Las Vegas Sands Reports All-Time Record Quarterly Results

Las Vegas Sands Reports All-Time Record Quarterly Results 
LAS VEGAS, NV -- (Marketwired) -- 05/01/13 --  Las Vegas Sands Corp.
(NYSE: LVS) 
For the quarter ended March 31, 2013 compared to the quarter ended
March 31, 2012: 


 
--  Net Revenue Increased 19.5% to a Record $3.30 Billion
    
    
--  Consolidated Hold-Adjusted Adjusted Property EBITDA Increased 28.2% to
    a Record $1.19 Billion (Consolidated Adjusted Property EBITDA
    Increased 9.4% to a Record $1.17 Billion)
    
    
--  Record Gaming Volumes in Macao Drove Hold-Adjusted Adjusted Property
    EBITDA in Macao Up 51.2% to Record $630.2 Million (Macao Adjusted
    Property EBITDA was up 38.1% to a Record $630.2 Million)
    
    
--  Hold-Adjusted Adjusted Net Income Attributable to Las Vegas Sands Rose
    30.8% to Reach $596.6 Million (Net Income Attributable to Las Vegas
    Sands Rose 14.6% to Reach $572.0 Million)
    
    
--  Hold-Adjusted Adjusted Earnings per Diluted Share Increased 28.6% to
    $0.72 (Adjusted Earnings per diluted share was $0.71)
    
    
--  The Company Paid a Recurring Quarterly Dividend of $0.35 per share, an
    Increase of 40% over the First Quarter of 2012

  
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for
the quarter ended March 31, 2013.  
First Quarter Overview 
Mr. Sheldon G. Adelson, chairman and chief executive officer, said,
"I am extremely pleased to report all-time record quarterly financial
results that reflect strong revenue and cash flow growth and the
steady execution of our global growth strategy.  
"In Macao, we delivered record financial results, with outstanding
growth and strong operating momentum reflected in every segment of
our business. We welcomed a record fourteen million visits to our
Cotai Strip properties during the quarter, and delivered a record
$630.2 million of adjusted property EBITDA from our Macao property
portfolio. We remain confident that our market-leading Cotai Strip
properties, The Venetian Macao, Four Seasons Hotel Macao and Plaza
Casino, and Sands Cotai Central, with their unrivaled hotel inventory
of nearly 9,000 rooms and suites, including the world's largest
Sheraton, Conrad and Holiday Inn, and 28 million square feet of
interconnected Integrated Resort capacity, will meaningfully enhance
the appeal of Macao and the Cotai Strip to business and leisure
travelers and provide an outstanding platform for growth in the years
ahead. 
"We also delivered strong financial results in Singapore, with
meaningful growth in gaming and non-gaming revenues contributing to a
record financial performance. Rolling Chip volume increased 42.2% to
reach a property record $18.21 billion, while Hold-Adjusted Adjusted
Property EBITDA increased 15.7% to reach a record $451.1 million.  
"The prudent management of our cash flow, including the ability to
both invest in future growth and to increase the return of capital to
our shareholders, remains a cornerstone of our strategy. The company
paid a recurring quarterly dividend of $0.35 per common share during
the quarter, an increase of 40% compared to the first quarter of
2012." 
The company also announced that its next recurring quarterly dividend
of $0.35 per common share will be paid to Las Vegas Sands
shareholders on June 28, 2013 to shareholders of record as of June
20, 2013.  
Company-Wide Operating Results 
Net revenue for the first quarter of 2013 increased 19.5% to reach
$3.30 billion, compared to $2.76 billion in the first quarter of
2012. Consolidated adjusted property EBITDA increased 9.4% to reach
$1.17 billion in the first quarter of 2013, compared to $1.07 billion
in the year-ago quarter. On a hold-adjusted basis, adjusted property
EBITDA increased 28.2% to reach $1.19 billion in the first quarter of
2013, compared to $927 million in the first quarter of 2012.  
On a GAAP (Generally Accepted Accounting Principles) basis, operating
income in the first quarter of 2013 increased 16.8% to $826.7
million, compared to $707.6 million in the first quarter of 2012. The
increase in operating income was principally due to strong operating
results in Macao, partially offset by higher depreciation and
amortization expense related to the opening of Sands Cotai Central
and lower table games hold in Singapore. 
On a GAAP basis, net income attributable to Las Vegas Sands in the
first quarter of 2013 increased 14.6% to $572.0 million, compared to
$498.9 million in the first quarter of 2012, while diluted earnings
per share in the first quarter of 2013 increased 13.1% to $0.69,
compared to $0.61 in the prior year quarter. The increase in net
income attributable to Las Vegas Sands reflected the increase in
operating income described above, partially offset by the increase in
net income attributable to noncontrolling interests.  
Adjusted net income (see Note 1) increased to $583.9 million, or
$0.71 per diluted share, compared to $569.8 million, or $0.70 per
diluted share, in the first quarter of 2012. The increase in adjusted
net income was driven by the higher net income attributable to Las
Vegas Sands described above.  
Sands China Ltd. Consolidated Financial Results 
On a GAAP basis, total net revenues for Sands China Ltd. increased
39.3% to $2.02 billion in the first quarter of 2013, compared to
$1.45 billion in the first quarter of 2012. Adjusted property EBITDA
for Sands China Ltd. increased 39.0% to $626.4 million in the first
quarter of 2013, compared to $450.6 million in the first quarter of
2012. Net income for Sands China Ltd. increased 63.3% to $452.9
million in the first quarter of 2013, compared to $277.4 million in
the first quarter of 2012.  
The Venetian Macao First Quarter Operating Results 
The Venetian Macao continued to enjoy strong visitation and financial
performance. The property delivered a record adjusted property EBITDA
of $348.5 million, an increase of 23.6% compared to the first quarter
of 2012. Operating results were positively impacted by higher than
expected Rolling Chip win percentage of 3.57%, compared to 2.93% in
the first quarter of 2012. Adjusted property EBITDA margin increased
to 40.0% in the first quarter of 2013 from 36.5% in the year-ago
quarter. Non-Rolling Chip drop increased 20.6% to reach a property
record $1.33 billion for the quarter, while Non-Rolling Chip win
percentage increased to 32.1%. Rolling Chip volume during the quarter
decreased 15.4% to $11.67 billion partially due to Paiza Club
renovations, which resulted in 18 fewer active rolling tables in
service on average during the quarter. Slot handle was $1.19 billion,
a decrease of 4.0% compared to the quarter one year ago. Mall
revenues increased 15.2% during the quarter compared to the quarter
last year.  
The following table summarizes the key operating results for The
Venetian Macao for the first quarter of 2013 compared to the first
quarter of 2012:  


