April 25, 2012

Las Vegas Sands Reports All-Time Industry Record $1.07 Billion Adjusted Property EBITDA Quarter

Adjusted Diluted EPS Jumps 89.2% to Record $0.70; Second Quarterly Dividend of $0.25 per Share Declared; Adjusted Property EBITDA Soars 43.0% to Industry Record $1.07 Billion; Company Record 11th Consecutive Quarter of Adjusted Property EBITDA Growth

LAS VEGAS, NV -- (Marketwire) -- 04/25/12 -- Las Vegas Sands Corp. (NYSE: LVS)

In the First Quarter of 2012 Compared to the First Quarter of 2011:

  • Adjusted Property EBITDA Increases Achieved by Every Property in Global Portfolio
  • Net Revenue Increased 30.8% to Industry-Wide Record of $2.76 Billion
  • Consolidated Adjusted Property EBITDA Margin Expanded 330 Basis Points to 38.6%
  • Marina Bay Sands Adjusted Property EBITDA Increased 66.1% to Record $472.5 Million
  • Macao Property Operations Adjusted Property EBITDA Increased 20.6% to Record $456.4 Million

Las Vegas Sands Corp. (NYSE: LVS) today reported record financial results for the quarter ended March 31, 2012.

First Quarter Overview

We are extremely pleased to report record financial results for the first quarter of 2012. Strong growth and EBITDA margins at our Macao property portfolio, together with continued growth at Marina Bay Sands in Singapore and a strong performance from our domestic properties contributed to record revenue, operating income, adjusted property EBITDA and adjusted earnings per share for the quarter.

In Macao, we generated significantly stronger gaming volumes across our property portfolio, while adjusted property EBITDA reached a record $456.4 million with an adjusted property EBITDA margin of 32.1%. Strong growth of our higher margin mass table and slot businesses, together with the contribution from the important non-gaming (hotel, retail, mall and convention) components of our Integrated Resort business model, continue to drive revenue and EBITDA growth. We are also pleased to report that the initial investments we have made to expand our offerings in the VIP segment were clearly evident in our quarterly operating results, with the Four Seasons Hotel Macao and Plaza Casino increasing its Rolling Chip volume by over 220% compared to the same quarter last year and generating a record quarterly EBITDA of $67.5 million. We expect to realize additional benefits from our initiatives in the VIP segment in the future, as we roll out additional enhanced VIP facilities and service offerings throughout our property portfolio in Macao.

We are extremely gratified to have successfully opened on April 11th the first phase of the largest Integrated Resort development in the company's history, Sands Cotai Central. Located at the center of the COTAI Strip and directly across from The Venetian Macao and the Four Seasons Hotel Macao and Plaza Casino, Sands Cotai Central has added substantial scale to the COTAI Strip and features amenities and attractions designed to broaden and deepen Macao's appeal as a destination for business and leisure travelers. Importantly, Sands Cotai Central will include at completion approximately 6,400 hotel rooms, a vital component for the future growth and continued maturation of the meetings, incentive, convention and exhibition business in Macao. We are confident that Sands Cotai Central will meaningfully contribute to important multi-night business and leisure visitation to Macao and will provide an outstanding platform for growth for our company.

In Singapore, Marina Bay Sands produced a record $472.5 million of adjusted property EBITDA during the quarter and an EBITDA margin of 55.7%. Strong growth in VIP, mass gaming and slot volumes coupled with continued growth in visitation and 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 Singapore's complementary business and leisure tourism offerings and transportation infrastructure continue to expand, we are confident that Marina Bay Sands will continue to generate outstanding returns for our company.

In Las Vegas, The Venetian and Palazzo generated $115.8 million in adjusted property EBITDA during the quarter, up 77.6% compared to the first quarter last year. Table games drop was up 27.8% during the quarter reflecting strong baccarat play. Slot handle was also up 18.8%. Sands Bethlehem produced a record quarter with $27.5 million in adjusted property EBITDA. The property continues to benefit from growth in slot handle, table games play, and hotel revenues.

The reliable and predictable nature of the cash flows generated by our Integrated Resort business model, the successful execution of our deleveraging strategy, and the healthy margin profile of our property portfolio remain evident in our financial results. While we again achieved quarterly records for net revenue and adjusted property EBITDA, we are also pleased that the flow through to earnings remained strong, with adjusted earnings per diluted share increasing 89.2% to reach a record $0.70, compared to $0.37 in the quarter one year ago.

The board of directors of Las Vegas Sands has declared a cash dividend of $0.25 per common share to be paid on June 29, 2012 to shareholders of record as of June 20, 2012.

Company-Wide Operating Results

Net revenue for the first quarter of 2012 was a record $2.76 billion, an increase of 30.8% compared to $2.11 billion in the first quarter of 2011. Consolidated adjusted property EBITDA in the first quarter of 2012 increased 43.0% to a record $1.07 billion, compared to $745.7 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 330 basis points to 38.6% in the first quarter of 2012, compared to 35.3% in the first quarter of 2011.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2012 increased 45.6% to reach $707.6 million, compared to $485.9 million in the first quarter of 2011. The increase in operating income was principally due to stronger results across our portfolio of properties in Macao and at Marina Bay Sands in Singapore.

