Las Vegas Sands Reports Fourth Quarter and Full Year 2012 Results

Las Vegas Sands Reports Fourth Quarter and Full Year 2012 Results 
LAS VEGAS, NV -- (Marketwire) -- 01/30/13 --  Las Vegas Sands Corp.
(NYSE: LVS)  
For the Quarter Ended December 31, 2012: 


 
--  Net Revenue Increased 20.9% to a Record $3.08 Billion
    
    
--  Consolidated Adjusted Property EBITDA Increased 4.4% to $1.002 Billion
    (Consolidated Hold-Adjusted Adjusted Property EBITDA increased 17.6%
    to a Record $1.09 Billion)
    
    
--  Record Gaming Volumes in Macao Drove Adjusted Property EBITDA in Macao
    Up 43.3% to a Record $622.2 Million
    
    
--  Net Income Attributable to Common Stockholders Rose 35.8% to Reach
    $434.8 Million or $0.53 per diluted share (Adjusted Earnings per
    diluted share was $0.54)
    
    
--  The Company Paid a Special Dividend of $2.75 per share and a Recurring
    Dividend of $0.25 per share
    
    
--  The Company's Board of Directors Increased the Recurring Quarterly
    Dividend by 40%, Declaring a $0.35 per share Dividend Payable in March
    of 2013

  
For the Year Ended December 31, 2012: 


 
--  Net Revenue Increased 18.3% to a Record $11.13 Billion from $9.41
    Billion
    
    
--  Consolidated Adjusted Property EBITDA Reached a Record $3.79 Billion
    
    
--  Net Income Attributable to Common Stockholders Rose 20.1% to Reach
    $1.52 Billion or $1.85 per diluted share (Adjusted Earnings per
    diluted share was $2.14)
    
    
--  The Company Paid Dividends of $3.75 per share

  
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for
the quarter ended December 31, 2012.  
Fourth Quarter Overview 
Mr. Sheldon G. Adelson, chairman and chief executive officer, said,
"I am pleased to report that our quarterly results reflect both
strong revenue and cash flow growth and the steady execution of our
global growth strategy.  
"In Macao, we delivered record financial results, with outstanding
growth and strong operating momentum reflected in every segment of
our business. We welcomed a record eleven million visitors to our
Cotai Strip Properties during the quarter, including five million in
the month of December. We remain confident that our market-leading
Cotai Strip properties; The Venetian Macao, Four Seasons Hotel Macao
and Plaza Casino, and Sands Cotai Central, with their unrivaled hotel
inventory of nearly 9,000 rooms and suites, including the world's
largest Sheraton, Conrad and Holiday Inn, and 28 million square feet
of interconnected Integrated Resort capacity, will meaningfully
enhance the appeal of Macao and the Cotai Strip to business and
leisure travelers and provide an outstanding platform for growth in
the years ahead. 
"The prudent management of our cash flow, including the ability to
both invest in future growth and to increase the return of capital to
our shareholders, remains a cornerstone of our strategy. The board of
directors of Las Vegas Sands has increased the recurring quarterly
dividend of the company 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 and paid during the fourth quarter of 2012
a special dividend of $2.75 per share, as well as a $0.25 per share
recurring dividend, while maintaining a strong balance sheet and
ample liquidity to pursue future growth opportunities." 
Company-Wide Operating Results 
Net revenue for the fourth quarter of 2012 was $3.08 billion, an
increase of 20.9% compared to $2.54 billion in the fourth quarter of
2011. Consolidated adjusted property EBITDA in the fourth quarter of
2012 was $1.00 billion, an increase of 4.4% compared to $960.6
million in the year-ago quarter. On a hold-adjusted basis, adjusted
property EBITDA was $1.09 billion in the fourth quarter of 2012, an
increase of 17.6%. Consolidated adjusted property EBITDA margin
decreased to 32.6% in the fourth quarter of 2012, compared to 37.8%
in the fourth quarter of 2011. The quarter's adjusted property EBITDA
and EBITDA margin were unfavorably impacted, compared to the quarter
one year ago, by lower table games hold (approximately $90.2 million
adjusted property EBITDA impact), as well as an additional $24.0
million property tax assessment at Marina Bay Sands.  
On a GAAP (Generally Accepted Accounting Principles) basis, operating
income in the fourth quarter of 2012 increased 1.3% to $672.0
million, compared to $663.3 million in the fourth quarter of 2011.
The increase in operating income was principally due to strong
operating results in Macao, offset by higher depreciation and
amortization related to the opening of Sands Cotai Central and lower
table games hold in Singapore. 
On a GAAP basis, net income attributable to common stockholders in
the fourth quarter of 2012 increased 35.8% to $434.8 million,
compared to $320.1 million in the fourth quarter of 2011, while
diluted earnings per share in the fourth quarter of 2012 increased
35.9% to $0.53, compared to $0.39 in the prior year quarter. The
increase in net income attributable to common stockholders reflected
the increase in operating income described above as well as the
benefit from the discontinuation of preferred stock dividends and
charges related to the retirement of our preferred stock in November
2011.  
Adjusted net income (see Note 1) decreased to $450.5 million, or
$0.54 per diluted share, compared to $460.9 million, or $0.57 per
diluted share, in the fourth quarter of 2011. The decrease in
adjusted net income was principally driven by the increase in net
income attributable to noncontrolling interests, which was partially
offset by the higher operating income described above.  
Full year 2012 net revenue increased 18.3% to a record $11.13
billion, compared to $9.41 billion in 2011. Consolidated adjusted
property EBITDA in 2012 increased 7.3% to a record $3.79 billion,
compared to $3.53 billion in 2011. Consolidated adjusted property
EBITDA margin decreased 340 basis points to 34.1% in 2012, compared
to 37.5% in 2011. Lower hold rates in 2012 compared to 2011, as well
as higher expenses at the recently opened Sands Cotai Central,
contributed to the lower EBITDA margin in 2012.  
Full year adjusted net income (see Note 1) was a record $1.77 billion
in 2012, or $2.14 per diluted share, compared to $1.64 billion, or
$2.02 per diluted share in 2011.  
On a GAAP basis, full year 2012 operating income decreased 3.3% to a
$2.31 billion in 2012, compared to $2.39 billion in 2011. Net income
attributable to common stockholders increased 20.1% to $1.52 billion,
or $1.85 per diluted share in 2012, compared to $1.27 billion, or
$1.56 per diluted share in 2011. The improvement in our net income
attributable to common stockholders reflects lower net interest
expense, lower income tax expense as well as the benefit from the
discontinuation of preferred stock dividends and charges related to
the retirement of our preferred stock described above. 
Sands China Ltd. Consolidated Financial Results 
On a GAAP basis, total net revenues for Sands China Ltd. increased
48.1% to $1.97 billion in the fourth quarter of 2012, compared to
$1.33 billion in the fourth quarter of 2011. Adjusted property EBITDA
for Sands China Ltd. increased 44.1% to $619.9 million in the fourth
quarter of 2012, compared to $430.1 million in the fourth quarter of
2011. Net income for Sands China Ltd. increased 52.3% to $467.0
million in the fourth quarter of 2012, compared to $306.7 million in
the fourth quarter of 2011.  
The Venetian Macao Fourth Quarter Operating Results 
The Venetian Macao continued to enjoy strong visitation and financial
performance. The property delivered a record adjusted property EBITDA
of $333.1 million, an increase of 17.6% compared to the fourth
quarter of 2011. Operating results were positively impacted by higher
than expected Rolling Chip win percentage of 3.25%, compared to 2.95%
in the fourth quarter of 2011. Adjusted property EBITDA margin
increased to 39.5% in the fourth quarter of 2012 from 37.1% in the
year-ago quarter. Non-Rolling Chip drop was $1.22 billion for the
quarter, an increase of 10.5% compared to the same quarter one year
ago, while Non-Rolling Chip win percentage increased to 29.9%.
Rolling Chip volume during the quarter decreased 6.6% to $12.66
billion partially due to Paiza Club renovations, which resulted in 29
fewer active rolling tables in service on average during the quarter.
Slot handle was $1.29 billion, an increase of 21.3% compared to the
quarter one year ago. Mall revenues increased 12.3% during the
quarter compared to the quarter last year.  
The following table summarizes the key operating results for The
Venetian Macao for the fourth quarter of 2012 compared to the fourth
quarter of 2011:  


