November 1, 2012

Las Vegas Sands Reports Third Quarter 2012 Results

Market Share of Gross Gaming Revenue in Macao Reached 19.3% in the Quarter Compared to 14.3% Last Year, Reflecting Market Share Growth of 35%; Net Revenue Increased 12.5% to $2.71 Billion in the Third Quarter of 2012 Compared to the Third Quarter of 2011; Record Gaming Volumes in Macao Drove Adjusted Property EBITDA in Macao Up 25.7% to Record $487.9 Million; Board of Directors Increases Dividend by 40% to $0.35 per Quarter, or $1.40 per Year, for 2013 and Declares $0.25 per Share Dividend for the Fourth Quarter of 2012; Consolidated Adjusted Property EBITDA of $876.9 Million Reflected Low Hold on Table Games Play in Singapore (Consolidated Hold-Adjusted Adjusted Property EBITDA Was $950.7 Million)

LAS VEGAS, NV -- (Marketwire) -- 11/01/12 -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2012.

Third Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "Despite low hold on table games play at Marina Bay Sands in Singapore, our financial results reflect strong revenue growth and cash flow for the quarter.

"In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business. We also made strong progress on the execution of our Cotai Strip development plan, as we successfully opened the second phase of Sands Cotai Central, the largest Integrated Resort development in the company's history and a key component of our Cotai Strip master plan. We expect the attractions and offerings of Sands Cotai Central, and in particular its vast inventory of hotel rooms and suites, to meaningfully benefit Macao and the Cotai Strip as it strengthens its position as one of the leading business and leisure destinations in the world. Looking ahead, we remain confident that our soon to be interconnected Cotai Strip properties, The Venetian Macao, Four Seasons Macao and Plaza Casino, and Sands Cotai Central, with 28 million square feet of Integrated Resort capacity, will provide an outstanding platform for growth in Macao in the years ahead.

"The prudent management of our cash flow, including the ability to both invest in future growth and to increase the return of capital to our shareholders, remains a high priority for the company. The board of directors of Las Vegas Sands is pleased to increase the quarterly dividend by 40% to $0.35 per common share, or $1.40 per common share per year, beginning in the first quarter of 2013. The company also declared its fourth consecutive quarterly dividend of $0.25 per common share to be paid on December 28, 2012 to shareholders of record as of December 20, 2012."

Company-Wide Operating Results

Net revenue for the third quarter of 2012 was $2.71 billion, an increase of 12.5% compared to $2.41 billion in the third quarter of 2011. Consolidated adjusted property EBITDA in the third quarter of 2012 was $876.9 million, a decrease of 5.1% compared to $924.1 million in the year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA was $950.7 million. Consolidated adjusted property EBITDA margin decreased to 32.4% in the third quarter of 2012, compared to 38.4% in the third quarter of 2011. The quarter's adjusted property EBITDA and EBITDA margin were unfavorably impacted compared to the quarter one year ago due to lower hold (approximately $74 million adjusted property EBITDA impact) and increased provisions for accounts receivable (approximately $15 million in adjusted property EBITDA impact) in Singapore.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2012 decreased 15.6% to $534.1 million, compared to $632.6 million in the third quarter of 2011. The decrease in operating income was principally due to the previously mentioned reasons as well as pre-opening expenses and higher depreciation and amortization related to the opening of Sands Cotai Central.

Adjusted net income (see Note 1) decreased to $382.2 million, or $0.46 per diluted share, compared to $444.8 million, or $0.55 per diluted share, in the third quarter of 2011. The decrease in adjusted net income was principally driven by the decrease in operating income described above.

On a GAAP basis, net income attributable to common stockholders in the third quarter of 2012 decreased 1.1% to $349.8 million, compared to $353.6 million in the third quarter of 2011, while diluted earnings per share in the third quarter of 2012 decreased 4.5% to $0.42, compared to $0.44 in the prior year quarter. The decrease in net income attributable to common stockholders reflected the decrease in operating income described above, 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 36.7% to $1.64 billion in the third quarter of 2012, compared to $1.20 billion in the third quarter of 2011. Adjusted property EBITDA for Sands China Ltd. increased 24.3% to $485.6 million in the third quarter of 2012, compared to $390.6 million in the third quarter of 2011. Net income for Sands China Ltd. increased 17.4% to $326.7 million in the third quarter of 2012, compared to $278.3 million in the third quarter of 2011.

The Venetian Macao Third Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered a record adjusted property EBITDA of $299.0 million, an increase of 18.3% compared to $252.7 million in the third quarter of 2011. Operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.32%, compared to 2.66% in the third quarter of 2011. Adjusted property EBITDA margin increased to 38.7% in the third quarter of 2012 from 36.7% in the year-ago quarter. Non-Rolling Chip drop was $1.14 billion for the quarter, an increase of 6.2% compared to the same quarter one year ago, while Non-Rolling Chip win percentage increased to 31.3%. Rolling Chip volume during the quarter decreased 11.9% to $11.20 billion partially due to Paiza Club renovations, which resulted in 23 fewer active rolling tables on average during the quarter. Slot handle was $1.26 billion, an increase of 40.8% compared to the quarter one year ago. Mall revenues increased 17.5% during the quarter compared to the quarter last year.

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




                                Three Months Ended

The Venetian Macao Operations      September 30,

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

(Dollars in millions)            2012        2011      $ Change     Change

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

Revenues:

  Casino                      $    671.1  $    586.9  $     84.2       14.3%

  Rooms                             55.4        57.1        (1.7)      -3.0%

  Food and Beverage                 21.0        18.8         2.2       11.7%

  Mall                              36.9        31.4         5.5       17.5%

  Convention, Retail and

   Other                            19.0        21.7        (2.7)     -12.4%

  Less - Promotional

   Allowances                      (30.6)      (26.7)       (3.9)     -14.6%

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

Net Revenues                  $    772.8  $    689.2  $     83.6       12.1%



Adjusted Property EBITDA      $    299.0  $    252.7  $     46.3       18.3%

    EBITDA Margin %                 38.7%       36.7%               2.0 pts



Operating Income              $    261.3  $    206.5  $     54.8       26.5%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume           $ 11,199.4  $ 12,706.8  $ (1,507.4)     -11.9%

  Rolling Chip Win %(1)             3.32%       2.66%              0.66 pts



Non-Rolling Chip Drop         $  1,140.9  $  1,074.2  $     66.7        6.2%

  Non-Rolling Chip Win %(2)         31.3%       27.6%               3.7 pts



Slot Handle                   $  1,262.8  $    897.1  $    365.7       40.8%

  Slot Hold %(3)                     4.9%        6.4%              -1.5 pts



Hotel Statistics



Occupancy %                         93.9%       94.1%              -0.2 pts

Average Daily Rate (ADR)      $      227  $      232  $       (5)      -2.2%

Revenue per Available Room

 (RevPAR)                     $      213  $      218  $       (5)      -2.3%



(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
(2) This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip win percentage of 30.2% (calculated before discounts).
(3) This compares to The Venetian Macao's trailing 12 month slot hold percentage of 5.4% (calculated before slot club cash incentives).

