Las Vegas Sands Reports All-Time Record Quarterly Results

Marketwired

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 )
    3,302,719       2,762,742  
Operating expenses:              
  Resort operations   2,142,900       1,705,398  
  Corporate   56,272       48,955  
  Pre-opening   6,837       51,459  
  Development   5,351       1,198  
  Depreciation and amortization   252,557       194,747  
  Amortization of leasehold interests in land   10,167       9,945  
  Impairment loss   -       42,893  
  Loss on disposal of assets   1,932       593  
    2,476,016       2,055,188  
Operating income   826,703       707,554  
Other income (expense):              
  Interest income   3,793       5,648  
  Interest expense, net of amounts capitalized   (68,832 )     (64,672 )
  Other expense   (2,108 )     (3,419 )
  Loss on early retirement of debt   -       (2,831 )
Income before income taxes   759,556       642,280  
Income tax expense   (55,582 )     (63,171 )
Net income   703,974       579,109  
Net income attributable to noncontrolling interests   (132,013 )     (80,167 )
Net income attributable to Las Vegas Sands Corp. $ 571,961     $ 498,942  
               
Earnings per share:              
  Basic $ 0.69     $ 0.66  
  Diluted $ 0.69     $ 0.61  
               
Weighted average shares outstanding:              
  Basic   823,367,441       760,437,437  
  Diluted   827,452,691       818,797,155  
               
Dividends declared per common share $ 0.35     $ 0.25  
               
               
               
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 March 31, 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 $ 311,884     $ 32,853   $ 1,654   $ 374     $ 121   $ -     $ 1,596   $ -   $ 348,482  
  Sands Cotai Central   60,891       62,414     2,154     3       5,487     -       572     -     131,521  
  Four Seasons Hotel Macao and Plaza Casino   40,691       11,300     706     13       807     -       35     -     53,552  
  Sands Macao   88,072       7,684     354     112       -     -       380     -     96,602  
Macao Property Operations   501,538       114,251     4,868     502       6,415     -       2,583     -     630,157  
Marina Bay Sands   292,682       70,028     4,677     854       -     26,691       1,849     -     396,781  
United States:                                                            
  Las Vegas Operating Properties   98,809       49,154     -     563       115     (37,424 )     2,211     -     113,428  
  Sands Bethlehem   20,832       8,865     -     -       46     -       113     -     29,856  
United States Property Operations   119,641       58,019     -     563       161     (37,424 )     2,324     -     143,284  
Other Asia (2)   (18,597 )     3,697     -     13       240     11,000       58     -     (3,589 )
Other Development   (6,152 )     158     622     -       5,372     -       -     -     -  
Corporate   (62,409 )     6,404     -     -       -     (267 )     -     56,272     -  
  $ 826,703     $ 252,557   $ 10,167   $ 1,932     $ 12,188   $ -     $ 6,814   $ 56,272   $ 1,166,633  
                                                             
                                                             
Three Months Ended March 31, 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 $ 198,568     $ 36,768   $ 1,650   $ 42,932     $ -   $ -     $ 2,015   $ -   $ 281,933  
  Four Seasons Hotel Macao and Plaza Casino   53,410       12,424     705     4       882     -       94     -     67,519  
  Sands Macao   98,542       7,411     353     92       -     -       558     -     106,956  
Macao Property Operations   350,520       56,603     2,708     43,028       882     -       2,667     -     456,408  
Marina Bay Sands   373,198       65,051     4,468     (139 )     -     28,141       1,800     -     472,519  
United States:                                                            
  Las Vegas Operating Properties   87,704       56,682     -     402       -     (32,860 )     3,878     -     115,806  
  Sands Bethlehem   18,178       8,874     -     8       94     -       348     -     27,502  
United States Property Operations   105,882       65,556     -     410       94     (32,860 )     4,226     -     143,308  
Other Asia (2)   (14,950 )     3,681     -     -       71     5,000       476     -     (5,722 )
Other Development   (54,835 )     269     2,769     187       51,610     -       -     -     -  
Corporate   (52,261 )     3,587     -     -       -     (281 )     -     48,955     -  
  $ 707,554     $ 194,747   $ 9,945   $ 43,486     $ 52,657   $ -     $ 9,169   $ 48,955   $ 1,066,513  
                                                             

(1) During the three months ended March 31, 2013 and 2012, the Company recorded stock-based compensation expense of $14.6 million and $19.2 million, respectively, of which $7.8 million and $9.8 million, respectively, is included in corporate expense and $0.0 million and $0.2 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. 

