Las Vegas Sands Again Reports Record Quarterly Results

Las Vegas Sands Again Reports Record Quarterly Results 
LAS VEGAS, NV -- (Marketwired) -- 10/17/13 --  Las Vegas Sands Corp.
(NYSE: LVS) 
For the quarter ended September 30, 2013 compared to the quarter
ended September 30, 2012: 


 
--  Net Revenue Increased 31.7% to a Record $3.57 Billion
    
    
--  Consolidated Adjusted Property EBITDA Increased 45.5% to $1.28
    Billion
    
    
--  Strong Gaming Volumes in Macao Drove Adjusted Property EBITDA Up 60.8%
    to a Record $784.3 Million
    
    
--  Adjusted Earnings per Diluted Share Increased 78.3% to $0.82; GAAP
    Earnings per Diluted Share Increased 81.0% to $0.76
    
    
--  The Company's Board of Directors Increased the Planned Common
    Recurring Dividend to $2.00 per Share ($0.50 per Quarter) for the 2014
    Calendar Year, An Increase of 42.9%
    
    
--  The Company Repurchased $299.6 Million of Stock During the Quarter
    Under its $2.0 Billion Stock Repurchase Program

  
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for
the quarter ended September 30, 2013.  
Third Quarter Overview 
Mr. Sheldon G. Adelson, chairman and chief executive officer, said,
"I am extremely pleased to report outstanding quarterly financial
results that reflect continued strong growth in revenue, cash flow
and earnings per share. The focused and consistent execution of our
global growth strategy, which leverages the power of our
convention-based Integrated Resort business model, is increasingly
being reflected in our financial results. Continued execution of that
strategy will extend our position as the global leader in Integrated
Resort development and operation. 
"In Macao, we delivered record financial results, with strong growth
and operating momentum reflected in every segment of our business. We
welcomed more than sixteen million visits during the quarter to our
Macao property portfolio, which delivered a record $784.3 million of
adjusted property EBITDA. We remain confident that our market-leading
Cotai Strip properties 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 company also generated healthy financial results in Singapore,
with solid growth in gaming and non-gaming revenues contributing to a
strong financial performance. Rolling Chip volume increased 16.9% to
reach $13.79 billion, while adjusted property EBITDA increased 43.3%
to reach $373.6 million compared to $260.8 million in the third
quarter of 2012, which was negatively impacted by low hold. 
Mr. Adelson added, "The prudent management of our cash flow,
including the ability to increase the return of capital to
shareholders while maintaining a strong balance sheet and ample
liquidity to invest in future growth opportunities, remains a
cornerstone of our strategy. I am therefore extremely pleased to
announce that our recurring annual dividend will be increased to
$2.00 per share, or $0.50 per quarter, for the 2014 calendar year, an
increase of 42.9%."  
The company paid a recurring quarterly dividend of $0.35 per common
share during the quarter, an increase of 40% compared to the third
quarter of 2012. The company also announced that its next recurring
quarterly dividend for the fourth quarter of 2013 of $0.35 per common
share will be paid on December 31, 2013 to Las Vegas Sands
shareholders of record on December 20, 2013.  
The company repurchased approximately $299.6 million of common stock
(4.6 million shares at a weighted average price of $65.18) during the
quarter ended September 30, 2013. 
Company-Wide Operating Results 
Net revenue for the third quarter of 2013 increased 31.7% to reach
$3.57 billion, compared to $2.71 billion in the third quarter of
2012. Consolidated adjusted property EBITDA increased 45.5% to reach
$1.28 billion in the third quarter of 2013, compared to $876.9
million in the year-ago quarter. On a hold-normalized basis, adjusted
property EBITDA increased 30.5% to reach $1.24 billion in the third
quarter of 2013, compared to $947.7 million in the third quarter of
2012.  
On a GAAP (Generally Accepted Accounting Principles) basis, operating
income in the third quarter of 2013 increased 71.3% to $914.8
million, compared to $534.1 million in the third quarter of 2012. The
increase in operating income was principally due to stronger
operating results across our Macao property portfolio.  
On a GAAP basis, net income attributable to Las Vegas Sands in the
third quarter of 2013 increased 79.2% to $626.7 million, compared to
$349.8 million in the third quarter of 2012, while diluted earnings
per share in the third quarter of 2013 increased 81.0% to $0.76,
compared to $0.42 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 $681.3 million, or
$0.82 per diluted share, compared to $382.2 million, or $0.46 per
diluted share, in the third 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
42.7% to $2.34 billion in the third quarter of 2013, compared to
$1.64 billion in the third quarter of 2012. Adjusted property EBITDA
for Sands China Ltd. increased 61.7% to $785.3 million in the third
quarter of 2013, compared to $485.6 million in the third quarter of
2012. Net income for Sands China Ltd. increased 89.1% to $617.9
million in the third quarter of 2013, compared to $326.7 million in
the third quarter of 2012. 
The Venetian Macao Third Quarter Operating Results 
The Venetian Macao continued to enjoy strong visitation and financial
performance. The property delivered adjusted property EBITDA of
$357.2 million, an increase of 19.5% compared to the third quarter of
2012. Non-Rolling Chip drop increased 75.7% to reach a property
record $2.01 billion for the quarter with Non-Rolling Chip win
percentage of 23.9%. Rolling Chip volume during the quarter increased
26.4% to reach $14.15 billion. Slot win was $65.4 million, an
increase of 5.7% compared to the third quarter of 2012. Mall revenues
increased 23.3% during the quarter to reach $45.5 million.  
The following table summarizes the key operating results for The
Venetian Macao for the third quarter of 2013 compared to the third
quarter of 2012:  


 
 The Venetian Macao Operations   Three Months Ended                         
                                    September 30,                           
                                --------------------                        
(Dollars in millions)              2013       2012     $ Change   Change    
                                ---------  ---------  ---------  --------   
Revenues:                                                                   
  Casino                        $   825.0  $   671.1  $   153.9      22.9%  
  Rooms                              58.3       55.4        2.9       5.2%  
  Food and Beverage                  24.3       21.0        3.3      15.7%  
  Mall                               45.5       36.9        8.6      23.3%  
  Convention, Retail and Other       21.6       19.0        2.6      13.7%  
  Less - Promotional Allowances     (39.5)     (30.6)      (8.9)    -29
.1%  
                                ---------  ---------  ---------             
Net Revenues                    $   935.2  $   772.8  $   162.4      21.0%  
                                                                            
Adjusted Property EBITDA        $   357.2  $   299.0  $    58.2      19.5%  
  EBITDA Margin %                    38.2%      38.7%                -0.5pts
                                                                            
Operating Income                $   317.6  $   261.3  $    56.3      21.5%  
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume             $14,152.3  $11,199.4  $ 2,952.9      26.4%  
  Rolling Chip Win %(1)              3.03%      3.32%               -0.29pts
                                                                            
Non-Rolling Chip Drop           $ 2,005.1  $ 1,140.9  $   864.2      75.7%  
  Non-Rolling Chip Win %             23.9%      31.3%                -7.4pts
                                                                            
Slot Handle                     $ 1,144.4  $ 1,262.8  $  (118.4)     -9.4%  
  Slot Hold %                         5.7%       4.9%                 0.8pts
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                          91.8%      93.9%                -2.1pts
Average Daily Rate (ADR)        $     242  $     227  $      15       6.6%  
Revenue per Available Room                                                  
 (RevPAR)                       $     222  $     213  $       9       4.2%  

