Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,501.65 -12.72 -0.08%
S&P 500 1,875.39 -4.16 -0.22%
NASDAQ 4,126.97 -34.49 -0.83%
Ticker Volume Price Price Delta
STOXX 50 3,175.97 -23.72 -0.74%
FTSE 100 6,674.74 -7.02 -0.11%
DAX 9,544.19 -55.90 -0.58%
Ticker Volume Price Price Delta
NIKKEI 14,537.06 -9.21 -0.06%
TOPIX 1,172.59 -1.22 -0.10%
HANG SENG 22,527.38 17.74 0.08%

Las Vegas Sands Reports Third Quarter 2012 Results


Las Vegas Sands Reports Third Quarter 2012 Results

Market Share of Gross Gaming Revenue in Macao Reached 19.3% in the Quarter Compared to 14.3% Last Year, Reflecting Market Share Growth of 35%; Net Revenue Increased 12.5% to $2.71 Billion in the Third Quarter of 2012 Compared to the Third Quarter of 2011; Record Gaming Volumes in Macao Drove Adjusted Property EBITDA in Macao Up 25.7% to Record $487.9 Million; Board of Directors Increases Dividend by 40% to $0.35 per Quarter, or $1.40 per Year, for 2013 and Declares $0.25 per Share Dividend for the Fourth Quarter of 2012; Consolidated Adjusted Property EBITDA of $876.9 Million Reflected Low Hold on Table Games Play in Singapore (Consolidated Hold-Adjusted Adjusted Property EBITDA Was $950.7 Million)

LAS VEGAS, NV -- (Marketwire) -- 11/01/12 -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2012.

Third Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "Despite low hold on table games play at Marina Bay Sands in Singapore, our financial results reflect strong revenue growth and cash flow for the quarter.

"In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business. We also made strong progress on the execution of our Cotai Strip development plan, as we successfully opened the second phase of Sands Cotai Central, the largest Integrated Resort development in the company's history and a key component of our Cotai Strip master plan. We expect the attractions and offerings of Sands Cotai Central, and in particular its vast inventory of hotel rooms and suites, to meaningfully benefit Macao and the Cotai Strip as it strengthens its position as one of the leading business and leisure destinations in the world. Looking ahead, we remain confident that our soon to be interconnected Cotai Strip properties, The Venetian Macao, Four Seasons Macao and Plaza Casino, and Sands Cotai Central, with 28 million square feet of Integrated Resort capacity, will provide an outstanding platform for growth in Macao in the years ahead.

"The prudent management of our cash flow, including the ability to both invest in future growth and to increase the return o f capital to our shareholders, remains a high priority for the company. The board of directors of Las Vegas Sands is pleased to increase the quarterly dividend by 40% to $0.35 per common share, or $1.40 per common share per year, beginning in the first quarter of 2013. The company also declared its fourth consecutive quarterly dividend of $0.25 per common share to be paid on December 28, 2012 to shareholders of record as of December 20, 2012."

Company-Wide Operating Results

Net revenue for the third quarter of 2012 was $2.71 billion, an increase of 12.5% compared to $2.41 billion in the third quarter of 2011. Consolidated adjusted property EBITDA in the third quarter of 2012 was $876.9 million, a decrease of 5.1% compared to $924.1 million in the year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA was $950.7 million. Consolidated adjusted property EBITDA margin decreased to 32.4% in the third quarter of 2012, compared to 38.4% in the third quarter of 2011. The quarter's adjusted property EBITDA and EBITDA margin were unfavorably impacted compared to the quarter one year ago due to lower hold (approximately $74 million adjusted property EBITDA impact) and increased provisions for accounts receivable (approximately $15 million in adjusted property EBITDA impact) in Singapore.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2012 decreased 15.6% to $534.1 million, compared to $632.6 million in the third quarter of 2011. The decrease in operating income was principally due to the previously mentioned reasons as well as pre-opening expenses and higher depreciation and amortization related to the opening of Sands Cotai Central.

Adjusted net income (see Note 1) decreased to $382.2 million, or $0.46 per diluted share, compared to $444.8 million, or $0.55 per diluted share, in the third quarter of 2011. The decrease in adjusted net income was principally driven by the decrease in operating income described above.

On a GAAP basis, net income attributable to common stockholders in the third quarter of 2012 decreased 1.1% to $349.8 million, compared to $353.6 million in the third quarter of 2011, while diluted earnings per share in the third quarter of 2012 decreased 4.5% to $0.42, compared to $0.44 in the prior year quarter. The decrease in net income attributable to common stockholders reflected the decrease in operating income described above, partially offset by the benefit from the discontinuation of preferred stock dividends and the accretion of preferred stock resulting from the redemption of the company's outstanding preferred stock in November 2011.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 36.7% to $1.64 billion in the third quarter of 2012, compared to $1.20 billion in the third quarter of 2011. Adjusted property EBITDA for Sands China Ltd. increased 24.3% to $485.6 million in the third quarter of 2012, compared to $390.6 million in the third quarter of 2011. Net income for Sands China Ltd. increased 17.4% to $326.7 million in the third quarter of 2012, compared to $278.3 million in the third quarter of 2011.

The Venetian Macao Third Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered a record adjusted property EBITDA of $299.0 million, an increase of 18.3% compared to $252.7 million in the third quarter of 2011. Operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.32%, compared to 2.66% in the third quarter of 2011. Adjusted property EBITDA margin increased to 38.7% in the third quarter of 2012 from 36.7% in the year-ago quarter. Non-Rolling Chip drop was $1.14 billion for the quarter, an increase of 6.2% compared to the same quarter one year ago, while Non-Rolling Chip win percentage increased to 31.3%. Rolling Chip volume during the quarter decreased 11.9% to $11.20 billion partially due to Paiza Club renovations, which resulted in 23 fewer active rolling tables on average during the quarter. Slot handle was $1.26 billion, an increase of 40.8% compared to the quarter one year ago. Mall revenues increased 17.5% during the quarter compared to the quarter last year.

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


 
                                                                            
                                Three Months Ended                          
The Venetian Macao Operations      September 30,                            
                              ----------------------                        
(Dollars in millions)            2012        2011      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    671.1  $    586.9  $     84.2       14.3%
  Rooms                             55.4        57.1        (1.7)      -3.0%
  Food and Beverage                 21.0        18.8         2.2       11.7%
  Mall                  
            36.9        31.4         5.5       17.5%
  Convention, Retail and                                                    
   Other                            19.0        21.7        (2.7)     -12.4%
  Less - Promotional                                                        
   Allowances                      (30.6)      (26.7)       (3.9)     -14.6%
                              ----------  ----------  ----------            
Net Revenues                  $    772.8  $    689.2  $     83.6       12.1%
                                                                            
Adjusted Property EBITDA      $    299.0  $    252.7  $     46.3       18.3%
    EBITDA Margin %                 38.7%       36.7%               2.0 pts 
                                                                            
Operating Income              $    261.3  $    206.5  $     54.8       26.5%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume           $ 11,199.4  $ 12,706.8  $ (1,507.4)     -11.9%
  Rolling Chip Win %(1)             3.32%       2.66%              0.66 pts 
                                                                            
Non-Rolling Chip Drop         $  1,140.9  $  1,074.2  $     66.7        6.2%
  Non-Rolling Chip Win %(2)         31.3%       27.6%               3.7 pts 
                                                                            
Slot Handle                   $  1,262.8  $    897.1  $    365.7       40.8%
  Slot Hold %(3)                     4.9%        6.4%              -1.5 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         93.9%       94.1%              -0.2 pts 
Average Daily Rate (ADR)      $      227  $      232  $       (5)      -2.2%
Revenue per Available Room                                                  
 (RevPAR)                     $      213  $      218  $       (5)      -2.3%

(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions). (2) This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip win percentage of 30.2% (calculated before discounts). (3) This compares to The Venetian Macao's trailing 12 month slot hold percentage of 5.4% (calculated before slot club cash incentives).

