Las Vegas Sands Reports Fourth Quarter and Full Year 2013 Results

Las Vegas Sands Reports Fourth Quarter and Full Year 2013 Results 
LAS VEGAS, NV -- (Marketwired) -- 01/29/14 --  Las Vegas Sands Corp.
(NYSE: LVS) 
For the Quarter Ended December 31, 2013:  


 
--  Consolidated Hold-Normalized Adjusted Property EBITDA Increased 25.8%
    to $1.37 Billion (Consolidated Adjusted Property EBITDA Increased
    21.0% to $1.21 Billion)
    
    
--  Strong Gaming Volumes in Macao Drove Hold-Normalized Adjusted Property
    EBITDA Up 55.8% to a Record $887.6 Million
    
    
--  Net Revenue Increased 18.8% to a Record $3.66 Billion
    
    
--  Hold-Normalized Adjusted Earnings per Diluted Share Increased 35.9% to
    $0.87 (GAAP Earnings per Diluted Share Increased 32.1% to $0.70)
    
    
--  The Company Paid Dividends of $0.35 per share and Repurchased $224.3
    Million of Stock During the Quarter Under its $2.0 Billion Stock
    Repurchase Program

  
For the Year Ended December 31, 2013: 


 
--  Net Revenue Increased 23.7% to a Record $13.77 Billion
    
    
--  Consolidated Adjusted Property EBITDA Increased 25.6% to a Record
    $4.76 Billion
    
    
--  Net Income Attributable to Las Vegas Sands Rose 51.3% to Reach $2.31
    Billion or $2.79 per Diluted Share (Adjusted Earnings per Diluted
    Share was $2.90)
    
    
--  The Company Paid Dividends of $1.40 per share and Repurchased $570.5
    Million of Stock Under its $2.0 Billion Stock Repurchase Program

  
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for
the quarter and year ended December 31, 2013.  
Fourth 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 clearly 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 seventeen million visits during the quarter to our
Macao property portfolio, which delivered a record $835.9 million of
adjusted property EBITDA. We remain confident that our market-leading
Cotai Strip properties, including our latest Integrated Resort on the
Cotai Strip, the Parisian Macao, which is now under construction and
is targeted to open in late 2015, will meaningfully enhance the
appeal of Macao to business and leisure travelers and provide an
outstanding platform for growth in the years ahead." 
In Singapore, hold-normalized adjusted property EBITDA was $372.1
million as growth in mass gaming and non-gaming revenues was offset
by softer VIP play. Mass win-per-day increased 3.1% year-over-year to
reach $4.63 million per day. 
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."  
The company paid a recurring quarterly dividend of $0.35 per common
share during the quarter, an increase of 40% compared to the fourth
quarter of 2012. The company also announced that its next recurring
quarterly dividend for the first quarter of 2014 of $0.50 per common
share will be paid on March 31, 2014 to Las Vegas Sands shareholders
of record on March 21, 2014.  
The company repurchased approximately $224.3 million of common stock
(3.1 million shares at a weighted average price of $72.55) during the
quarter ended December 31, 2013. 
Company-Wide Operating Results 
Net revenue for the fourth quarter of 2013 increased 18.8% to reach
$3.66 billion, compared to $3.08 billion in the fourth quarter of
2012. Consolidated adjusted property EBITDA increased 21.0% to reach
$1.21 billion in the fourth quarter of 2013, compared to $1.00
billion in the year-ago quarter. On a hold-normalized basis, adjusted
property EBITDA increased 25.8% to reach $1.37 billion in the fourth
quarter of 2013, compared to $1.09 billion in the fourth quarter of
2012.  
On a GAAP (Generally Accepted Accounting Principles) basis, operating
income in the fourth quarter of 2013 increased 31.9% to $886.1
million, compared to $672.0 million in the fourth 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
fourth quarter of 2013 increased 32.8% to $577.5 million, compared to
$434.8 million in the fourth quarter of 2012, while diluted earnings
per share in the fourth quarter of 2013 increased 32.1% to $0.70,
compared to $0.53 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 $592.9 million, or
$0.72 per diluted share, compared to $450.5 million, or $0.54 per
diluted share, in the fourth quarter of 2012. The increase in
adjusted net income was driven by the higher net income attributable
to Las Vegas Sands described above. 
Full year 2013 net revenue increased 23.7% to a record $13.77
billion, compared to $11.13 billion in 2012. Consolidated adjusted
property EBITDA in 2013 increased 25.6% to a record $4.76 billion,
compared to $3.79 billion in 2012. Consolidated adjusted property
EBITDA margin increased 50 basis points to 34.6% in 2013, compared to
34.1% in 2012. The continued strong growth in mass market gaming
revenue in Macao, as well as the ramp at Sands Cotai Central,
contributed to the EBITDA margin expansion in 2013.  
Full year adjusted net income (see Note 1) was a record $2.40 billion
in 2013, or $2.90 per diluted share, compared to $1.77 billion, or
$2.14 per diluted share in 2012.  
On a GAAP basis, full year 2013 operating income increased 47.5% to
$3.41 billion in 2013, compared to $2.31 billion in 2012. The
increase in operating income was principally due to stronger
operating results across our Macao property portfolio. Net income
attributable to Las Vegas Sands increased 51.3% to $2.31 billion, or
$2.79 per diluted share in 2013, compared to $1.52 billion, or $1.85
per diluted share in 2012. The improvement 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. 
Sands China Ltd. Consolidated Financial Results  
On a GAAP basis, total net revenues for Sands China Ltd. increased
28.4% to $2.53 billion in the fourth quarter of 2013, compared to
$1.97 billion in the fourth quarter of 2012. Adjusted property EBITDA
for Sands China Ltd. increased 34.9% to $836.4 million in the fourth
quarter of 2013, compared to $619.9 million in the fourth quarter of
2012. Net income for Sands China Ltd. increased 40.4% to $655.6
million in the fourth quarter of 2013, compared to $467.0 million in
the fourth quarter of 2012. 
On a GAAP basis, full year 2013 total net revenues for Sands China
Ltd. increased 37.0% to $8.96 billion, compared to $6.54 billion in
2012. Adjusted property EBITDA for Sands China Ltd. increased 46.5%
to $2.90 billion in 2013, compared to $1.98 billion in 2012. Net
income for Sands China Ltd. increased 79.7% to $2.21 billion in 2013,
compared to $1.23 billion in 2012. 
The Venetian Macao Fourth Quarter Operating Results 
The Venetian Macao continued to enjoy Macao market-leading visitation
and financial performance. The property delivered record adjusted
property EBITDA of $433.4 million, an increase of 30.1% compared to
the fourth quarter of 2012. Non-Rolling Chip drop increased 86.7% to
reach a property record $2.27 billion for the quarter with
Non-Rolling Chip win percentage of 25.2%. Rolling Chip volume during
the quarter increased 32.3% to reach $16.76 billion. Slot handle was
$1.30 billion, increasing slightly compared to the fourth quarter of
2012. Mall revenues increased 21.9% during the quarter to reach $56.7
million.  
The following table summarizes the key operating results for The
Venetian Macao for the fourth quarter of 2013 compared to the fourth
quarter of 2012:  


 
The Venetian Macao Operations   Three Months Ended                          
                                   December 31,                             
                              ----------------------                        
(Dollars in millions)            2013        2012      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $  1,011.3  $    722.3  $    289.0       40.0%
  Rooms                             67.0        59.9         7.1       11.9%
  Food and Beverage                 25.6        23.4         2.2        9.4%
  Mall                              56.7        46.5        10.2       21.9%
  Convention, Retail and                                                    
   Other                            37.4        23.2        14.2       61.2%
  Less - Promotional                                                        
   Allowances                      (48.9)      (32.3)      (16.6)     -51.4%
                              ----------  ----------  ----------            
Net Revenues                  $  1,149.1  $    843.0  $    306.1       36.3%
                                                                            
Adjusted Property EBITDA      $    433.4  $    333.1  $    100.3       30.1%
  EBITDA Margin %                   37.7%       39.5%              -1.8 pts 
                                                                            