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

 
Sands Cotai Central First Quarter Operating Results 
The first two phases of Sands Cotai Central opened on April 11, 2012
and September 20, 2012. An additional 2,100 Sheraton rooms opened on
January 28, 2013. Net revenues and adjusted property EBITDA for the
first quarter of 2013 were $587.2 million and $131.5 million,
respectively, resulting in an EBITDA margin of 22.4%. The quarter's
results were positively impacted by higher than expected Rolling Chip
win percentage of 3.09%. 
Rolling Chip volume reflected meaningful growth and reached $13.62
billion while Non-Rolling Chip drop reached $1.04 billion with
Non-Rolling Chip win percentage of 21.6%. Slot handle, driven by
robust electronic table games play, was $1.23 billion for the
quarter. Rolling Chip Volume per table per day expanded to reach
approximately $800,000 in the quarter. Mass win per table per day
increased 20% compared to the fourth quarter of 2012, reaching $7,933
per day, while mass table, slot and ETG win per day climbed to $3.01
million, an increase of 16.7% compared to the fourth quarter of 2012.
Hotel occupancy reached 70.8% during the quarter with ADR of $152. 
Visitation to the property continues to expand, reaching in excess of
3.4 million visits in the quarter. An air-conditioned footbridge
connecting Sands Cotai Central on the East side of the Cotai Strip
with The Venetian Macao and Four Seasons Macao Hotel and Plaza Casino
on the West side of the Cotai Strip opened on December 20, 2012. 
The following table summarizes our key operating results for Sands
Cotai Central for the first quarter of 2013: 


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

 
(1) This compares to our expected Rolling Chip win percentage of 2.7% to    
    3.0% (calculated before discounts and commissions).                     

 
Four Seasons Hotel Macao and Plaza Casino First Quarter Operating
Results 
The Four Seasons Hotel Macao and Plaza Casino generated adjusted
property EBITDA of $53.6 million in the first quarter of 2013.
Operating results were negatively impacted by lower than expected
Rolling Chip win percentage of 2.21% for the current quarter. Rolling
Chip volume was $9.48 billion for the quarter. Non-Rolling Chip drop
was $110.5 million while Non-Rolling Chip win percentage was 48.6%.
Slot handle was $184.4 million during the quarter.  
The following table summarizes our key operating results for the Four
Seasons Hotel Macao and Plaza Casino for the first quarter of 2013
compared to the first quarter of 2012: 


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

 
Sands Macao First Quarter Operating Results 
Sands Macao's adjusted property EBITDA was $96.6 million. Adjusted
property EBITDA margin increased 50 basis points to 31.1%. The
property realized 2.76% win on Rolling Chip volume during the
quarter, compared to 3.73% in the year-ago quarter. Rolling Chip
volume was $6.38 billion for the quarter. Non-Rolling Chip drop was
$763.2 million during the quarter, an increase of 7.8%, despite 71
fewer Non-Rolling Chip tables in operation during the quarter. Slot
handle increased 6.5% to $706.5 million.  
The following table summarizes our key operating results for Sands
Macao for the first quarter of 2013 compared to the first quarter of
2012: 


