July 25, 2012

Las Vegas Sands Reports Second Quarter 2012 Results

Net Revenue Increased 10.1% to $2.58 Billion in the Second Quarter of 2012 Compared to the Second Quarter of 2011; Consolidated Adjusted Property EBITDA was $844.7 Million and Reflected Low Hold on Table Games Play in Singapore, Macao and Las Vegas; Adjusted Earnings per Diluted Share Was $0.44 in the Second Quarter of 2012 Compared to $0.54 in the Second Quarter of 2011; Third Consecutive Quarterly Dividend of $0.25 per Share Declared

 

LAS VEGAS, NV -- (Marketwire) -- 07/25/12 -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended June 30, 2012.

Second Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, stated, "While our quarterly results did not meet my expectations, and were impacted by lower hold on table games play compared to last year's second quarter, higher provisions for accounts receivable at Marina Bay Sands in Singapore, and elevated legal expenses, our financial results reflected solid revenue growth overall and significant cash flow in both Macao and Singapore, as well as the continued steady execution of our Cotai Strip development plan in Macao.

"We successfully opened on April 11, 2012 the first phase of Sands Cotai Central, the largest Integrated Resort development in the company's history. The debut of Cotai Central represents the completion of another major milestone in the steady and disciplined execution of our Cotai Strip master plan and development strategy. As approximately 4,000 additional rooms and suites, plus additional shopping, dining, entertainment and gaming offerings open in Cotai Central's later phases, we expect strong growth from the property to continue in the future. Importantly, we believe the attractions and offerings of Cotai Central, and in particular its vital inventory of hotel rooms and suites, will meaningfully benefit Macao and the Cotai Strip in the years ahead as it strengthens its position among the leading business and leisure destinations in Asia. That hotel inventory will also enhance the financial performance of our other Cotai Strip properties, The Venetian Macao and Four Seasons Hotel Macao and Plaza Casino. Upon the completion of Cotai Central, our three Cotai Strip properties will encompass 25 million square feet of interconnected Integrated Resort capacity featuring five hotel brands and over 9,000 rooms and suites, 1,300 gaming tables, 6,000 slot machines and electronic table games, approximately two million square feet of retail space, plus dining, convention, meeting and exhibition capacity, and entertainment attractions that will meaningfully increase overnight visitation to Macao and provide an outstanding platform for growth in the years ahead."

In Macao during the quarter we generated significantly stronger gaming volumes across our property portfolio, while adjusted property EBITDA increased 9.6% to reach $429.0 million with an adjusted property EBITDA margin of 29.5%. Strong growth in each segment of our gaming business was evident in our property portfolio, with rolling volumes increasing 36.3% to a record $33.35 billion, Non-rolling drop increasing 20.9% to a record $2.22 billion, and slot handle increasing 72.5% to a record $2.63 billion. The increases in gaming volumes led to Rolling, Non-Rolling and slot gross gaming revenue growth that was in excess of the growth in the Macao market in each category as compared to last year's second quarter by 160.8%, 18.8% and 16.8%, respectively. This is the first quarter we have exceeded the market rate of growth in Macao in all three categories since 2008. Our overall market share of gross gaming revenue in Macao also increased to 17.7% in the second quarter of 2012 compared to 16.0% in the second quarter of 2011, and we continue to lead the Macao market in terms of share of adjusted property EBITDA.

These gaming volume and revenue increases in Macao, together with the contribution from the important non-gaming (hotel, retail, mall and convention) components of our Integrated Resort business model, continue to drive growth. We remain pleased that the investments we have made to expand our offerings in the VIP segment remain evident in our quarterly operating results, with the Four Seasons Hotel Macao and Plaza Casino increasing its Rolling Chip volume by over 174% compared to the same quarter last year and generating a record quarterly EBITDA of $76.6 million for the property.

Marina Bay Sands in Singapore delivered a steady financial performance, including good growth in its hotel and retail segments, although lower rolling volume, low hold on rolling table games play and higher provisions for accounts receivable negatively impacted our results this quarter. Marina Bay Sands produced $330.4 million of adjusted property EBITDA during the quarter and an EBITDA margin of 47.6%. Strong growth in non-rolling chip drop (up 8.2%) and slot volumes (up 15.1%) coupled with continued growth in visitation and non-gaming revenue streams including hotel revenues (up 30.1%) 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 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 $64.4 million in adjusted property EBITDA during the quarter. Hold was lower this quarter compared to the quarter last year, which negatively impacted our results. Baccarat play was up, but other table games play was down, reflecting overall market conditions in Las Vegas. Slot handle was up 8.2%.

Sands Bethlehem delivered a strong quarter with $26.9 million in adjusted property EBITDA, up 28.1% from the same quarter last year. The property continues to benefit from growth in slot handle, table games play, and hotel revenues. The events center, which opened this quarter, is off to a strong start and should benefit the property in the future.

Adjusted earnings per diluted share was $0.44 during the quarter, compared to $0.54 last year. The lower hold on table games play, increased provisions for accounts receivable in Singapore and elevated legal expenses mentioned above were the primary drivers of the decrease in adjusted earnings per diluted share.

The prudent management of our cash flow, including the ability to both invest in future growth and to continue to return cash to shareholders, remains a high priority for the company. The board of directors of Las Vegas Sands has declared its third consecutive quarterly cash dividend of $0.25 per common share to be paid on September 28, 2012 to shareholders of record as of September 20, 2012.

Company-Wide Operating Results

Net revenue for the second quarter of 2012 was $2.58 billion, an increase of 10.1% compared to $2.35 billion in the second quarter of 2011. Consolidated adjusted property EBITDA in the second quarter of 2012 was $844.7 million, a decrease of 6.3% compared to $901.6 million in the year-ago quarter. Consolidated adjusted property EBITDA margin decreased 570 basis points to 32.7% in the second quarter of 2012, compared to 38.4% in the second quarter of 2011. The EBITDA margin in the quarter was negatively impacted compared to the quarter one year ago due to lower hold in Macao, Singapore and Las Vegas and increased provisions for accounts receivable in Singapore.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2012 decreased 34.6% to $397.7 million, compared to $608.1 million in the second quarter of 2011. The decrease in operating income was principally due to a non-cash impairment loss of $100.8 million on parcels 7 and 8 in Macao, lower hold in Macao, Singapore and Las Vegas, higher provisions for accounts receivable in Singapore, elevated legal fees, and increased pre-opening expenses related to Sands Cotai Central.