Adjusted net income (see Note 1) increased to $569.8 million, or $0.70 per diluted share, compared to $299.4 million, or $0.37 per diluted share, in the first quarter of 2011.

On a GAAP basis, net income attributable to common stockholders in the first quarter of 2012 increased 118.7% to $498.9 million, compared to $228.2 million in the first quarter of 2011, while diluted earnings per share in the first quarter of 2012 increased 117.9% to $0.61, compared to $0.28 in the prior year quarter. The improvement in our net income attributable to common stockholders reflected the increase in operating income and the discontinuation of preferred stock dividends and the accretion of preferred stock resulting from the retirement of the company's outstanding preferred stock in November 2011, partially offset by an impairment loss.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 25.0% to $1.45 billion in the first quarter of 2012, compared to $1.16 billion in the first quarter of 2011. Adjusted property EBITDA for Sands China Ltd. increased 20.5% to $450.6 million in the first quarter of 2012, compared to $373.8 million in the first quarter of 2011. Net income for Sands China Ltd. increased 5.8% to $277.4 million in the first quarter of 2012, compared to $262.1 million in the first quarter of 2011.

The Venetian Macao First Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered record adjusted property EBITDA of $281.9 million, an increase of 23.4% compared to $228.4 million in the first quarter of 2011. Adjusted property EBITDA margin was 36.5% in the first quarter of 2012. The Venetian delivered solid growth in gaming volumes in each segment of the business. Non-Rolling Chip drop was a record $1.11 billion for the quarter, an increase of 12.7% compared to the same quarter last year, while Non-Rolling Chip win percentage was 30.7%. Rolling Chip volume during the quarter increased 11.4% to a record $13.80 billion. Slot handle was a record $1.24 billion, an increase of 67.0% compared to the quarter one year ago. RevPAR increased 15.7% to a record $228 due to higher ADR and occupancy.

The following table summarizes the key operating results for The Venetian Macao for the first quarter of 2012 compared to the first quarter of 2011:




The Venetian Macao Operations     Three Months Ended

                                       March 31,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $   673.9  $   553.4  $   120.5       21.8%

  Rooms                               59.0       50.2        8.8       17.5%

  Food and Beverage                   22.5       18.3        4.2       23.0%

  Mall                                26.1       23.0        3.1       13.5%

  Convention, Retail and Other        23.1       13.6        9.5       69.9%

  Less - Promotional Allowances      (31.8)     (20.2)     (11.6)     -57.4%

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

Net Revenues                     $   772.8  $   638.3  $   134.5       21.1%



Adjusted Property EBITDA         $   281.9  $   228.4  $    53.5       23.4%

  EBITDA Margin %                     36.5%      35.8%              0.7 pts



Operating Income                 $   198.6  $   180.8  $    17.8        9.8%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume              $13,801.6  $12,389.0  $ 1,412.6       11.4%

  Rolling Chip Win %(1)               2.93%      2.69%             0.24 pts



Non-Rolling Chip Drop            $ 1,105.6  $   980.6  $   125.0       12.7%

  Non-Rolling Chip Win %(2)           30.7%      27.9%              2.8 pts



Slot Handle                      $ 1,240.8  $   743.1  $   497.7       67.0%

  Slot Hold %(3)                       5.6%       6.9%             -1.3 pts



Hotel Statistics



Occupancy %                           93.4%      86.5%              6.9 pts

Average Daily Rate (ADR)         $     244  $     227  $      17        7.5%

Revenue per Available Room

 (RevPAR)                        $     228  $     197  $      31       15.7%



(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 27.3% (calculated before discounts).

(3) This compares to The Venetian Macao's trailing 12 month slot hold

    percentage of 6.4% (calculated before slot club cash incentives).



Sands Macao First Quarter Operating Results

Sands Macao's adjusted property EBITDA increased 15.6% to $107.0 million with adjusted property EBITDA margin of 30.6%. Non-Rolling Chip drop increased to $707.8 million, the strongest performance since the first quarter of 2008. Slot handle increased 52.1% to a record $663.2 million. Rolling Chip volume was $6.43 billion for the quarter while Rolling Chip win percentage for the quarter was 3.73%.