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

 
Marina Bay Sands First Quarter Operating Results 
Marina Bay Sands in Singapore delivered a record hold-adjusted
adjusted property EBITDA of $451.1 million, an increase of 15.7%
compared to the first quarter of 2012. Adjusted property EBITDA was
$396.8 million for the first quarter, reflecting lower than expected
Rolling Chip win percentage of 2.51% for the quarter. 
Rolling Chip volume increased 42.2% to reach $18.21 billion for the
quarter, the highest quarterly volume in the property's history.
Non-Rolling Chip drop increased 2.4% to $1.19 billion and slot handle
increased 1.6% to $2.79 billion. Total mass win per day during the
quarter increased 3.9% to reach $4.64 million, compared to $4.47
million in the first quarter of 2012.  
The high margin hotel room and mall segments of the property
continued to reflect strong revenue growth of 9.7% and 6.7%,
respectively. ADR expanded during the quarter, driving a RevPAR
increase of 11.0% compared to the same quarter last year. Occupancy
was 98.5% during the quarter.  
The following table summarizes our key operating results for Marina
Bay Sands for the first quarter of 2013 compared to the first quarter
of 2012: 


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

 
Las Vegas Operations First Quarter Operating Results 
The Venetian and The Palazzo, including the Sands Expo and Convention
Center, delivered adjusted property EBITDA of $113.4 million for the
first quarter of 2013. The operating results were favorably impacted
by higher than expected table games win percentage of 27.6% for the
quarter. Adjusted property EBITDA margin was 27.6% for the quarter.
Table games drop decreased 16.8% to $506.4 million. Slot handle
increased 2.3% to $495.1 million while slot hold percentage was 8.8%.
Hotel occupancy percentage increased 690 basis points during the
quarter while RevPAR grew 7.3% compared to last year's quarter.  
The following table summarizes our key operating results for our Las
Vegas operations for the first quarter of 2013 compared to the first
quarter of 2012: 


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

 
Sands Bethlehem First Quarter Operating Results 
Net revenue for Sands Bethlehem in Pennsylvania increased 6.3% to
reach was $122.9 million and adjusted property EBITDA increased 8.7%
to reach $29.9 million for the first quarter of 2013. Table games
drop increased 21.4% to reach $244.7 million for the quarter, while
table games win percentage was 15.6%. Slot handle was $1.03 billion
for the quarter with slot hold percentage of 7.1%.  
The following table summarizes our key operating results for Sands
Bethlehem for the first quarter of 2013 compared to the first quarter
of 2012: 


 
                                                                            
                                Three Months Ended                          
Sands Bethlehem Operations           March 31,                              
                              ----------------------                        
(Dollars in millions)            2013        2012      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    114.8  $    108.7  $      6.1        5.6%
  Rooms                              2.4         1.9         0.5       26.3%
  Food and Beverage                  7.2         6.7         0.5        7.5%
  Mall                               0.6         0.3         0.3      100.0%
  Convention, Retail and                                                    
   Other                             4.0         3.8         0.2        5.3%
  Less - Promotional                                                        
   Allowances                       (6.1)       (5.8)       (0.3)      -5.2%
                              ----------  ----------  ----------            
Net Revenues                  $    122.9  $    115.6  $      7.3        6.3%
                                                                            
Adjusted Property EBITDA      $     29.9  $     27.5  $      2.4        8.7%
  EBITDA Margin %                   24.3%       23.8%               0.5 pts 
                                                                            
Operating Income              $     20.8  $     18.2  $      2.6       14.3%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Table Games Drop              $    244.7  $    201.5  $     43.2       21.4%
  Table Games Win %(1)              15.6%       14.9%               0.7 pts 
                                                                            
Slot Handle                   $  1,033.9  $  1,033.7  $      0.2        0.0%
  Slot Hold %                        7.1%        7.3%              -0.2 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         65.3%       50.3%              15.0 pts 
Average Daily Rate (ADR)      $      138  $      139  $       (1)      -0.7%
Revenue per Available Room                                                  
 (RevPAR)                     $       90  $       70  $       20       28.6%
                                                                            
(1) This compares to our expected Non-Rolling Chip win percentage of 14.0%  
    and 16.0% (calculated before discounts).                                

 
Asian Retail Mall Operations 
Gross revenue from tenants in the company's retail malls on Macao's
Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai
Central) and Marina Bay Sands in Singapore reached $84.9 million for
the first quarter of 2013, an increase of 19.4% compared to the first
quarter of 2012. Operating profit derived from these retail mall
assets increased 23.4% for the quarter to reach $68.0 million. 


 
                                                                            
                                                                      LTM   
                                                                   March 31,
                      For The Three Months Ended March 31, 2013       2013  
                   ----------------------------------------------- ---------
(Dollars in                                      Gross               Tenant 
 millions except    Gross            Operating  Leasable Occupancy Sales Per
 per square foot   Revenue Operating   Profit    Area     % at End    Sq.   
 data)               (1)     Profit    Margin  (sq. ft.) of Period   Ft.(2) 
                   ------- --------- --------- --------- --------- ---------
                                                                            
The Grand Canal                                                             
 Shoppes at The                                                             
 Venetian Macao    $  29.9 $    24.5     81.9%   821,129     93.2% $   1,239
                                                                            
The Shoppes at                                                              
 Four Seasons                                                               
  Luxury Retail        5.8       4.9     84.5%   140,206    100.0%     6,658
  Other Stores         4.5       3.8     84.4%    99,512     78.1%     1,675
                   ------- ---------           ---------                    
  Total               10.3       8.7     84.5%   239,718     90.9%     4,562
                   ------- ---------           ---------                    
                                                                            