Operating Income              $    392.6  $    298.2  $     94.4       31.7%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume           $ 16,759.2  $ 12,662.9  $  4,096.3       32.3%
  Rolling Chip Win %(1)             3.32%       3.25%              0.07 pts 
                                                                            
Non-Rolling Chip Drop         $  2,268.2  $  1,215.0  $  1,053.2       86.7%
  Non-Rolling Chip Win %            25.2%       29.9%              -4.7 pts 
                                                                            
Slot Handle                   $  1,296.3  $  1,293.7  $      2.6        0.2%
  Slot Hold %                        5.2%        5.5%              -0.3 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         94.4%       93.4%               1.0 pts 
Average Daily Rate (ADR)      $      269  $      248  $       21        8.5%
Revenue per Available Room                                                  
 (RevPAR)                     $      254  $      231  $       23       10.0%

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions).
 Sands Cotai
Central Fourth Quarter Operating Results 
Net revenues and adjusted property EBITDA for the fourth quarter of
2013 at Sands Cotai Central were $790.7 million and $237.8 million,
respectively, resulting in an EBITDA margin of 30.1%.  
Rolling Chip volume reflected strong growth of 72.7% and reached
$17.57 billion for the quarter, while Non-Rolling Chip drop increased
80.2% to reach $1.68 billion with Non-Rolling Chip win percentage of
22.7%. Slot handle increased 40.8% to $1.75 billion for the quarter.  
Mass win per table per day increased 111.0% year-over-year and 8.9%
compared to the third quarter of 2013, reaching $13,952, while mass
table, slot and electronic table game (ETG) win per day climbed to
$4.9 million, an increase of 88.4% year-over-year and 13.6% compared
to the third quarter of 2013. Hotel occupancy reached 89.1% with ADR
of $167. 
Visitation to the property continues to grow and exceeded 4.7 million
visits in the quarter.  
The following table summarizes our key operating results for Sands
Cotai Central for the fourth quarter of 2013 compared to the fourth
quarter of 2012: 


 
Sands Cotai Central                                                         
 Operations                     Three Months Ended                          
                                   December 31,                             
                              ----------------------                        
(Dollars in millions)            2013        2012      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    707.7  $    438.7  $    269.0       61.3%
  Rooms                             76.7        44.5        32.2       72.4%
  Food and Beverage                 29.3        19.2        10.1       52.6%
  Mall                              14.1         9.2         4.9       53.3%
  Convention, Retail and                                                    
   Other                             7.7         4.6         3.1       67.4%
  Less - Promotional                                                        
   Allowances                      (44.8)      (25.5)      (19.3)     -75.7%
                              ----------  ----------  ----------            
Net Revenues                  $    790.7  $    490.7  $    300.0       61.1%
                                                                            
Adjusted Property EBITDA      $    237.8  $    108.0  $    129.8      120.2%
  EBITDA Margin %                   30.1%       22.0%               8.1 pts 
                                                                            
Operating Income              $    168.5  $     48.0  $    120.5      251.0%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                        
                                    
Rolling Chip Volume           $ 17,565.9  $ 10,170.3  $  7,395.6       72.7%
  Rolling Chip Win %(1)             2.52%       3.13%             -0.61 pts 
                                                                            
Non-Rolling Chip Drop         $  1,680.7  $    932.5  $    748.2       80.2%
  Non-Rolling Chip Win %            22.7%       20.6%               2.1 pts 
                                                                            
Slot Handle                   $  1,748.6  $  1,241.7  $    506.9       40.8%
  Slot Hold %                        3.8%        3.7%               0.1 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         89.1%       84.0%               5.1 pts 
Average Daily Rate (ADR)      $      167  $      164  $        3        1.8%
Revenue per Available Room                                                  
 (RevPAR)                     $      149  $      138  $       11        8.0%

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Four Seasons Hotel Macao Fourth Quarter Operating Results 
The Four Seasons Hotel Macao generated adjusted property EBITDA of
$76.8 million in the fourth quarter of 2013, a decrease of 14.4%
compared to the year-ago quarter. Non-Rolling Chip drop increased
163.6% to $330.8 million, while Non-Rolling Chip win percentage was
22.5% and below the 45.1% experienced in the fourth quarter of 2012.
Rolling Chip volume was $9.40 billion for the quarter, a decrease of
12.4% compared to the fourth quarter of 2012. Rolling Chip win
percentage was 1.77% in the quarter, below the expected range and
below the 2.68% experienced in the prior-year quarter. Slot handle
decreased 22.6% to $271.1 million during the quarter.  
The following table summarizes our key operating results for the Four
Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2013
compared to the fourth quarter of 2012: 


 
Four Seasons Hotel Macao and                                                
 Plaza Casino Operations        Three Months Ended                          
                                   December 31,                             
                              ----------------------                        
(Dollars in millions)            2013        2012      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    183.5  $    260.2  $    (76.7)     -29.5%
  Rooms                             12.7        10.8         1.9       17.6%
  Food and Beverage                  9.6         7.5         2.1       28.0%
  Mall                              45.2        28.6        16.6       58.0%
  Convention, Retail and                                                    
   Other                             1.4         0.8         0.6       75.0%
  Less - Promotional                                                        
   Allowances                      (14.3)      (11.7)       (2.6)     -22.2%
                              ----------  ----------  ----------            
Net Revenues                  $    238.1  $    296.2  $    (58.1)     -19.6%
                                                                            
Adjusted Property EBITDA      $     76.8  $     89.7  $    (12.9)     -14.4%
  EBITDA Margin %                   32.2%       30.3%               1.9 pts 
                                                                            
Operating Income              $     52.1  $     76.5  $    (24.4)     -31.9%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume           $  9,404.3  $ 10,731.5  $ (1,327.2)     -12.4%
  Rolling Chip Win %(1)             1.77%       2.68%             -0.91 pts 
                                                                            
Non-Rolling Chip Drop         $    330.8  $    125.5  $    205.3      163.6%
  Non-Rolling Chip Win %            22.5%       45.1%             -22.6 pts 
                                                                            
Slot Handle                   $    271.1  $    350.4  $    (79.3)     -22.6%
  Slot Hold %                        5.3%        5.3%               0.0 pts 
                                                                            
Hotel Statistics                                                            
                                                    
                        
Occupancy %                         90.8%       81.8%               9.0 pts 
Average Daily Rate (ADR)      $      403  $      382  $       21        5.5%
Revenue per Available Room                                                  
 (RevPAR)                     $      366  $      313  $       53       16.9%

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Sands Macao Fourth Quarter Operating Results 
Sands Macao's adjusted property EBITDA decreased 3.8% compared to the
same quarter last year to $88.0 million. Adjusted property EBITDA
margin decreased 220 basis points to 26.9%. Non-Rolling Chip drop
increased 44.7% to reach $1.03 billion during the quarter, while slot
handle increased 14.8% to reach $695.3 million. The property realized
2.77% win on Rolling Chip volume during the quarter, below the 3.29%
generated in the year-ago quarter. Rolling Chip volume was $5.81
billion for the quarter, in-line with the prior-year quarter.  
The following table summarizes our key operating results for Sands
Macao for the fourth quarter of 2013 compared to the fourth quarter
of 2012: 


 
Sands Macao Operations          Three Months Ended                          
                                   December 31,                             
                              ----------------------                        
(Dollars in millions)            2013        2012      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    318.7  $    305.8  $     12.9        4.2%
  Rooms                              7.0         6.4         0.6        9.4%
  Food and Beverage                  9.8        10.1        (0.3)      -3.0%
  Convention, Retail and                                                    
   Other                             2.7         2.7           -        0.0%
  Less - Promotional                                                        
   Allowances                      (11.5)      (10.4)       (1.1)     -10.6%
                              ----------  ----------  ----------            
Net Revenues                  $    326.7  $    314.6  $     12.1        3.8%
                                                                            
Adjusted Property EBITDA      $     88.0  $     91.5  $     (3.5)      -3.8%
  EBITDA Margin %                   26.9%       29.1%              -2.2 pts 
                                                                            