The following table summarizes our key operating results for the Sands Macao for the first quarter of 2012 compared to the first quarter of 2011:




Sands Macao Operations            Three Months Ended

                                       March 31,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $   341.1  $   315.7  $    25.4        8.0%

  Rooms                                6.2        5.5        0.7       12.7%

  Food and Beverage                    9.3       10.0       (0.7)      -7.0%

  Convention, Retail and Other         2.6        2.4        0.2        8.3%

  Less - Promotional Allowances      (10.1)     (10.8)       0.7        6.5%

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

Net Revenues                     $   349.1  $   322.8  $    26.3        8.1%



Adjusted Property EBITDA         $   107.0  $    92.6  $    14.4       15.6%

  EBITDA Margin %                     30.6%      28.7%              1.9 pts



Operating Income                 $    98.5  $    83.9  $    14.6       17.4%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume              $ 6,433.5  $ 8,269.4  $(1,835.9)     -22.2%

  Rolling Chip Win %(1)               3.73%      2.75%             0.98 pts



Non-Rolling Chip Drop            $   707.8  $   688.7  $    19.1        2.8%

  Non-Rolling Chip Win %(2)           21.2%      20.3%              0.9 pts



Slot Handle                      $   663.2  $   435.9  $   227.3       52.1%

  Slot Hold %(3)                       4.4%       6.5%             -2.1 pts



Hotel Statistics



Occupancy %                           93.8%      84.9%              8.9 pts

Average Daily Rate (ADR)         $     252  $     251  $       1        0.4%

Revenue per Available Room

 (RevPAR)                        $     236  $     213  $      23       10.8%



(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 20.5% (calculated before discounts).

(3) This compares to the Sands Macao's trailing 12 month slot hold

    percentage of 5.5% (calculated before slot club cash incentives).



Four Seasons Hotel Macao and Plaza Casino First Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated record adjusted property EBITDA of $67.5 million in the first quarter of 2012, an increase of 17.4% compared to the $57.5 million for the first quarter of 2011. Rolling Chip volume reached a record $12.70 billion for the quarter, an increase of 221.8% compared to the first quarter of 2011. Slot handle continued to expand, reaching $198.2 million, an increase of 5.7% compared to last year's first quarter. Non-Rolling Chip drop increased to $105.9 million while Non-Rolling Chip win was up 33.7% compared to the year-ago quarter. The non-gaming offerings of the property continued to exhibit healthy growth, with increases in occupancy and RevPAR, while mall revenue was $10.5 million, a 98.1% increase compared to last year's first quarter.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the first quarter of 2012 compared to the first quarter of 2011:




Four Seasons Hotel Macao and

 Plaza Casino Operations          Three Months Ended

                                       March 31,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $   282.9  $   160.8  $   122.1       75.9%

  Rooms                               10.1        7.5        2.6       34.7%

  Food and Beverage                    6.8        5.0        1.8       36.0%

  Mall                                10.5        5.3        5.2       98.1%

  Convention, Retail and Other         0.7        0.5        0.2       40.0%

  Less - Promotional Allowances      (11.4)      (7.0)      (4.4)     -62.9%

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

Net Revenues                     $   299.6  $   172.1  $   127.5       74.1%



Adjusted Property EBITDA         $    67.5  $    57.5  $    10.0       17.4%

  EBITDA Margin %                     22.5%      33.4%            -10.9 pts



Operating Income                 $    53.4  $    42.7  $    10.7       25.1%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume              $12,703.2  $ 3,948.0  $ 8,755.2      221.8%

  Rolling Chip Win %(1)               2.83%      3.90%            -1.07 pts



Non-Rolling Chip Drop            $   105.9  $    82.4  $    23.5       28.5%

  Non-Rolling Chip Win %(2)           41.7%      40.1%              1.6 pts



Slot Handle                      $   198.2  $   187.5  $    10.7        5.7%

  Slot Hold %(3)                       6.0%       6.5%             -0.5 pts



Hotel Statistics



Occupancy %                           82.3%      64.6%             17.7 pts

Average Daily Rate (ADR)         $     360  $     341  $      19        5.6%

Revenue per Available Room

 (RevPAR)                        $     296  $     220  $      76       34.5%



(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 40.3% (calculated before discounts).

(3) This compares to the Plaza Casino's trailing 12 month slot hold

    percentage of 5.7% (calculated before slot club cash incentives).



Marina Bay Sands First Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $472.5 million for the first quarter of 2012, an increase of 66.1% compared to $284.5 million in the first quarter of 2011. Adjusted property EBITDA margin was 55.7% for the quarter.

Gaming volumes reflected strong growth in each segment of the business. Rolling Chip volume increased 26.4% to reach $12.80 billion for the quarter while Rolling Chip win percentage was 3.58%. Non-Rolling Chip drop increased 18.3% to reach $1.17 billion with a Non-Rolling Chip win percentage of 22.2%. Slot handle increased 34.2% to reach $2.74 billion for the quarter with slot hold percentage of 5.4%. Total mass win per day during the quarter increased 21.5% to reach $4.47 million, compared to $3.68 million in the first quarter of 2011.

The high margin hotel room and mall segments of the property both reflected strong revenue growth of 38.2% and 25.0%, respectively, as the property's full complement of offerings and amenities continued to mature. Occupancy and ADR both expanded during the quarter, driving a RevPAR increase of 36.2% compared to the same quarter last year.