Four Seasons Hotel Macao and Plaza Casino Third Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $54.4 million in the third quarter of 2012, a decrease of 8.9% compared to the $59.7 million for the third quarter of 2011. The operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.58% for the current quarter. Rolling Chip volume reached $8.96 billion for the quarter, an increase of 115.4% compared to the third quarter of 2011. Non-Rolling Chip drop was a record $110.8 million while Non-Rolling Chip win percentage was 32.6% and lower than the 38.9% in the prior year quarter. Slot handle was $214.8 million during the quarter, an increase of 6.6% compared to the third quarter of 2011. The non-gaming offerings of the property continued to exhibit healthy growth, with increases in both occupancy and ADR driving a RevPAR increase of 22.4% in the quarter. Mall revenue increased 10.0% to $23.1 million.

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




Four Seasons Hotel Macao and    Three Months Ended

 Plaza Casino Operations           September 30,

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

(Dollars in millions)            2012        2011      $ Change     Change

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

Revenues:

  Casino                      $    194.7  $    140.6  $     54.1       38.5%

  Rooms                             10.0         8.3         1.7       20.5%

  Food and Beverage                  6.1         5.2         0.9       17.3%

  Mall                              23.1        21.0         2.1       10.0%

  Convention, Retail and

   Other                             0.7         0.6         0.1       16.7%

  Less - Promotional

   Allowances                      (10.1)       (6.6)       (3.5)     -53.0%

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

Net Revenues                  $    224.5  $    169.1  $     55.4       32.8%



Adjusted Property EBITDA      $     54.4  $     59.7  $     (5.3)      -8.9%

  EBITDA Margin %                   24.2%       35.3%             -11.1 pts



Operating Income              $     40.3  $     45.1  $     (4.8)     -10.6%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume           $  8,962.5  $  4,160.5  $  4,802.0      115.4%

  Rolling Chip Win %(1)             2.58%       2.90%             -0.32 pts



Non-Rolling Chip Drop         $    110.8  $    107.6  $      3.2        3.0%

  Non-Rolling Chip Win %(2)         32.6%       38.9%              -6.3 pts



Slot Handle                   $    214.8  $    201.5  $     13.3        6.6%

  Slot Hold %(3)                     4.4%        6.4%              -2.0 pts



Hotel Statistics



Occupancy %                         83.1%       70.8%              12.3 pts

Average Daily Rate (ADR)      $      349  $      335  $       14        4.2%

Revenue per Available Room

 (RevPAR)                     $      290  $      237  $       53       22.4%



(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
(2) This compares to the Plaza Casino's trailing 12 month Non-Rolling Chip win percentage of 40.4% (calculated before discounts).
(3) This compares to the Plaza Casino's trailing 12 month slot hold percentage of 5.1% (calculated before slot club cash incentives).

Sands Cotai Central Third Quarter Operating Results

The first phase of Sands Cotai Central opened on April 11, 2012 and the second phase of the property opened on September 20, 2012, adding additional mass gaming capacity, approximately 1,800 Sheraton-branded hotel rooms and additional retail amenities to the property for the last eleven days of the quarter. Net revenues and adjusted property EBITDA for the third quarter of 2012 were $295.9 million and $53.7 million, respectively, resulting in an EBITDA margin of 18.1%. The quarter's results were negatively impacted by lower than expected Rolling Chip win percentage of 2.28%.

Rolling Chip volume reflected meaningful growth and reached $9.06 billion while Non-Rolling Chip drop reached $542.0 million with Non-Rolling Chip win percentage of 20.7%. Slot handle, driven by robust electronic table games play, was $1.03 billion for the quarter. Rolling Volume per table per day expanded to reach approximately $660,000 in the quarter, an increase of 13.8% compared to the second quarter of 2012. Mass table, slot and ETG win per day climbed to $1.56 million, an increase of 15.0% compared to the second quarter of 2012. Hotel occupancy reached 88.9% during the quarter with ADR of $149.

The following table summarizes our key operating results for Sands Cotai Central for the third quarter of 2012 and the 81 days of operations in the second quarter of 2012:




                                               Quarter Ended  81 Days Ended

Sands Cotai Central                            September 30,     June 30,

(Dollars in millions)                             2012(1)          2012

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



Revenues:

  Casino                                       $       272.1  $       249.5

  Rooms                                                 24.0           15.3

  Food and Beverage                                     11.3            9.4

  Mall                                                   3.8            3.3

  Convention, Retail and Other                           2.4            1.7

  Less - Promotional Allowances                        (17.7)         (13.6)

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

Net Revenues                                   $       295.9  $       265.6



Adjusted Property EBITDA                       $        53.7  $        51.8

  EBITDA Margin %                                       18.1%          19.5%



Operating Loss                                 $       (19.9) $       (17.9)



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume                            $     9,055.2  $     6,820.6

  Rolling Chip Win %                                    2.28%          3.12%



Non-Rolling Chip Drop                          $       542.0  $       389.4

  Non-Rolling Chip Win %                                20.7%          21.5%



Slot Handle                                    $     1,032.4  $       665.4

  Slot Hold %                                            3.1%           4.0%



Hotel Statistics



  Occupancy %                                           88.9%          75.1%

  Average Daily Rate (ADR)                     $         149  $         141

  Revenue per Available Room (RevPAR)          $         132  $         106



(1) On September 20, 2012, the second phase of Sands Cotai Central opened adding additional mass gaming capacity, approximately 1,800 Sheraton-branded hotel rooms and additional retail amenities.