The Shoppes at                                                              
 Sands Cotai                                                                
 Central               7.9       6.3     79.7%   210,143    100.0%       N/A
                   ------- ---------           ---------                    
Total Cotai Strip                                                           
 in Macao             48.1      39.5     82.1% 1,270,990     93.9%     1,863
                   ------- ---------           ---------                    
                                                                            
The Shoppes at                                                              
 Marina Bay Sands     36.8      28.5     77.4%   637,881     95.6%     1,425
                   ------- ---------           ---------                    
                                                                            
Total              $  84.9 $    68.0     80.1% 1,908,871     94.4% $   1,690
                   ======= =========           =========                    
                                                                            
(1) Gross revenue figures are net of intersegment revenue eliminations.     
(2) 
Tenant sales per square foot reflects sales from tenants only after the 
    tenant has been open for a period of 12 months.                         

 
Other Factors Affecting Earnings 
Other Asia adjusted property EBITDA, which is principally composed of
our CotaiJet ferry operation, was negative $3.6 million during the
quarter, compared to negative $5.7 million in the first quarter of
2012.  
Pre-opening expenses, related primarily to Sands Cotai Central on the
Cotai Strip in Macao, decreased to $6.8 million in the first quarter
of 2013, compared to $51.5 million in the first quarter of 2012. 
Depreciation and amortization expense was $252.6 million in the first
quarter of 2013, compared to $194.7 million in the first quarter of
2012.  
Interest expense, net of amounts capitalized, was $68.8 million for
the first quarter of 2013, compared to $64.7 million during the first
quarter of 2012. Capitalized interest was $1.8 million during the
first quarter of 2013, compared to $22.1 million during the first
quarter of 2012. Our weighted average borrowing cost in the first
quarter of 2013 was 2.7%.  
Corporate expense was $56.3 million in the first quarter of 2013,
compared to $49.0 million in the first quarter of 2012.  
Other expense, which was principally composed of foreign currency
losses, was $2.1 million in the first quarter of 2013, compared to
$3.4 million in the first quarter of 2012. 
The company's effective income tax rate for the first quarter of 2013
was 7.3%. The tax rate is primarily driven by a provision for the
earnings from Marina Bay Sands at the 17% Singapore income tax rate.  
Net income attributable to noncontrolling interests during the first
quarter of 2013 of $132.0 million was principally related to Sands
China Ltd.  
Balance Sheet Items 
Unrestricted cash balances as of March 31, 2013 were $2.38 billion.  
As of March 31, 2013, total debt outstanding, including the current
portion, was $9.83 billion. Total principal payments for the
remainder of 2013 are expected to be approximately $89.2 million. 
Capital Expenditures 
Capital expenditures during the first quarter totaled $197.2 million,
including construction and development activities of $128.7 million
in Macao, $36.1 million at Marina Bay Sands, $31.4 million in Las
Vegas, and $1.0 million at Sands Bethlehem.  
Conference Call Information 
The company will host a conference call to discuss the company's
results on Wednesday, May 1, 2013 at 1:30 p.m. Pacific Time.
Interested parties may listen to the conference call through a
webcast available on the company's website at www.lasvegassands.com.  
Forward-Looking Statements  
This press release contains forward-looking statements that are made
pursuant to the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve a
number of risks, uncertainties or other factors beyond the company's
control, which may cause material differences in actual results,
performance or other expectations. These factors include, but are not
limited to, general economic conditions, competition, new ventures,
substantial leverage and debt service, government regulation,
legalization of gaming, interest rates, future terrorist acts,
influenza, insurance, gaming promoters, risks relating to our gaming
licenses, certificate and subconcession, infrastructure in Macao and
other factors detailed in the reports filed by Las Vegas Sands Corp.
with the Securities and Exchange Commission. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date thereof. Las Vegas Sands Corp.
assumes no obligation to update such information. 
Note 1 
Adjusted net income excludes pre-opening expense, development
expense, impairment loss, gain or loss on disposal of assets and loss
on modification or early retirement of debt. 
About Las Vegas Sands  
Las Vegas Sands (NYSE: LVS) is a Fortune 500 company and the leading
global developer of destination properties (Integrated Resorts) that
feature premium accommodations, world-class gaming and entertainment,
convention and exhibition facilities, celebrity chef restaurants, and
many other amenities.  
The Venetian(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. (1928:HK), 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.
 First Quarter 2013 Results
 Non-GAAP
Reconciliations 
Within the company's first quarter 2013 press release, the company
makes reference to certain non-GAAP financial measures including
"adjusted net income," "hold-adjusted adjusted net income," "adjusted
earnings per diluted share," "hold-adjusted adjusted earnings per
diluted share," "adjusted property EBITDA," and "hold-adjusted
adjusted property EBITDA." Whenever such information is presented,
the company has complied with the provisions of the rules under
Regulation G and Item 2.02 of Form 8-K. The specific reasons why the
company's management believes that the presentation of each of these
non-GAAP financial measures provides useful information to investors
regarding Las Vegas Sands Corp.'s financial condition, results of
operations and cash flows has been provided in the Form 8-K filed in
connection with this press release.  
Adjusted property EBITDA consists of operating income (loss) before
depreciation and amortization, amortization of leasehold interests in
land, gain or loss on disposal of assets, impairment loss,
pre-opening expense, development expense, royalty fees, stock-based
compensation, and corporate expense. Reconciliations of GAAP
operating income (loss) and GAAP net income attributable to Las Vegas
Sands Corp. to adjusted property EBITDA and hold-adjusted adjusted
property EBITDA are included in the financial schedules accompanying
this release. 