The following table summarizes our key operating results for Marina Bay Sands for the first quarter of 2012 compared to the first quarter of 2011:




Marina Bay Sands Operations       Three Months Ended

                                       March 31,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $   701.3  $   464.4  $   236.9       51.0%

  Rooms                               77.1       55.8       21.3       38.2%

  Food and Beverage                   47.1       43.2        3.9        9.0%

  Mall                                34.5       27.6        6.9       25.0%

  Convention, Retail and Other        29.8       25.7        4.1       16.0%

  Less - Promotional Allowances      (41.1)     (31.8)      (9.3)     -29.2%

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

Net Revenues                     $   848.7  $   584.9  $   263.8       45.1%



Adjusted Property EBITDA         $   472.5  $   284.5  $   188.0       66.1%

  EBITDA Margin %                     55.7%      48.6%              7.1 pts



Operating Income                 $   373.2  $   196.7  $   176.5       89.7%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume              $12,804.5  $10,132.3  $ 2,672.2       26.4%

  Rolling Chip Win %(1)               3.58%      2.56%             1.02 pts



Non-Rolling Chip Drop            $ 1,167.0  $   986.4  $   180.6       18.3%

  Non-Rolling Chip Win %(2)           22.2%      22.6%             -0.4 pts



Slot Handle                      $ 2,740.6  $ 2,041.8  $   698.8       34.2%

  Slot Hold %(3)                       5.4%       5.3%              0.1 pts



Hotel Statistics



Occupancy %                           98.4%      86.3%             12.1 pts

Average Daily Rate (ADR)         $     341  $     285  $      56       19.6%

Revenue per Available Room

 (RevPAR)                        $     335  $     246  $      89       36.2%



(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 Marina Bay Sands trailing 12 month Non-Rolling Chip win

    percentage of 23.0% (calculated before discounts).

(3) This compares to Marina Bay Sands trailing 12 month slot hold percentage

    of 5.3% (calculated before slot club cash incentives).



Las Vegas First Quarter Operating Results

The Venetian and The Palazzo delivered adjusted property EBITDA of $115.8 million for the first quarter of 2012, an increase of 77.6% compared to the $65.2 million generated in the first quarter of 2011. Adjusted property EBITDA margin was 30.1% for the quarter. Strong baccarat play drove a 27.8% increase in table games drop to $609.0 million. Stronger group meeting and convention business during the quarter drove a 4.9% increase in cash hotel ADR.

The following table summarizes our key operating results for our Las Vegas operations for the first quarter of 2012 compared to the first quarter of 2011:




                                  Three Months Ended

Las Vegas Operations                   March 31,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $   158.7  $    83.1  $    75.6       91.0%

  Rooms                              113.4      112.9        0.5        0.4%

  Food and Beverage                   61.0       64.0       (3.0)      -4.7%

  Convention, Retail and Other        74.7       63.5       11.2       17.6%

  Less - Promotional Allowances      (23.2)     (18.4)      (4.8)     -26.1%

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

Net Revenues                     $   384.6  $   305.1  $    79.5       26.1%



Adjusted Property EBITDA         $   115.8  $    65.2  $    50.6       77.6%

EBITDA Margin %                       30.1%      21.4%              8.7 pts



Operating Income                 $    87.7  $    31.3  $    56.4      180.2%



Gaming Statistics

(Dollars in millions)



Table Games Drop                 $   609.0  $   476.6  $   132.4       27.8%

Table Games Win %(1)                  24.0%      13.3%             10.7 pts



Slot Handle                      $   483.8  $   407.3  $    76.5       18.8%

Slot Hold %(2)                         8.5%       8.5%              0.0 pts



Hotel Statistics



Occupancy %                           83.4%      83.9%             -0.5 pts

Average Daily Rate (ADR)         $     214  $     212  $       2        0.9%

Revenue per Available Room

 (RevPAR)                        $     178  $     178  $       0        0.0%



(1) This compares to our Las Vegas Operation's trailing 12 month table games

    win percentage of 17.9% (calculated before discounts).

(2) This compares to our Las Vegas Operation's trailing 12 month slot hold

    percentage of 8.7% (calculated before slot club cash incentives).



Sands Bethlehem First Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $115.6 million and adjusted property EBITDA reached $27.5 million for the first quarter of 2012. Table games drop was $201.5 million for the quarter, an increase of 69.3% compared to the quarter one year ago, while table games win percentage was 14.9%. Slot handle increased 17.3% to reach $1.03 billion for the quarter with slot hold percentage of 7.3%. The property's 300-room hotel tower opened on May 27, 2011, and contributed $1.9 million of room revenue during the quarter ended March 31, 2012. The hotel, together with the addition of the retail mall, the first phase of which opened in November 2011, and the events center, which will debut in May 2012, should contribute to future growth of both gaming and non-gaming offerings at the property.

