SOURCE: Las Vegas Sands

Las Vegas Sands

February 17, 2010 16:00 ET

Las Vegas Sands Corp. Reports Fourth Quarter and Full Year 2009 Results

Consolidated Fourth Quarter Adjusted Property EBITDAR Increases 25.5% to Record $306.2 Million on Record Net Revenue of $1.28 Billion; Macau Adjusted Property EBITDAR Reaches Quarterly Record of $251.5 Million; The Venetian Macao Delivers Quarterly Records in Adjusted Property EBITDAR of $174.7 Million and Adjusted Property EBITDAR Margin of 30.6%

LAS VEGAS, NV--(Marketwire - February 17, 2010) - Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended December 31, 2009.

Company-Wide Operating Results

Net revenue for the fourth quarter of 2009 was $1.28 billion, an increase of 17.5% compared to $1.09 billion in the fourth quarter of 2008. Consolidated adjusted property EBITDAR in the fourth quarter of 2009 increased 25.5% to $306.2 million, compared to $244.0 million in the year-ago quarter.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2009 was $43.9 million, compared to an operating loss of $34.4 million in the fourth quarter of 2008, an increase of $78.3 million. The increase in operating income was principally due to stronger gaming volumes and the continued realization of cost savings and efficiency initiatives across our properties, which contributed to stronger margins overall and a record operating performance in Macau. The record results in Macau were partially offset by lower operating results in Las Vegas.

Adjusted net income (see Note 1) increased $38.7 million to $20.9 million, or $0.03 per diluted share, compared to adjusted net loss of $17.8 million in the fourth quarter of 2008, or a loss of $0.04 per diluted share.

On a GAAP basis, net loss attributable to common stockholders in the fourth quarter of 2009 was $113.9 million, compared to net loss of $136.5 million in the fourth quarter of 2008. Diluted loss per share was $0.17 compared to a diluted loss of $0.27 in the prior year quarter. The decrease in net loss attributable to common stockholders of $22.6 million reflects an increase in operating income and a decrease in interest expense, partially offset by a loss on the early retirement of debt, a smaller income tax benefit, and increases in preferred stock dividends and accretion of preferred stock.

Full year 2009 net revenue increased 3.9% to $4.56 billion, compared to $4.39 billion in 2008. Adjusted net income was $48.2 million in 2009, an increase of 7.6% compared to $44.8 million in 2008. On a GAAP basis, net loss attributable to common stockholders was $540.1 million in 2009, compared to a net loss of $188.8 million in 2008. The increase in GAAP net loss attributable to common stockholders of $351.3 million was principally driven by increases in non-cash impairment losses, losses on early retirement of debt, preferred stock dividends and accretion of preferred stock, partially offset by increased revenue and decreased interest expense.

Fourth Quarter and Full Year Overview

Sheldon G. Adelson, chairman and CEO, stated, "I am pleased to report that we delivered record revenues and EBITDAR during the fourth quarter of 2009, led by our properties in Macau, which achieved a record $251.5 million in EBITDAR. That performance was driven by healthy gaming volumes in combination with the continued realization of cost savings from the efficiency initiatives we implemented throughout the year. The performance in Macau provides strong momentum as we resume construction activities on our latest integrated resort development in Macau. That 13.3 million square foot development, which is located directly across the Cotai Strip from The Venetian Macao and Four Seasons Hotel Macao, will feature 6,400 hotel rooms from the Shangri-La, Traders, Sheraton, Sheraton Towers and St. Regis brands.

"While our current quarter's results in Las Vegas reflect lower room and food and beverage revenues, principally because of less group business in Las Vegas, our gaming volumes have stabilized, and the execution of our cost savings programs has positioned us to deliver improved operating margins and cash flows as the economy and our group business recover. We believe 2010 will reflect a recovery in the group business in Las Vegas, as recent booking trends reflect increases compared to 2009.

"In Singapore, we are rapidly approaching the opening of Marina Bay Sands, the first phase of which will open in late April. We have ramped up pre-opening activities for each of the major operational areas of the property and look forward to introducing our convention-based integrated resort business model to Singapore about 10 weeks from today.

"Finally, we made steady progress during the year on our de-leveraging strategy. The completion of the listing of Sands China Ltd. on the Hong Kong Stock Exchange significantly strengthened our balance sheet, which now includes nearly $5.0 billion of cash and cash equivalents."

The Venetian Macao Fourth Quarter Operating Results

The Venetian Macao delivered a quarterly record of $174.7 million in adjusted property EBITDAR for the fourth quarter of 2009. Gaming volumes at The Venetian Macao were strong during the quarter, with year-over-year increases in each segment of the casino. Slot handle increased 15.2% compared to the quarter one year ago, while Non-Rolling table drop at The Venetian Macao continued to lead the market at $904.6 million for the quarter. Rolling Volume play increased 18.0% during the quarter to $10.0 billion, with the direct play portion increasing to approximately 16.8% of that total.

The following table summarizes our key operating results for The Venetian Macao for the fourth quarter of 2009 compared to the fourth quarter of 2008:



The Venetian Macao            Three Months Ended
 Operations                      December 31,
                            ----------------------
(In millions, except for
 percentages and basis
 points)                       2009        2008      $ Change    % Change
                            ----------  ----------  ----------  ----------
Revenues:
  Casino                    $    485.5  $    379.1  $    106.4        28.1%
  Rooms                           48.8        55.3        (6.5)      -11.8%
  Food and Beverage               15.7        18.3        (2.6)      -14.2%
  Retail and Other                46.2        44.6         1.6         3.6%
  Less - Promotional
   Allowances                    (26.1)      (25.9)       (0.2)       -0.8%
                            ----------  ----------  ----------
Net Revenues                $    570.1  $    471.4  $     98.7        20.9%

Adjusted Property EBITDAR   $    174.7  $    112.8  $     61.9        54.9%
  EBITDAR Margin %                30.6%       23.9%                6.7 pts

Operating Income            $    119.7  $     61.3  $     58.4        95.3%

Gaming Statistics
(In millions, except for
 percentages and basis
 points)

Rolling Chip Volume         $ 10,048.7  $  8,515.3  $  1,533.4        18.0%
  Rolling Chip Win %(1)           3.00%       2.82%               0.18 pts

Non-Rolling Chip Table
 Games Drop                 $    904.6  $    867.8  $     36.8         4.2%
  Non-Rolling Chip Table
   Games Win %(2)                 24.6%       20.1%                4.5 pts

Slot Handle                 $    659.1  $    572.1  $     87.0        15.2%
  Slot Hold %(3)                   7.1%        7.7%               -0.6 pts

Hotel Statistics

  Occupancy %                     92.3%       90.2%                2.1 pts
  Average Daily Rate (ADR)  $      204  $      236  $      (32)      -13.6%
  Revenue per Available Room
   (RevPAR)                 $      188  $      213  $      (25)      -11.7%


(1) This compares to our expected Rolling Chip win percentage of 3.0%
    (calculated before discounts and commissions).
(2) This compares to our expected Non-Rolling Chip win percentage of 18% to
    20% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
    (calculated before slot club cash incentives).



Sands Macao Fourth Quarter Operating Results

Sands Macao's fourth quarter operating performance reflected solid gaming volumes with adjusted property EBITDAR increasing to $56.4 million in the quarter, an increase of 7.8% compared to the fourth quarter of 2008. EBITDAR margin decreased to 19.8% in the quarter, compared to 21.2% in the year-ago quarter. The quarter's results reflected an increase in reserves for slower paying customers of $12.4 million during the fourth quarter of 2009, compared to the fourth quarter of 2008. Sands Macao gaming volumes remain healthy across the board, including slot handle which was up 39.6% compared to the same quarter last year, and continue to reflect the strong market positioning of the Sands Macao on the Macau peninsula.

The following table summarizes our key operating results for the Sands Macao for the fourth quarter of 2009 compared to the fourth quarter of 2008:



                                 Three Months Ended
Sands Macao Operations              December 31,
                                --------------------
(In millions, except for
 percentages and basis points)    2009       2008     $ Change   % Change
                                ---------  ---------  ---------  ---------

Revenues:
  Casino                        $   278.8  $   243.0  $    35.8       14.7%
  Rooms                               6.9        6.8        0.1        1.5%
  Food and Beverage                   9.3       10.3       (1.0)      -9.7%
  Retail and Other                    1.3        1.1        0.2       18.2%
  Less - Promotional Allowances     (11.4)     (14.0)       2.6       18.6%
                                ---------  ---------  ---------
Net Revenues                    $   284.9  $   247.2  $    37.7       15.3%

Adjusted Property EBITDAR       $    56.4  $    52.3  $     4.1        7.8%
  EBITDAR Margin %                   19.8%      21.2%             -1.4 pts

Operating Income                $    43.9  $    38.7  $     5.2       13.4%

Gaming Statistics
(In millions, except for
 percentages and basis points)

Rolling Chip Volume             $ 6,595.8  $ 6,136.1  $   459.7        7.5%
  Rolling Chip Win %(1)              3.11%      2.88%             0.23 pts

Non-Rolling Chip Table Games
 Drop                           $   578.6  $   593.3  $   (14.7)      -2.5%
  Non-Rolling Chip Table Games
   Win %(2)                          20.8%      17.9%              2.9 pts

Slot Handle                     $   352.1  $   252.3  $    99.8       39.6%
  Slot Hold %(3)                      6.4%       7.4%             -1.0 pts

Hotel Statistics

  Occupancy %                        98.3%      98.1%              0.2 pts
  Average Daily Rate (ADR)      $     264  $     265  $      (1)      -0.4%
  Revenue per Available Room
   (RevPAR)                     $     259  $     260  $      (1)      -0.4%



(1) This compares to our expected Rolling Chip win percentage of 3.0%
    (calculated before discounts and commissions).
(2) This compares to our expected Non-Rolling Chip win percentage of 18% to
    20% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
    (calculated before slot club cash incentives).



Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino delivered $20.4 million of adjusted property EBITDAR for the fourth quarter, an increase of $15.8 million, or 343%, compared to $4.6 million during the prior year quarter. Net revenue for the property was $97.8 million during the fourth quarter, with casino revenues representing $77.4 million of that total. The property's performance benefited from the first full quarter of its Paiza mansion suite offerings, which drove healthy Rolling Chip volume of $3.75 billion during the quarter. Rolling Chip win percentage for the quarter was 2.12%, below our expected Rolling Chip win percentage of 3.0%. Approximately 29% of that Rolling Chip play was generated in our higher-margin direct rolling program. The mass gaming business at the Four Seasons Hotel Macao and Plaza Casino continued to grow during the quarter with $79.7 million in slot handle, an increase of $49.4 million, or 163.0%, over last year's quarter, while Non-Rolling Chip table games drop was $85.2 million. Hotel occupancy reached nearly 70%, up from approximately 32% in the same quarter last year.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2009 compared to the fourth quarter of 2008:



Four Seasons Hotel Macao and     Three Months Ended
 Plaza Casino Operations            December 31,
                                --------------------
(In millions, except for
 percentages and basis points)    2009       2008     $ Change   % Change
                                ---------  ---------  ---------  ---------

Revenues:
  Casino                        $    77.4  $    30.2  $    47.2      156.3%
  Rooms                               6.9        3.1        3.8      122.6%
  Food and Beverage                   4.7        3.0        1.7       56.7%
  Retail and Other                   15.5        8.1        7.4       91.4%
  Less - Promotional Allowances      (6.7)      (2.2)      (4.5)    -204.5%
                                ---------  ---------  ---------
Net Revenues                    $    97.8  $    42.2  $    55.6      131.8%

Adjusted Property EBITDAR       $    20.4  $     4.6  $    15.8      343.5%
  EBITDAR Margin %                   20.9%      10.9%             10.0 pts

Operating Income (Loss)         $     2.9  $   (10.7) $    13.6      127.1%

Gaming Statistics
(In millions, except for
 percentages and basis points)

Rolling Chip Volume             $ 3,750.6  $   464.9  $ 3,285.7      706.8%
  Rolling Chip Win %(1)              2.12%      3.07%            -0.95 pts

Non-Rolling Chip Table Games
 Drop                           $    85.2  $    83.1  $     2.1        2.5%
  Non-Rolling Chip Table Games
   Win %(2)                          22.2%      21.6%              0.6 pts

Slot Handle                     $    79.7  $    30.3  $    49.4      163.0%
  Slot Hold %(3)                      6.4%       5.4%              1.0 pts

Hotel Statistics

  Occupancy %                        69.6%      32.1%             37.5 pts
  Average Daily Rate (ADR)      $     298  $     332  $     (34)     -10.2%
  Revenue per Available Room
   (RevPAR)                     $     208  $     107  $     101       94.4%



(1) This compares to our expected Rolling Chip win percentage of 3.0%
    (calculated before discounts and commissions).
(2) This compares to our expected Non-Rolling Chip win percentage of 18% to
    20% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
    (calculated before slot club cash incentives).


Las Vegas Fourth Quarter Operating Results

The Venetian Las Vegas and The Palazzo had a disappointing quarter, primarily due to decreases in room and food and beverage revenues. Table gaming volumes were flat, while slot handle decreased. Adjusted property EBITDAR was $56.9 million for the quarter. Table games hold was 17.1%, compared to our expected hold of 20% to 22%, negatively impacting our operating performance. Lower group meeting and convention business also negatively impacted the operating results this quarter.

Despite low table games hold and reduced room revenues, we saw demand for future group rooms continue to improve. We expect to realize significantly more group room nights in 2010 than the approximately 470,000 we realized in 2009.

The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2009 compared to the fourth quarter of 2008:


                                 Three Months Ended
Las Vegas Operations                December 31,
                                --------------------
(In millions, except for
 percentages and basis points)    2009       2008     $ Change   % Change
                                ---------  ---------  ---------  ---------

Revenues:
  Casino                        $   125.3  $   134.9  $    (9.6)      -7.1%
  Rooms                             103.2      126.7      (23.5)     -18.5%
  Food and Beverage                  44.5       65.2      (20.7)     -31.7%
  Retail and Other                   32.3       44.1      (11.8)     -26.8%
  Less - Promotional Allowances     (41.6)     (43.8)       2.2        5.0%
                                ---------  ---------  ---------
Net Revenues                    $   263.7  $   327.1  $   (63.4)     -19.4%

Adjusted Property EBITDAR       $    56.9  $    89.6  $   (32.7)     -36.5%
  EBITDAR Margin %                   21.6%      27.4%             -5.8 pts

Operating Income (Loss)         $   (15.7) $    14.6  $   (30.3)    -207.5%

Gaming Statistics
(In millions, except for
 percentages and basis points)

Table Games Drop                $   508.8  $   504.4  $     4.4        0.9%
  Table Games Win %(1)               17.1%      19.9%             -2.8 pts

Slot Handle                     $   658.6  $   957.2  $  (298.6)     -31.2%
  Slot Hold %(2)                      7.8%       5.4%              2.4 pts

Hotel Statistics

The Venetian Las Vegas:
  Occupancy %                        77.7%      91.9%            -14.2 pts
  Average Daily Rate            $     193  $     203  $     (10)      -4.9%
  Revenue per Available Room    $     150  $     186  $     (36)     -19.4%

The Palazzo:
  Occupancy %                        84.6%      96.0%            -11.4 pts
  Average Daily Rate (ADR)      $     204  $     217  $     (13)      -6.0%
  Revenue per Available Room
   (RevPAR)                     $     172  $     208  $     (36)     -17.3%



(1) This compares to our expected table games win percentage of 20% to
    22% (calculated before discounts).
(2) This compares to our expected slot hold percentage of 6% to 7%
    (calculated before slot club cash incentives).

Sands Bethlehem Fourth Quarter Operating Results

Net revenues for Sands Bethlehem in Bethlehem, Pennsylvania were $57.5 million and adjusted property EBITDAR was $6.4 million for the fourth quarter. Slot handle at the property continued to grow as the property matures, and reached $847.6 million for the quarter, compared to $813.3 million in the third quarter of 2009, an increase of 4.2%. Slot hold percentage was 6.3% during the quarter.

Recently enacted legislation introducing table games into the Pennsylvania market, as well as additional marketing programs, which are currently being implemented, will benefit the property in the future. The company will submit its application for table games at Sands Bethlehem to the Pennsylvania Gaming Control Board very shortly and expects to introduce approximately 80 table games to the property in the third quarter.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDAR was negative $8.6 million, which was mainly from losses generated by our CotaiJet ferry service in the quarter.

Pre-opening expenses, related principally to Marina Bay Sands in Singapore and Sites 5 & 6 on the Cotai Strip, decreased to $42.1 million in the fourth quarter of 2009, compared to $56.9 million in the fourth quarter of 2008.

Depreciation and amortization expense was $154.5 million in the fourth quarter of 2009, compared to $142.2 million in the fourth quarter of 2008. The increase was principally driven by increased depreciation related to the openings of the Four Seasons Hotel Macao and Plaza Casino and Sands Bethlehem.

The company recorded a non-cash impairment loss of $18.3 million during the quarter primarily related to real estate used for marketing activities in Asia.

Interest expense, net of amounts capitalized, was $97.4 million for the fourth quarter of 2009, compared to $128.1 million during the fourth quarter of 2008. Our average borrowing cost in the fourth quarter of 2009 was 4.0%, compared to 6.1% in the fourth quarter of 2008. Capitalized interest was $20.3 million during the fourth quarter of 2009, compared to $30.6 million during the fourth quarter of 2008.

Corporate expense was $26.8 million in the fourth quarter of 2009, compared to $21.8 million in the fourth quarter of 2008. The increase in corporate expense was principally driven by increases in incentive compensation.

Other expense was $3.4 million in the fourth quarter of 2009, compared to other income of $7.9 million in the fourth quarter of 2008. The other expense relates principally to foreign exchange losses and decreases in the value of interest rate caps in the quarter.

Loss on modification of debt was $23.0 million during the quarter, compared to $5.1 million during the 2008 quarter. The 2009 loss reflected the modification of the Venetian Macau Credit Facility as well as the write-off of fees associated with the issuance of exchangeable bonds, which were exchanged for Sands China Ltd. shares during the quarter.

The company's effective tax rate for the fourth quarter reflects the recording of a tax benefit recognized as a result of the recently enacted Worker, Homeownership and Business Assistance Act of 2009.

The company attributed losses to non-controlling interests during the fourth quarter of $6.6 million, which was principally related to minority interests in Sands Bethlehem and Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of December 31, 2009, were $4.96 billion, while restricted cash balances were $118.6 million. Of the restricted cash balances, $17.2 million is restricted for Macau-related construction, interest and principal payments under our Venetian Macau Credit Facility and $88.3 million is restricted for construction of Marina Bay Sands in Singapore.

As of December 31, 2009, total debt outstanding, including the current portion, was $11.03 billion. Scheduled principal payments required in 2010 and 2011 total $173.3 million and $1.35 billion, respectively.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $553.8 million, including construction and development activities of $419.8 million at Marina Bay Sands, $85.7 million in Macau, $35.1 million at Sands Bethlehem, and $13.2 million in Las Vegas.

Conference Call Information

The company will hold a conference call to discuss the company's results on Wednesday, February 17, 2010 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Interested parties can listen to the conference call through a webcast available on the Company's website at www.lasvegassands.com (click on Investor Relations).

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 Macau gaming subconcession, infrastructure in Macau and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

Note 1

Adjusted net income (loss) excludes pre-opening expense, development expense, impairment loss, loss on disposal of assets, loss on modification or early retirement of debt, legal settlement expense, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder's family, and United States deferred tax valuation allowance.

About Las Vegas Sands Corp.

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

The Venetian and The Palazzo, both Five-Star luxury resorts on the Las Vegas Strip, are among the company's properties in the United States. Marina Bay Sands, the company's iconic project currently under development in Singapore, will open in the second quarter of 2010.

Through its majority-owned subsidiary Sands China Ltd, the company also owns a portfolio of properties in Macau, including The Venetian Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments on the Cotai Strip™, as well as the Sands Macao Hotel on the Macau peninsula.

The Cotai Strip is a master-planned development of destination resort properties where the company is currently constructing a 6,400-room complex which will feature the Shangri-La, Traders, Sheraton, and St. Regis hotel brands and is scheduled to open in 2011.

For more information, please visit www.lasvegassands.com

Las Vegas Sands Corp.
Fourth Quarter 2009 Results
Non-GAAP Reconciliations

Within the company's fourth quarter 2009 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," "adjusted EBITDA," and "adjusted property EBITDAR." 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 EBITDA consists of operating income (loss) before depreciation and amortization, impairment loss, gain or loss on disposal of assets, pre-opening expense, development expense, and stock-based compensation. Adjusted property EBITDAR consists of operating income (loss) before depreciation and amortization, impairment loss, gain or loss on disposal of assets, pre-opening expense, development expense, stock-based compensation, corporate expense, and rental expense. Reconciliations of GAAP operating income (loss) and GAAP net income (loss) attributable to Las Vegas Sands Corp. to adjusted EBITDA and adjusted property EBITDAR 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,
                            2009         2008         2009         2008
                        -----------  -----------  -----------  -----------

Revenues:
  Casino                $ 1,020,565  $   787,126  $ 3,524,798  $ 3,192,099
  Rooms                     165,753      191,957      657,783      767,129
  Food and beverage          78,847       96,747      327,699      369,062
  Retail and other          114,188      116,045      419,164      406,836
                        -----------  -----------  -----------  -----------
                          1,379,353    1,191,875    4,929,444    4,735,126
  Less - promotional
   allowances               (95,154)     (98,500)    (366,339)    (345,180)
                        -----------  -----------  -----------  -----------
                          1,284,199    1,093,375    4,563,105    4,389,946
                        -----------  -----------  -----------  -----------

Operating expenses:
  Resort operations         986,228      859,423    3,506,874    3,361,146
  Rental expense              7,402        7,967       29,899       33,540
  Corporate expense          26,848       21,826      132,098      104,355
  Pre-opening expense        42,112       56,852      157,731      162,322
  Development expense           189        1,285          533       12,789
  Depreciation and
   amortization             154,482      142,233      586,041      506,986
  Impairment loss            18,293       37,568      169,468       37,568
  Loss on disposal of
   assets                     4,701          600        9,201        7,577
                        -----------  -----------  -----------  -----------
                          1,240,255    1,127,754    4,591,845    4,226,283
                        -----------  -----------  -----------  -----------

Operating income (loss)      43,944      (34,379)     (28,740)     163,663

  Interest income             1,282        7,973       11,122       19,786
  Interest expense, net
   of amounts
   capitalized              (97,367)    (128,116)    (321,870)    (421,825)
  Other income
   (expense)                 (3,357)       7,868       (9,891)      19,492
  Loss on modification
   or early retirement
   of debt                  (23,044)      (5,119)     (23,248)      (9,141)
                        -----------  -----------  -----------  -----------

Loss before income
 taxes                      (78,542)    (151,773)    (372,627)    (228,025)

Income tax benefit            4,525       40,167        3,884       59,700
                        -----------  -----------  -----------  -----------

Net loss                    (74,017)    (111,606)    (368,743)    (168,325)

Net loss attributable
 to noncontrolling
 interests                    6,590          286       14,264        4,767
                        -----------  -----------  -----------  -----------

Net loss attributable
 to Las Vegas Sands
 Corp.                      (67,427)    (111,320)    (354,479)    (163,558)

Preferred stock
 dividends                  (23,350)     (13,638)     (93,026)     (13,638)
Accretion to redemption
 value of preferred
 stock issued to
 Principal Stockholder's
 family                     (23,137)     (11,568)     (92,545)     (11,568)
                        -----------  -----------  -----------  -----------

Net loss attributable
 to common stockholders $  (113,914) $  (136,526) $  (540,050) $  (188,764)
                        ===========  ===========  ===========  ===========

Basic and diluted loss
 per share              $     (0.17) $     (0.27) $     (0.82) $     (0.48)
                        ===========  ===========  ===========  ===========
Basic and diluted
 weighted average
 shares outstanding     660,247,807  501,692,862  656,836,950  392,131,375
                        ===========  ===========  ===========  ===========



Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)


The following are reconciliations of Operating Income (Loss) to Adjusted
EBITDA and Adjusted Property EBITDAR

                   Three Months Ended December 31, 2009



                                           Impairment
                  Operating   Depreciation and Loss on Pre-
                   Income     and          Disposal of Opening Development
                   (Loss)     Amortization Assets      Expense Expense
                  ----------  ------------ ----------- ------- -----------
The Venetian
 Macao            $  119,675  $     50,291 $       941 $     - $         -
Sands Macao           43,899        10,724         483       -           -
Four Seasons Hotel
 Macao and
 Plaza Casino          2,941        16,528           6      86           -
                  ----------  ------------ ----------- ------- -----------

  Macau Property
   Operations        166,515        77,543       1,430      86           -
Las Vegas
 Operating
 Properties          (15,744)       61,629       6,558       -           -
Sands Bethlehem       (2,075)        7,396           -     446           -
                  ----------  ------------ ----------- ------- -----------

  United States
   Property
   Operations        (17,819)       69,025       6,558     446           -
Other Asia (2)       (28,277)        3,952      15,006     406          (5)
Other Development    (46,636)          971           -  41,174         194
Corporate            (29,839)        2,991           -       -           -
                  ----------  ------------ ----------- ------- -----------
                  $   43,944  $    154,482 $    22,994 $42,112 $       189
                  ==========  ============  ========== ======= ===========


                        (1)                                     Adjusted
                    Stock-Based  Adjusted  Corporate Rental     Property
                    Compensation  EBITDA   Expense   Expense    EBITDAR
                    ----------- ---------  --------- -------- ------------

The Venetian Macao  $      1,738 $ 172,645  $      -  $ 2,053 $    174,698
Sands Macao                  943    56,049         -      354       56,403
Four Seasons Hotel
 Macao and
 Plaza Casino                227    19,788         -      656       20,444
                    ------------ ---------  --------  ------- ------------
  Macau Property
   Operations              2,908   248,482         -    3,063      251,545
Las Vegas
 Operating
 Properties                4,385    56,828         -       42       56,870
Sands Bethlehem              639     6,406         -        -        6,406
                    ------------ ---------  --------  ------- ------------
  United States
   Property
   Operations              5,024    63,234         -       42       63,276
Other Asia (2)               297    (8,621)        -        -       (8,621)
Other Development              -    (4,297)        -    4,297            -
Corporate                      -   (26,848)   26,848        -            -
                    ------------ ---------  --------  ------- ------------
                    $      8,229 $ 271,950  $ 26,848  $ 7,402 $    306,200
                    ============ =========  ========  ======= ============



                   Three Months Ended December 31, 2008

                                           Impairment
                  Operating   Depreciation and Loss on Pre-
                   Income     and          Disposal of Opening Development
                   (Loss)     Amortization Assets      Expense Expense
                  ----------  ------------ ----------- ------- -----------
The Venetian
 Macao            $   61,344  $     47,639 $       135 $  (654)$         -
Sands Macao           38,731        12,009         223       -           -
Four Seasons
 Hotel Macao
 and
 Plaza Casino        (10,704)       11,471          59   2,977           -
                  ----------  ------------ ----------- ------- -----------
  Macau
   Property
   Operations         89,371        71,119         417   2,323           -
Las Vegas
 Operating
 Properties           14,640        64,797       3,100      34           -
Other Asia (2)       (40,807)        3,167      21,359     (29)         39
Other
 Development         (59,843)          528           -  54,524       1,246
Corporate            (37,740)        2,622      13,292       -           -
                  ----------  ------------ ----------- ------- -----------

                  $  (34,379) $    142,233  $   38,168 $56,852 $     1,285
                  ==========  ============  ========== ======= ===========


                        (1)                                     Adjusted
                    Stock-Based  Adjusted  Corporate Rental     Property
                    Compensation  EBITDA   Expense   Expense    EBITDAR
                    ----------- ---------  --------- -------- ------------

The Venetian
 Macao              $     2,287 $ 110,751  $       - $  2,047 $    112,798
Sands Macao                 943    51,906          -      384       52,290
Four Seasons
 Hotel Macao
 and
 Plaza Casino               148     3,951          -      653        4,604
                    ----------- ---------  --------- -------- ------------
  Macau
   Property
   Operations             3,378   166,608          -    3,084      169,692
Las Vegas
 Operating
 Properties               5,733    88,304          -    1,338       89,642
Other Asia (2)              892   (15,379)         -        -      (15,379)
Other
 Development                  -    (3,545)         -    3,545            -
Corporate                     -   (21,826)    21,826        -            -
                    ----------- ---------  --------- -------- ------------

                    $    10,003 $ 214,162  $  21,826 $  7,967 $    243,955
                    =========== =========  ========= ======== ============


                       Year Ended December 31, 2009


                                           Impairment
                  Operating   Depreciation and Loss on Pre-
                   Income     and          Disposal of Opening  Development
                   (Loss)     Amortization Assets      Expense  Expense
                  ----------  ------------ ----------- -------- -----------

The Venetian
 Macao            $  334,908  $    202,265 $     5,388 $   (105)$         -
Sands Macao          193,530        46,786         576        -           -
Four Seasons
 Hotel Macao
 and
 Plaza Casino        (18,868)       54,045          71    2,094           -
                  ----------  ------------ ----------- -------- -----------
  Macau
   Property
   Operations        509,570       303,096       6,035    1,989           -
Las Vegas
 Operating
 Properties         (156,657)      236,892     157,626      (55)          -
Sands Bethlehem         (595)       16,394           -      184           -
                  ----------  ------------ ----------- -------- -----------
  United
   States
   Property
   Operations       (157,252)      253,286     157,626      129           -
Other Asia (2)       (64,337)       14,131      15,008    1,761           -
Other
 Development        (173,254)        4,159           -  153,852         533
Corporate           (143,467)       11,369           -        -           -
                  ----------  ------------ ----------- -------- -----------

                  $  (28,740) $    586,041  $  178,669 $157,731 $       533
                  ==========  ============  ========== ======== ===========



                      (1)                                       Adjusted
                  Stock-Based   Adjusted   Corporate Rental     Property
                  Compensation    EBITDA   Expense   Expense    EBITDAR
                  ------------- ---------  --------- -------- ------------
The Venetian
 Macao            $       5,877 $ 548,333  $       - $  8,214 $    556,547
Sands Macao               2,617   243,509          -    1,416      244,925
Four Seasons
 Hotel Macao
 and
 Plaza Casino               563    37,905          -    2,622       40,527
                  ------------- ---------  --------- -------- ------------
  Macau
   Property
   Operations             9,057   829,747          -   12,252      841,999
Las Vegas
 Operating
 Properties              18,463   256,269          -    2,937      259,206
Sands Bethlehem           1,583    17,566          -        -       17,566
                  ------------- ---------  --------- -------- ------------
  United
   States
   Property
   Operations            20,046   273,835          -    2,937      276,772
Other Asia (2)              827   (32,610)         -        -      (32,610)
Other
 Development                  -   (14,710)         -   14,710            -
Corporate                     -  (132,098)   132,098        -            -
                  ------------- ---------  --------- -------- ------------
                  $      29,930 $ 924,164  $ 132,098 $ 29,899 $  1,086,161
                  ============= =========  ========= ======== ============


                       Year Ended December 31, 2008


                                           Impairment
                  Operating   Depreciation and Loss on Pre-
                   Income     and          Disposal of Opening  Development
                   (Loss)     Amortization Assets      Expense  Expense
                  ----------  ------------ ----------- -------- -----------
The Venetian
 Macao            $  283,449  $    190,212 $       176 $  8,911 $         -
Sands Macao          156,978        51,127       1,382      128           -
Four Seasons
 Hotel Macao
 and
  Plaza Casino       (14,882)       15,033          59    6,241           -
                  ----------  ------------ ----------- -------- -----------
  Macau
   Property
   Operations        425,545       256,372       1,617   15,280           -
Las Vegas
 Operating
 Properties          120,246       228,785       9,015    7,129           -
Other Asia (2)       (87,299)        9,096      21,221    3,225       1,184
Other
 Development        (167,330)        2,881           -  136,688      11,605
Corporate           (127,499)        9,852      13,292        -           -
                  ----------  ------------ ----------- -------- -----------
                  $  163,663  $    506,986  $   45,145 $162,322 $    12,789
                  ==========  ============  ========== ======== ===========



                      (1)                                       Adjusted
                  Stock-Based   Adjusted   Corporate Rental     Property
                  Compensation    EBITDA   Expense   Expense    EBITDAR
                  ------------- ---------  --------- -------- ------------
The Venetian
 Macao            $       8,093 $ 490,841  $       - $  8,184 $    499,025
Sands Macao               3,519   213,134          -    1,439      214,573
Four Seasons
 Hotel Macao
 and
  Plaza Casino              284     6,735          -      832        7,567
                  ------------- ---------  --------- -------- ------------
  Macau
   Property
   Operations            11,896   710,710          -   10,455      721,165
Las Vegas
 Operating
 Properties              20,035   385,210          -    6,929      392,139
Other Asia (2)            3,108   (49,465)         -        -      (49,465)
Other
 Development                  -   (16,156)         -   16,156            -
Corporate                     -  (104,355)   104,355        -            -
                  ------------- ---------  --------- -------- ------------
                  $      35,039 $ 925,944  $ 104,355 $ 33,540 $  1,063,839
                  ============= =========  ========= ======== ============

(1) During the three months ended December 31, 2009 and 2008, the Company
    recorded stock-based compensation expense of $12.6 million and
    $14.7 million, respectively, of which $2.8 million and $3.8 million,
    respectively, is included in corporate expense and $1.6 million and
    $0.9 million, respectively, is included in pre-opening and development
    expense on the Company's condensed consolidated statements of
    operations.  During the years ended December 31, 2009 and 2008, the
    Company recorded stock-based compensation expense of $45.5 million and
    $53.9 million, respectively, of which $9.7 million and $14.6 million,
    respectively, is included in corporate expense and $5.9 million and
    $4.3 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 is a reconciliation of Net Loss Attributable to Las Vegas
Sands Corp. to Adjusted EBITDA and Adjusted Property EBITDAR:


                            Three Months Ended           Year Ended
                               December 31,              December 31,
                            2009         2008         2009         2008
                        -----------  -----------  -----------  -----------
Net loss attributable
 to Las Vegas Sands
 Corp.                  $   (67,427) $  (111,320) $  (354,479) $  (163,558)
  Add (deduct) :
    Net loss
     attributable to
     noncontrolling
     interests               (6,590)        (286)     (14,264)      (4,767)
    Income tax benefit       (4,525)     (40,167)      (3,884)     (59,700)
    Loss on
     modification or
     early retirement
     of debt                 23,044        5,119       23,248        9,141
    Other (income)
     expense                  3,357       (7,868)       9,891      (19,492)
    Interest expense,
     net of amounts
     capitalized             97,367      128,116      321,870      421,825
    Interest income          (1,282)      (7,973)     (11,122)     (19,786)
    Loss on disposal
     of assets                4,701          600        9,201        7,577
    Impairment loss          18,293       37,568      169,468       37,568
    Depreciation and
     amortization           154,482      142,233      586,041      506,986
    Development
     expense                    189        1,285          533       12,789
    Pre-opening
     expense                 42,112       56,852      157,731      162,322
    Stock-based
     compensation (1)         8,229       10,003       29,930       35,039
                        -----------  -----------  -----------  -----------

Adjusted EBITDA             271,950      214,162      924,164      925,944

  Add :
    Corporate expense        26,848       21,826      132,098      104,355
    Rental expense            7,402        7,967       29,899       33,540
                        -----------  -----------  -----------  -----------

Adjusted Property
 EBITDAR                 $   306,200  $   243,955  $ 1,086,161  $ 1,063,839
                         ===========  ===========  ===========  ===========


(1)  See prior page
----------------------


Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
                            Three Months Ended           Year Ended
                               December 31,              December 31,
                            2009         2008         2009         2008
                        ------------ ------------ ------------ ------------

The Venetian Macao      $    570,129 $    471,373 $  1,990,574 $  1,943,196
Sands Macao                  284,864      247,157    1,024,268    1,032,100
Four Seasons Hotel
 Macao and Plaza Casino       97,824       42,233      260,567       62,536
Las Vegas Operating
 Properties                  263,718      327,090    1,100,319    1,335,032
Sands Bethlehem               57,493            -      153,198            -
Other Asia                    10,171        5,522       34,179       17,082
                        ------------ ------------ ------------ ------------

                        $  1,284,199 $  1,093,375 $  4,563,105 $  4,389,946
                        ============ ============ ============ ============


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

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDAR as a Percentage of Net
Revenues
(Unaudited)

                            Three Months Ended           Year Ended
                               December 31,              December 31,
                            2009         2008         2009         2008
                        ------------ ------------ ------------ ------------
The Venetian Macao             30.6%        23.9%        28.0%        25.7%
Sands Macao                    19.8%        21.2%        23.9%        20.8%
Four Seasons Hotel
 Macao and Plaza Casino        20.9%        10.9%        15.6%        12.1%
Las Vegas Operating
 Properties                    21.6%        27.4%        23.6%        29.4%
Sands Bethlehem                11.1%         N/A         11.5%         N/A
Other Asia                    -84.8%      -278.5%       -95.4%      -289.6%

Total                          23.8%        22.3%        23.8%        24.2%


Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income (Loss) and Adjusted Earnings (Loss)
Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)

                            Three Months Ended           Year Ended
                               December 31,              December 31,
                            2009         2008         2009         2008
                        -----------  -----------  -----------  -----------

Net loss attributable
 to common stockholders $  (113,914) $  (136,526) $  (540,050) $  (188,764)

Pre-opening expense,
 net                         42,112       55,475      157,731      153,230
Development expense,
 net                            189          885          533        9,022
Impairment loss, net         18,293       31,893      169,468       31,893
Loss on disposal of
 assets, net                  4,701          537        9,201        5,444
Loss on modification or
 early retirement of
 debt                        23,044        5,119       23,248        9,141
Legal settlement
 expense                          -            -       42,500            -
Preferred stock
 dividends                   23,350       13,638       93,026       13,638
Accretion to redemption
 value of preferred
 stock issued to
 Principal Stockholder's
 family                      23,137       11,176       92,545       11,176
                        -----------  -----------  -----------  -----------

Adjusted net income
 (loss)                 $    20,912  $   (17,803) $    48,202  $    44,780
                        ===========  ===========  ===========  ===========


Per diluted share of
 common stock:
Net loss attributable
 to common stockholders $     (0.15) $     (0.27) $     (0.74) $     (0.48)

Pre-opening expense,
 net                           0.06         0.11         0.22         0.39
Development expense,
 net                              -            -            -         0.02
Impairment loss, net           0.02         0.07         0.23         0.08
Loss on disposal of
 assets, net                   0.01            -         0.01         0.01
Loss on modification or
 early retirement of
 debt                          0.03         0.01         0.03         0.02
Legal settlement
 expense                          -            -         0.06            -
Preferred stock
 dividends                     0.03         0.02         0.13         0.04
Accretion to redemption
 value of preferred
 stock issued to
 Principal Stockholder's
 family                        0.03         0.02         0.13         0.03
                        -----------  -----------  -----------  -----------

Adjusted earnings
 (loss) per diluted
 share                  $      0.03  $     (0.04) $      0.07  $      0.11
                        ===========  ===========  ===========  ===========

Weighted average
 diluted shares
 outstanding            762,199,201  501,692,862  727,616,670  393,832,433


Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)


                                          Three Months
                                              Ended          Year Ended
                                          December 31,      December 31,
                                          2009     2008     2009     2008
                                        -------  -------  -------  -------

Room Statistics:
  The Venetian Macao:
    Occupancy %                            92.3%    90.2%    83.6%    85.3%
    Average daily room rate (ADR) (1)   $   204  $   236  $   205  $   226
    Revenue per available room (RevPAR)
     (2)                                $   188  $   213  $   171  $   193

  Sands Macao:
    Occupancy %                            98.3%    98.1%    97.7%    98.4%
    Average daily room rate (ADR) (1)   $   264  $   265  $   260  $   266
    Revenue per available room (RevPAR)
     (2)                                $   259  $   260  $   254  $   261

  Four Seasons Hotel Macao and Plaza
   Casino:
    Occupancy %                            69.6%    32.1%    52.3%    32.0%
    Average daily room rate (ADR) (1)   $   298  $   332  $   295  $   344
    Revenue per available room (RevPAR)
     (2)                                $   208  $   107  $   154  $   110

  The Venetian Las Vegas:
    Occupancy %                            77.7%    91.9%    86.1%    91.4%
    Average daily room rate (ADR) (1)   $   193  $   203  $   190  $   232
    Revenue per available room (RevPAR)
     (2)                                $   150  $   186  $   163  $   212

  The Palazzo:
    Occupancy %                            84.6%    96.0%    89.1%    91.1%
    Average daily room rate (ADR) (1)   $   204  $   217  $   202  $   233
    Revenue per available room (RevPAR)
     (2)                                $   172  $   208  $   180  $   212

Casino Statistics:
  The Venetian Macao:
    Table games win per unit per day
     (3)                                $ 9,565  $ 6,776  $ 8,434  $ 6,694
    Slot machine win per unit per day
     (4)                                $   237  $   219  $   223  $   182
    Average number of table games           595      666      601      734
    Average number of slot machines       2,155    2,175    2,154    2,325

  Sands Macao:
    Table games win per unit per day
     (3)                                $ 8,575  $ 6,160  $ 7,415  $ 5,637
    Slot machine win per unit per day
     (4)                                $   211  $   173  $   201  $   176
    Average number of table games           412      500      417      563
    Average number of slot machines       1,166    1,183    1,130    1,254

  Four Seasons Hotel Macao and Plaza
   Casino:
    Table games win per unit per day
     (3)                                $ 9,096  $ 3,482  $ 6,132  $ 3,932
    Slot machine win per unit per day
     (4)                                $   331  $    91  $   191  $    85
    Average number of table games           118      101      110       99
    Average number of slot machines         167      195      203      199

  The Venetian Las Vegas:
    Table games win per unit per day
     (3)                                $ 3,078  $ 4,569  $ 3,164  $ 4,239
    Slot machine win per unit per day
     (4)                                $   206  $   198  $   209  $   202
    Average number of table games           115      125      118      129
    Average number of slot machines       1,495    1,531    1,474    1,631

  The Palazzo:
    Table games win per unit per day
     (3)                                $ 4,705  $ 4,015  $ 3,530  $ 3,516
    Slot machine win per unit per day
     (4)                                $   182  $   185  $   174  $   173
    Average number of table games           126      129      132      128
    Average number of slot machines       1,389    1,372    1,403    1,388

  Sands Bethlehem:
    Slot machine win per unit per day
     (4)                                $   199      N/A  $   214      N/A
    Average number of slot machines       2,923      N/A    2,959      N/A

(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.

Contact Information

  • Contacts:

    Investment Community:
    Daniel Briggs
    (702) 414-1221

    Media:
    Ron Reese
    (702) 414-3607