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Sands Cotai Central Third Quarter Operating Results 
Net revenues and adjusted property EBITDA for the third quarter of
2013 at Sands Cotai Central were $736.6 million and $224.3 million,
respectively, resulting in an EBITDA margin of 30.4%.  
Rolling Chip volume reflected strong growth of 71.7% and reached
$15.55 billion for the quarter, while Non-Rolling Chip drop increased
163.7% to reach $1.43 billion with Non-Rolling Chip win percentage of
23.4%. Slot handle, driven by robust electronic table games play,
reached $1.46 billion for the quarter.  
Mass win per table per day increased 117.7% year-over-year and 33.3%
compared to the second quarter of 2013, reaching $12,813 per day,
while mass table, slot and ETG win per day climbed to $4.3 million,
an increase of 174.3% year-over-year and 22.2% compared to the second
quarter of 2013. Hotel occupancy reached 84.8% on 5,723 available
hotel rooms with ADR of $152. 
Visitation to the property continues to grow and exceeded 4.5 million
visits in the quarter.  
The following table summarizes our key operating results for Sands
Cotai Central for the third quarter of 2013 compared to third quarter
of 2012: 


 
Sands Cotai Central Operations   Three Months Ended                         
                                    September 30,                           
                                --------------------                        
(Dollars in millions)              2013     2012(1)    $ Change   Change    
                                ---------  ---------  ---------  --------   
Revenues:                                                                   
  Casino                        $   660.9  $   272.1  $   388.8     142.9%  
  Rooms                              65.9       24.0       41.9     174.6%  
  Food and Beverage                  28.2       11.3       16.9     149.6%  
  Mall                               11.5        3.8        7.7     202.6%  
  Convention, Retail and Other        7.1        2.4        4.7     195.8%  
  Less - Promotional Allowances     (37.0)     (17.7)     (19.3)   -109.0%  
                                ---------  ---------  ---------             
Net Revenues                    $   736.6  $   295.9  $   440.7     148.9%  
                                                                            
Adjusted Property EBITDA        $   224.3  $    53.7  $   170.6     317.7%  
  EBITDA Margin %                    30.4%      18.1%                12.3pts
                                                                            
Operating Income (Loss)         $   154.3  $   (19.9) $   174.2      N.M.   
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume             $15,550.1  $ 9,055.2  $ 6,494.9      71.7%  
  Rolling Chip Win %(2)              2.71%      2.28%                0.43pts
                                                                            
Non-Rolling Chip Drop           $ 1,429.3  $   542.0  $   887.3     163.7%  
  Non-Rolling Chip Win %             23.4%      20.7%                 2.7pts
                                                                            
Slot Handle                     $ 1,459.7  $ 1,032.4  $   427.3      41.4%  
  Slot Hold %                         4.1%       3.1%                 1.0pts
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                          84.8%      88.9%                -4.1pts
Average Daily Rate (ADR)        $     152  $     149  $       3       2.0%  
Revenue per Available Room                                                  
 (RevPAR)                       $     129  $     132  $      (3)     -2.3%  

 
(1) On September 20, 2012, the second phase of Sands Cotai Central
opened adding additional mass gaming capacity, approximately 1,800
Sheraton-branded hotel rooms and additional retail amenities. 
(2) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions).
 N.M. - Not
Meaningful 
Four Seasons Hotel Macao Third Quarter Operating Results 
The Four Seasons Hotel Macao generated adjusted property EBITDA of
$112.9 million in the third quarter of 2013, an increase of 107.5%
compared to the year-ago quarter. Rolling Chip volume was $10.45
billion for the quarter, an increase of 16.6% compared to the third
quarter of 2012. Non-Rolling Chip drop increased 145.8% to $272.3
million, while Non-Rolling Chip win percentage was 28.3% and below
the 32.6% experienced in the third quarter of 2012. Slot handle
increased 22.6% to $263.4 million during the quarter.  
The following table summarizes our key operating results for the Four
Seasons Hotel Macao and Plaza Casino for the third quarter of 2013
compared to the third quarter of 2012: 


 
Four Seasons Hotel                                                          
 Macao and Plaza Casino                                                     
 Operations                Three Months Ended                               
                              September 30,                                 
                        ------------------------                            
(Dollars in millions)       2013         2012       $ Change     Change     
                        -----------  -----------  -----------  ----------   
Revenues:                                                                   
  Casino                $     290.6  $     194.7  $      95.9        49.3%  
  Rooms                        11.1         10.0          1.1        11.0%  
  Food and Beverage             8.2          6.1          2.1        34.4%  
  Mall                         32.2         23.1          9.1        39.4%  
  Convention, Retail                                                        
   and Other                    1.0          0.7          0
.3        42.9%  
  Less - Promotional                                                        
   Allowances                 (13.1)       (10.1)        (3.0)      -29.7%  
                        -----------  -----------  -----------               
Net Revenues            $     330.0  $     224.5  $     105.5        47.0%  
                                                                            
Adjusted Property                                                           
 EBITDA                 $     112.9  $      54.4  $      58.5       107.5%  
  EBITDA Margin %              34.2%        24.2%                    10.0pts
                                                                            
Operating Income        $     100.1  $      40.3  $      59.8       148.4%  
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume     $  10,451.7  $   8,962.5  $   1,489.2        16.6%  
  Rolling Chip Win %(1)        2.88%        2.58%                    0.30pts
                                                                            
Non-Rolling Chip Drop   $     272.3  $     110.8  $     161.5       145.8%  
  Non-Rolling Chip Win                                                      
   %                           28.3%        32.6%                    -4.3pts
                                                                            
Slot Handle             $     263.4  $     214.8  $      48.6        22.6%  
  Slot Hold %                   5.6%         4.4%                     1.2pts
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                    88.2%        83.1%                     5.1pts
Average Daily Rate                                                          
 (ADR)                  $       363  $       349  $        14         4.0%  
Revenue per Available                                                       
 Room (RevPAR)          $       321  $       290  $        31        10.7%  

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Sands Macao Third Quarter Operating Results 
Sands Macao's adjusted property EBITDA increased 11.1% compared to
the same quarter last year to reach $89.9 million. Adjusted property
EBITDA margin increased 390 basis points to 29.5%. Non-Rolling Chip
drop increased 18.7% to reach $877.4 million during the quarter,
while slot handle increased 10.7% to reach $660.3 million. The
property realized 2.94% win on Rolling Chip volume during the
quarter, in line with the year-ago quarter. Rolling Chip volume was
$5.23 billion for the quarter.  
The following table summarizes our key operating results for Sands
Macao for the third quarter of 2013 compared to the third quarter of
2012: 


 
Sands Macao Operations          Three Months Ended                          
                                   September 30,                            
                               --------------------                         
(Dollars in millions)             2013       2012     $ Change    Change    
                               ---------  ---------  ---------  ---------   
Revenues:                                                                   
  Casino                       $   297.9  $   307.7  $    (9.8)      -3.2%  
  Rooms                              6.2        6.0        0.2        3.3%  
  Food and Beverage                 10.0        8.9        1.1       12.4%  
  Convention, Retail and Other       2.6        2.5        0.1        4.0%  
  Less - Promotional                                                        
   Allowances                      (11.4)      (9.8)      (1.6)     -16.3%  
                               ---------  ---------  ---------              
Net Revenues                   $   305.3  $   315.3  $   (10.0)      -3.2%  
                                                                            
Adjusted Property EBITDA       $    89.9  $    80.9  $     9.0       11.1%  
  EBITDA Margin %                   29.5%      25.6%                  3.9pts
                                                                            
Operating Income               $    80.3  $    72.4  $     7.9       10.9%  
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume            $ 5,232.9  $ 6,818.6  $(1,585.7)     -23.3%  
  Rolling Chip Win %(1)             2.94%      2.96%                -0.02pts
                                                                            
Non-Rolling Chip Drop          $   877.4  $   739.0  $   138.4       18.7%  
  Non-Rolling Chip Win %            19.6%      20.8%                 -1.2pts
                                                                            
Slot Handle                    $   660.3  $   596.3  $    64.0       10.7%  
  Slot Hold %                        3.9%       4.2%                 -0.3pts
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         96.9%      97.3%                 -0.4pts
Average Daily Rate (ADR)       $     243  $     236  $       7        3.0%  
Revenue per Available Room                                                  
 (RevPAR)                      $     236  $     230  $       6        2.6%  

