SOURCE: Las Vegas Sands

Las Vegas Sands

January 29, 2014 16:14 ET

Las Vegas Sands Reports Fourth Quarter and Full Year 2013 Results

LAS VEGAS, NV--(Marketwired - Jan 29, 2014) - Las Vegas Sands Corp. (NYSE: LVS)

For the Quarter Ended December 31, 2013:

  • Consolidated Hold-Normalized Adjusted Property EBITDA Increased 25.8% to $1.37 Billion (Consolidated Adjusted Property EBITDA Increased 21.0% to $1.21 Billion)

  • Strong Gaming Volumes in Macao Drove Hold-Normalized Adjusted Property EBITDA Up 55.8% to a Record $887.6 Million

  • Net Revenue Increased 18.8% to a Record $3.66 Billion

  • Hold-Normalized Adjusted Earnings per Diluted Share Increased 35.9% to $0.87 (GAAP Earnings per Diluted Share Increased 32.1% to $0.70)

  • The Company Paid Dividends of $0.35 per share and Repurchased $224.3 Million of Stock During the Quarter Under its $2.0 Billion Stock Repurchase Program

For the Year Ended December 31, 2013:

  • Net Revenue Increased 23.7% to a Record $13.77 Billion

  • Consolidated Adjusted Property EBITDA Increased 25.6% to a Record $4.76 Billion

  • Net Income Attributable to Las Vegas Sands Rose 51.3% to Reach $2.31 Billion or $2.79 per Diluted Share (Adjusted Earnings per Diluted Share was $2.90)

  • The Company Paid Dividends of $1.40 per share and Repurchased $570.5 Million of Stock Under its $2.0 Billion Stock Repurchase Program

Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter and year ended December 31, 2013.

Fourth 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 clearly 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 seventeen million visits during the quarter to our Macao property portfolio, which delivered a record $835.9 million of adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, including our latest Integrated Resort on the Cotai Strip, the Parisian Macao, which is now under construction and is targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding platform for growth in the years ahead."

In Singapore, hold-normalized adjusted property EBITDA was $372.1 million as growth in mass gaming and non-gaming revenues was offset by softer VIP play. Mass win-per-day increased 3.1% year-over-year to reach $4.63 million per day.

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."

The company paid a recurring quarterly dividend of $0.35 per common share during the quarter, an increase of 40% compared to the fourth quarter of 2012. The company also announced that its next recurring quarterly dividend for the first quarter of 2014 of $0.50 per common share will be paid on March 31, 2014 to Las Vegas Sands shareholders of record on March 21, 2014.

The company repurchased approximately $224.3 million of common stock (3.1 million shares at a weighted average price of $72.55) during the quarter ended December 31, 2013.

Company-Wide Operating Results

Net revenue for the fourth quarter of 2013 increased 18.8% to reach $3.66 billion, compared to $3.08 billion in the fourth quarter of 2012. Consolidated adjusted property EBITDA increased 21.0% to reach $1.21 billion in the fourth quarter of 2013, compared to $1.00 billion in the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 25.8% to reach $1.37 billion in the fourth quarter of 2013, compared to $1.09 billion in the fourth quarter of 2012.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2013 increased 31.9% to $886.1 million, compared to $672.0 million in the fourth 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 fourth quarter of 2013 increased 32.8% to $577.5 million, compared to $434.8 million in the fourth quarter of 2012, while diluted earnings per share in the fourth quarter of 2013 increased 32.1% to $0.70, compared to $0.53 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 $592.9 million, or $0.72 per diluted share, compared to $450.5 million, or $0.54 per diluted share, in the fourth quarter of 2012. The increase in adjusted net income was driven by the higher net income attributable to Las Vegas Sands described above.

Full year 2013 net revenue increased 23.7% to a record $13.77 billion, compared to $11.13 billion in 2012. Consolidated adjusted property EBITDA in 2013 increased 25.6% to a record $4.76 billion, compared to $3.79 billion in 2012. Consolidated adjusted property EBITDA margin increased 50 basis points to 34.6% in 2013, compared to 34.1% in 2012. The continued strong growth in mass market gaming revenue in Macao, as well as the ramp at Sands Cotai Central, contributed to the EBITDA margin expansion in 2013.

Full year adjusted net income (see Note 1) was a record $2.40 billion in 2013, or $2.90 per diluted share, compared to $1.77 billion, or $2.14 per diluted share in 2012.

On a GAAP basis, full year 2013 operating income increased 47.5% to $3.41 billion in 2013, compared to $2.31 billion in 2012. The increase in operating income was principally due to stronger operating results across our Macao property portfolio. Net income attributable to Las Vegas Sands increased 51.3% to $2.31 billion, or $2.79 per diluted share in 2013, compared to $1.52 billion, or $1.85 per diluted share in 2012. The improvement 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.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 28.4% to $2.53 billion in the fourth quarter of 2013, compared to $1.97 billion in the fourth quarter of 2012. Adjusted property EBITDA for Sands China Ltd. increased 34.9% to $836.4 million in the fourth quarter of 2013, compared to $619.9 million in the fourth quarter of 2012. Net income for Sands China Ltd. increased 40.4% to $655.6 million in the fourth quarter of 2013, compared to $467.0 million in the fourth quarter of 2012.