Sands Macao Third Quarter Operating Results

Sands Macao's adjusted property EBITDA was $80.9 million, an increase of 6.7% compared to last year, while adjusted property EBITDA margin increased 90 basis points to 25.6%. Rolling Chip volume of $6.82 billion for the quarter, which was a decrease of 13.7% compared to the prior year's quarter, reflected a 19.6% decrease in the number of Rolling Chip tables to an average of 115 tables for the quarter. Non-Rolling Chip drop was $739.0 million during the quarter, an increase of 2.3%, despite 72 fewer Non-Rolling chip tables in operation during the quarter. Slot handle increased 11.1% to $596.3 million.

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




                                Three Months Ended

Sands Macao Operations             September 30,

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

(Dollars in millions)            2012        2011      $ Change     Change

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

Revenues:

  Casino                      $    307.7  $    299.8  $      7.9        2.6%

  Rooms                              6.0         6.2        (0.2)      -3.2%

  Food and Beverage                  8.9        10.5        (1.6)     -15.2%

  Convention, Retail and

   Other                             2.5         2.3         0.2        8.7%

  Less - Promotional

   Allowances                       (9.8)      (11.4)        1.6      -14.0%

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

Net Revenues                  $    315.3  $    307.4  $      7.9        2.6%



Adjusted Property EBITDA      $     80.9  $     75.8  $      5.1        6.7%

  EBITDA Margin %                   25.6%       24.7%               0.9 pts



Operating Income              $     72.4  $     67.2  $      5.2        7.7%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume           $  6,818.6  $  7,902.9  $ (1,084.3)     -13.7%

  Rolling Chip Win %(1)             2.96%       2.65%              0.31 pts



Non-Rolling Chip Drop         $    739.0  $    722.6  $     16.4        2.3%

  Non-Rolling Chip Win %(2)         20.8%       20.0%               0.8 pts



Slot Handle                   $    596.3  $    536.5  $     59.8       11.1%

  Slot Hold %(3)                     4.2%        5.3%              -1.1 pts



Hotel Statistics



Occupancy %                         97.3%       92.9%               4.4 pts

Average Daily Rate (ADR)      $      236  $      251  $      (15)      -6.0%

Revenue per Available Room

 (RevPAR)                     $      230  $      233  $       (3)      -1.3%



(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
(2) This compares to the Sands Macao's trailing 12 month Non-Rolling Chip win percentage of 20.8% (calculated before discounts).
(3) This compares to the Sands Macao's trailing 12 month slot hold percentage of 4.4% (calculated before slot club cash incentives).

Marina Bay Sands Third Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $260.8 million for the third quarter. On a hold-adjusted basis, adjusted property EBITDA was $365.6 million. The operating results were unfavorably impacted by lower than expected Rolling Chip win percentage of 1.79% for the quarter, as well as an increase of approximately $15 million in the provision for accounts receivable during the quarter.

Non-Rolling Chip drop decreased 5.7% to $1.13 billion while Non-Rolling Chip win was flat at $271.9 million. Slot handle decreased 6.1% to $2.62 billion, with slot hold percentage of 5.2%. Total mass win per day during the quarter decreased 2.6% to $4.43 million, compared to $4.55 million in the third quarter of 2011. Rolling Chip volume was $11.79 billion for the quarter.

The high margin hotel room and mall segments of the property continued to reflect solid revenue growth of 12.4% and 7.6%, respectively. Occupancy and ADR both expanded during the quarter, driving a RevPAR increase of 12.1% compared to the same quarter last year.

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




                                Three Months Ended

Marina Bay Sands Operations        September 30,

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

(Dollars in millions)            2012        2011      $ Change     Change

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

Revenues:

  Casino                      $    470.8  $    651.9  $   (181.1)     -27.8%

  Rooms                             84.0        74.7         9.3       12.4%

  Food and Beverage                 46.1        49.2        (3.1)      -6.3%

  Mall                              39.7        36.9         2.8        7.6%

  Convention, Retail and

   Other                            26.1        32.4        (6.3)     -19.4%

  Less - Promotional

   Allowances                      (41.2)      (52.7)       11.5       21.8%

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

Net Revenues                  $    625.5  $    792.4  $   (166.9)     -21.1%



Adjusted Property EBITDA      $    260.8  $    413.9  $   (153.1)     -37.0%

  EBITDA Margin %                   41.7%       52.2%             -10.5 pts



Operating Income              $    166.5  $    315.4  $   (148.9)     -47.2%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume           $ 11,790.8  $ 16,720.2  $ (4,929.4)     -29.5%

  Rolling Chip Win %(1)             1.79%       2.69%             -0.90 pts



Non-Rolling Chip Drop         $  1,131.3  $  1,199.2  $    (67.9)      -5.7%

  Non-Rolling Chip Win %(2)         24.0%       22.6%               1.4 pts



Slot Handle                   $  2,620.8  $  2,792.5  $   (171.7)      -6.1%

  Slot Hold %(3)                     5.2%        5.3%              -0.1 pts



Hotel Statistics



Occupancy %                         99.8%       98.1%               1.7 pts

Average Daily Rate (ADR)      $      361  $      327  $       34       10.4%

Revenue per Available Room

 (RevPAR)                     $      360  $      321  $       39       12.1%



(1) This compares to Marina Bay Sands' trailing 12 month Rolling Chip win percentage of 2.79% (calculated before discounts and commissions).
(2) This compares to Marina Bay Sands' trailing 12 month Non-Rolling Chip win percentage of 23.1% (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 Third Quarter Operating Results

The Venetian and The Palazzo delivered adjusted property EBITDA of $98.2 million for the third quarter of 2012, an increase of 4.1% compared to the $94.3 million generated in the third quarter of 2011. Adjusted property EBITDA margin was 26.9% for the quarter. The operating results were positively impacted by higher than expected table games win percentage of 28.1% for the quarter. Table games drop, which benefitted from strong growth in baccarat play, increased 8.5% to a third quarter record of $581.5 million. Slot handle increased 1.7% to $498.4 million while slot hold percentage was 8.7%. Hotel ADR was flat compared to last year's quarter, although RevPAR decreased 5.6% due to a lower occupancy percentage.