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Marina Bay Sands Third Quarter Operating Results 
Marina Bay Sands in Singapore generated adjusted property EBITDA of
$373.6 million, an increase of 43.3% compared to the third quarter of
2012. Rolling chip win percentage of 2.85% in the third quarter of
2013 was within the expected range, while the third quarter of 2012
was negatively impacted by lower than expected Rolling Chip win
percentage of 1.79%.  
Rolling Chip volume increased 16.9% to reach $13.79 billion for the
quarter. Non-Rolling Chip drop increased 2.2% to reach $1.16 billion
during the quarter. Slot handle increased 5.5% to $2.76 billion for
the quarter compared to the year-ago quarter. Total mass win per day
during the quarter increased 2.0% to $4.52 million, compared to $4.43
million in the third quar
ter of 2012. 
The high-margin hotel room segment of the property continued to
reflect strong revenue growth of 11.1%. ADR expanded to $401 during
the quarter, driving a RevPAR increase of 11.1% compared to the same
quarter last year. Occupancy was 99.8% during the quarter. 
The following table summarizes our key operating results for Marina
Bay Sands for the third quarter of 2013 compared to the third quarter
of 2012: 


 
                                  Three Months Ended                        
Marina Bay Sands Operations         September 30,                           
                                --------------------                        
(Dollars in millions)              2013       2012     $ Change   Change    
                                ---------  ---------  ---------  --------   
Revenues:                                                                   
  Casino                        $   628.1  $   470.8  $   157.3      33.4%  
  Rooms                              93.3       84.0        9.3      11.1%  
  Food and Beverage                  44.4       46.1       (1.7)     -3.7%  
  Mall                               38.0       39.7       (1.7)     -4.3%  
  Convention, Retail and Other       24.5       26.1       (1.6)     -6.1%  
  Less - Promotional Allowances     (54.1)     (41.2)     (12.9)    -31.3%  
                                ---------  ---------  ---------             
Net Revenues                    $   774.2  $   625.5  $   148.7      23.8%  
                                                                            
Adjusted Property EBITDA        $   373.6  $   260.8  $   112.8      43.3%  
  EBITDA Margin %                    48.3%      41.7%                 6.6pts
                                                                            
Operating Income                $   282.1  $   166.5  $   115.6      69.4%  
                                                                            
Gaming Statistics                               
                            
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume             $13,785.4  $11,790.8  $ 1,994.6      16.9%  
  Rolling Chip Win %(1)              2.85%      1.79%                1.06pts
                                                                            
Non-Rolling Chip Drop           $ 1,156.3  $ 1,131.3  $    25.0       2.2%  
  Non-Rolling Chip Win %             23.6%      24.0%                -0.4pts
                                                                            
Slot Handle                     $ 2,763.7  $ 2,620.8  $   142.9       5.5%  
  Slot Hold %                         5.1%       5.2%                -0.1pts
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                          99.8%      99.8%                 0.0pts
Average Daily Rate (ADR)        $     401  $     361  $      40      11.1%  
Revenue per Available Room                                                  
 (RevPAR)                       $     400  $     360  $      40      11.1%  

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Las Vegas Operations Third Quarter Operating Results 
Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo,
including the Sands Expo and Convention Center, decreased 11.3% to
$87.1 million for the quarter. Table games drop decreased 6.4% to
$544.3 million reflecting lower baccarat drop. Slot handle increased
2.6% to $511.4 million with steady slot hold percentage of 8.7%.
Hotel RevPAR increased 2.4% to $171 in the quarter driven by a 2.6%
increase in ADR.  
The following table summarizes our key operating results for our Las
Vegas operations for the third quarter of 2013 compared to the third
quarter of 2012: 


 
 Las Vegas Operations            Three Months Ended                         
                                    September 30,                           
                                --------------------                        
(Dollars in millions)              2013       2012     $ Change   Change    
                                ---------  ---------  ---------  --------   
Revenues:                                                                   
  Casino                        $   168.1  $   171.5  $    (3.4)     -2.0%  
  Rooms                             110.9      105.7        5.2       4.9%  
  Food and Beverage                  51.8       42.4        9.4      22.2%  
  Convention, Retail and Other       68.7       68.0        0.7       1.0%  
  Less - Promotional Allowances     (24.5)     (23.2)      (1.3)     -5.6%  
                                ---------  ---------  ---------             
Net Revenues                    $   375.0  $   364.4  $    10.6       2.9%  
                                                                            
Adjusted Property EBITDA        $    87.1  $    98.2  $   (11.1)    -11.3%  
EBITDA Margin %                      23.2%      26.9%                -3.7pts
                                                                            
Operating Income                $    24.9  $    74.0  $   (49.1)    -66.4%  
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Table Games Drop                $   544.3  $   581.5  $   (37.2)     -6.4%  
Table Games Win %(1)                 28.7%      28.1%                 0.6pts
                                                                            
Slot Handle                     $   511.4  $   498.4  $    13.0       2.6%  
Slot Hold %                           8.7%       8.7%                 0.0pts
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                          87.6%      87.3%                 0.3   
Average Daily Rate (ADR)        $     196  $     191  $       5       2.6%  
Revenue per Available Room                                                  
 (RevPAR)                       $     171  $     167  $       4       2.4%  

 
(1) This compares to our expected Table Games win percentage of 20.0%
and 22.0% (calculated before discounts). 
Sands Bethlehem Third Quarter Operating Results 
Net revenues for Sands Bethlehem in Pennsylvania increased slightly
to $122.9 million while adjusted property EBITDA decreased 7.8% to
$29.6 million for the third quarter of 2013. Table games drop
increased 11.4% to reach $261.6 million for the quarter, while table
games win percentage was 15.0% compared to 16.0% in the third quarter
of 2012. Slot handle increased 2.9% year-over-year to $1.05 billion
for the quarter with slot hold percentage of 6.9%.  
The following table summarizes our key operating results for Sands
Bethlehem for the third quarter of 2013 compared to the third quarter
of 2012: 


 
 Sands Bethlehem Operations        Three Months Ended                       
                                     September 30,                          
                                  -------------------                       
(Dollars in millions)                2013      2012    $ Change   Change    
                                  --------- --------- ---------  --------   
Revenues:                                                                   
  Casino                          $   113.9 $   113.1 $     0.8       0.7%  
  Rooms                                 3.2       2.7       0.5      18.5%  
  Food and Beverage                     7.3       7.0       0.3       4.3%  
  Mall                                  1.0       0.4       0.6     150.0%  
  Convention, Retail and Other          3.9       4.9      (1.0)    -20.4%  
  Less - Promotional Allowances       (6.4)     (6.1)      (0.3)     -4.9%  
                                  --------- --------- ---------             
Net Revenues                      $   122.9 $   122.0 $     0.9       0.7%  
                                                                            
Adjusted Property EBITDA          $    29.6 $    32.1 $    (2.5)     -7.8%  
EBITDA Margin %                       24.0%     26.3%                -2.3pts
                                                                            
Operating Income                  $    20.5 $    24.3 $    (3.8)    -15.6%  
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Table Games Drop                  $   261.6 $   234.9 $    26.7      11.4%  
Table Games Win %(1)                  15.0%     16.0%                -1.0pts
                                                                            
Slot Handle                       $ 1,045.1 $ 1,015.3 $    29.8       2.9%  
Slot Hold %                            6.9%      7.2%                -0.3pts
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                           82.1%     69.6%                12.5pts
Average Daily Rate (ADR)     
     $     141 $     142 $      (1)     -0.7%  
Revenue per Available Room                                                  
 (RevPAR)                         $     115 $      99 $      16      16.2%  

 
(1) This compares to our expected Table Games 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 $127.1 million for
the third quarter of 2013, an increase of 23.6% compared to the third
quarter of 2012. Operating profit derived from these retail mall
assets increased 27.5% for the quarter compared to the quarter one
year ago, reaching $110.3 million. 


