July 26, 2011

Las Vegas Sands Corp. Reports Second Quarter 2011 Results

LAS VEGAS, NV -- (MARKET WIRE) -- 07/26/11 -- Las Vegas Sands Corp. (NYSE: LVS)

  • Consolidated Adjusted Property EBITDA Increases 90.4% to Record $901.6 Million on Record Net Revenue of $2.35 Billion
  • Consolidated Adjusted Property EBITDA Margin Increases 870 Basis Points to 38.4%
  • Marina Bay Sands Generates Adjusted Property EBITDA of $405.4 Million and EBITDA Margin of 55.0%
  • Macau Property Operations Adjusted Property EBITDA Increases 27.5% to Record $391.6 Million with EBITDA Margin of 33.0%
  • Consolidated Adjusted Earnings Per Diluted Share Reaches $0.54 Compared to $0.17 in the Second Quarter of 2010

Las Vegas Sands Corp. (NYSE: LVS) today reported record financial results for the quarter ended June 30, 2011.

Company-Wide Operating Results

Net revenue for the second quarter of 2011 was a record $2.35 billion, an increase of 47.1% compared to $1.59 billion in the second quarter of 2010. Consolidated adjusted property EBITDA in the second quarter of 2011 increased 90.4% to $901.6 million, compared to $473.5 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 870 basis points to 38.4% in the second quarter of 2011, compared to 29.7% in the second quarter of 2010.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2011 increased 264.6% to reach $608.1 million, compared to $166.8 million in the second quarter of 2010. The increase in operating income was principally due to stronger results across our portfolio of properties in Macau and at Marina Bay Sands in Singapore.

Adjusted net income (see Note 1) increased to $438.6 million, or $0.54 per diluted share, compared to $129.3 million, or $0.17 per diluted share, in the second quarter of 2010.

On a GAAP basis, net income attributable to common stockholders in the second quarter of 2011 increased to $367.6 million, compared to a net loss of $4.7 million in the second quarter of 2010. Diluted earnings per share in the second quarter of 2011 was $0.45, compared to a diluted loss per share of $0.01 in the prior year quarter. The improvement in our net income attributable to common stockholders of $368.8 million reflects the increase in operating income, partially offset by increases in net income attributable to noncontrolling interests (primarily Sands China Ltd.) and income tax expense.

Second Quarter Overview

We are pleased to report record financial results for the second quarter of 2011. We set quarterly records for both net revenue and adjusted property EBITDA during the quarter. Strong revenue growth and margin expansion in Macau, together with the continuing ramp of growth in all areas at Marina Bay Sands in Singapore contributed to excellent financial performance overall.

In Macau, we experienced increased gaming volumes in our Sands China property portfolio, while adjusted property EBITDA margin expanded to reach a market-leading 33.0%. The growth of our higher margin mass table and slot businesses, together with the contribution from the important non-gaming (hotel, retail and convention) components of our integrated resort business model, continue to drive significant margin improvement at Sands China. We look forward to building on our strong business momentum when we introduce in early 2012 our next integrated resort destination, the 13.7 million square foot development on parcels 5 and 6 on the COTAI Strip.

In Singapore, Marina Bay Sands produced a record $405.4 million of adjusted property EBITDA during the quarter and an EBITDA margin of 55.0%. Record VIP, mass gaming and slot volumes coupled with steady growth in non-gaming revenue streams including hotel, food and beverage, retail and entertainment reflect the broad appeal of the property to Singapore's visitors from across the Asian region. Looking ahead, as the property continues to mature, we are confident that Marina Bay Sands will generate significant increases in business and leisure visitation to Singapore, provide an ideal platform for strong growth in gaming and non-gaming segments, and generate outstanding returns for our company.

In Las Vegas, The Venetian and Palazzo generated $92.9 million in adjusted property EBITDA during the quarter. Our quarterly results clearly reflect the implementation of our strategy to focus on cash-paying corporate group, convention and FIT customers, and to optimize our promotional activity for gaming customers as the Las Vegas market continues to recover. Table games drop was up modestly during the quarter, while slot handle naturally reflected the contraction expected with the decreased promotional activity. Cash revenues from occupied rooms increased by more than 18% compared to the same quarter last year. In addition, 97% of our occupied rooms during the quarter were sold to cash paying customers, compared to just 70% in the second quarter of 2010. Our average daily rate also increased 4.2% as our FIT, group meeting and convention businesses expanded. In Bethlehem, Sands Bethlehem produced another solid quarter reflecting healthy slot handle and growth from the introduction of table games play last year.

The financial benefits of our integrated resort business model, the successful execution of our deleveraging strategy, and the improving margin profile of our property portfolio in Asia are evident in our financial results. While we achieved quarterly records for net revenue and adjusted property EBITDA, we are particularly gratified to report that the flow through to earnings was again outstanding, with adjusted earnings per diluted share increasing over 217% to reach $0.54 in the quarter, compared to just $0.17 in the quarter one year ago.

Sands China Ltd. Consolidated Financial Results

Sands China Ltd. is a majority-owned subsidiary of the company, which owns and operates the company's integrated resort properties and other assets in Macau. On a GAAP basis, total net revenues for Sands China Ltd. increased 16.3% to $1.21 billion in the second quarter of 2011, compared to $1.04 billion in the second quarter of 2010. Adjusted property EBITDA for Sands China Ltd. increased 27.1% to $382.1 million in the second quarter of 2011, compared to $300.7 million in the second quarter of 2010. Net income for Sands China Ltd. increased 100.1% to $267.4 million in the second quarter of 2011, compared to $133.6 million in the second quarter of 2010.

The Venetian Macao Second Quarter Operating Results

The Venetian Macao continues to enjoy strong visitation and financial performance. The property delivered record adjusted property EBITDA of $258.4 million for the second quarter of 2011, an increase of 34% compared to the second quarter of 2010. Adjusted property EBITDA margin was 35.1%, an increase of 190 basis points over the second quarter of 2010. Gaming volumes grew in each segment of the business. Non-Rolling Chip drop was a record $1.02 billion for the quarter, an increase of 14.1% compared to the same quarter last year, while Non-Rolling Chip win percentage was 25.6%. Rolling Chip volume during the quarter increased 36.9% to $13.37 billion, while hold for the Rolling Chip segment was 3.46%. Slot handle was $858.2 million, an increase of 22.3% compared to the quarter one year ago. RevPAR increased 7.0% to $200, due to higher ADR, although occupancy was down as expected due to the implementation of a more targeted promotional policy for hotel rooms.