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




                                Three Months Ended

Las Vegas Operations               September 30,

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

(Dollars in millions)            2012        2011      $ Change     Change

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

Revenues:

  Casino                      $    171.5  $    124.3  $     47.2       38.0%

  Rooms                            105.7       114.0        (8.3)      -7.3%

  Food and Beverage                 42.4        57.2       (14.8)     -25.9%

  Convention, Retail and

   Other                            68.0        72.7        (4.7)      -6.5%

  Less - Promotional

   Allowances                      (23.2)      (20.8)       (2.4)      11.5%

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

Net Revenues                  $    364.4  $    347.4  $     17.0        4.9%



Adjusted Property EBITDA      $     98.2  $     94.3  $      3.9        4.1%

EBITDA Margin %                     26.9%       27.1%              -0.2 pts



Operating Income              $     74.0  $     64.8  $      9.2       14.2%



Gaming Statistics

(Dollars in millions)



Table Games Drop              $    581.5  $    536.1  $     45.4        8.5%

Table Games Win %(1)                28.1%       20.4%               7.7 pts



Slot Handle                   $    498.4  $    490.2  $      8.2        1.7%

Slot Hold %(2)                       8.7%        8.7%               0.0 pts



Hotel Statistics



Occupancy %                         87.3%       92.7%              -5.4 pts

Average Daily Rate (ADR)      $      191  $      191  $        0        0.0%

Revenue per Available Room

 (RevPAR)                     $      167  $      177  $      (10)      -5.6%



(1) This compares to our Las Vegas Operations' trailing 12 month table games win percentage of 22.1% (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 Third Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $122.0 million and adjusted property EBITDA reached a record $32.1 million for the third quarter of 2012. Table games drop was $234.9 million for the quarter, an increase of 24.4% compared to the quarter one year ago, while table games win percentage was 16.0%. Slot handle increased 2.7% to reach $1.02 billion for the quarter with slot hold percentage of 7.2%. The hotel, together with the addition of the retail mall and the events center, which debuted in May 2012, should contribute to future growth.

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




                                Three Months Ended

Sands Bethlehem Operations         September 30,

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

(Dollars in millions)            2012        2011      $ Change     Change

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

Revenues:

  Casino                      $    113.1  $     99.7  $     13.4       13.4%

  Rooms                              2.7         2.1         0.6       28.6%

  Food and Beverage                  7.0         6.4         0.6        9.4%

  Mall(1)                            0.4         0.0         0.4        N/A

  Convention, Retail and

   Other                             4.9         4.1         0.8       19.5%

  Less - Promotional

   Allowances                       (6.1)       (5.6)       (0.5)       8.9%

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

Net Revenues                  $    122.0  $    106.7  $     15.3       14.3%



Adjusted Property EBITDA      $     32.1  $     25.2  $      6.9       27.4%

EBITDA Margin %                     26.3%       23.6%               2.7 pts



Operating Income              $     24.3  $     16.3  $      8.0       49.1%



Gaming Statistics

(Dollars in millions)



Table Games Drop              $    234.9  $    188.9  $     46.0       24.4%

Table Games Win %(2)                16.0%       14.3%               1.7 pts



Slot Handle                   $  1,015.3  $    988.4  $     26.9        2.7%

Slot Hold %(3)                       7.2%        7.1%               0.1 pts



Hotel Statistics



Occupancy %                         69.6%       47.3%              22.3 pts

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

Revenue per Available Room

 (RevPAR)                     $       99  $       79          20       25.3%



(1) 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 15.0% (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 $102.8 million for the third quarter of 2012, an increase of 15.2% compared to the third quarter of 2011. Operating profit derived from these retail mall assets increased 16.9% for the quarter to reach $86.5 million.




                                                                      LTM

                                                                   September

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

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

(Dollars in                                      Gross

 millions                            Operating  Leasable Occupancy   Tenant

except per square   Gross  Operating   Profit    Area     % at End Sales Per

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

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



The Grand Canal

 Shoppes at The

 Venetian Macao    $  36.3 $    30.6     84.3%   809,204     91.7% $   1,186



The Shoppes at

 Four Seasons

  Luxury Retail       19.4      18.4     94.8%    89,576    100.0%     6,322

  Other Stores         3.7       3.4     91.9%    99,512     83.4%     1,453

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

  Total               23.1      21.8             189,088     91.2%     4,353

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



The Shoppes at

 Sands Cotai

 Central               3.7       2.7     73.0%   210,143    100.0%         -

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

Total Cotai Strip

 in Macao             63.1      55.1     87.3% 1,208,255     93.1%     1,781

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



The Shoppes at

 Marina Bay Sands     39.7      31.4     79.1%   631,024     96.2%     1,366

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



Total              $ 102.8 $    86.5     84.1% 1,839,279     94.1% $   1,617

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



(1) 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 $2.1 million during the quarter, compared to a profit of $2.5 million in the third quarter of 2011, which included a one-time benefit for a sales tax refund of approximately $7 million.

Pre-opening expenses, related primarily to Sands Cotai Central on the Cotai Strip in Macao, increased to $39.9 million in the third quarter of 2012, compared to $15.8 million in the third quarter of 2011.

Depreciation and amortization expense was $226.5 million in the third quarter of 2012, compared to $200.1 million in the third quarter of 2011.

Interest expense, net of amounts capitalized, was $62.3 million for the third quarter of 2012, compared to $70.8 million during the third 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 third quarter of 2011. Capitalized interest was $9.9 million during the third quarter of 2012, compared to $34.9 million during the third quarter of 2011. Our weighted average borrowing cost in the third quarter of 2012 was 2.9%.

Corporate expense was $54.6 million in the third quarter of 2012, compared to $54.0 million in the third quarter of 2011.

Other income, which was principally composed of foreign currency gains, was $2.4 million in the third quarter of 2012, compared to other expense of $6.6 million in the third quarter of 2011.

The company's effective income tax rate for the third quarter of 2012 was 7.0%. 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 third quarter of 2012 of $95.2 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of September 30, 2012, were $3.75 billion.

As of September 30, 2012, total debt outstanding, including the current portion, was $9.50 billion. Total principal payments for the remainder of 2012 and the full year 2013 are approximately $8.7 million and $97.5 million, respectively.