Four Seasons Hotel Macao and Plaza Casino Third Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $54.4 million in the third quarter of 2012, a decrease of 8.9% compared to the $59.7 million for the third quarter of 2011. The operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.58% for the current quarter. Rolling Chip volume reached $8.96 billion for the quarter, an increase of 115.4% compared to the third quarter of 2011. Non-Rolling Chip drop was a record $110.8 million while Non-Rolling Chip win percentage was 32.6% and lower than the 38.9% in the prior year quarter. Slot handle was $214.8 million during the quarter, an increase of 6.6% compared to the third quarter of 2011. The non-gaming offerings of the property continued to exhibit healthy growth, with increases in both occupancy and ADR driving a RevPAR increase of 22.4% in the quarter. Mall revenue increased 10.0% to $23.1 million.

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


 
                                                                            
Four Seasons Hotel Macao and    Three Months Ended                          
 Plaza Casino Operations           September 30,                            
                              ----------------------                        
(Dollars in millions)            2012        2011      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    194.7  $    140.6  $     54.1       38.5%
  Rooms                             10.0         8.3         1.7       20.5%
  Food and Beverage                  6.1         5.2         0.9       17.3%
  Mall                              23.1        21.0         2.1       10.0%
  Convention, Retail and                                                    
   Other                             0.7         0.6         0.1       16.7%
  Less - Promotional                                                        
   Allowances                      (10.1)       (6.6)       (3.5)     -53.0%
                              ----------  ----------  ----------            
Net Revenues                  $    224.5  $    169.1  $     55.4       32.8%
                                                                            
Adjusted Property EBITDA      $     54.4  $     59.7  $     (5.3)      -8.9%
  EBITDA Margin %                   24.2%       35.3%             -11.1 pts 
                                                                            
Operating Income              $     40.3  $     45.1  $     (4.8)     -10.6%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume           $  8,962.5  $  4,160.5  $  4,802.0      115.4%
  Rolling Chip Win %(1)             2.58%       2.90%             -0.32 pts 
                                                                            
Non-Rolling Chip Drop         $    110.8  $    107.6  $      3.2        3.0%
  Non-Rolling Chip Win %(2)         32.6%       38.9%              -6.3 pts 
                                                                            
Slot Handle                   $    214.8  $    201.5  $     13.3        6.6%
  Slot Hold %(3)                     4.4%        6.4%              -2.0 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         83.1%       70.8%              12.3 pts 
Average Daily Rate (ADR)      $      349  $      335  $       14        4.2%
Revenue per Available Room                                                  
 (RevPAR)                     $      290  $      237  $       53       22.4%

(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated befo re discounts and commissions). (2) This compares to the Plaza Casino's trailing 12 month Non-Rolling Chip win percentage of 40.4% (calculated before discounts). (3) This compares to the Plaza Casino's trailing 12 month slot hold percentage of 5.1% (calculated before slot club cash incentives).

Sands Cotai Central Third Quarter Operating Results

The first phase of Sands Cotai Central opened on April 11, 2012 and the second phase of the property opened on September 20, 2012, adding additional mass gaming capacity, approximately 1,800 Sheraton-branded hotel rooms and additional retail amenities to the property for the last eleven days of the quarter. Net revenues and adjusted property EBITDA for the third quarter of 2012 were $295.9 million and $53.7 million, respectively, resulting in an EBITDA margin of 18.1%. The quarter's results were negatively impacted by lower than expected Rolling Chip win percentage of 2.28%.

Rolling Chip volume reflected meaningful growth and reached $9.06 billion while Non-Rolling Chip drop reached $542.0 million with Non-Rolling Chip win percentage of 20.7%. Slot handle, driven by robust electronic table games play, was $1.03 billion for the quarter. Rolling Volume per table per day expanded to reach approximately $660,000 in the quarter, an increase of 13.8% compared to the second quarter of 2012. Mass table, slot and ETG win per day climbed to $1.56 million, an increase of 15.0% compared to the second quarter of 2012. Hotel occupancy reached 88.9% during the quarter with ADR of $149.

The following table summarizes our key operating results for Sands Cotai Central for the third quarter of 2012 and the 81 days of operations in the second quarter of 2012:


 
                                                                            
                                               Quarter Ended  81 Days Ended 
Sands Cotai Central                            September 30,     June 30,   
(Dollars in millions)                             2012(1)          2012     
                                               -------------  ------------- 
                                                                            
Revenues:                                                                   
  Casino                                       $       272.1  $       249.5 
  Rooms                                                 24.0           15.3 
  Food and Beverage                                     11.3            9.4 
  Mall                                                   3.8            3.3 
  Convention, Retail and Other                           2.4            1.7 
  Less - Promotional Allowances                        (17.7)         (13.6)
                                               -------------  ------------- 
Net Revenues                                   $       295.9  $       265.6 
                                                                            
Adjusted Property EBITDA                       $        53.7  $        51.8 
  EBITDA Margin %                                       18.1%          19.5%
                                                                            
Operating Loss                                 $       (19.9) $       (17.9)
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume                            $     9,055.2  $     6,820.6 
  Rolling Chip Win %                                    2.28%          3.12%
                                                                            
Non-Rolling Chip Drop                          $       542.0  $       389.4 
  Non-Rolling Chip Win %                                20.7%          21.5%
                                                                            
Slot Handle                                    $     1,032.4  $       665.4 
  Slot Hold %                                            3.1%           4.0%
                                                                            
Hotel Statistics                                                            
                                                                            
  Occupancy %                                           88.9%          75.1%
  Average Daily Rate (ADR)                     $         149  $         141 
  Revenue per Available Room (RevPAR)          $         132  $         106 

(1) On September 20, 2012, the second phase of Sands Cotai Central opened adding additional mass gaming capacity, approximately 1,800 Sheraton-branded hotel rooms and additional retail amenities.

Sands Macao Third Quarter Operating Results

Sands Macao's adjusted property EBITDA was $80.9 million, an increase of 6.7% compared to last year, while adjusted property EBITDA margin increased 90 basis points to 25.6%. Rolling Chip volume of $6.82 billion for the quarter, which was a decrease of 13.7% compared to the prior year's quarter, reflected a 19.6% decrease in the number of Rolling Chip tables to an average of 115 tables for the quarter. Non-Rolling Chip drop was $739.0 million during the quarter, an increase of 2.3%, despite 72 fewer Non-Rolling chip tables in operation during the quarter. Slot handle increased 11.1% to $596.3 million.