The following table summarizes our key operating results for The Venetian Macao for the second quarter of 2011 compared to the second quarter of 2010:




The Venetian Macao            Three Months Ended

 Operations                        June 30,

                           ------------------------

(Dollars in millions)          2011         2010       $ Change    Change

                           -----------  -----------  ----------- ----------

Revenues:

  Casino                   $     648.5  $     506.1  $     142.4       28.1%

  Rooms                           51.4         47.8          3.6        7.5%

  Food and Beverage               16.3         15.5          0.8        5.2%

  Retail and Other                43.7         37.9          5.8       15.3%

  Less - Promotional

   Allowances                    (24.5)       (26.3)         1.8        6.8%

                           -----------  -----------  -----------

Net Revenues               $     735.4  $     581.0  $     154.4       26.6%



Adjusted Property EBITDA   $     258.4  $     192.8  $      65.6       34.0%

  EBITDA Margin %                 35.1%        33.2%                1.9 pts



Operating Income           $     214.5  $     134.7  $      79.8       59.2%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume        $  13,369.9  $   9,765.6  $   3,604.3       36.9%

    Rolling Chip Win %(1)         3.46%        3.36%               0.10 pts



Non-Rolling Chip Drop      $   1,024.2  $     897.7  $     126.5       14.1%

  Non-Rolling Chip Win %(2)       25.6%        24.8%                0.8 pts



Slot Handle                $     858.2  $     701.6  $     156.6       22.3%

  Slot Hold %(3)                   6.7%         7.1%               -0.4 pts



Hotel Statistics



  Occupancy %                     89.7%        91.9%               -2.2 pts

  Average Daily Rate (ADR) $       223  $       203  $        20        9.9%

  Revenue per Available

   Room (RevPAR)           $       200  $       187  $        13        7.0%



(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip win percentage of 26.9% (calculated before discounts).
(3)This compares to The Venetian Macao's trailing 12 month slot hold percentage of 6.9% (calculated before slot club cash incentives).

Sands Macao Second Quarter Operating Results

Sands Macao's strong second quarter operating performance reflected the Sands' healthy competitive positioning on the Macau peninsula and the growth in the Macau market overall. Gaming volumes were stronger across the board, while margins significantly expanded. Adjusted property EBITDA was $95.6 million in the quarter, an increase of 17.7% compared to the second quarter of 2010. Adjusted property EBITDA margin was 28.9% for the quarter, compared to 26.9% for the year-ago quarter. Non-Rolling Chip drop increased 18.2% to $713.5 million, the strongest performance since the first quarter of 2008. Rolling Chip volume reached $7.75 billion for the quarter, an increase of 7.4% compared to the second quarter of 2010, reflecting increased play from both existing and new gaming promoters. Slot handle was another all-time property record of $462.6 million, reflecting strong high end slot play. Slot handle increased 13.8% compared to the quarter one year ago. RevPAR, ADR and occupancy were down compared to the same quarter last year as expected due to the implementation of a more targeted promotional policy for hotel rooms.

The following table summarizes our key operating results for the Sands Macao for the second quarter of 2011 compared to the second quarter of 2010:




                             Three Months Ended

Sands Macao Operations            June 30,

                          ------------------------

(Dollars in millions)         2011         2010       $ Change     Change

                          -----------  -----------  -----------  ----------



Revenues:

  Casino                  $     323.7  $     297.1  $      26.6         9.0%

  Rooms                           5.6          6.2         (0.6)       -9.7%

  Food and Beverage              10.0          9.9          0.1         1.0%

  Retail and Other                2.1          1.2          0.9        75.0%

  Less - Promotional

   Allowances                   (10.4)       (12.2)         1.8        14.8%

                          -----------  -----------  -----------

Net Revenues              $     331.0  $     302.2  $      28.8         9.5%



Adjusted Property EBITDA  $      95.6  $      81.2  $      14.4        17.7%

  EBITDA Margin %                28.9%        26.9%                 2.0 pts



Operating Income          $      87.0  $      70.0  $      17.0        24.3%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume       $   7,753.3  $   7,220.9  $     532.4         7.4%

  Rolling Chip Win %(1)          2.98%        3.05%               -0.07 pts



Non-Rolling Chip Drop     $     713.5  $     603.6  $     109.9        18.2%

  Non-Rolling Chip Win

   %(2)                          20.0%        20.7%                -0.7 pts



Slot Handle               $     462.6  $     406.6  $      56.0        13.8%

  Slot Hold %(3)                  5.8%         5.5%                 0.3 pts



Hotel Statistics



  Occupancy %                    88.0%        97.8%                -9.8 pts

  Average Daily Rate (ADR)$       242  $       245  $        (3)       -1.2%

  Revenue per Available

   Room (RevPAR)          $       213  $       239  $       (26)      -10.9%



(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to the Sands Macao's trailing 12 month Non-Rolling Chip win percentage of 20.3% (calculated before discounts).
(3)This compares to the Sands Macao's trailing 12 month slot hold percentage of 6.0% (calculated before slot club cash incentives).