 
                                                                            
                                                                            
                                 Three Months Ended                         
The Venetian Macao Operations       December 31,                            
                                --------------------                        
(Dollars in millions)              2012       2011     $ Change     Change  
                                ---------  ---------  ----------  --------- 
Revenues:                                                                   
  Casino                        $   722.3  $   641.3  $     81.0       12.6%
  Rooms                              59.9       61.4        (1.5)      -2.4%
  Food and Beverage                  23.4       21.9         1.5        6.8%
  Mall                               46.5       41.4         5.1       12.3%
  Convention, Retail and Other       23.2       27.6        (4.4)     -15.9%
  Less - Promotional Allowances     (32.3)     (29.3)       (3.0)     -10.2%
                                ---------  ---------  ----------            
Net Revenues                    $   843.0  $   764.3  $     78.7       10.3%
                                                                            
Adjusted Property EBITDA        $   333.1  $   283.3  $     49.8       17.6%
  EBITDA Margin %                    39.5%      37.1%               2.4 pts 
                                                                            
Operating Income                $   298.2  $   242.3  $     55.9       23.1%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume             $12,662.9  $13,551.1  $   (888.2)      -6.6%
  Rolling Chip Win %(1)              3.25%      2.95%              0.30 pts 
                                                                            
Non-Rolling Chip Drop           $ 1,215.0  $ 1,099.8  $    115.2       10.5%
  Non-Rolling Chip Win %             29.9%      28.2%               1.7 pts 
                                                                            
Slot Handle                     $ 1,293.7  $ 1,066.2  $    227.5       21.3%
  Slot Hold %                         5.5%       5.9%              -0.4 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                          93.4%      95.2%              -1.8 pts 
Average Daily Rate (ADR)        $     248  $     246  $        2        0.8%
Revenue per Available Room                                                  
 (RevPAR)                       $     231  $     234  $       (3)      -1.3%

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating
Results 
The Four Seasons Hotel Macao and Plaza Casino generated adjusted
property EBITDA of $89.7 million in the fourth quarter of 2012, an
increase of 42.4% compared to the fourth quarter of 2011, despite the
fact that operating results were negatively impacted by lower than
expected Rolling Chip win percentage of 2.68% for the current
quarter. Rolling Chip volume reached $10.73 billion for the quarter,
an increase of 42.7% compared to the fourth quarter of 2011.
Non-Rolling Chip drop was a record $125.5 million while Non-Rolling
Chip win percentage was 45.1%. Slot handle was a record $350.4
million during the quarter, an increase of 43.7% compared to the
fourth 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 21.3% in the quarter. Mall
revenue increased 16.7% to $28.6 million.  
The following table summarizes our key operating results for the Four
Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2012
compared to the fourth quarter of 2011: 


 
                                                                            
                                                                            
Four Seasons Hotel Macao and Plaza Three Months Ended                       
 Casino Operations                    December 31,                          
                                  -------------------                       
(Dollars in millions)                2012      2011     $ Change    Change  
                                  ---------  --------  ---------  --------- 
Revenues:                                                                   
  Casino                          $   260.2  $  183.7  $    76.5       41.6%
  Rooms                                10.8       8.9        1.9       21.3%
  Food and Beverage                     7.5       7.0        0.5        7.1%
  Mall                                 28.6      24.5        4.1       16.7%
  Convention, Retail and Other          0.8       0.8          -        0.0%
  Less - Promotional Allowances       (11.7)     (8.5)      (3.2)     -37.6%
                                  ---------  --------  ---------            
Net Revenues                      $   296.2  $  216.4  $    79.8       36.9%
                                                                            
Adjusted Property EBITDA          $    89.7  $   63.0  $    26.7       42.4%
  EBITDA Margin %                      30.3%     29.1%              1.2 pts 
                                                                            
Operating Income                  $    76.5  $   48.6  $    27.9       57.4%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume               $10,731.5  $7,519.6  $ 3,211.9       42.7%
  Rolling Chip Win %(1)                2.68%     2.61%             0.07 pts 
                                                                            
Non-Rolling Chip Drop             $   125.5  $  101.3  $    24.2       23.9%
  Non-Rolling Chip Win %               45.1%     44.4%              0.7 pts 
                                                                            
Slot Handle                       $   350.4  $  243.9  $   106.5       43.7%
  Slot Hold %                           5.3%      4.8%              0.5 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                            81.8%     76.1%              5.7 pts 
Average Daily Rate (ADR)          $     382  $    339  $      43       12.7%
Revenue per Available Room                                                  
 (RevPAR)                         $     313  $    258  $      55       21.3%

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Sands Cotai Central Fourth 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. An
additional 2,100 Sheraton rooms opened on January 28, 2013. Net
revenues and adjusted property EBITDA for the fourth quarter of 2012
were $490.7 million and $108.0 million, respectively, resulting in an
EBITDA margin of 22.0%. The quarter's results were positively
impacted by higher than expected Rolling Chip win percentage of
3.13%. 
Rolling Chip volume reflected meaningful growth and reached $10.17
billion while Non-Rolling Chip drop reached $932.5 million with
Non-Rolling Chip win percentage of 20.6%. Slot handle, driven by
robust electronic table games play, was $1.24 billion for the
quarter. Rolling Volume per table per day expanded to reach
approximately $760,000 in the quarter, an increase of 15.1% compared
to the third quarter of 2012. Mass table, slot and ETG win per day
climbed to $2.58 million, an increase of 65.4% compared to the third
quarter of 2012. Hotel occupancy reached 84.0% during the quarter
with ADR of $164. 
Visitation to the property continues to expand, reaching in excess of
three million visits in the quarter. An air-conditioned footbridge
connecting Sands Cotai Central on the East side of the Cotai Strip
with The Venetian Macao and Four Seasons Macao Hotel and Plaza Casino
on the West side of the Cotai Strip opened on December 20, 2012. 
The following table summarizes our key operating results for Sands
Cotai Central for the fourth quarter of 2012: 


 
                                                                            
                                                             Quarter Ended  
Sands Cotai Central                                           December 31,  
(Dollars in millions)                                             2012      
                                                            --------------- 
Revenues:                                                                   
  Casino                                                    $         438.7 
  Rooms                                                                44.5 
  Food and Beverage                                                    19.2 
  Mall                                                                  9.2 
  Convention, Retail and Other                                          4.6 
  Less - Promotional Allowances                                       (25.5)
                                                            --------------- 
Net Revenues                                                $         490.7 
                                                                            
Adjusted Property EBITDA                                    $         108.0 
  EBITDA Margin %                                                      22.0%
                                                                            
Operating Income                                            $          48.0 
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume                                         $      10,170.3 
  Rolling Chip Win %(1)                                                3.13%
                                                                            
Non-Rolling Chip Drop                                       $         932.5 
  Non-Rolling Chip Win %                                               20.6%
                                                                            
Slot Handle                                                 $       1,241.7 
  Slot Hold %                                                           3.7%
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                                                            84.0%
Average Daily Rate (ADR)                                    $           164 
Revenue per Available Room (RevPAR)                         $           138 

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Sands Macao Fourth Quarter Operating Results 
Sands Macao's adjusted property EBITDA was $91.5 million, an increase
of 4.2% compared to last year, while adjusted property EBITDA margin
increased 170 basis points to 29.1%. Rolling Chip volume of $5.77
billion for the quarter, which was a decrease of 24.2% compared to
the prior year's quarter, reflected a 31.9% decrease in the number of
Rolling Chip tables to an average of 96 tables for the quarter. Win
percentage on Rolling Table games play was 3.29%, which was higher
than the same quarter last year. Non-Rolling Chip drop was $708.6
million during the quarter, an increase of 3.1%, despite 106 fewer
Non-Rolling chip tables in operation during the quarter. Slot handle
decreased 2.5% to $605.4 million.  
The following table summarizes our key operating results for Sands
Macao for the fourth quarter of 2012 compared to the fourth quarter
of 2011: 


 
                                                                            
                                                                            
                                   Three Months Ended                       
Sands Macao Operations                December 31,                          
                                   ------------------                       
(Dollars in millions)                2012      2011     $ Change    Change  
                                   --------  --------  ---------  --------- 
Revenues:                                                                   
  Casino                           $  305.8  $  311.9  $    (6.1)      -2.0%
  Rooms                                 6.4       6.6       (0.2)      -3.0%
  Food and Beverage                    10.1      10.1          -        0.0%
  Convention, Retail and Other          2.7       3.1       (0.4)     -12.9%
  Less - Promotional Allowances       (10.4)    (10.7)       0.3        2.8%
                                   --------  --------  --------
-            
Net Revenues                       $  314.6  $  321.0  $    (6.4)      -2.0%
                                                                            