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


 
                                                                            
                                Three Months Ended                          
Sands Macao Operations             September 30,                            
                              ----------------------                        
(Dollars in millions)            2012        2011      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    307.7  $    299.8  $      7.9        2.6%
  Rooms                              6.0         6.2        (0.2)      -3.2%
  Food and Beverage                  8.9        10.5        (1.6)     -15.2%
  Convention, Retail and                                                    
   Other                             2.5         2.3         0.2        8.7%
  Less - Promotional                                                        
   Allowances                       (9.8)      (11.4)        1.6      -14.0%
                              ----------  ----------  ----------            
Net Revenues                  $    315.3  $    307.4  $      7.9        2.6%
                                                                            
Adjusted Property EBITDA      $     80.9  $     75.8  $      5.1        6.7%
  EBITDA Margin %                   25.6%       24.7%               0.9 pts 
                                                                            
Operating Income              $     72.4  $     67.2  $      5.2        7.7%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume           $  6,818.6  $  7,902.9  $ (1,084.3)     -13.7%
  Rolling Chip Win %(1)             2.96%       2.65%              0.31 pts 
                                                                            
Non-Rolling Chip Drop         $    739.0  $    722.6  $     16.4        2.3%
  Non-Rolling Chip Win %(2)         20.8%       20.0%               0.8 pts 
                  
                                                          
Slot Handle                   $    596.3  $    536.5  $     59.8       11.1%
  Slot Hold %(3)                     4.2%        5.3%              -1.1 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         97.3%       92.9%               4.4 pts 
Average Daily Rate (ADR)      $      236  $      251  $      (15)      -6.0%
Revenue per Available Room                                                  
 (RevPAR)                     $      230  $      233  $       (3)      -1.3%

(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions). (2) This compares to the Sands Macao's trailing 12 month Non-Rolling Chip win percentage of 20.8% (calculated before discounts). (3) This compares to the Sands Macao's trailing 12 month slot hold percentage of 4.4% (calculated before slot club cash incentives).

Marina Bay Sands Third Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $260.8 million for the third quarter. On a hold-adjusted basis, adjusted property EBITDA was $365.6 million. The operating results were unfavorably impacted by lower than expected Rolling Chip win percentage of 1.79% for the quarter, as well as an increase of approximately $15 million in the provision for accounts receivable during the quarter.

Non-Rolling Chip drop decreased 5.7% to $1.13 billion while Non-Rolling Chip win was flat at $271.9 million. Slot handle decreased 6.1% to $2.62 billion, with slot hold percentage of 5.2%. Total mass win per day during the quarter decreased 2.6% to $4.43 million, compared to $4.55 million in the third quarter of 2011. Rolling Chip volume was $11.79 billion for the quarter.

The high margin hotel room and mall segments of the property continued to reflect solid revenue growth of 12.4% and 7.6%, respectively. Occupancy and ADR both expanded during the quarter, driving a RevPAR increase of 12.1% compared to the same quarter last year.

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


 
                                                                            
                                Three Months Ended                          
Marina Bay Sands Operations        September 30,                            
                              ----------------------                        
(Dollars in millions)            2012        2011      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    470.8  $    651.9  $   (181.1)     -27.8%
  Rooms                             84.0        74.7         9.3       12.4%
  Food and Beverage                 46.1        49.2        (3.1)      -6.3%
  Mall                              39.7        36.9         2.8        7.6%
  Convention, Retail and                                                    
   Other                            26.1        32.4        (6.3)     -19.4%
  Less - Promotional                                                        
   Allowances                      (41.2)      (52.7)       11.5       21.8%
                              ----------  ----------  ----------            
Net Revenues                  $    625.5  $    792.4  $   (166.9)     -21.1%
                                                                            
Adjusted Property EBITDA      $    260.8  $    413.9  $   (153.1)     -37.0%
  EBITDA Margin %                   41.7%       52.2%             -10.5 pts 
                                                                            
Operating Income              $    166.5  $    315.4  $   (148.9)     -47.2%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume           $ 11,790.8  $ 16,720.2  $ (4,929.4)     -29.5%
  Rolling Chip Win %(1)             1.79%       2.69%             -0.90 pts 
                                                                            
Non-Rolling Chip Drop         $  1,131.3  $  1,199.2  $    (67.9)      -5.7%
  Non-Rolling Chip Win %(2)         24.0%       22.6%               1.4 pts 
                                                                            
Slot Handle                   $  2,620.8  $  2,792.5  $   (171.7)      -6.1%
  Slot Hold %(3)                     5.2%        5.3%              -0.1 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         99.8%       98.1%               1.7 pts 
Average Daily Rate (ADR)      $      361  $      327  $       34       10.4%
Revenue per Available Room                                                  
 (RevPAR)                     $      360  $      321  $       39       12.1%

(1) This compares to Marina Bay Sands' trailing 12 month Rolling Chip win percentage of 2.79% (calculated before discounts and commissions). (2) This compares to Marina Bay Sands' trailing 12 month Non-Rolling Chip win percentage of 23.1% (calculated before discounts). (3) This compares to Marina Bay Sands' trailing 12 month slot hold percentage of 5.3% (calculated before slot club cash incentives).

Las Vegas Third Quarter Operating Results

The Venetian and The Palazzo delivered adjusted property EBITDA of $98.2 million for the third quarter of 2012, an increase of 4.1% compared to the $94.3 million generated in the third quarter of 2011. Adjusted property EBITDA margin was 26.9% for the quarter. The operating results were positively impacted by higher than expected table games win percentage of 28.1% for the quarter. Table games drop, which benefitted from strong growth in baccarat play, increased 8.5% to a third quarter record of $581.5 million. Slot handle increased 1.7% to $498.4 million while slot hold percentage was 8.7%. Hotel ADR was flat compared to last year's quarter, although RevPAR decreased 5.6% due to a lower occupancy percentage.

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


 
                                                                            
                                Three Months Ended                          
Las Vegas Operations               September 30,                            
                              ----------------------                        
(Dollars in millions)            2012        2011      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    171.5  $    124.3  $     47.2       38.0%
  Rooms                            105.7       114.0        (8.3)      -7.3%
  Food and Beverage                 42.4        57.2       (14.8)     -25.9%
  Convention, Retail and                                                    
   Other                            68.0        72.7        (4.7)      -6.5%
  Less - Promotional                                    
                    
   Allowances                      (23.2)      (20.8)       (2.4)      11.5%
                              ----------  ----------  ----------            
Net Revenues                  $    364.4  $    347.4  $     17.0        4.9%
                                                                            
Adjusted Property EBITDA      $     98.2  $     94.3  $      3.9        4.1%
EBITDA Margin %                     26.9%       27.1%              -0.2 pts 
                                                                            
Operating Income              $     74.0  $     64.8  $      9.2       14.2%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Table Games Drop              $    581.5  $    536.1  $     45.4        8.5%
Table Games Win %(1)                28.1%       20.4%               7.7 pts 
                                                                            
Slot Handle                   $    498.4  $    490.2  $      8.2        1.7%
Slot Hold %(2)                       8.7%        8.7%               0.0 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         87.3%       92.7%              -5.4 pts 
Average Daily Rate (ADR)      $      191  $      191  $        0        0.0%
Revenue per Available Room                                                  
 (RevPAR)                     $      167  $      177  $      (10)      -5.6%

(1) This compares to our Las Vegas Operations' trailing 12 month table games win percentage of 22.1% (calculated before discounts). (2) This compares to our Las Vegas Operations' trailing 12 month slot hold percentage of 8.7% (calculated before slot club cash incentives).

Sands Bethlehem Third Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $122.0 million and adjusted property EBITDA reached a record $32.1 million for the third quarter of 2012. Table games drop was $234.9 million for the quarter, an increase of 24.4% compared to the quarter one year ago, while table games win percentage was 16.0%. Slot handle increased 2.7% to reach $1.02 billion for the quarter with slot hold percentage of 7.2%. The hotel, together with the addition of the retail mall and the events center, which debuted in May 2012, should contribute to future growth.

