January 30, 2013

Las Vegas Sands Reports Fourth Quarter and Full Year 2012 Results

LAS VEGAS, NV -- (Marketwire) -- 01/30/13 -- Las Vegas Sands Corp. (NYSE: LVS)

For the Quarter Ended December 31, 2012:

  • Net Revenue Increased 20.9% to a Record $3.08 Billion

  • Consolidated Adjusted Property EBITDA Increased 4.4% to $1.002 Billion (Consolidated Hold-Adjusted Adjusted Property EBITDA increased 17.6% to a Record $1.09 Billion)

  • Record Gaming Volumes in Macao Drove Adjusted Property EBITDA in Macao Up 43.3% to a Record $622.2 Million

  • Net Income Attributable to Common Stockholders Rose 35.8% to Reach $434.8 Million or $0.53 per diluted share (Adjusted Earnings per diluted share was $0.54)

  • The Company Paid a Special Dividend of $2.75 per share and a Recurring Dividend of $0.25 per share

  • The Company's Board of Directors Increased the Recurring Quarterly Dividend by 40%, Declaring a $0.35 per share Dividend Payable in March of 2013

For the Year Ended December 31, 2012:

  • Net Revenue Increased 18.3% to a Record $11.13 Billion from $9.41 Billion

  • Consolidated Adjusted Property EBITDA Reached a Record $3.79 Billion

  • Net Income Attributable to Common Stockholders Rose 20.1% to Reach $1.52 Billion or $1.85 per diluted share (Adjusted Earnings per diluted share was $2.14)

  • The Company Paid Dividends of $3.75 per share

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

Fourth Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am pleased to report that our quarterly results reflect both strong revenue and cash flow growth and the steady execution of our global growth strategy.

"In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business. We welcomed a record eleven million visitors to our Cotai Strip Properties during the quarter, including five million in the month of December. We remain confident that our market-leading Cotai Strip properties; The Venetian Macao, Four Seasons Hotel Macao and Plaza Casino, and Sands Cotai Central, with their unrivaled hotel inventory of nearly 9,000 rooms and suites, including the world's largest Sheraton, Conrad and Holiday Inn, and 28 million square feet of interconnected Integrated Resort capacity, will meaningfully enhance the appeal of Macao and the Cotai Strip to business and leisure travelers and provide an outstanding platform for growth 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 cornerstone of our strategy. The board of directors of Las Vegas Sands has increased the recurring quarterly dividend of the company 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 and paid during the fourth quarter of 2012 a special dividend of $2.75 per share, as well as a $0.25 per share recurring dividend, while maintaining a strong balance sheet and ample liquidity to pursue future growth opportunities."

Company-Wide Operating Results

Net revenue for the fourth quarter of 2012 was $3.08 billion, an increase of 20.9% compared to $2.54 billion in the fourth quarter of 2011. Consolidated adjusted property EBITDA in the fourth quarter of 2012 was $1.00 billion, an increase of 4.4% compared to $960.6 million in the year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA was $1.09 billion in the fourth quarter of 2012, an increase of 17.6%. Consolidated adjusted property EBITDA margin decreased to 32.6% in the fourth quarter of 2012, compared to 37.8% in the fourth quarter of 2011. The quarter's adjusted property EBITDA and EBITDA margin were unfavorably impacted, compared to the quarter one year ago, by lower table games hold (approximately $90.2 million adjusted property EBITDA impact), as well as an additional $24.0 million property tax assessment at Marina Bay Sands.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2012 increased 1.3% to $672.0 million, compared to $663.3 million in the fourth quarter of 2011. The increase in operating income was principally due to strong operating results in Macao, offset by higher depreciation and amortization related to the opening of Sands Cotai Central and lower table games hold in Singapore.

On a GAAP basis, net income attributable to common stockholders in the fourth quarter of 2012 increased 35.8% to $434.8 million, compared to $320.1 million in the fourth quarter of 2011, while diluted earnings per share in the fourth quarter of 2012 increased 35.9% to $0.53, compared to $0.39 in the prior year quarter. The increase in net income attributable to common stockholders reflected the increase in operating income described above as well as the benefit from the discontinuation of preferred stock dividends and charges related to the retirement of our preferred stock in November 2011.

Adjusted net income (see Note 1) decreased to $450.5 million, or $0.54 per diluted share, compared to $460.9 million, or $0.57 per diluted share, in the fourth quarter of 2011. The decrease in adjusted net income was principally driven by the increase in net income attributable to noncontrolling interests, which was partially offset by the higher operating income described above.

Full year 2012 net revenue increased 18.3% to a record $11.13 billion, compared to $9.41 billion in 2011. Consolidated adjusted property EBITDA in 2012 increased 7.3% to a record $3.79 billion, compared to $3.53 billion in 2011. Consolidated adjusted property EBITDA margin decreased 340 basis points to 34.1% in 2012, compared to 37.5% in 2011. Lower hold rates in 2012 compared to 2011, as well as higher expenses at the recently opened Sands Cotai Central, contributed to the lower EBITDA margin in 2012.

Full year adjusted net income (see Note 1) was a record $1.77 billion in 2012, or $2.14 per diluted share, compared to $1.64 billion, or $2.02 per diluted share in 2011.

On a GAAP basis, full year 2012 operating income decreased 3.3% to a $2.31 billion in 2012, compared to $2.39 billion in 2011. Net income attributable to common stockholders increased 20.1% to $1.52 billion, or $1.85 per diluted share in 2012, compared to $1.27 billion, or $1.56 per diluted share in 2011. The improvement in our net income attributable to common stockholders reflects lower net interest expense, lower income tax expense as well as the benefit from the discontinuation of preferred stock dividends and charges related to the retirement of our preferred stock described above.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 48.1% to $1.97 billion in the fourth quarter of 2012, compared to $1.33 billion in the fourth quarter of 2011. Adjusted property EBITDA for Sands China Ltd. increased 44.1% to $619.9 million in the fourth quarter of 2012, compared to $430.1 million in the fourth quarter of 2011. Net income for Sands China Ltd. increased 52.3% to $467.0 million in the fourth quarter of 2012, compared to $306.7 million in the fourth quarter of 2011.