Adjusted Property EBITDA           $   91.5  $   87.8  $     3.7        4.2%
  EBITDA Margin %                      29.1%     27.4%              1.7 pts 
                                                                            
Operating Income                   $   83.1  $   79.5  $     3.6        4.5%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume                $5,767.8  $7,611.7  $(1,843.9)     -24.2%
  Rolling Chip Win %(1)                3.29%     2.77%             0.52 pts 
                                                                            
Non-Rolling Chip Drop              $  708.6  $  687.2  $    21.4        3.1%
  Non-Rolling Chip Win %               22.2%     21.7%              0.5 pts 
                                                                            
Slot Handle                        $  605.4  $  621.0  $   (15.6)      -2.5%
  Slot Hold %                           4.3%      4.8%             -0.5 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                            96.9%     96.0%              0.9 pts 
Average Daily Rate (ADR)           $    250  $    259  $      (9)      -3.5%
Revenue per Available Room (RevPAR)$    243  $    248  $      (5)      -2.0%

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Marina Bay Sands Fourth Quarter Operating Results 
Marina Bay Sands in Singapore had adjusted property EBITDA of $302.5
million for the fourth quarter. The operating results were
unfavorably impacted by lower than expected Rolling Chip win
percentage of 2.14% for the quarter. On a hold-adjusted basis,
adjusted property EBITDA was $406.4 million. The operating results
also reflect the recording of an additional $24.0 million property
tax assessment received during the quarter for the 2011 and 2012
calendar years.  
Rolling Chip volume was $16.47 billion for the quarter, the second
highest quarterly volume in the property's history. Non-Rolling Chip
drop decreased 3.2% to $1.11 billion and slot handle decreased 2.0%
to $2.69 billion. Total mass win per day during the quarter decreased
3.4% to $4.49 million, compared to $4.64 million in the fourth
quarter of 2011.  
The high margin hotel room and mall segments of the property
continued to reflect strong revenue growth of 10.2% and 11.5%,
respectively. ADR expanded during the quarter, driving a RevPAR
increase of 10.0% compared to the same quarter last year.  
The following table summarizes our key operating results for Marina
Bay Sands for the fourth quarter of 2012 compared to the fourth
quarter of 2011: 


 
                                                                            
                                                                            
                                  Three Months Ended                        
Marina Bay Sands Operations          December 31,                           
                                 --------------------                       
(Dollars in millions)               2012       2011     $ Change    Change  
                                 ---------  ---------  ---------  --------- 
Revenues:                                                                   
  Casino                         $   549.5  $   654.0  $  (104.5)     -16.0%
  Rooms                               84.2       76.4        7.8       10.2%
  Food and Beverage                   51.9       54.2       (2.3)      -4.2%
  Mall                                44.7       40.1        4.6       11.5%
  Convention, Retail and Other        29.0       29.2       (0.2)      -0.7%
  Less - Promotional Allowances      (42.1)     (47.0)       4.9       10.4%
                                 ---------  ---------  ---------            
Net Revenues                     $   717.2  $   806.9  $   (89.7)     -11.1%
                                                                            
Adjusted Property EBITDA         $   302.5  $   426.9  $  (124.4)     -29.1%
  EBITDA Margin %                     42.2%      52.9%            -10.7 pts 
                                                                            
Operating Income                 $   202.6  $   330.4  $  (127.8)     -38.7%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume              $16,467.1  $10,762.3  $ 5,704.8       53.0%
  Rolling Chip Win %(1)               2.14%      3.34%            -1.20 pts 
                                                                            
Non-Rolling Chip Drop            $ 1,108.4  $ 1,145.2  $   (36.8)      -3.2%
  Non-Rolling Chip Win %              24.2%      24.2%              0.0 pts 
                                                                            
Slot Handle                      $ 2,690.9  $ 2,744.8  $   (53.9)      -2.0%
  Slot Hold %                          5.4%       5.4%              0.0 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                           98.4%      98.8%             -0.4 pts 
Average Daily Rate (ADR)         $     368  $     333  $      35       10.5%
Revenue per Available Room                                                  
 (RevPAR)                        $     362  $     329  $      33       10.0%

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Las Vegas Operations Fourth Quarter Operating Results 
The Venetian and The Palazzo including the Sands Expo and Convention
Center delivered, on a hold-adjusted basis, adjusted property EBITDA
of $87.9 million. Adjusted property EBITDA was $52.8 million for the
fourth quarter of 2012, a decrease of 34.7% compared to the fourth
quarter of 2011. The operating results were negatively impacted by
lower than expected table games win percentage of 12.7% for the
quarter. Adjusted property EBITDA margin was 17.1% for the quarter.
Table games drop decreased 13.7% to $459.4 million. Slot handle
decreased 0.7% to $517.3 million while slot hold percentage was 8.9%.
Although hotel occupancy percentage was down 1.5%, ADR grew 4.1%
compared to last year's quarter leading to overall RevPAR growth of
1.7%.  
The following table summarizes our key operating results for our Las
Vegas operations for the fourth quarter of 2012 compared to the
fourth quarter of 2011:  


 
                                                                            
                                  Three Months Ended                        
Las Vegas Operations                 December 31,                           
                                 --------------------                       
(Dollars in millions)               2012       2011     $ Change    Change  
                                 ---------  ---------  ---------  --------- 
Revenues:                                                                   
  Casino                         $    87.9  $   118.3  $  (30.4)     -25.7%
 
  Rooms                              114.3      110.6        3.7       3.3% 
  Food and Beverage                   53.5       60.9      (7.4)     -12.2% 
  Convention, Retail and Other        74.5       71.9        2.6       3.6% 
  Less - Promotional Allowances     (21.9)     (22.2)        0.3       1.4% 
                                 ---------  ---------  ---------            
Net Revenues                     $   308.3  $   339.5  $  (31.2)      -9.2% 
                                                                            
Adjusted Property EBITDA         $    52.8  $    80.9  $  (28.1)     -34.7% 
EBITDA Margin %                      17.1%      23.8%              -6.7 pts 
                                                                            
Operating Income                 $    22.2  $    48.5  $  (26.3)     -54.2% 
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Table Games Drop                 $   459.4  $   532.4  $  (73.0)     -13.7% 
Table Games Win %(1)                 12.7%      17.9%              -5.2 pts 
                                                                            
Slot Handle                      $   517.3  $   520.8  $   (3.5)      -0.7% 
Slot Hold %                           8.9%       8.8%               0.1 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                          87.6%      89.1%              -1.5 pts 
Average Daily Rate (ADR)         $     203  $     195  $       8       4.1% 
Revenue per Available Room                                                  
 (RevPAR)                        $     177  $     174  $       3       1.7% 

 
(1) This compares to our expected Non-Rolling Chip win percentage of
20% and 22% (calculated before discounts). 
Sands Bethlehem Fourth Quarter Operating Results 
Net revenue for Sands Bethlehem in Pennsylvania was $117.8 million
and adjusted property EBITDA reached $27.5 million for the fourth
quarter of 2012. Table games drop was $230.6 million for the quarter,
an increase of 19.0% compared to the quarter one year ago, while
table games win percentage was 15.8%. Slot handle increased 1.2% to
reach $967.8 million 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 fourth quarter of 2012 compared to the fourth
quarter of 2011: 


 
                                                                            
                                  Three Months Ended                        
Sands Bethlehem Operations           December 31,                           
                                 --------------------                       
(Dollars in millions)               2012       2011     $ Change    Change  
                                 ---------  ---------  ---------  --------- 
Revenues:                                                                   
  Casino                         $   108.8  $    97.9  $    10.9       11.1%
  Rooms                                3.0        2.1        0.9       42.9%
  Food and Beverage                    7.1        6.2        0.9       14.5%
  Mall(1)                              0.4        0.2        0.2      100.0%
  Convention, Retail and Other         4.6        4.4        0.2        4.5%
  Less - Promotional Allowances       (6.1)      (5.8)      (0.3)      -5.2%
                                 ---------  ---------  ---------            
Net Revenues                     $   117.8  $   105.0  $    12.8       12.2%
                                                                            