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


 
                                                                            
                                Three Months Ended                          
Sands Bethlehem Operations         September 30,                            
                              ----------------------                        
(Dollars in millions)            2012        2011      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    113.1  $     99.7  $     13.4       13.4%
  Rooms                              2.7         2.1         0.6       28.6%
  Food and Beverage                  7.0         6.4         0.6        9.4%
  Mall(1)                            0.4         0.0         0.4        N/A 
  Convention, Retail and                                                    
   Other                             4.9         4.1         0.8       19.5%
  Less - Promotional                                                        
   Allowances                       (6.1)       (5.6)       (0.5)       8.9%
                              ----------  ----------  ----------            
Net Revenues                  $    122.0  $    106.7  $     15.3       14.3%
                                                                            
Adjusted Property EBITDA      $     32.1  $     25.2  $      6.9       27.4%
EBITDA Margin %                     26.3%       23.6%               2.7 pts 
                                                                            
Operating Income              $     24.3  $     16.3  $      8.0       49.1%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Table Games Drop              $    234.9  $    188.9  $     46.0       24.4%
Table Games Win %(2)                16.0%       14.3%               1.7 pts 
                                                                            
Slot Handle                   $  1,015.3  $    988.4  $     26.9        2.7%
Slot Hold %(3)                       7.2%        7.1%               0.1 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         69.6%       47.3%              22.3 pts 
Average Daily Rate (ADR)      $      142  $      168         (26)     -15.5%
Revenue per Available Room                                                  
 (RevPAR)                     $       99  $       79          20       25.3%

(1) The first phase of the Retail Mall opened on November 1, 2011.

(2) This compares to Sands Bethlehem's trailing 12 month table games win percentage of 15.0% (calculated before discounts). (3) This compares to Sands Bethlehem's trailing 12 month slot hold percentage of 7.2% (calculated before slot club cash incentives).

Retail Mall Operations

Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, the Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $102.8 million for the third quarter of 2012, an increase of 15.2% compared to the third quarter of 2011. Operating profit derived from these retail mall assets increased 16.9% for the quarter to reach $86.5 million.


 
                                                                            
                                                                      LTM   
                                                                   September
                    For The Three Months Ended September 30, 2012   30, 2012
                   ----------------------------------------------- ---------
(Dollars in                                      Gross                      
 millions                            Operating  Leasable Occupancy   Tenant 
except per square   Gross  Operating   Profit    Area     % at End Sales Per
 foot data)        Revenue   Profit    Margin  (sq. ft.) of Period  Sq. Ft.2
                   ------- --------- --------- --------- --------- ---------
                                                                            
The Grand Canal                                                             
 Shoppes at The                                                             
 Venetian Macao    $  36.3 $    30.6     84.3%   809,204     91.7% $   1,186
                                                                            
The Shoppes at                                                              
 Four Seasons                                                             
  
  Luxury Retail       19.4      18.4     94.8%    89,576    100.0%     6,322
  Other Stores         3.7       3.4     91.9%    99,512     83.4%     1,453
                   ------- ---------           ---------                    
  Total               23.1      21.8             189,088     91.2%     4,353
                   ------- ---------           ---------                    
                                                                            
The Shoppes at                                                              
 Sands Cotai                                                                
 Central               3.7       2.7     73.0%   210,143    100.0%         -
                   ------- ---------           ---------                    
Total Cotai Strip                                                           
 in Macao             63.1      55.1     87.3% 1,208,255     93.1%     1,781
                   ------- ---------           ---------                    
                                                                            
The Shoppes at                                                              
 Marina Bay Sands     39.7      31.4     79.1%   631,024     96.2%     1,366
                   ------- ---------           ---------                    
                                                                            
Total              $ 102.8 $    86.5     84.1% 1,839,279     94.1% $   1,617
                   ======= =========           =========                    

(1) 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 $2.1 million during the quarter, compared to a profit of $2.5 million in the third quarter of 2011, which included a one-time benefit for a sales tax refund of approximately $7 million.

Pre-opening expenses, related primarily to Sands Cotai Central on the Cotai Strip in Macao, increased to $39.9 million in the third quarter of 2012, compared to $15.8 million in the third quarter of 2011.

Depreciation and amortization expense was $226.5 million in the third quarter of 2012, compared to $200.1 million in the third quarter of 2011.

Interest expense, net of amounts capitalized, was $62.3 million for the third quarter of 2012, compared to $70.8 million during the third quarter of 2011. The decrease was principally the result of a lower average borrowing cost, as well as lower debt balances outstanding during the quarter compared to the third quarter of 2011. Capitalized interest was $9.9 million during the third quarter of 2012, compared to $34.9 million during the third quarter of 2011. Our weighted average borrowing cost in the third quarter of 2012 was 2.9%.

Corporate expense was $54.6 million in the third quarter of 2012, compared to $54.0 million in the third quarter of 2011.

Other income, which was principally composed of foreign currency gains, was $2.4 million in the third quarter of 2012, compared to other expense of $6.6 million in the third quarter of 2011.

The company's effective income tax rate for the third quarter of 2012 was 7.0%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the third quarter of 2012 of $95.2 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of September 30, 2012, were $3.75 billion.

As of September 30, 2012, total debt outstanding, including the current portion, was $9.50 billion. Total principal payments for the remainder of 2012 and the full year 2013 are approximately $8.7 million and $97.5 million, respectively.

Capital Expenditures

Capital expenditures during the third quarter totaled $327.3 million, including construction and development activities of $231.8 million in Macao, $79.8 million in Las Vegas, $10.9 million at Marina Bay Sands, and $4.8 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Thursday, November 1, 2012 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.lasvegassands.com.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

Note 1

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

About Las Vegas Sands

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

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

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

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

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

Within the company's third quarter 2012 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "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 deprecia tion 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 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           Nine Months Ended     
                            September 30,               September 30,       
                         2012          2011          2012          2011     
                     ------------  ------------  ------------  ------------ 
                                                                            
Revenues:                                                                   
  Casino             $  2,201,030  $  1,903,142  $  6,534,947  $  5,429,903 
  Rooms                   287,849       262,352       830,887       734,022 
  Food and beverage       142,685       147,223       455,884       438,632 
  Mall                    103,232        89,212       268,390       218,956 
  Convention, retail                                                        
   and other              117,129       134,629       363,680       370,182 
                     ------------  ------------  ------------  ------------ 
                        2,851,925     2,536,558     8,453,788     7,191,695 
  Less - promotional                                                        
   allowances            (142,443)     (127,183)     (399,658)     (325,305)
                     ------------  ------------  ------------  ------------ 
                        2,709,482     2,409,375     8,054,130     6,866,390 
                     ------------  ------------  ------------  ------------ 
Operating expenses:                                                         
  Resort operations     1,839,991     1,492,506     5,288,946     4,317,348 
  Corporate                54,617        54,031       162,164       133,983 
  Pre-opening              39,872        15,823       134,803        43,472 
  Development               4,201         3,308        12,196         6,301 
  Depreciation and                                                          
   amortization           226,538       200,071       641,725       596,469 
  Amortization of                                                           
   leasehold                                                                
   interests in land       10,014        10,143        30,016        33,333 
  Impairment loss               -             -       143,674             - 
  Loss on disposal                                                          
   of assets                  154           937         1,229         8,879 
                     ------------  ------------  ------------  ------------ 
                        2,175,387     1,776,819     6,414,753     5,139,785 
                     ------------  ------------  ------------  ------------ 
Operating income          534,095       632,556     1,639,377     1,726,605 
Other income                                                                
 (expense):                                                                 
  Interest income           4,176         2,369        16,716         8,444 
  Interest expense,                                                         
   net of amounts                                                           
   capitalized            (62,292)      (70,761)     (191,497)     (214,938)
  Other income                                                              
   (expense)                2,352        (6,617)          715        (9,384)
  Loss on                                                                   
   modification or                                                          
   early retirement                                                         
   of debt                      -             -       (19,234)            - 
                     ------------  ------------  ------------  ------------ 
Income before income                                                        
 taxes                    478,331       557,547     1,446,077     1,510,727 
Income tax expense        (33,351)      (52,375)     (135,607)     (151,960)
                     ------------  ------------  ------------  ------------ 
Net income                444,980       505,172     1,310,470     1,358,767 
Net income                                                                  
 attributable to                                                            
 noncontrolling                                                             
 interests                (95,198)      (80,293)     (221,159)     (233,928)
                     ------------  ------------  ------------  ------------ 
Net income                                                                  
 attributable to Las                                                        
 Vegas Sands Corp.        349,782       424,879     1,089,311     1,124,839 
Preferred stock                                                             
 dividends                      -       (19,140)            -       (57,957)
Accretion to                                                                
 redemption value of                                                        
 preferred stock                                                            
 issued to Principal                                                        
 Stockholder's                                                              
 family                         -       (23,136)            -       (69,408)
Preferred stock                                                             
 inducement and                                                             
 repurchase premiums            -       (28,972)            -       (48,080)
                     ------------  ------------  ------------  ------------ 
Net income                                                                  
 attributable to                                                            
 common stockholders $    349,782  $    353,631  $  1,089,311  $    949,394 
                     ============  ============  ============  ============ 
                                                                            