The following table summarizes our key operating results for Sands Bethlehem for the first quarter of 2012 compared to the first quarter of 2011:




                                  Three Months Ended

Sands Bethlehem Operations             March 31,

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

(Dollars in millions)               2012     2011(1)    $ Change    Change

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

Revenues:

  Casino                         $   108.7  $    87.1  $    21.6       24.8%

  Rooms                                1.9        N/A        1.9        N/A

  Food and Beverage                    6.7        5.0        1.7       34.0%

  Mall                                 0.3        N/A        0.3        N/A

  Convention, Retail and Other         3.8        2.6        1.2       46.2%

  Less - Promotional Allowances       (5.8)      (3.7)      (2.1)     -56.8%

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

Net Revenues                     $   115.6  $    91.0  $    24.6       27.0%



Adjusted Property EBITDA         $    27.5  $    22.1  $     5.4       24.4%

EBITDA Margin %                       23.8%      24.3%             -0.5 pts



Operating Income                 $    18.2  $    14.1  $     4.1       29.1%



Gaming Statistics

(Dollars in millions)



Table Games Drop                 $   201.5  $   119.0  $    82.5       69.3%

Table Games Win %(2)                  14.9%      16.7%             -1.8 pts



Slot Handle                      $ 1,033.7  $   881.4  $   152.3       17.3%

Slot Hold %(3)                         7.3%       7.4%             -0.1 pts



Hotel Statistics



Occupancy %                           50.3%        NA        N/A        N/A

Average Daily Rate (ADR)         $     139  $      NA        N/A        N/A

Revenue per Available Room

 (RevPAR)                        $      70  $      NA        N/A        N/A



(1) The hotel tower opened on May 27, 2011 and the first phase of the retail

    mall opened on November 1, 2011.

(2) This compares to Sands Bethlehem's trailing 12 month table games win

    percentage of 14.8% (calculated before discounts).

(3) This compares to Sands Bethlehem's trailing 12 month slot hold

    percentage of 7.2% (calculated before slot club cash incentives).



Retail Mall Operations

Gross revenue from tenants in the company's retail malls at The Venetian Macao, the Four Seasons Macao and Marina Bay Sands in Singapore reached $71.1 million for the first quarter of 2012, an increase of 27.3% compared to the first quarter of 2011. Operating profit derived from these retail mall assets increased 25.2% for the quarter to reach $55.2 million.




                                                                       LTM

                                                                      March

                     For The Three Months Ended March 31, 2012      31, 2012

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

                                                                     Tenant

(Dollars in                                      Gross                Sales

 millions except                    Operating   Leasable Occupancy    Per

 per square foot  Gross   Operating   Profit     Area     % at End     Sq.

 data)           Revenue  Profit(1)   Margin   (sq. ft.) of Period   Ft.(2)

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



The Grand Canal

 Shoppes at The

 Venetian Macao $   26.1 $     20.5      78.5%   817,361      89.8% $  1,121



The Shoppes at

 Four Seasons

  Luxury Retail      6.7        5.9      88.1%    87,063     100.0%    5,989

  Other Stores       3.8        2.9      76.3%   102,019      84.4%    1,108

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

  Total             10.5        8.8      83.8%   189,082      91.6%    3,744



The Shoppes at

 Marina Bay

 Sands              34.5       25.9      75.1%   629,982      94.9%    1,302

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



Total           $   71.1 $     55.2      77.6% 1,636,425      92.0% $  1,526

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



(1) Operating profit excludes bad debt credit of $0.2 million at The Grand

    Canal Shoppes at The Venetian Macao and bad debt expense of $0.2 million

    at The Shoppes at Four Seasons. No bad debt expense was recorded for the

    quarter at The Shoppes at Marina Bay Sands.

(2) Tenant sales per square foot reflects sales from tenants only after the

    tenant has been open for a period of 12 months.



Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of our CotaiJet ferry operation, was negative $5.7 million during the quarter.

Pre-opening expenses, related primarily to Sands Cotai Central on the COTAI Strip in Macao, increased to $51.5 million in the first quarter of 2012, compared to $9.5 million in the first quarter of 2011.

Depreciation and amortization expense was $194.7 million in the first quarter of 2012, compared to $190.2 million in the first quarter of 2011.

Interest expense, net of amounts capitalized, was $64.7 million for the first quarter of 2012, compared to $73.6 million during the first quarter of 2011. The decrease was principally the result of a lower average borrowing cost as well as lower debt balances outstanding in the quarter compared to the first quarter of 2011. Capitalized interest was $22.1 million during the first quarter of 2012, compared to $30.6 million during the first quarter of 2011. Our weighted average borrowing cost in the first quarter of 2012 was 3.3%.

Corporate expense was $49.0 million in the first quarter of 2012, compared to $37.6 million in the first quarter of 2011. The increase was primarily driven by higher legal fees.

The company recorded an impairment loss of $42.9 million related to the closing of the entertainment show Zaia at The Venetian Macao.

Other expense, which was principally composed of foreign currency losses, was $3.4 million in the first quarter of 2012, compared to $4.7 million in the first quarter of 2011.

The company's effective tax rate for the first quarter of 2012 was 9.8%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the first quarter of 2012 of $80.2 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of March 31, 2012, were $4.06 billion, while restricted cash balances were $7.3 million.

As of March 31, 2012, total debt outstanding, including the current portion, was $9.9 billion. Total principal payments for the remainder of 2012 and the full year 2013, which principally relate to our Singapore Credit Facility, are approximately $352.0 million and $543.4 million, respectively.

