 billion for the quarter. Non-Rolling Chip drop was $763.2 million during the quarter, an increase of 7.8%, despite 71 fewer Non-Rolling Chip tables in operation during the quarter. Slot handle increased 6.5% to $706.5 million.

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

             
    Three Months Ended        
Sands Macao Operations March 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 302.4     $ 341.1     $ (38.7 )   -11.3 %
  Rooms     6.0       6.2       (0.2 )   -3.2 %
  Food and Beverage     9.8       9.3       0.5     5.4 %
  Convention, Retail and Other     2.6       2.6       0.0     0.0 %
  Less - Promotional Allowances     (10.5 )     (10.1 )     (0.4 )   -4.0 %
Net Revenues   $ 310.3     $ 349.1     $ (38.8 )   -11.1 %
                               
Adjusted Property EBITDA   $ 96.6     $ 107.0     $ (10.4 )   -9.7 %
  EBITDA Margin %     31.1 %     30.6 %           0.5 pts  
                               
Operating Income   $ 88.1     $ 98.5     $ (10.4 )   -10.6 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 6,379.0     $ 6,433.5     $ (54.5 )   -0.8 %
  Rolling Chip Win %(1)     2.76 %     3.73 %           -0.97 pts  
                               
Non-Rolling Chip Drop   $ 763.2     $ 707.8     $ 55.4     7.8 %
  Non-Rolling Chip Win %     21.1 %     21.2 %           -0.1 pts  
                               
Slot Handle   $ 706.5     $ 663.2     $ 43.3     6.5 %
  Slot Hold %     3.7 %     4.4 %           -0.7 pts  
                               
Hotel Statistics                              
                               
Occupancy %     94.9 %     93.8 %           1.1 pts  
Average Daily Rate (ADR)   $ 246     $ 252     $ (6 )   -2.4 %
Revenue per Available Room (RevPAR)   $ 233     $ 236     $ (3 )   -1.3 %
                               
(1)   This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
     

Marina Bay Sands First Quarter Operating Results

Marina Bay Sands in Singapore delivered a record hold-adjusted adjusted property EBITDA of $451.1 million, an increase of 15.7% compared to the first quarter of 2012. Adjusted property EBITDA was $396.8 million for the first quarter, reflecting lower than expected Rolling Chip win percentage of 2.51% for the quarter.

Rolling Chip volume increased 42.2% to reach $18.21 billion for the quarter, the highest quarterly volume in the property's history. Non-Rolling Chip drop increased 2.4% to $1.19 billion and slot handle increased 1.6% to $2.79 billion. Total mass win per day during the quarter increased 3.9% to reach $4.64 million, compared to $4.47 million in the first quarter of 2012.

The high margin hotel room and mall segments of the property continued to reflect strong revenue growth of 9.7% and 6.7%, respectively. ADR expanded during the quarter, driving a RevPAR increase of 11.0% compared to the same quarter last year. Occupancy was 98.5% during the quarter.

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

             
    Three Months Ended        
Marina Bay Sands Operations March 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 640.2     $ 701.3     $ (61.1 )   -8.7 %
  Rooms     84.6       77.1       7.5     9.7 %
  Food and Beverage     48.8       47.1       1.7     3.6 %
  Mall     36.8       34.5       2.3     6.7 %
  Convention, Retail and Other     26.4       29.8       (3.4 )   -11.4 %
  Less - Promotional Allowances     (41.9 )     (41.1 )     (0.8 )   -1.9 %
Net Revenues   $ 794.9     $ 848.7     $ (53.8 )   -6.3 %
                               
Adjusted Property EBITDA   $ 396.8     $ 472.5     $ (75.7 )   -16.0 %
  EBITDA Margin %     49.9 %     55.7 %           -5.8 pts  
                               
Operating Income   $ 292.7     $ 373.2     $ (80.5 )   -21.6 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 18,207.3     $ 12,804.5     $ 5,402.8     42.2 %
  Rolling Chip Win %(1)     2.51 %     3.58 %           -1.07 pts  
                               