Four Seasons Hotel Macao and Plaza Casino Second Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated $37.6 million of adjusted property EBITDA for the second quarter of 2011. The operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.25% for the quarter, which was down compared to last year and below our expected range of Rolling Chip win percentage. The non-gaming aspects of the property continue to demonstrate healthy growth, with increases in ADR and RevPAR, while retail and other revenue was $15.8 million, a 125.7% increase compared to last year's second quarter. Slot handle continued to expand, reaching $200.6 million, an increase of 86.4% compared to last year's second quarter. Non-Rolling Chip table games drop increased to $96.9 million. Non-rolling win was up 34.7% compared to the year ago quarter due to a higher table games hold rate this quarter compared to the same quarter last year. Hotel occupancy was 67.8% during the quarter, with ADR increasing 8.4% to $323, compared to $298 in the same quarter last year. RevPAR increased 6.3% to $219, due to higher ADR. Occupancy was down as expected due to the implementation of a more targeted promotional policy for hotel rooms.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the second quarter of 2011 compared to the second quarter of 2010:




Four Seasons Hotel Macao

 and Plaza Casino            Three Months Ended

 Operations                       June 30,

                          ------------------------

(Dollars in millions)         2011         2010       $ Change     Change

                          -----------  -----------  -----------  ----------



Revenues:

  Casino                  $      98.3  $     132.5  $     (34.2)      -25.8%

  Rooms                           7.6          6.9          0.7        10.1%

  Food and Beverage               5.4          5.4            -         0.0%

  Retail and Other               15.8          7.0          8.8       125.7%

  Less - Promotional

   Allowances                    (6.3)        (7.7)         1.4        18.2%

                          -----------  -----------  -----------

Net Revenues              $     120.8  $     144.1  $     (23.3)      -16.2%



Adjusted Property EBITDA  $      37.6  $      33.0  $       4.6        13.9%

  EBITDA Margin %                31.2%        22.9%                 8.3 pts



Operating Income          $      22.6  $      20.6  $       2.0         9.7%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume       $   3,355.7  $   4,845.0  $  (1,489.3)      -30.7%

  Rolling Chip Win %(1)          2.25%        3.07%               -0.82 pts



Non-Rolling Chip Drop     $      96.9  $      95.6  $       1.3         1.4%

  Non-Rolling Chip Win

   %(2)                          37.6%        28.4%                 9.2 pts



Slot Handle               $     200.6  $     107.6  $      93.0        86.4%

  Slot Hold %(3)                  5.4%         5.6%                -0.2 pts



Hotel Statistics



  Occupancy %                    67.8%        69.1%                -1.3 pts

  Average Daily Rate (ADR)$       323  $       298  $        25         8.4%

  Revenue per Available

   Room (RevPAR)          $       219  $       206  $        13         6.3%



(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
(2)This compares to the Plaza Casino's trailing 12 month Non-Rolling Chip win percentage of 32.5% (calculated before discounts).
(3)This compares to the Plaza Casino's trailing 12 month slot hold percentage of 6.2% (calculated before slot club cash incentives).

Marina Bay Sands Second Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $405.4 million and adjusted property EBITDA margin of 55.0%. Net revenue in the quarter was $737.6 million. The property continued to build momentum during the quarter as additional dining, entertainment, group meeting, convention and exhibition, and retail offerings came online throughout the quarter.

Gaming volumes reflected strong growth in each segment of the business. Rolling Chip volume was a record $12.23 billion for the quarter. Non-Rolling Chip drop reached $1.11 billion with Non-Rolling Chip win percentage of 22.5%. Slot handle, which includes play from electronic table games, reached $2.38 billion for the quarter with slot hold percentage of 5.4%.

The Room, Food and Beverage, and Retail segments of the property all reflected growth as the property's offerings and amenities continued to mature. Occupancy, Average Daily Rate and RevPAR all expanded during the quarter.

The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2011:




                                                               Three Months

                                                                  Ended

Marina Bay Sands Operations                                      June 30,

(Dollars in millions)                                              2011

                                                              -------------



Revenues:

  Casino                                                      $       594.6

  Rooms                                                                61.6

  Food and Beverage                                                    45.4

  Retail and Other                                                     73.3

  Less - Promotional Allowances                                       (37.3)

                                                              -------------

Net Revenues                                                  $       737.6



Adjusted Property EBITDA                                      $       405.4

  EBITDA Margin %                                                      55.0%



Operating Income                                              $       315.3



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume                                           $    12,228.8

  Rolling Chip Win %(1)                                                2.99%



Non-Rolling Chip Drop                                         $     1,114.5

  Non-Rolling Chip Win %                                               22.5%



Slot Handle                                                   $     2,380.7

  Slot Hold %                                                           5.4%



Hotel Statistics



  Occupancy %                                                          90.8%

  Average Daily Rate (ADR)                                    $         295

  Revenue per Available Room (RevPAR)                         $         268



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

Las Vegas Second Quarter Operating Results

The Venetian and The Palazzo delivered $92.9 million of adjusted property EBITDA for the second quarter of 2011, an increase of 40.8% compared to the second quarter of 2010, and adjusted property EBITDA margin of 27.9%. Strong group meeting and convention business during the quarter drove an 18% increase in cash revenues from the sale of hotel rooms and a 12.4% increase in food and beverage revenues. 97% of occupied rooms during the quarter were sold to cash-paying customers, compared to just 70% in the second quarter of 2010. Promotional allowances were also significantly reduced. ADR increased 4.2% to $200, compared to $192 in the same quarter last year.

The following table summarizes our key operating results for our Las Vegas operations for the second quarter of 2011 compared to the second quarter of 2010:




                             Three Months Ended

Las Vegas Operations              June 30,

                          ------------------------

(Dollars in millions)         2011       2010(1)      $ Change     Change

                          -----------  -----------  -----------  ----------



Revenues:

  Casino                  $     105.1  $     102.9  $       2.2         2.1%

  Rooms                         112.9        120.2         (7.3)       -6.1%

  Food and Beverage              63.4         56.4          7.0        12.4%

  Retail, Royalty Fee and

   Other                         68.0         43.6         24.4        56.0%

  Less - Promotional

   Allowances                   (16.9)       (41.9)        25.0        59.7%

                          -----------  -----------  -----------

  Net Revenues            $     332.5  $     281.2  $      51.3        18.2%



Adjusted Property EBITDA  $      92.9  $      66.0  $      26.9        40.8%

EBITDA Margin %                  27.9%        23.5%                 4.4 pts



Operating Income          $      53.8  $       2.9  $      50.9     1,755.2%



Gaming Statistics

(Dollars in millions)



Table Games Drop          $     422.2  $     417.1  $       5.1         1.2%

Table Games Win %(2)             20.0%        13.8%                 6.2 pts



Slot Handle               $     411.5  $     670.8  $    (259.3)      -38.7%

Slot Hold %(3)                    8.8%         7.8%                 1.0 pts



Hotel Statistics



  Occupancy %                    88.8%        97.8%                -9.0 pts

  Average Daily Rate (ADR)$       200  $       192  $         8         4.2%

  Revenue per Available

   Room (RevPAR)          $       177  $       187  $       (10)       -5.3%



(1) Revenue amounts and hotel statistics have been reclassified to conform to the current presentation.
(2) This compares to our Las Vegas Operation's trailing 12 month table games win percentage of 16.0% (calculated before discounts).
(3) This compares to our Las Vegas Operation's trailing 12 month slot hold percentage of 8.0% (calculated before slot club cash incentives).