On a GAAP basis, full year 2013 total net revenues for Sands China Ltd. increased 37.0% to $8.96 billion, compared to $6.54 billion in 2012. Adjusted property EBITDA for Sands China Ltd. increased 46.5% to $2.90 billion in 2013, compared to $1.98 billion in 2012. Net income for Sands China Ltd. increased 79.7% to $2.21 billion in 2013, compared to $1.23 billion in 2012.

The Venetian Macao Fourth Quarter Operating Results

The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property delivered record adjusted property EBITDA of $433.4 million, an increase of 30.1% compared to the fourth quarter of 2012. Non-Rolling Chip drop increased 86.7% to reach a property record $2.27 billion for the quarter with Non-Rolling Chip win percentage of 25.2%. Rolling Chip volume during the quarter increased 32.3% to reach $16.76 billion. Slot handle was $1.30 billion, increasing slightly compared to the fourth quarter of 2012. Mall revenues increased 21.9% during the quarter to reach $56.7 million.

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

The Venetian Macao Operations   Three Months Ended        
December 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 1,011.3     $ 722.3     $ 289.0     40.0 %
  Rooms     67.0       59.9       7.1     11.9 %
  Food and Beverage     25.6       23.4       2.2     9.4 %
  Mall     56.7       46.5       10.2     21.9 %
  Convention, Retail and Other     37.4       23.2       14.2     61.2 %
  Less - Promotional Allowances     (48.9 )     (32.3 )     (16.6 )   -51.4 %
Net Revenues   $ 1,149.1     $ 843.0     $ 306.1     36.3 %
                               
Adjusted Property EBITDA   $ 433.4     $ 333.1     $ 100.3     30.1 %
  EBITDA Margin %     37.7 %     39.5 %           -1.8 pts  
                               
Operating Income   $ 392.6     $ 298.2     $ 94.4     31.7 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 16,759.2     $ 12,662.9     $ 4,096.3     32.3 %
  Rolling Chip Win %(1)     3.32 %     3.25 %           0.07 pts  
                               
Non-Rolling Chip Drop   $ 2,268.2     $ 1,215.0     $ 1,053.2     86.7 %
  Non-Rolling Chip Win %     25.2 %     29.9 %           -4.7 pts  
                               
Slot Handle   $ 1,296.3     $ 1,293.7     $ 2.6     0.2 %
  Slot Hold %     5.2 %     5.5 %           -0.3 pts  
                               
Hotel Statistics                              
                               
Occupancy %     94.4 %     93.4 %           1.0 pts  
Average Daily Rate (ADR)   $ 269     $ 248     $ 21     8.5 %
Revenue per Available Room (RevPAR)   $ 254     $ 231     $ 23     10.0 %

(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

Net revenues and adjusted property EBITDA for the fourth quarter of 2013 at Sands Cotai Central were $790.7 million and $237.8 million, respectively, resulting in an EBITDA margin of 30.1%.

Rolling Chip volume reflected strong growth of 72.7% and reached $17.57 billion for the quarter, while Non-Rolling Chip drop increased 80.2% to reach $1.68 billion with Non-Rolling Chip win percentage of 22.7%. Slot handle increased 40.8% to $1.75 billion for the quarter.

Mass win per table per day increased 111.0% year-over-year and 8.9% compared to the third quarter of 2013, reaching $13,952, while mass table, slot and electronic table game (ETG) win per day climbed to $4.9 million, an increase of 88.4% year-over-year and 13.6% compared to the third quarter of 2013. Hotel occupancy reached 89.1% with ADR of $167.

Visitation to the property continues to grow and exceeded 4.7 million visits in the quarter.

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

Sands Cotai Central Operations   Three Months Ended        
December 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 707.7     $ 438.7     $ 269.0     61.3 %
  Rooms     76.7       44.5       32.2     72.4 %
  Food and Beverage     29.3       19.2       10.1     52.6 %
  Mall     14.1       9.2       4.9     53.3 %
  Convention, Retail and Other     7.7       4.6       3.1     67.4 %
  Less - Promotional Allowances     (44.8 )     (25.5 )     (19.3 )   -75.7 %
Net Revenues   $ 790.7     $ 490.7     $ 300.0     61.1 %
                               
Adjusted Property EBITDA   $ 237.8     $ 108.0     $ 129.8     120.2 %
  EBITDA Margin %     30.1 %     22.0 %           8.1 pts  
                               
Operating Income   $ 168.5     $ 48.0     $ 120.5     251.0 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 17,565.9     $ 10,170.3     $ 7,395.6     72.7 %
  Rolling Chip Win %(1)     2.52 %     3.13 %           -0.61 pts  
                               
Non-Rolling Chip Drop   $ 1,680.7     $ 932.5     $ 748.2     80.2 %
  Non-Rolling Chip Win %     22.7 %     20.6 %           2.1 pts  
                               
Slot Handle   $ 1,748.6     $ 1,241.7     $ 506.9     40.8 %
  Slot Hold %     3.8 %     3.7 %           0.1 pts  
                               
Hotel Statistics                              
                               
Occupancy %     89.1 %     84.0 %           5.1 pts  
Average Daily Rate (ADR)   $ 167     $ 164     $ 3     1.8 %
Revenue per Available Room (RevPAR)   $ 149     $ 138     $ 11     8.0 %

(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 Fourth Quarter Operating Results

The Four Seasons Hotel Macao generated adjusted property EBITDA of $76.8 million in the fourth quarter of 2013, a decrease of 14.4% compared to the year-ago quarter. Non-Rolling Chip drop increased 163.6% to $330.8 million, while Non-Rolling Chip win percentage was 22.5% and below the 45.1% experienced in the fourth quarter of 2012. Rolling Chip volume was $9.40 billion for the quarter, a decrease of 12.4% compared to the fourth quarter of 2012. Rolling Chip win percentage was 1.77% in the quarter, below the expected range and below the 2.68% experienced in the prior-year quarter. Slot handle decreased 22.6% to $271.1 million during the quarter.