Adjusted net income (see Note 1) decreased to $365.3 million, or $0.44 per diluted share, compared to $438.6 million, or $0.54 per diluted share, in the second quarter of 2011. The decrease in adjusted net income was principally driven by the lower hold on table games play and higher provisions for accounts receivable mentioned above.

On a GAAP basis, net income attributable to common stockholders in the second quarter of 2012 decreased 34.6% to $240.6 million, compared to $367.6 million in the second quarter of 2011, while diluted earnings per share in the second quarter of 2012 decreased 35.6% to $0.29, compared to $0.45 in the prior year quarter. The decrease in net income attributable to common stockholders reflected the decrease in operating income described above, as well as the loss on modification or early retirement of debt during the quarter, partially offset by the benefit from the discontinuation of preferred stock dividends and the accretion of preferred stock resulting from the redemption of the company's outstanding preferred stock in November 2011.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 22.3% to $1.48 billion in the second quarter of 2012, compared to $1.21 billion in the second quarter of 2011. Adjusted property EBITDA for Sands China Ltd. increased 10.7% to $422.9 million in the second quarter of 2012, compared to $382.1 million in the second quarter of 2011. Net income for Sands China Ltd. decreased 40.0% to $160.5 million in the second quarter of 2012, compared to $267.4 million in the second quarter of 2011. The decrease in net income for the quarter was principally due to the aforementioned $100.8 million non-cash impairment loss on parcels 7 and 8, lower Rolling Chip hold, and increased pre-opening expenses related to Cotai Central.

The Venetian Macao Second Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered adjusted property EBITDA of $229.2 million, a decrease of 11.3% compared to $258.4 million in the second quarter of 2011. Operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.68%. The 2011 quarter included an abnormally high Rolling Chip win percentage of 3.46%. Adjusted property EBITDA margin increased to 35.3% in the second quarter of 2012 from 35.1% in the year-ago quarter. Non-Rolling Chip drop was $1.02 billion for the quarter, about the same as the quarter one year ago, while Non-Rolling Chip win percentage increased to 30.6%. Rolling Chip volume during the quarter decreased 16.5% to $11.16 billion partially due to Paiza Club renovations, which resulted in 19 fewer active rolling tables on average during the quarter. Slot handle was $1.15 billion, an increase of 33.9% compared to the quarter one year ago. Mall revenues increased 23.7% during the quarter compared to the quarter last year. RevPAR decreased 1.0% to $198 due to lower hotel occupancy.

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

 




                                  Three Months Ended

The Venetian Macao Operations          June 30,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $   561.6  $   648.5  $   (86.9)     -13.4%

  Rooms                               49.9       51.4       (1.5)      -2.9%

  Food and Beverage                   19.0       16.3        2.7       16.6%

  Mall                                31.8       25.7        6.1       23.7%

  Convention, Retail and Other        14.7       18.0       (3.3)     -18.3%

  Less - Promotional Allowances      (27.6)     (24.5)      (3.1)     -12.7%

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

Net Revenues                     $   649.4  $   735.4  $   (86.0)     -11.7%



Adjusted Property EBITDA         $   229.2  $   258.4  $   (29.2)     -11.3%

  EBITDA Margin %                     35.3%      35.1%              0.2 pts



Operating Income                 $   189.9  $   214.5  $   (24.6)     -11.5%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume              $11,161.6  $13,369.9  $(2,208.3)     -16.5%

  Rolling Chip Win %(1)               2.68%      3.46%            -0.78 pts



Non-Rolling Chip Drop            $ 1,020.9  $ 1,024.2  $    (3.3)      -0.3%

  Non-Rolling Chip Win %(2)           30.6%      25.6%              5.0 pts



Slot Handle                      $ 1,148.8  $   858.2  $   290.6       33.9%

  Slot Hold %(3)                       5.2%       6.7%             -1.5 pts



Hotel Statistics



Occupancy %                           86.7%      89.7%             -3.0 pts

Average Daily Rate (ADR)         $     228  $     223  $       5        2.2%

Revenue per Available Room

 (RevPAR)                        $     198  $     200  $      (2)      -1.0%



(1)This compares to The Venetian Macao's trailing 12 month Rolling Chip win

 percentage of 2.81% (calculated before discounts and commissions).

(2)This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip

 win percentage of 29.2% (calculated before discounts).

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

 percentage of 5.7% (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 record adjusted property EBITDA of $76.6 million in the second quarter of 2012, an increase of 103.7% compared to the $37.6 million for the second quarter of 2011. The operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.05% for the current quarter, which enhanced adjusted property EBITDA. Rolling Chip volume reached $9.21 billion for the quarter, an increase of 174.4% compared to the second quarter of 2011. Non-Rolling Chip drop was $91.0 million while Non-Rolling Chip win was up 9.5% compared to the year-ago quarter. Slot handle was $199.1 million during the quarter, about the same as the second quarter of 2011. The non-gaming offerings of the property continued to exhibit healthy growth, with increases in occupancy and RevPAR, while mall revenue was $21.3 million, a 40.1% increase compared to last year's second quarter.

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

 




Four Seasons Hotel Macao and       Three Months Ended

 Plaza Casino Operations                June 30,

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

(Dollars in millions)                2012       2011     $ Change   Change

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

Revenues:

  Casino                          $   239.8  $    98.3  $   141.5     143.9%

  Rooms                                 8.9        7.6        1.3      17.1%

  Food and Beverage                     5.6        5.4        0.2       3.7%

  Mall                                 21.3       15.2        6.1      40.1%

  Convention, Retail and Other          0.8        0.6        0.2      33.3%

  Less - Promotional Allowances       (10.3)      (6.3)      (4.0)    -63.5%

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

Net Revenues                      $   266.1  $   120.8  $   145.3     120.3%



Adjusted Property EBITDA          $    76.6  $    37.6  $    39.0     103.7%

  EBITDA Margin %                      28.8%      31.2%            -2.4 pts



Operating Income                  $    62.0  $    22.6  $    39.4     174.3%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume               $ 9,207.3  $ 3,355.7  $ 5,851.6     174.4%

  Rolling Chip Win %(1)                3.05%      2.25%            0.80 pts



Non-Rolling Chip Drop             $    91.0  $    96.9  $    (5.9)     -6.1%

  Non-Rolling Chip Win %(2)            43.9%      37.6%             6.3 pts



Slot Handle                       $   199.1  $   200.6  $    (1.5)     -0.7%

  Slot Hold %(3)                        5.4%       5.4%             0.0 pts



Hotel Statistics



Occupancy %                            73.3%      67.8%             5.5 pts

Average Daily Rate (ADR)          $     357  $     323  $      34      10.5%

Revenue per Available Room

 (RevPAR)                         $     261  $     219  $      42      19.2%



(1)This compares to the Plaza Casino's trailing 12 month Rolling Chip win

 percentage of 2.85% (calculated before discounts and commissions).