Sands Bethlehem Second Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $97.1 million and adjusted property EBITDA reached $21.0 million for the second quarter of 2011, an increase of 73.6% compared to the second quarter of 2010, with an adjusted EBITDA margin of 21.7%, up 400 basis points compared to the second quarter of 2010. The introduction of 89 table games in July 2010 expanded the property's offerings and produced $151.5 million of table games drop during the quarter. Table games win percentage was 14.0%. Slot handle was $947.9 million for the quarter with slot hold percentage of 7.2%. The property's 300-room hotel tower opened during the quarter on May 27, 2011, and contributed $0.7 million of room revenue. The hotel, together with the addition of an events center later this year and the retail mall in early 2012, should contribute to future growth of both gaming and non-gaming revenues at the property in the future.

The following table summarizes our key operating results for Sands Bethlehem for the second quarter of 2011 compared to the second quarter of 2010:




                             Three Months Ended

Sands Bethlehem Operations        June 30,

                          ------------------------

(Dollars in millions)         2011       2010(1)      $ Change     Change

                          -----------  -----------  -----------  ----------



Revenues:

  Casino                  $      92.0  $      65.0  $      27.0        41.5%

  Rooms                           0.7          0.0          0.7         N/A

  Food and Beverage               5.5          4.4          1.1        25.0%

  Retail and Other                3.6          1.9          1.7        89.5%

  Less - Promotional

   Allowances                    (4.7)        (2.7)        (2.0)      -74.1%

                          -----------  -----------  -----------

  Net Revenues            $      97.1  $      68.6  $      28.5        41.5%



Adjusted Property EBITDA  $      21.0  $      12.1  $       8.9        73.6%

EBITDA Margin %                  21.7%        17.7%                 4.0 pts



Operating Income          $      12.5  $       3.7  $       8.8       237.8%



Gaming Statistics

(Dollars in millions)



Table Games Drop          $     151.5  $       N/A  $       N/A         N/A

Table Games Win %                14.0%         N/A          N/A         N/A



Slot Handle               $     947.9  $     947.4  $       0.5         0.1%

Slot Hold %(2)                    7.2%         6.9%                 0.3 pts



Hotel Statistics



  Occupancy %                    49.1%         N/A          N/A         N/A

  Average Daily Rate (ADR)$       168  $       N/A  $       N/A         N/A

  Revenue per Available

   Room (RevPAR)          $        83  $       N/A  $       N/A         N/A



(1) Table games were introduced at the property on July 18, 2010 and the hotel tower opened on May 27, 2011.
(2) This compares to Sands Bethlehem's trailing 12 month slot hold percentage of 7.2% (calculated before slot club cash incentives).

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of losses from our CotaiJet ferry operation, was negative $9.2 million in the quarter.

Pre-opening expenses, related principally to Marina Bay Sands in Singapore and the Sheraton and St. Regis development on parcels 5 and 6 of the COTAI Strip in Macau, decreased to $18.2 million in the second quarter of 2011, compared to $50.1 million in the second quarter of 2010.

Depreciation and amortization expense was $206.2 million in the second quarter of 2011, compared to $170.7 million in the second quarter of 2010. The increase was principally driven by the opening of Marina Bay Sands in April 2010.

Interest expense, net of amounts capitalized, was $70.6 million for the second quarter of 2011, compared to $77.0 million during the second quarter of 2010. The decrease was principally the result of lowered debt balances outstanding in the quarter compared to the second quarter of 2010, as well as increased capitalized interest during the quarter related to the development of Parcels 5 and 6 in Macau. Our weighted average borrowing cost in the second quarter of 2011 was 4.03%. The closing of our previously announced financing in Macau is expected to meaningfully reduce our weighted average borrowing costs and to generate interest savings of approximately $97 million on an annualized basis. Capitalized interest was $31.8 million during the second quarter of 2011, compared to $22.7 million during the second quarter of 2010.

Corporate expense was $42.4 million in the second quarter of 2011, compared to $26.0 million in the second quarter of 2010. The increase was primarily driven by higher incentive compensation expenses attributable to the company's improved financial and operating performance, as well as increased legal fees.

Other income, which was principally composed of foreign currency gains, was $1.9 million in the second quarter of 2011, compared to other expense of $6.2 million in the second quarter of 2010.

The company's effective tax rate for the second quarter of 2011 was 10.0%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the second quarter of $78.5 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of June 30, 2011, were $3.48 billion, while restricted cash balances were $443.8 million. Of the restricted cash balances, $431.4 million pertains to construction for the Sheraton and St. Regis development on parcels 5 and 6 in Macau.

As of June 30, 2011, total debt outstanding, including the current portion, was $10.06 billion. Scheduled principal payments required for the remainder of 2011 total $543 million. The closing of our previously announced financing in Macau is expected to reduce the principal payments required for the remainder of 2011 by approximately $300 million, and to decrease principal payments in the years 2012 and 2013 by more than $1 billion in each year, such that total principal payments in 2012 and 2013 are expected to be approximately $470 million and $545 million, respectively.

Capital Expenditures

Capital expenditures during the second quarter totaled $388.2 million, including construction and development activities of $146.3 million at Marina Bay Sands, $211.4 million in Macau, $17.9 million at Sands Bethlehem, and $12.6 million in Las Vegas.

Conference Call Information

The company will host a conference call to discuss the company's results on Tuesday, July 26, 2011 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, certificates and subconcession, infrastructure in Macau 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, loss on disposal of assets, gain on early retirement of debt, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder's family, and preferred stock inducement and repurchase premiums.

About Las Vegas Sands Corp.

Las Vegas Sands Corp. (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (integrated resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.

THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, and Sands Bethlehem in Eastern Pennsylvania are the company's properties in the United States. In Singapore, the iconic MARINA BAY SANDS® is the most recent addition to the company's portfolio.

Through its majority-owned subsidiary Sands China Ltd., the company also owns a collection of properties in Macau, including THE VENETIAN® Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at its COTAI STRIP® development, as well as the SANDS® Macao on the Macau peninsula.

The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the Sheraton and St. Regis hotel brands.

Las Vegas Sands is also 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.
Second Quarter 2011 Results
Non-GAAP Reconciliations

Within the company's second quarter 2011 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," and "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, loss on disposal of assets, pre-opening expense, development expense, stock-based compensation, corporate expense, and rental expense. Reconciliations of GAAP operating income (loss) and GAAP net income (loss) attributable to Las Vegas Sands Corp. to adjusted property EBITDA are included in the financial schedules accompanying this release.


Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)



                      Three Months Ended             Six Months Ended

                           June 30,                      June 30,

                      2011           2010           2011           2010

                 -------------  -------------  -------------  -------------



Revenues:

  Casino         $   1,862,272  $   1,294,301  $   3,526,761  $   2,356,071

  Rooms                239,696        190,767        471,670        371,549

  Food and

   beverage            146,016        105,079        291,409        197,158

  Convention,

   retail and

   other               200,642        115,266        365,297        223,481

                 -------------  -------------  -------------  -------------

                     2,448,626      1,705,413      4,655,137      3,148,259

  Less -

   promotional

   allowances         (103,530)      (110,937)      (198,122)      (218,895)

                 -------------  -------------  -------------  -------------

                     2,345,096      1,594,476      4,457,015      2,929,364

                 -------------  -------------  -------------  -------------



Operating

 expenses:

  Resort

   operations        1,450,362      1,129,774      2,824,842      2,099,471

  Corporate

   expense              42,376         25,954         79,952         49,430

  Rental expense        10,034         12,806         23,190         21,504

  Pre-opening

   expense              18,178         50,118         27,649         87,577

  Development

   expense               2,420            676          2,993            833

  Depreciation

   and

   amortization        206,161        170,694        396,398        323,783

  Loss on

   disposal of

   assets                7,443         37,679          7,942         38,171

                 -------------  -------------  -------------  -------------

                     1,736,974      1,427,701      3,362,966      2,620,769

                 -------------  -------------  -------------  -------------



Operating income       608,122        166,775      1,094,049        308,595



  Interest income        4,028          2,073          6,075          3,706

  Interest

   expense, net

   of amounts

   capitalized         (70,592)       (76,987)      (144,177)      (155,152)

  Other income

   (expense)             1,908         (6,201)        (2,767)       (12,649)

  Gain on early

   retirement of

   debt                      -            961              -          3,137

                 -------------  -------------  -------------  -------------



Income before

 income taxes          543,466         86,621        953,180        147,637



Income tax

 expense               (54,374)        (8,073)       (99,585)       (21,275)

                 -------------  -------------  -------------  -------------



Net income             489,092         78,548        853,595        126,362



Net income

 attributable to

 noncontrolling

 interests             (78,455)       (36,741)      (153,635)       (66,974)

                 -------------  -------------  -------------  -------------



Net income

 attributable to

 Las Vegas Sands

 Corp.                 410,637         41,807        699,960         59,388



Preferred stock

 dividends             (19,219)       (23,350)       (38,817)       (46,700)

Accretion to

 redemption value

 of preferred

 stock issued to

 Principal

 Stockholder's

 family                (23,136)       (23,136)       (46,272)       (46,272)

Preferred stock

 inducement and

 repurchase

 premiums                 (675)             -        (19,108)             -

                 -------------  -------------  -------------  -------------



Net income (loss)

 attributable to

 common

 stockholders    $     367,607  $      (4,679) $     595,763  $     (33,584)

                 =============  =============  =============  =============



Basic earnings

 (loss) per share$        0.50  $       (0.01) $        0.82  $       (0.05)

                 =============  =============  =============  =============



Diluted earnings

 (loss) per share$        0.45  $       (0.01) $        0.73  $       (0.05)

                 =============  =============  =============  =============



Weighted average

 shares

 outstanding:



    Basic          728,695,140    660,364,559    726,056,840    660,322,428

                 =============  =============  =============  =============

    Diluted        811,274,706    660,364,559    811,243,195    660,322,428

                 =============  =============  =============  =============





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 June 30, 2011



                                          (Gain)    Pre-Opening

               Operating   Depreciation   Loss on       and

                 Income         and      Disposal   Development   Royalty

                 (Loss)    Amortization  of Assets    Expense       Fees

              -----------  ------------ ----------  ----------- -----------



The Venetian

 Macao        $   214,460  $     42,132 $   (1,093) $        18 $         -



Sands Macao        86,982         7,737         21            -           -



Four Seasons

 Hotel Macao

 and Plaza

 Casino            22,602        13,150         37        1,002           -

              -----------  ------------ ----------  ----------- -----------



 Macau

  Property

  Operations      324,044        63,019     (1,035)       1,020           -



Las Vegas

 Operating

 Properties        53,811        65,037     (1,715)           -     (27,111)



Sands

 Bethlehem         12,508         7,532          -          484           -

              -----------  ------------ ----------  ----------- -----------



 United States

  Property

  Operations       66,319        72,569     (1,715)         484     (27,111)



Marina Bay

 Sands            315,292        62,078         56          274      22,334



Other Asia (2)    (18,522)        3,843          4          133       5,000



Other

 Development      (24,718)          174      2,471       18,687           -



Corporate         (54,293)        4,478      7,662            -        (223)

              -----------  ------------ ----------  ----------- -----------



              $   608,122  $    206,161 $    7,443  $    20,598 $         -

              ===========  ============ ==========  =========== ===========







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 June 30, 2011





                    (1)                               Adjusted

                Stock-Based  Corporate     Rental     Property

               Compensation   Expense     Expense      EBITDA

               ------------ ----------- ----------- -----------



The Venetian

 Macao         $      1,821 $         - $     1,028 $   258,366



Sands Macao             481           -         352      95,573



Four Seasons

 Hotel Macao

 and Plaza

 Casino                 126           -         703      37,620

               ------------ ----------- ----------- -----------



 Macau

  Property

  Operations          2,428           -       2,083     391,559



Las Vegas

 Operating

 Properties           2,887           -           -      92,909



Sands

 Bethlehem              515           -           -      21,039

               ------------ ----------- ----------- -----------



 United States

  Property

  Operations          3,402           -           -     113,948



Marina Bay

 Sands                  760           -       4,565     405,359



Other Asia (2)          312           -           -      (9,230)