Adjusted Property EBITDA         $    27.5  $    22.5  $     5.0       22.2%
EBITDA Margin %                       23.4%      21.4%              2.0 pts 
                                                                            
Operating Income                 $    18.7  $    13.2  $     5.5       41.7%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Table Games Drop                 $   230.6  $   193.8  $    36.8       19.0%
Table Games Win %(2)                  15.8%      14.7%              1.1 pts 
                                                                            
Slot Handle                      $   967.8  $   956.1  $    11.7        1.2%
Slot Hold %                            7.2%       7.0%              0.2 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                           78.2%      54.5%             23.7 pts 
Average Daily Rate (ADR)         $     136  $     156        (20)     -12.8%
Revenue per Available Room                                                  
 (RevPAR)                        $     107  $      85         22       25.9%

 
(1) The first phase of the Retail Mall opened on November 1, 2011. 
(2) This compares to our expected Non-Rolling Chip win percentage of
14% and 16% (calculated before discounts). 
Retail Mall Operations 
Gross revenue from tenants in the company's retail malls on Macao's
Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai
Central) and Marina Bay Sands in Singapore reached $128.1 million for
the fourth quarter of 2012, an increase of 21.0% compared to the
fourth quarter of 2011. Operating profit derived from these retail
mall assets increased 20.5% for the quarter to reach $110.7 million. 


 
                                                                            
                                                                     LTM   
                                                                   December
                 For The Three Months Ended December 31, 2012      31, 2012
               --------------------------------------------------  ---------
(Dollars in                                     Gross                       
millions                                       Leasable              Tenant 
except per       Gross             Operating     Area   Occupancy    Sales  
square foot     Revenue  Operating   Profit      (sq.    % at End   Per Sq. 
data)             (1)      Profit    Margin      ft.)   of Period    Ft.(2) 
               -------- ---------- ---------  --------- ---------  ---------    
                                                                        
The Grand                                                                   
 Canal Shoppes                                                              
 at The                                                                     
 Venetian                                                                   
 Macao         $   45.7 $     40.2      88.0%   805,976      92.3% $   1,214
                                                                            
The Shoppes at                                                              
 Four Seasons                                                               
 Luxury Retail     22.0       20.9      95.0%   140,206     100.0%     6,488
 Other Stores       6.6        6.3      95.5%    99,512      81.1%     1,478
               -------- ----------            ---------                     
 Total             28.6       27.2      95.1%   239,718      92.1%     4,356
               -------- ----------            ---------                     
                                                                            
The Shoppes at                                                              
 Sands Cotai                                                                
 Central            9.1        7.6      83.5%   210,143     100.0%       N/A
               -------- ----------            ---------                     
Total Cotai                                                                 
 Strip in                                                                   
 Macao             83.4       75.0      89.9% 1,255,837      93.5%     1,818
               -------- ----------            ---------                     
                                                                            
The Shoppes at                                                              
 Marina Bay                                                                 
 Sands             44.7       35.7      79.9%   637,980      96.0%     1,393
               -------- ----------            ---------                     
                                                                            
Total          $  128.1 $    110.7      86.4% 1,893,817      94.4% $   1,648
               ======== ==========            =========                     

 
(1) Gross revenue figures are net of intersegment revenue
eliminations.
 (2) Tenant sales per square foot reflects sales from
tenants only after the tenant has been open for a period of 12
months.  
Other Factors Affecting Earnings 
Other Asia adjusted property EBITDA, which is principally composed of
our CotaiJet ferry operation, was negative $2.1 million during the
quarter, compared to negative $3.8 million in the fourth quarter of
2011.  
Pre-opening expenses, related primarily to Sands Cotai Central on the
Cotai Strip in Macao, decreased to $9.0 million in the fourth quarter
of 2012, compared to $22.4 million in the fourth quarter of 2011. 
Depreciation and amortization expense was $250.3 million in the
fourth quarter of 2012, compared to $197.9 million in the fourth
quarter of 2011.  
Interest expense, net of amounts capitalized, was $67.1 million for
the fourth quarter of 2012, compared to $68.0 million during the
fourth quarter of 2011. Capitalized interest was $5.0 million during
the fourth quarter of 2012, compared to $29.8 million during the
fourth quarter of 2011. Our weighted average borrowing cost in the
fourth quarter of 2012 was 2.8%.  
Corporate expense was $44.9 million in the fourth quarter of 2012,
compared to $51.7 million in the fourth quarter of 2011.  
Other income, which was principally composed of foreign currency
gains, was $5.0 million in the fourth quarter of 2012, compared to
$5.4 million in the fourth quarter of 2011. 
The company's effective income tax rate for the fourth quarter of
2012 was 7.3%. The tax rate is primarily driven by a provision for
the earnings from Marina Bay Sands at the 17% Singapore income tax
rate.  
Net income attributable to noncontrolling interests during the fourth
quarter of 2012 of $136.6 million was principally related to Sands
China Ltd.  
Balance Sheet Items 
Unrestricted cash balances as of December 31, 2012, were $2.51
billion.  
As of December 31, 2012, total debt outstanding, including the
current portion, was $10.23 billion. Total principal payments for the
full year 2013 are expected to be approximately $97.8 million. 
Capital Expenditures 
Capital expenditures during the fourth quarter totaled $386.5
million, including construction and development activities of $243.7
million in Macao, $117.4 million in Las Vegas, $21.3 million at
Marina Bay Sands, and $4.1 million at Sands Bethlehem.  
Conference Call Information 
The company will host a conference call to discuss the company's
results on Wednesday, January 30, 2013 at 1:30 p.m. Pacific Time.
Interested parties may listen to the conference call through a
webcast available on the company's website at www.lasvegassands.com.  
Forward-Looking Statements  
This press release contains forward-looking statements that are made
pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve a
number of risks, uncertainties or other factors beyond the company's
control, which may cause material differences in actual results,
performance or other expectations. These factors include, but are not
limited to, general economic conditions, competition, new ventures,
substantial leverage and debt service, government regulation,
legalization of gaming, interest rates, future terrorist acts,
influenza, insurance, gaming promoters, risks relating to our gaming
licenses, certificate and subconcession, infrastructure in Macao and
other factors detailed in the reports filed by Las Vegas Sands Corp.
with the Securities and Exchange Commission. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date thereof. Las Vegas Sands Corp.
assumes no obligation to update such information. 
Note 1 
Adjusted net income excludes pre-opening expense, development
expense, impairment loss, gain or loss on disposal of assets, 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 Cotai Strip(R), including
The Venetian(R) Macao, Four Seasons Hotel Macao, and Sands Cotai
Central. The company also owns the Sands(R) Macao on the Macao
Peninsula.  
Las Vegas Sands is committed to global sustainability through its
Sands ECO360 degrees  program and is an active community partner
through its various charitable organizations.  
For more information, please visit www.lasvegassands.com. 
Las Vegas Sands Corp.
 Fourth Quarter 2012 Results
 Non-GAAP
Reconciliations 
Within the company's fourth 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
depreciation and amortization, amortization of leasehold interests in
land, gain or loss on disposal of assets, impairment loss,
pre-opening expense, development expense, royalty fees, stock-based
compensation, and corporate expense. Reconciliations of GAAP
operating income (loss) and GAAP net income attributable to Las Vegas
Sands Corp. to adjusted property EBITDA and hold-adjusted adjusted
property EBITDA are included in the financial schedules accompanying
this release. 


