SOURCE: Las Vegas Sands

Las Vegas Sands

October 17, 2013 16:11 ET

Las Vegas Sands Again Reports Record Quarterly Results

LAS VEGAS, NV--(Marketwired - Oct 17, 2013) - Las Vegas Sands Corp. (NYSE: LVS)

For the quarter ended September 30, 2013 compared to the quarter ended September 30, 2012:

  • Net Revenue Increased 31.7% to a Record $3.57 Billion

  • Consolidated Adjusted Property EBITDA Increased 45.5% to $1.28 Billion

  • Strong Gaming Volumes in Macao Drove Adjusted Property EBITDA Up 60.8% to a Record $784.3 Million

  • Adjusted Earnings per Diluted Share Increased 78.3% to $0.82; GAAP Earnings per Diluted Share Increased 81.0% to $0.76

  • The Company's Board of Directors Increased the Planned Common Recurring Dividend to $2.00 per Share ($0.50 per Quarter) for the 2014 Calendar Year, An Increase of 42.9%

  • The Company Repurchased $299.6 Million of Stock During the Quarter Under its $2.0 Billion Stock Repurchase Program

Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2013.

Third Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report outstanding quarterly financial results that reflect continued strong growth in revenue, cash flow and earnings per share. The focused and consistent execution of our global growth strategy, which leverages the power of our convention-based Integrated Resort business model, is increasingly being reflected in our financial results. Continued execution of that strategy will extend our position as the global leader in Integrated Resort development and operation.

"In Macao, we delivered record financial results, with strong growth and operating momentum reflected in every segment of our business. We welcomed more than sixteen million visits during the quarter to our Macao property portfolio, which delivered a record $784.3 million of adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties 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 company also generated healthy financial results in Singapore, with solid growth in gaming and non-gaming revenues contributing to a strong financial performance. Rolling Chip volume increased 16.9% to reach $13.79 billion, while adjusted property EBITDA increased 43.3% to reach $373.6 million compared to $260.8 million in the third quarter of 2012, which was negatively impacted by low hold.

Mr. Adelson added, "The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy. I am therefore extremely pleased to announce that our recurring annual dividend will be increased to $2.00 per share, or $0.50 per quarter, for the 2014 calendar year, an increase of 42.9%." 

The company paid a recurring quarterly dividend of $0.35 per common share during the quarter, an increase of 40% compared to the third quarter of 2012. The company also announced that its next recurring quarterly dividend for the fourth quarter of 2013 of $0.35 per common share will be paid on December 31, 2013 to Las Vegas Sands shareholders of record on December 20, 2013. 

The company repurchased approximately $299.6 million of common stock (4.6 million shares at a weighted average price of $65.18) during the quarter ended September 30, 2013.

Company-Wide Operating Results

Net revenue for the third quarter of 2013 increased 31.7% to reach $3.57 billion, compared to $2.71 billion in the third quarter of 2012. Consolidated adjusted property EBITDA increased 45.5% to reach $1.28 billion in the third quarter of 2013, compared to $876.9 million in the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 30.5% to reach $1.24 billion in the third quarter of 2013, compared to $947.7 million in the third quarter of 2012. 

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2013 increased 71.3% to $914.8 million, compared to $534.1 million in the third quarter of 2012. The increase in operating income was principally due to stronger operating results across our Macao property portfolio. 

On a GAAP basis, net income attributable to Las Vegas Sands in the third quarter of 2013 increased 79.2% to $626.7 million, compared to $349.8 million in the third quarter of 2012, while diluted earnings per share in the third quarter of 2013 increased 81.0% to $0.76, compared to $0.42 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests. 

Adjusted net income (see Note 1) increased to $681.3 million, or $0.82 per diluted share, compared to $382.2 million, or $0.46 per diluted share, in the third quarter of 2012. The increase in adjusted net income was driven by the higher net income attributable to Las Vegas Sands described above.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 42.7% to $2.34 billion in the third quarter of 2013, compared to $1.64 billion in the third quarter of 2012. Adjusted property EBITDA for Sands China Ltd. increased 61.7% to $785.3 million in the third quarter of 2013, compared to $485.6 million in the third quarter of 2012. Net income for Sands China Ltd. increased 89.1% to $617.9 million in the third quarter of 2013, compared to $326.7 million in the third quarter of 2012.

The Venetian Macao Third Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered adjusted property EBITDA of $357.2 million, an increase of 19.5% compared to the third quarter of 2012. Non-Rolling Chip drop increased 75.7% to reach a property record $2.01 billion for the quarter with Non-Rolling Chip win percentage of 23.9%. Rolling Chip volume during the quarter increased 26.4% to reach $14.15 billion. Slot win was $65.4 million, an increase of 5.7% compared to the third quarter of 2012. Mall revenues increased 23.3% during the quarter to reach $45.5 million.

The following table summarizes the key operating results for The Venetian Macao for the third quarter of 2013 compared to the third quarter of 2012:

 The Venetian Macao Operations   Three Months Ended        
  September 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                        
  Casino   $ 825.0     $ 671.1     $ 153.9     22.9 %
  Rooms     58.3       55.4       2.9     5.2 %
  Food and Beverage     24.3       21.0       3.3     15.7 %
  Mall     45.5       36.9       8.6     23.3 %
  Convention, Retail and Other     21.6       19.0       2.6     13.7 %
  Less - Promotional Allowances     (39.5 )     (30.6 )     (8.9 )   -29.1 %
Net Revenues   $ 935.2     $ 772.8     $ 162.4     21.0 %
                               
Adjusted Property EBITDA   $ 357.2     $ 299.0     $ 58.2     19.5 %
  EBITDA Margin %     38.2 %     38.7 %           -0.5 pts 
                               
Operating Income   $ 317.6     $ 261.3     $ 56.3     21.5 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 14,152.3     $ 11,199.4     $ 2,952.9     26.4 %
  Rolling Chip Win %(1)     3.03 %     3.32 %           -0.29 pts 
                               
Non-Rolling Chip Drop   $ 2,005.1     $ 1,140.9     $ 864.2     75.7 %
  Non-Rolling Chip Win %     23.9 %     31.3 %           -7.4 pts
                               
Slot Handle   $ 1,144.4     $ 1,262.8     $ (118.4 )   -9.4 %
  Slot Hold %     5.7 %     4.9 %           0.8 pts
                               
Hotel Statistics                              
                               
Occupancy %     91.8 %     93.9 %           -2.1 pts 
Average Daily Rate (ADR)   $ 242     $ 227     $ 15     6.6 %
Revenue per Available Room (RevPAR)   $ 222     $ 213     $ 9     4.2 %

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

Sands Cotai Central Third Quarter Operating Results

Net revenues and adjusted property EBITDA for the third quarter of 2013 at Sands Cotai Central were $736.6 million and $224.3 million, respectively, resulting in an EBITDA margin of 30.4%.