Operating Income              $     79.0  $     83.1  $     (4.1)      -4.9%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                     
                       
Rolling Chip Volume           $  5,812.5  $  5,767.8  $     44.7        0.8%
  Rolling Chip Win %(1)             2.77%       3.29%             -0.52 pts 
                                                                            
Non-Rolling Chip Drop         $  1,025.4  $    708.6  $    316.8       44.7%
  Non-Rolling Chip Win %            18.5%       22.2%              -3.7 pts 
                                                                            
Slot Handle                   $    695.3  $    605.4  $     89.9       14.8%
  Slot Hold %                        3.8%        4.3%              -0.5 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         97.4%       96.9%               0.5 pts 
Average Daily Rate (ADR)      $      276  $      250  $       26       10.4%
Revenue per Available Room                                                  
 (RevPAR)                     $      269  $      243  $       26       10.7%

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Marina Bay Sands Fourth Quarter Operating Results 
Marina Bay Sands in Singapore generated adjusted property EBITDA of
$258.8 million, a decrease of 14.4% compared to the fourth quarter of
2012. On a hold-normalized basis, adjusted property EBITDA declined
8.4% year-over-year to $372.1 million. Rolling Chip win percentage of
1.92% in the fourth quarter of 2013 was below the expected range, and
below the 2.14% achieved in the fourth quarter of 2012. 
Non-Rolling Chip drop increased 2.4% to reach $1.14 billion during
the quarter. Slot handle increased 5.0% to $2.82 billion for the
quarter compared to the year-ago quarter. Total mass win per day
during the quarter increased 3.1% to $4.63 million, compared to $4.49
million in the fourth quarter of 2012. Rolling Chip volume decreased
16.6% to $13.73 billion for the quarter. 
The high-margin hotel room segment of the property continued to
reflect strong revenue growth of 13.8%. ADR increased to $425 during
the quarter, driving a RevPAR increase of 13.5% compared to the same
quarter last year. Occupancy was 96.9% during the quarter. 
The following table summarizes our key operating results for Marina
Bay Sands for the fourth quarter of 2013 compared to the fourth
quarter of 2012: 


 
                                                                            
Marina Bay Sands Operations      Three Months Ended                         
                                   December 31,                             
                              ----------------------                        
(Dollars in millions)            2013        2012      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    504.6  $    549.5  $    (44.9)      -8.2%
  Rooms                             95.8        84.2        11.6       13.8%
  Food and Beverage                 49.8        51.9        (2.1)      -4.0%
  Mall                              43.3        44.7        (1.4)      -3.1%
  Convention, Retail and                                                    
   Other                            26.6        29.0        (2.4)      -8.3%
  Less - Promotional                                                        
   Allowances                      (60.3)      (42.1)      (18.2)     -43.2%
                              ----------  ----------  ----------            
Net Revenues                  $    659.8  $    717.2  $    (57.4)      -8.0%
                                                                            
Adjusted Property EBITDA      $    258.8  $    302.5  $    (43.7)     -14.4%
  EBITDA Margin %                   39.2%       42.2%              -3.0 pts 
                                                                            
Operating Income              $    165.7  $    202.6  $    (36.9)     -18.2%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Rolling Chip Volume           $ 13,731.0  $ 16,467.1  $ (2,736.1)     -16.6%
  Rolling Chip Win %(1)             1.92%       2.14%             -0.22 pts 
                                                                            
Non-Rolling Chip Drop         $  1,135.5  $  1,108.4  $     27.1        2.4%
  Non-Rolling Chip Win %            24.5%       24.2%               0.3 pts 
                                                                            
Slot Handle                   $  2,824.6  $  2,690.9  $    133.7        5.0%
  Slot Hold %                        5.2%        5.4%              -0.2 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         96.9%       98.4%              -1.5 pts 
Average Daily Rate (ADR)      $      425  $      368  $       57       15.5%
Revenue per Available Room                                                  
 (RevPAR)                     $      411  $      362  $       49       13.5%

 
(1) This compares to our expected Rolling Chip win percentage of 2.7%
to 3.0% (calculated before discounts and commissions). 
Las Vegas Operations Fourth Quarter Operating Results 
Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo,
including the Sands Expo and Convention Center, increased 67.0% to
$88.2 millio
n for the quarter. Table games drop increased 41.4% in
the quarter to reach a property record $649.7 million reflecting
record baccarat drop. Slot handle increased 4.8% to $542.2 million.
Hotel RevPAR increased 4.5% to $185 in the quarter driven by a 2.5%
increase in ADR.  
The following table summarizes our key operating results for our Las
Vegas operations for the fourth quarter of 2013 compared to the
fourth quarter of 2012: 


 
                                Three Months Ended                          
Las Vegas Operations               December 31,                             
                              ----------------------                        
(Dollars in millions)            2013        2012      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    151.3  $     87.9  $     63.4       72.1%
  Rooms                            119.9       114.3         5.6        4.9%
  Food and Beverage                 64.5        53.5        11.0       20.6%
  Convention, Retail and                                                    
   Other                            76.1        74.5         1.6        2.1%
  Less - Promotional                                                        
   Allowances                      (26.1)      (21.9)       (4.2)     -19.2%
                              ----------  ----------  ----------            
Net Revenues                  $    385.7  $    308.3  $     77.4       25.1%
                                                                            
Adjusted Property EBITDA      $     88.2  $     52.8  $     35.4       67.0%
EBITDA Margin %                     22.9%       17.1%               5.8 pts 
                                                                            
Operating Income              $     67.3  $     22.2  $     45.1      203.2%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Table Games Drop              $    649.7  $    459.4  $    190.3       41.4%
Table Games Win %(1)                21.8%       12.7%               9.1 pts 
                                                                            
Slot Handle                   $    542.2  $    517.3  $     24.9        4.8%
Slot Hold %                          8.5%        8.9%              -0.4 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         88.8%       87.6%               1.2 pts 
Average Daily Rate (ADR)      $      208  $      203  $        5        2.5%
Revenue per Available Room                                                  
 (RevPAR)                     $      185  $      177  $        8        4.5%

 
(1) This compares to our expected Table Games win percentage of 20.0%
and 22.0% (calculated before discounts). 
Sands Bethlehem Fourth Quarter Operating Results 
Net revenues for Sands Bethlehem in Pennsylvania increased 5.3% to
$124.1 million and adjusted property EBITDA increased 10.2% to $30.3
million for the fourth quarter of 2013. Table games drop increased
12.3% to reach $258.9 million for the quarter, while table games win
percentage was 17.5%, which compared to 15.8% in the fourth quarter
of 2012. Slot handle increased 2.8% year-over-year to $995.0 million
for the quarter with slot hold percentage of 6.8%.  
The following table summarizes our key operating results for Sands
Bethlehem for the fourth quarter of 2013 compared to the fourth
quarter of 2012: 


 
                                Three Months Ended                          
Sands Bethlehem Operations         December 31,                             
                              ----------------------                        
(Dollars in millions)            2013        2012      $ Change     Change  
                              ----------  ----------  ----------  --------- 
Revenues:                                                                   
  Casino                      $    115.2  $    108.8  $      6.4        5.9%
  Rooms                              3.0         3.0           -        0.0%
  Food and Beverage                  7.3         7.1         0.2        2.8%
  Mall                               0.9         0.4         0.5      125.0%
  Convention, Retail and                                                    
   Other                             4.1         4.6        (0.5)     -10.9%
  Less - Promotional                                                        
   Allowances                       (6.4)       (6.1)       (0.3)      -4.9%
                              ----------  ----------  ----------            
Net Revenues                  $    124.1  $    117.8  $      6.3        5.3%
                                                                            
Adjusted Property EBITDA      $     30.3  $     27.5  $      2.8       10.2%
EBITDA Margin %                     24.4%       23.4%               1.0 pts 
                                                                            
Operating Income              $     19.4  $     18.7  $      0.7        3.7%
                                                                            
Gaming Statistics                                                           
(Dollars in millions)                                                       
                                                                            
Table Games Drop              $    258.9  $    230.6  $     28.3       12.3%
Table Games Win %(1)                17.5%       15.8%               1.7 pts 
                                                                            
Slot Handle                   $    995.0  $    967.8  $     27.2        2.8%
Slot Hold %                          6.8%        7.2%              -0.4 pts 
                                                                            
Hotel Statistics                                                            
                                                                            
Occupancy %                         74.4%       78.2%              -3.8 pts 
Average Daily Rate (ADR)      $      145  $      136  $        9        6.6%
Revenue per Available Room                                                  
 (RevPAR)                     $      108  $      107  $        1        0.9%

 
(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 $159.0 million for
the fourth quarter of 2013, an increase of 24.1% compared to the
fourth quarter of 2012. Operating profit derived from these retail
mall assets increased 25.5% for the quarter compared to the quarter
one year ago, reaching $138.9 million. 