 
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Condensed Consolidated Statements of Operations                             
(In thousands, except share and per share data)                             
(Unaudited)                                                                 
                                                                            
                         Three Months Ended              Year Ended         
                            December 31,                December 31,        
                         2012          2011          2012          2011     
                     ------------  ------------  ------------  ------------ 
                                                                            
Revenues:                                                                   
  Casino             $  2,473,211  $  2,007,099  $  9,008,158  $  7,437,002 
  Rooms                   323,137       266,013     1,154,024     1,000,035 
  Food and beverage       172,644       160,191       628,528       598,823 
  Mall                    128,537       106,167       396,927       325,123 
  Convention, retail                                                        
   and other              133,352       131,169       497,032       501,351 
                     ------------  ------------  ------------  ------------ 
                        3,230,881     2,670,639    11,684,669     9,862,334 
  Less - promotional                                                        
   allowances            (153,879)     (126,284)     (553,537)     (451,589)
                     ------------  ------------  ------------  ------------ 
                        3,077,002     2,544,355    11,131,132     9,410,745 
                     ------------  ------------  ------------  ------------ 
Operating expenses:                                                         
  Resort operations     2,081,896     1,592,709     7,370,842     5,910,057 
  Corporate                44,866        51,711       207,030       185,694 
  Pre-opening               8,992        22,353       143,795        65,825 
  Development               7,762         5,008        19,958        11,309 
  Depreciation and                                                          
   amortization           250,321       197,935       892,046       794,404 
  Amortization of                                                           
   leasehold                                                                
   interests in land       10,149        10,033        40,165        43,366 
  Impairment loss               -             -       143,674             - 
  Loss on disposal                                                          
   of assets                1,011         1,324         2,240        10,203 
                     ------------  ------------  ------------  ------------ 
                        2,404,997     1,881,073     8,819,750     7,020,858 
                     ------------  ------------  ------------  ------------ 
Operating income          672,005       663,282     2,311,382     2,389,887 
Other income                                                                
 (expense):                                                                 
  Interest income           6,536         5,950        23,252        14,394 
  Interest expense,                                                         
   net of amounts                                                           
   capitalized            (67,067)      (68,011)     (258,564)     (282,949)
  Other income                                                              
   (expense)                5,025         5,429         5,740        (3,955)
  Loss on                                                                   
   modification or                                                          
   early retirement                                                         
   of debt                      -       (22,554)      (19,234)      (22,554)
                     ------------  ------------  ------------  ------------ 
Income before income                                                        
 taxes                    616,499       584,096     2,062,576     2,094,823 
Income tax expense        (45,156)      (59,744)     (180,763)     (211,704)
                     ------------  ------------  ------------  ------------ 
Net income                571,343       524,352     1,881,813     1,883,119 
Net income                                                                  
 attributable to                                                            
 noncontrolling                                                             
 interests               (136,561)      (89,068)     (357,720)     (322,996)
                     ------------  ------------  ------------  ------------ 
Net income                                                                  
 attributable to Las                                                        
 Vegas Sands Corp.        434,782       435,284     1,524,093     1,560,123 
Preferred stock                                                             
 dividends                      -        (5,967)            -       (63,924)
Accretion to                                                                
 redemption value of                                                        
 preferred stock                                                            
    issued to                                                               
     Principal                                                              
     Stockholder's                                                          
     family                     -       (11,567)            -       (80,975)
Preferred stock                                                             
 inducement,                                                                
 repurchase                                                                 
    and redemption                                                          
     premiums                   -       (97,636)            -      (145,716)
                     ------------  ------------  ------------  ------------ 
Net income                                                                  
 attributable to                                                            
 common stockholders $    434,782  $    320,114  $  1,524,093  $  1,269,508 
                     ============  ============  ============  ============ 
                                                                            
Earnings per share:                                                         
  Basic              $       0.53  $       0.44  $       1.89  $       1.74 
                     ============  ============  ============  ============ 
  Diluted            $       0.53  $       0.39  $       1.85  $       1.56 
                     ============  ============  ============  ============ 
                                                                            
Weighted average                                                            
 shares outstanding:                                                        
  Basic               822,214,678   731,412,225   806,395,660   728,343,428 
                     ============  ============  ============  ============ 
  Diluted             826,662,036   812,718,294   824,556,036   811,816,687 
                     ============  ============  ============  ============ 
                                                                            
Dividends declared                                                          
 per common share    $       3.00  $          -  $       3.75  $          - 
                     ============  ============  ============  ============ 
                                                                            
                                                                            
                                                                            
                                                                            
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 December 31, 2012                    
                                                                            
                                                       (Gain)               
                                                        Loss                
                                        Amortization     on      Pre-Opening
               Operating   Depreciation of Leasehold  Disposal       and    
                 Income         and       Interests      of      Development
                  (Loss)   Amortization    in Land     Assets      Expense  
               ----------  ------------ ------------ ----------  -----------
Macao:                                                                      
  The Venetian                                                              
   Macao       $  298,218  $     32,133 $      1,655 $     (413) $        22
  Sands Macao      83,060         7,606          354        198            -
  Four Seasons                                                              
   Hotel Macao                                                              
   and Plaza                                                                
   Casino          76,451        11,385          705          6        1,119
  Sands Cotai                                                               
   Central         48,040        51,235        2,154        177        5,834
               ----------  ------------ ------------ ----------  -----------
Macao Property                                                              
 Operations       505,769       102,359        4,868        (32)       6,975
Marina Bay                                                                  
 Sands            202,631        72,261        4,659      1,156            -
United States:                                                              
  Las Vegas                                                                 
   Operating                                                                
   Properties      22,170        58,051            -       (115)       1,909
  Sands                                                                     
   Bethlehem       18,685         8,578            -          -           40
               ----------  ------------ ------------ ----------  -----------
United States                                                               
 Property                                                                   
 Operations        40,855        66,629            -       (115)       1,949
Other Asia (2)    (19,774)        3,688            -          2           35
Other                                                                       
 Development       (8,571)          154          622          -        7,795
Corporate         (48,905)        5,230            -          -            -
               ----------  ------------ ------------ ----------  -----------
               $  672,005  $    250,321 $     10,149 $    1,011  $    16,754
               ==========  ============ ============ ==========  ===========
                                                                            
 
                                                              
             Three Months Ended December 31, 2012             
                                                              
                                                              
                                                              
                                                              
                                (1)                 Adjusted  
                 Royalty    Stock-Based  Corporate  Property  
                  Fees     Compensation   Expense    EBITDA   
               ----------  ------------ ---------- ---------- 
Macao:                                                        
  The Venetian                                                
   Macao       $        -  $      1,455 $        - $  333,070 
  Sands Macao           -           292          -     91,510 
  Four Seasons                                                
   Hotel Macao                                                
   and Plaza                                                  
   Casino               -            12          -     89,678 
  Sands Cotai                                                 
   Central              -           544          -    107,984 
               ----------  ------------ ---------- ---------- 
Macao Property                                                
 Operations             -         2,303          -    622,242 
Marina Bay                                                    
 Sands             19,081         2,745          -    302,533 
United States:                                                
  Las Vegas                                                   
   Operating                                                  
   Properties     (31,744)        2,549          -     52,820 
  Sands                                                       
   Bethlehem            -           215          -     27,518 
               ----------  ------------ ---------- ---------- 
United States                                                 
 Property                                                     
 Operations       (31,744)        2,764          -     80,338 
Other Asia (2)     13,854            46          -     (2,149)
Other                                                         
 Development            -             -          -          - 
Corporate          (1,191)            -     44,866          - 
               ----------  ------------ ---------- ---------- 
               $        -  $      7,858 $   44,866 $1,002,964 
               ==========  ============ ========== ========== 
                                                              
                                                                            
                    Three Months Ended December 31, 2011                    
                                                                            
                                                                            
                                       Amortization    Loss                 
                                             of         on      Pre-Opening 
               Operating  Depreciation   Leasehold   Disposal      and      
                 Income        and       Interests      of      Development 
                (Loss)    Amortization    in Land     Assets     Expense    
              ----------  ------------ ------------ --------- ------------- 
Macao:                                                                      
  The                                       
                                
   Venetian                                                                 
   Macao      $  242,298  $     37,696 $      1,647 $     117 $           - 
  Sands Macao     79,501         7,478          353        38             - 
  Four                                                                      
   Seasons                                                                  
   Hotel                                                                    
   Macao and                                                                
   Plaza                                                                    
   Casino         48,596        12,706          702        40           895 
              ----------  ------------ ------------ --------- ------------- 
Macao                                                                       
 Property                                                                   
 Operations      370,395        57,880        2,702       195           895 
Marina Bay                                                                  
 Sands           330,371        65,363        4,567        94           (10)
United                                                                      
 States:                                                                    
  Las Vegas                                                                 
   Operating                                                                
   Properties     48,480        56,947            -       563             - 
  Sands                                                                     
   Bethlehem      13,217         8,687            -         -            93 
              ----------  ------------ ------------ --------- ------------- 
United States                                                               
 Property                                                                   
 Operations       61,697        65,634            -       563            93 
Other Asia                                                                  
 (2)             (13,636)        3,681            -       472           440 
Other                                                                       
 Development     (28,906)          199        2,764         -        25,943 
Corporate        (56,639)        5,178            -         -             - 
              ----------  ------------ ------------ --------- ------------- 
              $  663,282  $    197,935 $     10,033 $   1,324 $      27,361 
              ==========  ============ ============ ========= ============= 
                                                                            