 
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Condensed Consolidated Statements of Operations                             
(In thousands, except share and per share data)                             
(Unaudited)                                                                 
                                                                            
                                                    Three Months Ended      
                                                         March 31,          
                                                    2013           2012     
                                               -------------  ------------- 
                                                                            
Revenues:                                                                   
  Casino                                       $   2,736,054  $   2,266,493 
  Rooms                                              325,016        267,727 
  Food and beverage                                  185,329        153,455 
  Mall                                                85,461         71,418 
  Convention, retail and other                       126,061        129,717 
                                               -------------  ------------- 
                                                   3,457,921 
     2,888,810 
  Less - promotional allowances                     (155,202)      (126,068)
                                               -------------  ------------- 
                                                   3,302,719      2,762,742 
                                               -------------  ------------- 
Operating expenses:                                                         
  Resort operations                                2,142,900      1,705,398 
  Corporate                                           56,272         48,955 
  Pre-opening                                          6,837         51,459 
  Development                                          5,351          1,198 
  Depreciation and amortization                      252,557        194,747 
  Amortization of leasehold interests in land         10,167          9,945 
  Impairment loss                                          -         42,893 
  Loss on disposal of assets                           1,932            593 
                                               -------------  ------------- 
                                                   2,476,016      2,055,188 
                                               -------------  ------------- 
Operating income                                     826,703        707,554 
Other income (expense):                                                     
  Interest income                                      3,793          5,648 
  Interest expense, net of amounts capitalized       (68,832)       (64,672)
  Other expense                                       (2,108)        (3,419)
  Loss on early retirement of debt                         -         (2,831)
                                               -------------  ------------- 
Income before income taxes                           759,556        642,280 
Income tax expense                                   (55,582)       (63,171)
                                               -------------  ------------- 
Net income                                           703,974        579,109 
Net income attributable to noncontrolling                                   
 interests                                          (132,013)       (80,167)
                                               -------------  ------------- 
Net income attributable to Las Vegas Sands                                  
 Corp.                                         $     571,961  $     498,942 
                                               =============  ============= 
                                                                            
Earnings per share:                                                         
  Basic                                        $        0.69  $        0.66 
                                               =============  ============= 
  Diluted                                      $        0.69  $        0.61 
                                               =============  ============= 
                                                                            
Weighted average shares outstanding:                                        
  Basic                                          823,367,441    760,437,437 
                                               =============  ============= 
  Diluted                                        827,452,691    818,797,155 
                                               =============  ============= 
                                                                            
Dividends declared per common share            $        0.35  $        0.25 
                                               =============  ============= 
                                                                            
                                                                            
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Non-GAAP Measure                                                            
(In thousands)                                                              
(Unaudited)                                                                 
                                                                            
The following are reconciliations of Operating Income (Loss) to Adjusted    
Property EBITDA:                                                            
                                                                            
                      Three Months Ended March 31, 2013                     
                                                                            
                                       Amortization              Pre-Opening
               Operating  Depreciation of Leasehold   Loss on        and    
                 Income        and     Interests in Disposal of  Development
                 (Loss)   Amortization     Land        Assets      Expense  
               ---------  ------------ ------------ -----------  -----------
Macao:                                                                      
  The Venetian                                                              
   Macao       $ 311,884  $     32,853 $      1,654 $       374  $       121
  Sands Cotai                                                               
   Central        60,891        62,414        2,154           3        5,487
  Four Seasons                                                              
   Hotel Macao                                                              
   and Plaza                                                                
   Casino         40,691        11,300          706          13          807
  Sands Macao     88,072         7,684          354         112            -
               ---------  ------------ ------------ -----------  -----------
Macao Property                                                              
 Operations      501,538       114,251        4,868         502        6,415
Marina Bay                                                                  
 Sands           292,682        70,028        4,677         854            -
United States:                                                              
  Las Vegas                                                                 
   Operating                                                                
   Properties     98,809        49,154            -         563          115
  Sands                                                                     
   Bethlehem      20,832         8,865            -           -           46
               ---------  ------------ ------------ -----------  -----------
United States                                                               
 Property                                                                   
 Operations      119,641        58,019            -         563          161
Other Asia (2)   (18,597)        3,697            -          13          240
Other                                                                       
 Development      (6,152)          158          622           -        5,372
Corporate        (62,409)        6,404            -           -            -
               ---------  ------------ ------------ -----------  -----------
               $ 826,703  $    252,557 $     10,167 $     1,932  $    12,188
               =========  ============ ============ ===========  ===========
                                                                            
 
                                                                   