Earnings per share:                                                         
  Basic              $       0.43  $       0.48  $       1.36  $       1.31 
                     ============  ============  ============  ============ 
  Diluted            $       0.42  $       0.44  $       1.32  $       1.17 
                     ============  ============  ============  ============ 
                                                                            
Weighted average                                                            
 shares outstanding:                                                        
  Basic               821,482,154   729,773,246   801,084,165   727,309,255 
                     ============  ============  ============  ============ 
  Diluted             825,606,248   812,543,534   823,361,035   811,550,683 
                     ============  ============  ============  ============ 
                                                                            
Dividends declared                                                          
 per common share    $      
 0.25  $          -  $       0.75  $          - 
                     ============  ============  ============  ============ 
                                                                            
                                                                            
                                                                            
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 September 30, 2012               
                                                                   
                                                           (Gain)  
                                                            Loss   
                                             Amortization    on    
                   Operating   Depreciation  of Leasehold Disposal 
                     Income        and        Interests      of    
                    (Loss)    Amortization     in Land     Assets  
                   ---------  ------------- ------------- -------- 
Macao:                                                             
  The Venetian                                                     
   Macao           $ 261,294  $      34,973 $       1,652 $   (300)
  Sands Macao         72,425          7,752           354      (15)
  Four Seasons                                                     
   Hotel Macao and                                                 
   Plaza Casino       40,284         12,448           706      172 
  Sands Cotai                                                      
   Central           (19,873)        32,085         2,152       62 
                   ---------  ------------- ------------- -------- 
Macao Property                                                     
 Operations          354,130         87,258         4,864      (81)
Marina Bay Sands     166,452         65,601         4,528      185 
United States:                                                     
  Las Vegas                                                        
   Operating                                                       
   Properties         74,011         54,795             -      (64)
  Sands Bethlehem     24,329          7,593             -        1 
                   ---------  ------------- ------------- -------- 
United States                                                      
 Property                                                          
 Operations           98,340         62,388             -      (63)
Other Asia (2)       (16,800)         3,706             -        9 
Other Development     (5,196)           153           622      104 
Corporate            (62,831)         7,432             -        - 
                   ---------  ------------- ------------- -------- 
                   $ 534,095  $     226,538 $      10,014 $    154 
                   =========  ============= ============= ======== 
                                                                   
                                                         
                                                                            
                   Three Months Ended September 30, 2012                    
                                                                            
                    Pre-Opening                                             
                        and                    (1)                 Adjusted 
                    Development  Royalty   Stock-Based   Corporate Property 
                     Expense      Fees    Compensation   Expense    EBITDA  
                   ------------ --------  ------------- ---------- -------- 
Macao:                                                                      
  The Venetian                                                              
   Macao           $         60 $      -  $       1,322 $        - $299,001 
  Sands Macao                 -        -            353          -   80,869 
  Four Seasons                                                              
   Hotel Macao and                                                          
   Plaza Casino             731        -             45          -   54,386 
  Sands Cotai                                                               
   Central               38,858        -            370          -   53,654 
                   ------------ --------  ------------- ---------- -------- 
Macao Property                                                              
 Operations              39,649        -          2,090          -  487,910 
Marina Bay Sands              -   21,810          2,212          -  260,788 
United States:                                                              
  Las Vegas                                                                 
   Operating                                                                
   Properties                 -  (33,464)         2,928          -   98,206 
  Sands Bethlehem            64        -            131          -   32,118 
                   ------------ --------  ------------- ---------- -------- 
United States                                                               
 Property                                                                   
 Operations                  64  (33,464)         3,059          -  130,324 
Other Asia (2)               43   10,872             46          -   (2,124)
Other Development         4,317        -              -          -        - 
Corporate                     -      782              -     54,617        - 
                   ------------ --------  ------------- ---------- -------- 
                   $     44,073 $      -  $       7,407 $   54,617 $876,898 
                   ============ ========  ============= ========== ======== 
                                                                            
                                                                            
                                                                            
                Three Months Ended September 30, 2011               
                                                                    
                                                            (Gain)  
                                                             Loss   
                                              Amortization    on    
                    Operating   Depreciation  of Leasehold Disposal 
                      Income        and        Interests      of    
                      (Loss)    Amortization    in Land     Assets  
                    ---------  ------------- ------------- -------- 
Macao:                                                              
The Venetian Macao  $ 206,513  $      40,078 $       1,646 $     68 
 Sands Macao           67,218          7,696           352      156 
 Four Seasons Hotel                                                 
  Macao and Plaza                                                   
  Casino               45,120         12,684           704        1 
                    ---------  ------------- ------------- -------- 
Macao Property                                                      
 Operations           318,851         60,458         2,702      225 
Marina Bay Sands      315,435         65,776         4,678       (5)
United States:                                                      
 Las Vegas                                                          
  Operating                                                         
  Properties   
        64,781         56,885             -        - 
 Sands Bethlehem       16,302          8,349             -        - 
                    ---------  ------------- ------------- -------- 
United States                                                       
 Property                                                           
 Operations            81,083         65,234             -        - 
Other Asia (2)         (6,659)         3,775             -        - 
Other Development     (17,725)           174         2,763      717 
Corporate             (58,429)         4,654             -        - 
                    ---------  ------------- ------------- -------- 
                    $ 632,556  $     200,071 $      10,143 $    937 
                    =========  ============= ============= ======== 
                                                                    
                                                                    
                                                                    
 
                   Three Months Ended September 30, 2011                    
                                                                            
                    Pre-Opening                                             
                        and                    (1)                 Adjusted 
                    Development  Royalty   Stock-Based   Corporate Property 
                      Expense     Fees     Compensation   Expense   EBITDA  
                    ----------- --------  ------------- ---------- -------- 
Macao:                                                                      
The Venetian Macao  $     2,958 $      -  $       1,457 $        - $252,720 
 Sands Macao                  -        -            399          -   75,821 
 Four Seasons Hotel                                                         
  Macao and Plaza                                                           
  Casino                  1,138        -             72          -   59,719 
                    ----------- --------  ------------- ---------- -------- 
Macao Property                                                              
 Operations               4,096        -          1,928          -  388,260 
Marina Bay Sands            672   25,621          1,716          -  413,893 
United States:                                                              
 Las Vegas                                                                  
  Operating                                                                 
  Properties                  -  (30,365)         3,010          -   94,311 
 Sands Bethlehem            119        -            400          -   25,170 
                    ----------- --------  ------------- ---------- -------- 
United States                                                               
 Property                                                                   
 Operations                 119  (30,365)         3,410          -  119,481 
Other Asia (2)              173    5,000            226          -    2,515 
Other Development        14,071        -              -          -        - 
Corporate                     -     (256)             -     54,031        - 
                    ----------- --------  ------------- ---------- -------- 
                    $    19,131 $      -  $       7,280 $   54,031 $924,149 
                    =========== ========  ============= ========== ======== 
                                                                            