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

Four Seasons Hotel Macao and Plaza Casino Operations   Three Months Ended        
December 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 183.5     $ 260.2     $ (76.7 )   -29.5 %
  Rooms     12.7       10.8       1.9     17.6 %
  Food and Beverage     9.6       7.5       2.1     28.0 %
  Mall     45.2       28.6       16.6     58.0 %
  Convention, Retail and Other     1.4       0.8       0.6     75.0 %
  Less - Promotional Allowances     (14.3 )     (11.7 )     (2.6 )   -22.2 %
Net Revenues   $ 238.1     $ 296.2     $ (58.1 )   -19.6 %
                               
Adjusted Property EBITDA   $ 76.8     $ 89.7     $ (12.9 )   -14.4 %
  EBITDA Margin %     32.2 %     30.3 %           1.9 pts  
                               
Operating Income   $ 52.1     $ 76.5     $ (24.4 )   -31.9 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 9,404.3     $ 10,731.5     $ (1,327.2 )   -12.4 %
  Rolling Chip Win %(1)     1.77 %     2.68 %           -0.91 pts  
                               
Non-Rolling Chip Drop   $ 330.8     $ 125.5     $ 205.3     163.6 %
  Non-Rolling Chip Win %     22.5 %     45.1 %           -22.6 pts  
                               
Slot Handle   $ 271.1     $ 350.4     $ (79.3 )   -22.6 %
  Slot Hold %     5.3 %     5.3 %           0.0 pts  
                               
Hotel Statistics                              
                               
Occupancy %     90.8 %     81.8 %           9.0 pts  
Average Daily Rate (ADR)   $ 403     $ 382     $ 21     5.5 %
Revenue per Available Room (RevPAR)   $ 366     $ 313     $ 53     16.9 %

(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 decreased 3.8% compared to the same quarter last year to $88.0 million. Adjusted property EBITDA margin decreased 220 basis points to 26.9%. Non-Rolling Chip drop increased 44.7% to reach $1.03 billion during the quarter, while slot handle increased 14.8% to reach $695.3 million. The property realized 2.77% win on Rolling Chip volume during the quarter, below the 3.29% generated in the year-ago quarter. Rolling Chip volume was $5.81 billion for the quarter, in-line with the prior-year quarter.

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

Sands Macao Operations   Three Months Ended        
December 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 318.7     $ 305.8     $ 12.9     4.2 %
  Rooms     7.0       6.4       0.6     9.4 %
  Food and Beverage     9.8       10.1       (0.3 )   -3.0 %
  Convention, Retail and Other     2.7       2.7       -     0.0 %
  Less - Promotional Allowances     (11.5 )     (10.4 )     (1.1 )   -10.6 %
Net Revenues   $ 326.7     $ 314.6     $ 12.1     3.8 %
                               
Adjusted Property EBITDA   $ 88.0     $ 91.5     $ (3.5 )   -3.8 %
  EBITDA Margin %     26.9 %     29.1 %           -2.2 pts  
                               
Operating Income   $ 79.0     $ 83.1     $ (4.1 )   -4.9 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 5,812.5     $ 5,767.8     $ 44.7     0.8 %
  Rolling Chip Win %(1)     2.77 %     3.29 %           -0.52 pts  
                               
Non-Rolling Chip Drop   $ 1,025.4     $ 708.6     $ 316.8     44.7 %
  Non-Rolling Chip Win %     18.5 %     22.2 %           -3.7 pts  
                               
Slot Handle   $ 695.3     $ 605.4     $ 89.9     14.8 %
  Slot Hold %     3.8 %     4.3 %           -0.5 pts  
                               
Hotel Statistics                              
                               
Occupancy %     97.4 %     96.9 %           0.5 pts  
Average Daily Rate (ADR)   $ 276     $ 250     $ 26     10.4 %
Revenue per Available Room (RevPAR)   $ 269     $ 243     $ 26     10.7 %

(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 generated adjusted property EBITDA of $258.8 million, a decrease of 14.4% compared to the fourth quarter of 2012. On a hold-normalized basis, adjusted property EBITDA declined 8.4% year-over-year to $372.1 million. Rolling Chip win percentage of 1.92% in the fourth quarter of 2013 was below the expected range, and below the 2.14% achieved in the fourth quarter of 2012.

Non-Rolling Chip drop increased 2.4% to reach $1.14 billion during the quarter. Slot handle increased 5.0% to $2.82 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 3.1% to $4.63 million, compared to $4.49 million in the fourth quarter of 2012. Rolling Chip volume decreased 16.6% to $13.73 billion for the quarter.

The high-margin hotel room segment of the property continued to reflect strong revenue growth of 13.8%. ADR increased to $425 during the quarter, driving a RevPAR increase of 13.5% compared to the same quarter last year. Occupancy was 96.9% during the quarter.