 
                                                                       TTM  
                                                                    December
                    For The Three Months Ended December 31, 2013    31, 2013
                 -------------------------------------------------- --------
                                                                     Tenant 
(Dollars in                                       Gross               Sales 
 millions 
         Gross            Operating   Leasable  Occupancy   Per   
except per square Revenue Operating   Profit      Area     % at End    Sq.  
 foot data)         (1)     Profit    Margin    (sq. ft.) of Period  Ft.(2) 
                 -------- --------- ---------  ---------- --------- --------
                                                                            
Shoppes at                                                                  
 Venetian        $   56.5 $    49.6      87.8%    755,452  95.5%    $  1,522
                                                                            
Shoppes at Four                                                             
 Seasons                                                                    
  Luxury Retail      35.8      34.6      96.6%    142,233 100.0%       5,787
  Other Stores        9.4       8.5      90.4%     99,662  70.2%       2,208
                 -------- ---------            ----------                   
  Total              45.2      43.1      95.4%    241,895  87.7%       4,726
                 -------- ---------            ----------                   
                                                                            
Shoppes at Cotai                                                            
 Central             14.0      12.2      87.1% 210,143(3) 100.0%       1,277
                 -------- ---------            ----------                   
Total Cotai Strip                                                           
 in Macao           115.7     104.9      90.7%  1,207,490  94.7%       2,111
                 -------- ---------            ----------                   
                                                                            
The Shoppes at                                                              
 Marina Bay Sands    43.3      34.0      78.5%    642,241  90.7%(4)    1,528
                 -------- ---------            ----------                   
                                                                            
Total            $  159.0 $   138.9      87.4%  1,849,731  93.3%    $  1,934
                 ======== =========            ==========                   

 
(1) Gross revenue figures are net of intersegment revenue
eliminations.
 (2) Tenant sales per square foot reflect sales from
tenants only after the tenant has been open for a period of 12
months.
 (3) At completion of all phases, the Shoppes at 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 37,000 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 $0.7 million
during the quarter, compared to a $2.1 million loss in the fourth
quarter of 2012. 
Pre-opening expenses decreased to $3.7 million in the fourth quarter
of 2013, compared to $9.0 million in the fourth quarter of 2012. 
Depreciation and amortization expense was $254.9 million in the
fourth quarter of 2013, compared to $250.3 million in the fourth
quarter of 2012.  
Interest expense, net of amounts capitalized, was $67.1 million for
the fourth quarter of 2013, in-line with the prior-year quarter.
Capitalized interest was $1.4 million during the fourth quarter of
2013, compared to $5.0 million during the fourth quarter of 2012. Our
weighted average borrowing cost in the fourth quarter of 2013 was
2.7%.  
Corporate expense was $48.3 million in the fourth quarter of 2013,
compared to $44.9 million in the fourth quarter of 2012. 
The Company recorded a $14.2 million loss on modification or early
retirement of debt during the quarter as a result of the refinancing
of its U.S. credit facility.  
Other expense, which was principally composed of foreign currency
losses, was $0.7 million in the fourth quarter of 2013, compared to
income of $5.0 million in the fourth quarter of 2012. 
The company's effective income tax rate for the fourth quarter of
2013 was 4.9%. 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
fourth quarter of 2013 of $192.2 million was principally related to
Sands China Ltd.  
Balance Sheet Items 
Unrestricted cash balances as of December 31, 2013 were $3.60
billion. 
As of December 31, 2013, total debt outstanding, including the
current portion, was $9.76 billion.  
Capital Expenditures 
Capital expenditures during the fourth quarter totaled $298.6
million, including construction, development and maintenance
activities of $217.8 million in Macao, $60.0 million in Las Vegas,
$19.8 million at Marina Bay Sands and $1.0 million at Sands
Bethlehem. 
Conference Call Information 
The company will host a conference call to discuss the company's
results on Wednesday, January 29, 2014 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
expense.  
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.
 Fourth Quarter 2013 Results
 Non-GAAP
Reconciliations 
Within the company's fourth 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
compensat
ion, 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            Year Ended        
                               December 31,              December 31,       
                            2013         2012         2013         2012     
                        ------------ ------------ ------------ ------------ 
                                                                            
Revenues:                                                                   
  Casino                $  2,992,196 $  2,473,211 $ 11,386,917 $  9,008,158 
  Rooms                      382,035      323,137    1,380,681    1,154,024 
  Food and beverage          195,898      172,644      730,259      628,528 
  Mall                       159,878      128,537      481,400      396,927 
  Convention, retail and                                                    
   other                     142,809      133,352      515,179      497,032 
                        ------------ ------------ ------------ ------------ 
                           3,872,816    3,230,881   14,494,436   11,684,669 
  Less - promotional                                                        
   allowances               (217,131)    (153,879)    (724,551)    (553,537)
                        ------------ ------------ ------------ ------------ 
                           3,655,685    3,077,002   13,769,885   11,131,132 
                        ------------ ------------ ------------ ------------ 
Operating expenses:                                                         
  Resort operations        2,449,920    2,081,896    9,083,983    7,370,842 
  Corporate                   48,314       44,866      189,535      207,030 
  Pre-opening                  3,693        8,992       13,339      143,795 
  Development                    969        7,762       15,809       19,958 
  Depreciation and                                                          
   amortization              254,938      250,321    1,007,468      892,046 
  Amortization of                                                           
   leasehold interests                                                      
   in land                    10,055       10,149       40,352       40,165 
  Impairment loss                  -            -            -      143,674 
  Loss on disposal of                                                       
   assets                      1,723        1,011       11,156        2,240 
                        ------------ ------------ ------------ ------------ 
                           2,769,612    2,404,997   10,361,642    8,819,750 
                        ------------ ------------ ------------ ------------ 
Operating income             886,073      672,005    3,408,243    2,311,382 
Other income (expense):                                                     
  Interest income              5,489        6,536       16,337       23,252 
  Interest expense, net                                                     
   of amounts                                                               
   capitalized               (67,086)     (67,067)    (271,211)    (258,564)
  Other income (expense)        (671)       5,025        4,321        5,740 
  Loss on modification                                                      
   or early retirement                                                      
   of debt                   (14,178)           -      (14,178)     (19,234)
                        ------------ ------------ ------------ ------------ 
Income before income                                                        
 taxes                       809,627      616,499    3,143,512    2,062,576 
Income tax expense           (39,896)     (45,156)    (188,836)    (180,763)
                        ------------ ------------ ------------ ------------ 
Net income                   769,731      571,343    2,954,676    1,881,813 
Net income attributable                                                     
 to noncontrolling                                                          
 interests                  (192,192)    (136,561)    (648,679)    (357,720)
                        ------------ ------------ ------------ ------------ 
Net income attributable                                                     
 to Las Vegas Sands                                                         
 Corp.                  $    577,539 $    434,782 $  2,305,997 $  1,524,093 
                        ============ ============ ============ ============ 
                                                                            
Earnings per share:                                                         
  Basic                 $       0.71 $       0.53 $       2.80 $       1.89 
                        ============ ============ ============ ============ 
  Diluted               $       0.70 $       0.53 $       2.79 $       1.85 
                        ============ ============ ============ ============ 
                                                                            