                                                                            
 
                                                             
            Three Months Ended December 31, 2011             
                                                             
                                                             
                                                             
                                                             
                               (1)                 Adjusted  
                Royalty    Stock-Based  Corporate   Property 
                 Fees     Compensation   Expense    EBITDA   
              ----------  ------------ ---------- ---------- 
Macao:                                                       
  The                                                        
   Venetian                                                  
   Macao      $        -  $      1,534 $        - $  283,292 
  Sands Macao          -           465          -     87,835 
  Four                                                       
   Seasons                                                   
   Hotel                                                     
   Macao and                                                 
   Plaza                                                     
   Casino              -            98          -     63,037 
              ----------  ------------ ---------- ---------- 
Macao                                                        
 Property                                                    
 Operations            -         2,097          -    434,164 
Marina Bay                                                   
 Sands            25,040         1,475          -    426,900 
United                                                       
 States:                                                     
  Las Vegas                                                  
   Operating                                                 
   Properties    (29,790)        4,710          -     80,910 
  Sands                                                      
   Bethlehem           -           487          -     22,484 
              ----------  ------------ ---------- ---------- 
United States                                                
 Property                                                    
 Operations      (29,790)        5,197          -    103,394 
Other Asia                                                   
 (2)               5,000           221          -     (3,822)
Other                                                        
 Development           -             -          -          - 
Corporate           (250)            -     51,711          - 
              ----------  ------------ ---------- ---------- 
              $        -  $      8,990 $   51,711 $  960,636 
              ==========  ============ ========== ========== 
                                                             
                                                             

 
                    Year Ended December 31, 2012                    
                                                                    
                                                         Impairment 
                                           Amortization  and (Gain) 
                                                of          Loss    
                 Operating   Depreciation   Leasehold       on      
                   Income         and        Interests    Disposal  
                  (Loss)     Amortization    in Land     of Assets  
                ----------  ------------- ------------- ----------- 
Macao:                                                              
  The Venetian                                                      
   Macao        $  947,998  $     140,218 $       6,609 $    42,236 
  Sands Macao      317,319         30,385         1,414          14 
  Four Seasons                                                      
   Hotel Macao                                                      
   and Plaza                                                        
   Casino          232,130         48,737         2,821         215 
  Sands Cotai                                                       
   Central          10,291        108,878         6,458         239 
                ----------  ------------- ------------- ----------- 
Macao Property                                                      
 Operations      1,507,738        328,218        17,302      42,704 
Marina Bay                                                          
 Sands             977,572        268,929        18,229       1,340 
United States:                                                      
  Las Vegas                                                         
   Operating                                                        
   Properties      222,167        225,562             -         388 
  Sands                                                             
   Bethlehem        78,554         33,910             -         414 
                ----------  ------------- ------------- ----------- 
United States                                                       
 Property                                                           
 Operations        300,721        259,472             -         802 
Other Asia (2)     (71,590)        14,777             -          35 
Other                                                               
 Development      (177,026)           729         4,634     101,034 
Corporate         (226,033)        19,921             -          (1)
                ----------  ------------- ------------- ----------- 
                $2,311,382  $     892,046 $      40,165 $   145,914 
                ==========  ============= ============= =========== 
                                                                    
                                                                    
 
                        Year Ended December 31, 2012                        
                                                                            
                                                                            
                                                                            
                Pre-Opening                                                 
                     and                      (1)                 Adjusted  
                 Development   Royalty    Stock-Based  Corporate   Property 
                   Expense      Fees     Compensation   Expense    EBITDA   
                ------------ ----------  ------------ ---------- ---------- 
Macao:                                                                      
  The Venetian                                                              
   Macao        $        135 $        -  $      6,049 $        - $1,143,245 
  Sands Macao              -          -         1,507          -    350,639 
  Four Seasons                                                              
   Hotel Macao                                                              
   and Plaza                                                                
   Casino              4,072          -           195          -    288,170 
  Sands Cotai                                                               
   Central            86,463          -         1,147          -    213,476 
                ------------ ----------  ------------ ---------- ---------- 
Macao Property                                                              
 Operations           90,670          -         8,898          -  1,995,530 
Marina Bay                                                                  
 Sands                     -     91,681         8,494          -  1,366,245 
United States:                                                              
  Las Vegas                                                                 
   Operating                                                                
   Properties          1,909   (130,764)       11,920          -    331,182 
  Sands                                                                     
   Bethlehem             345          -           832          -    114,055 
                ------------ ----------  ------------ ---------- ---------- 
United States                                                               
 Property                                                                   
 Operations            2,254   (130,764)       12,752          -    445,237 
Other Asia (2)           200     40,000           628          -    (15,950)
Other                                                                       
 Development          70,629          -             -          -          - 
Corporate                  -       (917)            -    207,030          - 
                ------------ ----------  ------------ ---------- ---------- 
                $    163,753 $        -  $     30,772 $  207,030 $3,791,062 
                ============ ==========  ============ ========== ========== 
                                                                            
                                                                            
                   Year Ended December 31, 2011                   
                                                                  
                                                                  
                                          Amortization   (Gain)   
                                               of        Loss on  
                 Operating   Depreciation   Leasehold    Disposal 
                   Income         and       Interests       of    
                  (Loss)     Amortization    in Land      Assets  
                ----------  ------------- ------------ ---------- 
Macao:                                                            
  The Venetian                                                    
   Macao        $  844,112  $     163,185 $      6,590 $     (535)
  Sands Macao      317,614         30,723        1,410        316 
  Four Seasons                                                    
   Hotel Macao                                                    
   and Plaza                                                      
   Casino          158,998         51,894        2,813        163 
                ----------  ------------- ------------ ---------- 
Macao Property                                                    
 Operations      1,320,724        245,802       10,813        (56)
Marina Bay                                                        
 Sands           1,157,825        249,123       21,493        832 
United States:                                                    
  Las Vegas                                                       
   Operating                                                      
   Properties      198,390        232,949            -     (1,215)
  Sands                                                           
   Bethlehem        56,145         31,889            -          - 
                ----------  ------------- ------------ ---------- 
United States                                                     
 Property                                                         
 Operations        254,535        264,838            -     (1,215)
Other Asia (2)     (52,844)        15,426            -        474 
Other                                                             
 Development       (79,423)           722       11,060      2,506 
Corporate         (210,930)        18,493            -      7,662 
                ----------  ------------- ------------ ---------- 
                $2,389,887  $     794,404 $     43,366 $   10,203 
                ==========  ============= ============ ========== 
                                                                  
                                                                  
 
                        Year Ended December 31, 2011                        
                                                                            
                                                                            
                                                                            
                 Pre-Opening                                                
                     and                      (1)                 Adjusted  
                 Development   Royalty    Stock-Based  Corporate   Property 
                   Expense      Fees     Compensation   Expense    EBITDA   
                ------------ ----------  ------------ ---------- ---------- 
Macao:                                                                      
  The Venetian                                                              
   Macao        $      3,173 $        -  $      6,253 $        - $1,022,778 
  Sands Macao              -          -         1,814          -    351,877 
  Four Seasons                                                              
   Hotel Macao                                                              
   and Plaza                                                                
   Casino              3,664          -           391          -    217,923 
                ------------ ----------  ------------ ---------- ---------- 
Macao Property                                                              
 Operations            6,837          -         8,458          -  1,592,578 
Marina Bay                                                                  
 Sands                 3,506     91,936         5,908          -  1,530,623 
United States:                                                              
  Las Vegas                                                                 
   Operating                                                                
   Properties              -   (111,017)       14,188          -    333,295 
  Sands                                                                     
   Bethlehem             851          -         1,917          -     90,802 
                ------------ ----------  ------------ ---------- ---------- 
United States                                                               
 Property                                                                   
 Operations              851   (111,017)       16,105          -    424,097 
Other Asia (2)           805     20,000           996          -    (15,143)
Other                                                                       
 Development          65,135          -             -          -          - 
Corporate                  -       (919)            -    185,694          - 
                ------------ ----------  ------------ ---------- ---------- 
                $     77,134 $        -  $     31,467 $  185,694 $3,532,155 
                ============ ==========  ============ ========== ========== 
                                                                            