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


Marina Bay Sands Operations
 
 Three Months Ended
       
December 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 504.6     $ 549.5     $ (44.9 )   -8.2 %
  Rooms     95.8       84.2       11.6     13.8 %
  Food and Beverage     49.8       51.9       (2.1 )   -4.0 %
  Mall     43.3       44.7       (1.4 )   -3.1 %
  Convention, Retail and Other     26.6       29.0       (2.4 )   -8.3 %
  Less - Promotional Allowances     (60.3 )     (42.1 )     (18.2 )   -43.2 %
Net Revenues   $ 659.8     $ 717.2     $ (57.4 )   -8.0 %
                               
Adjusted Property EBITDA   $ 258.8     $ 302.5     $ (43.7 )   -14.4 %
  EBITDA Margin %     39.2 %     42.2 %           -3.0 pts  
                               
Operating Income   $ 165.7     $ 202.6     $ (36.9 )   -18.2 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 13,731.0     $ 16,467.1     $ (2,736.1 )   -16.6 %
  Rolling Chip Win %(1)     1.92 %     2.14 %           -0.22 pts  
                               
Non-Rolling Chip Drop   $ 1,135.5     $ 1,108.4     $ 27.1     2.4 %
  Non-Rolling Chip Win %     24.5 %     24.2 %           0.3 pts  
                               
Slot Handle   $ 2,824.6     $ 2,690.9     $ 133.7     5.0 %
  Slot Hold %     5.2 %     5.4 %           -0.2 pts  
                               
Hotel Statistics                              
                               
Occupancy %     96.9 %     98.4 %           -1.5 pts  
Average Daily Rate (ADR)   $ 425     $ 368     $ 57     15.5 %
Revenue per Available Room (RevPAR)   $ 411     $ 362     $ 49     13.5 %

(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

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, increased 67.0% to $88.2 million for the quarter. Table games drop increased 41.4% in the quarter to reach a property record $649.7 million reflecting record baccarat drop. Slot handle increased 4.8% to $542.2 million. Hotel RevPAR increased 4.5% to $185 in the quarter driven by a 2.5% increase in ADR.

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

    Three Months Ended        
Las Vegas Operations   December 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 151.3     $ 87.9     $ 63.4     72.1 %
  Rooms     119.9       114.3       5.6     4.9 %
  Food and Beverage     64.5       53.5       11.0     20.6 %
  Convention, Retail and Other     76.1       74.5       1.6     2.1 %
  Less - Promotional Allowances     (26.1 )     (21.9 )     (4.2 )   -19.2 %
Net Revenues   $ 385.7     $ 308.3     $ 77.4     25.1 %
                               
Adjusted Property EBITDA   $ 88.2     $ 52.8     $ 35.4     67.0 %
EBITDA Margin %     22.9 %     17.1 %           5.8 pts  
                               
Operating Income   $ 67.3     $ 22.2     $ 45.1     203.2 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 649.7     $ 459.4     $ 190.3     41.4 %
Table Games Win %(1)     21.8 %     12.7 %           9.1 pts  
                               
Slot Handle   $ 542.2     $ 517.3     $ 24.9     4.8 %
Slot Hold %     8.5 %     8.9 %           -0.4 pts  
                               
Hotel Statistics                              
                               
Occupancy %     88.8 %     87.6 %           1.2 pts  
Average Daily Rate (ADR)   $ 208     $ 203     $ 5     2.5 %
Revenue per Available Room (RevPAR)   $ 185     $ 177     $ 8     4.5 %
                               

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

Sands Bethlehem Fourth Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 5.3% to $124.1 million and adjusted property EBITDA increased 10.2% to $30.3 million for the fourth quarter of 2013. Table games drop increased 12.3% to reach $258.9 million for the quarter, while table games win percentage was 17.5%, which compared to 15.8% in the fourth quarter of 2012. Slot handle increased 2.8% year-over-year to $995.0 million for the quarter with slot hold percentage of 6.8%.

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

    Three Months Ended        
Sands Bethlehem Operations   December 31,        
(Dollars in millions)   2013     2012     $ Change     Change  
Revenues:                              
  Casino   $ 115.2     $ 108.8     $ 6.4     5.9 %
  Rooms     3.0       3.0       -     0.0 %
  Food and Beverage     7.3       7.1       0.2     2.8 %
  Mall     0.9       0.4       0.5     125.0 %
  Convention, Retail and Other     4.1       4.6       (0.5 )   -10.9 %
  Less - Promotional Allowances     (6.4 )     (6.1 )     (0.3 )   -4.9 %
Net Revenues   $ 124.1     $ 117.8     $ 6.3     5.3 %
                               
Adjusted Property EBITDA   $ 30.3     $ 27.5     $ 2.8     10.2 %
EBITDA Margin %     24.4 %     23.4 %           1.0 pts  
                               
Operating Income   $ 19.4     $ 18.7     $ 0.7     3.7 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 258.9     $ 230.6     $ 28.3     12.3 %
Table Games Win %(1)     17.5 %     15.8 %           1.7 pts  
                               
Slot Handle   $ 995.0     $ 967.8     $ 27.2     2.8 %
Slot Hold %     6.8 %     7.2 %           -0.4 pts  
                               
Hotel Statistics                              
                               
Occupancy %     74.4 %     78.2 %           -3.8 pts  
Average Daily Rate (ADR)   $ 145     $ 136     $ 9     6.6 %
Revenue per Available Room (RevPAR)   $ 108     $ 107     $ 1     0.9 %
                               

(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 $159.0 million for the fourth quarter of 2013, an increase of 24.1% compared to the fourth quarter of 2012. Operating profit derived from these retail mall assets increased 25.5% for the quarter compared to the quarter one year ago, reaching $138.9 million.