Weighted average shares                                                     
 outstanding:                                                               
  Basic                  818,631,514  822,214,678  822,282,515  806,395,660 
                        ============ ============ ============ ============ 
  Diluted                822,314,351  826,662,036  826,316,108  824,556,036 
                        ============ ============ ============ ============ 
                                                                            
Dividends declared per                                                      
 common share           $       0.35 $       3.00 $       1.40 $       3.75 
                        ============ ============ ============ ============ 
                                                                            
                                                                            
                                                                            
                                                                            
Las Vegas Sands Corp. and Subsidiaries                                      
Non-GAAP Measure                                                            
(In thousands)                                                              
(Unaudited)                                                                 
                                                                            
The following are reconciliations of Operating Income (Loss) to Adjusted    
Property EBITDA:                                                            
                                                                            
                    Three Months Ended December 31, 2013                    
 
                                                                           
                                                               Amortization 
                                                Depreciation   of Leasehold 
                                  Operating          and         Interests  
                                Income (Loss)   Amortization      in Land   
                                -------------  -------------- --------------
Macao:                                                                      
  The Venetian Macao            $     392,586  $       35,189 $        1,654
  Sands Cotai Central                 168,464          65,378          2,154
  Four Seasons Hotel Macao and                                              
   Plaza Casino                        52,130           9,835            706
  Sands Macao                          79,010           7,984            354
                                -------------  -------------- --------------
Macao Property Operations             692,190         118,386          4,868
Marina Bay Sands                      165,669          63,862          4,566
United States:                                                              
  Las Vegas Operating                                                       
   Properties                          67,340          50,595              -
  Sands Bethlehem                      19,365          10,637              -
                                -------------  -------------- --------------
United States Property                                                      
 Operations                            86,705          61,232              -
Other Asia (2)                        (13,973)          3,630              -
Other Development                      (2,412)            167            621
Corporate                             (42,106)          7,661              -
                                -------------  -------------- --------------
                                $     886,073  $      254,938 $       10,055
                                =============  ============== ==============
                                                                            
 
                                                                            
                    Three Months Ended December 31, 2013                    
                                                                            
                                                Pre-Opening                 
                                 (Gain) Loss        and                     
                                 on Disposal    Development      Royalty    
                                  of Assets       Expense          Fees     
                                -------------  -------------  ------------- 
Macao:                                                                      
  The Venetian Macao            $       1,996  $           -  $           - 
  Sands Cotai Central                     728            230              - 
  Four Seasons Hotel Macao and                                              
   Plaza Casino                        11,630          2,398              - 
  Sands Macao                              61              -              - 
                                -------------  -------------  ------------- 
Macao Property Operations              14,415          2,628              - 
Marina Bay Sands                          (82)             -         22,784 
United States:                                                              
  Las Vegas Operating                                                       
   Properties                             717            524        (33,556)
  Sands Bethlehem                          55            152              - 
                                -------------  -------------  ------------- 
United States Property                                                      
 Operations                               772            676        (33,556)
Other Asia (2)                             (3)            (4)        11,000 
Other Development                         262          1,362              - 
Corporate                             (13,641)             -           (228)
                                -------------  -------------  ------------- 
                                $       1,723  $       4,662  $           - 
                                =============  =============  ============= 
                                                                            
 
                                                                           
                    Three Months Ended December 31, 2013                   
                                                                           
                                                                           
                                     (1)                        Adjusted   
                                 Stock-Based     Corporate      Property   
                                Compensation      Expense        EBITDA    
                               -------------- -------------- --------------
Macao:                                                                     
  The Venetian Macao           $        1,969 $            - $      433,394
  Sands Cotai Central                     829              -        237,783
  Four Seasons Hotel Macao and                                             
   Plaza Casino                            58              -         76,757
  Sands Macao                             562              -         87,971
                               -------------- -------------- --------------
Macao Property Operations               3,418              -        835,905
Marina Bay Sands                        2,035              -        258,834
United States:                                                             
  Las Vegas Operating                                                      
   Properties                           2,587              -         88,207
  Sands Bethlehem                         140              -         30,349
                               -------------- -------------- --------------
United States Property                                                     
 Operations                             2,727              -        118,556
Other Asia (2)                             42              -            692
Other Development                           -              -              -
Corporate                                   -         48,314              -
                               -------------- -------------- --------------
                               $        8,222 $       48,314 $    1,213,987
                               ============== ============== ==============
                                                                           
                                                                             
                     Three Months Ended December 31, 2012                    
                                                                             
                                                               Amortization  
                                                Depreciation   of Leasehold  
                                  Operating          and         Interests   
                                Income (Loss)   Amortization      in Land    
                                -------------  -------------- -------------- 
Macao:                                                                       
  The Venetian Macao            $     298,218  $       32,133 $        1,655 
  Sands Cotai Central                  48,040          51,235          2,154 
  Four Seasons Hotel Macao and                                               
   Plaza Casino                        76,451          11,385            705 
  Sands Macao                          83,060           7,606            354 
                                -------------  -------------- -------------- 
Macao Property Operations             505,769         102,359          4,868 
Marina Bay Sands                      202,631          72,261          4,659 
United States:                                                               
  Las Vegas Operating                                                        
   Properties                          22,170          58,051              - 
  Sands Bethlehem                      18,685           8,578              - 
                                -------------  -------------- -------------- 
United States Property                                                       
 Operations                            40,855          66,629              - 
Other Asia (2)                        (19,774)          3,688              - 
Other Development                      (8,571)            154            622 
Corporate                             (48,905)          5,230              - 
             
                   -------------  -------------- -------------- 
                                $     672,005  $      250,321 $       10,149 
                                =============  ============== ============== 
                                                                             
 
                                                                           
                    Three Months Ended December 31, 2012                   
                                                                           
                                                Pre-Opening                
                                (Gain) Loss         and                    
                                on Disposal     Development     Royalty    
                                 of Assets        Expense         Fees     
                               -------------  -------------- ------------- 
Macao:                                                                     
  The Venetian Macao           $        (413) $           22 $           - 
  Sands Cotai Central                    177           5,834             - 
  Four Seasons Hotel Macao and                                             
   Plaza Casino                            6           1,119             - 
  Sands Macao                            198               -             - 
                               -------------  -------------- ------------- 
Macao Property Operations                (32)          6,975             - 
Marina Bay Sands                       1,156               -        19,081 
United States:                                                             
  Las Vegas Operating                                                      
   Properties                           (115)          1,909       (31,744)
  Sands Bethlehem                          -              40             - 
                               -------------  -------------- ------------- 
United States Property                           
                          
 Operations                             (115)          1,949       (31,744)
Other Asia (2)                             2              35        13,854 
Other Development                          -           7,795             - 
Corporate                                  -               -        (1,191)
                               -------------  -------------- ------------- 
                               $       1,011  $       16,754 $           - 
                               =============  ============== ============= 
                                                                           
 
                                                                           
                   Three Months Ended December 31, 2012                    
                                                                           
                                                                           
                                     (1)                        Adjusted   
                                 Stock-Based     Corporate      Property   
                                Compensation      Expense        EBITDA    
                               -------------- -------------- ------------- 
Macao:                                                                     
  The Venetian Macao           $        1,455 $            - $     333,070 
  Sands Cotai Central                     544              -       107,984 
  Four Seasons Hotel Macao and                                             
   Plaza Casino                            12              -        89,678 
  Sands Macao                             292              -        91,510 
                               -------------- -------------- ------------- 
Macao Property Operations               2,303              -       622,242 
Marina Bay Sands                        2,745              -       302,533 
United States:                                                             
  Las Vegas Operating                                                      
   Properties                           2,549              -        52,820 
  Sands Bethlehem                         215              -        27,518 
                               -------------- -------------- ------------- 
United States Property                                                     
 Operations                             2,764              -        80,338 
Other Asia (2)                             46              -        (2,149)
Other Development                           -              -             - 
Corporate                                   -         44,866             - 
                               -------------- -------------- ------------- 
                               $        7,858 $       44,866 $   1,002,964 
                               ============== ============== ============= 
                                                                           