 
                                                                       TTM  
                                                                   September
                  For The Three Months Ended September 30, 2013     30, 2013
                ------------------------------------------------   ---------
(Dollars in                                                          Tenant 
 millions                                      Gross                  Sales 
except per       Gross            Operating   Leasable  Occupancy     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 $  45.4 $    39.8     87.7%     756,271     94.2%  $   1,473
                                                                            
The Shoppes at                                                              
 Four Seasons                                                               
  Luxury Retail    25.9      24.7     95.4%     141,904    100.0%      7,034
  Other Stores      6.3       5.8     92.1%      99,512     77.4%      1,890
                ------- ---------           -----------                     
  Total            32.2      30.5     94.7%     241,416     90.7%      4,769
                ------- ---------           -----------                     
                                                                            
The Shoppes at                                                              
 Sands Cotai                                                                
 Central           11.5       9.6     83.5%  210,143(3)    100.0%      1,308
                ------- ---------           -----------                     
Total Cotai                                                                 
 Strip in Macao    89.1      79.9     89.7%   1,207,830     94.5%      2,009
                ------- ---------           -----------                     
                                                                            
The Shoppes at                                                              
 Marina Bay                                                                 
 Sands             38.0      30.4     80.0%     641,442     88.7%(4)   1,556
                ------- ---------           -----------                     
                                                                            
Total           $ 127.1 $   110.3     86.8%   1,849,272     92.5%  $   1,865
                ======= =========           ===========                     

 
(1) Gross revenue figures are net of intersegment revenue
eliminations. 
(2) Tenant sales per square foot reflects sales from tenants only
after the t
enant has been open for a period of 12 months. 
(3) At completion of all phases, The Shoppes at Sands Cotai Central
will feature up to 600,000 square feet of gross leasable area.  
(4) This occupancy percentage reflects the ongoing repositioning of
the mall in which approximately 39,000 square feet of gross leasable
area is undergoing new fit-out but rent collection has not commenced. 
Other Factors Affecting Earnings 
Other Asia adjusted property EBITDA, which is principally comprised
of our CotaiJet ferry operation, reflected a profit of $1.2 million
during the quarter, compared to a $2.1 million loss in the third
quarter of 2012. 
Pre-opening expenses decreased to $1.8 million in the third quarter
of 2013, compared to $39.9 million in the third quarter of 2012. 
Depreciation and amortization expense was $248.9 million in the third
quarter of 2013, compared to $226.5 million in the third quarter of
2012.  
Interest expense, net of amounts capitalized, was $66.9 million for
the third quarter of 2013, compared to $62.3 million during the third
quarter of 2012. Capitalized interest was $0.9 million during the
third quarter of 2013, compared to $9.9 million during the third
quarter of 2012. Our weighted average borrowing cost in the third
quarter of 2013 was 2.7%.  
Corporate expense was $38.5 million in the third quarter of 2013,
compared to $54.6 million in the third quarter of 2012. 
Other income, which was principally composed of foreign currency
gains, was $3.2 million in the third quarter of 2013, compared to
$2.4 million in the third quarter of 2012. 
The company's effective income tax rate for the third quarter of 2013
was 5.3%. The tax rate is primarily driven by a provision for the
earnings from Marina Bay Sands at the 17% Singapore income tax rate.  
The net income attributable to noncontrolling interests during the
third quarter of 2013 of $182.6 million was principally related to
Sands China Ltd.  
Balance Sheet Items 
Unrestricted cash balances as of September 30, 2013 were $3.21
billion. 
As of September 30, 2013, total debt outstanding, including the
current portion, was $9.76 billion.  
Capital Expenditures 
Capital expenditures during the third quarter totaled $205.5 million,
including construction, development and maintenance activities of
$152.7 million in Macao, $26.0 million at Marina Bay Sands, $25.3
million in Las Vegas, and $1.5 million at Sands Bethlehem. 
Conference Call Information 
The company will host a conference call to discuss the company's
results on Thursday, October 17, 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 and legal settlement
expen
se.  
About Las Vegas Sands  
Las Vegas Sands (NYSE: LVS) is the world's leading developer and
operator of Integrated Resorts. Our collection of Integrated Resorts
in Asia and the United States feature state of the art convention and
exhibition facilities, premium accommodations, world-class gaming and
entertainment, destination retail and dining including celebrity chef
restaurants, and many other amenities.  
In Macao, through our majority-owned subsidiary Sands China Ltd.
(HKSE: 1928), the company owns and operates 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
and operates the Sands(R) Macao on the Macao Peninsula. In Singapore,
the company owns and operates Marina Bay Sands(R), the iconic
Integrated Resort located in the city-state's downtown Marina Bay
district.  
Our properties in the United States include The Venetian(R) and The
Palazzo(R) on the Las Vegas Strip and Sands(R) Bethlehem in Eastern
Pennsylvania.  
Las Vegas Sands is committed to global sustainability through its
Sands Eco 360 program and is an active community partner through its
various charitable organizations. 
Las Vegas Sands Corp.
 Third Quarter 2013 Results
 Non-GAAP
Reconciliations 
Within the company's third quarter 2013 press release, the company
makes reference to certain non-GAAP financial measures including
"adjusted net income," "hold-normalized adjusted net income,"
"adjusted earnings per diluted share," "hold-normalized adjusted
earnings per diluted share," "adjusted property EBITDA," and
"hold-normalized 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, legal settlement expense, 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-normalized adjusted property EBITDA are included in the
financial schedules accompanying this release. 


 
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Condensed Consolidated Statements of Operations                             
(In thousands, except share and per share data)                             
(Unaudited)                                                                 
                                                                            
                         Three Months Ended           Nine Months Ended     
                            September 30,               September 30,       
                         2013          2012          2013          2012     
                     ------------  ------------  ------------  ------------ 
                                                                            
Revenues:                                                                   
  Casino             $  2,984,538  $  2,201,030  $  8,394,721  $  6,534,947 
  Rooms                   349,001       287,849       998,646       830,887 
  Food and beverage       174,260       142,685       534,361       455,884 
  Mall                    128,068       103,232       321,522       268,390 
  Convention, retail                                                  
      
   and other              123,259       117,129       372,370       363,680 
                     ------------  ------------  ------------  ------------ 
                        3,759,126     2,851,925    10,621,620     8,453,788 
  Less - promotional                                                        
   allowances            (190,586)     (142,443)     (507,420)     (399,658)
                     ------------  ------------  ------------  ------------ 
                        3,568,540     2,709,482    10,114,200     8,054,130 
                     ------------  ------------  ------------  ------------ 
Operating expenses:                                                         
  Resort operations     2,348,295     1,839,991     6,634,063     5,288,946 
  Corporate                38,468        54,617       141,221       162,164 
  Pre-opening               1,778        39,872         9,646       134,803 
  Development               3,487         4,201        14,840        12,196 
  Depreciation and                                                          
   amortization           248,925       226,538       752,530       641,725 
  Amortization of                                                           
   leasehold                                                                
   interests in land       10,022        10,014        30,297        30,016 
  Impairment loss               -             -             -       143,674 
  Loss on disposal                                                          
   of assets                2,739           154         9,433         1,229 
                     ------------  ------------  ------------  ------------ 
                        2,653,714     2,175,387     7,592,030     6,414,753 
                     ------------  ------------  ------------  ------------ 
Operating income          914,826       534,095     2,522,170     1,639,377 
Other income                                                                
 (expense):                                                                 
  Interest income           3,819         4,176        10,848        16,716 
  Interest expense,                                                         
   net of amounts                                                           
   capitalized            (66,917)      (62,292)     (204,125)     (191,497)
  Other income              3,207         2,352         4,992           715 
  Loss on                                                                   
   modification or                                                          
   early retirement                                                         
   of debt                      -             -             -       (19,234)
                     ------------  ------------  ------------  ------------ 
Income before income                                                        
 taxes                    854,935       478,331     2,333,885     1,446,077 
Income tax expense        (45,637)      (33,351)     (148,940)     (135,607)
                     ------------  ------------  ------------  ------------ 
Net income                809,298       444,980     2,184,945     1,310,470 
Net income                                                                  
 attributable to                                                            
 noncontrolling                                                             
 interests               (182,554)      (95,198)     (456,487)     (221,159)
                     ------------  ------------  ------------  ------------ 
Net income                                                                  
 attributable to Las                                                        
 Vegas Sands Corp.   $    626,744  $    349,782  $  1,728,458  $  1,089,311 
                     ============  ============  ============  ============ 
                                                                            