                 Three Months Ended March 31, 2013                 
                                                                   
                                  (1)                    Adjusted  
                  Royalty     Stock-Based   Corporate    Property  
                    Fees      Compensation   Expense      EBITDA   
                -----------  --------
----- ----------- ----------- 
Macao:                                                             
  The Venetian                                                     
   Macao        $         -  $       1,596 $         - $   348,482 
  Sands Cotai                                                      
   Central                -            572           -     131,521 
  Four Seasons                                                     
   Hotel Macao                                                     
   and Plaza                                                       
   Casino                 -             35           -      53,552 
  Sands Macao             -            380           -      96,602 
                -----------  ------------- ----------- ----------- 
Macao Property                                                     
 Operations               -          2,583           -     630,157 
Marina Bay                                                         
 Sands               26,691          1,849           -     396,781 
United States:                                                     
  Las Vegas                                                        
   Operating                                                       
   Properties       (37,424)         2,211           -     113,428 
  Sands                                                            
   Bethlehem              -            113           -      29,856 
                -----------  ------------- ----------- ----------- 
United States                                                      
 Property                                                          
 Operations         (37,424)         2,324           -     143,284 
Other Asia (2)       11,000             58           -      (3,589)
Other                                                              
 Development              -              -           -           - 
Corporate              (267)             -      56,272           - 
                -----------  ------------- ----------- ----------- 
                $         -  $       6,814 $    56,272 $ 1,166,633 
                ===========  ============= =========== =========== 
                                                                   
                                                                            
                      Three Months Ended March 31, 2012                     
                                                                            
                                                     Impairment             
                                       Amortization  and (Gain)  Pre-Opening
               Operating  Depreciation of Leasehold   Loss on        and    
                 Income        and     Interests in Disposal of  Development
                 (Loss)   Amortization     Land        Assets      Expense  
               ---------  ------------ ------------ -----------  -----------
Macao:                                                                      
  The Venetian                                                              
   Macao       $ 198,568  $     36,768 $      1,650 $    42,932  $         -
  Four Seasons                                                              
   Hotel Macao                                                              
   and Plaza                                                                
   Casino         53,410        12,424          705           4          882
  Sands Macao     98,542         7,411          353          92            -
               ---------  ------------ ------------ -----------  -----------
Macao Property                                                              
 Operations      350,520        56,603        2,708      43,028          882
Marina Bay                                                                  
 Sands           373,198        65,051        4,468        (139)           -
United States:                                                              
  Las Vegas                                                                 
   Operating                                                                
   Properties     87,704        56,682            -         402            -
  Sands                                                                     
   Bethlehem      18,178         8,874            -           8           94
               ---------  ------------ ------------ -----------  -----------
United States                                                               
 Property                                                                   
 Operations      105,882        65,556            -         410           94
Other Asia (2)   (14,950)        3,681            -           -           71
Other                                                                       
 Development     (54,835)          269        2,769         187       51,610
Corporate        (52,261)        3,587            -           -            -
               ---------  ------------ ------------ -----------  -----------
               $ 707,554  $    194,747 $      9,945 $    43,486  $    52,657
               =========  ============ ============ ===========  ===========
                                                                            
 
                                                                   
                 Three Months Ended March 31, 2012                 
                                                                   
                                  (1)                    Adjusted  
                  Royalty     Stock-Based   Corporate    Property  
                    Fees      Compensation   Expense      EBITDA   
                -----------  ------------- ----------- ----------- 
Macao:                                                             
  The Venetian                                                     
   Macao        $         -  $       2,015 $         - $   281,933 
  Four Seasons                                                     
   Hotel Macao                                                     
   and Plaza                                                       
   Casino                 -             94           -      67,519 
  Sands Macao             -            558           -     106,956 
                -----------  ------------- ----------- ----------- 
Macao Property                                                     
 Operations               -          2,667           -     456,408 
Marina Bay                                                         
 Sands               28,141          1,800           -     472,519 
United States:                                                     
  Las Vegas                                                        
   Operating                                                       
   Properties       (32,860)         3,878           -     115,806 
  Sands                                                            
   Bethlehem              -            348           -      27,502 
                -----------  ------------- ----------- ----------- 
United States                                                      
 Property                                                          
 Operations         (32,860)         4,226           -     143,308 
Other Asia (2)        5,000            476           -      (5,722)
Other                                                              
 Development              -              -           -           - 
Corporate              (281)             -      48,955           - 
                -----------  ------------- ----------- ----------- 
                $         -  $       9,169 $    48,955 $ 1,066,513 
                ===========  ============= =========== =========== 

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


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

 
(1) For Macao Property Operations and Marina Bay Sands this represents
the estimated incremental casino revenue related to Rolling Volume
play that would have been earned or lost had the Company's current
period win percentage equaled 2.85%. This calculation will only be
done if the current period win percentage is outside the expected
range of 2.7% to 3.0%.   
For the Las Vegas Operating Properties and Sands Bethlehem this
represents the estimated incremental casino revenue related to all
table games play that would have been earned or lost had the
Company's current period win percentage equaled 21.0% and 14.8%,
respectively.   
(2) Represents the estimated incremental gaming taxes that would have
been incurred or avoided on the incremental casino revenue calculated
in (1) above. 