Non-Rolling Chip Drop   $ 1,194.6     $ 1,167.0     $ 27.6     2.4 %
  Non-Rolling Chip Win %     23.2 %     22.2 %           1.0 pts  
                               
Slot Handle   $ 2,785.3     $ 2,740.6     $ 44.7     1.6 %
  Slot Hold %     5.1 %     5.4 %           -0.3 pts  
                               
Hotel Statistics                              
                               
Occupancy %     98.5 %     98.4 %           0.1 pts  
Average Daily Rate (ADR)   $ 378     $ 341     $ 37     10.9 %
Revenue per Available Room (RevPAR)   $ 372     $ 335     $ 37     11.0 %
                               
(1)   This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
     

Las Vegas Operations First Quarter Operating Results

The Venetian and The Palazzo, including the Sands Expo and Convention Center, delivered adjusted property EBITDA of $113.4 million for the first quarter of 2013. The operating results were favorably impacted by higher than expected table games win percentage of 27.6% for the quarter. Adjusted property EBITDA margin was 27.6% for the quarter. Table games drop decreased 16.8% to $506.4 million. Slot handle increased 2.3% to $495.1 million while slot hold percentage was 8.8%. Hotel occupancy percentage increased 690 basis points during the quarter while RevPAR grew 7.3% compared to last year's quarter.

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

             
    Three Months Ended        
Las Vegas Operations   March 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 159.9     $ 158.7     $ 1.2     0.8 %
  Rooms     121.1       113.4       7.7     6.8 %
  Food and Beverage     68.3       61.0       7.3     12.0 %
  Convention, Retail and Other     85.3       74.7       10.6     14.2 %
  Less - Promotional Allowances     (23.1 )     (23.2 )     0.1     0.4 %
Net Revenues   $ 411.5     $ 384.6     $ 26.9     7.0 %
                               
Adjusted Property EBITDA   $ 113.4     $ 115.8     $ (2.4 )   -2.1 %
  EBITDA Margin %     27.6 %     30.1 %           -2.5 pts  
                               
Operating Income   $ 98.8     $ 87.7     $ 11.1     12.7 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 506.4     $ 609.0     $ (102.6 )   -16.8 %
  Table Games Win %(1)     27.6 %     24.0 %           3.6 pts  
                               
Slot Handle   $ 495.1     $ 483.8     $ 11.3     2.3 %
  Slot Hold %     8.8 %     8.5 %           0.3 pts  
                               
Hotel Statistics                              
                               
Occupancy %     90.3 %     83.4 %           6.9 pts  
Average Daily Rate (ADR)   $ 211     $ 214     $ (3 )   -1.4 %
Revenue per Available Room (RevPAR)   $ 191     $ 178     $ 13     7.3 %
                               
(1)   This compares to our expected Table Games win percentage of 20.0% and 22.0% (calculated before discounts).
     

Sands Bethlehem First Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania increased 6.3% to reach was $122.9 million and adjusted property EBITDA increased 8.7% to reach $29.9 million for the first quarter of 2013. Table games drop increased 21.4% to reach $244.7 million for the quarter, while table games win percentage was 15.6%. Slot handle was $1.03 billion for the quarter with slot hold percentage of 7.1%.

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

             
    Three Months Ended        
Sands Bethlehem Operations   March 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 114.8     $ 108.7     $ 6.1     5.6 %
  Rooms     2.4       1.9       0.5     26.3 %
  Food and Beverage     7.2       6.7       0.5     7.5 %
  Mall     0.6       0.3       0.3     100.0 %
  Convention, Retail and Other     4.0       3.8       0.2     5.3 %
  Less - Promotional Allowances     (6.1 )     (5.8 )     (0.3 )   -5.2 %
Net Revenues   $ 122.9     $ 115.6     $ 7.3     6.3 %
                               
Adjusted Property EBITDA   $ 29.9     $ 27.5     $ 2.4     8.7 %
  EBITDA Margin %     24.3 %     23.8 %           0.5 pts  
                               