Capital Expenditures

Capital expenditures during the third quarter totaled $327.3 million, including construction and development activities of $231.8 million in Macao, $79.8 million in Las Vegas, $10.9 million at Marina Bay Sands, and $4.8 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Thursday, November 1, 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 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.
Third Quarter 2012 Results
Non-GAAP Reconciliations

Within the company's third quarter 2012 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-adjusted 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 (loss) 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           Nine Months Ended

                            September 30,               September 30,

                         2012          2011          2012          2011

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



Revenues:

  Casino             $  2,201,030  $  1,903,142  $  6,534,947  $  5,429,903

  Rooms                   287,849       262,352       830,887       734,022

  Food and beverage       142,685       147,223       455,884       438,632

  Mall                    103,232        89,212       268,390       218,956

  Convention, retail

   and other              117,129       134,629       363,680       370,182

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

                        2,851,925     2,536,558     8,453,788     7,191,695

  Less - promotional

   allowances            (142,443)     (127,183)     (399,658)     (325,305)

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

                        2,709,482     2,409,375     8,054,130     6,866,390

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

Operating expenses:

  Resort operations     1,839,991     1,492,506     5,288,946     4,317,348

  Corporate                54,617        54,031       162,164       133,983

  Pre-opening              39,872        15,823       134,803        43,472

  Development               4,201         3,308        12,196         6,301

  Depreciation and

   amortization           226,538       200,071       641,725       596,469

  Amortization of

   leasehold

   interests in land       10,014        10,143        30,016        33,333

  Impairment loss               -             -       143,674             -

  Loss on disposal

   of assets                  154           937         1,229         8,879

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

                        2,175,387     1,776,819     6,414,753     5,139,785

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

Operating income          534,095       632,556     1,639,377     1,726,605

Other income

 (expense):

  Interest income           4,176         2,369        16,716         8,444

  Interest expense,

   net of amounts

   capitalized            (62,292)      (70,761)     (191,497)     (214,938)

  Other income

   (expense)                2,352        (6,617)          715        (9,384)

  Loss on

   modification or

   early retirement

   of debt                      -             -       (19,234)            -

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

Income before income

 taxes                    478,331       557,547     1,446,077     1,510,727

Income tax expense        (33,351)      (52,375)     (135,607)     (151,960)

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

Net income                444,980       505,172     1,310,470     1,358,767

Net income

 attributable to

 noncontrolling

 interests                (95,198)      (80,293)     (221,159)     (233,928)

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

Net income

 attributable to Las

 Vegas Sands Corp.        349,782       424,879     1,089,311     1,124,839

Preferred stock

 dividends                      -       (19,140)            -       (57,957)

Accretion to

 redemption value of

 preferred stock

 issued to Principal

 Stockholder's

 family                         -       (23,136)            -       (69,408)

Preferred stock

 inducement and

 repurchase premiums            -       (28,972)            -       (48,080)

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

Net income

 attributable to

 common stockholders $    349,782  $    353,631  $  1,089,311  $    949,394

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



Earnings per share:

  Basic              $       0.43  $       0.48  $       1.36  $       1.31

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

  Diluted            $       0.42  $       0.44  $       1.32  $       1.17

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



Weighted average

 shares outstanding:

  Basic               821,482,154   729,773,246   801,084,165   727,309,255

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

  Diluted             825,606,248   812,543,534   823,361,035   811,550,683

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



Dividends declared

 per common share    $       0.25  $          -  $       0.75  $          -

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







Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)



The following are reconciliations of Operating Income (Loss) to

 Adjusted Property EBITDA:



               Three Months Ended September 30, 2012



                                                           (Gain)

                                                            Loss

                                             Amortization    on

                   Operating   Depreciation  of Leasehold Disposal

                     Income        and        Interests      of

                    (Loss)    Amortization     in Land     Assets

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

Macao:

  The Venetian

   Macao           $ 261,294  $      34,973 $       1,652 $   (300)

  Sands Macao         72,425          7,752           354      (15)

  Four Seasons

   Hotel Macao and

   Plaza Casino       40,284         12,448           706      172

  Sands Cotai

   Central           (19,873)        32,085         2,152       62

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

Macao Property

 Operations          354,130         87,258         4,864      (81)

Marina Bay Sands     166,452         65,601         4,528      185

United States:

  Las Vegas

   Operating

   Properties         74,011         54,795             -      (64)

  Sands Bethlehem     24,329          7,593             -        1

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

United States

 Property

 Operations           98,340         62,388             -      (63)

Other Asia (2)       (16,800)         3,706             -        9

Other Development     (5,196)           153           622      104

Corporate            (62,831)         7,432             -        -

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

                   $ 534,095  $     226,538 $      10,014 $    154

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







                   Three Months Ended September 30, 2012



                    Pre-Opening

                        and                    (1)                 Adjusted

                    Development  Royalty   Stock-Based   Corporate Property

                     Expense      Fees    Compensation   Expense    EBITDA

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

Macao:

  The Venetian

   Macao           $         60 $      -  $       1,322 $        - $299,001

  Sands Macao                 -        -            353          -   80,869

  Four Seasons

   Hotel Macao and

   Plaza Casino             731        -             45          -   54,386

  Sands Cotai

   Central               38,858        -            370          -   53,654

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

Macao Property

 Operations              39,649        -          2,090          -  487,910

Marina Bay Sands              -   21,810          2,212          -  260,788

United States:

  Las Vegas

   Operating

   Properties                 -  (33,464)         2,928          -   98,206

  Sands Bethlehem            64        -            131          -   32,118

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

United States

 Property

 Operations                  64  (33,464)         3,059          -  130,324

Other Asia (2)               43   10,872             46          -   (2,124)

Other Development         4,317        -              -          -        -

Corporate                     -      782              -     54,617        -

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

                   $     44,073 $      -  $       7,407 $   54,617 $876,898

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







                Three Months Ended September 30, 2011



                                                            (Gain)

                                                             Loss

                                              Amortization    on

                    Operating   Depreciation  of Leasehold Disposal

                      Income        and        Interests      of

                      (Loss)    Amortization    in Land     Assets

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

Macao:

The Venetian Macao  $ 206,513  $      40,078 $       1,646 $     68

 Sands Macao           67,218          7,696           352      156

 Four Seasons Hotel

  Macao and Plaza

  Casino               45,120         12,684           704        1

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

Macao Property

 Operations           318,851         60,458         2,702      225

Marina Bay Sands      315,435         65,776         4,678       (5)

United States:

 Las Vegas

  Operating

  Properties           64,781         56,885             -        -

 Sands Bethlehem       16,302          8,349             -        -

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

United States

 Property

 Operations            81,083         65,234             -        -

Other Asia (2)         (6,659)         3,775             -        -

Other Development     (17,725)           174         2,763      717

Corporate             (58,429)         4,654             -        -

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

                    $ 632,556  $     200,071 $      10,143 $    937

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









                   Three Months Ended September 30, 2011



                    Pre-Opening

                        and                    (1)                 Adjusted

                    Development  Royalty   Stock-Based   Corporate Property

                      Expense     Fees     Compensation   Expense   EBITDA

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

Macao:

The Venetian Macao  $     2,958 $      -  $       1,457 $        - $252,720

 Sands Macao                  -        -            399          -   75,821

 Four Seasons Hotel

  Macao and Plaza

  Casino                  1,138        -             72          -   59,719

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

Macao Property

 Operations               4,096        -          1,928          -  388,260

Marina Bay Sands            672   25,621          1,716          -  413,893

United States:

 Las Vegas

  Operating

  Properties                  -  (30,365)         3,010          -   94,311

 Sands Bethlehem            119        -            400          -   25,170

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

United States

 Property

 Operations                 119  (30,365)         3,410          -  119,481

Other Asia (2)              173    5,000            226          -    2,515

Other Development        14,071        -              -          -        -

Corporate                     -     (256)             -     54,031        -

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

                    $    19,131 $      -  $       7,280 $   54,031 $924,149

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







                 Nine Months Ended September 30, 2012



                                                          Impairment

                                                          and (Gain)

                                             Amortization    Loss

                   Operating   Depreciation  of Leasehold     on

                    Income         and        Interests    Disposal

                    (Loss)     Amortization    in Land     of Assets

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

Macao:

 The Venetian

  Macao           $  649,780  $     108,085 $       4,954 $   42,649

 Sands Macao         234,259         22,779         1,060       (184)

 Four Seasons

  Hotel Macao and

  Plaza Casino       155,679         37,352         2,116        209

 Sands Cotai

  Central            (37,749)        57,643         4,304         62

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

Macao Property

 Operations        1,001,969        225,859        12,434     42,736

Marina Bay Sands     774,941        196,668        13,570        184

United States:

 Las Vegas

  Operating

  Properties         199,997        167,511             -        503

 Sands Bethlehem      59,869         25,332             -        414

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

United States

 Property

 Operations          259,866        192,843             -        917

Other Asia (2)       (51,816)        11,089             -         33

Other Development   (168,455)           575         4,012    101,034

Corporate           (177,128)        14,691             -         (1)

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

                  $1,639,377  $     641,725 $      30,016 $  144,903

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









                    Nine Months Ended September 30, 2012



                   Pre-Opening

                       and                    (1)                 Adjusted

                   Development  Royalty   Stock-Based  Corporate  Property

                     Expense     Fees     Compensation  Expense    EBITDA

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

Macao:

 The Venetian

  Macao           $        113 $      -  $       4,594 $       - $  810,175

 Sands Macao                 -        -          1,215         -    259,129

 Four Seasons

  Hotel Macao and

  Plaza Casino           2,953        -            183         -    198,492

 Sands Cotai

  Central               80,629        -            603         -    105,492

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

Macao Property

 Operations             83,695        -          6,595         -  1,373,288

Marina Bay Sands             -   72,600          5,749         -  1,063,712

United States:

 Las Vegas

  Operating

  Properties                 -  (99,020)         9,371         -    278,362

 Sands Bethlehem           305        -            617         -     86,537

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

United States

 Property

 Operations                305  (99,020)         9,988         -    364,899

Other Asia (2)             165   26,146            582         -    (13,801)

Other Development       62,834        -              -         -          -

Corporate                    -      274              -   162,164          -

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

                  $    146,999 $      -  $      22,914 $ 162,164 $2,788,098

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







               Nine Months Ended September 30, 2011



                                                          (Gain)

                                                           Loss

                                            Amortization    on

                  Operating   Depreciation  of Leasehold Disposal

                   Income         and        Interests      of

                   (Loss)     Amortization    in Land     Assets

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

Macao:

  The Venetian

   Macao         $  601,814  $     125,489 $       4,943 $   (652)

  Sands Macao       238,113         23,245         1,057      278

  Four Seasons

   Hotel Macao

   and Plaza

   Casino           110,402         39,188         2,111      123

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

Macao Property

 Operations         950,329        187,922         8,111     (251)

Marina Bay Sands    827,454        183,760        16,926      738

United States:

  Las Vegas

   Operating

   Properties       149,910        176,002             -   (1,778)

  Sands

   Bethlehem         42,928         23,202             -        -

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

United States

 Property

 Operations         192,838        199,204             -   (1,778)

Other Asia (2)      (39,208)        11,745             -        2

Other

 Development        (50,517)           523         8,296    2,506

Corporate          (154,291)        13,315             -    7,662

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

                 $1,726,605  $     596,469 $      33,333 $  8,879

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





                    Nine Months Ended September 30, 2011



                  Pre-Opening

                      and                    (1)                  Adjusted

                  Development  Royalty   Stock-Based   Corporate  Property

                    Expense     Fees     Compensation   Expense    EBITDA

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

Macao:

  The Venetian

   Macao         $      3,173 $      -  $       4,719 $        - $  739,486

  Sands Macao               -        -          1,349          -    264,042

  Four Seasons

   Hotel Macao

   and Plaza

   Casino               2,769        -            293          -    154,886

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

Macao Property

 Operations             5,942        -          6,361          -  1,158,414

Marina Bay Sands        3,516   66,896          4,433          -  1,103,723

United States:

  Las Vegas

   Operating

   Properties               -  (81,227)         9,478          -    252,385

  Sands

   Bethlehem              758        -          1,430          -     68,318

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

United States

 Property

 Operations               758  (81,227)        10,908          -    320,703

Other Asia (2)            365   15,000            775          -    (11,321)

Other

 Development           39,192        -              -          -          -

Corporate                   -     (669)             -    133,983          -

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

                 $     49,773 $      -  $      22,477 $  133,983 $2,571,519

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



(1) During the three months ended September 30, 2012 and 2011, the Company recorded stock-based compensation expense of $17.4 million and $13.9 million, respectively, of which $9.8 million and $6.5 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. During the nine months ended September 30, 2012 and 2011, the Company recorded stock-based compensation expense of $50.3 million and $47.2 million, respectively, of which $26.7 million and $24.4 million, respectively, is included in corporate expense and $0.7 million and $0.3 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.