(2)This compares to the Plaza Casino's trailing 12 month Non-Rolling Chip

 win percentage of 42.1% (calculated before discounts).

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

 percentage of 5.6% (calculated before slot club cash incentives).





 

Sands Cotai Central Second Quarter Operating Results

The first phase of Sands Cotai Central on Macao's Cotai Strip began operations on April 11, 2012, with a portion of the property's gaming, hotel, dining, convention and exhibition, and retail offerings open to the public for 81 days during the quarter. Net revenues and adjusted property EBITDA for this 81-day period were $265.6 million and $51.8 million, respectively, resulting in an EBITDA margin of 19.5%.

Rolling Chip volume was $6.82 billion with Rolling Chip win percentage of 3.12%. Non-Rolling Chip drop was $389.4 million while slot handle was $665.4 million. Hotel occupancy reached 75.1% during the quarter with ADR of $141.

The following table summarizes our key operating results for Sands Cotai Central for the second quarter of 2012:

 




                                                              81-Day Period

                                                                  Ended

Sands Cotai Central Operations                                   June 30,

(Dollars in millions)                                              2012

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

Revenues:

  Casino                                                      $       249.5

  Rooms                                                                15.3

  Food and Beverage                                                     9.4

  Mall                                                                  3.3

  Convention, Retail and Other                                          1.7

  Less - Promotional Allowances                                       (13.6)

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

Net Revenues                                                  $       265.6



Adjusted Property EBITDA                                      $        51.8

  EBITDA Margin %                                                      19.5%



Operating Loss                                                $       (17.9)



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume                                           $     6,820.6

  Rolling Chip Win %                                                   3.12%



Non-Rolling Chip Drop                                         $       389.4

  Non-Rolling Chip Win %                                               21.5%



Slot Handle                                                   $       665.4

  Slot Hold %                                                           4.0%



Hotel Statistics



  Occupancy %                                                          75.1%

  Average Daily Rate (ADR)                                    $         141

  Revenue per Available Room (RevPAR)                         $         106





 

Sands Macao Second Quarter Operating Results

Sands Macao's adjusted property EBITDA was $71.3 million while adjusted property EBITDA margin was 26.3%. Lower than expected Rolling Chip win percentage of 2.58% negatively impacted adjusted property EBITDA. Rolling Chip volume was $6.16 billion for the quarter. Non-Rolling Chip drop was $717.1 million during the quarter, about the same as last year, despite a 21.5% decrease in the average number of Non-Rolling chip tables in operation during the quarter. The property had 212 Non-Rolling chip tables in operation on average during the quarter, compared to 270 in the year-ago quarter. Slot handle increased 32.2% to $611.7 million.

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

 




                                  Three Months Ended

Sands Macao Operations                 June 30,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $   264.8  $   323.7  $   (58.9)     -18.2%

  Rooms                                5.8        5.6        0.2        3.6%

  Food and Beverage                    8.3       10.0       (1.7)     -17.0%

  Convention, Retail and Other         2.4        2.1        0.3       14.3%

  Less - Promotional Allowances       (9.7)     (10.4)       0.7        6.7%

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

Net Revenues                     $   271.6  $   331.0  $   (59.4)     -17.9%



Adjusted Property EBITDA         $    71.3  $    95.6  $   (24.3)     -25.4%

  EBITDA Margin %                     26.3%      28.9%             -2.6 pts



Operating Income                 $    63.3  $    87.0  $   (23.7)     -27.2%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume              $ 6,164.8  $ 7,753.3  $(1,588.5)     -20.5%

  Rolling Chip Win %(1)               2.58%      2.98%            -0.40 pts



Non-Rolling Chip Drop            $   717.1  $   713.5  $     3.6        0.5%

  Non-Rolling Chip Win %(2)           19.7%      20.0%             -0.3 pts



Slot Handle                      $   611.7  $   462.6  $   149.1       32.2%

  Slot Hold %(3)                       4.1%       5.8%             -1.7 pts



Hotel Statistics



Occupancy %                           93.2%      88.0%              5.2 pts

Average Daily Rate (ADR)         $     242  $     242  $       0        0.0%

Revenue per Available Room

 (RevPAR)                        $     225  $     213  $      12        5.6%



(1)This compares to the Sands Macao's trailing 12 month Rolling Chip win

 percentage of 2.91% (calculated before discounts and commissions).

(2)This compares to the Sands Macao's trailing 12 month Non-Rolling Chip win

 percentage of 20.6% (calculated before discounts).

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

 of 4.6% (calculated before slot club cash incentives).





 

Marina Bay Sands Second Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $330.4 million for the second quarter. The operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.42% for the quarter, as well as a provision for accounts receivable of $39.9 million during the quarter, compared to $11.4 million in the second quarter of 2011. Adjusted property EBITDA margin was 47.6% for the quarter, and was negatively impacted by the lower hold and the higher provision.

Gaming volumes reflected strong growth in the mass segments. Non-Rolling Chip drop increased 8.2% to $1.21 billion, with Non-Rolling Chip win percentage of 22.2%. Slot handle increased 15.1% to reach $2.74 billion for the quarter, with slot hold percentage of 5.2%. Total mass win per day during the quarter increased 8.9% to reach $4.52 million, compared to $4.15 million in the second quarter of 2011. Rolling Chip volume was $11.51 billion for the quarter.

The high margin hotel room and mall segments of the property continued to reflect strong revenue growth of 30.0% and 13.0%, 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 29.9% compared to the same quarter last year.