  For The Three Months Ended December 31, 2013    TTM December 31, 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)
                                 
Shoppes at Venetian $ 56.5   $ 49.6   87.8 %   755,452   95.5 %   $ 1,522
                                 
Shoppes at Four Seasons                                
  Luxury Retail   35.8     34.6   96.6 %   142,233   100.0 %     5,787
  Other Stores   9.4     8.5   90.4 %   99,662   70.2 %     2,208
  Total   45.2     43.1   95.4 %   241,895   87.7 %     4,726
                                 
Shoppes at Cotai Central   14.0     12.2   87.1 %   210,143(3)   100.0 %     1,277
Total Cotai Strip in Macao   115.7     104.9   90.7 %   1,207,490   94.7 %     2,111
                                 
The Shoppes at Marina Bay Sands   43.3     34.0   78.5 %   642,241   90.7 %(4)      1,528
                                 
Total $ 159.0   $ 138.9   87.4 %   1,849,731   93.3 %   $ 1,934
                                 

(1) Gross revenue figures are net of intersegment revenue eliminations.
(2) Tenant sales per square foot reflect 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 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 37,000 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 $0.7 million during the quarter, compared to a $2.1 million loss in the fourth quarter of 2012.

Pre-opening expenses decreased to $3.7 million in the fourth quarter of 2013, compared to $9.0 million in the fourth quarter of 2012.

Depreciation and amortization expense was $254.9 million in the fourth quarter of 2013, compared to $250.3 million in the fourth quarter of 2012.

Interest expense, net of amounts capitalized, was $67.1 million for the fourth quarter of 2013, in-line with the prior-year quarter. Capitalized interest was $1.4 million during the fourth quarter of 2013, compared to $5.0 million during the fourth quarter of 2012. Our weighted average borrowing cost in the fourth quarter of 2013 was 2.7%.

Corporate expense was $48.3 million in the fourth quarter of 2013, compared to $44.9 million in the fourth quarter of 2012.

The Company recorded a $14.2 million loss on modification or early retirement of debt during the quarter as a result of the refinancing of its U.S. credit facility.

Other expense, which was principally composed of foreign currency losses, was $0.7 million in the fourth quarter of 2013, compared to income of $5.0 million in the fourth quarter of 2012.

The company's effective income tax rate for the fourth quarter of 2013 was 4.9%. 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 fourth quarter of 2013 of $192.2 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of December 31, 2013 were $3.60 billion.

As of December 31, 2013, total debt outstanding, including the current portion, was $9.76 billion.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $298.6 million, including construction, development and maintenance activities of $217.8 million in Macao, $60.0 million in Las Vegas, $19.8 million at Marina Bay Sands and $1.0 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, January 29, 2014 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.
Fourth Quarter 2013 Results
Non-GAAP Reconciliations

Within the company's fourth 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   Year Ended  
  December 31,   December 31,  
  2013   2012   2013   2012  
                         
Revenues:                        
  Casino $ 2,992,196   $ 2,473,211   $ 11,386,917   $ 9,008,158  
  Rooms   382,035     323,137     1,380,681     1,154,024  
  Food and beverage   195,898     172,644     730,259     628,528  
  Mall   159,878     128,537     481,400     396,927  
  Convention, retail and other   142,809     133,352     515,179     497,032  
    3,872,816     3,230,881     14,494,436     11,684,669  
  Less - promotional allowances   (217,131 )   (153,879 )   (724,551 )   (553,537 )
    3,655,685     3,077,002     13,769,885     11,131,132  
Operating expenses:                        
  Resort operations   2,449,920     2,081,896     9,083,983     7,370,842  
  Corporate   48,314     44,866     189,535     207,030  
  Pre-opening   3,693     8,992     13,339     143,795  
  Development   969     7,762     15,809     19,958  
  Depreciation and amortization   254,938     250,321     1,007,468     892,046  
  Amortization of leasehold interests in land   10,055     10,149     40,352     40,165  
  Impairment loss   -     -     -     143,674  
  Loss on disposal of assets   1,723     1,011     11,156     2,240  
    2,769,612     2,404,997     10,361,642     8,819,750  
Operating income   886,073     672,005     3,408,243     2,311,382  
Other income (expense):                        
  Interest income   5,489     6,536     16,337     23,252  
  Interest expense, net of amounts capitalized   (67,086 )   (67,067 )   (271,211 )   (258,564 )
  Other income (expense)   (671 )   5,025     4,321     5,740  
  Loss on modification or early retirement of debt   (14,178 )   -     (14,178 )   (19,234 )
Income before income taxes   809,627     616,499     3,143,512     2,062,576  
Income tax expense   (39,896 )   (45,156 )   (188,836 )   (180,763 )
Net income   769,731     571,343     2,954,676     1,881,813  
Net income attributable to noncontrolling interests   (192,192 )   (136,561 )   (648,679 )   (357,720 )
Net income attributable to Las Vegas Sands Corp. $ 577,539   $ 434,782   $ 2,305,997   $ 1,524,093  
                         