Earnings per share:             
                                            
  Basic              $       0.76  $       0.43  $       2.10  $       1.36 
                     ============  ============  ============  ============ 
  Diluted            $       0.76  $       0.42  $       2.09  $       1.32 
                     ============  ============  ============  ============ 
                                                                            
Weighted average                                                            
 shares outstanding:                                                        
  Basic               823,200,515   821,482,154   823,512,889   801,084,165 
                     ============  ============  ============  ============ 
  Diluted             826,965,340   825,606,248   827,543,510   823,361,035 
                     ============  ============  ============  ============ 
                                                                            
Dividends declared                                                          
 per common share    $       0.35  $       0.25  $       1.05  $       0.75 
                     ============  ============  ============  ============ 
                                                                            
                                                                            
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Non-GAAP Measure                                                            
(In thousands)                                                              
(Unaudited)                                                                 
                                                                            
The following are reconciliations of Operating Income (Loss) to Adjusted    
 Property EBITDA:                                                           
                                                    
                        
                    Three Months Ended September 30, 2013                   
                                                                    
                                                            (Gain)  
                                             Amortization    Loss   
                   Operating   Depreciation  of Leasehold     on    
                    Income         and        Interests    Disposal 
                    (Loss)     Amortization    in Land    of Assets 
                  ----------  ------------- ------------- --------- 
Macao:                                                              
  The Venetian                                                      
   Macao          $  317,596  $      35,391 $       1,681 $     232 
  Sands Cotai                                                       
   Central           154,292         65,606         2,152       931 
  Four Seasons                                                      
   Hotel Macao                                                      
   and Plaza                                                        
   Casino            100,075         11,017           677        31 
  Sands Macao         80,267          8,204           354       397 
                  ----------  ------------- ------------- --------- 
Macao Property                                                      
 Operations          652,230        120,218         4,864     1,591 
Marina Bay Sands     282,061         62,086         4,536       119 
United States:                                                      
  Las Vegas                                                         
   Operating                                                        
   Properties         24,865         46,333             -        (6)
  Sands Bethlehem     20,537          8,737             -        34 
                  ----------  ------------- ------------- --------- 
United States                                                       
 Property                                                           
 Operations           45,402         55,070             -        28 
Other Asia (2)       (13,529)         3,653             -         - 
Other Development     (4,360)           157           622         - 
Corporate            (46,978)         7,741             -     1,001 
                  ----------  ------------- ------------- --------- 
                  $  914,826  $     248,925 $      10,022 $   2,739 
                  ==========  ============= ============= ========= 
                                                                    
 
                                                                             
                                                          Legal              
                   Pre-Opening                          Settlement           
                       and                     (1)         and      Adjusted 
                   Development   Royalty   Stock-Based  Corporate   Property 
                     Expense      Fees    Compensation   Expense     EBITDA  
                  ------------  --------  ------------ ----------- ----------
Macao:                                                                       
  The Venetian                                                               
   Macao          $         (1) $      -  $      2,298 $         - $  357,197
  Sands Cotai                                                                
   Central                 194         -         1,097           -    224,272
  Four Seasons                                                               
   Hotel Macao                                                               
   and Plaza                                                                 
   Casino                1,077         -            45           -    112,922
  Sands Macao                -         -           725           -     89,947
                  ------------  --------  ------------ ----------- ----------
Macao Property                                                               
 Operations              1,270         -         4,165           -    784,338
Marina Bay Sands             -    23,171         1,639           -    373,612
United States:                                                               
  Las Vegas                                                                  
   Operating                                                                 
   Properties              271   (33,939)        2,211      47,400     87,135
  Sands Bethlehem          132         -           113           -     29,553
                  ------------  --------  ------------ ----------- ----------
United States                                                                
 Property                                                                    
 Operations                403   (33,939)        2,324      47,400    116,688
Other Asia (2)              11    11,000            42           -      1,177
Other Development        3,581         -             -           -          -
Corporate                    -      (232)            -      38,468          -
                  ------------  --------  ------------ ----------- ----------
                  $      5,265  $      -  $      8,170 $    85,868 $1,275,815
                  ============  ========  ============ =========== ==========
                                                                             
                                                                            
                                                                            
                   Three Months Ended September 30, 2012                    
                                                                 
                                                                 
                                                         (Gain)  
                                          Amortization    Loss   
                Operati
ng   Depreciation  of Leasehold     on    
                 Income         and        Interests    Disposal 
                 (Loss)     Amortization    in Land    of Assets 
               ----------  ------------- ------------- --------- 
Macao:                                                           
  The Venetian                                                   
   Macao       $  261,294  $      34,973 $       1,652 $    (300)
  Sands Cotai                                                    
   Central        (19,873)        32,085         2,152        62 
  Four Seasons                                                   
   Hotel Macao                                                   
   and Plaza                                                     
   Casino          40,284         12,448           706       172 
  Sands Macao      72,425          7,752           354       (15)
               ----------  ------------- ------------- --------- 
Macao Property                                                   
 Operations       354,130         87,258         4,864       (81)
Marina Bay                                                       
 Sands            166,452         65,601         4,528       185 
United States:                                                   
  Las Vegas                                                      
   Operating                                                     
   Properties      74,011         54,795             -       (64)
  Sands                                                          
   Bethlehem       24,329          7,593             -         1 
               ----------  ------------- ------------- --------- 
United States                                                    
 Property                                                        
 Operations        98,340         62,388             -       (63)
Other Asia (2)    (16,800)         3,706             -         9 
Other                                                        
    
 Development       (5,196)           153           622       104 
Corporate         (62,831)         7,432             -         - 
               ----------  ------------- ------------- --------- 
               $  534,095  $     226,538 $      10,014 $     154 
               ==========  ============= ============= ========= 
                                                                 
 
                                                                             
                Pre-Opening                                                  
                    and                       (1)                  Adjusted  
                Development   Royalty     Stock-Based  Corporate   Property  
                  Expense       Fees     Compensation   Expense     EBITDA   
               ------------ -----------  ------------ ----------- ---------- 
Macao:                                                                       
  The Venetian                                                               
   Macao       $         60 $         -  $      1,322 $         - $  299,001 
  Sands Cotai                                                                
   Central           38,858           -           370           -     53,654 
  Four Seasons                                                               
   Hotel Macao                                                               
   and Plaza                                                                 
   Casino               731           -            45           -     54,386 
  Sands Macao             -           -           353           -     80,869 
               ------------ -----------  ------------ ----------- ---------- 
Macao Property                                                               
 Operations          39,649           -         2,090           -    487,910 
Marina Bay                                                                   
 Sands                    -      21,810         2,212           -    260,788 
United States:                                                               
  Las Vegas                                                                  
   Operating                                                                 
   Properties             -     (33,464)        2,928           -     98,206 
  Sands                                                                      
   Bethlehem             64           -           131           -     32,118 
               ------------ -----------  ------------ ----------- ---------- 
United States                                                                
 Property                                                                    
 Operations              64     (33,464)        3,059           -    130,324 
Other Asia (2)           43      10,872            46           -     (2,124)
Other                                                                        
 Development          4,317           -             -           -          - 
Corporate                 -         782             -      54,617          - 
               ------------ -----------  ------------ ----------- ---------- 
               $     44,073 $         -  $      7,407 $    54,617 $  876,898 
               ============ ===========  ============ =========== ========== 
                                                                             