                                                                            
                        Year Ended December 31, 2013                        
                                                                            
                                                              Amortization  
                                               Depreciation   of Leasehold  
                                 Operating          and         Interests   
                               Income (Loss)   Amortization      in Land    
                               -------------  -------------- -------------- 
Macao:                                                                      
  The Venetian Macao           $   1,344,650  $      137,464 $        6,613 
  Sands Cotai Central                462,128         257,087          8,612 
  Four Seasons Hotel Macao and                                              
   Plaza Casino                      240,986          44,199          2,823 
  Sands Macao                        327,087          31,710          1,415 
                               -------------  -------------- -------------- 
Macao Property Operations          2,374,851         470,460         19,463 
Marina Bay Sands                     995,504         262,676         18,403 
United States:                                                              
  Las Vegas Operating                                                       
   Properties                        240,528         192,863              - 
  Sands Bethlehem                     85,096          37,282              - 
                               -------------  -------------- -------------- 
United States Property                                                      
 Operations                          325,624         230,145              - 
Other Asia (2)                       (63,000)         14,665              - 
Other Development                    (19,939)            640          2,486 
Corporate                           (204,797)         28,882              - 
                               -------------  -------------- -------------- 
                               $   3,408,243  $    1,007,468 $       40,352 
                               =============  ============== ============== 
                                                                            
 
                                                                          
                       Year Ended December 31, 2013                       
                                                                          
                                               Pre-Opening                
                               (Gain) Loss         and                    
                               on Disposal     Development     Royalty    
                                of Assets        Expense         Fees     
                              -------------  -------------- ------------- 
Macao:                                                                    
  The V
enetian Macao          $       3,708  $          120 $           - 
  Sands Cotai Central                 2,971           5,793             - 
  Four Seasons Hotel Macao and                                            
   Plaza Casino                      11,726           5,124             - 
  Sands Macao                           574               -             - 
                              -------------  -------------- ------------- 
Macao Property Operations            18,979          11,037             - 
Marina Bay Sands                      2,631               -        97,989 
United States:                                                            
  Las Vegas Operating                                                     
   Properties                         1,825             911      (141,009)
  Sands Bethlehem                        89             391             - 
                              -------------  -------------- ------------- 
United States Property                                                    
 Operations                           1,914           1,302      (141,009)
Other Asia (2)                           10             258        44,000 
Other Development                       262          16,551             - 
Corporate                           (12,640)              -          (980)
                              -------------  -------------- ------------- 
                              $      11,156  $       29,148 $           - 
                              =============  ============== ============= 
                                                                          
 
                                                                          
                       Year Ended December 31, 2013                       
                                                                          
                                                  Legal                   
                                    (1)        Settlement      Adjusted   
 
                               Stock-Based   and Corporate    Property   
                               Compensation      Expense        EBITDA    
                              -------------- -------------- ------------- 
Macao:                                                                    
  The Venetian Macao          $        7,382 $            - $   1,499,937 
  Sands Cotai Central                  3,132              -       739,723 
  Four Seasons Hotel Macao and                                            
   Plaza Casino                          182              -       305,040 
  Sands Macao                          2,072              -       362,858 
                              -------------- -------------- ------------- 
Macao Property Operations             12,768              -     2,907,558 
Marina Bay Sands                       7,373              -     1,384,576 
United States:                                                            
  Las Vegas Operating                                                     
   Properties                          9,221         47,400       351,739 
  Sands Bethlehem                        479              -       123,337 
                              -------------- -------------- ------------- 
United States Property                                                    
 Operations                            9,700         47,400       475,076 
Other Asia (2)                           212              -        (3,855)
Other Development                          -              -             - 
Corporate                                  -        189,535             - 
                              -------------- -------------- ------------- 
                              $       30,053 $      236,935 $   4,763,355 
                              ============== ============== ============= 
                                                                          
                                                                            
                        Year Ended December 31, 2012                        
                                                                            
                                                              Amortization  
                                               Depreciation   of Leasehold  
                                 Operating          and         Interests   
                               Income (Loss)   Amortization      in Land    
                               -------------  -------------- -------------- 
Macao:                                                                      
  The Venetian Macao           $     947,998  $      140,218 $        6,609 
  Sands Cotai Central                 10,291         108,878          6,458 
  Four Seasons Hotel Macao and                                              
   Plaza Casino                      232,130          48,737          2,821 
  Sands Macao                        317,319          30,385          1,414 
                               -------------  -------------- -------------- 
Macao Property Operations          1,507,738         328,218         17,302 
Marina Bay Sands                     977,572         268,929         18,229 
United States:                                                              
  Las Vegas Operating                                                       
   Properties                        222,167         225,562              - 
  Sands Bethlehem                     78,554          33,910              - 
                               -------------  -------------- -------------- 
United States Property                                                      
 Operations                          300,721         259,472              - 
Other Asia (2)                       (71,590)         14,777              - 
Other Development                   (177,026)            729          4,634 
Corporate                           (226,033)         19,921              - 
                               -------------  -------------- -------------- 
                               $   2,311,382  $      892,046 $       40,165 
                               =============  ============== ============== 
                                                                            
                                                                            
 
                                                                          
                       Year Ended December 31, 2012                       
                                                                          
                                Impairment     Pre-Opening                
                                and (Gain)                                
                                   Loss            and                    
                               on Disposal     Development     Royalty    
                                of Assets        Expense         Fees     
                              -------------  -------------- ------------- 
Macao:                                                                    
  The Venetian Macao          $      42,236  $          135 $           - 
  Sands Cotai Central                   239          86,463             - 
  Four Seasons Hotel Macao and                                            
   Plaza Casino                         215           4,072             - 
  Sands Macao                            14               -             - 
                              -------------  -------------- ------------- 
Macao Property Operations            42,704          90,670             - 
Marina Bay Sands                      1,340               -        91,681 
United States:                                                            
  Las Vegas Operating                                                     
   Properties                           388           1,909      (130,764)
  Sands Bethlehem                       414             345             - 
                              -------------  -------------- ------------- 
United States Property                                                    
 Operations                             802           2,254      (130,764)
Other Asia (2)                           35             200        40,000 
Other Development                   101,034          70,629             - 
Corporate                                (1)              -          (917)
                              -------------  -------------- ------------- 
                              $     145,914  $      163,753 $           - 
                              =============  ============== ============= 
                                                                          
                                                                          
 
                                                                          
                       Year Ended December 31, 2012                       
                                                                          
                                                                          
                                    (1)                        Adjusted   
                                Stock-Based     Corporate      Property   
                               Compensation      Expense        EBITDA    
                              -------------- -------------- ------------- 
Macao:                                                                    
  The Venetian Macao          $        6,049 $            - $   1,143,245 
  Sands Cotai Central                  1,147              -       213,476 
  Four Seasons Hotel Macao and                                            
   Plaza Casino                          195              -       288,170 
  Sands Macao                          1,507              -       350,639 
                              -------------- -------------- ------------- 
Macao Property Operations              8,898              -     1,995,530 
Marina Bay Sands                       8,494              -     1,366,245 
United States:                                                            
  Las Vegas Operating                                                     
   Properties                         11,920              -       331,182 
  Sands Bethlehem                        832              -       114,055 
                              -------------- -------------- ------------- 
United States Property                                                    
 Operations                           12,752              -       445,237 
Other Asia (2)                           628              -       (15,950)
Other Development                          -              -             - 
Corporate                                  -        207,030             - 
                              -------------- -------------- ------------- 
                              $       30,772 $      207,030 $   3,791,062 
                              ============== ============== ============= 
                                                                          
                                                                          
(1)  During the three months ended December 31, 2013 and 2012, the Company  
recorded stock-based compensation expense of $13.6 million and $15.1        
million, respectively, of which $5.4 million and $7.2 million, respectively,
is included in corporate expense on the Company's condensed consolidated    
statements of operations. During the year ended December 31, 2013 and 2012, 
the Company recorded stock-based compensation expense of $53.4 million and  
$65.4 million, respectively, of which $23.3 million and $33.9 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 December 31, 2013                    
                                                                            