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

 




                                  Three Months Ended

Marina Bay Sands Operations            June 30,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $   550.2  $   594.6  $   (44.4)      -7.5%

  Rooms                               80.1       61.6       18.5       30.0%

  Food and Beverage                   43.4       45.4       (2.0)      -4.4%

  Mall                                37.4       33.1        4.3       13.0%

  Convention, Retail and Other        25.0       40.2      (15.2)     -37.8%

  Less - Promotional Allowances      (41.3)     (37.3)      (4.0)     -10.7%

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

Net Revenues                     $   694.8  $   737.6  $   (42.8)      -5.8%



Adjusted Property EBITDA         $   330.4  $   405.4  $   (75.0)     -18.5%

  EBITDA Margin %                     47.6%      55.0%             -7.4 pts



Operating Income                 $   235.3  $   315.3  $   (80.0)     -25.4%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume              $11,505.7  $12,228.8  $  (723.1)      -5.9%

  Rolling Chip Win %(1)               2.42%      2.99%            -0.57 pts



Non-Rolling Chip Drop            $ 1,205.5  $ 1,114.5  $    91.0        8.2%

  Non-Rolling Chip Win %(2)           22.2%      22.5%             -0.3 pts



Slot Handle                      $ 2,741.1  $ 2,380.7  $   360.4       15.1%

  Slot Hold %(3)                       5.2%       5.4%             -0.2 pts



Hotel Statistics



Occupancy %                           99.1%      90.8%              8.3 pts

Average Daily Rate (ADR)         $     351  $     295  $      56       19.0%

Revenue per Available Room

 (RevPAR)                        $     348  $     268  $      80       29.9%



(1)This compares to Marina Bay Sands' trailing 12 month Rolling Chip win

 percentage of 2.98% (calculated before discounts and commissions).

(2)This compares to Marina Bay Sands' trailing 12 month Non-Rolling Chip win

 percentage of 22.8% (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 Second Quarter Operating Results

The Venetian and The Palazzo delivered adjusted property EBITDA of $64.4 million for the second quarter of 2012, a decrease of 30.7% compared to the $92.9 million generated in the second quarter of 2011. Adjusted property EBITDA margin was 19.7% for the quarter. The operating results were negatively impacted by lower than expected table games win percentage of 16.5% for the quarter. Table games hold was 20.0% in the 2011 quarter. Slot handle increased 8.2% to $445.1 million while table games drop increased 2.9% to $434.6 million. Stronger group meeting and convention business during the quarter drove a 2.5% increase in hotel ADR.

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

 




                                   Three Months Ended

Las Vegas Operations                    June 30,

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

(Dollars in millions)                2012       2011     $ Change   Change

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

Revenues:

  Casino                          $    94.6  $   105.1  $   (10.5)    -10.0%

  Rooms                               112.8      112.9       (0.1)     -0.1%

  Food and Beverage                    67.2       63.4        3.8       6.0%

  Convention, Retail and Other         72.3       68.0        4.3       6.3%

  Less - Promotional Allowances       (19.6)     (16.9)      (2.7)    -16.0%

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

Net Revenues                      $   327.3  $   332.5  $    (5.2)     -1.6%



Adjusted Property EBITDA          $    64.4  $    92.9  $   (28.5)    -30.7%

EBITDA Margin %                        19.7%      27.9%            -8.2 pts



Operating Income                  $    38.3  $    53.8  $   (15.5)    -28.8%



Gaming Statistics

(Dollars in millions)



Table Games Drop                  $   434.6  $   422.2  $    12.4       2.9%

Table Games Win %(1)                   16.5%      20.0%            -3.5 pts



Slot Handle                       $   445.1  $   411.5  $    33.6       8.2%

Slot Hold %(2)                          8.9%       8.8%             0.1 pts



Hotel Statistics



Occupancy %                            86.2%      88.8%            -2.6 pts

Average Daily Rate (ADR)          $     205  $     200  $       5       2.5%

Revenue per Available Room

 (RevPAR)                         $     176  $     177  $      (1)     -0.6%



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

 win percentage of 20.0% (calculated before discounts).

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

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





 

Sands Bethlehem Second Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $115.1 million and adjusted property EBITDA reached $26.9 million for the second quarter of 2012. Table games drop was $218.4 million for the quarter, an increase of 44.2% compared to the quarter one year ago, while table games win percentage was 14.3%. Slot handle increased 6.8% to reach $1.01 billion for the quarter with slot hold percentage of 7.2%. The property's 300-room hotel tower contributed $2.4 million of room revenue during the current quarter. The hotel, together with the addition of the retail mall and the events center, which debuted 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 second quarter of 2012 compared to the second quarter of 2011:

 




                                   Three Months Ended

Sands Bethlehem Operations              June 30,

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

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

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

Revenues:

  Casino                          $   107.0  $    92.0  $    15.0      16.3%

  Rooms                                 2.4        0.7        1.7     242.9%

  Food and Beverage                     6.9        5.5        1.4      25.5%

  Mall                                  0.5          -        0.5       N/A

  Convention, Retail and Other          4.3        3.6        0.7      19.4%

  Less - Promotional Allowances        (6.0)      (4.7)      (1.3)    -27.7%

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

Net Revenues                      $   115.1  $    97.1  $    18.0      18.5%



Adjusted Property EBITDA          $    26.9  $    21.0  $     5.9      28.1%

EBITDA Margin %                        23.4%      21.7%             1.7 pts



Operating Income                  $    17.4  $    12.5  $     4.9      39.2%



Gaming Statistics

(Dollars in millions)



Table Games Drop                  $   218.4  $   151.5  $    66.9      44.2%

Table Games Win %(2)                   14.3%      14.0%             0.3 pts



Slot Handle                       $ 1,012.6  $   947.9  $    64.7       6.8%

Slot Hold %(3)                          7.2%       7.2%             0.0 pts



Hotel Statistics



Occupancy %                            62.2%      49.1%            13.1 pts

Average Daily Rate (ADR)          $     142  $     168        (26)    -15.5%

Revenue per Available Room

 (RevPAR)                         $      88  $      83          5       6.0%



(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 14.5% (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 on Macao's Cotai Strip (The Venetian Macao, the Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $93.3 million for the second quarter of 2012, an increase of 26.3% compared to the second quarter of 2011. Operating profit derived from these retail mall assets increased 30.7% for the quarter to reach $75.8 million.

 




                                                                    LTM June

                       For The Three Months Ended June 30, 2012     30, 2012

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

(Dollars in                                       Gross              Tenant

 millions                             Operating  Leasable Occupancy   Sales

except per square   Gross   Operating   Profit    Area     % at End  Per Sq.