 
                                                                            
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Non-GAAP Measure                                                            
(In thousands)                                                              
(Unaudited)                                                                 
                                                                            
The following is a reconciliation of Net Income Attributable to Las Vegas   
 Sands Corp. to Adjusted Property EBITDA and Hold-Adjusted Adjusted         
 Property EBITDA:                                                           
                                                                            
                                                     Three Months Ended     
                                                          March 31,         
                                                     2013          2012     
                                                 ------------  ------------ 
Net income attributable to Las Vegas Sands Corp. $    571,961  $    498,942 
  Add (deduct):                                                             
    Net income attributable to noncontrolling                               
     interests                                        132,013        80,167 
    Income tax expense                                 55,582        63,171 
    Loss on early retirement of debt                        -         2,831 
    Other expense                                       2,108         3,419 
    Interest expense, net of amounts capitalized       68,832        64,672 
    Interest income                                    (3,793)       (5,648)
    Loss on disposal of assets                          1,932           593 
    Impairment loss                                         -        42,893 
    Amortization of leasehold interests in land        1
0,167         9,945 
    Depreciation and amortization                     252,557       194,747 
    Development expense                                 5,351         1,198 
    Pre-opening expense                                 6,837        51,459 
    Stock-based compensation (1)                        6,814         9,169 
    Corporate expense                                  56,272        48,955 
                                                 ------------  ------------ 
Adjusted Property EBITDA                         $  1,166,633  $  1,066,513 
                                                 ============  ============ 
                                                                            
    Hold-adjusted casino revenue (2)                   25,922      (176,908)
    Hold-adjusted casino expense (2)                   (4,054)       37,271 
                                                 ------------  ------------ 
Hold-Adjusted Adjusted Property EBITDA           $  1,188,501  $    926,876 
                                                 ============  ============ 
                                                                            
(1) See Exhibit 2                                                           
(2) See Exhibit 3                                                           
_______________________                                                     
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Supplemental Data - Net Revenues                                            
(In thousands)                                                              
(Unaudited)                                                                 
                                                                            
                                                     Three Months Ended     
                                                          March 31,         
                                                     2013          2012     
                                                 ------------  ------------ 
                                                                            
The Venetian Macao                               $    872,212  $    772,760 
Sands Cotai Central                                   587,179             - 
Four Seasons Hotel Macao and Plaza Casino             223,220       299,604 
Sands Macao                                           310,273       349,083 
Marina Bay Sands                                      794,864       848,669 
Las Vegas Operating Properties                        411,541       384,603 
Sands Bethlehem                                       122,916       115,562 
Other Asia                                             33,873        35,568 
Intersegment Eliminations                             (53,359)      (43,107)
                                                 ------------  ------------ 
                                                 $  3,302,719  $  2,762,742 
                                                 ============  ============ 
                                                                            
_______________________                                                     
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Supplemental Data - Adjusted Property EBITDA as a Percentage                
of Net Revenues                                                             
(Unaudited)                                                                 
                                                                            
                                                     Three Months Ended     
                                                          March 31,         
                                                     2013          2012     
                                                 ------------  ------------ 
The Venetian Macao                                   40.0%         36.5%    
Sands Cotai Central                                  22.4%          N/A     
Four Seasons Hotel Macao and Plaza Casino            24.0%         22.5%    
Sands Macao                                          31.1%         30.6%    
Marina Bay Sands                                     49.9%         55.7%    
Las Vegas Operating Properties                       27.6%         30.1%    
Sands Bethlehem                                      24.3%         23.8%    
Other Asia                                           -10.6%        -16.1%   
                                                                            
Total                                                35.3%         38.6%    
                                                                            
                                                                            
                                                                            
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Non-GAAP Measure - Adjusted Net Income, Hold-Adjusted Adjusted Net Income,  
 Adjusted Earnings Per Diluted Share and Hold-Adjusted Adjusted Earnings    
 Per Diluted Share                                                          
(In thousands, except share and per share data)                             
(Unaudited)                                                                 
                                                                            
                                                     Three Months Ended     
                                                          March 31,         
                                                     2013          2012     
                                                 ------------  ------------ 
                                                                            
Net income attributable to Las Vegas Sands Corp. $    571,961  $    498,942 
                                                                            
Pre-opening expense, net                                4,827        36,199 
Development expense, net                                5,351         1,198 
Impairment loss, net                                        -        30,154 
Loss on disposal of assets, net                         1,779           497 
Loss on early retirement of debt, net                       -         2,831 
                                                 ------------  ------------ 
Adjusted net income                              $    583,918  $    569,821 
                                                 ============  ============ 
                                                                            
Hold-adjusted casino revenue (1)                       25,922      (176,908)
Hold-adjusted casino expense (1)                       (4,054)       37,271 
Income tax impact on hold adjustments                  (9,236)       14,037 
Noncontrolling interest impact on hold                                      
 adjustments                                                -        11,815 
                                                 ------------  ------------ 
Hold-adjusted adjusted net income                $    596,550  $    456,036 
                                                 ============  ============ 
                                                                            
(1) See Exhibit 3                                                           
                                                                            
Per diluted share of common stock:                                          
Net income attributable to Las Vegas Sands Corp. $       0.69  $       0.61 
                                                                            