Earnings per share:                        
  Basic $ 0.71   $ 0.53   $ 2.80   $ 1.89  
  Diluted $ 0.70   $ 0.53   $ 2.79   $ 1.85  
                         
Weighted average shares outstanding:                        
  Basic   818,631,514     822,214,678     822,282,515     806,395,660  
  Diluted   822,314,351     826,662,036     826,316,108     824,556,036  
                         
Dividends declared per common share $ 0.35   $ 3.00   $ 1.40   $ 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, 2013
                                           
              Amortization         Pre-Opening                  
          Depreciation   of Leasehold   (Gain) Loss     and         (1)       Adjusted
    Operating     and   Interests   on Disposal     Development     Royalty   Stock-Based   Corporate   Property
    Income (Loss)     Amortization   in Land   of Assets     Expense     Fees   Compensation   Expense   EBITDA
Macao:                                                            
  The Venetian Macao   $ 392,586     $ 35,189   $ 1,654   $ 1,996     $ -     $ -   $ 1,969   $ -   $ 433,394
  Sands Cotai Central     168,464       65,378     2,154     728       230       -     829     -     237,783
  Four Seasons Hotel Macao and Plaza Casino     52,130       9,835     706     11,630       2,398       -     58     -     76,757
  Sands Macao     79,010       7,984     354     61       -       -     562     -     87,971
Macao Property Operations     692,190       118,386     4,868     14,415       2,628       -     3,418     -     835,905
Marina Bay Sands     165,669       63,862     4,566     (82 )     -       22,784     2,035     -     258,834
United States:                                                            
  Las Vegas Operating Properties     67,340       50,595     -     717       524       (33,556 )   2,587     -     88,207
  Sands Bethlehem     19,365       10,637     -     55       152       -     140     -     30,349
United States Property Operations     86,705       61,232     -     772       676       (33,556 )   2,727     -     118,556
Other Asia (2)     (13,973 )     3,630     -     (3 )     (4 )     11,000     42     -     692
Other Development     (2,412 )     167     621     262       1,362       -     -     -     -
Corporate     (42,106 )     7,661     -     (13,641 )     -       (228 )   -     48,314     -
    $ 886,073     $ 254,938   $ 10,055   $ 1,723     $ 4,662     $ -   $ 8,222   $ 48,314   $ 1,213,987
                                                             
                                           
Three Months Ended December 31, 2012  
                                           
              Amortization         Pre-Opening                  
          Depreciation   of Leasehold   (Gain) Loss     and       (1)       Adjusted  
    Operating     and   Interests   on Disposal     Development   Royalty   Stock-Based   Corporate   Property  
    Income (Loss)     Amortization   in Land   of Assets     Expense   Fees   Compensation   Expense   EBITDA  
Macao:                                                            
  The Venetian Macao   $ 298,218     $ 32,133   $ 1,655   $ (413 )   $ 22   $ -   $ 1,455   $ -   $ 333,070  
  Sands Cotai Central     48,040       51,235     2,154     177       5,834     -     544     -     107,984  
  Four Seasons Hotel Macao and Plaza Casino     76,451       11,385     705     6       1,119     -     12     -     89,678  
  Sands Macao     83,060       7,606     354     198       -     -     292     -     91,510  
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  
                                                             
                                           
Year Ended December 31, 2013  
                                           
              Amortization         Pre-Opening           Legal      
          Depreciation   of Leasehold   (Gain) Loss     and       (1)   Settlement   Adjusted  
    Operating     and   Interests   on Disposal     Development   Royalty   Stock-Based   and Corporate   Property  
    Income (Loss)     Amortization   in Land   of Assets     Expense   Fees   Compensation   Expense   EBITDA  
Macao:                                                            
  The Venetian Macao   $ 1,344,650     $ 137,464   $ 6,613   $ 3,708     $ 120   $ -   $ 7,382   $ -   $ 1,499,937  
  Sands Cotai Central     462,128       257,087     8,612     2,971       5,793     -     3,132     -     739,723  
  Four Seasons Hotel Macao and Plaza Casino     240,986       44,199     2,823     11,726       5,124     -     182     -     305,040  
  Sands Macao     327,087       31,710     1,415     574       -     -     2,072     -     362,858  
Macao Property Operations     2,374,851       470,460     19,463     18,979       11,037     -     12,768     -     2,907,558  
Marina Bay Sands     995,504       262,676     18,403     2,631       -     97,989     7,373     -     1,384,576  
United States:                                                            
  Las Vegas Operating Properties     240,528       192,863     -     1,825       911     (141,009 )   9,221     47,400     351,739  
  Sands Bethlehem     85,096       37,282     -     89       391     -     479     -     123,337  
United States Property Operations     325,624       230,145     -     1,914       1,302     (141,009 )   9,700     47,400     475,076  
Other Asia (2)     (63,000 )     14,665     -     10       258     44,000     212     -     (3,855 )
Other Development     (19,939 )     640     2,486     262       16,551     -     -     -     -  
Corporate     (204,797 )     28,882     -     (12,640 )     -     (980 )   -     189,535     -  
    $ 3,408,243     $ 1,007,468   $ 40,352   $ 11,156     $ 29,148   $ -   $ 30,053   $ 236,935   $ 4,763,355  
                                                             