During the quarter, the company elected to redeem all of its outstanding 6.375% Senior Notes due 2015 at a total cash cost of $193.2 million, which included accrued interest through the redemption date.

Capital Expenditures

Capital expenditures during the first quarter totaled $398.3 million, including construction and development activities of $305.3 million in Macao, $62.4 million at Marina Bay Sands, $21.6 million in Las Vegas and $9.0 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, April 25, 2012 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.lasvegassands.com.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

Note 1

Adjusted net income excludes pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder's family, and preferred stock inducement, repurchase and redemption premiums.

About Las Vegas Sands

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

THE VENETIAN® 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.

MARINA BAY SANDS® is the company's iconic Integrated Resort in Singapore's downtown Marina Bay district.

Through its majority-owned subsidiary Sands China Ltd., the company also owns a portfolio of properties on Macao's COTAISTRIP®, including THE VENETIAN® Macao, Four Seasons Hotel Macao, and Sands Cotai Central, a 13.7 million square foot 6,400-room Integrated Resort, the first phase of which debuted in April 2012. The company also owns the SANDS® Macao on the Macao Peninsula.

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.
First Quarter 2012 Results
Non-GAAP Reconciliations

Within the company's first quarter 2012 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, amortization of leasehold interests in land, gain or loss on disposal of assets, impairment loss, pre-opening expense, development expense, royalty fees, stock-based compensation, and corporate expense. Reconciliations of GAAP operating income and GAAP net income 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

                                                          March 31,

                                                     2012          2011

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



Revenues:

  Casino                                         $  2,266,493  $  1,664,489

  Rooms                                               267,727       231,974

  Food and beverage                                   153,455       145,393

  Mall                                                 71,418        55,865

  Convention, retail and other                        129,717       108,790

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

                                                    2,888,810     2,206,511

  Less - promotional allowances                      (126,068)      (94,592)

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

                                                    2,762,742     2,111,919

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



Operating expenses:

  Resort operations                                 1,705,398     1,374,480

  Corporate                                            48,955        37,576

  Pre-opening                                          51,459         9,471

  Development                                           1,198           573

  Depreciation and amortization                       194,747       190,237

  Amortization of leasehold interests in land           9,945        13,156

  Impairment loss                                      42,893             -

  Loss on disposal of assets                              593           499

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

                                                    2,055,188     1,625,992

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



Operating income                                      707,554       485,927



  Interest income                                       5,648         2,047

  Interest expense, net of amounts capitalized        (64,672)      (73,585)

  Other expense                                        (3,419)       (4,675)

  Loss on early retirement of debt                     (2,831)            -

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



Income before income taxes                            642,280       409,714



Income tax expense                                    (63,171)      (45,211)

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



Net income                                            579,109       364,503



Net income attributable to noncontrolling

 interests                                            (80,167)      (75,180)

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



Net income attributable to Las Vegas Sands Corp.      498,942       289,323



Preferred stock dividends                                   -       (19,598)

Accretion to redemption value of preferred stock

 issued to Principal Stockholder's family

                                                            -       (23,136)

Preferred stock inducement and repurchase

 premiums                                                   -       (18,433)

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



Net income attributable to common stockholders   $    498,942  $    228,156

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



Earnings per share:

  Basic                                          $       0.66  $       0.32

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

  Diluted                                        $       0.61  $       0.28

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



Weighted average shares outstanding:

  Basic                                           760,437,437   723,389,226

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

  Diluted                                         818,797,155   811,239,242

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



Dividends declared per common share              $       0.25  $          -

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









Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)



The following are reconciliations of Operating Income (Loss) to

 Adjusted Property EBITDA:



                 Three Months Ended March 31, 2012



                                         Amortization  Impairment

                                              of        and (Gain)

               Operating   Depreciation   Leasehold      Loss on

                 Income        and        Interests     Disposal

                (Loss)     Amortization    in Land      of Assets

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

Macao:

 The Venetian

  Macao       $  198,568  $      36,768 $       1,650 $     42,932

 Sands Macao      98,542          7,411           353           92

 Four Seasons

  Hotel Macao

  and Plaza

  Casino          53,410         12,424           705            4

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

Macao

 Property

 Operations      350,520         56,603         2,708       43,028

Marina Bay

 Sands           373,198         65,051         4,468         (139)

United

 States:

 Las Vegas

  Operating

  Properties      87,704         56,682             -          402

 Sands

  Bethlehem       18,178          8,874             -            8

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

United States

 Property

 Operations      105,882         65,556             -          410

Other Asia

 (2)             (14,950)         3,681             -            -

Other

 Development     (54,835)           269         2,769          187

Corporate        (52,261)         3,587             -            -

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

              $  707,554  $     194,747 $       9,945 $     43,486

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











               Pre-Opening

                   and                    (1)                    Adjusted

               Development  Royalty   Stock-Based   Corporate    Property

                 Expense     Fees    Compensation    Expense      EBITDA

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

Macao:

 The Venetian

  Macao       $          - $      -  $       2,015 $        - $     281,933

 Sands Macao             -        -            558          -       106,956

 Four Seasons

  Hotel Macao

  and Plaza

  Casino               882        -             94          -        67,519

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

Macao

 Property

 Operations            882        -          2,667          -       456,408

Marina Bay

 Sands                   -   28,141          1,800          -       472,519

United

 States:

 Las Vegas

  Operating

  Properties             -  (32,860)         3,878          -       115,806

 Sands

  Bethlehem             94        -            348          -        27,502

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

United States

 Property

 Operations             94  (32,860)         4,226          -       143,308

Other Asia

 (2)                    71    5,000            476          -        (5,722)

Other

 Development        51,610        -              -          -             -

Corporate                -     (281)             -     48,955             -

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

              $     52,657 $      -  $       9,169 $   48,955 $   1,066,513

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







                  Three Months Ended March 31, 2011



                                          Amortization

                                               of       (Gain) Loss

               Operating    Depreciation   Leasehold        on

                 Income         and        Interests     Disposal

                 (Loss)     Amortization    in Land      of Assets

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

Macao:

 The Venetian

  Macao        $  180,841  $      43,279 $       2,269 $        373

 Sands Macao       83,913          7,812           353          101

 Four Seasons

  Hotel Macao

  and Plaza

  Casino           42,680         13,354           704           85

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

Macao Property

 Operations       307,434         64,445         3,326          559

Marina Bay

 Sands            196,727         55,906         7,683          687

United States:

 Las Vegas

  Operating

  Properties       31,318         54,080             -          (63)

 Sands

  Bethlehem        14,118          7,321             -            -

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

United States

 Property

 Operations        45,436         61,401             -          (63)

Other Asia (2)    (14,027)         4,127             -           (2)

Other

 Development       (8,074)           175         2,147         (682)

Corporate         (41,569)         4,183             -            -

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

               $  485,927  $     190,237 $      13,156 $        499

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









                Pre-Opening

                    and                   (1)                    Adjusted

                Development  Royalty  Stock-Based   Corporate    Property

                  Expense     Fees    Compensation   Expense      EBITDA

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

Macao:

 The Venetian

  Macao        $        197 $      - $       1,441 $        - $     228,400

 Sands Macao              -        -           469          -        92,648

 Four Seasons

  Hotel Macao

  and Plaza

  Casino                629        -            95          -        57,547

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

Macao Property

 Operations             826        -         2,005          -       378,595

Marina Bay

 Sands                2,570   18,941         1,957          -       284,471

United States:

 Las Vegas

  Operating

  Properties              -  (23,751)        3,581          -        65,165

 Sands

  Bethlehem             155        -           515          -        22,109

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

United States

 Property

 Operations             155  (23,751)        4,096          -        87,274

Other Asia (2)           59    5,000           237          -        (4,606)

Other

 Development          6,434        -             -          -             -

Corporate                 -     (190)            -     37,576             -

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

               $     10,044 $      - $       8,295 $   37,576 $     745,734

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





(1) During the three months ended March 31, 2012 and 2011, the Company

    recorded stock-based compensation expense of $19.2 million and $20.2

    million, respectively, of which $9.8 million and $11.8 million,

    respectively, is included in corporate expense and $0.2 million and $0.1

    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

                                                            March 31,

                                                        2012        2011

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

Net income attributable to Las Vegas Sands Corp.     $  498,942  $  289,323

  Add (deduct):

    Net income attributable to noncontrolling

     interests                                           80,167      75,180

    Income tax expense                                   63,171      45,211

    Loss on early retirement of debt                      2,831           -

    Other (income) expense                                3,419       4,675

    Interest expense, net of amounts capitalized         64,672      73,585

    Interest income                                      (5,648)     (2,047)

    Loss on disposal of assets                              593         499

    Impairment loss                                      42,893           -

    Amortization of leasehold interests in land           9,945      13,156

    Depreciation and amortization                       194,747     190,237

    Development expense                                   1,198         573

    Pre-opening expense                                  51,459       9,471

    Stock-based compensation (1)                          9,169       8,295

    Corporate expense                                    48,955      37,576

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



Adjusted Property EBITDA                             $1,066,513  $  745,734

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





(1) See prior page (Exhibit 2)









Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Net Revenues

(In thousands)

(Unaudited)



                                                    Three Months Ended

                                                        March 31,

                                                     2012        2011

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



The Venetian Macao                               $  772,760  $  638,269

Sands Macao                                         349,083     322,793

Four Seasons Hotel Macao and Plaza Casino           299,604     172,107

Marina Bay Sands                                    848,669     584,925

Las Vegas Operating Properties                      384,603     305,075

Sands Bethlehem                                     115,562      91,030

Other Asia                                           35,568      33,773

Intersegment Eliminations                           (43,107)    (36,053)

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



                                                 $2,762,742  $2,111,919

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









Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Adjusted Property EBITDA as a

 Percentage of Net Revenues

(Unaudited)