Pre-opening expense, net                                 0
.01          0.05 
Development expense, net                                 0.01             - 
Impairment loss, net                                        -          0.04 
Loss on disposal of assets, net                             -             - 
Loss on early retirement of debt, net                       -             - 
                                                 ------------  ------------ 
Adjusted earnings per diluted share              $       0.71  $       0.70 
                                                 ============  ============ 
                                                                            
Hold-adjusted casino revenue                             0.03         (0.22)
Hold-adjusted casino expense                            (0.01)         0.04 
Income tax impact on hold adjustments                   (0.01)         0.02 
Noncontrolling interest impact on hold                                      
 adjustments                                                -          0.02 
                                                 ------------  ------------ 
Hold-adjusted adjusted earnings per diluted                                 
 share                                           $       0.72  $       0.56 
                                                 ============  ============ 
                                                                            
Weighted average diluted shares outstanding       827,452,691   818,797,155 
                                                 ============  ============ 
                                                                            
                                                                            
                                                                            
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Supplemental Data Schedule                                                  
(Unaudited)                                                                 
                                                                            
                                                    Three Months Ended      
                                                         March 31,          
                                                    2013           2012     
                                               -------------  ------------- 
                                                                            
Room Statistics:                                                            
  The Venetian Macao:                                                       
    Occupancy %                                         91.6%          93.4%
    Average daily room rate (ADR) (1)          $         231  $         244 
    Revenue per available room (RevPAR) (2)    $         212  $         228 
                                                                            
  Sands Cotai Central:                                                      
    Occupancy %                                         70.8%           N/A 
    Average daily room rate (ADR) (1)          $         152            N/A 
    Revenue per available room (RevPAR) (2)    $         108            N/A 
                                                                            
  Four Seasons Hotel Macao and Plaza Casino:                                
    Occupancy %                                         81.2%          82.3%
    Average daily room rate (ADR) (1)          $         370  $         360 
    Revenue per available room (RevPAR) (2)    $         301  $         296 
                                                                            
  Sands Macao:                                                              
    Occupancy %                                         94.9%          93.8%
    Average daily room rate (ADR) (1)          $         246  $         252 
    Revenue per available room (RevPAR) (2)    $         233  $         236 
                                                                            
  Marina Bay Sands:                                                         
    Occupancy %                                         98.5%          98.4%
    Average daily room rate (ADR) (1)          $         378  $         341 
    Revenue per available room (RevPAR) (2)    $         372  $         335 
                                                                            
  Las Vegas Operating Properties:                                           
    Occupancy %                                         90.3%          83.4%
    Average daily room rate (ADR) (1)          $         211  $         214 
    Revenue per available room (RevPAR) (2)    $         191  $         178 
                                                                            
  Sands Bethlehem:                                                          
    Occupancy %                                         65.3%          50.3%
    Average daily room rate (ADR) (1)          $         138  $         139 
    Revenue per available room (RevPAR) (2)    $          90  $          70 
                                                                            
Casino Statistics:                                                          
  The Venetian Macao:                                                       
    Table games win per unit per day (3)       $      17,902  $      14,334 
    Slot machine win per unit per day (4)      $         320  $         334 
    Average number of table games                        525            570 
    Average number of slot machines                    2,270          2,282 
                                                                            
  Sands Cotai Central:                                                      
    Table games win per unit per day (3)       $      14,225            N/A 
    Slot machine win per unit per day (4)      $         247            N/A 
    Average number of table games                        503            N/A 
    Average number of slot machines                    2,157            N/A 
                                                                            
  Four Seasons Hotel Macao and Plaza Casino:                                
    Table games win per unit per day (3)       $      20,071  $      26,933 
    Slot machine win per unit per day (4)      $         549  $         740 
    Average number of table games                        146            165 
    Average number of slot machines                      187            176 
                                                                            
  Sands Macao:                                                              
    Table games win per unit per day (3)       $      13,023  $      10,733 
    Slot machine win per unit per day (4)      $         238  $         295 
    Average number of table games                        287            399 
    Average number of slot machines                    1,229          1,093 
                                                                            
  Marina Bay Sands:                                                         
    Table games win per unit per day (3)       $      13,608  $      12,975 
    Slot machine win per unit per day (4)      $         708  $         665 
    Average number of table games                        600            607 
    Average number of slot machines                    2,211          2,479 
                                                                            
  Las Vegas Operating Properties:                                           
    Table games win per unit per day (3)       $       6,502  $       7,085 
    Slot machine win per unit per day (4)      $         199  $         188 
    Average number of table games                        239            227 
    Average number of slot machines                    2,452
          2,417 
                                                                            
  Sands Bethlehem:                                                          
    Table games win per unit per day (3)       $       3,020  $       2,784 
    Slot machine win per unit per day (4)      $         272  $         279 
    Average number of table games                        141            119 
    Average number of slot machines                    3,020          2,995 

 
(1) ADR is calculated by dividing total room revenue by total rooms
occupied. 
(2) RevPAR is calculated by dividing total room revenue by total
rooms available. 
(3) Table games win per unit per day is shown before discounts and
commissions. 
(4) Slot machine win per unit per day is shown before deducting cost
for slot points. 
Contacts: 
Investment Community: 
Daniel Briggs 
(702) 414-1221 
Media: 
Ron Reese 
(702) 414-3607 
 
 
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