                                           
Year Ended December 31, 2012  
                                           
              Amortization   Impairment     Pre-Opening                  
          Depreciation   of Leasehold   and (Gain) Loss     and       (1)       Adjusted  
    Operating     and   Interests   on Disposal     Development   Royalty   Stock-Based   Corporate   Property  
    Income (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 Cotai Central     10,291       108,878     6,458     239       86,463     -     1,147     -     213,476  
  Four Seasons Hotel Macao and Plaza Casino     232,130       48,737     2,821     215       4,072     -     195     -     288,170  
  Sands Macao     317,319       30,385     1,414     14       -     -     1,507     -     350,639  
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  
                                                             
                                                             
(1)  During the three months ended December 31, 2013 and 2012, the Company recorded stock-based compensation expense of $13.6 million and $15.1 million, respectively, of which $5.4 million and $7.2 million, respectively, is included in corporate expense on the Company's condensed consolidated statements of operations. During the year ended December 31, 2013 and 2012, the Company recorded stock-based compensation expense of $53.4 million and $65.4 million, respectively, of which $23.3 million and $33.9 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 December 31, 2013
                     
        (1)     (2)     Hold-Normalized
    Adjusted   Hold-Normalized     Hold-Normalized     Adjusted
    Property   Casino     Casino     Property
    EBITDA   Revenue     Expense     EBITDA
                             
Macao Property Operations   $ 835,905   $ 84,727     $ (33,043 )   $ 887,589
Marina Bay Sands     258,834     127,610       (14,305 )     372,139
United States:                            
  Las Vegas Operating Properties     88,207     (5,257 )     394       83,344
  Sands Bethlehem     30,349     (6,968 )     1,080       24,461
United States Property Operations     118,556     (12,225 )     1,474       107,805
Other Asia     692     -       -       692
Other Development     -     -       -       -
Corporate     -     -       -       -
    $ 1,213,987   $ 200,112     $ (45,874 )   $ 1,368,225
                             
                         
Three Months Ended December 31, 2012  
                         
          (1)     (2)     Hold-Normalized  
    Adjusted     Hold-Normalized     Hold-Normalized     Adjusted  
    Property     Casino     Casino     Property  
    EBITDA     Revenue     Expense     EBITDA  
                                 
Macao Property Operations   $ 622,242     $ (85,911 )   $ 33,505     $ 569,836  
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     $ 66,776     $ 17,896     $ 1,087,636  
                                 
 
(1)  For Macao Property Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling Chip 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   Year Ended  
  December 31,   December 31,  
  2013   2012   2013   2012  
Net income attributable to Las Vegas Sands Corp. $ 577,539   $ 434,782   $ 2,305,997   $ 1,524,093  
  Add (deduct):                        
    Net income attributable to noncontrolling interests   192,192     136,561     648,679     357,720  
    Income tax expense   39,896     45,156     188,836     180,763  
    Loss on modification or early retirement of debt   14,178     -     14,178     19,234  
    Other (income) expense   671     (5,025 )   (4,321 )   (5,740 )
    Interest expense, net of amounts capitalized   67,086     67,067     271,211     258,564  
    Interest income   (5,489 )   (6,536 )   (16,337 )   (23,252 )
    Loss on disposal of assets   1,723     1,011     11,156     2,240  
    Impairment loss   -     -     -     143,674  
    Amortization of leasehold interests in land   10,055     10,149     40,352     40,165  
    Depreciation and amortization   254,938     250,321     1,007,468     892,046  
    Development expense   969     7,762     15,809     19,958  
    Pre-opening expense   3,693     8,992     13,339     143,795  
    Stock-based compensation 1   8,222     7,858     30,053     30,772  
    Legal settlement expense 1   -     -     47,400     -  
    Corporate expense   48,314     44,866     189,535     207,030  
Adjusted Property EBITDA $ 1,213,987   $ 1,002,964   $ 4,763,355   $ 3,791,062  
                         
    Hold-normalized casino revenue 2   200,112     66,776              
    Hold-normalized casino expense 2   (45,874 )   17,896              
Hold-Normalized Adjusted Property EBITDA $ 1,368,225   $ 1,087,636              
                         
(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,  
  2013   2012   2013   2012  
The Venetian Macao $ 1,149,079   $ 843,000   $ 3,851,230   $ 3,037,975  
Sands Cotai Central   790,650     490,668     2,698,430     1,052,124  
Four Seasons Hotel Macao and Plaza Casino   238,069     296,237     1,065,405     1,086,456  
Sands Macao   326,747     314,586     1,237,016     1,250,552  
Marina Bay Sands   659,813     717,160     2,968,366     2,886,139  
Las Vegas Operating Properties   385,712     308,287     1,518,024     1,384,629  
Sands Bethlehem   124,141     117,834     496,738     470,458  
Other Asia   33,906     37,538     139,572     148,330  
Intersegment Eliminations   (52,432 )   (48,308 )   (204,896 )   (185,531 )
  $ 3,655,685   $ 3,077,002   $ 13,769,885   $ 11,131,132  
                         