                                                                   Hold-    
                                        (1)           (2)        Normalized 
                                       Hold-         Hold-                  
                        Adjusted    Normalized    Normalized      Adjusted  
                        Property      Casino        Casino        Property  
                         EBITDA       Revenue       Expense        EBITDA   
                     ------------- ------------  ------------  -------------
                                                                            
Macao Property                                                              
 Operations          $     835,905 $     84,727  $    (33,043) $     887,589
Marina Bay Sands           258,834      127,610       (14,305)       372,139
United States:                                                              
  Las Vegas                                                                 
   Operating                                                                
   Properties               88,207       (5,257)          394         83,344
  Sands Bethlehem           30,349       (6,968)        1,080         24,461
                     ------------- ------------  ------------  -------------
United States                                                               
 Property Operations       118,556      (12,225)        1,474        107,805
Other Asia                     692            -             -            692
Other Development                -            -             -              -
Corporate                        -            -             -              -
                     ------------- ------------  ------------  -------------
                     $   1,213,987 $    200,112  $    (45,874) $   1,368,225
                     ============= ============  ============  =============
                                                                            
                                                                            
                    Three Months Ended December 31, 2012                    
                                                                            
                                                                   Hold-    
                                        (1)           (2)       Normalized  
                                       Hold-         Hold-                  
                       Adjusted     Normalized    Normalized     Adjusted   
                       Property       Casino        Casino       Property   
                        EBITDA        Revenue       Expense       EBITDA    
                     ------------  ------------  ------------  ------------ 
                                                                            
Macao Property                                                              
 Operations          $    622,242  $    (85,911) $     33,505  $    569,836 
Marina Bay Sands          302,533       117,003       (13,116)      406,420 
United States:                                                              
  Las Vegas                                                                 
   Operating                                                                
   Properties              52,820        37,976        (2,848)       87,948 
  Sands Bethlehem          27,518        (2,292)          355        25,581 
                     ------------  ------------  ------------  ------------ 
United States                                                               
 Property Operations       80,338        35,684        (2,493)      113,529 
Other Asia                 (2,149)            -             -        (2,149)
Other Development               -             -             -             - 
Corporate        
               -             -             -             - 
                     ------------  ------------  ------------  ------------ 
                     $  1,002,964  $     66,776  $     17,896  $  1,087,636 
                     ============  ============  ============  ============ 
                                                                            
                                                                            
(1)  For Macao Property Operations and Marina Bay Sands, this represents the
estimated incremental casino revenue related to Rolling Chip 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          Year Ended       
                                  December 31,            December 31,      
                                2013        2012        2013        2012    
                            ----------- ----------- ----------- ----------- 
Net income attributable to                                                  
 Las Vegas Sands Corp.      $   577,539 $   434,782 $ 2,305,997 $ 1,524,093 
  Add (deduct):                                                             
   Net income attributable                                                  
    to noncontrolling                                                       
    interests                   192,192     136,561     648,679     357,720 
   Income tax expense            39,896      45,156     188,836     180,763 
   Loss on modification or                                                  
    early retirement of debt     14,178           -      14,178      19,234 
   Other (income) expense           671      (5,025)     (4,321)     (5,740)
   Interest expense, net of                                                 
    amounts capitalized          67,086      67,067     271,211     258,564 
   Interest income               (5,489)     (6,536)    (16,337)    (23,252)
   Loss on disposal of                                                      
    assets                        1,723       1,011      11,156       2,240 
   Impairment loss                    -           -           -     143,674 
   Amortization of leasehold                                                
    interests in land            10,055      10,149      40,352      40,165 
   Depreciation and                                                         
    amortization                254,938     250,321   1,007,468     892,046 
   Development expense              969       7,762      15,809      19,958 
   Pre-opening expense            3,693       8,992      13,339     143,795 
   Stock-based compensation                                                 
    (1)                           8,222       7,858      30,053      30,772 
   Legal settlement expense                                                 
    (1)                               -           -      47,400           - 
   Corporate expense             48,314      44,866     189,535     207,030 
                            ----------- ----------- ----------- ----------- 
Adjusted Property EBITDA    $ 1,213,987 $ 1,002,964 $ 4,763,355 $ 3,791,062 
                            =========== =========== =========== =========== 
                                                                            
   Hold-normalized casino                                                   
    revenue (2)                 200,112      66,776                         
   Hold-normalized casino                                                   
    expense (2)                 (45,874)     17,896                         
                            ----------- -----------                         
Hold-Normalized Adjusted                                                    
 Property EBITDA            $ 1,368,225 $ 1,087,636                         
                            =========== ===========                         
                                                                            
(1) See Exhibit 2                                                           
(2) See Exhibit 3                                                           
_______________________                                                     
                                                                            
Las Vegas Sands Corp. and                                                   
 Subsidiaries                                                               
Supplemental Data - Net                                                     
 Revenues                                                                   
(In thousands)                                                              
(Unaudited)                                                                 
                                                                            
                               Three Months Ended          Year Ended       
                                  December 31,            December 31,      
                                2013        2012        2013        2012    
                            ----------- ----------- ----------- ----------- 
The Venetian Macao          $ 1,149,079 $   843,000 $ 3,851,230 $ 3,037,975 
Sands Cotai Central             790,650     490,668   2,698,430   1,052,124 
Four Seasons Hotel Macao and                                                
 Plaza Casino                   238,069     296,237   1,065,405   1,086,456 
Sands Macao                     326,747     314,586   1,237,016   1,250,552 
Marina Bay Sands                659,813     717,160   2,968,366   2,886,139 
Las Vegas Operating                                                         
 Properties                     385,712     308,287   1,518,024   1,384,629 
Sands Bethlehem                 124,141     117,834     496,738     470,458 
Other Asia                       33,906      37,538     139,572     148,330 
Intersegment Eliminations       (52,432)    (48,308)   (204,896)   (185,531)
                            ----------- ----------- ----------- ----------- 
                            $ 3,655,685 $ 3,077,002 $13,769,885 $11,131,132 
                            =========== =========== =========== =========== 
                                                                            
_______________________                                                     
                                                                            
Las Vegas Sands Corp. and                                                   
 Subsidiaries                                                               
Supplemental Data - Adjusted Property                                       
 EBITDA as a Percentage of Net Revenues                                     
(Unaudited)                                                                 
                                                                            
                               Three Months Ended          Year Ended       
                             
     December 31,            December 31,      
                                2013        2012        2013        2012    
                            ----------- ----------- ----------- ----------- 
The Venetian Macao                 37.7%       39.5%       38.9%       37.6%
Sands Cotai Central                30.1%       22.0%       27.4%       20.3%
Four Seasons Hotel Macao and                                                
 Plaza Casino                      32.2%       30.3%       28.6%       26.5%
Sands Macao                        26.9%       29.1%       29.3%       28.0%
Marina Bay Sands                   39.2%       42.2%       46.6%       47.3%
Las Vegas Operating                                                         
 Properties                        22.9%       17.1%       23.2%       23.9%
Sands Bethlehem                    24.4%       23.4%       24.8%       24.2%
Other Asia                          2.0%       -5.7%       -2.8%      -10.8%
                                                                            
Total                              33.2%       32.6%       34.6%       34.1%
                                                                            
                                                                            
                                                                            
                                                                            
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            Year Ended       
                                December 31,              December 31,      
                             2013         2012         2013         2012    
                         ------------ ------------ ------------ ------------
Net income attributable                                                     
 to Las Vegas Sands                                                         
 Corp.                   $    577,539 $    434,782 $  2,305,997 $  1,524,093
                                                                            
Pre-opening expense, net        2,791        6,908        9,818      101,775
Development expense, net          969        7,762       15,809       19,958
Impairment loss, net                -            -            -      101,009
Loss on disposal of                                                         
 assets, net                   (2,571)       1,021        5,498        2,211
Loss on modification or                                                     
 early retirement of                                                        
 debt, net                     14,178            -       14,178       18,714
Legal settlement expense            -            -       47,400            -
                         ------------ ------------ ------------ ------------
Adjusted net income      $    592,906 $    450,473 $  2,398,700 $  1,767,760
                         ============ ============ ============ ============
                                                                            