Other

 Development              -           -       3,386           -



Corporate                 -      42,376           -           -

               ------------ ----------- ----------- -----------



               $      6,902 $    42,376 $    10,034 $   901,636

               ============ =========== =========== ===========






                      Three Months Ended June 30, 2010



                                           (Gain)    Pre-Opening

                 Operating  Depreciation   Loss on       and

                  Income         and      Disposal   Development   Royalty

                  (Loss)    Amortization  of Assets    Expense       Fees

               -----------  ------------ ----------  ----------- -----------



The Venetian

 Macao         $   134,667  $     51,073 $      218  $         - $         -



Sands Macao         70,009        10,373       (278)           -           -



Four Seasons

 Hotel Macao

 and Plaza

 Casino             20,553        10,218          -          780           -

               -----------  ------------ ----------  ----------- -----------



  Macau

   Property

   Operations      225,229        71,664        (60)         780           -



Las Vegas

 Operating

 Properties          2,923        58,874        277            -           -



Sands Bethlehem      3,679         7,034          -          840           -

               -----------  ------------ ----------  ----------- -----------



  United States

   Property

   Operations        6,602        65,908        277          840           -



Marina Bay

 Sands              52,043        25,282         (9)      13,409           -



Other Asia (2)     (10,523)        4,043          -           46           -



Other

 Development       (77,605)          780     37,471       35,719           -



Corporate          (28,971)        3,017          -            -           -

               -----------  ------------ ----------  ----------- -----------



               $   166,775  $    170,694 $   37,679  $    50,794 $         -

               ===========  ============ ==========  =========== ===========



                Three Months Ended June 30, 2010





                     (1)                               Adjusted

                 Stock-Based  Corporate     Rental     Property

                Compensation   Expense     Expense      EBITDA

                ------------ ----------- ----------- -----------



The Venetian

 Macao          $      1,859 $         - $     5,012 $   192,829



Sands Macao              754           -         354      81,212



Four Seasons

 Hotel Macao

 and Plaza

 Casino                  118           -       1,330      32,999

                ------------ ----------- ----------- -----------



  Macau

   Property

   Operations          2,731           -       6,696     307,040



Las Vegas

 Operating

 Properties            3,918           -           -      65,992



Sands Bethlehem          568           -           -      12,121

                ------------ ----------- ----------- -----------



  United States

   Property

   Operations          4,486           -           -      78,113



Marina Bay

 Sands                 1,266           -       2,475      94,466



Other Asia (2)           280           -           -      (6,154)



Other

 Development               -           -       3,635           -



Corporate                  -      25,954           -           -

                ------------ ----------- ----------- -----------



                $      8,763 $    25,954 $    12,806 $   473,465

                ============ =========== =========== ===========




                       Six Months Ended June 30, 2011



                                         (Gain)     Pre-Opening

               Operating  Depreciation   Loss on        and

                Income         and      Disposal    Development   Royalty

                (Loss)    Amortization  of Assets     Expense       Fees

              ----------  ------------ ----------  ------------ -----------



The Venetian

 Macao        $  395,301  $     85,411 $     (720) $        215 $         -



Sands Macao      170,895        15,549        122             -           -



Four Seasons

 Hotel Macao

 and Plaza

 Casino           65,282        26,504        122         1,631           -

              ----------  ------------ ----------  ------------ -----------



  Macau

   Property

   Operations    631,478       127,464       (476)        1,846           -



Las Vegas

 Operating

 Properties       85,129       119,117     (1,778)            -     (50,862)



Sands

 Bethlehem        26,626        14,853          -           639           -

              ----------  ------------ ----------  ------------ -----------



  United

   States

   Property

   Operations    111,755       133,970     (1,778)          639     (50,862)



Marina Bay

 Sands           512,019       117,984        743         2,844      41,275



Other Asia (2)   (32,549)        7,970          2           192      10,000



Other

 Development     (32,792)          349      1,789        25,121           -



Corporate        (95,862)        8,661      7,662             -        (413)

              ----------  ------------ ----------  ------------ -----------



              $1,094,049  $    396,398 $    7,942  $     30,642 $         -

              ==========  ============ ==========  ============ ===========





                 Six Months Ended June 30, 2011





                    (1)                               Adjusted

                Stock-Based  Corporate     Rental     Property

               Compensation   Expense     Expense      EBITDA

               ------------ ----------- ----------- -----------



The Venetian

 Macao         $      3,262 $         - $     3,297 $   486,766



Sands Macao             950           -         705     188,221



Four Seasons

 Hotel Macao

 and Plaza

 Casino                 221           -       1,407      95,167

               ------------ ----------- ----------- -----------



  Macau

   Property

   Operations         4,433           -       5,409     770,154



Las Vegas

 Operating

 Properties           6,468           -           -     158,074



Sands

 Bethlehem            1,030           -           -      43,148

               ------------ ----------- ----------- -----------



  United

   States

   Property

   Operations         7,498           -           -     201,222



Marina Bay

 Sands                2,717           -      12,248     689,830



Other Asia (2)          549           -           -     (13,836)