                                                                            
                                                                            
                    Nine Months Ended September 30, 2013                    
                                                                  
                                                                  
                                                                  
                                            Amortization    Loss  
                  Operating   Depreciation  of Leasehold     on   
                   Income         and        Interests    Disposal
                   (Loss)     Amortization    in Land    of Assets
                 ----------  ------------- ------------- ---------
Macao:                                                            
  The Venetian                                                    
   Macao         $  952,064  $     102,275 $       4,959 $   1,712
  Sands Cotai                                                     
   Central          293,664        191,709         6,458     2,243
  Four Seasons                                                    
   Hotel Macao                                                    
   and Plaza                                                      
   Casino           188,856         34,364         2,117        96
  Sands Macao       248,077         23,726         1,061       513
                 ----------  ------------- ------------- ---------
Macao Property                                                    
 Operations       1,682,661        352,074        14,595     4,564
Marina Bay Sands    829,835        198,814        13,837     2,713
United States:                                                    
  Las Vegas                                                       
   Operating                                                      
   Properties       173,188        142,268             -     1,108
  Sands                                                           
   Bethlehem         65,731         26,645             -        34
                 ----------  ------------- ------------- ---------
United States                                                     
 Property                                                         
 Operations         238,919        168,913             -     1,142
Other Asia (2)      (49,027)        11,035             -        13
Other                                                             
 Development        (17,527)           473         1,865         -
Corporate          (162,691)        21,
221             -     1,001
                 ----------  ------------- ------------- ---------
                 $2,522,170  $     752,530 $      30,297 $   9,433
                 ==========  ============= ============= =========
                                                                  
 
                                                                            
                                                                            
                                                        Legal               
                  Pre-Opening                         Settlement            
                      and                    (1)         and      Adjusted  
                  Development  Royalty   Stock-Based  Corporate   Property  
                    Expense     Fees    Compensation   Expense     EBITDA   
                 ------------ --------  ------------ ----------- ---------- 
Macao:                                                                      
  The Venetian                                                              
   Macao         $        120 $      -  $      5,413 $         - $1,066,543 
  Sands Cotai                                                               
   Central              5,563        -         2,303           -    501,940 
  Four Seasons                                                              
   Hotel Macao                                                              
   and Plaza                                                                
   Casino               2,726        -           124           -    228,283 
  Sands Macao               -        -         1,510           -    274,887 
                 ------------ --------  ------------ ----------- ---------- 
Macao Property                                                              
 Operations             8,409        -         9,350           -  2,071,653 
Marina Bay Sands            -   75,205         5,338           -  1,125,742 
United States:               
                                               
  Las Vegas                                                                 
   Operating                   (107,45                                      
   Properties             387        3)        6,634      47,400    263,532 
  Sands                                                                     
   Bethlehem              239        -           339           -     92,988 
                 ------------ --------  ------------ ----------- ---------- 
United States                                                               
 Property                      (107,45                                      
 Operations               626        3)        6,973      47,400    356,520 
Other Asia (2)            262   33,000           170           -     (4,547)
Other                                                                       
 Development           15,189        -             -           -          - 
Corporate                   -     (752)            -     141,221          - 
                 ------------ --------  ------------ ----------- ---------- 
                 $     24,486 $      -  $     21,831 $   188,621 $3,549,368 
                 ============ ========  ============ =========== ========== 
                                                                            
                                                                            
                                                                            
                    Nine Months Ended September 30, 2012                    
                                                                    
                                                         Impairment 
                                                         and (Gain) 
                                            Amortization    Loss    
                  Operating   Depreciation  of Leasehold     on     
                   Income         and        Interests    Disposal  
                   (Loss)     Amortization    in Land     of Assets 
                 ----------  ------------- ------------- ---------- 
Macao:                                                              
  The Venetian                                                      
   Macao         $  649,780  $     108,085 $       4,954 $   42,649 
  Sands Cotai                                                       
   Central          (37,749)        57,643         4,304         62 
  Four Seasons                                                      
   Hotel Macao                                                      
   and Plaza                                                        
   Casino           155,679         37,352         2,116        209 
  Sands Macao       234,259         22,779         1,060       (184)
                 ----------  ------------- ------------- ---------- 
Macao Property                                                      
 Operations       1,001,969        225,859        12,434     42,736 
Marina Bay Sands    774,941        196,668        13,570        184 
United States:                                                      
  Las Vegas                                                         
   Operating                                                        
   Properties       199,997        167,511             -        503 
  Sands                                                             
   Bethlehem         59,869         25,332             -        414 
                 ----------  ------------- ------------- ---------- 
United States                                                       
 Property                                                           
 Operations         259,866        192,843             -        917 
Other Asia (2)      (51,816)        11,089             -         33 
Other                                                               
 Development       (168,455)           575         4,012    101,034 
Corporate          (177,128)        14,691             -         (1)
                 ----------  ------------- ------------- ---------- 
                 $1,639,377  $     641,725 $      30,016 $  144,903 
                 ==========  ============= ============= ========== 
                                                                    
 
                                                                            
                  Pre-Opening                                               
                      and                    (1)                  Adjusted  
                  Development  Royalty   Stock-Based  Corporate   Property  
                    Expense     Fees    Compensation   Expense     EBITDA   
                 ------------ --------  ------------ ----------- ---------- 
Macao:                                                                      
  The Venetian                                                              
   Macao         $        113 $      -  $      4,594 $         - $  810,175 
  Sands Cotai                                                               
   Central             80,629        -           603           -    105,492 
  Four Seasons                                                              
   Hotel Macao                                                              
   and Plaza                                                                
   Casino               2,953        -           183           -    198,492 
  Sands Macao               -        -         1,215           -    259,129 
                 ------------ --------  ------------ ----------- ---------- 
Macao Property                                                              
 Operations            83,695        -         6,595           -  1,373,288 
Marina Bay Sands            -   72,600         5,749           -  1,063,712 
United States:                                                              
  Las Vegas                                                                 
   Operating     
                                                           
   Properties               -  (99,020)        9,371           -    278,362 
  Sands                                                                     
   Bethlehem              305        -           617           -     86,537 
                 ------------ --------  ------------ ----------- ---------- 
United States                                                               
 Property                                                                   
 Operations               305  (99,020)        9,988           -    364,899 
Other Asia (2)            165   26,146           582           -    (13,801)
Other                                                                       
 Development           62,834        -             -           -          - 
Corporate                   -      274             -     162,164          - 
                 ------------ --------  ------------ ----------- ---------- 
                 $    146,999 $      -  $     22,914 $   162,164 $2,788,098 
                 ============ ========  ============ =========== ========== 

 
(1) During the three months ended September 30, 2013 and 2012, the
Company recorded stock-based compensation expense of $13.4 million
and $17.4 million, respectively, of which $5.2 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. During the nine months ended September 30,
2013 and 2012, the Company recorded stock-based compensation expense
of $39.8 million and $50.3 million, respectively, of which $18.0
million and $26.7 million, respectively, is included in corporate
expense and $0.0 million and $0.7 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-      
 Normalized Adjusted Property EBITDA:                                       
                                                                            
                    Three Months Ended September 30, 2013                   
                                                                            
                                                                            
                                          (1)           (2)         Hold-   
                                         Hold-         Hold-      Normalized
                           Adjusted    Normalized    Normalized    Adjusted 
                           Property     Casino         Casino      Property 
                            EBITDA      Revenue       Expense       EBITDA  
                         -----------  -----------   -----------  -----------
                                                                            