Hold-normalized casino                                                      
 revenue (1)                  200,112       66,776                          
Hold-normalized casino                                                      
 expense (1)                  (45,874)      17,896                          
Income tax impact on                                                        
 hold adjustments             (19,262)     (17,661)                         
Noncontrolling interest                                                     
 impact on hold                                                             
 adjustments                  (15,418)      15,598                          
                         ------------ ------------                          
Hold-normalized adjusted                                                    
 net income              $    712,464 $    533,082                          
                         ============ ============                          
                                                                            
(1) See Exhibit 3                                                           
                                                                            
Per diluted share of                                                        
 common stock:                                                              
Net income attributable                                                     
 to Las Vegas Sands                                                         
 Corp.                   $       0.70 $       0.53 $       2.79 $       1.85
                                                                            
Pre-opening expense, net            -            -            -         0.12
Development expense, net            -         0.01         0.02         0.03
Impairment loss, net                -            -            -         0.12
Loss on disposal of                                                         
 assets, net                        -            -         0.01            -
Loss on modification or                                                     
 early retirement of                                                        
 debt, net                       0.02            -         0.02         0.02
Legal settlement expense            -            -         0.06            -
                         ------------ ------------ ------------ ------------
Adjusted earnings per                                                       
 diluted share           $       0.72 $       0.54 $       2.90 $       2.14
                         ============ ============ ============ ============
                                                                            
Hold-normalized casino                                                      
 revenue                         0.24         0.08                          
Hold-normalized casino                                                      
 expense                        (0.05)        0.02                          
Income tax impact on                                                        
 hold adjustments               (0.02)       (0.02)                         
Noncontrolling interest                                                     
 impact on hold                                                             
 adjustments                    (0.02)        0.02                          
                         ------------ ------------                          
Hold-normalized adjusted                                                    
 earnings per diluted                                                       
 share                   $       0.87 $       0.64                          
                         ============ ============                          
                                                                            
Weighted average diluted                                                    
 shares outstanding       822,314,351  826,662,036  826,316,108  824,556,036
                         ============ ============ ============ ============
                               
                                             
                                                                            
                                                                            
                                                                            
Las Vegas Sands Corp. and                                                   
 Subsidiaries                                                               
Supplemental Data Schedule                                                  
(Unaudited)                                                                 
                                                                            
                                     Three Months Ended      Year Ended     
                                        December 31,        December 31,    
                                       2013      2012      2013      2012   
                                     --------  --------  --------  -------- 
                                                                            
Room Statistics:                                                            
    The Venetian Macao:                                                     
      Occupancy %                        94.4%     93.4%     91.3%     91.9%
      Average daily room rate (ADR)                                         
       (1)                           $    269  $    248  $    243  $    237 
      Revenue per available room                                            
       (RevPAR) (2)                  $    254  $    231  $    222  $    218 
                                                                            
    Sands Cotai Central:                                                    
      Occupancy %                        89.1%     84.0%     78.5%     83.4%
      Average daily room rate (ADR)                                         
       (1)                           $    167  $    164  $    155  $    155 
      Revenue per available room                                            
       (RevPAR) (2)                  $    149  $    138  $    121  $    129 
                                                                            
  Four Seasons Hotel Macao and                                              
   Plaza Casino:                                                            
    Occupancy %                          90.8%     81.8%     85.3%     80.1%
    Average daily room rate (ADR)                                           
     (1)                             $    403  $    382  $    373  $    362 
    Revenue per available room                                              
     (RevPAR) (2)                    $    366  $    313  $    318  $    290 
                                                                            
  Sands Macao:                                                              
    Occupancy %                          97.4%     96.9%     96.1%     95.3%
    Average daily room rate (ADR)                                           
     (1)                             $    276  $    250  $    252  $    245 
    Revenue per available room                                              
     (RevPAR) (2)                    $    269  $    243  $    242  $    234 
                                                                            
  Marina Bay Sands:                                                         
    Occupancy %                          96.9%     98.4%     98.6%     98.9%
    Average daily room rate (ADR)                                           
     (1)                             $    425  $    368  $    396  $    355 
    Revenue per available room                                              
     (RevPAR) (2)                    $    411  $    362  $    390  $    351 
                                                                            
  Las Vegas Operating Properties:                                           
    Occupancy %                          88.8%     87.6%     89.6%     86.1%
    Average daily room rate (ADR)                                           
     (1)                             $    208  $    203  $    205  $    203 
    Revenue per available room                                              
     (RevPAR) (2)                    $    185  $    177  $    184  $    175 
                                                                            
  Sands Bethlehem:                                                          
    Occupancy %                          74.4%     78.2%     73.6%     65.1%
    Average daily room rate (ADR)                                           
     (1)                             $    145  $    136  $    142  $    140 
    Revenue per available room                                              
     (RevPAR) (2)                    $    108  $    107  $    104  $     91 
                                                                            
Casino Statistics:                                                          
  The Venetian Macao:                                                       
    Table games win per unit per                                            
     day (3)                         $ 19,200  $ 18,424  $ 17,518  $ 15,496 
    Slot machine win per unit per                                           
     day (4)                         $    344  $    357  $    327  $    325 
    Average number of table games         639       457       584       504 
    Average number of slot machines     2,119     2,183     2,193     2,210 
                                                                            
  Sands Cotai Central:                                                      
    Table games win per unit per                                            
     day (3)                         $ 19,621  $ 11,995  $ 16,166  $ 10,758 
    Slot machine win per unit per                                           
     day (4)                         $    367  $    214  $    292  $    273 
    Average number of table games         457       462       480       395 
    Average number of slot machines     1,957     2,310     2,077     1,429 
                                                                            
  Four Seasons Hotel Macao and                                              
   Plaza Casino:                                                            
    Table games win per unit per                                            
     day (3)                         $ 17,655  $ 25,986  $ 22,049  $ 23,693 
    Slot machine win per unit per                                           
     day (4)                         $    887  $  1,052  $    759  $    749 
    Average number of table games         148       144       151       154 
    Average number of slot machines       178       192       180       185 
                                                                            
  Sands Macao:                                                              
    Table games win per unit per                                            
     day (3)                         $ 13,356  $ 14,362  $ 12,383  $ 11,518 
    Slot machine win per unit per                                           
     day (4)                         $    260  $    235  $    247  $    247 
    Average number of table games         286       263       295       330 
    Average number of slot machines     1,094     1,216     1,162     1,168 
                                                                            
  Marina Bay Sands:                                                         
    Table games win per unit per                                            
     day (3)                         $  9,098  $ 10,950  $ 11,289  $ 10,543 
    Slot machine win per unit per                                           
     day (4)                         $    679  $    682  $    688  $    644 
    Average number of table games         648       616       626       613 
    Average number of slot machines     2,365     2,299     2,266     2,426 
                                                                            
  Las Vegas Operating Properties:                                           
    Table games win per unit per                                            
     day (3)                         $  6,081  $  2,660  $  5,896  $  5,171 
    Slot machine win per unit per                                           
     day (4)                         $    217  $    215  $    206  $    209 
    Average number of table games         253       239       244       232 
    Average number of slot machines     2,317     2,329     2,343     2,222 
                                                                            
  Sands Bethlehem:                                                          
    Table games win per unit per                                            
     day (3)                         $  3,344  $  3,244  $  3,104  $  3,049 
    Slot machine win per unit per                                           
     day (4)                         $    246  $    251  $    262  $    264 
    Average number of table games         147       122       145       121 
    Average number of slot machines     3,008     3,018     3,013     3,015 
                                                                            
                                                                            
(1) ADR is calculated by dividing total room revenue by total rooms         
occupied.                                                                   
                                                                            
(2) RevPAR is calculated by dividing total room revenue by total rooms      
available.                                                                  
                                                                            
(3) Table games win per unit per day is shown before discounts and          
commissions.                                                                
                                                                            
(4) Slot machine win per unit per day is shown before deducting cost for    
slot points.                                                                

  
Contacts: 
Investment Community: 
Daniel Briggs 
(702) 414-1221 
Media: 
Ron Reese 
(702) 414-3607 
 
 
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