The Venetian Macao Fourth Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered a record adjusted property EBITDA of $333.1 million, an increase of 17.6% compared to the fourth quarter of 2011. Operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.25%, compared to 2.95% in the fourth quarter of 2011. Adjusted property EBITDA margin increased to 39.5% in the fourth quarter of 2012 from 37.1% in the year-ago quarter. Non-Rolling Chip drop was $1.22 billion for the quarter, an increase of 10.5% compared to the same quarter one year ago, while Non-Rolling Chip win percentage increased to 29.9%. Rolling Chip volume during the quarter decreased 6.6% to $12.66 billion partially due to Paiza Club renovations, which resulted in 29 fewer active rolling tables in service on average during the quarter. Slot handle was $1.29 billion, an increase of 21.3% compared to the quarter one year ago. Mall revenues increased 12.3% during the quarter compared to the quarter last year.

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






                                 Three Months Ended

The Venetian Macao Operations       December 31,

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

(Dollars in millions)              2012       2011     $ Change     Change

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

Revenues:

  Casino                        $   722.3  $   641.3  $     81.0       12.6%

  Rooms                              59.9       61.4        (1.5)      -2.4%

  Food and Beverage                  23.4       21.9         1.5        6.8%

  Mall                               46.5       41.4         5.1       12.3%

  Convention, Retail and Other       23.2       27.6        (4.4)     -15.9%

  Less - Promotional Allowances     (32.3)     (29.3)       (3.0)     -10.2%

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

Net Revenues                    $   843.0  $   764.3  $     78.7       10.3%



Adjusted Property EBITDA        $   333.1  $   283.3  $     49.8       17.6%

  EBITDA Margin %                    39.5%      37.1%               2.4 pts



Operating Income                $   298.2  $   242.3  $     55.9       23.1%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume             $12,662.9  $13,551.1  $   (888.2)      -6.6%

  Rolling Chip Win %(1)              3.25%      2.95%              0.30 pts



Non-Rolling Chip Drop           $ 1,215.0  $ 1,099.8  $    115.2       10.5%

  Non-Rolling Chip Win %             29.9%      28.2%               1.7 pts



Slot Handle                     $ 1,293.7  $ 1,066.2  $    227.5       21.3%

  Slot Hold %                         5.5%       5.9%              -0.4 pts



Hotel Statistics



Occupancy %                          93.4%      95.2%              -1.8 pts

Average Daily Rate (ADR)        $     248  $     246  $        2        0.8%

Revenue per Available Room

 (RevPAR)                       $     231  $     234  $       (3)      -1.3%

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

Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $89.7 million in the fourth quarter of 2012, an increase of 42.4% compared to the fourth quarter of 2011, despite the fact that operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.68% for the current quarter. Rolling Chip volume reached $10.73 billion for the quarter, an increase of 42.7% compared to the fourth quarter of 2011. Non-Rolling Chip drop was a record $125.5 million while Non-Rolling Chip win percentage was 45.1%. Slot handle was a record $350.4 million during the quarter, an increase of 43.7% compared to the fourth 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 21.3% in the quarter. Mall revenue increased 16.7% to $28.6 million.

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






Four Seasons Hotel Macao and Plaza Three Months Ended

 Casino Operations                    December 31,

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

(Dollars in millions)                2012      2011     $ Change    Change

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

Revenues:

  Casino                          $   260.2  $  183.7  $    76.5       41.6%

  Rooms                                10.8       8.9        1.9       21.3%

  Food and Beverage                     7.5       7.0        0.5        7.1%

  Mall                                 28.6      24.5        4.1       16.7%

  Convention, Retail and Other          0.8       0.8          -        0.0%

  Less - Promotional Allowances       (11.7)     (8.5)      (3.2)     -37.6%

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

Net Revenues                      $   296.2  $  216.4  $    79.8       36.9%



Adjusted Property EBITDA          $    89.7  $   63.0  $    26.7       42.4%

  EBITDA Margin %                      30.3%     29.1%              1.2 pts



Operating Income                  $    76.5  $   48.6  $    27.9       57.4%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume               $10,731.5  $7,519.6  $ 3,211.9       42.7%

  Rolling Chip Win %(1)                2.68%     2.61%             0.07 pts



Non-Rolling Chip Drop             $   125.5  $  101.3  $    24.2       23.9%

  Non-Rolling Chip Win %               45.1%     44.4%              0.7 pts



Slot Handle                       $   350.4  $  243.9  $   106.5       43.7%

  Slot Hold %                           5.3%      4.8%              0.5 pts



Hotel Statistics



Occupancy %                            81.8%     76.1%              5.7 pts

Average Daily Rate (ADR)          $     382  $    339  $      43       12.7%

Revenue per Available Room

 (RevPAR)                         $     313  $    258  $      55       21.3%

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

Sands Cotai Central Fourth Quarter Operating Results

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. An additional 2,100 Sheraton rooms opened on January 28, 2013. Net revenues and adjusted property EBITDA for the fourth quarter of 2012 were $490.7 million and $108.0 million, respectively, resulting in an EBITDA margin of 22.0%. The quarter's results were positively impacted by higher than expected Rolling Chip win percentage of 3.13%.

Rolling Chip volume reflected meaningful growth and reached $10.17 billion while Non-Rolling Chip drop reached $932.5 million with Non-Rolling Chip win percentage of 20.6%. Slot handle, driven by robust electronic table games play, was $1.24 billion for the quarter. Rolling Volume per table per day expanded to reach approximately $760,000 in the quarter, an increase of 15.1% compared to the third quarter of 2012. Mass table, slot and ETG win per day climbed to $2.58 million, an increase of 65.4% compared to the third quarter of 2012. Hotel occupancy reached 84.0% during the quarter with ADR of $164.

Visitation to the property continues to expand, reaching in excess of three million visits in the quarter. An air-conditioned footbridge connecting Sands Cotai Central on the East side of the Cotai Strip with The Venetian Macao and Four Seasons Macao Hotel and Plaza Casino on the West side of the Cotai Strip opened on December 20, 2012.