                                                                            
(1) During the three months ended December 31, 2012 and 2011, the Company   
recorded stock-based compensation expense of $15.1 million and $15.5        
million, respectively, of which $7.2 million and $6.4 million, respectively,
is included in corporate expense and $0.0 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 year  
ended December 31, 2012 and 2011, the Company recorded stock-based          
compensation expense of $65.4 million and $62.7 million, respectively, of   
which $33.9 million and $30.8 million, respectively, is included in         
corporate expense and $0.7 million and $0.4 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 December 31, 2012                    
                                                                            
                                          (1)          (2)         Hold-    
                                         Hold-        Hold-       Adjusted  
                           Adjusted     Adjusted     Adjusted     Adjusted  
                           Property      Casino       Casino      Property  
                            EBITDA      Revenue      Expense       EBITDA   
                         -----------  -----------  -----------  ----------- 
                                                                            
Macao Property                                                              
 Operations              $   622,242  $   (76,822) $    29,961  $   575,381 
Marina Bay Sands             302,533      117,003      (13,116)     406,420 
United States:                                                              
  Las Vegas Operating                                                       
   Properties                 52,820       37,976       (2,848)      87,948 
  Sands Bethlehem             27,518       (2,292)         355       25,581 
                         -----------  -----------  -----------  ----------- 
United States Property                                                      
 Operations                   80,338       35,684       (2,493)     113,529 
Other Asia                    (2,149)           -            -       (2,149)
Other Development                  -            -            -            - 
Corporate                          -            -            -            - 
                         -----------  -----------  -----------  ----------- 
                         $ 1,002,964  $    75,865  $    14,352  $ 1,093,181 
                         ===========  ===========  ===========  =========== 
                                                                            
                                                                            
                    Three Months Ended December 31, 2011                    
                                                                            
                                           (1)          (2)         Hold-   
                                          Hold-        Hold-      Adjusted  
                           Adjusted     Adjusted     Adjusted     Adjusted  
                           Property      Casino       Casino      Property  
                            EBITDA       Revenue      Expense      EBITDA   
                         -----------  -----------  -----------  ----------- 
                                                                            
Macao Property                                                              
 Operations              $   434,164  $         -  $         -  $   434,164 
Marina Bay Sands             426,900      (52,497)       5,885      380,288 
United States:                                                              
  Las Vegas Operating                                                       
   Properties                 80,910       16,426       (1,232)      96,104 
  Sands Bethlehem             22,484          191          (33)      22,642 
                         -----------  -----------  -----------  ----------- 
United States Property                                                      
 Operations                  103,394       16,617       (1,265)     118,746 
Other Asia                    (3,822)           -            -       (3,822)
Other Development                  -            -            -            - 
Corporate                          -            -            -            - 
                         -----------  -----------  -----------  ----------- 
                         $   960,636  $   (35,880) $     4,620  $   929,376 
                         ===========  ===========  ===========  =========== 
                                                                            
                                                                            
(1) For Macao Property Operations and Marina Bay Sands this represents the  
estimated incremental casino revenue related to Rolling Volume play that    
would have been earned or lost had the Company's current period win         
percentage equaled 2.85%. This calculation will only be done if the current 
period win percentage is outside the expected range of 2.7% to 3.0%.        
                                                                            
For the Las Vegas Operating Properties and Sands Bethlehem this represents  
the estimated incremental casino revenue related to all table games play    
that would have been earned or lost had the Company's current period win    
percentage equaled 21.0% and 14.8%, respectively.                           
                                                                            
(2) Represents the estimated incremental gaming taxes that would have been  
incurred or avoided on the incremental casino revenue calculated in (1)     
above.                                                                      
                                                                            
                                                                            
                                                                            
                                                                            
Las Vegas Sands Corp.                                                       
 and Subsidiaries                                                           
Non-GAAP Measure                                                            
(In thousands)                                                              
(Unaudited)                                                                 
                                                                            
The following is a reconciliation of Net Income Attributable to Las Vegas   
 Sands Corp. to Adjusted Property EBITDA:                                   
                                                                            
                            Three Months Ended            Year Ended        
                               December 31,              December 31,       
                             2012         2011         2012         2011    
                         -----------  -----------  -----------  ----------- 
Net income attributable                                                     
 to Las Vegas Sands                                                         
 Corp.                   $   434,782  $   435,284  $ 1,524,093  $ 1,560,123 
  Add (deduct):                                                             
    Net income                                                              
     attributable to                                                        
     noncontrolling                                                         
     interests               136,561       89,068      357,720      322,996 
    Income tax expense        45,156       59,744      180,763      211,704 
    Loss on modification                                                    
     or early retirement                                                    
     of debt                       -       22,554       19,234       22,554 
    Other (income)                                                          
     expense                  (5,025)      (5,429)      (5,740)       3,955 
    Interest expense,                                                       
     net of amounts                                                         
     capitalized              67,067       68,011      258,564      282,949 
    Interest income           (6,536)      (5,950)     (23,252)     (14,394)
    Loss on disposal of                                                     
     assets                    1,011        1,324        2,240       10,203 
    Impairment loss                -            -      143,674            - 
    Amortization of                                                         
     leasehold interests                                                    
     in land                  10,149       10,033       40,165       43,366 
    Depreciation and                                                        
     amortization            250,321      197,935      892,046      794,404 
    Development expense        7,762        5,008       19,958       11,309 
    Pre-opening expense        8,992       22,353      143,795       65,825 
    Stock-based                                                             
     compensation (1)          7,858        8,990       30,772       31,467 
    Corporate expense         44,866       51,711      207,030      185,694 
                         -----------  -----------  -----------  ----------- 
Adjusted Property EBITDA $ 1,002,964  $   960,636  $ 3,791,062  $ 3,532,155 
                         ===========  ===========  ===========  =========== 
                                                                            
    Hold-adjusted casino                                                    
     revenue (2)              75,865      (35,880)                          
    Hold-adjusted casino                                                    
     expense (2)              14,352        4,620                           
                         -----------  -----------                           
Hold-Adjusted Adjusted                                                      
 Property EBITDA         $ 1,093,181  $   929,376                           
                         ===========  ===========                           
                                                                            
(1) See Exhibit 2                                                           
(2) See Exhibit 3                                                           
_______________________                                                     
                                                                            
Las Vegas Sands Corp.                                                       
 and Subsidiaries                                                           
Supplemental Data - Net                                                     
 Revenues                                                                   
(In thousands)                                                              
(Unaudited)                                                                 
                                                                            
                            Three Months Ended            Year Ended        
                               December 31,              December 31,       
                             2012         2011         2012         2011    
                         -----------  -----------  -----------  ----------- 
                                                                            
The Venetian Macao       $   843,000  $   764,257  $ 3,037,975  $ 2,827,174 
Sands Macao                  314,586      321,028    1,250,552    1,282,201 
Four Seasons Hotel Macao                                                    
 and Plaza Casino            296,237      216,379    1,086,456      678,293 
Sands Cotai Central          490,668            -    1,052,124            - 
Marina Bay Sands             717,160      806,942    2,886,139    2,921,863 
Las Vegas Operating                                                         
 Properties                  308,287      339,462    1,384,629    1,324,505 
Sands Bethlehem              117,834      105,030      470,458      399,900 
Other Asia                    37,538       37,910      148,330      147,323 
Intersegment                                                                
 Eliminations                (48,308)     (46,653)    (185,531)    (170,514)
                         -----------  -----------  -----------  ----------- 
                         $ 3,077,002  $ 2,544,355  $11,131,132  $ 9,410,745 
                         =
==========  ===========  ===========  =========== 
                                                                            
_______________________                                                     
                                                                            
Las Vegas Sands Corp.                                                       
 and Subsidiaries                                                           
Supplemental Data - Adjusted                                                
 Property EBITDA as a Percentage of                                         
 Net Revenues                                                               
(Unaudited)                                                                 
                                                                            