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

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



The Grand Canal

 Shoppes at The

 Venetian Macao    $  31.3 $     25.5     81.5%   806,897     91.6% $  1,165



The Shoppes at

 Four Seasons

  Luxury Retail       17.3       16.3     94.2%    87,063    100.0%    6,335

  Other Stores         4.0        3.4     85.0%   102,025     85.6%    1,251

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

  Total               21.3       19.7     92.5%   189,088     92.2%    4,095



The Shoppes at

 Sands Cotai

 Central (Phase I

 only)                 3.3        2.1     63.6%    50,635    100.0%      N/A



The Shoppes at

 Marina Bay Sands     37.4       28.5     76.2%   629,734     97.2%    1,313

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



Total              $  93.3 $     75.8     81.2% 1,676,354     94.0% $  1,582

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



(1) Operating profit excludes bad debt expense of $0.1 million at The Grand

 Canal Shoppes at The Venetian Macao and $0.2 million at The Shoppes at Four

 Seasons. Bad debt expense at The Shoppes at Sands Cotai Central and The

 Shoppes at Marina Bay Sands was immaterial for the quarter.

(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 $6.0 million during the quarter, an improvement over last year's loss during the quarter of $9.2 million.

Pre-opening expenses, related primarily to Cotai Central on the Cotai Strip in Macao, increased to $43.5 million in the second quarter of 2012, compared to $18.2 million in the second quarter of 2011.

Depreciation and amortization expense was $220.4 million in the second quarter of 2012, compared to $206.2 million in the second quarter of 2011.

Interest expense, net of amounts capitalized, was $64.5 million for the second quarter of 2012, compared to $70.6 million during the second quarter of 2011. The decrease was principally the result of a lower average borrowing cost, as well as lower debt balances outstanding during the quarter compared to the second quarter of 2011. Capitalized interest was $12.3 million during the second quarter of 2012, compared to $31.8 million during the second quarter of 2011. Our weighted average borrowing cost in the second quarter of 2012 was 3.0%.

Corporate expense was $58.6 million in the second quarter of 2012, compared to $42.4 million in the second quarter of 2011. The increase was primarily driven by higher legal fees.

The company recorded a non-cash impairment loss of $100.8 million related to capitalized costs on parcels 7 and 8 in Macao.

Other income, which was principally composed of foreign currency gains, was $1.8 million in the second quarter of 2012, compared to $1.9 million in the second quarter of 2011.

The company recorded a $16.4 million loss on modification or early retirement of debt as a result of the refinancing of its Singapore credit facility and the pre-payment of debt in the United States (see balance sheet items section below).

The company's effective income tax rate for the second quarter of 2012 was 12.0%. 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 2012 of $45.8 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of June 30, 2012, were $3.52 billion, while restricted cash balances were $7.6 million.

As of June 30, 2012, total debt outstanding, including the current portion, was $9.37 billion. That balance reflects the early retirement of debt in the United States of approximately $400 million that was completed during the second quarter of 2012. Total principal payments for the remainder of 2012 and the full year 2013 are approximately $16.7 million and $96.8 million, respectively.

During the quarter, the company refinanced its Singapore credit facility.

Capital Expenditures

Capital expenditures during the second quarter totaled $337.3 million, including construction and development activities of $269.3 million in Macao, $38.3 million in Las Vegas, $25.1 million at Marina Bay Sands, and $4.6 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, July 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 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 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 2012 Results
Non-GAAP Reconciliations

Within the company's second 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           Six Months Ended

                              June 30,                    June 30,

                         2012          2011          2012          2011

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



Revenues:

  Casino             $  2,067,424  $  1,862,272  $  4,333,917  $  3,526,761

  Rooms                   275,311       239,696       543,038       471,670

  Food and beverage       159,744       146,016       313,199       291,409

  Mall                     93,740        73,879       165,158       129,744

  Convention, retail

   and other              116,834       126,763       246,551       235,553

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

                        2,713,053     2,448,626     5,601,863     4,655,137

  Less - promotional

   allowances            (131,147)     (103,530)     (257,215)     (198,122)

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

                        2,581,906     2,345,096     5,344,648     4,457,015

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

Operating expenses:

  Resort operations     1,743,557     1,450,362     3,448,955     2,824,842

  Corporate                58,592        42,376       107,547        79,952

  Pre-opening              43,472        18,178        94,931        27,649

  Development               6,797         2,420         7,995         2,993

  Depreciation and

   amortization           220,440       206,161       415,187       396,398

  Amortization of

   leasehold

   interests in land       10,057        10,034        20,002        23,190

  Impairment loss         100,781             -       143,674             -

  Loss on disposal of

   assets                     482         7,443         1,075         7,942

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

                        2,184,178     1,736,974     4,239,366     3,362,966

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

Operating income          397,728       608,122     1,105,282     1,094,049

Other income

 (expense):

  Interest income           6,892         4,028        12,540         6,075

  Interest expense,

   net of amounts

   capitalized            (64,533)      (70,592)     (129,205)     (144,177)

  Other income

   (expense)                1,782         1,908        (1,637)       (2,767)

  Loss on

   modification or

   early retirement

   of debt                (16,403)            -       (19,234)            -

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

Income before income

 taxes                    325,466       543,466       967,746       953,180

Income tax expense        (39,085)      (54,374)     (102,256)      (99,585)

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

Net income                286,381       489,092       865,490       853,595

Net income

 attributable to

 noncontrolling

 interests                (45,794)      (78,455)     (125,961)     (153,635)

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

Net income

 attributable to Las

 Vegas Sands Corp.        240,587       410,637       739,529       699,960

Preferred stock

 dividends                      -       (19,219)            -       (38,817)

Accretion to

 redemption value of

 preferred stock

 issued to Principal

 Stockholder's family           -       (23,136)            -       (46,272)

Preferred stock

 inducement and

 repurchase premiums            -          (675)            -       (19,108)

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

Net income

 attributable to

 common stockholders $    240,587  $    367,607  $    739,529  $    595,763

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



Earnings per share:

  Basic              $       0.29  $       0.50  $       0.94  $       0.82

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

  Diluted            $       0.29  $       0.45  $       0.90  $       0.73

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



Weighted average

 shares outstanding:

  Basic               821,110,555   728,695,140   790,773,996   726,056,840

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

  Diluted             826,102,326   811,274,706   822,458,833   811,243,195

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



Dividends declared

 per common share    $       0.25  $          -  $       0.50  $          -

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







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, 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     $  189,918  $      36,344 $        1,652 $          17