Other

 Development              -           -       5,533           -



Corporate                 -      79,952           -           -

               ------------ ----------- ----------- -----------



               $     15,197 $    79,952 $    23,190 $ 1,647,370

               ============ =========== =========== ===========








                       Six Months Ended June 30, 2010



                                          (Gain)     Pre-Opening

               Operating   Depreciation   Loss on        and

                 Income         and      Disposal    Development   Royalty

                 (Loss)    Amortization  of Assets     Expense       Fees

               ----------  ------------ ----------  ------------ -----------



The Venetian

 Macao         $  248,554  $    104,235 $      272  $          - $         -



Sands Macao       128,829        20,815       (589)            -           -



Four Seasons

 Hotel Macao

 and Plaza

 Casino            24,731        24,571         (5)          988           -

               ----------  ------------ ----------  ------------ -----------



  Macau

   Property

   Operations     402,114       149,621       (322)          988           -



Las Vegas

 Operating

 Properties        44,240       118,990        277             -           -



Sands Bethlehem     7,311        13,892          -           875           -

               ----------  ------------ ----------  ------------ -----------



  United States

   Property

   Operations      51,551       132,882        277           875           -



Marina Bay

 Sands             52,043        25,282         (9)       13,409           -



Other Asia (2)    (19,054)        7,961          -            44           -



Other

 Development     (122,593)        2,001     38,225        73,094           -



Corporate         (55,466)        6,036          -             -           -

               ----------  ------------ ----------  ------------ -----------



               $  308,595  $    323,783 $   38,171  $     88,410 $         -

               ==========  ============ ==========  ============ ===========





                 Six Months Ended June 30, 2010





                     (1)                               Adjusted

                 Stock-Based  Corporate     Rental     Property

                Compensation   Expense     Expense      EBITDA

                ------------ ----------- ----------- -----------



The Venetian

 Macao          $      2,619 $         - $     7,064 $   362,744



Sands Macao            1,211           -         707     150,973



Four Seasons

 Hotel Macao

 and Plaza

 Casino                  224           -       1,985      52,494

                ------------ ----------- ----------- -----------



  Macau

   Property

   Operations          4,054           -       9,756     566,211



Las Vegas

 Operating

 Properties            7,777           -           -     171,284



Sands Bethlehem        1,011           -           -      23,089

                ------------ ----------- ----------- -----------



  United States

   Property

   Operations          8,788           -           -     194,373



Marina Bay

 Sands                 1,266           -       2,475      94,466



Other Asia (2)           463           -           -     (10,586)



Other

 Development               -           -       9,273           -



Corporate                  -      49,430           -           -

                ------------ ----------- ----------- -----------



                $     14,571 $    49,430 $    21,504 $   844,464

                ============ =========== =========== ===========

(1) During the three months ended June 30, 2011 and 2010, the Company recorded stock-based compensation expense of $13.1 million and $13.8 million, respectively, of which $6.1 million and $4.8 million, respectively, is included in corporate expense and $0.1 million and $0.2 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the six months ended June 30, 2011 and 2010, the Company recorded stock-based compensation expense of $33.3 million and $28.9 million, respectively, of which $17.9 million and $12.5 million, respectively, is included in corporate expense and $0.2 million and $1.8 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 is a reconciliation of Net Income Attributable to Las Vegas

 Sands Corp. to Adjusted Property EBITDA:



                            Three Months Ended         Six Months Ended

                                 June 30,                  June 30,

                             2011         2010         2011         2010

                         -----------  -----------  -----------  -----------

Net income attributable

 to Las Vegas Sands Corp.$   410,637  $    41,807  $   699,960  $    59,388

  Add (deduct):

    Net income

     attributable to

     noncontrolling

     interests                78,455       36,741      153,635       66,974

    Income tax expense        54,374        8,073       99,585       21,275

    Gain on early

     retirement of debt            -         (961)           -       (3,137)

    Other (income)

     expense                  (1,908)       6,201        2,767       12,649

    Interest expense, net

     of amounts

     capitalized              70,592       76,987      144,177      155,152

    Interest income           (4,028)      (2,073)      (6,075)      (3,706)

    Loss on disposal of

     assets                    7,443       37,679        7,942       38,171

    Depreciation and

     amortization            206,161      170,694      396,398      323,783

    Development expense        2,420          676        2,993          833

    Pre-opening expense       18,178       50,118       27,649       87,577

    Stock-based

     compensation (1)          6,902        8,763       15,197       14,571

    Rental expense            10,034       12,806       23,190       21,504

    Corporate expense         42,376       25,954       79,952       49,430

                         -----------  -----------  -----------  -----------



Adjusted Property EBITDA $   901,636  $   473,465  $ 1,647,370  $   844,464

                         ===========  ===========  ===========  ===========



(1) See prior page (Exhibit 2)






Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Net Revenues

(In thousands)

(Unaudited)



                            Three Months Ended         Six Months Ended

                                 June 30,                  June 30,

                             2011         2010         2011         2010

                         -----------  -----------  -----------  -----------



The Venetian Macao       $   735,405  $   581,032  $ 1,373,674  $ 1,130,727

Sands Macao                  330,960      302,212      653,753      586,018

Four Seasons Hotel Macao

 and Plaza Casino            120,757      144,096      292,864      246,440

Las Vegas Operating

 Properties                  332,522      281,219      637,597      611,729

Sands Bethlehem               97,120       68,624      188,150      135,865

Marina Bay Sands             737,569      216,393    1,322,494      216,393

Other Asia                    32,450       28,386       66,223       52,558

Eliminations                 (41,687)     (27,486)     (77,740)     (50,366)

                         -----------  -----------  -----------  -----------



                         $ 2,345,096  $ 1,594,476  $ 4,457,015  $ 2,929,364

                         ===========  ===========  ===========  ===========




Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Adjusted Property EBITDA as a Percentage of Net

 Revenues

(Unaudited)



                               Three Months Ended       Six Months Ended

                                    June 30,                June 30,

                                2011        2010        2011        2010

                             ----------  ----------  ----------  ----------

The Venetian Macao                 35.1%       33.2%       35.4%       32.1%

Sands Macao                        28.9%       26.9%       28.8%       25.8%

Four Seasons Hotel Macao and

 Plaza Casino                      31.2%       22.9%       32.5%       21.3%

Las Vegas Operating

 Properties                        27.9%       23.5%       24.8%       28.0%

Sands Bethlehem                    21.7%       17.7%       22.9%       17.0%

Marina Bay Sands                   55.0%       43.7%       52.2%       43.7%

Other Asia                        -28.4%      -21.7%      -20.9%      -20.1%



Total                              38.4%       29.7%       37.0%       28.8%



Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted

 Share

(In thousands, except share and per share data)

(Unaudited)





                           Three Months Ended          Six Months Ended

                                June 30,                   June 30,

                           2011         2010          2011         2010

                       ------------ ------------  ------------ ------------



Net income (loss)

 attributable to common

 stockholders          $    367,607 $     (4,679) $    595,763 $    (33,584)