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

                       
                       
Las Vegas Sands Corp. and Subsidiaries              
Non-GAAP Measure              
(In thousands)              
(Unaudited)              
                       
The following are reconciliations of Adjusted Property EBITDA to Hold-Adjusted Adjusted Property EBITDA:  
                       
Three Months Ended March 31, 2013  
                       
        (1)     (2)     Hold-Adjusted  
  Adjusted     Hold-Adjusted     Hold-Adjusted     Adjusted  
  Property     Casino     Casino     Property  
  EBITDA     Revenue     Expense     EBITDA  
                               
Macao Property Operations $ 630,157     $ -     $ -     $ 630,157  
Marina Bay Sands   396,781       61,191       (6,860 )     451,112  
United States:                              
  Las Vegas Operating Properties   113,428       (33,265 )     2,495       82,658  
  Sands Bethlehem   29,856       (2,004 )     311       28,163  
United States Property Operations   143,284       (35,269 )     2,806       110,821  
Other Asia   (3,589 )     -       -       (3,589 )
Other Development   -       -       -       -  
Corporate   -       -       -       -  
  $ 1,166,633     $ 25,922     $ (4,054 )   $ 1,188,501  
                               
                               
Three Months Ended March 31, 2012  
                               
          (1)     (2)     Hold-Adjusted  
  Adjusted     Hold-Adjusted     Hold-Adjusted     Adjusted  
  Property     Casino     Casino     Property  
  EBITDA     Revenue     Expense     EBITDA  
                               
Macao Property Operations $ 456,408     $ (65,172 )   $ 25,417     $ 416,653  
Marina Bay Sands   472,519       (92,996 )     10,425       389,948  
United States:                              
  Las Vegas Operating Properties   115,806       (18,498 )     1,387       98,695  
  Sands Bethlehem   27,502       (242 )     42       27,302  
United States Property Operations   143,308       (18,740 )     1,429       125,997  
Other Asia   (5,722 )     -       -       (5,722 )
Other Development   -       -       -       -  
Corporate   -       -       -       -  
  $ 1,066,513     $ (176,908 )   $ 37,271     $ 926,876  
                               

(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  
  March 31,  
  2013     2012  
Net income attributable to Las Vegas Sands Corp. $ 571,961     $ 498,942  
  Add (deduct):              
    Net income attributable to noncontrolling interests   132,013       80,167  
    Income tax expense   55,582       63,171  
    Loss on early retirement of debt   -       2,831  
    Other expense   2,108       3,419  
    Interest expense, net of amounts capitalized   68,832       64,672  
    Interest income   (3,793 )     (5,648 )
    Loss on disposal of assets   1,932       593  
    Impairment loss   -       42,893  
    Amortization of leasehold interests in land   10,167       9,945  
    Depreciation and amortization   252,557       194,747  
    Development expense   5,351       1,198  
    Pre-opening expense   6,837       51,459  
    Stock-based compensation (1)   6,814       9,169  
    Corporate expense   56,272       48,955  
Adjusted Property EBITDA $ 1,166,633     $ 1,066,513  
               
    Hold-adjusted casino revenue (2)   25,922       (176,908 )
    Hold-adjusted casino expense (2)   (4,054 )     37,271  
Hold-Adjusted Adjusted Property EBITDA $ 1,188,501     $ 926,876  
               
(1) See Exhibit 2              
(2) See Exhibit 3              
_______________________              
               
Las Vegas Sands Corp. and Subsidiaries              
Supplemental Data - Net Revenues              
(In thousands)              
(Unaudited)              
               
  Three Months Ended  
  March 31,  
  2013     2012  
               
The Venetian Macao $ 872,212     $ 772,760  
Sands Cotai Central   587,179       -  
Four Seasons Hotel Macao and Plaza Casino   223,220       299,604  
Sands Macao   310,273       349,083  
Marina Bay Sands   794,864       848,669  
Las Vegas Operating Properties   411,541       384,603  
Sands Bethlehem   122,916       115,562  
Other Asia   33,873       35,568  
Intersegment Eliminations   (53,359 )     (43,107 )
  $ 3,302,719     $ 2,762,742  
               
_______________________              
               
Las Vegas Sands Corp. and Subsidiaries              
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues          
(Unaudited)              
               
  Three Months Ended  
  March 31,  
  2013     2012  
The Venetian Macao   40.0%       36.5%  
Sands Cotai Central   22.4%       N/A  
Four Seasons Hotel Macao and Plaza Casino   24.0%       22.5%  
Sands Macao   31.1%       30.6%  
Marina Bay Sands   49.9%       55.7%  
Las Vegas Operating Properties   27.6%       30.1%  
Sands Bethlehem   24.3%       23.8%  
Other Asia   -10.6%       -16.1%  
               
Total   35.3%       38.6%  
               
               
               
             
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  
    March 31,  
    2013     2012  
                 
Net income attributable to Las Vegas Sands Corp.   $ 571,961     $ 498,942  
                 
Pre-opening expense, net     4,827       36,199  
Development expense, net     5,351       1,198  
Impairment loss, net     -       30,154  
Loss on disposal of assets, net     1,779       497  
Loss on early retirement of debt, net     -       2,831  
Adjusted net income   $ 583,918     $ 569,821  
                 