                            Three Months Ended            Year Ended        
                               December 31,              December 31,       
                             2012         2011         2012         2011    
                         -----------  -----------  -----------  ----------- 
The Venetian Macao              39.5%        37.1%        37.6%        36.2%
Sands Macao                     29.1%        27.4%        28.0%        27.4%
Four Seasons Hotel Macao                                                    
 and Plaza Casino               30.3%        29.1%        26.5%        32.1%
Sands Cotai Central             22.0%         N/A         20.3%         N/A 
Marina Bay Sands                42.2%        52.9%        47.3%        52.4%
Las Vegas Operating                                                         
 Properties                     17.1%        23.8%        23.9%        25.2%
Sands Bethlehem                 23.4%        21.4%        24.2%        22.7%
Other Asia                      -5.7%       -10.1%       -10.8%       -10.3%
                                                                            
Total                           32.6%        37.8%        34.1%        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            Year Ended       
                                December 31,              December 31,      
                             2012         2011         2012         2011    
                         ------------ ------------ ------------ ------------
                                                                            
Net income attributable                                                     
 to common stockholders  $    434,782 $    320,114 $  1,524,093 $  1,269,508
                                                                            
Pre-opening expense, net        6,908        4,193      101,775       47,067
Development expense, net        7,762        5,008       19,958       11,309
Impairment loss, net                -            -      101,009            -
Loss on disposal of                                                         
 assets, net                    1,021          456        2,211        9,335
Loss on modification or                                                     
 early retirement of                                                        
 debt, net                          -       16,005       18,714       16,005
Preferred stock                                                             
 dividends                          -        5,967            -       63,924
Accretion to redemption                                                     
 value of preferred                                                         
 stock issued to                                                            
 Principal Stockholder's                                                    
 family                             -       11,567            -       80,975
Preferred stock                                                             
 inducement, repurchase                                                     
 and redemption premiums            -       97,636            -      145,716
                         ------------ ------------ ------------ ------------
Adjusted net income      $    450,473 $    460,946 $  1,767,760 $  1,643,839
                         ============ ============ ============ ============
                                                                            
                                                                            
Per diluted share of                                                        
 common stock:                                                              
Net income attributable                                                     
 to common stockholders  $       0.53 $       0.39 $       1.85 $       1.56
                                                                            
Pre-opening expense, net            -         0.01         0.12         0.06
Development expense, net         0.01         0.01         0.03         0.01
Impairment loss, net                -            -         0.12            -
Loss on disposal of                                                         
 assets, net                        -            -            -         0.01
Loss on modification or                                                     
 early retirement of                                                        
 debt, net                          -         0.02         0.02         0.02
Preferred stock                                                             
 dividends                          -         0.01            -         0.08
Accretion to redemption                                                     
 value of preferred                                                         
 stock issued to                                                            
 Principal Stockholder's                                                    
 family                             -         0.01            -         0.10
Preferred stock                                                             
 inducement, repurchase                                                     
 and redemption premiums            -         0.12            -         0.18
                         ------------ ------------ ------------ ------------
Adjusted earnings per                                                       
 diluted share           $       0.54 $       0.57 $       2.14 $       2.02
                         ============ ============ ============ ============
                                                                            
Weighted average diluted                                                    
 shares outstanding       826,662,036  812,718,294  824,556,036  811,816,687
                                                                            
                                                                            
                                                                            
                                                                            
Las Vegas Sands Corp. and                                                   
 Subsidiaries                                                               
Supplemental Data Schedule                                                  
(Unaudited)                                                                 
                                                                            
                                     Three Months Ended      Year Ended     
                                        December 31,        December 31,    
                                       2012      2011      2012      2011   
                                     --------  --------  --------  -------- 
                                                                            
Room Statistics:                                                            
  The Venetian Macao:                                                       
    Occupancy %                          93.4%     95.2%     91.9%     91.4%
    Average daily room rate (ADR)                                           
     (1)                             $    248  $    246  $    237  $    232 
    Revenue per available room                                              
     (RevPAR) (2)                    $    231  $    234  $    218  $    212 
                                                                            
  Sands Macao:                                                              
    Occupancy %                          96.9%     96.0%     95.3%     90.5%
    Average daily room rate (ADR)                                           
     (1)                             $    250  $    259  $    245  $    251 
    Revenue per available room                                              
     (RevPAR) (2)                    $    243  $    248  $    234  $    227 
                                                                            
  Four Seasons Hotel Macao and Plaza                                        
   Casino:                                                                  
    Occupancy %                          81.8%     76.1%     80.1%     69.9%
    Average daily room rate (ADR)                                           
     (1)                             $    382  $    339  $    362  $    334 
    Revenue per available room                                              
     (RevPAR) (2)                    $    313  $    258  $    290  $    234 
                                                                            
  Sands Cotai Central:                                                      
    Occupancy %                          84.0%      N/A      83.4%      N/A 
    Average daily room rate (ADR)                                           
     (1)                             $    164       N/A  $    155       N/A 
    Revenue per available room                                              
     (RevPAR) (2)                    $    138       N/A  $    129       N/A 
                                                                            
  Marina Bay Sands:                                                         
    Occupancy %                          98.4%     98.8%     98.9%     93.6%
    Average daily room rate (ADR)                                           
     (1)                             $    368  $    333  $    355  $    311 
    Revenue per available room                                              
     (RevPAR) (2)                    $    362  $    329  $    351  $    291 
                                                                            
  Las Vegas Operating Properties:                                           
    Occupancy %                          87.6%     89.1%     86.1%     88.6%
    Average daily room rate (ADR)                                           
     (1)                             $    203  $    195  $    203  $    199 
    Revenue per available room                                              
     (RevPAR) (2)                    $    177  $    174  $    175  $    177 
                                                                            
  Sands Bethlehem:                                                          
    Occupancy %                          78.2%     54.5%     65.1%     50.5%
    Average daily room rate (ADR)                                           
     (1)                             $    136  $    156  $    140  $    162 
    Revenue per available room                                              
     (RevPAR) (2)                    $    107  $     85  $     91  $     82 
                                                                            
Casino Statistics:                                                          
  The Venetian Macao:                                                       
    Table games win per unit per day                                        
     (3)                             $ 18,424  $ 13,371  $ 15,496  $ 12,402 
    Slot machine win per unit per                                           
     day (4)                         $    357  $    328  $    325  $    297 
    Average number of table games         457       577       504       591 
    Average number of slot machines     2,183     2,089     2,210     2,112 
                                                                            
  Sands Macao:                                                              
    Table games win per unit per day                                        
     (3)                             $ 14,362  $  9,482  $ 11,518  $  9,632 
    Slot machine win per unit per                                           
     day (4)                         $    235  $    279  $    247  $    273 
    Average number of table games         263       413       330       414 
    Average number of slot machines     1,216     1,165     1,168     1,141 
                                                                            
  Four Seasons Hotel Macao and Plaza                                        
   Casino:                                                                  
    Table games win per unit per day                                        
     (3)                             $ 25,986  $ 18,928  $ 23,693  $ 15,360 
    Slot machine win per unit per                                           
     day (4)                         $  1,052  $    728  $    749  $    704 
    Average number of table games         144       139       154       125 
    Average number of slot machines       192       176       185       185 
                                                                            
  Sands Cotai Central:                                                      
    Table games win per unit per day                                        
     (3)                             $ 11,995       N/A  $ 10,758       N/A 
    Slot machine win per unit per                                           
     day (4)                         $    214       N/A  $    273       N/A 
    Average number of table games         462       N/A       395       N/A 
    Average number of slot machines     2,310       N/A     1,429       N/A 
                                                                            
  Marina Bay Sands:                                                         
    Table games win per unit per day                                        
     (3)                             $ 10,950  $ 11,508  $ 10,543  $ 11,140 
    Slot machine win per unit per                                           
     day (4)                         $    682  $    661  $    644  $    616 
    Average number of table games         616       602       613       604 
    Average number of slot machines     2,299     2,459     2,426     2,366 
                                                                            
  Las Vegas Operating Properties:                                           
    Table games win per unit per day                                        
     (3)                             $  2,660  $  4,511  $  5,171  $  4,241 
    Slot machine win per unit per                                           
     day (4)                         $    215  $    195  $    209  $    166 
    Average number of table games         239       230       232       228 
    Average number of slot machines     2,329     2,557     2,222     2,638 
                                                                            
  Sands Bethlehem:                                                          
    Table games win per unit per day                                        
     (3)                             $  3,244  $  2,921  $  3,049  $  2,779 
    Slot machine win per unit per                                           
     day (4)                         $    251  $    241  $    264  $    246 
    Average number of table games         122       106       121        95 
    Average number of slot machines     3,018     3,021     3,015     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