                                                    Three Months Ended

                                                        March 31,

                                                     2012        2011

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

The Venetian Macao                                     36.5%       35.8%

Sands Macao                                            30.6%       28.7%

Four Seasons Hotel Macao and Plaza Casino              22.5%       33.4%

Marina Bay Sands                                       55.7%       48.6%

Las Vegas Operating Properties                         30.1%       21.4%

Sands Bethlehem                                        23.8%       24.3%

Other Asia                                            -16.1%      -13.6%



Total                                                  38.6%       35.3%









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

                                                           March 31,

                                                       2012         2011

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



Net income attributable to common stockholders     $    498,942 $    228,156



Pre-opening expense, net                                 36,199        9,034

Development expense, net                                  1,198          573

Impairment loss, net                                     30,154            -

Loss on disposal of assets, net                             497          499

Loss on early retirement of debt, net                     2,831            -

Preferred stock dividends                                     -       19,598

Accretion to redemption value of preferred stock

 issued to Principal Stockholder's family

                                                              -       23,136

Preferred stock inducement and repurchase premiums            -       18,433

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



Adjusted net income                                $    569,821 $    299,429

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





Per diluted share of common stock:

Net income attributable to common stockholders     $       0.61 $       0.29



Pre-opening expense, net                                   0.05         0.01

Development expense, net                                      -            -

Impairment loss, net                                       0.04            -

Loss on disposal of assets, net                               -            -

Loss on early retirement of debt, net                         -            -

Preferred stock dividends                                     -         0.02

Accretion to redemption value of preferred stock

 issued to Principal Stockholder's family

                                                              -         0.03

Preferred stock inducement and repurchase premiums            -         0.02

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



Adjusted earnings per diluted share                $       0.70 $       0.37

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



Weighted average diluted shares outstanding         818,797,155  811,239,242









Las Vegas Sands Corp. and Subsidiaries

Supplemental Data Schedule

(Unaudited)



                                                    Three Months Ended

                                                         March 31,

                                                    2012           2011

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



Room Statistics:

  The Venetian Macao:

    Occupancy %                                         93.4%          86.5%

    Average daily room rate (ADR) (1)          $         244  $         227

    Revenue per available room (RevPAR) (2)    $         228  $         197



  Sands Macao:

    Occupancy %                                         93.8%          84.9%

    Average daily room rate (ADR) (1)          $         252  $         251

    Revenue per available room (RevPAR) (2)    $         236  $         213



  Four Seasons Hotel Macao and Plaza Casino:

    Occupancy %                                         82.3%          64.6%

    Average daily room rate (ADR) (1)          $         360  $         341

    Revenue per available room (RevPAR) (2)    $         296  $         220



  Marina Bay Sands:

    Occupancy %                                         98.4%          86.3%

    Average daily room rate (ADR) (1)          $         341  $         285

    Revenue per available room (RevPAR) (2)    $         335  $         246



  Las Vegas Operating Properties:

    Occupancy %                                         83.4%          83.9%

    Average daily room rate (ADR) (1)          $         214  $         212

    Revenue per available room (RevPAR) (2)    $         178  $         178



  Sands Bethlehem:

    Occupancy %                                         50.3%           N/A

    Average daily room rate (ADR) (1)          $         139            N/A

    Revenue per available room (RevPAR) (2)    $          70            N/A



Casino Statistics:

  The Venetian Macao:

    Table games win per unit per day (3)       $      14,334  $      11,268

    Slot machine win per unit per day (4)      $         334  $         263

    Average number of table games                        570            598

    Average number of slot machines                    2,282          2,151



  Sands Macao:

    Table games win per unit per day (3)       $      10,733  $       9,824

    Slot machine win per unit per day (4)      $         295  $         277

    Average number of table games                        399            416

    Average number of slot machines                    1,093          1,133



  Four Seasons Hotel Macao and Plaza Casino:

    Table games win per unit per day (3)       $      26,933  $      17,596

    Slot machine win per unit per day (4)      $         740  $         697

    Average number of table games                        165            118

    Average number of slot machines                      176            193



  Marina Bay Sands:

    Table games win per unit per day (3)       $      12,975  $       8,693

    Slot machine win per unit per day (4)      $         665  $         525

    Average number of table games                        607            615

    Average number of slot machines                    2,479          2,289



  Las Vegas Operating Properties:

    Table games win per unit per day (3)       $       7,085  $       3,127

    Slot machine win per unit per day (4)      $         188  $         142

    Average number of table games                        227            226

    Average number of slot machines                    2,417          2,725



  Sands Bethlehem:

    Table games win per unit per day (3)       $       2,784  $       2,874

    Slot machine win per unit per day (4)      $         279  $         239

    Average number of table games                        119             77

    Average number of slot machines                    2,995          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.

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Contacts:



Investment Community:

Sam Levenson

(702) 414-1228



Daniel Briggs

(702) 414-1221



Media:

Ron Reese

(702) 414-3607



Source: Las Vegas Sands

News Provided by Acquire Media


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