Rolling Chip volume reflected strong growth of 71.7% and reached $15.55 billion for the quarter, while Non-Rolling Chip drop increased 163.7% to reach $1.43 billion with Non-Rolling Chip win percentage of 23.4%. Slot handle, driven by robust electronic table games play, reached $1.46 billion for the quarter.

Mass win per table per day increased 117.7% year-over-year and 33.3% compared to the second quarter of 2013, reaching $12,813 per day, while mass table, slot and ETG win per day climbed to $4.3 million, an increase of 174.3% year-over-year and 22.2% compared to the second quarter of 2013. Hotel occupancy reached 84.8% on 5,723 available hotel rooms with ADR of $152.

Visitation to the property continues to grow and exceeded 4.5 million visits in the quarter. 

The following table summarizes our key operating results for Sands Cotai Central for the third quarter of 2013 compared to third quarter of 2012:

Sands Cotai Central Operations    Three Months Ended        
    September 30,        
(Dollars in millions)   2013     2012(1)     $ Change     Change  
Revenues:                        
  Casino   $ 660.9     $ 272.1     $ 388.8     142.9 %
  Rooms     65.9       24.0       41.9     174.6 %
  Food and Beverage     28.2       11.3       16.9     149.6 %
  Mall     11.5       3.8       7.7     202.6 %
  Convention, Retail and Other     7.1       2.4       4.7     195.8 %
  Less - Promotional Allowances     (37.0 )     (17.7 )     (19.3 )   -109.0 %
Net Revenues   $ 736.6     $ 295.9     $ 440.7     148.9 %
                               
Adjusted Property EBITDA   $ 224.3     $ 53.7     $ 170.6     317.7 %
  EBITDA Margin %     30.4 %     18.1 %           12.3 pts 
                               
Operating Income (Loss)   $ 154.3     $ (19.9 )   $ 174.2     N.M.  
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 15,550.1     $ 9,055.2     $ 6,494.9     71.7 %
  Rolling Chip Win %(2)     2.71 %     2.28 %           0.43 pts
                               
Non-Rolling Chip Drop   $ 1,429.3     $ 542.0     $ 887.3     163.7 %
  Non-Rolling Chip Win %     23.4 %     20.7 %           2.7 pts 
                               
Slot Handle   $ 1,459.7     $ 1,032.4     $ 427.3     41.4 %
  Slot Hold %     4.1 %     3.1 %           1.0 pts
                               
Hotel Statistics                              
                               
Occupancy %     84.8 %     88.9 %           -4.1 pts 
Average Daily Rate (ADR)   $ 152     $ 149     $ 3     2.0 %
Revenue per Available Room (RevPAR)   $ 129     $ 132     $ (3 )   -2.3 %

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

(2) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
N.M. - Not Meaningful

Four Seasons Hotel Macao Third Quarter Operating Results

The Four Seasons Hotel Macao generated adjusted property EBITDA of $112.9 million in the third quarter of 2013, an increase of 107.5% compared to the year-ago quarter. Rolling Chip volume was $10.45 billion for the quarter, an increase of 16.6% compared to the third quarter of 2012. Non-Rolling Chip drop increased 145.8% to $272.3 million, while Non-Rolling Chip win percentage was 28.3% and below the 32.6% experienced in the third quarter of 2012. Slot handle increased 22.6% to $263.4 million during the quarter. 

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the third quarter of 2013 compared to the third quarter of 2012:

Four Seasons Hotel Macao and Plaza Casino Operations   Three Months Ended        
September 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                        
  Casino   $ 290.6     $ 194.7     $ 95.9     49.3 %
  Rooms     11.1       10.0       1.1     11.0 %
  Food and Beverage     8.2       6.1       2.1     34.4 %
  Mall     32.2       23.1       9.1     39.4 %
  Convention, Retail and Other     1.0       0.7       0.3     42.9 %
  Less - Promotional Allowances     (13.1 )     (10.1 )     (3.0 )   -29.7 %
Net Revenues   $ 330.0     $ 224.5     $ 105.5     47.0 %
                               
Adjusted Property EBITDA   $ 112.9     $ 54.4     $ 58.5     107.5 %
  EBITDA Margin %     34.2 %     24.2 %           10.0 pts
                               
Operating Income   $ 100.1     $ 40.3     $ 59.8     148.4 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 10,451.7     $ 8,962.5     $ 1,489.2     16.6 %
  Rolling Chip Win %(1)     2.88 %     2.58 %           0.30 pts
                               
Non-Rolling Chip Drop   $ 272.3     $ 110.8     $ 161.5     145.8 %
  Non-Rolling Chip Win %     28.3 %     32.6 %           -4.3 pts
                               
Slot Handle   $ 263.4     $ 214.8     $ 48.6     22.6 %
  Slot Hold %     5.6 %     4.4 %           1.2 pts
                               
Hotel Statistics                              
                               
Occupancy %     88.2 %     83.1 %           5.1 pts
Average Daily Rate (ADR)   $ 363     $ 349     $ 14     4.0 %
Revenue per Available Room (RevPAR)   $ 321     $ 290     $ 31     10.7 %

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

Sands Macao Third Quarter Operating Results

Sands Macao's adjusted property EBITDA increased 11.1% compared to the same quarter last year to reach $89.9 million. Adjusted property EBITDA margin increased 390 basis points to 29.5%. Non-Rolling Chip drop increased 18.7% to reach $877.4 million during the quarter, while slot handle increased 10.7% to reach $660.3 million. The property realized 2.94% win on Rolling Chip volume during the quarter, in line with the year-ago quarter. Rolling Chip volume was $5.23 billion for the quarter. 