Hold-adjusted casino revenue (1)     25,922       (176,908 )
Hold-adjusted casino expense (1)     (4,054 )     37,271  
Income tax impact on hold adjustments     (9,236 )     14,037  
Noncontrolling interest impact on hold adjustments     -       11,815  
Hold-adjusted adjusted net income   $ 596,550     $ 456,036  
                 
(1) See Exhibit 3                
                 
Per diluted share of common stock:                
Net income attributable to Las Vegas Sands Corp.   $ 0.69     $ 0.61  
                 
Pre-opening expense, net     0.01       0.05  
Development expense, net     0.01       -  
Impairment loss, net     -       0.04  
Loss on disposal of assets, net     -       -  
Loss on early retirement of debt, net     -       -  
Adjusted earnings per diluted share   $ 0.71     $ 0.70  
                 
Hold-adjusted casino revenue     0.03       (0.22 )
Hold-adjusted casino expense     (0.01 )     0.04  
Income tax impact on hold adjustments     (0.01 )     0.02  
Noncontrolling interest impact on hold adjustments     -       0.02  
Hold-adjusted adjusted earnings per diluted share   $ 0.72     $ 0.56  
                 
Weighted average diluted shares outstanding     827,452,691       818,797,155  
                 
                 
                 
           
Las Vegas Sands Corp. and Subsidiaries          
Supplemental Data Schedule          
(Unaudited)          
           
  Three Months Ended  
  March 31,  
  2013     2012  
               
Room Statistics:              
  The Venetian Macao:              
    Occupancy %   91.6 %     93.4 %
    Average daily room rate (ADR) (1) $ 231     $ 244  
    Revenue per available room (RevPAR) (2) $ 212     $ 228  
               
  Sands Cotai Central:              
    Occupancy %   70.8 %     N/A  
    Average daily room rate (ADR) (1) $ 152       N/A  
    Revenue per available room (RevPAR) (2) $ 108       N/A  
               
  Four Seasons Hotel Macao and Plaza Casino:              
    Occupancy %   81.2 %     82.3 %
    Average daily room rate (ADR) (1) $ 370     $ 360  
    Revenue per available room (RevPAR) (2) $ 301     $ 296  
               
  Sands Macao:              
    Occupancy %   94.9 %     93.8 %
    Average daily room rate (ADR) (1) $ 246     $ 252  
    Revenue per available room (RevPAR) (2) $ 233     $ 236  
               
  Marina Bay Sands:              
    Occupancy %   98.5 %     98.4 %
    Average daily room rate (ADR) (1) $ 378     $ 341  
    Revenue per available room (RevPAR) (2) $ 372     $ 335  
               
  Las Vegas Operating Properties:              
    Occupancy %   90.3 %     83.4 %
    Average daily room rate (ADR) (1) $ 211     $ 214  
    Revenue per available room (RevPAR) (2) $ 191     $ 178  
               
  Sands Bethlehem:              
    Occupancy %   65.3 %     50.3 %
    Average daily room rate (ADR) (1) $ 138     $ 139  
    Revenue per available room (RevPAR) (2) $ 90     $ 70  
               
Casino Statistics:              
  The Venetian Macao:              
    Table games win per unit per day (3) $ 17,902     $ 14,334  
    Slot machine win per unit per day (4) $ 320     $ 334  
    Average number of table games   525       570  
    Average number of slot machines   2,270       2,282  
               
  Sands Cotai Central:              
    Table games win per unit per day (3) $ 14,225       N/A  
    Slot machine win per unit per day (4) $ 247       N/A  
    Average number of table games   503       N/A  
    Average number of slot machines   2,157       N/A  
               
  Four Seasons Hotel Macao and Plaza Casino:              
    Table games win per unit per day (3) $ 20,071     $ 26,933  
    Slot machine win per unit per day (4) $ 549     $ 740  
    Average number of table games   146       165  
    Average number of slot machines   187       176  
               
  Sands Macao:              
    Table games win per unit per day (3) $ 13,023     $ 10,733  
    Slot machine win per unit per day (4) $ 238     $ 295  
    Average number of table games   287       399  
    Average number of slot machines   1,229       1,093  
               
  Marina Bay Sands:              
    Table games win per unit per day (3) $ 13,608     $ 12,975  
    Slot machine win per unit per day (4) $ 708     $ 665  
    Average number of table games   600       607  
    Average number of slot machines   2,211       2,479  
               
  Las Vegas Operating Properties:              
    Table games win per unit per day (3) $ 6,502     $ 7,085  
    Slot machine win per unit per day (4) $ 199     $ 188  
    Average number of table games   239       227  
    Average number of slot machines   2,452       2,417  
               
  Sands Bethlehem:              
    Table games win per unit per day (3) $ 3,020     $ 2,784  
    Slot machine win per unit per day (4) $ 272     $ 279  
    Average number of table games   141       119  
    Average number of slot machines   3,020       2,995  
               

(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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