  Sands Macao    63,292          7,616            353          (261)

  Four

   Seasons

   Hotel

   Macao and

   Plaza

   Casino        61,985         12,480            705            33

  Sands Cotai

   Central      (17,876)        25,558          2,152             -

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

Macao

 Property

 Operations     297,319         81,998          4,862          (211)

Marina Bay

 Sands          235,291         66,016          4,574           138

United

 States:

  Las Vegas

   Operating

   Properties    38,282         56,034              -           165

  Sands

   Bethlehem     17,362          8,865              -           405

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

United States

 Property

 Operations      55,644         64,899              -           570

Other Asia

 (2)            (20,066)         3,702              -            24

Other

 Development   (108,424)           153            621       100,743

Corporate       (62,036)         3,672              -            (1)

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

             $  397,728  $     220,440 $       10,057 $     101,263

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









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, 2012



                  Pre-

                 Opening

                   and                     (1)                   Adjusted

               Development  Royalty    Stock-Based   Corporate   Property

                 Expense      Fees    Compensation    Expense     EBITDA

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

Macao:

  The

   Venetian

   Macao      $         53 $       -  $       1,257 $        - $    229,241

  Sands Macao            -         -            304          -       71,304

  Four

   Seasons

   Hotel

   Macao and

   Plaza

   Casino            1,340         -             44          -       76,587

  Sands Cotai

   Central          41,771         -            233          -       51,838

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

Macao

 Property

 Operations         43,164         -          1,838          -      428,970

Marina Bay

 Sands                   -    22,649          1,737          -      330,405

United

 States:

  Las Vegas

   Operating

   Properties            -   (32,696)         2,565          -       64,350

  Sands

   Bethlehem           147         -            138          -       26,917

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

United States

 Property

 Operations            147   (32,696)         2,703          -       91,267

Other Asia

 (2)                    51    10,274             60          -       (5,955)

Other

 Development         6,907         -              -          -            -

Corporate                -      (227)             -     58,592            -

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

              $     50,269 $       -  $       6,338 $   58,592 $    844,687

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







                  Three Months Ended June 30, 2011



                                        Amortization      (Gain)

                                             of          Loss on

              Operating   Depreciation    Leasehold      Disposal

               Income         and         Interests         of

               (Loss)     Amortization     in Land        Assets

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

Macao:

  The

   Venetian

   Macao     $  214,460  $      42,132 $        1,028 $      (1,093)

  Sands Macao    86,982          7,737            352            21

  Four

   Seasons

   Hotel

   Macao and

   Plaza

   Casino        22,602         13,150            703            37

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

Macao

 Property

 Operations     324,044         63,019          2,083        (1,035)

Marina Bay

 Sands          315,292         62,078          4,565            56

United

 States:

  Las Vegas

   Operating

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

  Sands

   Bethlehem     12,508          7,532              -             -

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

United States

 Property

 Operations      66,319         72,569              -        (1,715)

Other Asia

 (2)            (18,522)         3,843              -             4

Other

 Development    (24,718)           174          3,386         2,471

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

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

             $  608,122  $     206,161 $       10,034 $       7,443

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









                      Three Months Ended June 30, 2011



                  Pre-

                 Opening                   (1)

                   and                    Stock-                 Adjusted

               Development  Royalty       Based      Corporate   Property

                 Expense      Fees     Compensation   Expense     EBITDA

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

Macao:

  The

   Venetian

   Macao      $         18 $       -  $       1,821 $        - $    258,366

  Sands Macao            -         -            481          -       95,573

  Four

   Seasons

   Hotel

   Macao and

   Plaza

   Casino            1,002         -            126          -       37,620

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

Macao

 Property

 Operations          1,020         -          2,428          -      391,559

Marina Bay

 Sands                 274    22,334            760          -      405,359

United

 States:

  Las Vegas

   Operating

   Properties            -   (27,111)         2,887          -       92,909

  Sands

   Bethlehem           484         -            515          -       21,039

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

United States

 Property

 Operations            484   (27,111)         3,402          -      113,948

Other Asia

 (2)                   133     5,000            312          -       (9,230)

Other

 Development        18,687         -              -          -            -

Corporate                -      (223)             -     42,376            -

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

              $     20,598 $       -  $       6,902 $   42,376 $    901,636

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







                   Six Months Ended June 30, 2012



                                                        Impairment

                                                           and

                                        Amortization      (Gain)

                                             of            Loss

              Operating   Depreciation    Leasehold         on

               Income         and         Interests      Disposal

               (Loss)     Amortization     in Land      of Assets

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

Macao:

  The

   Venetian

   Macao     $  388,486  $      73,112 $        3,302 $      42,949

  Sands Macao   161,834         15,027            706          (169)

  Four

   Seasons

   Hotel

   Macao and

   Plaza

   Casino       115,395         24,904          1,410            37

Sands Cotai

 Central        (17,876)        25,558          2,152             -

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

Macao

 Property

 Operations     647,839        138,601          7,570        42,817

Marina Bay

 Sands          608,489        131,067          9,042            (1)

United

 States:

  Las Vegas

   Operating

   Properties   125,986        112,716              -           567

  Sands

   Bethlehem     35,540         17,739              -           413

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

United States

 Property

 Operations     161,526        130,455              -           980

Other Asia

 (2)            (35,016)         7,383              -            24

Other

 Development   (163,259)           422          3,390       100,930

Corporate      (114,297)         7,259              -            (1)

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

             $1,105,282  $     415,187 $       20,002 $     144,749

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









                       Six Months Ended June 30, 2012







                  Pre-

                 Opening

                   and                     (1)                   Adjusted

               Development  Royalty    Stock-Based   Corporate   Property

                 Expense      Fees     Compensation   Expense     EBITDA

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

Macao:

  The

   Venetian

   Macao      $         53 $       -  $       3,272 $        - $    511,174

  Sands Macao            -         -            862          -      178,260

  Four

   Seasons

   Hotel

   Macao and

   Plaza

   Casino            2,222         -            138          -      144,106

Sands Cotai

 Central            41,771         -            233          -       51,838

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

Macao

 Property

 Operations         44,046         -          4,505          -      885,378

Marina Bay

 Sands                   -    50,790          3,537          -      802,924

United

 States:

  Las Vegas

   Operating

   Properties            -   (65,556)         6,443          -      180,156

  Sands

   Bethlehem           241         -            486          -       54,419

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

United States

 Property

 Operations            241   (65,556)         6,929          -      234,575

Other Asia

 (2)                   122    15,274            536          -      (11,677)

Other

 Development        58,517         -              -          -            -

Corporate                -      (508)             -    107,547            -

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

              $    102,926 $       -  $      15,507 $  107,547 $  1,911,200

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





 

 




                   Six Months Ended June 30, 2011



                                        Amortization      (Gain)

                                             of          Loss on

              Operating   Depreciation    Leasehold      Disposal

               Income         and         Interests         of

               (Loss)     Amortization     in Land        Assets

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

Macao:

  The

   Venetian

   Macao     $  395,301  $      85,411 $        3,297 $        (720)

  Sands Macao   170,895         15,549            705           122

  Four

   Seasons

   Hotel

   Macao and

   Plaza

   Casino        65,282         26,504          1,407           122

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

Macao

 Property

 Operations     631,478        127,464          5,409          (476)

Marina Bay

 Sands          512,019        117,984         12,248           743

United

 States:

  Las Vegas

   Operating

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

  Sands

   Bethlehem     26,626         14,853              -             -

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

United States

 Property

 Operations     111,755        133,970              -        (1,778)

Other Asia

 (2)            (32,549)         7,970              -             2

Other

 Development    (32,792)           349          5,533         1,789

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

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

             $1,094,049  $     396,398 $       23,190 $       7,942

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









                       Six Months Ended June 30, 2011



                  Pre-

                 Opening

                   and                     (1)                   Adjusted

               Development  Royalty    Stock-Based   Corporate   Property

                 Expense      Fees     Compensation   Expense     EBITDA

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

Macao:

  The

   Venetian

   Macao      $        215 $       -  $       3,262 $        - $    486,766

  Sands Macao            -         -            950          -      188,221

  Four

   Seasons

   Hotel

   Macao and

   Plaza

   Casino            1,631         -            221          -       95,167

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

Macao

 Property

 Operations          1,846         -          4,433          -      770,154

Marina Bay

 Sands               2,844    41,275          2,717          -      689,830

United

 States:

  Las Vegas

   Operating

   Properties            -   (50,862)         6,468          -      158,074

  Sands

   Bethlehem           639         -          1,030          -       43,148

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

United States

 Property

 Operations            639   (50,862)         7,498          -      201,222

Other Asia

 (2)                   192    10,000            549          -      (13,836)

Other

 Development        25,121         -              -          -            -

Corporate                -      (413)             -     79,952            -

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

              $     30,642 $       -  $      15,197 $   79,952 $  1,647,370

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





 

(1) During the three months ended June 30, 2012 and 2011, the Company recorded stock-based compensation expense of $13.7 million and $13.1 million, respectively, of which $7.1 million and $6.1 million, respectively, is included in corporate expense and $0.3 million and $0.1 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, 2012 and 2011, the Company recorded stock-based compensation expense of $32.9 million and $33.3 million, respectively, of which $16.9 million and $17.9 million, respectively, is included in corporate expense and $0.5 million and $0.2 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.

(2) Primarily includes the results of the CotaiJet ferry operations.

 




Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)



The following 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,

                             2012         2011         2012         2011

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

Net income attributable

 to Las Vegas Sands

 Corp.                   $   240,587  $   410,637  $   739,529  $   699,960

Add (deduct):

  Net income

   attributable to

   noncontrolling

   interests                  45,794       78,455      125,961      153,635

  Income tax expense          39,085       54,374      102,256       99,585

  Loss on modification

   or early retirement

   of debt                    16,403            -       19,234            -

  Other (income) expense      (1,782)      (1,908)       1,637        2,767

  Interest expense, net

   of amounts

   capitalized                64,533       70,592      129,205      144,177

  Interest income             (6,892)      (4,028)     (12,540)      (6,075)

  Loss on disposal of

   assets                        482        7,443        1,075        7,942

  Impairment loss            100,781            -      143,674            -

  Amortization of

   leasehold interests

   in land                    10,057       10,034       20,002       23,190

  Depreciation and

   amortization              220,440      206,161      415,187      396,398

  Development expense          6,797        2,420        7,995        2,993

  Pre-opening expense         43,472       18,178       94,931       27,649

  Stock-based

   compensation (1)            6,338        6,902       15,507       15,197

  Corporate expense           58,592       42,376      107,547       79,952

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



Adjusted Property EBITDA $   844,687  $   901,636  $ 1,911,200  $ 1,647,370

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





(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,

                             2012         2011         2012         2011

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



The Venetian Macao       $   649,446  $   735,405  $ 1,422,206  $ 1,373,674

Sands Macao                  271,603      330,960      620,686      653,753

Four Seasons Hotel Macao

 and Plaza Casino            266,137      120,757      565,741      292,864

Sands Cotai Central          265,601            -      265,601            -

Marina Bay Sands             694,762      737,569    1,543,431    1,322,494

Las Vegas Operating

 Properties                  327,313      332,522      711,916      637,597

Sands Bethlehem              115,096       97,120      230,658      188,150

Other Asia                    37,935       32,450       73,503       66,223

Intersegment

 Eliminations                (45,987)     (41,687)     (89,094)     (77,740)

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



                         $ 2,581,906  $ 2,345,096  $ 5,344,648  $ 4,457,015

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







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,

                                2012        2011        2012        2011

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

The Venetian Macao                 35.3%       35.1%       35.9%       35.4%

Sands Macao                        26.3%       28.9%       28.7%       28.8%

Four Seasons Hotel Macao and

 Plaza Casino                      28.8%       31.2%       25.5%       32.5%

Sands Cotai Central                19.5%        N/A        19.5%        N/A

Marina Bay Sands                   47.6%       55.0%       52.0%       52.2%

Las Vegas Operating

 Properties                        19.7%       27.9%       25.3%       24.8%

Sands Bethlehem                    23.4%       21.7%       23.6%       22.9%

Other Asia                        -15.7%      -28.4%      -15.9%      -20.9%



Total                              32.7%       38.4%       35.8%       37.0%







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,

                          2012          2011          2012          2011

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



Net income

 attributable to

 common stockholders $     240,587 $     367,607 $     739,529 $     595,763



Pre-opening expense,

 net                        30,611        18,131        66,810        27,165

Development expense,

 net                         6,797         2,420         7,995         2,993

Impairment loss, net        70,855             -       101,009             -

Loss on disposal of

 assets, net                   549         7,443         1,046         7,942

Loss on modification

 or early retirement

 of debt, net               15,883             -        18,714             -

Preferred stock

 dividends                       -        19,219             -        38,817

Accretion to

 redemption value of

 preferred stock

 issued to Principal

 Stockholder's

 family                          -        23,136             -        46,272

Preferred stock

 inducement and

 repurchase premiums             -           675             -        19,108

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



Adjusted net income  $     365,282 $     438,631 $     935,103 $     738,060

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





Per diluted share of

 common stock:

Net income

 attributable to

 common stockholders $        0.29 $        0.46 $        0.90 $        0.74



Pre-opening expense,

 net                          0.03          0.02          0.08          0.03

Development expense,

 net                          0.01             -          0.01             -

Impairment loss, net          0.09             -          0.13             -

Loss on disposal of

 assets, net                     -          0.01             -          0.01

Loss on modification

 or early retirement

 of debt, net                 0.02             -          0.02             -

Preferred stock

 dividends                       -          0.02             -          0.05

Accretion to

 redemption value of

 preferred stock

 issued to Principal

 Stockholder's

 family                          -          0.03             -          0.06

Preferred stock

 inducement and

 repurchase premiums             -             -             -          0.02

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



Adjusted earnings

 per diluted share   $        0.44 $        0.54 $        1.14 $        0.91

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



Weighted average

 diluted shares

 outstanding           826,102,326   811,274,706   822,458,833   811,243,195







Las Vegas Sands Corp. and Subsidiaries

Supplemental Data Schedule

(Unaudited)



                            Three Months Ended         Six Months Ended

                                 June 30,                  June 30,

                             2012         2011         2012         2011

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



Room Statistics:

  The Venetian Macao:

    Occupancy %                 86.7%        89.7%        90.1%        88.1%

    Average daily room

     rate (ADR) (1)      $       228  $       223  $       236  $       225

    Revenue per

     available room

     (RevPAR) (2)        $       198  $       200  $       213  $       198



  Sands Macao:

    Occupancy %                 93.2%        88.0%        93.5%        86.5%

    Average daily room

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

    Revenue per

     available room

     (RevPAR) (2)        $       225  $       213  $       231  $       213



  Four Seasons Hotel

   Macao and Plaza

   Casino:

    Occupancy %                 73.3%        67.8%        77.8%        66.2%

    Average daily room

     rate (ADR) (1)      $       357  $       323  $       358  $       331

    Revenue per

     available room

     (RevPAR) (2)        $       261  $       219  $       279  $       220



  Sands Cotai Central:

    Occupancy %                 75.1%         N/A         75.1%         N/A

    Average daily room

     rate (ADR) (1)      $       141          N/A  $       141          N/A

    Revenue per

     available room

     (RevPAR) (2)        $       106          N/A  $       106          N/A



  Marina Bay Sands:

    Occupancy %                 99.1%        90.8%        98.7%        88.6%

    Average daily room

     rate (ADR) (1)      $       351  $       295  $       346  $       290

    Revenue per

     available room

     (RevPAR) (2)        $       348  $       268  $       341  $       257



  Las Vegas Operating

   Properties:

    Occupancy %                 86.2%        88.8%        84.8%        86.4%

    Average daily room

     rate (ADR) (1)      $       205  $       200  $       209  $       206

    Revenue per

     available room

     (RevPAR) (2)        $       176  $       177  $       177  $       178



  Sands Bethlehem:

    Occupancy %                 62.2%        49.1%        56.2%        49.1%

    Average daily room

     rate (ADR) (1)      $       142  $       168  $       141  $       168

    Revenue per

     available room

     (RevPAR) (2)        $        88  $        83  $        79  $        83



Casino Statistics:

  The Venetian Macao:

    Table games win per

     unit per day (3)    $    13,860  $    13,269  $    14,117  $    12,276

    Slot machine win per

     unit per day (4)    $       295  $       295  $       315  $       279

    Average number of

     table games                 485          600          527          599

    Average number of

     slot machines             2,220        2,154        2,251        2,152



  Sands Macao:

    Table games win per

     unit per day (3)    $     9,500  $     9,926  $    10,159  $     9,875

    Slot machine win per

     unit per day (4)    $       240  $       257  $       267  $       267

    Average number of

     table games                 348          414          373          415

    Average number of

     slot machines             1,158        1,157        1,125        1,145



  Four Seasons Hotel

   Macao and Plaza

   Casino:

    Table games win per

     unit per day (3)    $    22,227  $    10,420  $    24,625  $    13,988

    Slot machine win per

     unit per day (4)    $       649  $       627  $       694  $       662

    Average number of

     table games                 159          118          162          118

    Average number of

     slot machines               183          190          180          192



  Sands Cotai Central:

    Table games win per

     unit per day (3)    $    10,112          N/A  $    10,112          N/A

    Slot machine win per

     unit per day (4)    $       397          N/A  $       397          N/A

    Average number of

     table games                 362          N/A          362          N/A

    Average number of

     slot machines               819          N/A          819          N/A



  Marina Bay Sands:

    Table games win per

     unit per day (3)    $     9,825  $    11,185  $    11,395  $     9,936

    Slot machine win per

     unit per day (4)    $       636  $       611  $       646  $       568

    Average number of

     table games                 611          606          609          610

    Average number of

     slot machines             2,484        2,297        2,482        2,293



  Las Vegas Operating

   Properties:

    Table games win per

     unit per day (3)    $     3,402  $     4,032  $     5,227  $     3,586

    Slot machine win per

     unit per day (4)    $       200  $       152  $       194  $       147

    Average number of

     table games                 231          230          229          228

    Average number of

     slot machines             2,170        2,608        2,293        2,666



  Sands Bethlehem:

    Table games win per

     unit per day (3)    $     2,813  $     2,550  $     2,799  $     2,698

    Slot machine win per

     unit per day (4)    $       265  $       249  $       272  $       244

    Average number of

     table games                 122           91          120           84

    Average number of

     slot machines             3,024        3,024        3,009        3,020





 

(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:

Daniel Briggs

(702) 414-1221



Media:

Ron Reese

(702) 414-3607



Source: Las Vegas Sands

 

 

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