The following table summarizes our key operating results for Sands Macao for the third quarter of 2013 compared to the third quarter of 2012:

Sands Macao Operations   Three Months Ended        
      September 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                        
  Casino   $ 297.9     $ 307.7     $ (9.8 )   -3.2 %
  Rooms     6.2       6.0       0.2     3.3 %
  Food and Beverage     10.0       8.9       1.1     12.4 %
  Convention, Retail and Other     2.6       2.5       0.1     4.0 %
  Less - Promotional Allowances     (11.4 )     (9.8 )     (1.6 )   -16.3 %
Net Revenues   $ 305.3     $ 315.3     $ (10.0 )   -3.2 %
                               
Adjusted Property EBITDA   $ 89.9     $ 80.9     $ 9.0     11.1 %
  EBITDA Margin %     29.5 %     25.6 %           3.9 pts
                               
Operating Income   $ 80.3     $ 72.4     $ 7.9     10.9 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 5,232.9     $ 6,818.6     $ (1,585.7 )   -23.3 %
  Rolling Chip Win %(1)     2.94 %     2.96 %           -0.02 pts
                               
Non-Rolling Chip Drop   $ 877.4     $ 739.0     $ 138.4     18.7 %
  Non-Rolling Chip Win %     19.6 %     20.8 %           -1.2 pts
                               
Slot Handle   $ 660.3     $ 596.3     $ 64.0     10.7 %
  Slot Hold %     3.9 %     4.2 %           -0.3 pts 
                               
Hotel Statistics                              
                               
Occupancy %     96.9 %     97.3 %           -0.4 pts
Average Daily Rate (ADR)   $ 243     $ 236     $ 7     3.0 %
Revenue per Available Room (RevPAR)   $ 236     $ 230     $ 6     2.6 %

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

Marina Bay Sands Third Quarter Operating Results

Marina Bay Sands in Singapore generated adjusted property EBITDA of $373.6 million, an increase of 43.3% compared to the third quarter of 2012. Rolling chip win percentage of 2.85% in the third quarter of 2013 was within the expected range, while the third quarter of 2012 was negatively impacted by lower than expected Rolling Chip win percentage of 1.79%.

Rolling Chip volume increased 16.9% to reach $13.79 billion for the quarter. Non-Rolling Chip drop increased 2.2% to reach $1.16 billion during the quarter. Slot handle increased 5.5% to $2.76 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 2.0% to $4.52 million, compared to $4.43 million in the third quarter of 2012.

The high-margin hotel room segment of the property continued to reflect strong revenue growth of 11.1%. ADR expanded to $401 during the quarter, driving a RevPAR increase of 11.1% compared to the same quarter last year. Occupancy was 99.8% during the quarter.

The following table summarizes our key operating results for Marina Bay Sands for the third quarter of 2013 compared to the third quarter of 2012:


Marina Bay Sands Operations
   Three Months Ended
September 30,
       
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                        
  Casino   $ 628.1     $ 470.8     $ 157.3     33.4 %
  Rooms     93.3       84.0       9.3     11.1 %
  Food and Beverage     44.4       46.1       (1.7 )   -3.7 %
  Mall     38.0       39.7       (1.7 )   -4.3 %
  Convention, Retail and Other     24.5       26.1       (1.6 )   -6.1 %
  Less - Promotional Allowances     (54.1 )     (41.2 )     (12.9 )   -31.3 %
Net Revenues   $ 774.2     $ 625.5     $ 148.7     23.8 %
                               
Adjusted Property EBITDA   $ 373.6     $ 260.8     $ 112.8     43.3 %
  EBITDA Margin %     48.3 %     41.7 %           6.6 pts
                               
Operating Income   $ 282.1     $ 166.5     $ 115.6     69.4 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 13,785.4     $ 11,790.8     $ 1,994.6     16.9 %
  Rolling Chip Win %(1)     2.85 %     1.79 %           1.06 pts
                               
Non-Rolling Chip Drop   $ 1,156.3     $ 1,131.3     $ 25.0     2.2 %
  Non-Rolling Chip Win %     23.6 %     24.0 %           -0.4 pts
                               
Slot Handle   $ 2,763.7     $ 2,620.8     $ 142.9     5.5 %
  Slot Hold %     5.1 %     5.2 %           -0.1 pts
                               
Hotel Statistics                              
                               
Occupancy %     99.8 %     99.8 %           0.0 pts
Average Daily Rate (ADR)   $ 401     $ 361     $ 40     11.1 %
Revenue per Available Room (RevPAR)   $ 400     $ 360     $ 40     11.1 %

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

Las Vegas Operations Third Quarter Operating Results

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, decreased 11.3% to $87.1 million for the quarter. Table games drop decreased 6.4% to $544.3 million reflecting lower baccarat drop. Slot handle increased 2.6% to $511.4 million with steady slot hold percentage of 8.7%. Hotel RevPAR increased 2.4% to $171 in the quarter driven by a 2.6% increase in ADR. 

The following table summarizes our key operating results for our Las Vegas operations for the third quarter of 2013 compared to the third quarter of 2012:

 Las Vegas Operations   Three Months Ended        
    September 30,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                        
  Casino   $ 168.1     $ 171.5     $ (3.4 )   -2.0 %
  Rooms     110.9       105.7       5.2     4.9 %
  Food and Beverage     51.8       42.4       9.4     22.2 %
  Convention, Retail and Other     68.7       68.0       0.7     1.0 %
  Less - Promotional Allowances     (24.5 )     (23.2 )     (1.3 )   -5.6 %
Net Revenues   $ 375.0     $ 364.4     $ 10.6     2.9 %
                               
Adjusted Property EBITDA   $ 87.1     $ 98.2     $ (11.1 )   -11.3 %
EBITDA Margin %     23.2 %     26.9 %           -3.7 pts
                               
Operating Income   $ 24.9     $ 74.0     $ (49.1 )   -66.4 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 544.3     $ 581.5     $ (37.2 )   -6.4 %
Table Games Win %(1)     28.7 %     28.1 %           0.6 pts
                               
Slot Handle   $ 511.4     $ 498.4     $ 13.0     2.6 %
Slot Hold %     8.7 %     8.7 %           0.0 pts
                               
Hotel Statistics                              
                               
Occupancy %     87.6 %     87.3 %           0.3  
Average Daily Rate (ADR)   $ 196     $ 191     $ 5     2.6 %
Revenue per Available Room (RevPAR)   $ 171     $ 167     $ 4     2.4 %
                               

(1) This compares to our expected Table Games win percentage of 20.0% and 22.0% (calculated before discounts).