Macao Property                                                              
 Operations              $   784,338  $         -   $         -  $   784,338
Marina Bay Sands             373,612            -             -      373,612
United States:                                                              
  Las Vegas Operating                                                       
   Properties                 87,135      (41,729)        3,130       48,536
  Sands Bethlehem             29,553         (618)           96       29,031
                         -----------  -----------   -----------  -----------
United States Property                                                      
 Operations                  116,688      (42,347)        3,226       77,567
Other Asia                     1,177            -             -        1,177
Other Development                  -            -             -            -
Corporate                          -            -             -            -
                         -----------  -----------   -----------  -----------
                         $ 1,275,815  $   (42,347)  $     3,226  $ 1,236,694
                         ===========  ===========   ===========  ===========
                                                                            
                                                                            
                                                                            
                   Three Months Ended September 30, 2012                    
                                                                            
                                          (1)          (2)         Hold-    
                                         Hold-        Hold-      Normalized 
                           Adjusted    Normalized   Normalized    Adjusted  
                           Property      Casino       Casino      Property  
                            EBITDA      Revenue      Expense       EBITDA   
                         -----------  -----------  -----------  ----------- 
                                                                            
Macao Property                                                              
 Operations              $   487,910  $         -  $         -  $   487,910 
Marina Bay Sands             260,788      125,356      (14,052)     372,092 
United States:                                                              
  Las Vegas Operating                                                       
   Properties                 98,206      (41,239)       3,093       60,060 
  Sands Bethlehem             32,118       (2,739)         415       29,794 
                         -----------  -----------  -----------  ----------- 
United States Property                                                      
 Operations                  130,324      (43,978)       3,508       89,854 
Other Asia                    (2,124)           -            -       (2,124)
Other Development                  -            -            -            - 
Corporate                          -            -            -            - 
                         -----------  -----------  -----------  ----------- 
                         $   876,898  $    81,378  $   (10,544) $   947,732 
                         ===========  ===========  ===========  =========== 

 
(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-Normalized Adjusted       
 Property EBITDA:                                                           
                                                                            
                            Three Months Ended         Nine Months Ended    
                               September 30,             September 30,      
                             2013         2012         2013         2012    
                         -----------  -----------  -----------  ----------- 
Net income attributable                                                     
 to Las Vegas Sands                                                         
 Corp.                   $   626,744  $   349,782  $ 1,728,458  $ 1,089,311 
  Add (deduct):                                                             
    Net income                                                              
     attributable to                                                        
     noncontrolling                                                         
     interests               182,554       95,198      456,487      221,159 
    Income tax expense        45,637       33,351      148,940      135,607 
    Loss on modification                                                    
     or early retirement                                                    
     of debt                       -            -            -       19,234 
    Other income              (3,207)      (2,352)      (4,992)        (715)
    Interest expense,                                                       
     net of amounts                                                         
     capitalized              66,917       62,292      204,125      191,497 
    Interest income           (3,819)      (4,176)     (10,848)     (16,716)
    Loss on disposal of                                                     
     assets                    2,739          154        9,433        1,229 
    Impairment loss                -            -            -      143,674 
    Amortization of                                                         
     leasehold interests                                                    
     in land                  10,022       10,014       30,297       30,016 
    Depreciation and                                                        
     amortization            248,925      226,538      752,530      641,725 
    Development expense        3,487        4,201       14,840       12,196 
    Pre-opening expense        1,778       39,872        9,646      134,803 
    Stock-based                                                             
     compensation (1)          8,170        7,407       21,831       22,914 
    Legal settlement                                                        
     expense (1)              47,400            -       47,400            - 
    Corporate expense         38,468       54,617      141,221      162,164 
                         -----------  -----------  -----------  ----------- 
Adjusted Property EBITDA $ 1,275,815  $   876,898  $ 3,549,368  $ 2,788,098 
                         ===========  ===========  ===========  =========== 
                                                                            
  Hold-normalized casino                                                    
   revenue (2)               (42,347)      81,378                           
  Hold-normalized casino                                                    
   expense (2)                 3,226      (10,544)                          
                         -----------  -----------                           
Hold-Normalized Adjusted                                                    
 Property EBITDA         $ 1,236,694  $   947,732                           
                         ===========  ===========                           
                                                                            
(1) See Exhibit 2                                                           
(2) See Exhibit 3                                                           
_______________________                                                     
                                                                            
Las Vegas Sands Corp.                                                       
 and Subsidiaries                                                           
Supplemental Data - Net                                                     
 Revenues                                                                   
(In thousands)                                                              
(Unaudited)                                                                 
                                                                            
                            Three Months Ended         Nine Months Ended    
                               September 30,             September 30,      
                             2013         2012         2013         2012    
                         -----------  -----------  -----------  ----------- 
The Venetian Macao       $   935,233  $   772,769  $ 2,702,151  $ 2,194,975 
Sands Cotai Central          736,599      295,855    1,907,780      561,456 
Four Seasons Hotel Macao                                                    
 and Plaza Casino            330,027      224,478      827,336      790,219 
Sands Macao                  305,329      315,280      910,269      935,966 
Marina Bay Sands             774,199      625,548    2,308,553    2,168,979 
Las Vegas Operating                                                         
 Properties                  375,041      364,426    1,132,312    1,076,342 
Sands Bethlehem              122,922      121,966      372,597      352,624 
Other Asia                    35,385       37,289      105,666      110,792 
Intersegment                                                                
 Eliminations                (46,195)     (48,129)    (152,464)    (137,223)
                         -----------  -----------  -----------  ----------- 
                         $ 3,568,540  $ 2,709,482  $10,114,200  $ 8,054,130 
                         ===========  ===========  ===========  =========== 
                                                                            
_______________________                                                     
                                                                            
Las Vegas Sands Corp.                                                       
 and Subsidiaries                                                           
Supplemental Data - Adjusted                                                
 Property EBITDA as a Percentage of                                         
 Net Revenues                                                               
(Unaudited)                                                                 
                                                                            
                            Three Months Ended         Nine Months Ended    
                               September 30,             September 30,      
                             2013         2012         2013         2012    
                         -----------  -----------  -----------  ----------- 
The Venetian Macao              38.2%        38.7%        39.5%        36.9%
Sands Cotai Central             30.4%        18.1%        2
6.3%        18.8%
Four Seasons Hotel Macao                                                    
 and Plaza Casino               34.2%        24.2%        27.6%        25.1%
Sands Macao                     29.5%        25.6%        30.2%        27.7%
Marina Bay Sands                48.3%        41.7%        48.8%        49.0%
Las Vegas Operating                                                         
 Properties                     23.2%        26.9%        23.3%        25.9%
Sands Bethlehem                 24.0%        26.3%        25.0%        24.5%
Other Asia                       3.3%        -5.7%        -4.3%       -12.5%
                                                                            
Total                           35.8%        32.4%        35.1%        34.6%

 
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income;
 Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings 
 Per Diluted Share                                                          
(In thousands, except share and per share data)                             
(Unaudited)                                                                 
                                                                            
                           Three Months Ended          Nine Months Ended    
                              September 30,              September 30,      
                           2013          2012          2013         2012    
                       ------------  ------------  ------------ ------------
Net income                                                                  
 attributable to Las                                                        
 Vegas Sands Corp.     $    626,744  $    349,782  $  1,728,458 $  1,089,311
                                                                            
Pre-opening expense,                                                        
 net                          1,368        28,057         7,027       94,867
Development expense,                                                        
 net                          3,487         4,201        14,840       12,196
Impairment loss, net              -             -             -      101,009
Loss on disposal of                                                         
 assets, net                  2,265           144         8,069        1,190
Loss on modification                                                        
 or early retirement                                                        
 of debt, net                     -             -             -       18,714
Legal settlement                                                            
 expense                     47,400             -        47,400            -
                       ------------  ------------  ------------ ------------
Adjusted net income    $    681,264  $    382,184  $  1,805,794 $  1,317,287
                       ============  ============  ============ ============
                                                                            