Pre-opening expense,

 net                         18,131       50,118        27,165       87,577

Development expense,

 net                          2,420          676         2,993          833

Loss on disposal of

 assets, net                  7,443       37,679         7,942       38,171

Gain on early

 retirement of debt               -         (961)            -       (3,137)

Preferred stock

 dividends                   19,219       23,350        38,817       46,700

Accretion to redemption

 value of preferred

 stock issued to

 Principal

 Stockholder's family        23,136       23,136        46,272       46,272

Preferred stock

 inducement and

 repurchase premiums            675            -        19,108            -

                       ------------ ------------  ------------ ------------



Adjusted net income    $    438,631 $    129,319  $    738,060 $    182,832

                       ============ ============  ============ ============





Per diluted share of

 common stock:

Net income (loss)

 attributable to common

 stockholders          $       0.46 $      (0.01) $       0.74 $      (0.04)



Pre-opening expense,

 net                           0.02         0.07          0.03         0.11

Development expense,

 net                              -            -             -            -

Loss on disposal of

 assets, net                   0.01         0.05          0.01         0.05

Gain on early

 retirement of debt               -            -             -            -

Preferred stock

 dividends                     0.02         0.03          0.05         0.06

Accretion to redemption

 value of preferred

 stock issued to

 Principal

 Stockholder's family          0.03         0.03          0.06         0.06

Preferred stock

 inducement and

 repurchase premiums              -            -          0.02            -

                       ------------ ------------  ------------ ------------



Adjusted earnings per

 diluted share         $       0.54 $       0.17  $       0.91 $       0.24

                       ============ ============  ============ ============



Weighted average

 diluted shares

 outstanding            811,274,706  782,625,373   811,243,195  776,713,399



Las Vegas Sands Corp. and Subsidiaries

Supplemental Data Schedule

(Unaudited)



                            Three Months Ended         Six Months Ended

                                 June 30,                  June 30,

                             2011         2010         2011         2010

                         -----------  -----------  -----------  -----------



Room Statistics:

  The Venetian Macao:

    Occupancy %                 89.7%        91.9%        88.1%        92.4%

    Average daily room

     rate (ADR) (1)      $       223  $       203  $       225  $       203

    Revenue per available

     room (RevPAR) (2)   $       200  $       187  $       198  $       187



  Sands Macao:

    Occupancy %                 88.0%        97.8%        86.5%        97.6%

    Average daily room

     rate (ADR) (1)      $       242  $       245  $       247  $       253

    Revenue per available

     room (RevPAR) (2)   $       213  $       239  $       213  $       247



  Four Seasons Hotel

   Macao and Plaza

   Casino:

    Occupancy %                 67.8%        69.1%        66.2%        71.0%

    Average daily room

     rate (ADR) (1)      $       323  $       298  $       331  $       288

    Revenue per available

     room (RevPAR) (2)   $       219  $       206  $       220  $       204



  Las Vegas Operating

   Properties:

    Occupancy %                 88.8%        97.8%        86.4%        94.5%

    Average daily room

     rate (ADR) (1)      $       200  $       192  $       206  $       199

    Revenue per available

     room (RevPAR) (2)   $       177  $       187  $       178  $       188



  Sands Bethlehem:

    Occupancy %                 49.1%         N/A         49.1%         N/A

    Average daily room

     rate (ADR) (1)      $       168          N/A  $       168          N/A

    Revenue per available

     room (RevPAR) (2)   $        83          N/A  $        83          N/A



  Marina Bay Sands:

    Occupancy %                 90.8%        54.9%        88.6%        54.9%

    Average daily room

     rate (ADR) (1)      $       295  $       226  $       290  $       226

    Revenue per available

     room (RevPAR) (2)   $       268  $       124  $       257  $       124



Casino Statistics:

  The Venetian Macao:

    Table games win per

     unit per day (3)    $    13,269  $    10,193  $    12,276  $     9,973

    Slot machine win per

     unit per day (4)    $       295  $       251  $       279  $       252

    Average number of

     table games                 600          594          599          596

    Average number of

     slot machines             2,154        2,181        2,152        2,183



  Sands Macao:

    Table games win per

     unit per day (3)    $     9,926  $     9,116  $     9,875  $     8,889

    Slot machine win per

     unit per day (4)    $       257  $       209  $       267  $       211

    Average number of

     table games                 414          416          415          415

    Average number of

     slot machines             1,157        1,180        1,145        1,173



  Four Seasons Hotel

   Macao and Plaza

   Casino:

    Table games win per

     unit per day (3)    $    10,420  $    16,579  $    13,988  $    13,818

    Slot machine win per

     unit per day (4)    $       627  $       352  $       662  $       426

    Average number of

     table games                 118          117          118          117

    Average number of

     slot machines               190          187          192          185



  Las Vegas Operating

   Properties:

    Table games win per

     unit per day (3)    $     4,032  $     2,762  $     3,586  $     4,420

    Slot machine win per

     unit per day (4)    $       152  $       212  $       147  $       202

    Average number of

     table games                 230          230          228          232

    Average number of

     slot machines             2,608        2,701        2,666        2,779



  Sands Bethlehem:

    Table games win per

     unit per day (3)    $     2,550          N/A  $     2,698          N/A

    Slot machine win per

     unit per day (4)    $       249  $       229  $       244  $       224

    Average number of

     table games                  91          N/A           84          N/A

    Average number of

     slot machines             3,024        3,121        3,020        3,170



  Marina Bay Sands:

    Table games win per

     unit per day (3)    $    11,185  $     5,255  $     9,936  $     5,255

    Slot machine win per

     unit per day (4)    $       611  $       364  $       568  $       364

    Average number of

     table games                 606          588          610          588

    Average number of

     slot machines             2,297        1,523        2,293        1,523

(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.

Add to Digg Bookmark with del.icio.us Add to Newsvine

Contacts:

Investment Community:

Daniel Briggs

(702) 414-1221



Media:

Ron Reese

(702) 414-3607



Source: Las Vegas Sands

News Provided by Acquire Media


Close window | Back to top

Copyright 2014 Las Vegas Sands Corp.