Sands Bethlehem Third Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased slightly to $122.9 million while adjusted property EBITDA decreased 7.8% to $29.6 million for the third quarter of 2013. Table games drop increased 11.4% to reach $261.6 million for the quarter, while table games win percentage was 15.0% compared to 16.0% in the third quarter of 2012. Slot handle increased 2.9% year-over-year to $1.05 billion for the quarter with slot hold percentage of 6.9%.

The following table summarizes our key operating results for Sands Bethlehem for the third quarter of 2013 compared to the third quarter of 2012:

 Sands Bethlehem Operations   Three Months Ended      
    September 30,      
(Dollars in millions)   2013   2012   $ Change     Change  
Revenues:                      
  Casino   $ 113.9   $ 113.1   $ 0.8     0.7 %
  Rooms     3.2     2.7     0.5     18.5 %
  Food and Beverage     7.3     7.0     0.3     4.3 %
  Mall     1.0     0.4     0.6     150.0 %
  Convention, Retail and Other     3.9     4.9     (1.0 )   -20.4 %
  Less - Promotional Allowances     (6.4)     (6.1)     (0.3 )   -4.9 %
Net Revenues   $ 122.9   $ 122.0   $ 0.9     0.7 %
                           
Adjusted Property EBITDA   $ 29.6   $ 32.1   $ (2.5 )   -7.8 %
EBITDA Margin %     24.0%     26.3%           -2.3 pts 
                           
Operating Income   $ 20.5   $ 24.3   $ (3.8 )   -15.6 %
                           
Gaming Statistics                          
(Dollars in millions)                          
                           
Table Games Drop   $ 261.6   $ 234.9   $ 26.7     11.4 %
Table Games Win %(1)     15.0%     16.0%           -1.0 pts
                           
Slot Handle   $ 1,045.1   $ 1,015.3   $ 29.8     2.9 %
Slot Hold %     6.9%     7.2%           -0.3 pts
                           
Hotel Statistics                          
                           
Occupancy %     82.1%     69.6%           12.5 pts
Average Daily Rate (ADR)   $ 141   $ 142   $ (1 )   -0.7 %
Revenue per Available Room (RevPAR)   $ 115   $ 99   $ 16     16.2 %
                           

(1) This compares to our expected Table Games win percentage of 14.0% and 16.0% (calculated before discounts).

Asian 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 $127.1 million for the third quarter of 2013, an increase of 23.6% compared to the third quarter of 2012. Operating profit derived from these retail mall assets increased 27.5% for the quarter compared to the quarter one year ago, reaching $110.3 million.

    For The Three Months Ended September 30, 2013      TTM September 30, 2013
(Dollars in millions
except per square foot data)
  Gross Revenue(1)   Operating Profit   Operating Profit Margin    Gross Leasable Area
(sq. ft.)
  Occupancy % at End of Period      Tenant Sales Per
Sq. Ft.(2)
                                   
The Grand Canal Shoppes at The Venetian Macao   $ 45.4   $ 39.8   87.7 %   756,271   94.2 %   $ 1,473
                                   
The Shoppes at Four Seasons                                  
  Luxury Retail     25.9     24.7   95.4 %   141,904   100.0 %     7,034
  Other Stores     6.3     5.8   92.1 %   99,512   77.4 %     1,890
  Total     32.2     30.5   94.7 %   241,416   90.7 %     4,769
                                   
The Shoppes at Sands Cotai Central     11.5     9.6   83.5 %   210,143(3)   100.0 %     1,308
Total Cotai Strip in Macao     89.1     79.9   89.7 %   1,207,830   94.5 %     2,009
                                   
The Shoppes at Marina Bay Sands     38.0     30.4   80.0 %   641,442   88.7 %(4) 1,556
                                   
Total   $ 127.1   $ 110.3   86.8 %   1,849,272   92.5 %   $ 1,865
                                   

(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.

(3) At completion of all phases, The Shoppes at Sands Cotai Central will feature up to 600,000 square feet of gross leasable area.

(4) This occupancy percentage reflects the ongoing repositioning of the mall in which approximately 39,000 square feet of gross leasable area is undergoing new fit-out but rent collection has not commenced.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected a profit of $1.2 million during the quarter, compared to a $2.1 million loss in the third quarter of 2012.

Pre-opening expenses decreased to $1.8 million in the third quarter of 2013, compared to $39.9 million in the third quarter of 2012.

Depreciation and amortization expense was $248.9 million in the third quarter of 2013, compared to $226.5 million in the third quarter of 2012.

Interest expense, net of amounts capitalized, was $66.9 million for the third quarter of 2013, compared to $62.3 million during the third quarter of 2012. Capitalized interest was $0.9 million during the third quarter of 2013, compared to $9.9 million during the third quarter of 2012. Our weighted average borrowing cost in the third quarter of 2013 was 2.7%.

Corporate expense was $38.5 million in the third quarter of 2013, compared to $54.6 million in the third quarter of 2012.

Other income, which was principally composed of foreign currency gains, was $3.2 million in the third quarter of 2013, compared to $2.4 million in the third quarter of 2012.

The company's effective income tax rate for the third quarter of 2013 was 5.3%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

The net income attributable to noncontrolling interests during the third quarter of 2013 of $182.6 million was principally related to Sands China Ltd. 

Balance Sheet Items

Unrestricted cash balances as of September 30, 2013 were $3.21 billion.

As of September 30, 2013, total debt outstanding, including the current portion, was $9.76 billion.

Capital Expenditures

Capital expenditures during the third quarter totaled $205.5 million, including construction, development and maintenance activities of $152.7 million in Macao, $26.0 million at Marina Bay Sands, $25.3 million in Las Vegas, and $1.5 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Thursday, October 17, 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 and legal settlement expense.

About Las Vegas Sands

Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state of the art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.

In Macao, through our majority-owned subsidiary Sands China Ltd. (HKSE: 1928), the company owns and operates 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 and operates the Sands® Macao on the Macao Peninsula. In Singapore, the company owns and operates Marina Bay Sands®, the iconic Integrated Resort located in the city-state's downtown Marina Bay district.

Our properties in the United States include The Venetian® and The Palazzo® on the Las Vegas Strip and Sands® Bethlehem in Eastern Pennsylvania.

Las Vegas Sands is committed to global sustainability through its Sands Eco 360 program and is an active community partner through its various charitable organizations.

Las Vegas Sands Corp.
Third Quarter 2013 Results
Non-GAAP Reconciliations

Within the company's third quarter 2013 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized 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, legal settlement expense, 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-normalized adjusted property EBITDA are included in the financial schedules accompanying this release.

                         
Las Vegas Sands Corp. and Subsidiaries  
Condensed Consolidated Statements of Operations  
(In thousands, except share and per share data)  
(Unaudited)  
   
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2013     2012     2013     2012  
                         
Revenues:                        
  Casino   $ 2,984,538     $ 2,201,030     $ 8,394,721     $ 6,534,947  
  Rooms     349,001       287,849       998,646       830,887  
  Food and beverage     174,260       142,685       534,361       455,884  
  Mall     128,068       103,232       321,522       268,390  
  Convention, retail and other     123,259       117,129       372,370       363,680  
        3,759,126       2,851,925       10,621,620       8,453,788  
  Less - promotional allowances     (190,586 )     (142,443 )     (507,420 )     (399,658 )
      3,568,540       2,709,482       10,114,200       8,054,130  
Operating expenses:                                
  Resort operations     2,348,295       1,839,991       6,634,063       5,288,946  
  Corporate     38,468       54,617       141,221       162,164  
  Pre-opening     1,778       39,872       9,646       134,803  
  Development     3,487       4,201       14,840       12,196  
  Depreciation and amortization     248,925       226,538       752,530       641,725  
  Amortization of leasehold interests in land     10,022       10,014       30,297       30,016  
  Impairment loss     -       -       -       143,674  
  Loss on disposal of assets     2,739       154       9,433       1,229  
      2,653,714       2,175,387       7,592,030       6,414,753  
Operating income     914,826       534,095       2,522,170       1,639,377  
Other income (expense):                                
  Interest income     3,819       4,176       10,848       16,716  
  Interest expense, net of amounts capitalized     (66,917 )     (62,292 )     (204,125 )     (191,497 )
  Other income     3,207       2,352       4,992       715  
  Loss on modification or early retirement of debt     -       -       -       (19,234 )
Income before income taxes     854,935       478,331       2,333,885       1,446,077  
Income tax expense     (45,637 )     (33,351 )     (148,940 )     (135,607 )
Net income     809,298       444,980       2,184,945       1,310,470  
Net income attributable to noncontrolling interests     (182,554 )     (95,198 )     (456,487 )     (221,159 )
Net income attributable to Las Vegas Sands Corp.   $ 626,744     $ 349,782     $ 1,728,458     $ 1,089,311  
                                 
Earnings per share:                                
  Basic   $ 0.76     $ 0.43     $ 2.10     $ 1.36  
  Diluted   $ 0.76     $ 0.42     $ 2.09     $ 1.32  
                                 
Weighted average shares outstanding:                                
  Basic     823,200,515       821,482,154       823,512,889       801,084,165  
  Diluted     826,965,340       825,606,248       827,543,510       823,361,035  
                                 
Dividends declared per common share   $ 0.35     $ 0.25     $ 1.05     $ 0.75  
                                 
                                 
                                 
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
 
The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:
 
Three Months Ended September 30, 2013
 
 
 
 
 
 
 
 
 
 
 
Operating
Income (Loss)
   
Depreciation
and
Amortization
  Amortization
of Leasehold
Interests
in Land
  (Gain) Loss
on Disposal
of Assets
    Pre-Opening
and
Development
Expense
    Royalty
Fees
    (1)
Stock-Based
Compensation
  Legal
Settlement
and Corporate
Expense
  Adjusted
Property
EBITDA
Macao:                                            
  The Venetian Macao   $ 317,596     $ 35,391   $ 1,681   $ 232     $ (1 )   $ -     $ 2,298   $ -   $ 357,197
  Sands Cotai Central     154,292       65,606     2,152     931       194       -       1,097     -     224,272
  Four Seasons Hotel Macao and Plaza Casino     100,075       11,017     677     31       1,077       -       45     -     112,922
  Sands Macao     80,267       8,204     354     397       -       -       725     -     89,947
Macao Property Operations     652,230       120,218     4,864     1,591       1,270       -       4,165     -     784,338
Marina Bay Sands     282,061       62,086     4,536     119       -       23,171       1,639     -     373,612
United States:                                                              
  Las Vegas Operating Properties     24,865       46,333     -     (6 )     271       (33,939 )     2,211     47,400     87,135
  Sands Bethlehem     20,537       8,737     -     34       132       -       113     -     29,553
United States Property Operations     45,402       55,070     -     28       403       (33,939 )     2,324     47,400     116,688
Other Asia (2)     (13,529 )     3,653     -     -       11       11,000       42     -     1,177
Other Development     (4,360 )     157     622     -       3,581       -       -     -     -
Corporate     (46,978 )     7,741     -     1,001       -       (232 )     -     38,468     -
    $ 914,826     $ 248,925   $ 10,022   $ 2,739     $ 5,265     $ -     $ 8,170   $ 85,868   $ 1,275,815
                                                               
 
 
Three Months Ended September 30, 2012 
                                             
   

Operating
Income (Loss)
   
Depreciation
and
Amortization
  Amortization
of Leasehold
Interests
in Land
 
(Gain) Loss
on Disposal
of Assets
    Pre-Opening
and
Development
Expense
 

Royalty
Fees
   
(1)
Stock-Based
Compensation
 

Corporate
Expense
 
Adjusted
Property
EBITDA
 
Macao:                                            
  The Venetian Macao   $ 261,294     $ 34,973   $ 1,652   $ (300 )   $ 60   $ -     $ 1,322   $ -   $ 299,001  
  Sands Cotai Central     (19,873 )     32,085     2,152     62       38,858     -       370     -     53,654  
  Four Seasons Hotel Macao and Plaza Casino     40,284       12,448     706     172       731     -       45     -     54,386  
  Sands Macao     72,425       7,752     354     (15 )     -     -       353     -     80,869  
Macao Property Operations     354,130       87,258     4,864     (81 )     39,649     -       2,090     -     487,910  
Marina Bay Sands     166,452       65,601     4,528     185       -     21,810       2,212     -     260,788  
United States:                                                              
  Las Vegas Operating Properties     74,011       54,795     -     (64 )     -     (33,464 )     2,928     -     98,206  
  Sands Bethlehem     24,329       7,593     -     1       64     -       131     -     32,118  
United States Property Operations     98,340       62,388     -     (63 )     64     (33,464 )     3,059     -     130,324  
Other Asia (2)     (16,800 )     3,706     -     9       43     10,872       46     -     (2,124 )
Other Development     (5,196 )     153     622     104       4,317     -       -     -     -  
Corporate     (62,831 )     7,432     -     -       -     782       -     54,617     -  
    $ 534,095     $ 226,538   $ 10,014   $ 154     $ 44,073   $ -     $ 7,407   $ 54,617   $ 876,898  
                                                               
 
 
Nine Months Ended September 30, 2013 
   
   


Operating
Income (Loss)
   

Depreciation
and
Amortization
 
Amortization
of Leasehold
Interests
in Land
 

Loss
on Disposal
of Assets
 
Pre-Opening
and
Development
Expense
 


Royalty
Fees
   

(1)
Stock-Based
Compensation
 
Legal
Settlement
and Corporate
Expense
 

Adjusted
Property
EBITDA
 
Macao:                                          
  The Venetian Macao   $ 952,064     $ 102,275   $ 4,959   $ 1,712   $ 120   $ -     $ 5,413   $ -   $ 1,066,543  
  Sands Cotai Central     293,664       191,709     6,458     2,243     5,563     -       2,303     -     501,940  
  Four Seasons Hotel Macao and Plaza Casino     188,856       34,364     2,117     96     2,726     -       124     -     228,283  
  Sands Macao     248,077       23,726     1,061     513     -     -       1,510     -     274,887  
Macao Property Operations     1,682,661       352,074     14,595     4,564     8,409     -       9,350     -     2,071,653  
Marina Bay Sands     829,835       198,814     13,837     2,713     -     75,205       5,338     -     1,125,742  
United States:                                                            
  Las Vegas Operating Properties     173,188       142,268     -     1,108     387     (107,453 )     6,634     47,400     263,532  
  Sands Bethlehem     65,731       26,645     -     34     239     -       339     -     92,988  
United States Property Operations     238,919       168,913     -     1,142     626     (107,453 )     6,973     47,400     356,520  
Other Asia (2)     (49,027 )     11,035     -     13     262     33,000       170     -     (4,547 )
Other Development     (17,527 )     473     1,865     -     15,189     -       -     -     -  
Corporate     (162,691 )     21,221     -     1,001     -     (752 )     -     141,221     -  
    $ 2,522,170     $ 752,530   $ 30,297   $ 9,433   $ 24,486   $ -     $ 21,831   $ 188,621   $ 3,549,368  
                                                             
 
 
Nine Months Ended September 30, 2012 
                                             
   

Operating
Income (Loss)
   
Depreciation
and
Amortization
  Amortization
of Leasehold
Interests
in Land
  Impairment
and (Gain) Loss
on Disposal
of Assets
    Pre-Opening
and
Development
Expense
 

Royalty
Fees
   
(1)
Stock-Based
Compensation
 

Corporate
Expense
 
Adjusted
Property
EBITDA
 
Macao:                                            
  The Venetian Macao   $ 649,780     $ 108,085   $ 4,954   $ 42,649     $ 113   $ -     $ 4,594   $ -   $ 810,175  
  Sands Cotai Central     (37,749 )     57,643     4,304     62       80,629     -       603     -     105,492  
  Four Seasons Hotel Macao and Plaza Casino     155,679       37,352     2,116     209       2,953     -       183     -     198,492  
  Sands Macao     234,259       22,779     1,060     (184 )     -     -       1,215     -     259,129  
Macao Property Operations     1,001,969       225,859     12,434     42,736       83,695     -       6,595     -     1,373,288  
Marina Bay Sands     774,941       196,668     13,570     184       -     72,600       5,749     -     1,063,712  
United States:                                                              
  Las Vegas Operating Properties     199,997       167,511     -     503       -     (99,020 )     9,371     -     278,362  
  Sands Bethlehem     59,869       25,332     -     414       305     -       617     -     86,537  
United States Property Operations     259,866       192,843     -     917       305     (99,020 )     9,988     -     364,899  
Other Asia (2)     (51,816 )     11,089     -     33       165     26,146       582     -     (13,801 )
Other Development     (168,455 )     575     4,012     101,034       62,834     -       -     -     -  
Corporate     (177,128 )     14,691     -     (1 )     -     274       -     162,164     -  
    $ 1,639,377     $ 641,725   $ 30,016   $ 144,903     $ 146,999   $ -     $ 22,914   $ 162,164   $ 2,788,098  
                                                               

(1) During the three months ended September 30, 2013 and 2012, the Company recorded stock-based compensation expense of $13.4 million and $17.4 million, respectively, of which $5.2 million and $9.8 million, respectively, is included in corporate expense and $0.0 million and $0.2 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the nine months ended September 30, 2013 and 2012, the Company recorded stock-based compensation expense of $39.8 million and $50.3 million, respectively, of which $18.0 million and $26.7 million, respectively, is included in corporate expense and $0.0 million and $0.7 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-Normalized Adjusted Property EBITDA:
 
Three Months Ended September 30, 2013
                           
     

Adjusted
Property
EBITDA
   
(1)
Hold-Normalized
Casino
Revenue
     
(2)
Hold-Normalized
Casino
Expense
   
Hold-Normalized
Adjusted
Property
EBITDA
                           
Macao Property Operations     $ 784,338     $ -       $ -     $ 784,338
Marina Bay Sands       373,612       -         -       373,612
United States:                                  
  Las Vegas Operating Properties       87,135       (41,729 )       3,130       48,536
  Sands Bethlehem       29,553       (618 )       96       29,031
United States Property Operations       116,688       (42,347 )       3,226       77,567
Other Asia       1,177       -         -       1,177
Other Development       -       -         -       -
Corporate       -       -         -       -
      $ 1,275,815     $ (42,347 )     $ 3,226     $ 1,236,694
                                   
                                   
   
Three Months Ended September 30, 2012  
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted
Property
EBITDA
 
 
 
 
 
 
 
 
 
 
 
(1)
Hold-Normalized
Casino
Revenue
 
 
 
 
 
 
 
 
 
 
 
(2)
Hold-Normalized
Casino
Expense
 
 
 
 
 
 
 
 
 
 
 
Hold-Normalized
Adjusted
Property
EBITDA
 
 
 
 
 
                                 
Macao Property Operations   $ 487,910     $ -     $ -     $ 487,910  
Marina Bay Sands     260,788       125,356       (14,052 )     372,092  
United States:                                
  Las Vegas Operating Properties     98,206       (41,239 )     3,093       60,060  
  Sands Bethlehem     32,118       (2,739 )     415       29,794  
United States Property Operations     130,324       (43,978 )     3,508       89,854  
Other Asia     (2,124 )     -       -       (2,124 )
Other Development     -       -       -       -  
Corporate     -       -       -       -  
    $ 876,898     $ 81,378     $ (10,544 )   $ 947,732  

(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 and Hold-Normalized Adjusted Property EBITDA:  
                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2013     2012     2013     2012  
Net income attributable to Las Vegas Sands Corp.   $ 626,744     $ 349,782     $ 1,728,458     $ 1,089,311  
  Add (deduct):                                
    Net income attributable to noncontrolling interests     182,554       95,198       456,487       221,159  
    Income tax expense     45,637       33,351       148,940       135,607  
    Loss on modification or early retirement of debt     -       -       -       19,234  
    Other income     (3,207 )     (2,352 )     (4,992 )     (715 )
    Interest expense, net of amounts capitalized     66,917       62,292       204,125       191,497  
    Interest income     (3,819 )     (4,176 )     (10,848 )     (16,716 )
    Loss on disposal of assets     2,739       154       9,433       1,229  
    Impairment loss     -       -       -       143,674  
    Amortization of leasehold interests in land     10,022       10,014       30,297       30,016  
    Depreciation and amortization     248,925       226,538       752,530       641,725  
    Development expense     3,487       4,201       14,840       12,196  
    Pre-opening expense     1,778       39,872       9,646       134,803  
    Stock-based compensation (1)     8,170       7,407       21,831       22,914  
    Legal settlement expense (1)     47,400       -       47,400       -  
    Corporate expense     38,468       54,617       141,221       162,164  
Adjusted Property EBITDA   $ 1,275,815     $ 876,898     $ 3,549,368     $ 2,788,098  
                                   
  Hold-normalized casino revenue (2)     (42,347 )     81,378                  
  Hold-normalized casino expense (2)     3,226       (10,544 )                
Hold-Normalized Adjusted Property EBITDA   $ 1,236,694     $ 947,732                  
                                 
(1) See Exhibit 2                                
(2) See Exhibit 3                                
_______________________                                
                                 
Las Vegas Sands Corp. and Subsidiaries                                
Supplemental Data - Net Revenues                                
(In thousands)                                
(Unaudited)                                
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2013     2012     2013     2012  
The Venetian Macao   $ 935,233     $ 772,769     $ 2,702,151     $ 2,194,975  
Sands Cotai Central     736,599       295,855       1,907,780       561,456  
Four Seasons Hotel Macao and Plaza Casino     330,027       224,478       827,336       790,219  
Sands Macao     305,329       315,280       910,269       935,966  
Marina Bay Sands     774,199       625,548       2,308,553       2,168,979  
Las Vegas Operating Properties     375,041       364,426       1,132,312       1,076,342  
Sands Bethlehem     122,922       121,966       372,597       352,624  
Other Asia     35,385       37,289       105,666       110,792  
Intersegment Eliminations     (46,195 )     (48,129 )     (152,464 )     (137,223 )
    $ 3,568,540     $ 2,709,482     $ 10,114,200     $ 8,054,130  
                                 
_______________________                                
                                 
Las Vegas Sands Corp. and Subsidiaries                                
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues                          
(Unaudited)                                
                                 
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2013     2012     2013     2012  
The Venetian Macao     38.2 %     38.7 %     39.5 %     36.9 %
Sands Cotai Central     30.4 %     18.1 %     26.3 %     18.8 %
Four Seasons Hotel Macao and Plaza Casino     34.2 %     24.2 %     27.6 %     25.1 %
Sands Macao     29.5 %     25.6 %     30.2 %     27.7 %
Marina Bay Sands     48.3 %     41.7 %     48.8 %     49.0 %
Las Vegas Operating Properties     23.2 %     26.9 %     23.3 %     25.9 %
Sands Bethlehem     24.0 %     26.3 %     25.0 %     24.5 %
Other Asia     3.3 %     -5.7 %     -4.3 %     -12.5 %
                                 
Total     35.8 %     32.4 %     35.1 %     34.6 %

 

                     
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
                     
    Three Months Ended     Nine Months Ended
    September 30,     September 30,
    2013     2012     2013   2012
Net income attributable to Las Vegas Sands Corp.   $ 626,744     $ 349,782     $ 1,728,458   $ 1,089,311
                             
Pre-opening expense, net     1,368       28,057       7,027     94,867
Development expense, net     3,487       4,201       14,840     12,196
Impairment loss, net     -       -       -     101,009
Loss on disposal of assets, net     2,265       144       8,069     1,190
Loss on modification or early retirement of debt, net     -       -       -     18,714
Legal settlement expense     47,400       -       47,400     -
Adjusted net income   $ 681,264     $ 382,184     $ 1,805,794   $ 1,317,287
                             
Hold-normalized casino revenue (1)     (42,347 )     81,378              
Hold-normalized casino expense (1)     3,226       (10,544 )            
Income tax impact on hold adjustments     -       (18,922 )            
Noncontrolling interest impact on hold adjustments     -       -              
Hold-normalized adjusted net income   $ 642,143     $ 434,096              
                             
(1) See Exhibit 3                            
                             
Per diluted share of common stock:                            
Net income attributable to Las Vegas Sands Corp.   $ 0.76     $ 0.42     $ 2.09   $ 1.32
                             
Pre-opening expense, net     -       0.03       -     0.12
Development expense, net     -       0.01       0.02     0.01
Impairment loss, net     -       -       -     0.13
Loss on disposal of assets, net     -       -       0.01     -
Loss on modification or early retirement of debt, net     -       -       -     0.02
Legal settlement expense     0.06       -       0.06     -
Adjusted earnings per diluted share   $ 0.82     $ 0.46     $ 2.18   $ 1.60
                             
Hold-normalized casino revenue     (0.05 )     0.10              
Hold-normalized casino expense     0.01       (0.01 )            
Income tax impact on hold adjustments     -       (0.02 )            
Noncontrolling interest impact on hold adjustments     -       -              
Hold-normalized adjusted earnings per diluted share   $ 0.78     $ 0.53              
                             
Weighted average diluted shares outstanding     826,965,340       825,606,248       827,543,510     823,361,035
                             

 

                         
Las Vegas Sands Corp. and Subsidiaries  
Supplemental Data Schedule  
(Unaudited)  
                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2013     2012     2013     2012  
                         
Room Statistics:                        
  The Venetian Macao:                        
    Occupancy %     91.8 %     93.9 %     90.3 %     91.4 %
    Average daily room rate (ADR) (1)   $ 242     $ 227     $ 234     $ 233  
    Revenue per available room (RevPAR) (2)   $ 222     $ 213     $ 211     $ 213  
                                 
  Sands Cotai Central:                                
    Occupancy %     84.8 %     88.9 %     74.6 %     82.8 %
    Average daily room rate (ADR) (1)   $ 152     $ 149     $ 149     $ 146  
    Revenue per available room (RevPAR) (2)   $ 129     $ 132     $ 111     $ 121  
                                   
  Four Seasons Hotel Macao and Plaza Casino:                                
    Occupancy %     88.2 %     83.1 %     83.4 %     79.6 %
    Average daily room rate (ADR) (1)   $ 363     $ 349     $ 362     $ 355  
    Revenue per available room (RevPAR) (2)   $ 321     $ 290     $ 302     $ 282  
                                   
  Sands Macao:                                
    Occupancy %     96.9 %     97.3 %     95.6 %     94.8 %
    Average daily room rate (ADR) (1)   $ 243     $ 236     $ 244     $ 243  
    Revenue per available room (RevPAR) (2)   $ 236     $ 230     $ 233     $ 231  
                                   
  Marina Bay Sands:                                
    Occupancy %     99.8 %     99.8 %     99.2 %     99.1 %
    Average daily room rate (ADR) (1)   $ 401     $ 361     $ 386     $ 351  
    Revenue per available room (RevPAR) (2)   $ 400     $ 360     $ 383     $ 348  
                                   
  Las Vegas Operating Properties:                                
    Occupancy %     87.6 %     87.3 %     89.8 %     85.6 %
    Average daily room rate (ADR) (1)   $ 196     $ 191     $ 204     $ 203  
    Revenue per available room (RevPAR) (2)   $ 171     $ 167     $ 183     $ 174  
                                   
  Sands Bethlehem:                                
    Occupancy %     82.1 %     69.6 %     73.4 %     60.7 %
    Average daily room rate (ADR) (1)   $ 141     $ 142     $ 141     $ 141  
    Revenue per available room (RevPAR) (2)   $ 115     $ 99     $ 103     $ 86  
                                 
Casino Statistics:                                
  The Venetian Macao:                                
    Table games win per unit per day (3)   $ 16,099     $ 15,697     $ 16,878     $ 14,632  
    Slot machine win per unit per day (4)   $ 332     $ 312     $ 322     $ 314  
    Average number of table games     612       504       565       520  
    Average number of slot machines     2,141       2,155       2,218       2,219  
                                     
  Sands Cotai Central:                                
    Table games win per unit per day (3)   $ 18,223     $ 9,728     $ 15,075     $ 9,909  
    Slot machine win per unit per day (4)   $ 317     $ 316     $ 269     $ 349  
    Average number of table games     450       356       488       359  
    Average number of slot machines     2,053       1,086       2,118       961  
                                 
  Four Seasons Hotel Macao and Plaza Casino:                                
    Table games win per unit per day (3)   $ 26,549     $ 19,480     $ 23,496     $ 22,989  
    Slot machine win per unit per day (4)   $ 899     $ 545     $ 717     $ 642  
    Average number of table games     155       149       152       157  
    Average number of slot machines     177       188       180       183  
                                   
  Sands Macao:                                
    Table games win per unit per day (3)   $ 11,710     $ 12,337     $ 12,069     $ 10,808  
    Slot machine win per unit per day (4)   $ 249     $ 224     $ 243     $ 251  
    Average number of table games     302       313       298       353  
    Average number of slot machines     1,135       1,205       1,185       1,152  
                                   
  Marina Bay Sands:                                
    Table games win per unit per day (3)   $ 11,326     $ 8,480     $ 12,062     $ 10,406  
    Slot machine win per unit per day (4)   $ 692     $ 603     $ 691     $ 632  
    Average number of table games     639       619       619       612  
    Average number of slot machines     2,234       2,441       2,233       2,468  
                                   
  Las Vegas Operating Properties:                                
    Table games win per unit per day (3)   $ 6,948     $ 7,648     $ 5,830     $ 6,047  
    Slot machine win per unit per day (4)   $ 215     $ 238     $ 202     $ 207  
    Average number of table games     244       232       241       230  
    Average number of slot machines     2,247       1,975       2,352       2,186  
                                 
  Sands Bethlehem:                                
    Table games win per unit per day (3)   $ 2,909     $ 3,341     $ 3,022     $ 2,983  
    Slot machine win per unit per day (4)   $ 260     $ 262     $ 267     $ 268  
    Average number of table games     147