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




                                                             Quarter Ended

Sands Cotai Central                                           December 31,

(Dollars in millions)                                             2012

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

Revenues:

  Casino                                                    $         438.7

  Rooms                                                                44.5

  Food and Beverage                                                    19.2

  Mall                                                                  9.2

  Convention, Retail and Other                                          4.6

  Less - Promotional Allowances                                       (25.5)

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

Net Revenues                                                $         490.7



Adjusted Property EBITDA                                    $         108.0

  EBITDA Margin %                                                      22.0%



Operating Income                                            $          48.0



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume                                         $      10,170.3

  Rolling Chip Win %(1)                                                3.13%



Non-Rolling Chip Drop                                       $         932.5

  Non-Rolling Chip Win %                                               20.6%



Slot Handle                                                 $       1,241.7

  Slot Hold %                                                           3.7%



Hotel Statistics



Occupancy %                                                            84.0%

Average Daily Rate (ADR)                                    $           164

Revenue per Available Room (RevPAR)                         $           138

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

Sands Macao Fourth Quarter Operating Results

Sands Macao's adjusted property EBITDA was $91.5 million, an increase of 4.2% compared to last year, while adjusted property EBITDA margin increased 170 basis points to 29.1%. Rolling Chip volume of $5.77 billion for the quarter, which was a decrease of 24.2% compared to the prior year's quarter, reflected a 31.9% decrease in the number of Rolling Chip tables to an average of 96 tables for the quarter. Win percentage on Rolling Table games play was 3.29%, which was higher than the same quarter last year. Non-Rolling Chip drop was $708.6 million during the quarter, an increase of 3.1%, despite 106 fewer Non-Rolling chip tables in operation during the quarter. Slot handle decreased 2.5% to $605.4 million.

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






                                   Three Months Ended

Sands Macao Operations                December 31,

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

(Dollars in millions)                2012      2011     $ Change    Change

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

Revenues:

  Casino                           $  305.8  $  311.9  $    (6.1)      -2.0%

  Rooms                                 6.4       6.6       (0.2)      -3.0%

  Food and Beverage                    10.1      10.1          -        0.0%

  Convention, Retail and Other          2.7       3.1       (0.4)     -12.9%

  Less - Promotional Allowances       (10.4)    (10.7)       0.3        2.8%

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

Net Revenues                       $  314.6  $  321.0  $    (6.4)      -2.0%



Adjusted Property EBITDA           $   91.5  $   87.8  $     3.7        4.2%

  EBITDA Margin %                      29.1%     27.4%              1.7 pts



Operating Income                   $   83.1  $   79.5  $     3.6        4.5%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume                $5,767.8  $7,611.7  $(1,843.9)     -24.2%

  Rolling Chip Win %(1)                3.29%     2.77%             0.52 pts



Non-Rolling Chip Drop              $  708.6  $  687.2  $    21.4        3.1%

  Non-Rolling Chip Win %               22.2%     21.7%              0.5 pts



Slot Handle                        $  605.4  $  621.0  $   (15.6)      -2.5%

  Slot Hold %                           4.3%      4.8%             -0.5 pts



Hotel Statistics



Occupancy %                            96.9%     96.0%              0.9 pts

Average Daily Rate (ADR)           $    250  $    259  $      (9)      -3.5%

Revenue per Available Room (RevPAR)$    243  $    248  $      (5)      -2.0%

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

Marina Bay Sands Fourth Quarter Operating Results

Marina Bay Sands in Singapore had adjusted property EBITDA of $302.5 million for the fourth quarter. The operating results were unfavorably impacted by lower than expected Rolling Chip win percentage of 2.14% for the quarter. On a hold-adjusted basis, adjusted property EBITDA was $406.4 million. The operating results also reflect the recording of an additional $24.0 million property tax assessment received during the quarter for the 2011 and 2012 calendar years.

Rolling Chip volume was $16.47 billion for the quarter, the second highest quarterly volume in the property's history. Non-Rolling Chip drop decreased 3.2% to $1.11 billion and slot handle decreased 2.0% to $2.69 billion. Total mass win per day during the quarter decreased 3.4% to $4.49 million, compared to $4.64 million in the fourth quarter of 2011.

The high margin hotel room and mall segments of the property continued to reflect strong revenue growth of 10.2% and 11.5%, respectively. ADR expanded during the quarter, driving a RevPAR increase of 10.0% compared to the same quarter last year.

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






                                  Three Months Ended

Marina Bay Sands Operations          December 31,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $   549.5  $   654.0  $  (104.5)     -16.0%

  Rooms                               84.2       76.4        7.8       10.2%

  Food and Beverage                   51.9       54.2       (2.3)      -4.2%

  Mall                                44.7       40.1        4.6       11.5%

  Convention, Retail and Other        29.0       29.2       (0.2)      -0.7%

  Less - Promotional Allowances      (42.1)     (47.0)       4.9       10.4%

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

Net Revenues                     $   717.2  $   806.9  $   (89.7)     -11.1%



Adjusted Property EBITDA         $   302.5  $   426.9  $  (124.4)     -29.1%

  EBITDA Margin %                     42.2%      52.9%            -10.7 pts



Operating Income                 $   202.6  $   330.4  $  (127.8)     -38.7%



Gaming Statistics

(Dollars in millions)



Rolling Chip Volume              $16,467.1  $10,762.3  $ 5,704.8       53.0%

  Rolling Chip Win %(1)               2.14%      3.34%            -1.20 pts



Non-Rolling Chip Drop            $ 1,108.4  $ 1,145.2  $   (36.8)      -3.2%

  Non-Rolling Chip Win %              24.2%      24.2%              0.0 pts



Slot Handle                      $ 2,690.9  $ 2,744.8  $   (53.9)      -2.0%

  Slot Hold %                          5.4%       5.4%              0.0 pts



Hotel Statistics



Occupancy %                           98.4%      98.8%             -0.4 pts

Average Daily Rate (ADR)         $     368  $     333  $      35       10.5%

Revenue per Available Room

 (RevPAR)                        $     362  $     329  $      33       10.0%

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

Las Vegas Operations Fourth Quarter Operating Results

The Venetian and The Palazzo including the Sands Expo and Convention Center delivered, on a hold-adjusted basis, adjusted property EBITDA of $87.9 million. Adjusted property EBITDA was $52.8 million for the fourth quarter of 2012, a decrease of 34.7% compared to the fourth quarter of 2011. The operating results were negatively impacted by lower than expected table games win percentage of 12.7% for the quarter. Adjusted property EBITDA margin was 17.1% for the quarter. Table games drop decreased 13.7% to $459.4 million. Slot handle decreased 0.7% to $517.3 million while slot hold percentage was 8.9%. Although hotel occupancy percentage was down 1.5%, ADR grew 4.1% compared to last year's quarter leading to overall RevPAR growth of 1.7%.

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




                                  Three Months Ended

Las Vegas Operations                 December 31,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $    87.9  $   118.3  $  (30.4)     -25.7%

  Rooms                              114.3      110.6        3.7       3.3%

  Food and Beverage                   53.5       60.9      (7.4)     -12.2%

  Convention, Retail and Other        74.5       71.9        2.6       3.6%

  Less - Promotional Allowances     (21.9)     (22.2)        0.3       1.4%

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

Net Revenues                     $   308.3  $   339.5  $  (31.2)      -9.2%



Adjusted Property EBITDA         $    52.8  $    80.9  $  (28.1)     -34.7%

EBITDA Margin %                      17.1%      23.8%              -6.7 pts



Operating Income                 $    22.2  $    48.5  $  (26.3)     -54.2%



Gaming Statistics

(Dollars in millions)



Table Games Drop                 $   459.4  $   532.4  $  (73.0)     -13.7%

Table Games Win %(1)                 12.7%      17.9%              -5.2 pts



Slot Handle                      $   517.3  $   520.8  $   (3.5)      -0.7%

Slot Hold %                           8.9%       8.8%               0.1 pts



Hotel Statistics



Occupancy %                          87.6%      89.1%              -1.5 pts

Average Daily Rate (ADR)         $     203  $     195  $       8       4.1%

Revenue per Available Room

 (RevPAR)                        $     177  $     174  $       3       1.7%



(1) This compares to our expected Non-Rolling Chip win percentage of 20% and 22% (calculated before discounts).

Sands Bethlehem Fourth Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $117.8 million and adjusted property EBITDA reached $27.5 million for the fourth quarter of 2012. Table games drop was $230.6 million for the quarter, an increase of 19.0% compared to the quarter one year ago, while table games win percentage was 15.8%. Slot handle increased 1.2% to reach $967.8 million 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 fourth quarter of 2012 compared to the fourth quarter of 2011:




                                  Three Months Ended

Sands Bethlehem Operations           December 31,

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

(Dollars in millions)               2012       2011     $ Change    Change

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

Revenues:

  Casino                         $   108.8  $    97.9  $    10.9       11.1%

  Rooms                                3.0        2.1        0.9       42.9%

  Food and Beverage                    7.1        6.2        0.9       14.5%

  Mall(1)                              0.4        0.2        0.2      100.0%

  Convention, Retail and Other         4.6        4.4        0.2        4.5%

  Less - Promotional Allowances       (6.1)      (5.8)      (0.3)      -5.2%

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

Net Revenues                     $   117.8  $   105.0  $    12.8       12.2%



Adjusted Property EBITDA         $    27.5  $    22.5  $     5.0       22.2%

EBITDA Margin %                       23.4%      21.4%              2.0 pts



Operating Income                 $    18.7  $    13.2  $     5.5       41.7%



Gaming Statistics

(Dollars in millions)



Table Games Drop                 $   230.6  $   193.8  $    36.8       19.0%

Table Games Win %(2)                  15.8%      14.7%              1.1 pts



Slot Handle                      $   967.8  $   956.1  $    11.7        1.2%

Slot Hold %                            7.2%       7.0%              0.2 pts



Hotel Statistics



Occupancy %                           78.2%      54.5%             23.7 pts

Average Daily Rate (ADR)         $     136  $     156        (20)     -12.8%

Revenue per Available Room

 (RevPAR)                        $     107  $      85         22       25.9%



(1) The first phase of the Retail Mall opened on November 1, 2011.
(2) This compares to our expected Non-Rolling Chip win percentage of 14% and 16% (calculated before discounts).

Retail Mall Operations

Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $128.1 million for the fourth quarter of 2012, an increase of 21.0% compared to the fourth quarter of 2011. Operating profit derived from these retail mall assets increased 20.5% for the quarter to reach $110.7 million.




                                                                     LTM

                                                                   December

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

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

(Dollars in                                     Gross

millions                                       Leasable              Tenant

except per       Gross             Operating     Area   Occupancy    Sales

square foot     Revenue  Operating   Profit      (sq.    % at End   Per Sq.

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

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

The Grand

 Canal Shoppes

 at The

 Venetian

 Macao         $   45.7 $     40.2      88.0%   805,976      92.3% $   1,214



The Shoppes at

 Four Seasons

 Luxury Retail     22.0       20.9      95.0%   140,206     100.0%     6,488

 Other Stores       6.6        6.3      95.5%    99,512      81.1%     1,478

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

 Total             28.6       27.2      95.1%   239,718      92.1%     4,356

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



The Shoppes at

 Sands Cotai

 Central            9.1        7.6      83.5%   210,143     100.0%       N/A

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

Total Cotai

 Strip in

 Macao             83.4       75.0      89.9% 1,255,837      93.5%     1,818

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



The Shoppes at

 Marina Bay

 Sands             44.7       35.7      79.9%   637,980      96.0%     1,393

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



Total          $  128.1 $    110.7      86.4% 1,893,817      94.4% $   1,648

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



(1) Gross revenue figures are net of intersegment revenue eliminations.
(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 $2.1 million during the quarter, compared to negative $3.8 million in the fourth quarter of 2011.

Pre-opening expenses, related primarily to Sands Cotai Central on the Cotai Strip in Macao, decreased to $9.0 million in the fourth quarter of 2012, compared to $22.4 million in the fourth quarter of 2011.

Depreciation and amortization expense was $250.3 million in the fourth quarter of 2012, compared to $197.9 million in the fourth quarter of 2011.

Interest expense, net of amounts capitalized, was $67.1 million for the fourth quarter of 2012, compared to $68.0 million during the fourth quarter of 2011. Capitalized interest was $5.0 million during the fourth quarter of 2012, compared to $29.8 million during the fourth quarter of 2011. Our weighted average borrowing cost in the fourth quarter of 2012 was 2.8%.

Corporate expense was $44.9 million in the fourth quarter of 2012, compared to $51.7 million in the fourth quarter of 2011.

Other income, which was principally composed of foreign currency gains, was $5.0 million in the fourth quarter of 2012, compared to $5.4 million in the fourth quarter of 2011.

The company's effective income tax rate for the fourth quarter of 2012 was 7.3%. 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 fourth quarter of 2012 of $136.6 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of December 31, 2012, were $2.51 billion.

As of December 31, 2012, total debt outstanding, including the current portion, was $10.23 billion. Total principal payments for the full year 2013 are expected to be approximately $97.8 million.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $386.5 million, including construction and development activities of $243.7 million in Macao, $117.4 million in Las Vegas, $21.3 million at Marina Bay Sands, and $4.1 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, January 30, 2013 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 Cotai Strip®, including The Venetian® Macao, Four Seasons Hotel Macao, and Sands Cotai Central. The company also owns the Sands® Macao on the Macao Peninsula.

Las Vegas Sands is committed to global sustainability through its Sands ECO360 degrees program and is an active community partner through its various charitable organizations.

For more information, please visit www.lasvegassands.com.

Las Vegas Sands Corp.
Fourth Quarter 2012 Results
Non-GAAP Reconciliations

Within the company's fourth 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 and hold-adjusted adjusted property EBITDA are included in the financial schedules accompanying this release.




Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)



                         Three Months Ended              Year Ended

                            December 31,                December 31,

                         2012          2011          2012          2011

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



Revenues:

  Casino             $  2,473,211  $  2,007,099  $  9,008,158  $  7,437,002

  Rooms                   323,137       266,013     1,154,024     1,000,035

  Food and beverage       172,644       160,191       628,528       598,823

  Mall                    128,537       106,167       396,927       325,123

  Convention, retail

   and other              133,352       131,169       497,032       501,351

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

                        3,230,881     2,670,639    11,684,669     9,862,334

  Less - promotional

   allowances            (153,879)     (126,284)     (553,537)     (451,589)

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

                        3,077,002     2,544,355    11,131,132     9,410,745

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

Operating expenses:

  Resort operations     2,081,896     1,592,709     7,370,842     5,910,057

  Corporate                44,866        51,711       207,030       185,694

  Pre-opening               8,992        22,353       143,795        65,825

  Development               7,762         5,008        19,958        11,309

  Depreciation and

   amortization           250,321       197,935       892,046       794,404

  Amortization of

   leasehold

   interests in land       10,149        10,033        40,165        43,366

  Impairment loss               -             -       143,674             -

  Loss on disposal

   of assets                1,011         1,324         2,240        10,203

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

                        2,404,997     1,881,073     8,819,750     7,020,858

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

Operating income          672,005       663,282     2,311,382     2,389,887

Other income

 (expense):

  Interest income           6,536         5,950        23,252        14,394

  Interest expense,

   net of amounts

   capitalized            (67,067)      (68,011)     (258,564)     (282,949)

  Other income

   (expense)                5,025         5,429         5,740        (3,955)

  Loss on

   modification or

   early retirement

   of debt                      -       (22,554)      (19,234)      (22,554)

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

Income before income

 taxes                    616,499       584,096     2,062,576     2,094,823

Income tax expense        (45,156)      (59,744)     (180,763)     (211,704)

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

Net income                571,343       524,352     1,881,813     1,883,119

Net income

 attributable to

 noncontrolling

 interests               (136,561)      (89,068)     (357,720)     (322,996)

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

Net income

 attributable to Las

 Vegas Sands Corp.        434,782       435,284     1,524,093     1,560,123

Preferred stock

 dividends                      -        (5,967)            -       (63,924)

Accretion to

 redemption value of

 preferred stock

    issued to

     Principal

     Stockholder's

     family                     -       (11,567)            -       (80,975)

Preferred stock

 inducement,

 repurchase

    and redemption

     premiums                   -       (97,636)            -      (145,716)

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

Net income

 attributable to

 common stockholders $    434,782  $    320,114  $  1,524,093  $  1,269,508

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



Earnings per share:

  Basic              $       0.53  $       0.44  $       1.89  $       1.74

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

  Diluted            $       0.53  $       0.39  $       1.85  $       1.56

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



Weighted average

 shares outstanding:

  Basic               822,214,678   731,412,225   806,395,660   728,343,428

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

  Diluted             826,662,036   812,718,294   824,556,036   811,816,687

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



Dividends declared

 per common share    $       3.00  $          -  $       3.75  $          -

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









Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)



The following are reconciliations of Operating Income (Loss) to Adjusted

Property EBITDA:




                    Three Months Ended December 31, 2012



                                                       (Gain)

                                                        Loss

                                        Amortization     on      Pre-Opening

               Operating   Depreciation of Leasehold  Disposal       and

                 Income         and       Interests      of      Development

                  (Loss)   Amortization    in Land     Assets      Expense

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

Macao:

  The Venetian

   Macao       $  298,218  $     32,133 $      1,655 $     (413) $        22

  Sands Macao      83,060         7,606          354        198            -

  Four Seasons

   Hotel Macao

   and Plaza

   Casino          76,451        11,385          705          6        1,119

  Sands Cotai

   Central         48,040        51,235        2,154        177        5,834

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

Macao Property

 Operations       505,769       102,359        4,868        (32)       6,975

Marina Bay

 Sands            202,631        72,261        4,659      1,156            -

United States:

  Las Vegas

   Operating

   Properties      22,170        58,051            -       (115)       1,909

  Sands

   Bethlehem       18,685         8,578            -          -           40

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

United States

 Property

 Operations        40,855        66,629            -       (115)       1,949

Other Asia (2)    (19,774)        3,688            -          2           35

Other

 Development       (8,571)          154          622          -        7,795

Corporate         (48,905)        5,230            -          -            -

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

               $  672,005  $    250,321 $     10,149 $    1,011  $    16,754

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







             Three Months Ended December 31, 2012









                                (1)                 Adjusted

                 Royalty    Stock-Based  Corporate  Property

                  Fees     Compensation   Expense    EBITDA

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

Macao:

  The Venetian

   Macao       $        -  $      1,455 $        - $  333,070

  Sands Macao           -           292          -     91,510

  Four Seasons

   Hotel Macao

   and Plaza

   Casino               -            12          -     89,678

  Sands Cotai

   Central              -           544          -    107,984

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

Macao Property

 Operations             -         2,303          -    622,242

Marina Bay

 Sands             19,081         2,745          -    302,533

United States:

  Las Vegas

   Operating

   Properties     (31,744)        2,549          -     52,820

  Sands

   Bethlehem            -           215          -     27,518

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

United States

 Property

 Operations       (31,744)        2,764          -     80,338

Other Asia (2)     13,854            46          -     (2,149)

Other

 Development            -             -          -          -

Corporate          (1,191)            -     44,866          -

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

               $        -  $      7,858 $   44,866 $1,002,964

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





                    Three Months Ended December 31, 2011





                                       Amortization    Loss

                                             of         on      Pre-Opening

               Operating  Depreciation   Leasehold   Disposal      and

                 Income        and       Interests      of      Development

                (Loss)    Amortization    in Land     Assets     Expense

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

Macao:

  The

   Venetian

   Macao      $  242,298  $     37,696 $      1,647 $     117 $           -

  Sands Macao     79,501         7,478          353        38             -

  Four

   Seasons

   Hotel

   Macao and

   Plaza

   Casino         48,596        12,706          702        40           895

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

Macao

 Property

 Operations      370,395        57,880        2,702       195           895

Marina Bay

 Sands           330,371        65,363        4,567        94           (10)

United

 States:

  Las Vegas

   Operating

   Properties     48,480        56,947            -       563             -

  Sands

   Bethlehem      13,217         8,687            -         -            93

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

United States

 Property

 Operations       61,697        65,634            -       563            93

Other Asia

 (2)             (13,636)        3,681            -       472           440

Other

 Development     (28,906)          199        2,764         -        25,943

Corporate        (56,639)        5,178            -         -             -

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

              $  663,282  $    197,935 $     10,033 $   1,324 $      27,361

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









            Three Months Ended December 31, 2011









                               (1)                 Adjusted

                Royalty    Stock-Based  Corporate   Property

                 Fees     Compensation   Expense    EBITDA

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

Macao:

  The

   Venetian

   Macao      $        -  $      1,534 $        - $  283,292

  Sands Macao          -           465          -     87,835

  Four

   Seasons

   Hotel

   Macao and

   Plaza

   Casino              -            98          -     63,037

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

Macao

 Property

 Operations            -         2,097          -    434,164

Marina Bay

 Sands            25,040         1,475          -    426,900

United

 States:

  Las Vegas

   Operating

   Properties    (29,790)        4,710          -     80,910

  Sands

   Bethlehem           -           487          -     22,484

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

United States

 Property

 Operations      (29,790)        5,197          -    103,394

Other Asia

 (2)               5,000           221          -     (3,822)

Other

 Development           -             -          -          -

Corporate           (250)            -     51,711          -

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

              $        -  $      8,990 $   51,711 $  960,636

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






                    Year Ended December 31, 2012



                                                         Impairment

                                           Amortization  and (Gain)

                                                of          Loss

                 Operating   Depreciation   Leasehold       on

                   Income         and        Interests    Disposal

                  (Loss)     Amortization    in Land     of Assets

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

Macao:

  The Venetian

   Macao        $  947,998  $     140,218 $       6,609 $    42,236

  Sands Macao      317,319         30,385         1,414          14

  Four Seasons

   Hotel Macao

   and Plaza

   Casino          232,130         48,737         2,821         215

  Sands Cotai

   Central          10,291        108,878         6,458         239

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

Macao Property

 Operations      1,507,738        328,218        17,302      42,704

Marina Bay

 Sands             977,572        268,929        18,229       1,340

United States:

  Las Vegas

   Operating

   Properties      222,167        225,562             -         388

  Sands

   Bethlehem        78,554         33,910             -         414

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

United States

 Property

 Operations        300,721        259,472             -         802

Other Asia (2)     (71,590)        14,777             -          35

Other

 Development      (177,026)           729         4,634     101,034

Corporate         (226,033)        19,921             -          (1)

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

                $2,311,382  $     892,046 $      40,165 $   145,914

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







                        Year Ended December 31, 2012







                Pre-Opening

                     and                      (1)                 Adjusted

                 Development   Royalty    Stock-Based  Corporate   Property

                   Expense      Fees     Compensation   Expense    EBITDA

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

Macao:

  The Venetian

   Macao        $        135 $        -  $      6,049 $        - $1,143,245

  Sands Macao              -          -         1,507          -    350,639

  Four Seasons

   Hotel Macao

   and Plaza

   Casino              4,072          -           195          -    288,170

  Sands Cotai

   Central            86,463          -         1,147          -    213,476

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

Macao Property

 Operations           90,670          -         8,898          -  1,995,530

Marina Bay

 Sands                     -     91,681         8,494          -  1,366,245

United States:

  Las Vegas

   Operating

   Properties          1,909   (130,764)       11,920          -    331,182

  Sands

   Bethlehem             345          -           832          -    114,055

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

United States

 Property

 Operations            2,254   (130,764)       12,752          -    445,237

Other Asia (2)           200     40,000           628          -    (15,950)

Other

 Development          70,629          -             -          -          -

Corporate                  -       (917)            -    207,030          -

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

                $    163,753 $        -  $     30,772 $  207,030 $3,791,062

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





                   Year Ended December 31, 2011





                                          Amortization   (Gain)

                                               of        Loss on

                 Operating   Depreciation   Leasehold    Disposal

                   Income         and       Interests       of

                  (Loss)     Amortization    in Land      Assets

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

Macao:

  The Venetian

   Macao        $  844,112  $     163,185 $      6,590 $     (535)

  Sands Macao      317,614         30,723        1,410        316

  Four Seasons

   Hotel Macao

   and Plaza

   Casino          158,998         51,894        2,813        163

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

Macao Property

 Operations      1,320,724        245,802       10,813        (56)

Marina Bay

 Sands           1,157,825        249,123       21,493        832

United States:

  Las Vegas

   Operating

   Properties      198,390        232,949            -     (1,215)

  Sands

   Bethlehem        56,145         31,889            -          -

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

United States

 Property

 Operations        254,535        264,838            -     (1,215)

Other Asia (2)     (52,844)        15,426            -        474

Other

 Development       (79,423)           722       11,060      2,506

Corporate         (210,930)        18,493            -      7,662

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

                $2,389,887  $     794,404 $     43,366 $   10,203

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







                        Year Ended December 31, 2011







                 Pre-Opening

                     and                      (1)                 Adjusted

                 Development   Royalty    Stock-Based  Corporate   Property

                   Expense      Fees     Compensation   Expense    EBITDA

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

Macao:

  The Venetian

   Macao        $      3,173 $        -  $      6,253 $        - $1,022,778

  Sands Macao              -          -         1,814          -    351,877

  Four Seasons

   Hotel Macao

   and Plaza

   Casino              3,664          -           391          -    217,923

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

Macao Property

 Operations            6,837          -         8,458          -  1,592,578

Marina Bay

 Sands                 3,506     91,936         5,908          -  1,530,623

United States:

  Las Vegas

   Operating

   Properties              -   (111,017)       14,188          -    333,295

  Sands

   Bethlehem             851          -         1,917          -     90,802

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

United States

 Property

 Operations              851   (111,017)       16,105          -    424,097

Other Asia (2)           805     20,000           996          -    (15,143)

Other

 Development          65,135          -             -          -          -

Corporate                  -       (919)            -    185,694          -

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

                $     77,134 $        -  $     31,467 $  185,694 $3,532,155

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





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

recorded stock-based compensation expense of $15.1 million and $15.5

million, respectively, of which $7.2 million and $6.4 million, respectively,

is included in corporate expense and $0.0 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 year

ended December 31, 2012 and 2011, the Company recorded stock-based

compensation expense of $65.4 million and $62.7 million, respectively, of

which $33.9 million and $30.8 million, respectively, is included in

corporate expense and $0.7 million and $0.4 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 December 31, 2012



                                          (1)          (2)         Hold-

                                         Hold-        Hold-       Adjusted

                           Adjusted     Adjusted     Adjusted     Adjusted

                           Property      Casino       Casino      Property

                            EBITDA      Revenue      Expense       EBITDA

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



Macao Property

 Operations              $   622,242  $   (76,822) $    29,961  $   575,381

Marina Bay Sands             302,533      117,003      (13,116)     406,420

United States:

  Las Vegas Operating

   Properties                 52,820       37,976       (2,848)      87,948

  Sands Bethlehem             27,518       (2,292)         355       25,581

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

United States Property

 Operations                   80,338       35,684       (2,493)     113,529

Other Asia                    (2,149)           -            -       (2,149)

Other Development                  -            -            -            -

Corporate                          -            -            -            -

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

                         $ 1,002,964  $    75,865  $    14,352  $ 1,093,181

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





                    Three Months Ended December 31, 2011



                                           (1)          (2)         Hold-

                                          Hold-        Hold-      Adjusted

                           Adjusted     Adjusted     Adjusted     Adjusted

                           Property      Casino       Casino      Property

                            EBITDA       Revenue      Expense      EBITDA

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



Macao Property

 Operations              $   434,164  $         -  $         -  $   434,164

Marina Bay Sands             426,900      (52,497)       5,885      380,288

United States:

  Las Vegas Operating

   Properties                 80,910       16,426       (1,232)      96,104

  Sands Bethlehem             22,484          191          (33)      22,642

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

United States Property

 Operations                  103,394       16,617       (1,265)     118,746

Other Asia                    (3,822)           -            -       (3,822)

Other Development                  -            -            -            -

Corporate                          -            -            -            -

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

                         $   960,636  $   (35,880) $     4,620  $   929,376

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





(1) For Macao Property Operations and Marina Bay Sands 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 2.85%. This calculation will only be done if the current

period win percentage is outside the expected range of 2.7% to 3.0%.



For the Las Vegas Operating Properties and Sands Bethlehem this represents

the estimated incremental casino revenue related to all table games play

that would have been earned or lost had the Company's current period win

percentage equaled 21.0% and 14.8%, respectively.



(2) Represents the estimated incremental gaming taxes that would have been

incurred or avoided on the incremental casino revenue calculated in (1)

above.









Las Vegas Sands Corp.

 and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)



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

 Sands Corp. to Adjusted Property EBITDA:



                            Three Months Ended            Year Ended

                               December 31,              December 31,

                             2012         2011         2012         2011

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

Net income attributable

 to Las Vegas Sands

 Corp.                   $   434,782  $   435,284  $ 1,524,093  $ 1,560,123

  Add (deduct):

    Net income

     attributable to

     noncontrolling

     interests               136,561       89,068      357,720      322,996

    Income tax expense        45,156       59,744      180,763      211,704

    Loss on modification

     or early retirement

     of debt                       -       22,554       19,234       22,554

    Other (income)

     expense                  (5,025)      (5,429)      (5,740)       3,955

    Interest expense,

     net of amounts

     capitalized              67,067       68,011      258,564      282,949

    Interest income           (6,536)      (5,950)     (23,252)     (14,394)

    Loss on disposal of

     assets                    1,011        1,324        2,240       10,203

    Impairment loss                -            -      143,674            -

    Amortization of

     leasehold interests

     in land                  10,149       10,033       40,165       43,366

    Depreciation and

     amortization            250,321      197,935      892,046      794,404

    Development expense        7,762        5,008       19,958       11,309

    Pre-opening expense        8,992       22,353      143,795       65,825

    Stock-based

     compensation (1)          7,858        8,990       30,772       31,467

    Corporate expense         44,866       51,711      207,030      185,694

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

Adjusted Property EBITDA $ 1,002,964  $   960,636  $ 3,791,062  $ 3,532,155

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



    Hold-adjusted casino

     revenue (2)              75,865      (35,880)

    Hold-adjusted casino

     expense (2)              14,352        4,620

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

Hold-Adjusted Adjusted

 Property EBITDA         $ 1,093,181  $   929,376

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



(1) See Exhibit 2

(2) See Exhibit 3

_______________________



Las Vegas Sands Corp.

 and Subsidiaries

Supplemental Data - Net

 Revenues

(In thousands)

(Unaudited)



                            Three Months Ended            Year Ended

                               December 31,              December 31,

                             2012         2011         2012         2011

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



The Venetian Macao       $   843,000  $   764,257  $ 3,037,975  $ 2,827,174

Sands Macao                  314,586      321,028    1,250,552    1,282,201

Four Seasons Hotel Macao

 and Plaza Casino            296,237      216,379    1,086,456      678,293

Sands Cotai Central          490,668            -    1,052,124            -

Marina Bay Sands             717,160      806,942    2,886,139    2,921,863

Las Vegas Operating

 Properties                  308,287      339,462    1,384,629    1,324,505

Sands Bethlehem              117,834      105,030      470,458      399,900

Other Asia                    37,538       37,910      148,330      147,323

Intersegment

 Eliminations                (48,308)     (46,653)    (185,531)    (170,514)

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

                         $ 3,077,002  $ 2,544,355  $11,131,132  $ 9,410,745

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



_______________________



Las Vegas Sands Corp.

 and Subsidiaries

Supplemental Data - Adjusted

 Property EBITDA as a Percentage of

 Net Revenues

(Unaudited)



                            Three Months Ended            Year Ended

                               December 31,              December 31,

                             2012         2011         2012         2011

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

The Venetian Macao              39.5%        37.1%        37.6%        36.2%

Sands Macao                     29.1%        27.4%        28.0%        27.4%

Four Seasons Hotel Macao

 and Plaza Casino               30.3%        29.1%        26.5%        32.1%

Sands Cotai Central             22.0%         N/A         20.3%         N/A

Marina Bay Sands                42.2%        52.9%        47.3%        52.4%

Las Vegas Operating

 Properties                     17.1%        23.8%        23.9%        25.2%

Sands Bethlehem                 23.4%        21.4%        24.2%        22.7%

Other Asia                      -5.7%       -10.1%       -10.8%       -10.3%



Total                           32.6%        37.8%        34.1%        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            Year Ended

                                December 31,              December 31,

                             2012         2011         2012         2011

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



Net income attributable

 to common stockholders  $    434,782 $    320,114 $  1,524,093 $  1,269,508



Pre-opening expense, net        6,908        4,193      101,775       47,067

Development expense, net        7,762        5,008       19,958       11,309

Impairment loss, net                -            -      101,009            -

Loss on disposal of

 assets, net                    1,021          456        2,211        9,335

Loss on modification or

 early retirement of

 debt, net                          -       16,005       18,714       16,005

Preferred stock

 dividends                          -        5,967            -       63,924

Accretion to redemption

 value of preferred

 stock issued to

 Principal Stockholder's

 family                             -       11,567            -       80,975

Preferred stock

 inducement, repurchase

 and redemption premiums            -       97,636            -      145,716

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

Adjusted net income      $    450,473 $    460,946 $  1,767,760 $  1,643,839

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





Per diluted share of

 common stock:

Net income attributable

 to common stockholders  $       0.53 $       0.39 $       1.85 $       1.56



Pre-opening expense, net            -         0.01         0.12         0.06

Development expense, net         0.01         0.01         0.03         0.01

Impairment loss, net                -            -         0.12            -

Loss on disposal of

 assets, net                        -            -            -         0.01

Loss on modification or

 early retirement of

 debt, net                          -         0.02         0.02         0.02

Preferred stock

 dividends                          -         0.01            -         0.08

Accretion to redemption

 value of preferred

 stock issued to

 Principal Stockholder's

 family                             -         0.01            -         0.10

Preferred stock

 inducement, repurchase

 and redemption premiums            -         0.12            -         0.18

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

Adjusted earnings per

 diluted share           $       0.54 $       0.57 $       2.14 $       2.02

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



Weighted average diluted

 shares outstanding       826,662,036  812,718,294  824,556,036  811,816,687









Las Vegas Sands Corp. and

 Subsidiaries

Supplemental Data Schedule

(Unaudited)



                                     Three Months Ended      Year Ended

                                        December 31,        December 31,

                                       2012      2011      2012      2011

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



Room Statistics:

  The Venetian Macao:

    Occupancy %                          93.4%     95.2%     91.9%     91.4%

    Average daily room rate (ADR)

     (1)                             $    248  $    246  $    237  $    232

    Revenue per available room

     (RevPAR) (2)                    $    231  $    234  $    218  $    212



  Sands Macao:

    Occupancy %                          96.9%     96.0%     95.3%     90.5%

    Average daily room rate (ADR)

     (1)                             $    250  $    259  $    245  $    251

    Revenue per available room

     (RevPAR) (2)                    $    243  $    248  $    234  $    227



  Four Seasons Hotel Macao and Plaza

   Casino:

    Occupancy %                          81.8%     76.1%     80.1%     69.9%

    Average daily room rate (ADR)

     (1)                             $    382  $    339  $    362  $    334

    Revenue per available room

     (RevPAR) (2)                    $    313  $    258  $    290  $    234



  Sands Cotai Central:

    Occupancy %                          84.0%      N/A      83.4%      N/A

    Average daily room rate (ADR)

     (1)                             $    164       N/A  $    155       N/A

    Revenue per available room

     (RevPAR) (2)                    $    138       N/A  $    129       N/A



  Marina Bay Sands:

    Occupancy %                          98.4%     98.8%     98.9%     93.6%

    Average daily room rate (ADR)

     (1)                             $    368  $    333  $    355  $    311

    Revenue per available room

     (RevPAR) (2)                    $    362  $    329  $    351  $    291



  Las Vegas Operating Properties:

    Occupancy %                          87.6%     89.1%     86.1%     88.6%

    Average daily room rate (ADR)

     (1)                             $    203  $    195  $    203  $    199

    Revenue per available room

     (RevPAR) (2)                    $    177  $    174  $    175  $    177



  Sands Bethlehem:

    Occupancy %                          78.2%     54.5%     65.1%     50.5%

    Average daily room rate (ADR)

     (1)                             $    136  $    156  $    140  $    162

    Revenue per available room

     (RevPAR) (2)                    $    107  $     85  $     91  $     82



Casino Statistics:

  The Venetian Macao:

    Table games win per unit per day

     (3)                             $ 18,424  $ 13,371  $ 15,496  $ 12,402

    Slot machine win per unit per

     day (4)                         $    357  $    328  $    325  $    297

    Average number of table games         457       577       504       591

    Average number of slot machines     2,183     2,089     2,210     2,112



  Sands Macao:

    Table games win per unit per day

     (3)                             $ 14,362  $  9,482  $ 11,518  $  9,632

    Slot machine win per unit per

     day (4)                         $    235  $    279  $    247  $    273

    Average number of table games         263       413       330       414

    Average number of slot machines     1,216     1,165     1,168     1,141



  Four Seasons Hotel Macao and Plaza

   Casino:

    Table games win per unit per day

     (3)                             $ 25,986  $ 18,928  $ 23,693  $ 15,360

    Slot machine win per unit per

     day (4)                         $  1,052  $    728  $    749  $    704

    Average number of table games         144       139       154       125

    Average number of slot machines       192       176       185       185



  Sands Cotai Central:

    Table games win per unit per day

     (3)                             $ 11,995       N/A  $ 10,758       N/A

    Slot machine win per unit per

     day (4)                         $    214       N/A  $    273       N/A

    Average number of table games         462       N/A       395       N/A

    Average number of slot machines     2,310       N/A     1,429       N/A



  Marina Bay Sands:

    Table games win per unit per day

     (3)                             $ 10,950  $ 11,508  $ 10,543  $ 11,140

    Slot machine win per unit per

     day (4)                         $    682  $    661  $    644  $    616

    Average number of table games         616       602       613       604

    Average number of slot machines     2,299     2,459     2,426     2,366



  Las Vegas Operating Properties:

    Table games win per unit per day

     (3)                             $  2,660  $  4,511  $  5,171  $  4,241

    Slot machine win per unit per

     day (4)                         $    215  $    195  $    209  $    166

    Average number of table games         239       230       232       228

    Average number of slot machines     2,329     2,557     2,222     2,638



  Sands Bethlehem:

    Table games win per unit per day

     (3)                             $  3,244  $  2,921  $  3,049  $  2,779

    Slot machine win per unit per

     day (4)                         $    251  $    241  $    264  $    246

    Average number of table games         122       106       121        95

    Average number of slot machines     3,018     3,021     3,015     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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