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




Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)



The following are reconciliations of Adjusted Property EBITDA to Hold-

 Adjusted Adjusted Property EBITDA:



                   Three Months Ended September 30, 2012



                                               (1)        (2)       Hold-

                                              Hold-      Hold-     Adjusted

                                  Adjusted   Adjusted   Adjusted   Adjusted

                                  Property    Casino     Casino    Property

                                   EBITDA    Revenue    Expense     EBITDA

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



Macao Property Operations        $ 487,910  $       -  $       -  $ 487,910

Marina Bay Sands                   260,788    118,070    (13,236)   365,622

United States:

  Las Vegas Operating Properties    98,206    (31,459)     2,359     69,106

  Sands Bethlehem                   32,118     (2,288)       343     30,173

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

United States Property

 Operations                        130,324    (33,747)     2,702     99,279

Other Asia                          (2,124)         -          -     (2,124)

Other Development                        -          -          -          -

Corporate                                -          -          -          -

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

                                 $ 876,898  $  84,323  $ (10,534) $ 950,687

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







                   Three Months Ended September 30, 2011



                                               (1)        (2)       Hold-

                                              Hold-      Hold-     Adjusted

                                  Adjusted   Adjusted   Adjusted   Adjusted

                                  Property    Casino     Casino    Property

                                   EBITDA    Revenue    Expense     EBITDA

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



Macao Property Operations        $ 388,260  $  42,887  $ (16,726) $ 414,421

Marina Bay Sands                   413,893     20,643     (2,314)   432,222

United States:

  Las Vegas Operating Properties    94,311     (9,921)       744     85,134

  Sands Bethlehem                   25,170        379        (66)    25,483

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

United States Property

 Operations                        119,481     (9,542)       678    110,617

Other Asia                           2,515          -          -      2,515

Other Development                        -          -          -          -

Corporate                                -          -          -          -

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

                                 $ 924,149  $  53,988  $ (18,362) $ 959,775

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



(1) For Macao and Singapore this represents the estimated incremental casino revenue related to Rolling Volume play that would have been earned or lost had the Company's current period win percentage equaled the win percentage for the trailing twelve months. This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%.

For the Las Vegas Operating Properties and Sands Bethlehem this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the Company's current period win percentage equaled the win percentage for the trailing twelve months.

(2) Represents the estimated incremental gaming taxes that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.




Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)



The following is a reconciliation of Net Income Attributable to Las Vegas

 Sands Corp. to Adjusted Property EBITDA:



                               Three Months Ended       Nine Months Ended

                                  September 30,           September 30,

                                2012        2011        2012        2011

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

Net income attributable to

 Las Vegas Sands Corp.       $  349,782  $  424,879  $1,089,311  $1,124,839

  Add (deduct):

    Net income attributable

     to noncontrolling

     interests                   95,198      80,293     221,159     233,928

    Income tax expense           33,351      52,375     135,607     151,960

    Loss on modification or

     early retirement of

     debt                             -           -      19,234           -

    Other (income) expense       (2,352)      6,617        (715)      9,384

    Interest expense, net of

     amounts capitalized         62,292      70,761     191,497     214,938

    Interest income              (4,176)     (2,369)    (16,716)     (8,444)

    Loss on disposal of

     assets                         154         937       1,229       8,879

    Impairment loss                   -           -     143,674           -

    Amortization of

     leasehold interests in

     land                        10,014      10,143      30,016      33,333

    Depreciation and

     amortization               226,538     200,071     641,725     596,469

    Development expense           4,201       3,308      12,196       6,301

    Pre-opening expense          39,872      15,823     134,803      43,472

    Stock-based compensation

     (1)                          7,407       7,280      22,914      22,477

    Corporate expense            54,617      54,031     162,164     133,983

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



Adjusted Property EBITDA     $  876,898  $  924,149  $2,788,098  $2,571,519

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



    Hold-adjusted casino

     revenue (2)                 84,323      53,988

    Hold-adjusted casino

     expense (2)                (10,534)    (18,362)

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



Hold-Adjusted Adjusted

 Property EBITDA             $  950,687  $  959,775

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



(1) See Exhibit 2

(2) See Exhibit 3

_______________________



Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Net Revenues

(In thousands)

(Unaudited)



                               Three Months Ended       Nine Months Ended

                                  September 30,           September 30,

                                2012        2011        2012        2011

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



The Venetian Macao           $  772,769  $  689,243  $2,194,975  $2,062,917

Sands Macao                     315,280     307,420     935,966     961,173

Four Seasons Hotel Macao and

 Plaza Casino                   224,478     169,050     790,219     461,914

Sands Cotai Central             295,855           -     561,456           -

Marina Bay Sands                625,548     792,427   2,168,979   2,114,921

Las Vegas Operating

 Properties                     364,426     347,446   1,076,342     985,043

Sands Bethlehem                 121,966     106,720     352,624     294,870

Other Asia                       37,289      43,190     110,792     109,413

Intersegment Eliminations       (48,129)    (46,121)   (137,223)   (123,861)

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



                             $2,709,482  $2,409,375  $8,054,130  $6,866,390

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



_______________________



Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Adjusted Property EBITDA as a Percentage of Net

Revenues

(Unaudited)



                               Three Months Ended       Nine Months Ended

                                  September 30,           September 30,

                                2012        2011        2012        2011

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

The Venetian Macao                 38.7%       36.7%       36.9%       35.8%

Sands Macao                        25.6%       24.7%       27.7%       27.5%

Four Seasons Hotel Macao and

 Plaza Casino                      24.2%       35.3%       25.1%       33.5%

Sands Cotai Central                18.1%        N/A        18.8%        N/A

Marina Bay Sands                   41.7%       52.2%       49.0%       52.2%

Las Vegas Operating

 Properties                        26.9%       27.1%       25.9%       25.6%

Sands Bethlehem                    26.3%       23.6%       24.5%       23.2%

Other Asia                         -5.7%        5.8%      -12.5%      -10.3%



Total                              32.4%       38.4%       34.6%       37.5%







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        Nine Months Ended

                               September 30,             September 30,

                             2012         2011         2012         2011

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



Net income attributable

 to common stockholders  $    349,782 $    353,631 $  1,089,311 $    949,394



Pre-opening expense, net       28,057       15,709       94,867       42,874

Development expense, net        4,201        3,308       12,196        6,301

Impairment loss, net                -            -      101,009            -

Loss on disposal of

 assets, net                      144          937        1,190        8,879

Loss on modification or

 early retirement of

 debt, net                          -            -       18,714            -

Preferred stock

 dividends                          -       19,140            -       57,957

Accretion to redemption

 value of preferred

 stockissued to

 Principal Stockholder's

 family                             -       23,136            -       69,408

Preferred stock

 inducement and

 repurchase premiums                -       28,972            -       48,080

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



Adjusted net income      $    382,184 $    444,833 $  1,317,287 $  1,182,893

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





Per diluted share of

 common stock:

Net income attributable

 to common stockholders  $       0.42 $       0.44 $       1.32 $       1.17



Pre-opening expense, net         0.03         0.02         0.12         0.05

Development expense, net         0.01            -         0.01         0.01

Impairment loss, net                -            -         0.13            -

Loss on disposal of

 assets, net                        -            -            -         0.01

Loss on modification or

 early retirement of

 debt, net                          -            -         0.02            -

Preferred stock

 dividends                          -         0.02            -         0.07

Accretion to redemption

 value of preferred

 stockissued to

 Principal Stockholder's

 family                             -         0.03            -         0.09

Preferred stock

 inducement and

 repurchase premiums                -         0.04            -         0.06

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



Adjusted earnings per

 diluted share           $       0.46 $       0.55 $       1.60 $       1.46

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



Weighted average diluted

 shares outstanding       825,606,248  812,543,534  823,361,035  811,550,683







Las Vegas Sands Corp. and Subsidiaries

Supplemental Data Schedule

(Unaudited)



                                  Three Months Ended     Nine Months Ended

                                     September 30,         September 30,

                                    2012       2011       2012       2011

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



Room Statistics:

  The Venetian Macao:

    Occupancy %                       93.9%      94.1%      91.4%      90.1%

    Average daily room rate

     (ADR) (1)                   $     227  $     232  $     233  $     227

    Revenue per available room

     (RevPAR) (2)                $     213  $     218  $     213  $     205



  Sands Macao:

    Occupancy %                       97.3%      92.9%      94.8%      88.6%

    Average daily room rate

     (ADR) (1)                   $     236  $     251  $     243  $     248

    Revenue per available room

     (RevPAR) (2)                $     230  $     233  $     231  $     220



  Four Seasons Hotel Macao and

   Plaza Casino:

    Occupancy %                       83.1%      70.8%      79.6%      67.8%

    Average daily room rate

     (ADR) (1)                   $     349  $     335  $     355  $     333

    Revenue per available room

     (RevPAR) (2)                $     290  $     237  $     282  $     225



  Sands Cotai Central:

    Occupancy %                       88.9%       N/A       82.8%       N/A

    Average daily room rate

     (ADR) (1)                   $     149        N/A  $     146        N/A

    Revenue per available room

     (RevPAR) (2)                $     132        N/A  $     121        N/A



  Marina Bay Sands:

    Occupancy %                       99.8%      98.1%      99.1%      91.8%

    Average daily room rate

     (ADR) (1)                   $     361  $     327  $     351  $     303

    Revenue per available room

     (RevPAR) (2)                $     360  $     321  $     348  $     278



  Las Vegas Operating

   Properties:

    Occupancy %                       87.3%      92.7%      85.6%      88.5%

    Average daily room rate

     (ADR) (1)                   $     191  $     191  $     203  $     201

    Revenue per available room

     (RevPAR) (2)                $     167  $     177  $     174  $     178



  Sands Bethlehem:

    Occupancy %                       69.6%      47.3%      60.7%      47.7%

    Average daily room rate

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

    Revenue per available room

     (RevPAR) (2)                $      99  $      79  $      86  $      80



Casino Statistics:

  The Venetian Macao:

    Table games win per unit per

     day (3)                     $  15,697  $  11,705  $  14,632  $  12,086

    Slot machine win per unit

     per day (4)                 $     312  $     303  $     314  $     287

    Average number of table

     games                             504        589        520        596

    Average number of slot

     machines                        2,155      2,057      2,219      2,120



  Sands Macao:

    Table games win per unit per

     day (3)                     $  12,337  $   9,303  $  10,808  $   9,683

    Slot machine win per unit

     per day (4)                 $     224  $     280  $     251  $     271

    Average number of table

     games                             313        413        353        414

    Average number of slot

     machines                        1,205      1,109      1,152      1,133



  Four Seasons Hotel Macao and

   Plaza Casino:

    Table games win per unit per

     day (3)                     $  19,480  $  13,964  $  22,989  $  13,980

    Slot machine win per unit

     per day (4)                 $     545  $     766  $     642  $     696

    Average number of table

     games                             149        127        157        121

    Average number of slot

     machines                          188        182        183        189



  Sands Cotai Central:

    Table games win per unit per

     day (3)                     $   9,728        N/A  $   9,909        N/A

    Slot machine win per unit

     per day (4)                 $     316        N/A  $     349        N/A

    Average number of table

     games                             356        N/A        359        N/A

    Average number of slot

     machines                        1,086        N/A        961        N/A



  Marina Bay Sands:

    Table games win per unit per

     day (3)                     $   8,480  $  13,205  $  10,406  $  11,017

    Slot machine win per unit

     per day (4)                 $     603  $     662  $     632  $     601

    Average number of table

     games                             619        593        612        605

    Average number of slot

     machines                        2,441      2,416      2,468      2,334



  Las Vegas Operating

   Properties:

    Table games win per unit per

     day (3)                     $   7,648  $   5,267  $   6,047  $   4,149

    Slot machine win per unit

     per day (4)                 $     238  $     175  $     207  $     156

    Average number of table

     games                             232        226        230        227

    Average number of slot

     machines                        1,975      2,663      2,186      2,665



  Sands Bethlehem:

    Table games win per unit per

     day (3)                     $   3,341  $   2,763  $   2,983  $   2,723

    Slot machine win per unit

     per day (4)                 $     262  $     253  $     268  $     247

    Average number of table

     games                             122        106        121         92

    Average number of slot

     machines                        3,024      3,023      3,014      3,021



(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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