                                                                            
                                                                            
                 Nine Months Ended September 30, 2012                
                                                                     
                                                          Impairment 
                                                          and (Gain) 
                                             Amortization    Loss    
                   Operating   Depreciation  of Leasehold     on     
                    Income         and        Interests    Disposal  
                    (Loss)     Amortization    in Land     of Assets 
                  ----------  ------------- ------------- ---------- 
Macao:                                                               
 The Venetian                                                        
  Macao           $  649,780  $     108,085 $       4,954 $   42,649 
 Sands Macao         234,259         22,779         1,060       (184)
 Four Seasons                                                        
  Hotel Macao and                                                    
  Plaza Casino       155,679         37,352         2,116        209 
 Sands Cotai                                                         
  Central            (37,749)        57,643         4,304         62 
                  ----------  ------------- ------------- ---------- 
Macao Property                                                       
 Operations        1,001,969        225,859        12,434     42,736 
Marina Bay Sands     774,941        196,668        13,570        184 
United States:                                                       
 Las Vegas                                                           
  Operating                                                          
  Properties         199,997        167,511             -        503 
 Sands Bethlehem      59,869         25,332             -        414 
                  ----------  ------------- ------------- ---------- 
United States                                                        
 Property                                                            
 Operations          259,866        192,843             -        917 
Other Asia (2)       (51,816)        11,089             -         33 
Other Development   (168,455)           575         4,012    101,034 
Corporate           (177,128)        14,691             -         (1)
                  ----------  ------------- ------------- ---------- 
                  $1,639,377  $     641,725 $      30,016 $  144,903 
                  ==========  ============= ============= ========== 
                                                                     
                                                                     
                                                                     
 
                    Nine Months Ended September 30, 2012                    
                                                                            
                   Pre-Opening                                              
                       and                    (1)                 Adjusted  
                   Development  Royalty   Stock-Based  Corporate  Property  
                     Expense     Fees     Compensation  Expense    EBITDA   
                  ------------ --------  ------------- --------- ---------- 
Macao:                                                                      
 The Venetian                                                               
  Macao           $        113 $      -  $       4,594 $       - $  810,175 
 Sands Macao                 -        -          1,215         -    259,129 
 Four Seasons                                                               
  Hotel Macao and                                                           
  Plaza Casino           2,953        -            183         -    198,492 
 Sands Cotai                                                                
  Central               80,629        -            603         -    105,492 
                  ------------ --------  ------------- --------- ---------- 
Macao Property                                                              
 Operations             83,695        -          6,595         -  1,373,288 
Marina Bay Sands             -   72,600          5,749         -  1,063,712 
United States:         
                                                     
 Las Vegas                                                                  
  Operating                                                                 
  Properties                 -  (99,020)         9,371         -    278,362 
 Sands Bethlehem           305        -            617         -     86,537 
                  ------------ --------  ------------- --------- ---------- 
United States                                                               
 Property                                                                   
 Operations                305  (99,020)         9,988         -    364,899 
Other Asia (2)             165   26,146            582         -    (13,801)
Other Development       62,834        -              -         -          - 
Corporate                    -      274              -   162,164          - 
                  ------------ --------  ------------- --------- ---------- 
                  $    146,999 $      -  $      22,914 $ 162,164 $2,788,098 
                  ============ ========  ============= ========= ========== 
                                                                            
                                                                            
                                                                            
               Nine Months Ended September 30, 2011               
                                                                  
                                                          (Gain)  
                                                           Loss   
                                            Amortization    on    
                  Operating   Depreciation  of Leasehold Disposal 
                   Income         and        Interests      of    
                   (Loss)     Amortization    in Land     Assets  
                 ----------  ------------- ------------- -------- 
Macao:                                                            
  The Venetian                                                    
   Macao         $  601,814  $     125,489 $       4,943 $   (652)
  Sands Macao       238,113         23,245         1,057      278 
  Four Seasons                                                    
   Hotel Macao                                                    
   and Plaza                                                      
   Casino           110,402         39,188         2,111      123 
                 ----------  ------------- ------------- -------- 
Macao Property                                                    
 Operations         950,329        187,922         8,111     (251)
Marina Bay Sands    827,454        183,760        16,926      738 
United States:                                                    
  Las Vegas                                                       
   Operating                                                      
   Properties       149,910        176,002             -   (1,778)
  Sands                                                           
   Bethlehem         42,928         23,202             -        - 
                 ----------  ------------- ------------- -------- 
United States                                                     
 Property                                                         
 Operations         192,838        199,204             -   (1,778)
Other Asia (2)      (39,208)        11,745             -        2 
Other                                                             
 Development        (50,517)           523         8,296    2,506 
Corporate          (154,291)        13,315             -    7,662 
                 ----------  ------------- ------------- -------- 
                 $1,726,605  $     596,469 $      33,333 $  8,879 
                 ==========  ============= ============= ======== 
                                                                  
 
                    Nine Months Ended September 30, 2011                    
                                                                            
                  Pre-Opening                                               
                      and                    (1)                  Adjusted  
                  Development  Royalty   Stock-Based   Corporate  Property  
                    Expense     Fees     Compensation   Expense    EBITDA   
                 ------------ --------  ------------- ---------- ---------- 
Macao:                                                                      
  The Venetian                                                              
   Macao         $      3,173 $      -  $       4,719 $        - $  739,486 
  Sands Macao               -        -          1,349          -    264,042 
  Four Seasons                                                              
   Hotel Macao                                                              
   and Plaza                                                                
   Casino               2,769        -            293          -    154,886 
                 ------------ --------  ------------- ---------- ---------- 
Macao Property                                                              
 Operations             5,942        -          6,361          -  1,158,414 
Marina Bay Sands        3,516   66,896          4,433          -  1,103,723 
United States:                                                              
  Las Vegas                                                                 
   Operating                                                                
   Properties               -  (81,227)         9,478          -    252,385 
  Sands                                                                     
   Bethlehem              758        -          1,430          -     68,318 
                 ------------ --------  ------------- ---------- ---------- 
United States                                                               
 Property                                                                   
 Operations               758  (81,227)        10,908          -    320,703 
Other Asia (2)            365   15,000            775          -    (11,321)
Other                                                                       
 Development           39,192        -              -          -          - 
Corporate                   -     (669)             -    133,983          - 
                 ------------ --------  ------------- ---------- ---------- 
                 $     49,773 $      -  $      22,477 $  133,983 $2,571,519 
                 ============ ========  ============= ========== ========== 

(1) During the three months ended September 30, 2012 and 2011, the Company recorded stock-based compensation expense of $17.4 million and $13.9 million, respectively, of which $9.8 million and $6.5 million, respectively, is included in corporate expense and $0.2 million and $0.1 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the nine months ended September 30, 2012 and 2011, the Company recorded stock-based compensation expense of $50.3 million and $47.2 million, respectively, of which $26.7 million and $24.4 million, respectively, is included in corporate expense and $0.7 million and $0.3 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 September 30, 2012                    
                                                                            