Hold-normalized casino                                                      
 revenue (1)                (42,347)       81,378                           
Hold-normalized casino                                                      
 expense (1)                  3,226       (10,544)                          
Income tax impact on                                                        
 hold adjustments                 -       (18,922)                          
Noncontrolling                                                              
 interest impact on                                                         
 hold adjustments                 -             -                           
                       ------------  ------------                           
Hold-normalized                                                             
 adjusted net income   $    642,143  $    434,096                           
                       ============  ============                           
                                                                            
(1) See Exhibit 3                                                           
                                                                            
Per diluted share of                                                        
 common stock:                                                              
Net income                                                                  
 attributable to Las                                                        
 Vegas Sands Corp.     $       0.76  $       0.42  $       2.09 $       1.32
                                                                            
Pre-opening expense,                                                        
 net                              -          0.03             -         0.12
Development expense,                                                        
 net                              -          0.01          0.02         0.01
Impairment loss, net              -             -             -         0.13
Loss on disposal of                                                         
 assets, net                      -             -          0.01            -
Loss on modification                                                        
 or early retirement                                                        
 of debt, net                     -             -             -         0.02
Legal settlement                                                            
 expense                       0.06             -          0.06            -
                       ------------  ------------  ------------ ------------
Adjusted earnings per                                                       
 diluted share         $       0.82  $       0.46  $       2.18 $       1.60
                       ============  ============  ============ ============
                                                                            
Hold-normalized casino                                                      
 revenue                      (0.05)         0.10                           
Hold-normalized casino                                                      
 expense                       0.01         (0.01)                          
Income tax impact on                                                        
 hold adjustments                 -         (0.02)                          
Noncontrolling                                                              
 interest impact on                                                         
 hold adjustments                 -             -                           
                       ------------  ------------                           
Hold-normalized                                                             
 adjusted earnings per                                                      
 diluted share         $       0.78  $       0.53                           
                       ============  ============                           
                                                                            
Weighted average                                                            
 diluted shares                                                             
 outstanding            826,965,340   825,606,248   827,543,510  823,361,035
                       ============  ============  ============ ============
                                                                            

 
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Supplemental Data Schedule                                                  
(Unaudited)                                                                 
                                                                            
                            Three Months Ended         Nine Months Ended    
                               September 30,             September 30,      
                             2013         2012         2013         2012    
                         -----------  -----------  -----------  ----------- 
                                                                            
Room Statistics:                                                            
  The Venetian Macao:                                                       
    Occupancy %                 91.8%        93.9%        90.3%        91.4%
    Average daily room                                                      
     rate (ADR) (1)      $       242  $       227  $       234  $       233 
    Revenue per                                                             
     available room                                                         
     (RevPAR) (2)        $       222  $       213  $       211  $       213 
                                                                            
  Sands Cotai Central:                                                      
    Occupancy %                 84.8%        88.9%        74.6%        82.8%
    Average daily room                                                      
     rate (ADR) (1)      $       152  $       149  $       149  $       146 
    Revenue per                                                             
     available room                                                         
     (RevPAR) (2)        $       129  $       132  $       111  $       121 
                                                                            
  Four Seasons Hotel                                                        
   Macao and Plaza                                                          
   Casino:                                                                  
    Occupancy %                 88.2%        83.1%        83.4%        79.6%
    Average daily room                                                      
     rate (ADR) (1)      $       363  $       349  $       362  $       355 
    Revenue per                                                             
     available room                                                         
     (RevPAR) (2)        $       321  $       290  $       302  $       282 
                                                                            
  Sands Macao:                                                              
    Occupancy %                 96.9%        97.3%        95.6%        94.8%
    Average daily room                                                      
     rate (ADR) (1)      $       243  $       236  $       244  $       243 
    Revenue per                                                             
     available room                                                         
     (RevPAR) (2)        $       236  $       230  $       233  $       231 
                                                                            
  Marina Bay Sands:                                                         
    Occupancy %                 99.8%        99.8%        99.2%        99.1%
    Average daily room                                                      
     rate (ADR) (1)      $       401  $       361  $       386  $       351 
    Revenue per                                                             
     available room                                                         
     (RevPAR) (2)        $       400  $       360  $       383  $       348 
                                                                            
  Las Vegas Operating                                                       
   Properties:                                                              
    Occupancy %                 87.6%        87.3%        89.8%        85.6%
    Average daily room                                                      
     rate (ADR) (1)      $       196  $       191  $       204  $       203 
    Revenue per                                                             
     available room                                                         
     (RevPAR) (2)        $       171  $       167  $       183  $       174 
                                                                            
  Sands Bethlehem:                                                          
    Occupancy %                 82.1%        69.6%        73.4%        60.7%
    Average daily room                                                      
     rate (ADR) (1)      $       141  $       142  $       141  $       141 
    Revenue per                                                             
     available room                                                         
     (RevPAR) (2)        $       115  $        99  $       103  $        86 
                                                                            
Casino Statistics:                                                          
  The Venetian Macao:                                                       
    Table games win per                                                     
     unit per day (3)    $    16,099  $    15,697  $    16,878  $    14,632 
    Slot machine win per                                                    
     unit per day (4)    $       332  $       312  $       322  $       314 
    Average number of                                                       
     table games                 612          504          565          520 
    Average number of                                                       
     slot machines             2,141        2,155        2,218        2,219 
                                                                            
  Sands Cotai Central:                                                      
    Table games win per                                                     
     unit per day (3)    $    18,223  $     9,728  $    15,075  $     9,909 
    Slot machine win per                                                    
     unit per day (4)    $       317  $       316  $       269  $       349 
    Average number of                                                       
     table games                 450          356          488          359 
    Average number of                                                       
     slot machines             2,053        1,086        2,118          961 
                                                                            
  Four Seasons Hotel                                                        
   Macao and Plaza                                                          
   Casino:                                                                  
    Table games win per                                                     
     unit per day (3)    $    26,549  $    19,480  $    23,496  $    22,989 
    Slot machine win per                                                    
     unit per day (4)    $       899  $       545  $       717  $       642 
    Average number of                                                       
     table games                 155          149          152          157 
    Average number of                                                       
     slot machines               177          188          180          183 
                                                                            
  Sands Macao:                                                              
    Table games win per                                                     
     unit per day (3)    $    11,710  $    12,337  $    12,069  $    10,808 
    Slot machine win per                                                    
     unit per day (4)    $       249  $       224  $       243  $       251 
    Average number of                                                       
     table games                 302          313          298          353 
    Average number of                                                       
     slot machines             1,135        1,205        1,185        1,152 
                                                                            
  Marina Bay Sands:                                                         
    Table games win per                                                     
     unit per day (3)    $    11,326  $     8,480  $    12,062  $    10,406 
    Slot machine win per                                                    
     unit per day (4)    $       692  $       603  $       691  $       632 
    Average number of                                                       
     table games                 639          619          619          612 
    Average number of                                                       
     slot machines             2,234        2,441        2,233        2,468 
                                                                            
  Las Vegas Operating                                                       
   Properties:                                                              
    Table games win per                                                     
     unit per day (3)    $     6,948  $     7,648  $     5,830  $     6,047 
    Slot machine win per                                                    
     unit per day (4)    $       215  $       238  $       202  $       207 
    Average number of                                                       
     table games                 244          232          241          230 
    Average number of                                                       
     slot machines             2,247        1,975        2,352        2,186 
                                                                            
  Sands Bethlehem:                                                          
    Table games win per                                                     
     unit per day (3)    $     2,909  $     3,341  $     3,022  $     2,983 
    Slot machine win per                                                    
     unit per day (4)    $       260  $       262  $       267  $       268 
    Average number of                                                       
     table games                 147          122          145          121 
    Average number of                                                       
     slot machines             3,012        3,024        3,015        3,014 

 
(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