Operating Income   $ 20.8     $ 18.2     $ 2.6     14.3 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 244.7     $ 201.5     $ 43.2     21.4 %
  Table Games Win %(1)     15.6 %     14.9 %           0.7 pts  
                               
Slot Handle   $ 1,033.9     $ 1,033.7     $ 0.2     0.0 %
  Slot Hold %     7.1 %     7.3 %           -0.2 pts  
                               
Hotel Statistics                              
                               
Occupancy %     65.3 %     50.3 %           15.0 pts  
Average Daily Rate (ADR)   $ 138     $ 139     $ (1 )   -0.7 %
Revenue per Available Room (RevPAR)   $ 90     $ 70     $ 20     28.6 %
                               
(1)   This compares to our expected Non-Rolling Chip 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 $84.9 million for the first quarter of 2013, an increase of 19.4% compared to the first quarter of 2012. Operating profit derived from these retail mall assets increased 23.4% for the quarter to reach $68.0 million.

         
    For The Three Months Ended March 31, 2013   LTM
March 31, 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   $ 29.9   $ 24.5   81.9%   821,129   93.2%   $ 1,239
                               
The Shoppes at Four Seasons                              
  Luxury Retail     5.8     4.9   84.5%   140,206   100.0%     6,658
  Other Stores     4.5     3.8   84.4%   99,512   78.1%     1,675
  Total     10.3     8.7   84.5%   239,718   90.9%     4,562
                               
The Shoppes at Sands Cotai Central     7.9     6.3   79.7%   210,143   100.0%     N/A
Total Cotai Strip in Macao     48.1     39.5   82.1%   1,270,990   93.9%     1,863
                               
The Shoppes at Marina Bay Sands     36.8     28.5   77.4%   637,881   95.6%     1,425
                               
Total   $ 84.9   $ 68.0   80.1%   1,908,871   94.4%   $ 1,690
                               
(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.
     

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of our CotaiJet ferry operation, was negative $3.6 million during the quarter, compared to negative $5.7 million in the first quarter of 2012.

Pre-opening expenses, related primarily to Sands Cotai Central on the Cotai Strip in Macao, decreased to $6.8 million in the first quarter of 2013, compared to $51.5 million in the first quarter of 2012.

Depreciation and amortization expense was $252.6 million in the first quarter of 2013, compared to $194.7 million in the first quarter of 2012.

Interest expense, net of amounts capitalized, was $68.8 million for the first quarter of 2013, compared to $64.7 million during the first quarter of 2012. Capitalized interest was $1.8 million during the first quarter of 2013, compared to $22.1 million during the first quarter of 2012. Our weighted average borrowing cost in the first quarter of 2013 was 2.7%.

Corporate expense was $56.3 million in the first quarter of 2013, compared to $49.0 million in the first quarter of 2012.

Other expense, which was principally composed of foreign currency losses, was $2.1 million in the first quarter of 2013, compared to $3.4 million in the first quarter of 2012.

The company's effective income tax rate for the first quarter of 2013 was 7.3%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the first quarter of 2013 of $132.0 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of March 31, 2013 were $2.38 billion.

As of March 31, 2013, total debt outstanding, including the current portion, was $9.83 billion. Total principal payments for the remainder of 2013 are expected to be approximately $89.2 million.

Capital Expenditures

Capital expenditures during the first quarter totaled $197.2 million, including construction and development activities of $128.7 million in Macao, $36.1 million at Marina Bay Sands, $31.4 million in Las Vegas, and $1.0 million at Sands Bethlehem.

Conference Call Information

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

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 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. (1928:HK), 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 ECO360º program and is an active community partner through its various charitable organizations.

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

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

Within the company's first 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  
  March 31,  
  2013     2012  
               
Revenues:              
  Casino $ 2,736,054     $ 2,266,493  
  Rooms   325,016       267,727  
  Food and beverage   185,329       153,455  
  Mall   85,461       71,418  
  Convention, retail and other   126,061       129,717  
    3,457,921       2,888,810  
  Less - promotional allowances   (155,202 )     (126,068 )
    3,302,7...