                                               (1)        (2)       Hold-   
                                              Hold-      Hold-     Adjusted 
                                  Adjusted   Adjusted   Adjusted   Adjusted 
                                  Property    Casino     Casino    Property 
                                   EBITDA    Revenue    Expense     EBITDA  
                                 ---------  ---------  ---------  --------- 
                                                                            
Macao Property Operations        $ 487,910  $       -  $       -  $ 487,910 
Marina Bay Sands                   260,788    118,070    (13,236)   365,622 
United States:                                                              
  Las Vegas Operating Properties    98,206    (31,459)     2,359     69,106 
  Sands Bethlehem                   32,118     (2,288)       343     30,173 
                                 ---------  ---------  ---------  --------- 
United States Property                                                      
 Operations                        130,324    (33,747)     2,702     99,279 
Other Asia                          (2,124)         -          -     (2,124)
Other Development                        -          -          -          - 
Corporate                                -          -          -          - 
                                 ---------  ---------  ---------  --------- 
                                 $ 876,898  $  84,323  $ (10,534) $ 950,687 
                                 =========  =========  =========  ========= 
                                                                            
                                                                            
                                                                            
                   Three Months Ended September 30, 2011                    
                                                                            
                                               (1)        (2)       Hold-   
                                              Hold-      Hold-     Adjusted 
                                  Adjusted   Adjusted   Adjusted   Adjusted 
                                  Property    Casino     Casino    Property 
                                   EBITDA    Revenue    Expense     EBITDA  
                                 ---------  ---------  ---------  --------- 
                                                                            
Macao Property Operations        $ 388,260  $  42,887  $ (16,726) $ 414,421 
Marina Bay Sands                   413,893     20,643     (2,314)   432,222 
United States:                                                              
  Las Vegas Operating Properties    94,311     (9,921)       744     85,134 
  Sands Bethlehem                   25,170        379        (66)    25,483 
                                 ---------  ---------  ---------  --------- 
United States Property                                                      
 Operations                        119,481     (9,542)       678    110,617 
Other Asia                           2,515          -          -      2,515 
Other Development                        -          -          -          - 
Corporate                                -          -          -          - 
                                 ---------  ---------  ---------  --------- 
                                 $ 924,149  $  53,988  $ (18,362) $ 959,775 
                                 =========  =========  =========  ========= 

(1) For Macao and Singapore 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 the win percentage for the trailing twelve months. 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 the win percentage for the trailing twelve months.

(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:                                   
                                                                            
                               Three Months Ended       Nine Months Ended   
                                  September 30,           September 30,     
                                2012        2011        2012        2011    
                             ----------  ----------  ----------  ---------- 
Net income attributable to                                                  
 Las Vegas Sands Corp.       $  349,782  $  424,879  $1,089,311  $1,124,839 
  Add (deduct):                                                             
    Net income attributable                                                 
     to noncontrolling                                                      
     interests                   95,198      80,293     221,159     233,928 
    Income tax expense           33,351      52,375     135,607     151,960 
    Loss on modification or                                                 
     early retirement of                                                    
     debt                             -           -      19,234           - 
    Other (income) expense       (2,352)      6,617        (715)      9,384 
    Interest expense, net of                                                
     amounts capitalized         62,292      70,761     191,497     214,938 
    Interest income              (4,176)     (2,369)    (16,716)     (8,444)
    Loss on disposal of                                                     
     assets                         154         937       1,229       8,879 
    Impairment loss                   -           -     143,674           - 
    Amortization of                                                         
     leasehold interests in                                                 
     land                        10,014      10,143      30,016      33,333 
    Depreciation and                                                        
     amortization               226,538     200,071     641,725     596,469 
    Development expense           4,201       3,308      12,196       6,301 
    Pre-opening expense          39,872      15,823     134,803      43,472 
    Stock-based compensation                                                
     (1)                          7,407       7,280      22,914      22,477 
    Corporate expens
e            54,617      54,031     162,164     133,983 
                             ----------  ----------  ----------  ---------- 
                                                                            
Adjusted Property EBITDA     $  876,898  $  924,149  $2,788,098  $2,571,519 
                             ==========  ==========  ==========  ========== 
                                                                            
    Hold-adjusted casino                                                    
     revenue (2)                 84,323      53,988                         
    Hold-adjusted casino                                                    
     expense (2)                (10,534)    (18,362)                        
                             ----------  ----------                         
                                                                            
Hold-Adjusted Adjusted                                                      
 Property EBITDA             $  950,687  $  959,775                         
                             ==========  ==========                         
                                                                            
(1) See Exhibit 2                                                           
(2) See Exhibit 3                                                           
_______________________                                                     
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Supplemental Data - Net Revenues                                            
(In thousands)                                                              
(Unaudited)                                                                 
                                                                            
                               Three Months Ended       Nine Months Ended   
                                  September 30,           September 30,     
                                2012        2011        2012        2011    
                             ----------  ----------  ----------  ---------- 
                                                                            
The Venetian Macao           $  772,769  $  689,243  $2,194,975  $2,062,917 
Sands Macao                     315,280     307,420     935,966     961,173 
Four Seasons Hotel Macao and                                                
 Plaza Casino                   224,478     169,050     790,219     461,914 
Sands Cotai Central             295,855           -     561,456           - 
Marina Bay Sands                625,548     792,427   2,168,979   2,114,921 
Las Vegas Operating                                                         
 Properties                     364,426     347,446   1,076,342     985,043 
Sands Bethlehem                 121,966     106,720     352,624     294,870 
Other Asia                       37,289      43,190     110,792     109,413 
Intersegment Eliminations       (48,129)    (46,121)   (137,223)   (123,861)
                             ----------  ----------  ----------  ---------- 
                                                                            
                             $2,709,482  $2,409,375  $8,054,130  $6,866,390 
                             ==========  ==========  ==========  ========== 
                                                                            
_______________________                                                     
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net         
Revenues                                                                    
(Unaudited)                                                                 
                                                                            
                               Three Months Ended       Nine Months Ended   
                                  September 30,           September 30,     
                                2012        2011        2012        2011    
                             ----------  ----------  ----------  ---------- 
The Venetian Macao                 38.7%       36.7%       36.9%       35.8%
Sands Macao                        25.6%       24.7%       27.7%       27.5%
Four Seasons Hotel Macao and                                                
 Plaza Casino                      24.2%       35.3%       25.1%       33.5%
Sands Cotai Central                18.1%        N/A        18.8%        N/A 
Marina Bay Sands                   41.7%       52.2%       49.0%       52.2%
Las Vegas Operating                                                         
 Properties                        26.9%       27.1%       25.9%       25.6%
Sands Bethlehem                    26.3%       23.6%       24.5%       23.2%
Other Asia                         -5.7%        5.8%      -12.5%      -10.3%
                                                                            
Total                              32.4%       38.4%       34.6%       37.5%
                                                                            
                                                                            
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted    
 Share                                                                      
(In thousands, except share and per share data)                             
(Unaudited)                                                                 
                                                                            
                             Three Months Ended        Nine Months Ended    
                               September 30,             September 30,      
                             2012         2011         2012         2011    
                         ------------ ------------ ------------ ------------
                                                                            
Net income attributable                                                     
 to common stockholders  $    349,782 $    353,631 $  1,089,311 $    949,394
                                                                            