_______________________                        
                 
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,  
  2013   2012   2013   2012  
The Venetian Macao 37.7 % 39.5 % 38.9 % 37.6 %
Sands Cotai Central 30.1 % 22.0 % 27.4 % 20.3 %
Four Seasons Hotel Macao and Plaza Casino 32.2 % 30.3 % 28.6 % 26.5 %
Sands Macao 26.9 % 29.1 % 29.3 % 28.0 %
Marina Bay Sands 39.2 % 42.2 % 46.6 % 47.3 %
Las Vegas Operating Properties 22.9 % 17.1 % 23.2 % 23.9 %
Sands Bethlehem 24.4 % 23.4 % 24.8 % 24.2 %
Other Asia 2.0 % -5.7 % -2.8 % -10.8 %
                 
Total 33.2 % 32.6 % 34.6 % 34.1 %
                 
                 
                 
                 
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   Year Ended
    December 31,   December 31,
    2013   2012   2013   2012
Net income attributable to Las Vegas Sands Corp.   $ 577,539   $ 434,782   $ 2,305,997   $ 1,524,093
                         
Pre-opening expense, net     2,791     6,908     9,818     101,775
Development expense, net     969     7,762     15,809     19,958
Impairment loss, net     -     -     -     101,009
Loss on disposal of assets, net     (2,571 )   1,021     5,498     2,211
Loss on modification or early retirement of debt, net     14,178     -     14,178     18,714
Legal settlement expense     -     -     47,400     -
Adjusted net income   $ 592,906   $ 450,473   $ 2,398,700   $ 1,767,760
                         
Hold-normalized casino revenue 1     200,112     66,776            
Hold-normalized casino expense 1     (45,874 )   17,896            
Income tax impact on hold adjustments     (19,262 )   (17,661 )          
Noncontrolling interest impact on hold adjustments     (15,418 )   15,598            
Hold-normalized adjusted net income   $ 712,464   $ 533,082            
                         
(1) See Exhibit 3                        
                         
Per diluted share of common stock:                        
Net income attributable to Las Vegas Sands Corp.   $ 0.70   $ 0.53   $ 2.79   $ 1.85
                         
Pre-opening expense, net     -     -     -     0.12
Development expense, net     -     0.01     0.02     0.03
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
Legal settlement expense     -     -     0.06     -
Adjusted earnings per diluted share   $ 0.72   $ 0.54   $ 2.90   $ 2.14
                         
Hold-normalized casino revenue     0.24     0.08            
Hold-normalized casino expense     (0.05 )   0.02            
Income tax impact on hold adjustments     (0.02 )   (0.02 )          
Noncontrolling interest impact on hold adjustments     (0.02 )   0.02            
Hold-normalized adjusted earnings per diluted share   $ 0.87   $ 0.64            
                         
Weighted average diluted shares outstanding     822,314,351     826,662,036     826,316,108     824,556,036
                         
                         
                         
                         
Las Vegas Sands Corp. and Subsidiaries                        
Supplemental Data Schedule                        
(Unaudited)                        
                         
    Three Months Ended     Year Ended  
    December 31,     December 31,  
    2013     2012     2013     2012  
                                 
Room Statistics:                                
  The Venetian Macao:                                
    Occupancy %     94.4 %     93.4 %     91.3 %     91.9 %
    Average daily room rate (ADR) 1   $ 269     $ 248     $ 243     $ 237  
    Revenue per available room (RevPAR) 2   $ 254     $ 231     $ 222     $ 218  
                                 
  Sands Cotai Central:                                
    Occupancy %     89.1 %     84.0 %     78.5 %     83.4 %
    Average daily room rate (ADR) 1   $ 167     $ 164     $ 155     $ 155  
    Revenue per available room (RevPAR) 2   $ 149     $ 138     $ 121     $ 129  
                                 
  Four Seasons Hotel Macao and Plaza Casino:                                
    Occupancy %     90.8 %     81.8 %     85.3 %     80.1 %
    Average daily room rate (ADR) 1   $ 403     $ 382     $ 373     $ 362  
    Revenue per available room (RevPAR) 2   $ 366     $ 313     $ 318     $ 290  
                                 
  Sands Macao:                                
    Occupancy %     97.4 %     96.9 %     96.1 %     95.3 %
    Average daily room rate (ADR) 1   $ 276     $ 250     $ 252     $ 245  
    Revenue per available room (RevPAR) 2   $ 269     $ 243     $ 242     $ 234  
                                 
  Marina Bay Sands:                                
    Occupancy %     96.9 %     98.4 %     98.6 %     98.9 %
    Average daily room rate (ADR) 1   $ 425     $ 368     $ 396     $ 355  
    Revenue per available room (RevPAR) 2   $ 411     $ 362     $ 390     $ 351  
                                 
  Las Vegas Operating Properties:                                
    Occupancy %     88.8 %     87.6 %     89.6 %     86.1 %
    Average daily room rate (ADR) 1   $ 208     $ 203     $ 205     $ 203  
    Revenue per available room (RevPAR) 2   $ 185     $ 177     $ 184     $ 175  
                                 
  Sands Bethlehem:                                
    Occupancy %     74.4 %     78.2 %     73.6 %     65.1 %
    Average daily room rate (ADR) 1   $ 145     $ 136     $ 142     $ 140  
    Revenue per available room (RevPAR) 2   $ 108     $ 107     $ 104     $ 91  
                                 
Casino Statistics:                                
  The Venetian Macao:                                
    Table games win per unit per day 3   $ 19,200     $ 18,424     $ 17,518