SOURCE: Las Vegas Sands

Las Vegas Sands

January 30, 2013 16:08 ET

Las Vegas Sands Reports Fourth Quarter and Full Year 2012 Results

LAS VEGAS, NV--(Marketwire - Jan 30, 2013) - Las Vegas Sands Corp. (NYSE: LVS)

For the Quarter Ended December 31, 2012:

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

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

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

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

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

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

For the Year Ended December 31, 2012:

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

  • Consolidated Adjusted Property EBITDA Reached a Record $3.79 Billion

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

  • The Company Paid Dividends of $3.75 per share

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

Fourth Quarter Overview

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

"In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business. We welcomed a record eleven million visitors to our Cotai Strip Properties during the quarter, including five million in the month of December. We remain confident that our market-leading Cotai Strip properties; The Venetian Macao, Four Seasons Hotel Macao and Plaza Casino, and Sands Cotai Central, with their unrivaled hotel inventory of nearly 9,000 rooms and suites, including the world's largest Sheraton, Conrad and Holiday Inn, and 28 million square feet of interconnected Integrated Resort capacity, will meaningfully enhance the appeal of Macao and the Cotai Strip to business and leisure travelers and provide an outstanding platform for growth in the years ahead.

"The prudent management of our cash flow, including the ability to both invest in future growth and to increase the return of capital to our shareholders, remains a cornerstone of our strategy. The board of directors of Las Vegas Sands has increased the recurring quarterly dividend of the company by 40% to $0.35 per common share, or $1.40 per common share per year, beginning in the first quarter of 2013. The company also declared and paid during the fourth quarter of 2012 a special dividend of $2.75 per share, as well as a $0.25 per share recurring dividend, while maintaining a strong balance sheet and ample liquidity to pursue future growth opportunities."

Company-Wide Operating Results

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

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

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

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

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

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

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

Sands China Ltd. Consolidated Financial Results

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

The Venetian Macao Fourth Quarter Operating Results

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

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

           
 
 
The Venetian Macao Operations
 
Three Months Ended
December 31,
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions) 2012     2011     $ Change     Change  
Revenues:                            
  Casino $ 722.3     $ 641.3     $ 81.0     12.6 %
  Rooms   59.9       61.4       (1.5 )   -2.4 %
  Food and Beverage   23.4       21.9       1.5     6.8 %
  Mall   46.5       41.4       5.1     12.3 %
  Convention, Retail and Other   23.2       27.6       (4.4 )   -15.9 %
  Less - Promotional Allowances   (32.3 )     (29.3 )     (3.0 )   -10.2 %
Net Revenues $ 843.0     $ 764.3     $ 78.7     10.3 %
                             
Adjusted Property EBITDA $ 333.1     $ 283.3     $ 49.8     17.6 %
  EBITDA Margin %   39.5 %     37.1 %           2.4 pts  
                             
Operating Income $ 298.2     $ 242.3     $ 55.9     23.1 %
                             
Gaming Statistics                            
(Dollars in millions)                            
                             
Rolling Chip Volume $ 12,662.9     $ 13,551.1     $ (888.2 )   -6.6 %
  Rolling Chip Win %(1)   3.25 %     2.95 %           0.30 pts  
                             
Non-Rolling Chip Drop $ 1,215.0     $ 1,099.8     $ 115.2     10.5 %
  Non-Rolling Chip Win %   29.9 %     28.2 %           1.7 pts  
                             
Slot Handle $ 1,293.7     $ 1,066.2     $ 227.5     21.3 %
  Slot Hold %   5.5 %     5.9 %           -0.4 pts  
                             
Hotel Statistics                            
                             
Occupancy %   93.4 %     95.2 %           -1.8 pts  
Average Daily Rate (ADR) $ 248     $ 246     $ 2     0.8 %
Revenue per Available Room (RevPAR) $ 231     $ 234     $ (3 )   -1.3 %

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

Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating Results

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

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

           
 
Four Seasons Hotel Macao and Plaza Casino Operations
 
Three Months Ended
December 31,
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions) 2012     2011     $ Change     Change  
Revenues:                            
  Casino $ 260.2     $ 183.7     $ 76.5     41.6 %
  Rooms   10.8       8.9       1.9     21.3 %
  Food and Beverage   7.5       7.0       0.5     7.1 %
  Mall   28.6       24.5       4.1     16.7 %
  Convention, Retail and Other   0.8       0.8       -     0.0 %
  Less - Promotional Allowances   (11.7 )     (8.5 )     (3.2 )   -37.6 %
Net Revenues $ 296.2     $ 216.4     $ 79.8     36.9 %
                             
Adjusted Property EBITDA $ 89.7     $ 63.0     $ 26.7     42.4 %
  EBITDA Margin %   30.3 %     29.1 %           1.2 pts  
                             
Operating Income $ 76.5     $ 48.6     $ 27.9     57.4 %
                             
Gaming Statistics                            
(Dollars in millions)                            
                             
Rolling Chip Volume $ 10,731.5     $ 7,519.6     $ 3,211.9     42.7 %
  Rolling Chip Win %(1)   2.68 %     2.61 %           0.07 pts  
                             
Non-Rolling Chip Drop $ 125.5     $ 101.3     $ 24.2     23.9 %
  Non-Rolling Chip Win %   45.1 %     44.4 %           0.7 pts  
                             
Slot Handle $ 350.4     $ 243.9     $ 106.5     43.7 %
  Slot Hold %   5.3 %     4.8 %           0.5 pts  
                             
Hotel Statistics                            
                             
Occupancy %   81.8 %     76.1 %           5.7 pts  
Average Daily Rate (ADR) $ 382     $ 339     $ 43     12.7 %
Revenue per Available Room (RevPAR) $ 313     $ 258     $ 55     21.3 %

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

Sands Cotai Central Fourth Quarter Operating Results

The first phase of Sands Cotai Central opened on April 11, 2012 and the second phase of the property opened on September 20, 2012, adding additional mass gaming capacity, approximately 1,800 Sheraton-branded hotel rooms and additional retail amenities to the property. An additional 2,100 Sheraton rooms opened on January 28, 2013. Net revenues and adjusted property EBITDA for the fourth quarter of 2012 were $490.7 million and $108.0 million, respectively, resulting in an EBITDA margin of 22.0%. The quarter's results were positively impacted by higher than expected Rolling Chip win percentage of 3.13%.

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

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

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

     
Sands Cotai Central
(Dollars in millions)
Quarter Ended
December 31,
2012
 
Revenues:      
  Casino $ 438.7  
  Rooms   44.5  
  Food and Beverage   19.2  
  Mall   9.2  
  Convention, Retail and Other   4.6  
  Less - Promotional Allowances   (25.5 )
Net Revenues $ 490.7  
       
Adjusted Property EBITDA $ 108.0  
  EBITDA Margin %   22.0 %
       
Operating Income $ 48.0  
       
Gaming Statistics      
(Dollars in millions)      
       
Rolling Chip Volume $ 10,170.3  
  Rolling Chip Win %(1)   3.13 %
       
Non-Rolling Chip Drop $ 932.5  
  Non-Rolling Chip Win %   20.6 %
       
Slot Handle $ 1,241.7  
  Slot Hold %   3.7 %
       
Hotel Statistics      
       
Occupancy %   84.0 %
Average Daily Rate (ADR) $ 164  
Revenue per Available Room (RevPAR) $ 138  

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

Sands Macao Fourth Quarter Operating Results

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

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

           
 
Sands Macao Operations
 
Three Months Ended
December 31,
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions) 2012     2011     $ Change     Change  
Revenues:                            
  Casino $ 305.8     $ 311.9     $ (6.1 )   -2.0 %
  Rooms   6.4       6.6       (0.2 )   -3.0 %
  Food and Beverage   10.1       10.1       -     0.0 %
  Convention, Retail and Other   2.7       3.1       (0.4 )   -12.9 %
  Less - Promotional Allowances   (10.4 )     (10.7 )     0.3     2.8 %
Net Revenues $ 314.6     $ 321.0     $ (6.4 )   -2.0 %
                             
Adjusted Property EBITDA $ 91.5     $ 87.8     $ 3.7     4.2 %
  EBITDA Margin %   29.1 %     27.4 %           1.7 pts  
                             
Operating Income $ 83.1     $ 79.5     $ 3.6     4.5 %
                             
Gaming Statistics                            
(Dollars in millions)                            
                             
Rolling Chip Volume $ 5,767.8     $ 7,611.7     $ (1,843.9 )   -24.2 %
  Rolling Chip Win %(1)   3.29 %     2.77 %           0.52 pts  
                             
Non-Rolling Chip Drop $ 708.6     $ 687.2     $ 21.4     3.1 %
  Non-Rolling Chip Win %   22.2 %     21.7 %           0.5 pts  
                             
Slot Handle $ 605.4     $ 621.0     $ (15.6 )   -2.5 %
  Slot Hold %   4.3 %     4.8 %           -0.5 pts  
                             
Hotel Statistics                            
                             
Occupancy %   96.9 %     96.0 %           0.9 pts  
Average Daily Rate (ADR) $ 250     $ 259     $ (9 )   -3.5 %
Revenue per Available Room (RevPAR) $ 243     $ 248     $ (5 )   -2.0 %

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

Marina Bay Sands Fourth Quarter Operating Results

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

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

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

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

           
 
Marina Bay Sands Operations
 
Three Months Ended
December 31,
 
 
 
 
 
 
 
 
(Dollars in millions) 2012     2011     $ Change     Change  
Revenues:                            
  Casino $ 549.5     $ 654.0     $ (104.5 )   -16.0 %
  Rooms   84.2       76.4       7.8     10.2 %
  Food and Beverage   51.9       54.2       (2.3 )   -4.2 %
  Mall   44.7       40.1       4.6     11.5 %
  Convention, Retail and Other   29.0       29.2       (0.2 )   -0.7 %
  Less - Promotional Allowances   (42.1 )     (47.0 )     4.9     10.4 %
Net Revenues $ 717.2     $ 806.9     $ (89.7 )   -11.1 %
                             
Adjusted Property EBITDA $ 302.5     $ 426.9     $ (124.4 )   -29.1 %
  EBITDA Margin %   42.2 %     52.9 %           -10.7 pts  
                             
Operating Income $ 202.6     $ 330.4     $ (127.8 )   -38.7 %
                             
Gaming Statistics                            
(Dollars in millions)                            
                             
Rolling Chip Volume $ 16,467.1     $ 10,762.3     $ 5,704.8     53.0 %
  Rolling Chip Win %(1)   2.14 %     3.34 %           -1.20 pts  
                             
Non-Rolling Chip Drop $ 1,108.4     $ 1,145.2     $ (36.8 )   -3.2 %
  Non-Rolling Chip Win %   24.2 %     24.2 %           0.0 pts  
                             
Slot Handle $ 2,690.9     $ 2,744.8     $ (53.9 )   -2.0 %
  Slot Hold %   5.4 %     5.4 %           0.0 pts  
                             
Hotel Statistics                            
                             
Occupancy %   98.4 %     98.8 %           -0.4 pts  
Average Daily Rate (ADR) $ 368     $ 333     $ 35     10.5 %
Revenue per Available Room (RevPAR) $ 362     $ 329     $ 33     10.0 %

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

Las Vegas Operations Fourth Quarter Operating Results

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

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

         

Las Vegas Operations
Three Months Ended
December 31,
     
(Dollars in millions) 2012     2011     $ Change     Change  
Revenues:                            
  Casino $ 87.9     $ 118.3     $ (30.4)     -25.7%  
  Rooms   114.3       110.6       3.7     3.3%  
  Food and Beverage   53.5       60.9       (7.4)     -12.2%  
  Convention, Retail and Other   74.5       71.9       2.6     3.6%  
  Less - Promotional Allowances   (21.9)       (22.2)       0.3     1.4%  
Net Revenues $ 308.3     $ 339.5     $ (31.2)     -9.2%  
                             
Adjusted Property EBITDA $ 52.8     $ 80.9     $ (28.1)     -34.7%  
EBITDA Margin %   17.1%       23.8%             -6.7 pts  
                             
Operating Income $ 22.2     $ 48.5     $ (26.3)     -54.2%  
                             
Gaming Statistics                            
(Dollars in millions)                            
                             
Table Games Drop $ 459.4     $ 532.4     $ (73.0)     -13.7%  
Table Games Win %(1)   12.7%       17.9%             -5.2 pts  
                             
Slot Handle $ 517.3     $ 520.8     $ (3.5)     -0.7%  
Slot Hold %   8.9%       8.8%             0.1 pts  
                             
Hotel Statistics                            
                             
Occupancy %   87.6%       89.1%             -1.5 pts  
Average Daily Rate (ADR) $ 203     $ 195     $ 8     4.1%  
Revenue per Available Room (RevPAR) $ 177     $ 174     $ 3     1.7%  
                             

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

Sands Bethlehem Fourth Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $117.8 million and adjusted property EBITDA reached $27.5 million for the fourth quarter of 2012. Table games drop was $230.6 million for the quarter, an increase of 19.0% compared to the quarter one year ago, while table games win percentage was 15.8%. Slot handle increased 1.2% to reach $967.8 million for the quarter with slot hold percentage of 7.2%. The hotel, together with the addition of the retail mall and the events center, which debuted in May 2012, should contribute to future growth. 

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

           

Sands Bethlehem Operations
Three Months Ended
December 31,
       
(Dollars in millions) 2012     2011     $ Change     Change  
Revenues:                            
  Casino $ 108.8     $ 97.9     $ 10.9     11.1 %
  Rooms   3.0       2.1       0.9     42.9 %
  Food and Beverage   7.1       6.2       0.9     14.5 %
  Mall(1)   0.4       0.2       0.2     100.0 %
  Convention, Retail and Other   4.6       4.4       0.2     4.5 %
  Less - Promotional Allowances   (6.1 )     (5.8 )     (0.3 )   -5.2 %
Net Revenues $ 117.8     $ 105.0     $ 12.8     12.2 %
                             
Adjusted Property EBITDA $ 27.5     $ 22.5     $ 5.0     22.2 %
EBITDA Margin %   23.4 %     21.4 %           2.0 pts  
                             
Operating Income $ 18.7     $ 13.2     $ 5.5     41.7 %
                             
Gaming Statistics                            
(Dollars in millions)                            
                             
Table Games Drop $ 230.6     $ 193.8     $ 36.8     19.0 %
Table Games Win %(2)   15.8 %     14.7 %           1.1 pts  
                             
Slot Handle $ 967.8     $ 956.1     $ 11.7     1.2 %
Slot Hold %   7.2 %     7.0 %           0.2 pts  
                             
Hotel Statistics                            
                             
Occupancy %   78.2 %     54.5 %           23.7 pts  
Average Daily Rate (ADR) $ 136     $ 156       (20 )   -12.8 %
Revenue per Available Room (RevPAR) $ 107     $ 85       22     25.9 %
                             

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

Retail Mall Operations

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

           
(Dollars in millions
except per square foot data)
  For The Three Months Ended December 31, 2012     LTM December 31, 2012
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   $ 45.7   $ 40.2   88.0 %   805,976   92.3 %   $ 1,214
                                   
The Shoppes at Four Seasons                                  
  Luxury Retail     22.0     20.9   95.0 %   140,206   100.0 %     6,488
  Other Stores     6.6     6.3   95.5 %   99,512   81.1 %     1,478
  Total     28.6     27.2   95.1 %   239,718   92.1 %     4,356
                                   
The Shoppes at Sands Cotai Central     9.1     7.6   83.5 %   210,143   100.0 %     N/A
Total Cotai Strip in Macao     83.4     75.0   89.9 %   1,255,837   93.5 %     1,818
                                   
The Shoppes at Marina Bay Sands     44.7     35.7   79.9 %   637,980   96.0 %     1,393
                                   
Total   $ 128.1   $ 110.7   86.4 %   1,893,817   94.4 %   $ 1,648
                                   

(1) Gross revenue figures are net of intersegment revenue eliminations.
(2) Tenant sales per square foot reflects sales from tenants only after the tenant has been open for a period of 12 months.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of our CotaiJet ferry operation, was negative $2.1 million during the quarter, compared to negative $3.8 million in the fourth quarter of 2011.

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

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

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

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

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

The company's effective income tax rate for the fourth quarter of 2012 was 7.3%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the fourth quarter of 2012 of $136.6 million was principally related to Sands China Ltd. 

Balance Sheet Items

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

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

Capital Expenditures

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

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, January 30, 2013 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.lasvegassands.com.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

Note 1

Adjusted net income excludes pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder's family, and preferred stock inducement, repurchase and redemption premiums.

About Las Vegas Sands
Las Vegas Sands (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (Integrated Resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.

The Venetian® and The Palazzo®, Five-Diamond luxury resorts on the Las Vegas Strip, and Sands® Bethlehem in Eastern Pennsylvania are the company's properties in the United States. Marina Bay Sands® is the company's iconic Integrated Resort in Singapore's downtown Marina Bay district.

Through its majority-owned subsidiary Sands China Ltd., the company owns a portfolio of properties on Macao's Cotai Strip®, including The Venetian® Macao, Four Seasons Hotel Macao, and Sands Cotai Central. The company also owns the Sands® Macao on the Macao Peninsula.

Las Vegas Sands is committed to global sustainability through its Sands ECO360º program and is an active community partner through its various charitable organizations.

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

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

Within the company's fourth quarter 2012 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-adjusted adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.

Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, impairment loss, pre-opening expense, development expense, royalty fees, stock-based compensation, and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-adjusted adjusted property EBITDA are included in the financial schedules accompanying this release.

   
Las Vegas Sands Corp. and Subsidiaries  
Condensed Consolidated Statements of Operations  
(In thousands, except share and per share data)  
(Unaudited)  
   
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2012     2011     2012     2011  
                                 
Revenues:                                
  Casino   $ 2,473,211     $ 2,007,099     $ 9,008,158     $ 7,437,002  
  Rooms     323,137       266,013       1,154,024       1,000,035  
  Food and beverage     172,644       160,191       628,528       598,823  
  Mall     128,537       106,167       396,927       325,123  
  Convention, retail and other     133,352       131,169       497,032       501,351  
      3,230,881       2,670,639       11,684,669       9,862,334  
  Less - promotional allowances     (153,879 )     (126,284 )     (553,537 )     (451,589 )
      3,077,002       2,544,355       11,131,132       9,410,745  
Operating expenses:                                
  Resort operations     2,081,896       1,592,709       7,370,842       5,910,057  
  Corporate     44,866       51,711       207,030       185,694  
  Pre-opening     8,992       22,353       143,795       65,825  
  Development     7,762       5,008       19,958       11,309  
  Depreciation and amortization     250,321       197,935       892,046       794,404  
  Amortization of leasehold interests in land     10,149       10,033       40,165       43,366  
  Impairment loss     -       -       143,674       -  
  Loss on disposal of assets     1,011       1,324       2,240       10,203  
      2,404,997       1,881,073       8,819,750       7,020,858  
Operating income     672,005       663,282       2,311,382       2,389,887  
Other income (expense):                                
  Interest income     6,536       5,950       23,252       14,394  
  Interest expense, net of amounts capitalized     (67,067 )     (68,011 )     (258,564 )     (282,949 )
  Other income (expense)     5,025       5,429       5,740       (3,955 )
  Loss on modification or early retirement of debt     -       (22,554 )     (19,234 )     (22,554 )
Income before income taxes     616,499       584,096       2,062,576       2,094,823  
Income tax expense     (45,156 )     (59,744 )     (180,763 )     (211,704 )
Net income     571,343       524,352       1,881,813       1,883,119  
Net income attributable to noncontrolling interests     (136,561 )     (89,068 )     (357,720 )     (322,996 )
Net income attributable to Las Vegas Sands Corp.     434,782       435,284       1,524,093       1,560,123  
Preferred stock dividends     -       (5,967 )     -       (63,924 )
Accretion to redemption value of preferred stock                                
    issued to Principal Stockholder's family     -       (11,567 )     -       (80,975 )
Preferred stock inducement, repurchase                                
    and redemption premiums     -       (97,636 )     -       (145,716 )
Net income attributable to common stockholders   $ 434,782     $ 320,114     $ 1,524,093     $ 1,269,508  
                                 
Earnings per share:                                
  Basic   $ 0.53     $ 0.44     $ 1.89     $ 1.74  
  Diluted   $ 0.53     $ 0.39     $ 1.85     $ 1.56  
                                 
Weighted average shares outstanding:                                
  Basic     822,214,678       731,412,225       806,395,660       728,343,428  
  Diluted     826,662,036       812,718,294       824,556,036       811,816,687  
                                 
Dividends declared per common share   $ 3.00     $ -     $ 3.75     $ -  
                                 
                                 
 
 
Las Vegas Sands Corp. and Subsidiaries                
Non-GAAP Measure                   
(In thousands)                   
(Unaudited)                   
 
The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:          
                                             
Three Months Ended December 31, 2012  
                                             
                  (Gain)                          
                  Loss                          
              Amortization    on     Pre-Opening                    
    Operating      Depreciation    of Leasehold   Disposal     and         (1)       Adjusted  
    Income     and   Interests   of     Development   Royalty     Stock-Based   Corporate   Property  
     (Loss)     Amortization    in Land   Assets     Expense   Fees     Compensation   Expense   EBITDA  
Macao:                                                              
  The Venetian Macao   $ 298,218     $ 32,133   $ 1,655   $ (413 )   $ 22   $ -     $ 1,455   $ -   $ 333,070  
  Sands Macao     83,060       7,606     354     198       -     -       292     -     91,510  
  Four Seasons Hotel Macao and Plaza Casino     76,451       11,385     705     6       1,119     -       12     -     89,678  
  Sands Cotai Central     48,040       51,235     2,154     177       5,834     -       544     -     107,984  
Macao Property Operations     505,769       102,359     4,868     (32 )     6,975     -       2,303     -     622,242  
Marina Bay Sands     202,631       72,261     4,659     1,156       -     19,081       2,745     -     302,533  
United States:                                                              
  Las Vegas Operating Properties     22,170       58,051     -     (115 )     1,909     (31,744 )     2,549     -     52,820  
  Sands Bethlehem     18,685       8,578     -     -       40     -       215     -     27,518  
United States Property Operations     40,855       66,629     -     (115 )     1,949     (31,744 )     2,764     -     80,338  
Other Asia (2)     (19,774 )     3,688     -     2       35     13,854       46     -     (2,149 )
Other Development     (8,571 )     154     622     -       7,795     -       -     -     -  
Corporate     (48,905 )     5,230     -     -       -     (1,191 )     -     44,866     -  
    $ 672,005     $ 250,321   $ 10,149   $ 1,011     $ 16,754   $ -     $ 7,858   $ 44,866   $ 1,002,964  
                                                               
                                             
Three Months Ended December 31, 2011  
                                           
                                             
              Amortization   Loss                          
               of    on    Pre-Opening                      
    Operating     Depreciation   Leasehold   Disposal   and           (1)       Adjusted  
     Income      and    Interests    of    Development      Royalty      Stock-Based    Corporate    Property  
    (Loss)     Amortization   in Land    Assets   Expense     Fees     Compensation   Expense   EBITDA  
Macao:                                                              
  The Venetian Macao   $ 242,298     $ 37,696   $ 1,647   $ 117   $ -     $ -     $ 1,534   $ -   $ 283,292  
  Sands Macao     79,501       7,478     353     38     -       -       465     -     87,835  
  Four Seasons Hotel Macao and Plaza Casino     48,596       12,706     702     40     895       -       98     -     63,037  
Macao Property Operations     370,395       57,880     2,702     195     895       -       2,097     -     434,164  
Marina Bay Sands     330,371       65,363     4,567     94     (10 )     25,040       1,475     -     426,900  
United States:                                                              
  Las Vegas Operating Properties     48,480       56,947     -     563     -       (29,790 )     4,710     -     80,910  
  Sands Bethlehem     13,217       8,687     -     -     93       -       487     -     22,484  
United States Property Operations     61,697       65,634     -     563     93       (29,790 )     5,197     -     103,394  
Other Asia (2)     (13,636 )     3,681     -     472     440       5,000       221     -     (3,822 )
Other Development     (28,906 )     199     2,764     -     25,943       -       -     -     -  
Corporate     (56,639 )     5,178     -     -     -       (250 )     -     51,711     -  
    $ 663,282     $ 197,935   $ 10,033   $ 1,324   $ 27,361     $ -     $ 8,990   $ 51,711   $ 960,636  
                                                               
                                             
Year Ended December 31, 2012  
                                             
                  Impairment                          
              Amortization   and (Gain)                          
               of    Loss     Pre-Opening                     
    Operating     Depreciation   Leasehold   on     and         (1)       Adjusted  
     Income      and    Interests    Disposal      Development    Royalty      Stock-Based    Corporate    Property  
    (Loss)     Amortization   in Land   of Assets     Expense   Fees     Compensation   Expense   EBITDA  
Macao:                                                              
  The Venetian Macao   $ 947,998     $ 140,218   $ 6,609   $ 42,236     $ 135   $ -     $ 6,049   $ -   $ 1,143,245  
  Sands Macao     317,319       30,385     1,414     14       -     -       1,507     -     350,639  
  Four Seasons Hotel Macao and Plaza Casino     232,130       48,737     2,821     215       4,072     -       195     -     288,170  
  Sands Cotai Central     10,291       108,878     6,458     239       86,463     -       1,147     -     213,476  
Macao Property Operations     1,507,738       328,218     17,302     42,704       90,670     -       8,898     -     1,995,530  
Marina Bay Sands     977,572       268,929     18,229     1,340       -     91,681       8,494     -     1,366,245  
United States:                                                              
  Las Vegas Operating Properties     222,167       225,562     -     388       1,909     (130,764 )     11,920     -     331,182  
  Sands Bethlehem     78,554       33,910     -     414       345     -       832     -     114,055  
United States Property Operations     300,721       259,472     -     802       2,254     (130,764 )     12,752     -     445,237  
Other Asia (2)     (71,590 )     14,777     -     35       200     40,000       628     -     (15,950 )
Other Development     (177,026 )     729     4,634     101,034       70,629     -       -     -     -  
Corporate     (226,033 )     19,921     -     (1 )     -     (917 )     -     207,030     -  
    $ 2,311,382     $ 892,046   $ 40,165   $ 145,914     $ 163,753   $ -     $ 30,772   $ 207,030   $ 3,791,062  
                                                               
                                                               
Year Ended December 31, 2011  
                                             
                                             
              Amortization   (Gain)                          
              of     Loss on      Pre-Opening                    
    Operating     Depreciation   Leasehold    Disposal     and         (1)       Adjusted  
     Income      and    Interests    of      Development    Royalty      Stock-Based    Corporate    Property  
    (Loss)     Amortization   in Land    Assets     Expense   Fees     Compensation   Expense   EBITDA  
Macao:                                                              
  The Venetian Macao   $ 844,112     $ 163,185   $ 6,590   $ (535 )   $ 3,173   $ -     $ 6,253   $ -   $ 1,022,778  
  Sands Macao     317,614       30,723     1,410     316       -     -       1,814     -     351,877  
  Four Seasons Hotel Macao and Plaza Casino     158,998       51,894     2,813     163       3,664     -       391     -     217,923  
Macao Property Operations     1,320,724       245,802     10,813     (56 )     6,837     -       8,458     -     1,592,578  
Marina Bay Sands     1,157,825       249,123     21,493     832       3,506     91,936       5,908     -     1,530,623  
United States:                                                              
  Las Vegas Operating Properties     198,390       232,949     -     (1,215 )     -     (111,017 )     14,188     -     333,295  
  Sands Bethlehem     56,145       31,889     -     -       851     -       1,917     -     90,802  
United States Property Operations     254,535       264,838     -     (1,215 )     851     (111,017 )     16,105     -     424,097  
Other Asia (2)     (52,844 )     15,426     -     474       805     20,000       996     -     (15,143 )
Other Development     (79,423 )     722     11,060     2,506       65,135     -       -     -     -  
Corporate     (210,930 )     18,493     -     7,662       -     (919 )     -     185,694     -  
    $ 2,389,887     $ 794,404   $ 43,366   $ 10,203     $ 77,134   $ -     $ 31,467   $ 185,694   $ 3,532,155  
                                                               
                                                               
(1) During the three months ended December 31, 2012 and 2011, the Company recorded stock-based compensation expense of $15.1 million and $15.5 million, respectively, of which $7.2 million and $6.4 million, respectively, is included in corporate expense and $0.0 million and $0.1 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the year ended December 31, 2012 and 2011, the Company recorded stock-based compensation expense of $65.4 million and $62.7 million, respectively, of which $33.9 million and $30.8 million, respectively, is included in corporate expense and $0.7 million and $0.4 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.
 
(2) Primarily includes the results of the CotaiJet ferry operations. 
 
 
                         
                         
Las Vegas Sands Corp. and Subsidiaries                    
Non-GAAP Measure                        
(In thousands)                        
(Unaudited)                        
                         
The following are reconciliations of Adjusted Property EBITDA to Hold-Adjusted Adjusted Property EBITDA:  
                         
Three Months Ended December 31, 2012  
                         
          (1)     (2)     Hold-   
          Hold-     Hold-     Adjusted  
     Adjusted      Adjusted      Adjusted      Adjusted  
    Property     Casino     Casino     Property  
    EBITDA     Revenue     Expense     EBITDA  
                                 
Macao Property Operations   $ 622,242     $ (76,822 )   $ 29,961     $ 575,381  
Marina Bay Sands     302,533       117,003       (13,116 )     406,420  
United States:                                
  Las Vegas Operating Properties     52,820       37,976       (2,848 )     87,948  
  Sands Bethlehem     27,518       (2,292 )     355       25,581  
United States Property Operations     80,338       35,684       (2,493 )     113,529  
Other Asia     (2,149 )     -       -       (2,149 )
Other Development     -       -       -       -  
Corporate     -       -       -       -  
    $ 1,002,964     $ 75,865     $ 14,352     $ 1,093,181  
                                 
                                 
Three Months Ended December 31, 2011  
                                 
              (1)       (2)       Hold-  
              Hold-       Hold-       Adjusted  
       Adjusted        Adjusted        Adjusted        Adjusted  
      Property       Casino       Casino       Property  
      EBITDA       Revenue       Expense       EBITDA  
                                 
Macao Property Operations   $ 434,164     $ -     $ -     $ 434,164  
Marina Bay Sands     426,900       (52,497 )     5,885       380,288  
United States:                                
  Las Vegas Operating Properties     80,910       16,426       (1,232 )     96,104  
  Sands Bethlehem     22,484       191       (33 )     22,642  
United States Property Operations     103,394       16,617       (1,265 )     118,746  
Other Asia     (3,822 )     -       -       (3,822 )
Other Development     -       -       -       -  
Corporate     -       -       -       -  
    $ 960,636     $ (35,880 )   $ 4,620     $ 929,376  
                                 
                                 
(1) For Macao Property Operations and Marina Bay Sands this represents the estimated incremental casino revenue related to Rolling Volume play that would have been earned or lost had the Company's current period win percentage equaled 2.85%. This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%.
 
For the Las Vegas Operating Properties and Sands Bethlehem this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the Company's current period win percentage equaled 21.0% and 14.8%, respectively.  
 
(2) Represents the estimated incremental gaming taxes that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.   
 
 
                         
                         
Las Vegas Sands Corp. and Subsidiaries                        
Non-GAAP Measure                        
(In thousands)                        
(Unaudited)                        
                         
The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA:  
                         
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2012     2011     2012     2011  
Net income attributable to Las Vegas Sands Corp.   $ 434,782     $ 435,284     $ 1,524,093     $ 1,560,123  
  Add (deduct):                                
    Net income attributable to noncontrolling interests     136,561       89,068       357,720       322,996  
    Income tax expense     45,156       59,744       180,763       211,704  
    Loss on modification or early retirement of debt     -       22,554       19,234       22,554  
    Other (income) expense     (5,025 )     (5,429 )     (5,740 )     3,955  
    Interest expense, net of amounts capitalized     67,067       68,011       258,564       282,949  
    Interest income     (6,536 )     (5,950 )     (23,252 )     (14,394 )
    Loss on disposal of assets     1,011       1,324       2,240       10,203  
    Impairment loss     -       -       143,674       -  
    Amortization of leasehold interests in land     10,149       10,033       40,165       43,366  
    Depreciation and amortization     250,321       197,935       892,046       794,404  
    Development expense     7,762       5,008       19,958       11,309  
    Pre-opening expense     8,992       22,353       143,795       65,825  
    Stock-based compensation (1)     7,858       8,990       30,772       31,467  
    Corporate expense     44,866       51,711       207,030       185,694  
Adjusted Property EBITDA   $ 1,002,964     $ 960,636     $ 3,791,062     $ 3,532,155  
                                 
    Hold-adjusted casino revenue (2)     75,865       (35,880 )                
    Hold-adjusted casino expense (2)     14,352       4,620                  
Hold-Adjusted Adjusted Property EBITDA   $ 1,093,181     $ 929,376                  
                                 
(1) See Exhibit 2                                
(2) See Exhibit 3                                
_______________________                                
                                 
Las Vegas Sands Corp. and Subsidiaries                                
Supplemental Data - Net Revenues                                
(In thousands)                                
(Unaudited)                                
                                 
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2012     2011     2012     2011  
                                 
The Venetian Macao   $ 843,000     $ 764,257     $ 3,037,975     $ 2,827,174  
Sands Macao     314,586       321,028       1,250,552       1,282,201  
Four Seasons Hotel Macao and Plaza Casino     296,237       216,379       1,086,456       678,293  
Sands Cotai Central     490,668       -       1,052,124       -  
Marina Bay Sands     717,160       806,942       2,886,139       2,921,863  
Las Vegas Operating Properties     308,287       339,462       1,384,629       1,324,505  
Sands Bethlehem     117,834       105,030       470,458       399,900  
Other Asia     37,538       37,910       148,330       147,323  
Intersegment Eliminations     (48,308 )     (46,653 )     (185,531 )     (170,514 )
    $ 3,077,002     $ 2,544,355     $ 11,131,132     $ 9,410,745  
                                 
_______________________                                
                                 
Las Vegas Sands Corp. and Subsidiaries                                
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues                          
(Unaudited)                                
                                 
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2012     2011     2012     2011  
The Venetian Macao     39.5 %     37.1 %     37.6 %     36.2 %
Sands Macao     29.1 %     27.4 %     28.0 %     27.4 %
Four Seasons Hotel Macao and Plaza Casino     30.3 %     29.1 %     26.5 %     32.1 %
Sands Cotai Central     22.0 %     N/A       20.3 %     N/A  
Marina Bay Sands     42.2 %     52.9 %     47.3 %     52.4 %
Las Vegas Operating Properties     17.1 %     23.8 %     23.9 %     25.2 %
Sands Bethlehem     23.4 %     21.4 %     24.2 %     22.7 %
Other Asia     -5.7 %     -10.1 %     -10.8 %     -10.3 %
                                 
Total     32.6 %     37.8 %     34.1 %     37.5 %
                                 
                                 
                 
                 
Las Vegas Sands Corp. and Subsidiaries                
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted Share        
(In thousands, except share and per share data)                
(Unaudited)                
                 
    Three Months Ended   Year Ended
    December 31,   December 31,
    2012   2011   2012   2011
                 
Net income attributable to common stockholders   $ 434,782   $ 320,114   $ 1,524,093   $ 1,269,508
                         
Pre-opening expense, net     6,908     4,193     101,775     47,067
Development expense, net     7,762     5,008     19,958     11,309
Impairment loss, net     -     -     101,009     -
Loss on disposal of assets, net     1,021     456     2,211     9,335
Loss on modification or early retirement of debt, net     -     16,005     18,714     16,005
Preferred stock dividends     -     5,967     -     63,924
Accretion to redemption value of preferred stock issued to Principal Stockholder's family    
-
   
11,567
   
-
   
80,975
Preferred stock inducement, repurchase and redemption premiums    
-
   
97,636
   
-
   
145,716
Adjusted net income   $ 450,473   $ 460,946   $ 1,767,760   $ 1,643,839
                         
                         
Per diluted share of common stock:                        
Net income attributable to common stockholders   $ 0.53   $ 0.39   $ 1.85   $ 1.56
                         
Pre-opening expense, net     -     0.01     0.12     0.06
Development expense, net     0.01     0.01     0.03     0.01
Impairment loss, net     -     -     0.12     -
Loss on disposal of assets, net     -     -     -     0.01
Loss on modification or early retirement of debt, net     -     0.02     0.02     0.02
Preferred stock dividends     -     0.01     -     0.08
Accretion to redemption value of preferred stock issued to Principal Stockholder's family    
-
   
0.01
   
-
   
 0.10
Preferred stock inducement, repurchase and redemption premiums    
-
   
0.12
   
-
   
0.18
Adjusted earnings per diluted share   $ 0.54   $ 0.57   $ 2.14   $ 2.02
                         
Weighted average diluted shares outstanding     826,662,036     812,718,294     824,556,036     811,816,687
                         
                         
                         
                         
Las Vegas Sands Corp. and Subsidiaries                        
Supplemental Data Schedule                        
(Unaudited)                        
                         
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2012     2011     2012     2011  
                                 
Room Statistics:                                
  The Venetian Macao:                                
    Occupancy %     93.4 %     95.2 %     91.9 %     91.4 %
    Average daily room rate (ADR) (1)   $ 248     $ 246     $ 237     $ 232  
    Revenue per available room (RevPAR) (2)   $ 231     $ 234     $ 218     $ 212  
                                 
  Sands Macao:                                
    Occupancy %     96.9 %     96.0 %     95.3 %     90.5 %
    Average daily room rate (ADR) (1)   $ 250     $ 259     $ 245     $ 251  
    Revenue per available room (RevPAR) (2)   $ 243     $ 248     $ 234     $ 227  
                                 
  Four Seasons Hotel Macao and Plaza Casino:                                
    Occupancy %     81.8 %     76.1 %     80.1 %     69.9 %
    Average daily room rate (ADR) (1)   $ 382     $ 339     $ 362     $ 334  
    Revenue per available room (RevPAR) (2)   $ 313     $ 258     $ 290     $ 234  
                                 
  Sands Cotai Central:                                
    Occupancy %     84.0 %     N/A       83.4 %     N/A  
    Average daily room rate (ADR) (1)   $ 164       N/A     $ 155       N/A  
    Revenue per available room (RevPAR) (2)   $ 138       N/A     $ 129       N/A  
                                 
  Marina Bay Sands:                                
    Occupancy %     98.4 %     98.8 %     98.9 %     93.6 %
    Average daily room rate (ADR) (1)   $ 368