Pre-opening expense, net       28,057       15,709       94,867       42,874
Development expense, net        4,201        3,308       12,196        6,301
Impairment loss, net                -            -      101,009            -
Loss on disposal of                                                         
 assets, net                      144          937        1,190        8,879
Loss on modification or                                                     
 early retirement of                                                        
 debt, net                          -            -       18,714            -
Preferred stock                                                             
 dividends                          -       19,140            -       57,957
Accretion to redemption                                                     
 value of preferred                                                         
 stockissued to                                                             
 Principal Stockholder's                                                    
 family                             -       23,136            -       69,408
Preferred stock                                                             
 inducement and                                                             
 repurchase premiums                -       28,972            -       48,080
                         ------------ ------------ ------------ ------------
                      
                                                      
Adjusted net income      $    382,184 $    444,833 $  1,317,287 $  1,182,893
                         ============ ============ ============ ============
                                                                            
                                                                            
Per diluted share of                                                        
 common stock:                                                              
Net income attributable                                                     
 to common stockholders  $       0.42 $       0.44 $       1.32 $       1.17
                                                                            
Pre-opening expense, net         0.03         0.02         0.12         0.05
Development expense, net         0.01            -         0.01         0.01
Impairment loss, net                -            -         0.13            -
Loss on disposal of                                                         
 assets, net                        -            -            -         0.01
Loss on modification or                                                     
 early retirement of                                                        
 debt, net                          -            -         0.02            -
Preferred stock                                                             
 dividends                          -         0.02            -         0.07
Accretion to redemption                                                     
 value of preferred                                                         
 stockissued to                                                             
 Principal Stockholder's                                                    
 family                             -         0.03            -         0.09
Preferred stock                                                             
 inducement and                                                             
 repurchase premiums                -         0.04            -         0.06
                         ------------ ------------ ------------ ------------
                                                                            
Adjusted earnings per                                                       
 diluted share           $       0.46 $       0.55 $       1.60 $       1.46
                         ============ ============ ============ ============
                                                                            
Weighted average diluted                                                    
 shares outstanding       825,606,248  812,543,534  823,361,035  811,550,683
                                                                            
                                                                            
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Supplemental Data Schedule                                                  
(Unaudited)                                                                 
                                                                            
                                  Three Months Ended     Nine Months Ended  
                                     September 30,         September 30,    
                                    2012       2011       2012       2011   
                                 ---------  ---------  ---------  --------- 
                                                                            
Room Statistics:                                                            
  The Venetian Macao:                                                       
    Occupancy %                       93.9%      94.1%      91.4%      90.1%
    Average daily room rate                                                 
     (ADR) (1)                   $     227  $     232  $     233  $     227 
    Revenue per available room                                              
     (RevPAR) (2)                $     213  $     218  $     213  $     205 
                                                                            
  Sands Macao:                                                              
    Occupancy %                       97.3%      92.9%      94.8%      88.6%
    Average daily room rate                                                 
     (ADR) (1)                   $     236  $     251  $     243  $     248 
    Revenue per available room                                              
     (RevPAR) (2)                $     230  $     233  $     231  $     220 
                                                                            
  Four Seasons Hotel Macao and                                              
   Plaza Casino:                                                            
    Occupancy %                       83.1%      70.8%      79.6%      67.8%
    Average daily room rate                                                 
     (ADR) (1)                   $     349  $     335  $     355  $     333 
    Revenue per available room                                              
     (RevPAR) (2)                $     290  $     237  $     282  $     225 
                                                                            
  Sands Cotai Central:                                                      
    Occupancy %                       88.9%       N/A       82.8%       N/A 
    Average daily room rate                                                 
     (ADR) (1)                   $     149        N/A  $     146        N/A 
    Revenue per available room                                              
     (RevPAR) (2)                $     132        N/A  $     121        N/A 
                                                                            
  Marina Bay Sands:                                                         
    Occupancy %                       99.8%      98.1%      99.1%      91.8%
    Average daily room rate                                                 
     (ADR) (1)                   $     361  $     327  $     351  $     303 
    Revenue per available room                                              
     (RevPAR) (2)                $     360  $     321  $     348  $     278 
                                                                            
  Las Vegas Operating                                                       
   Properties:                                                              
    Occupancy %                       87.3%      92.7%      85.6%      88.5%
    Average daily room rate                                                 
     (ADR) (1)                   $     191  $     191  $     203  $     201 
    Revenue per available room                                              
     (RevPAR) (2)                $     167  $     177  $     174  $     178 
                                                                            
  Sands Bethlehem:                                                          
    Occupancy %                       69.6%      47.3%      60.7%      47.7%
    Average daily room rate                                                 
     (ADR) (1)                   $     142  $     168  $     141  $     168 
    Revenue per available room                                              
     (RevPAR) (2)                $      99  $      79  $      86  $      80 
                                                                            
Casino Statistics:                                                          
  The Venetian Macao:                                                       
    Table games win per unit per                                            
     day (3)                     $  15,697  $  11,705  $  14,632  $  12,086 
    Slot machine win per unit                                               
     per day (4)        
         $     312  $     303  $     314  $     287 
    Average number of table                                                 
     games                             504        589        520        596 
    Average number of slot                                                  
     machines                        2,155      2,057      2,219      2,120 
                                                                            
  Sands Macao:                                                              
    Table games win per unit per                                            
     day (3)                     $  12,337  $   9,303  $  10,808  $   9,683 
    Slot machine win per unit                                               
     per day (4)                 $     224  $     280  $     251  $     271 
    Average number of table                                                 
     games                             313        413        353        414 
    Average number of slot                                                  
     machines                        1,205      1,109      1,152      1,133 
                                                                            
  Four Seasons Hotel Macao and                                              
   Plaza Casino:                                                            
    Table games win per unit per                                            
     day (3)                     $  19,480  $  13,964  $  22,989  $  13,980 
    Slot machine win per unit                                               
     per day (4)                 $     545  $     766  $     642  $     696 
    Average number of table                                                 
     games                             149        127        157        121 
    Average number of slot                                                  
     machines                          188        182        183        189 
                                                                            
  Sands Cotai Central:                                                      
    Table games win per unit per                                            
     day (3)                     $   9,728        N/A  $   9,909        N/A 
    Slot machine win per unit                                               
     per day (4)                 $     316        N/A  $     349        N/A 
    Average number of table                                                 
     games                             356        N/A        359        N/A 
    Average number of slot                                                  
     machines                        1,086        N/A        961        N/A 
                                                                            
  Marina Bay Sands:                                                         
    Table games win per unit per                                            
     day (3)                     $   8,480  $  13,205  $  10,406  $  11,017 
    Slot machine win per unit                                               
     per day (4)                 $     603  $     662  $     632  $     601 
    Average number of table                                                 
     games                             619        593        612        605 
    Average number of slot                                                  
     machines                        2,441      2,416      2,468      2,334 
                                                                            
  Las Vegas Operating                                                       
   Properties:                                                              
    Table games win per unit per                                            
     day (3)                     $   7,648  $   5,267  $   6,047  $   4,149 
    Slot machine win per unit                                               
     per day (4)                 $     238  $     175  $     207  $     156 
    Average number of table                                                 
     games                             232        226        230        227 
    Average number of slot                                                  
     machines                        1,975      2,663      2,186      2,665 
                                                                            
  Sands Bethlehem:                                                          
    Table games win per unit per                                            
     day (3)                     $   3,341  $   2,763  $   2,983  $   2,723 
    Slot machine win per unit                                               
     per day (4)                 $     262  $     253  $     268  $     247 
    Average number of table                                                 
     games                             122        106        121         92 
    Average number of slot                                                  
     machines                        3,024      3,023      3,014      3,021 

(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.

Contacts:

Investment Community: Daniel Briggs (702) 414-1221

Media: Ron Reese (702) 414-3607

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement