SOURCE: Las Vegas Sands

Las Vegas Sands

November 01, 2012 16:01 ET

Las Vegas Sands Reports Third Quarter 2012 Results

Market Share of Gross Gaming Revenue in Macao Reached 19.3% in the Quarter Compared to 14.3% Last Year, Reflecting Market Share Growth of 35%; Net Revenue Increased 12.5% to $2.71 Billion in the Third Quarter of 2012 Compared to the Third Quarter of 2011; Record Gaming Volumes in Macao Drove Adjusted Property EBITDA in Macao Up 25.7% to Record $487.9 Million; Board of Directors Increases Dividend by 40% to $0.35 per Quarter, or $1.40 per Year, for 2013 and Declares $0.25 per Share Dividend for the Fourth Quarter of 2012; Consolidated Adjusted Property EBITDA of $876.9 Million Reflected Low Hold on Table Games Play in Singapore (Consolidated Hold-Adjusted Adjusted Property EBITDA Was $950.7 Million)

LAS VEGAS, NV--(Marketwire - Nov 1, 2012) - Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2012.

Third Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "Despite low hold on table games play at Marina Bay Sands in Singapore, our financial results reflect strong revenue growth and cash flow for the quarter. 

"In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business. We also made strong progress on the execution of our Cotai Strip development plan, as we successfully opened the second phase of Sands Cotai Central, the largest Integrated Resort development in the company's history and a key component of our Cotai Strip master plan. We expect the attractions and offerings of Sands Cotai Central, and in particular its vast inventory of hotel rooms and suites, to meaningfully benefit Macao and the Cotai Strip as it strengthens its position as one of the leading business and leisure destinations in the world. Looking ahead, we remain confident that our soon to be interconnected Cotai Strip properties, The Venetian Macao, Four Seasons Macao and Plaza Casino, and Sands Cotai Central, with 28 million square feet of Integrated Resort capacity, will provide an outstanding platform for growth in Macao 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 high priority for the company. The board of directors of Las Vegas Sands is pleased to increase the quarterly dividend 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 its fourth consecutive quarterly dividend of $0.25 per common share to be paid on December 28, 2012 to shareholders of record as of December 20, 2012."

Company-Wide Operating Results

Net revenue for the third quarter of 2012 was $2.71 billion, an increase of 12.5% compared to $2.41 billion in the third quarter of 2011. Consolidated adjusted property EBITDA in the third quarter of 2012 was $876.9 million, a decrease of 5.1% compared to $924.1 million in the year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA was $950.7 million. Consolidated adjusted property EBITDA margin decreased to 32.4% in the third quarter of 2012, compared to 38.4% in the third quarter of 2011. The quarter's adjusted property EBITDA and EBITDA margin were unfavorably impacted compared to the quarter one year ago due to lower hold (approximately $74 million adjusted property EBITDA impact) and increased provisions for accounts receivable (approximately $15 million in adjusted property EBITDA impact) in Singapore.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2012 decreased 15.6% to $534.1 million, compared to $632.6 million in the third quarter of 2011. The decrease in operating income was principally due to the previously mentioned reasons as well as pre-opening expenses and higher depreciation and amortization related to the opening of Sands Cotai Central.

Adjusted net income (see Note 1) decreased to $382.2 million, or $0.46 per diluted share, compared to $444.8 million, or $0.55 per diluted share, in the third quarter of 2011. The decrease in adjusted net income was principally driven by the decrease in operating income described above.

On a GAAP basis, net income attributable to common stockholders in the third quarter of 2012 decreased 1.1% to $349.8 million, compared to $353.6 million in the third quarter of 2011, while diluted earnings per share in the third quarter of 2012 decreased 4.5% to $0.42, compared to $0.44 in the prior year quarter. The decrease in net income attributable to common stockholders reflected the decrease in operating income described above, partially offset by the benefit from the discontinuation of preferred stock dividends and the accretion of preferred stock resulting from the redemption of the company's outstanding preferred stock in November 2011. 

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 36.7% to $1.64 billion in the third quarter of 2012, compared to $1.20 billion in the third quarter of 2011. Adjusted property EBITDA for Sands China Ltd. increased 24.3% to $485.6 million in the third quarter of 2012, compared to $390.6 million in the third quarter of 2011. Net income for Sands China Ltd. increased 17.4% to $326.7 million in the third quarter of 2012, compared to $278.3 million in the third quarter of 2011.

The Venetian Macao Third Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered a record adjusted property EBITDA of $299.0 million, an increase of 18.3% compared to $252.7 million in the third quarter of 2011. Operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.32%, compared to 2.66% in the third quarter of 2011. Adjusted property EBITDA margin increased to 38.7% in the third quarter of 2012 from 36.7% in the year-ago quarter. Non-Rolling Chip drop was $1.14 billion for the quarter, an increase of 6.2% compared to the same quarter one year ago, while Non-Rolling Chip win percentage increased to 31.3%. Rolling Chip volume during the quarter decreased 11.9% to $11.20 billion partially due to Paiza Club renovations, which resulted in 23 fewer active rolling tables on average during the quarter. Slot handle was $1.26 billion, an increase of 40.8% compared to the quarter one year ago. Mall revenues increased 17.5% during the quarter compared to the quarter last year.

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

             
The Venetian Macao Operations   Three Months Ended
September 30,
       
(Dollars in millions)   2012     2011     $ Change     Change  
Revenues:                              
  Casino   $ 671.1     $ 586.9     $ 84.2     14.3 %
  Rooms     55.4       57.1       (1.7 )   -3.0 %
  Food and Beverage     21.0       18.8       2.2     11.7 %
  Mall     36.9       31.4       5.5     17.5 %
  Convention, Retail and Other     19.0       21.7       (2.7 )   -12.4 %
  Less - Promotional Allowances     (30.6 )     (26.7 )     (3.9 )   -14.6 %
Net Revenues   $ 772.8     $ 689.2     $ 83.6     12.1 %
                               
Adjusted Property EBITDA   $ 299.0     $ 252.7     $ 46.3     18.3 %
    EBITDA Margin %     38.7 %     36.7 %           2.0 pts  
                               
Operating Income   $ 261.3     $ 206.5     $ 54.8     26.5 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 11,199.4     $ 12,706.8     $ (1,507.4 )   -11.9 %
  Rolling Chip Win %(1)     3.32 %     2.66 %           0.66 pts  
                               
Non-Rolling Chip Drop   $ 1,140.9     $ 1,074.2     $ 66.7     6.2 %
  Non-Rolling Chip Win %(2)     31.3 %     27.6 %           3.7 pts  
                               
Slot Handle   $ 1,262.8     $ 897.1     $ 365.7     40.8 %
  Slot Hold %(3)     4.9 %     6.4 %           -1.5 pts  
                               
Hotel Statistics                              
                               
Occupancy %     93.9 %     94.1 %           -0.2 pts  
Average Daily Rate (ADR)   $ 227     $ 232     $ (5 )   -2.2 %
Revenue per Available Room (RevPAR)   $ 213     $ 218     $ (5 )   -2.3 %
                               

(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
(2) This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip win percentage of 30.2% (calculated before discounts).
(3) This compares to The Venetian Macao's trailing 12 month slot hold percentage of 5.4% (calculated before slot club cash incentives).

Four Seasons Hotel Macao and Plaza Casino Third Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $54.4 million in the third quarter of 2012, a decrease of 8.9% compared to the $59.7 million for the third quarter of 2011. The operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.58% for the current quarter. Rolling Chip volume reached $8.96 billion for the quarter, an increase of 115.4% compared to the third quarter of 2011. Non-Rolling Chip drop was a record $110.8 million while Non-Rolling Chip win percentage was 32.6% and lower than the 38.9% in the prior year quarter. Slot handle was $214.8 million during the quarter, an increase of 6.6% compared to the third 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 22.4% in the quarter. Mall revenue increased 10.0% to $23.1 million. 

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

             
Four Seasons Hotel Macao and Plaza Casino Operations   Three Months Ended
September 30,
       
(Dollars in millions)   2012     2011     $ Change     Change  
Revenues:                              
  Casino   $ 194.7     $ 140.6     $ 54.1     38.5 %
  Rooms     10.0       8.3       1.7     20.5 %
  Food and Beverage     6.1       5.2       0.9     17.3 %
  Mall     23.1       21.0       2.1     10.0 %
  Convention, Retail and Other     0.7       0.6       0.1     16.7 %
  Less - Promotional Allowances     (10.1 )     (6.6 )     (3.5 )   -53.0 %
Net Revenues   $ 224.5     $ 169.1     $ 55.4     32.8 %
                               
Adjusted Property EBITDA   $ 54.4     $ 59.7     $ (5.3 )   -8.9 %
  EBITDA Margin %     24.2 %     35.3 %           -11.1 pts  
                               
Operating Income   $ 40.3     $ 45.1     $ (4.8 )   -10.6 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 8,962.5     $ 4,160.5     $ 4,802.0     115.4 %
  Rolling Chip Win %(1)     2.58 %     2.90 %           -0.32 pts  
                               
Non-Rolling Chip Drop   $ 110.8     $ 107.6     $ 3.2     3.0 %
  Non-Rolling Chip Win %(2)     32.6 %     38.9 %           -6.3 pts  
                               
Slot Handle   $ 214.8     $ 201.5     $ 13.3     6.6 %
  Slot Hold %(3)     4.4 %     6.4 %           -2.0 pts  
                               
Hotel Statistics                              
                               
Occupancy %     83.1 %     70.8 %           12.3 pts  
Average Daily Rate (ADR)   $ 349     $ 335     $ 14     4.2 %
Revenue per Available Room (RevPAR)   $ 290     $ 237     $ 53     22.4 %
                               

(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
(2) This compares to the Plaza Casino's trailing 12 month Non-Rolling Chip win percentage of 40.4% (calculated before discounts).
(3) This compares to the Plaza Casino's trailing 12 month slot hold percentage of 5.1% (calculated before slot club cash incentives).

Sands Cotai Central Third 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 for the last eleven days of the quarter. Net revenues and adjusted property EBITDA for the third quarter of 2012 were $295.9 million and $53.7 million, respectively, resulting in an EBITDA margin of 18.1%. The quarter's results were negatively impacted by lower than expected Rolling Chip win percentage of 2.28%.

Rolling Chip volume reflected meaningful growth and reached $9.06 billion while Non-Rolling Chip drop reached $542.0 million with Non-Rolling Chip win percentage of 20.7%. Slot handle, driven by robust electronic table games play, was $1.03 billion for the quarter. Rolling Volume per table per day expanded to reach approximately $660,000 in the quarter, an increase of 13.8% compared to the second quarter of 2012. Mass table, slot and ETG win per day climbed to $1.56 million, an increase of 15.0% compared to the second quarter of 2012. Hotel occupancy reached 88.9% during the quarter with ADR of $149.

The following table summarizes our key operating results for Sands Cotai Central for the third quarter of 2012 and the 81 days of operations in the second quarter of 2012:

             
Sands Cotai Central   Quarter Ended
September 30,
    81 Days Ended
June 30,
 
(Dollars in millions)   2012(1)     2012  
                 
Revenues:                
  Casino   $ 272.1     $ 249.5  
  Rooms     24.0       15.3  
  Food and Beverage     11.3       9.4  
  Mall     3.8       3.3  
  Convention, Retail and Other     2.4       1.7  
  Less - Promotional Allowances     (17.7 )     (13.6 )
Net Revenues   $ 295.9     $ 265.6  
                 
Adjusted Property EBITDA   $ 53.7     $ 51.8  
  EBITDA Margin %     18.1 %     19.5 %
                 
Operating Loss   $ (19.9 )   $ (17.9 )
                 
Gaming Statistics                
(Dollars in millions)                
                 
Rolling Chip Volume   $ 9,055.2     $ 6,820.6  
  Rolling Chip Win %     2.28 %     3.12 %
                 
Non-Rolling Chip Drop   $ 542.0     $ 389.4  
  Non-Rolling Chip Win %     20.7 %     21.5 %
                 
Slot Handle   $ 1,032.4     $ 665.4  
  Slot Hold %     3.1 %     4.0 %
                 
Hotel Statistics                
                 
  Occupancy %     88.9 %     75.1 %
  Average Daily Rate (ADR)   $ 149     $ 141  
  Revenue per Available Room (RevPAR)   $ 132     $ 106  
                 

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

Sands Macao Third Quarter Operating Results

Sands Macao's adjusted property EBITDA was $80.9 million, an increase of 6.7% compared to last year, while adjusted property EBITDA margin increased 90 basis points to 25.6%. Rolling Chip volume of $6.82 billion for the quarter, which was a decrease of 13.7% compared to the prior year's quarter, reflected a 19.6% decrease in the number of Rolling Chip tables to an average of 115 tables for the quarter. Non-Rolling Chip drop was $739.0 million during the quarter, an increase of 2.3%, despite 72 fewer Non-Rolling chip tables in operation during the quarter. Slot handle increased 11.1% to $596.3 million.

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

             
Sands Macao Operations   Three Months Ended
September 30,
       
(Dollars in millions)   2012     2011     $ Change     Change  
Revenues:                              
  Casino   $ 307.7     $ 299.8     $ 7.9     2.6 %
  Rooms     6.0       6.2       (0.2 )   -3.2 %
  Food and Beverage     8.9       10.5       (1.6 )   -15.2 %
  Convention, Retail and Other     2.5       2.3       0.2     8.7 %
  Less - Promotional Allowances     (9.8 )     (11.4 )     1.6     -14.0 %
Net Revenues   $ 315.3     $ 307.4     $ 7.9     2.6 %
                               
Adjusted Property EBITDA   $ 80.9     $ 75.8     $ 5.1     6.7 %
  EBITDA Margin %     25.6 %     24.7 %           0.9 pts  
                               
Operating Income   $ 72.4     $ 67.2     $ 5.2     7.7 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 6,818.6     $ 7,902.9     $ (1,084.3 )   -13.7 %
  Rolling Chip Win %(1)     2.96 %     2.65 %           0.31 pts  
                               
Non-Rolling Chip Drop   $ 739.0     $ 722.6     $ 16.4     2.3 %
  Non-Rolling Chip Win %(2)     20.8 %     20.0 %           0.8 pts  
                               
Slot Handle   $ 596.3     $ 536.5     $ 59.8     11.1 %
  Slot Hold %(3)     4.2 %     5.3 %           -1.1 pts  
                               
Hotel Statistics                              
                               
Occupancy %     97.3 %     92.9 %           4.4 pts  
Average Daily Rate (ADR)   $ 236     $ 251     $ (15 )   -6.0 %
Revenue per Available Room (RevPAR)   $ 230     $ 233     $ (3 )   -1.3 %
                               

(1) This compares to our Macao Operations trailing 12 month Rolling Chip win percentage of 2.88% (calculated before discounts and commissions).
(2) This compares to the Sands Macao's trailing 12 month Non-Rolling Chip win percentage of 20.8% (calculated before discounts).
(3) This compares to the Sands Macao's trailing 12 month slot hold percentage of 4.4% (calculated before slot club cash incentives).

Marina Bay Sands Third Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $260.8 million for the third quarter. On a hold-adjusted basis, adjusted property EBITDA was $365.6 million. The operating results were unfavorably impacted by lower than expected Rolling Chip win percentage of 1.79% for the quarter, as well as an increase of approximately $15 million in the provision for accounts receivable during the quarter. 

Non-Rolling Chip drop decreased 5.7% to $1.13 billion while Non-Rolling Chip win was flat at $271.9 million. Slot handle decreased 6.1% to $2.62 billion, with slot hold percentage of 5.2%. Total mass win per day during the quarter decreased 2.6% to $4.43 million, compared to $4.55 million in the third quarter of 2011. Rolling Chip volume was $11.79 billion for the quarter. 

The high margin hotel room and mall segments of the property continued to reflect solid revenue growth of 12.4% and 7.6%, respectively. Occupancy and ADR both expanded during the quarter, driving a RevPAR increase of 12.1% compared to the same quarter last year. 

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

             
Marina Bay Sands Operations   Three Months Ended
September 30,
       
(Dollars in millions)   2012     2011     $ Change     Change  
Revenues:                              
  Casino   $ 470.8     $ 651.9     $ (181.1 )   -27.8 %
  Rooms     84.0       74.7       9.3     12.4 %
  Food and Beverage     46.1       49.2       (3.1 )   -6.3 %
  Mall     39.7       36.9       2.8     7.6 %
  Convention, Retail and Other     26.1       32.4       (6.3 )   -19.4 %
  Less - Promotional Allowances     (41.2 )     (52.7 )     11.5     21.8 %
Net Revenues   $ 625.5     $ 792.4     $ (166.9 )   -21.1 %
                               
Adjusted Property EBITDA   $ 260.8     $ 413.9     $ (153.1 )   -37.0 %
  EBITDA Margin %     41.7 %     52.2 %           -10.5 pts  
                               
Operating Income   $ 166.5     $ 315.4     $ (148.9 )   -47.2 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Rolling Chip Volume   $ 11,790.8     $ 16,720.2     $ (4,929.4 )   -29.5 %
  Rolling Chip Win %(1)     1.79 %     2.69 %           -0.90 pts  
                               
Non-Rolling Chip Drop   $ 1,131.3     $ 1,199.2     $ (67.9 )   -5.7 %
  Non-Rolling Chip Win %(2)     24.0 %     22.6 %           1.4 pts  
                               
Slot Handle   $ 2,620.8     $ 2,792.5     $ (171.7 )   -6.1 %
  Slot Hold %(3)     5.2 %     5.3 %           -0.1 pts  
                               
Hotel Statistics                              
                               
Occupancy %     99.8 %     98.1 %           1.7 pts  
Average Daily Rate (ADR)   $ 361     $ 327     $ 34     10.4 %
Revenue per Available Room (RevPAR)   $ 360     $ 321     $ 39     12.1 %
                               

(1) This compares to Marina Bay Sands' trailing 12 month Rolling Chip win percentage of 2.79% (calculated before discounts and commissions).
(2) This compares to Marina Bay Sands' trailing 12 month Non-Rolling Chip win percentage of 23.1% (calculated before discounts).
(3) This compares to Marina Bay Sands' trailing 12 month slot hold percentage of 5.3% (calculated before slot club cash incentives).

Las Vegas Third Quarter Operating Results

The Venetian and The Palazzo delivered adjusted property EBITDA of $98.2 million for the third quarter of 2012, an increase of 4.1% compared to the $94.3 million generated in the third quarter of 2011. Adjusted property EBITDA margin was 26.9% for the quarter. The operating results were positively impacted by higher than expected table games win percentage of 28.1% for the quarter. Table games drop, which benefitted from strong growth in baccarat play, increased 8.5% to a third quarter record of $581.5 million. Slot handle increased 1.7% to $498.4 million while slot hold percentage was 8.7%. Hotel ADR was flat compared to last year's quarter, although RevPAR decreased 5.6% due to a lower occupancy percentage.

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

             

Las Vegas Operations
  Three Months Ended
September 30,
       
(Dollars in millions)   2012     2011     $ Change     Change  
Revenues:                              
  Casino   $ 171.5     $ 124.3     $ 47.2     38.0 %
  Rooms     105.7       114.0       (8.3 )   -7.3 %
  Food and Beverage     42.4       57.2       (14.8 )   -25.9 %
  Convention, Retail and Other     68.0       72.7       (4.7 )   -6.5 %
  Less - Promotional Allowances     (23.2 )     (20.8 )     (2.4 )   11.5 %
Net Revenues   $ 364.4     $ 347.4     $ 17.0     4.9 %
                               
Adjusted Property EBITDA   $ 98.2     $ 94.3     $ 3.9     4.1 %
EBITDA Margin %     26.9 %     27.1 %           -0.2 pts  
                               
Operating Income   $ 74.0     $ 64.8     $ 9.2     14.2 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 581.5     $ 536.1     $ 45.4     8.5 %
Table Games Win %(1)     28.1 %     20.4 %           7.7 pts  
                               
Slot Handle   $ 498.4     $ 490.2     $ 8.2     1.7 %
Slot Hold %(2)     8.7 %     8.7 %           0.0 pts  
                               
Hotel Statistics                              
                               
Occupancy %     87.3 %     92.7 %           -5.4 pts  
Average Daily Rate (ADR)   $ 191     $ 191     $ 0     0.0 %
Revenue per Available Room (RevPAR)   $ 167     $ 177     $ (10 )   -5.6 %
                               

(1) This compares to our Las Vegas Operations' trailing 12 month table games win percentage of 22.1% (calculated before discounts).
(2) This compares to our Las Vegas Operations' trailing 12 month slot hold percentage of 8.7% (calculated before slot club cash incentives).

Sands Bethlehem Third Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $122.0 million and adjusted property EBITDA reached a record $32.1 million for the third quarter of 2012. Table games drop was $234.9 million for the quarter, an increase of 24.4% compared to the quarter one year ago, while table games win percentage was 16.0%. Slot handle increased 2.7% to reach $1.02 billion 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 third quarter of 2012 compared to the third quarter of 2011:

             

Sands Bethlehem Operations
  Three Months Ended
September 30,
       
(Dollars in millions)   2012     2011     $ Change     Change  
Revenues:                              
  Casino   $ 113.1     $ 99.7     $ 13.4     13.4 %
  Rooms     2.7       2.1       0.6     28.6 %
  Food and Beverage     7.0       6.4       0.6     9.4 %
  Mall(1)     0.4       0.0       0.4     N/A  
  Convention, Retail and Other     4.9       4.1       0.8     19.5 %
  Less - Promotional Allowances     (6.1 )     (5.6 )     (0.5 )   8.9 %
Net Revenues   $ 122.0     $ 106.7     $ 15.3     14.3 %
                               
Adjusted Property EBITDA   $ 32.1     $ 25.2     $ 6.9     27.4 %
EBITDA Margin %     26.3 %     23.6 %           2.7 pts  
                               
Operating Income   $ 24.3     $ 16.3     $ 8.0     49.1 %
                               
Gaming Statistics                              
(Dollars in millions)                              
                               
Table Games Drop   $ 234.9     $ 188.9     $ 46.0     24.4 %
Table Games Win %(2)     16.0 %     14.3 %           1.7 pts  
                               
Slot Handle   $ 1,015.3     $ 988.4     $ 26.9     2.7 %
Slot Hold %(3)     7.2 %     7.1 %           0.1 pts  
                               
Hotel Statistics                              
                               
Occupancy %     69.6 %     47.3 %           22.3 pts  
Average Daily Rate (ADR)   $ 142     $ 168       (26 )   -15.5 %
Revenue per Available Room (RevPAR)   $ 99     $ 79       20     25.3 %
                               

(1) The first phase of the Retail Mall opened on November 1, 2011.
(2) This compares to Sands Bethlehem's trailing 12 month table games win percentage of 15.0% (calculated before discounts).
(3) This compares to Sands Bethlehem's trailing 12 month slot hold percentage of 7.2% (calculated before slot club cash incentives).

Retail Mall Operations

Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, the Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $102.8 million for the third quarter of 2012, an increase of 15.2% compared to the third quarter of 2011. Operating profit derived from these retail mall assets increased 16.9% for the quarter to reach $86.5 million.

         
    For The Three Months Ended September 30, 2012   LTM September 30, 2012
(Dollars in millions
except per square foot data)
  Gross Revenue   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   $ 36.3   $ 30.6   84.3%   809,204   91.7%   $ 1,186
                               
The Shoppes at Four Seasons                              
  Luxury Retail     19.4     18.4   94.8%   89,576   100.0%     6,322
  Other Stores     3.7     3.4   91.9%   99,512   83.4%     1,453
  Total     23.1     21.8       189,088   91.2%     4,353
                               
The Shoppes at Sands Cotai Central     3.7     2.7   73.0%   210,143   100.0%     -
Total Cotai Strip in Macao     63.1     55.1   87.3%   1,208,255   93.1%     1,781
                               
The Shoppes at Marina Bay Sands     39.7     31.4   79.1%   631,024   96.2%     1,366
                               
Total   $ 102.8   $ 86.5   84.1%   1,839,279   94.1%   $ 1,617
                               

(1) 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 a profit of $2.5 million in the third quarter of 2011, which included a one-time benefit for a sales tax refund of approximately $7 million.

Pre-opening expenses, related primarily to Sands Cotai Central on the Cotai Strip in Macao, increased to $39.9 million in the third quarter of 2012, compared to $15.8 million in the third quarter of 2011.

Depreciation and amortization expense was $226.5 million in the third quarter of 2012, compared to $200.1 million in the third quarter of 2011.

Interest expense, net of amounts capitalized, was $62.3 million for the third quarter of 2012, compared to $70.8 million during the third quarter of 2011. The decrease was principally the result of a lower average borrowing cost, as well as lower debt balances outstanding during the quarter compared to the third quarter of 2011. Capitalized interest was $9.9 million during the third quarter of 2012, compared to $34.9 million during the third quarter of 2011. Our weighted average borrowing cost in the third quarter of 2012 was 2.9%.

Corporate expense was $54.6 million in the third quarter of 2012, compared to $54.0 million in the third quarter of 2011. 

Other income, which was principally composed of foreign currency gains, was $2.4 million in the third quarter of 2012, compared to other expense of $6.6 million in the third quarter of 2011.

The company's effective income tax rate for the third quarter of 2012 was 7.0%. 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 third quarter of 2012 of $95.2 million was principally related to Sands China Ltd. 

Balance Sheet Items

Unrestricted cash balances as of September 30, 2012, were $3.75 billion.

As of September 30, 2012, total debt outstanding, including the current portion, was $9.50 billion. Total principal payments for the remainder of 2012 and the full year 2013 are approximately $8.7 million and $97.5 million, respectively.

Capital Expenditures

Capital expenditures during the third quarter totaled $327.3 million, including construction and development activities of $231.8 million in Macao, $79.8 million in Las Vegas, $10.9 million at Marina Bay Sands, and $4.8 million at Sands Bethlehem. 

Conference Call Information

The company will host a conference call to discuss the company's results on Thursday, November 1, 2012 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 COTAISTRIP®, including THE VENETIAN® Macao, Four Seasons Hotel Macao, and Sands Cotai Central, a 13.7 million square foot 6,400-room Integrated Resort. The company also owns the SANDS® Macao on the Macao Peninsula.

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

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

Within the company's third 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 are included in the financial schedules accompanying this release.

                         
Las Vegas Sands Corp. and Subsidiaries  
Condensed Consolidated Statements of Operations  
(In thousands, except share and per share data)  
(Unaudited)  
   
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2012     2011     2012     2011  
                         
Revenues:                                
  Casino   $ 2,201,030     $ 1,903,142     $ 6,534,947     $ 5,429,903  
  Rooms     287,849       262,352       830,887       734,022  
  Food and beverage     142,685       147,223       455,884       438,632  
  Mall     103,232       89,212       268,390       218,956  
  Convention, retail and other     117,129       134,629       363,680       370,182  
        2,851,925       2,536,558       8,453,788       7,191,695  
  Less - promotional allowances     (142,443 )     (127,183 )     (399,658 )     (325,305 )
      2,709,482       2,409,375       8,054,130       6,866,390  
Operating expenses:                                
  Resort operations     1,839,991       1,492,506       5,288,946       4,317,348  
  Corporate     54,617       54,031       162,164       133,983  
  Pre-opening     39,872       15,823       134,803       43,472  
  Development     4,201       3,308       12,196       6,301  
  Depreciation and amortization     226,538       200,071       641,725       596,469  
  Amortization of leasehold interests in land     10,014       10,143       30,016       33,333  
  Impairment loss     -       -       143,674       -  
  Loss on disposal of assets     154       937       1,229       8,879  
      2,175,387       1,776,819       6,414,753       5,139,785  
Operating income     534,095       632,556       1,639,377       1,726,605  
Other income (expense):                                
  Interest income     4,176       2,369       16,716       8,444  
  Interest expense, net of amounts capitalized     (62,292 )     (70,761 )     (191,497 )     (214,938 )
  Other income (expense)     2,352       (6,617 )     715       (9,384 )
  Loss on modification or early retirement of debt     -       -       (19,234 )     -  
Income before income taxes     478,331       557,547       1,446,077       1,510,727  
Income tax expense     (33,351 )     (52,375 )     (135,607 )     (151,960 )
Net income     444,980       505,172       1,310,470       1,358,767  
Net income attributable to noncontrolling interests     (95,198 )     (80,293 )     (221,159 )     (233,928 )
Net income attributable to Las Vegas Sands Corp.     349,782       424,879       1,089,311       1,124,839  
Preferred stock dividends     -       (19,140 )     -       (57,957 )
Accretion to redemption value of preferred stock issued to Principal Stockholder's family    
-
     
(23,136
)    
-
     
(69,408
)
Preferred stock inducement and repurchase premiums     -       (28,972 )     -       (48,080 )
Net income attributable to common stockholders   $ 349,782     $ 353,631     $ 1,089,311     $ 949,394  
                                 
Earnings per share:                                
  Basic   $ 0.43     $ 0.48     $ 1.36     $ 1.31  
  Diluted   $ 0.42     $ 0.44     $ 1.32     $ 1.17  
                                 
Weighted average shares outstanding:                                
  Basic     821,482,154       729,773,246       801,084,165       727,309,255  
  Diluted     825,606,248       812,543,534       823,361,035       811,550,683  
                                 
Dividends declared per common share   $ 0.25     $ -     $ 0.75     $ -  
                                 
                                 
                                 
Las Vegas Sands Corp. and Subsidiaries  
Non-GAAP Measure  
(In thousands)  
(Unaudited)  
   
The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:            
                                             
Three Months Ended September 30, 2012  
                                             
 
 
 
 
   
 
 
 
Operating
Income
(Loss) 
 
 
 
 
 
 
 
 
Depreciation
and
Amortization 
 
 
 
 
Amortization
of Leasehold
Interests
in Land 
 
 
 
 
(Gain)
Loss
on
Disposal
of Assets 
 
 
 
 
  Pre-Opening
and
Development
Expense 
 
 
 
 
 
 
Royalty
Fees 
 
 
 
 
 
 
 
 
 
(1)
Stock-Based
Compensation 
 
 
 
 
 
 
Corporate
Expense 
 
 
 
 
 
Adjusted
Property
EBITDA 
 
Macao:                                                              
  The Venetian Macao   $ 261,294     $ 34,973   $ 1,652   $ (300 )   $ 60   $ -     $ 1,322   $ -   $ 299,001  
  Sands Macao     72,425       7,752     354     (15 )     -     -       353     -     80,869  
  Four Seasons Hotel Macao and Plaza Casino     40,284       12,448     706     172       731     -       45     -     54,386  
  Sands Cotai Central     (19,873 )     32,085     2,152     62       38,858     -       370     -     53,654  
Macao Property Operations     354,130       87,258     4,864     (81 )     39,649     -       2,090     -     487,910  
Marina Bay Sands     166,452       65,601     4,528     185       -     21,810       2,212     -     260,788  
United States:                                                              
  Las Vegas Operating Properties     74,011       54,795     -     (64 )     -     (33,464 )     2,928     -     98,206  
  Sands Bethlehem     24,329       7,593     -     1       64     -       131     -     32,118  
United States Property Operations     98,340       62,388     -     (63 )     64     (33,464 )     3,059     -     130,324  
Other Asia (2)     (16,800 )     3,706     -     9       43     10,872       46     -     (2,124 )
Other Development     (5,196 )     153     622     104       4,317     -       -     -     -  
Corporate     (62,831 )     7,432     -     -       -     782       -     54,617     -  
    $ 534,095     $ 226,538   $ 10,014   $ 154     $ 44,073   $ -     $ 7,407   $ 54,617   $ 876,898  
                                                               
                                                               
                                                               
Three Months Ended September 30, 2011  
                                             
 
 
 
 
 
 
 
 
 
 
Operating
Income
(Loss)
 
 
 
 
 
 
 
 
Depreciation
and
Amortization
 
 
 
 
Amortization
of Leasehold
Interests
in Land
 
 
 
 
(Gain)
Loss
on
Disposal
of Assets
 
 
 
 
 
 
Pre-Opening
and
Development
Expense
 
 
 
 
Royalty
Fees
 
 
 
 
 
 
 
 
(1)
Stock-Based
Compensation
 
 
 
 
Corporate
Expense
 
 
 
 
Adjusted
Property
EBITDA
 
 
 
 
Macao:                                                              
The Venetian Macao   $ 206,513     $ 40,078   $ 1,646   $ 68     $ 2,958   $ -     $ 1,457   $ -   $ 252,720  
  Sands Macao     67,218       7,696     352     156       -     -       399     -     75,821  
  Four Seasons Hotel Macao and Plaza Casino     45,120       12,684     704     1       1,138     -       72     -     59,719  
Macao Property Operations     318,851       60,458     2,702     225       4,096     -       1,928     -     388,260  
Marina Bay Sands     315,435       65,776     4,678     (5 )     672     25,621       1,716     -     413,893  
United States:                                                              
  Las Vegas Operating Properties     64,781       56,885     -     -       -     (30,365 )     3,010     -     94,311  
  Sands Bethlehem     16,302       8,349     -     -       119     -       400     -     25,170  
United States Property Operations     81,083       65,234     -     -       119     (30,365 )     3,410     -     119,481  
Other Asia (2)     (6,659 )     3,775     -     -       173     5,000       226     -     2,515  
Other Development     (17,725 )     174     2,763     717       14,071     -       -     -     -  
Corporate     (58,429 )     4,654     -     -       -     (256 )     -     54,031     -  
    $ 632,556     $ 200,071   $ 10,143   $ 937     $ 19,131   $ -     $ 7,280   $ 54,031   $ 924,149  
                                                               
                                                               
                                                               
Nine Months Ended September 30, 2012  
                                             
    Operating
Income
(Loss)
 
 
 
 
 
 
 
 
Depreciation
and
Amortization
 
 
 
 
Amortization
of Leasehold
Interests
in Land
 
 
 
 
Impairment
and (Gain)
Loss
on Disposal
of Assets
 
 
 
 
  Pre-Opening
and
Development
Expense
 
 
 
 
Royalty
Fees
 
 
 
 
 
 
 
 
(1)
Stock-Based
Compensation
 
 
 
 
Corporate
Expense
 
 
 
 
Adjusted
Property
EBITDA
 
Macao:                                                              
  The Venetian Macao   $ 649,780     $ 108,085   $ 4,954   $ 42,649     $ 113   $ -     $ 4,594   $ -   $ 810,175  
  Sands Macao     234,259       22,779     1,060     (184 )     -     -       1,215     -     259,129  
  Four Seasons Hotel Macao and Plaza Casino     155,679       37,352     2,116     209       2,953     -       183     -     198,492  
  Sands Cotai Central     (37,749 )     57,643     4,304     62       80,629     -       603     -     105,492  
Macao Property Operations     1,001,969       225,859     12,434     42,736       83,695     -       6,595     -     1,373,288  
Marina Bay Sands     774,941       196,668     13,570     184       -     72,600       5,749     -     1,063,712  
United States:                                                              
  Las Vegas Operating Properties     199,997       167,511     -     503       -     (99,020 )     9,371     -     278,362  
  Sands Bethlehem     59,869       25,332     -     414       305     -       617     -     86,537  
United States Property Operations     259,866       192,843     -     917       305     (99,020 )     9,988     -     364,899  
Other Asia (2)     (51,816 )     11,089     -     33       165     26,146       582     -     (13,801 )
Other Development     (168,455 )     575     4,012     101,034       62,834     -       -     -     -  
Corporate     (177,128 )     14,691     -     (1 )     -     274       -     162,164     -  
    $ 1,639,377     $ 641,725   $ 30,016   $ 144,903     $ 146,999   $ -     $ 22,914   $ 162,164   $ 2,788,098  
                                                               
                                                               
                                                               
Nine Months Ended September 30, 2011  
                                             
    Operating
Income
(Loss)
 
 
 
 
 
 
 
 
Depreciation
and
Amortization
 
 
 
 
Amortization
of Leasehold
Interests
in Land
 
 
 
 
(Gain)
Loss
on
Disposal
of Assets
 
 
 
 
  Pre-Opening
and
Development
Expense
 
 
 
 
Royalty
Fees
 
 
 
 
 
 
 
 
(1)
Stock-Based
Compensation
 
 
 
 
Corporate
Expense
 
 
 
 
Adjusted
Property
EBITDA
 
Macao:                                                              
  The Venetian Macao   $ 601,814     $ 125,489   $ 4,943   $ (652 )   $ 3,173   $ -     $ 4,719   $ -   $ 739,486  
  Sands Macao     238,113       23,245     1,057     278       -     -       1,349     -     264,042  
  Four Seasons Hotel Macao and Plaza Casino     110,402       39,188     2,111     123       2,769     -       293     -     154,886  
Macao Property Operations     950,329       187,922     8,111     (251 )     5,942     -       6,361     -     1,158,414  
Marina Bay Sands     827,454       183,760     16,926     738       3,516     66,896       4,433     -     1,103,723  
United States:                                                              
  Las Vegas Operating Properties     149,910       176,002     -     (1,778 )     -     (81,227 )     9,478     -     252,385  
  Sands Bethlehem     42,928       23,202     -     -       758     -       1,430     -     68,318  
United States Property Operations     192,838       199,204     -     (1,778 )     758     (81,227 )     10,908     -     320,703  
Other Asia (2)     (39,208 )     11,745     -     2       365     15,000       775     -     (11,321 )
Other Development     (50,517 )     523     8,296     2,506       39,192     -       -     -     -  
Corporate     (154,291 )     13,315     -     7,662       -     (669 )     -     133,983     -  
    $ 1,726,605     $ 596,469   $ 33,333   $ 8,879     $ 49,773   $ -     $ 22,477   $ 133,983   $ 2,571,519  
                                                               

(1) During the three months ended September 30, 2012 and 2011, the Company recorded stock-based compensation expense of $17.4 million and $13.9 million, respectively, of which $9.8 million and $6.5 million, respectively, is included in corporate expense and $0.2 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 nine months ended September 30, 2012 and 2011, the Company recorded stock-based compensation expense of $50.3 million and $47.2 million, respectively, of which $26.7 million and $24.4 million, respectively, is included in corporate expense and $0.7 million and $0.3 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. 

(2) Primarily includes the results of the CotaiJet ferry operations. 

   
Las Vegas Sands Corp. and Subsidiaries  
Non-GAAP Measure  
(In thousands)  
(Unaudited)  
   
The following are reconciliations of Adjusted Property EBITDA to Hold-Adjusted Adjusted Property EBITDA:  
                         
Three Months Ended September 30, 2012  
   
    Adjusted
Property
EBITDA
    (1)
Hold-Adjusted
Casino
Revenue
    (2)
Hold-Adjusted
Casino
Expense
    Hold-Adjusted
Adjusted
Property
EBITDA
 
                                 
Macao Property Operations   $ 487,910     $ -     $ -     $ 487,910  
Marina Bay Sands     260,788       118,070       (13,236 )     365,622  
United States:                                
  Las Vegas Operating Properties     98,206       (31,459 )     2,359       69,106  
  Sands Bethlehem     32,118       (2,288 )     343       30,173  
United States Property Operations     130,324       (33,747 )     2,702       99,279  
Other Asia     (2,124 )     -       -       (2,124 )
Other Development     -       -       -       -  
Corporate     -       -       -       -  
    $ 876,898     $ 84,323     $ (10,534 )   $ 950,687  
                                 
                                 
                                 
Three Months Ended September 30, 2011  
   
    Adjusted
Property
EBITDA
    (1)
Hold-Adjusted
Casino
Revenue
    (2)
Hold-Adjusted
Casino
Expense
    Hold-Adjusted
Adjusted
Property
EBITDA
 
                                 
Macao Property Operations   $ 388,260     $ 42,887     $ (16,726 )   $ 414,421  
Marina Bay Sands     413,893       20,643       (2,314 )     432,222  
United States:                                
  Las Vegas Operating Properties     94,311       (9,921 )     744       85,134  
  Sands Bethlehem     25,170       379       (66 )     25,483  
United States Property Operations     119,481       (9,542 )     678       110,617  
Other Asia     2,515       -       -       2,515  
Other Development     -       -       -       -  
Corporate     -       -       -       -  
    $ 924,149     $ 53,988     $ (18,362 )   $ 959,775  
                                 

(1) For Macao and Singapore 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 the win percentage for the trailing twelve months. 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 the win percentage for the trailing twelve months. 

(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     Nine Months Ended  
    September 30,     September 30,  
    2012     2011     2012     2011  
Net income attributable to Las Vegas Sands Corp.   $ 349,782     $ 424,879     $ 1,089,311     $ 1,124,839  
  Add (deduct):                                
    Net income attributable to noncontrolling interests     95,198       80,293       221,159       233,928  
    Income tax expense     33,351       52,375       135,607       151,960  
    Loss on modification or early retirement of debt     -       -       19,234       -  
    Other (income) expense     (2,352 )     6,617       (715 )     9,384  
    Interest expense, net of amounts capitalized     62,292       70,761       191,497       214,938  
    Interest income     (4,176 )     (2,369 )     (16,716 )     (8,444 )
    Loss on disposal of assets     154       937       1,229       8,879  
    Impairment loss     -       -       143,674       -  
    Amortization of leasehold interests in land     10,014       10,143       30,016       33,333  
    Depreciation and amortization     226,538       200,071       641,725       596,469  
    Development expense     4,201       3,308       12,196       6,301  
    Pre-opening expense     39,872       15,823       134,803       43,472  
    Stock-based compensation (1)     7,407       7,280       22,914       22,477  
    Corporate expense     54,617       54,031       162,164       133,983  
                                 
Adjusted Property EBITDA   $ 876,898     $ 924,149     $ 2,788,098     $ 2,571,519  
                                 
    Hold-adjusted casino revenue (2)     84,323       53,988                  
    Hold-adjusted casino expense (2)     (10,534 )     (18,362 )                
                                 
Hold-Adjusted Adjusted Property EBITDA   $ 950,687     $ 959,775                  
                                 
(1) See Exhibit 2                                
(2) See Exhibit 3                                
_______________________                                
                                 
Las Vegas Sands Corp. and Subsidiaries  
Supplemental Data - Net Revenues  
(In thousands)  
(Unaudited)  
                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2012     2011     2012     2011  
                                 
The Venetian Macao   $ 772,769     $ 689,243     $ 2,194,975     $ 2,062,917  
Sands Macao     315,280       307,420       935,966       961,173  
Four Seasons Hotel Macao and Plaza Casino     224,478       169,050       790,219       461,914  
Sands Cotai Central     295,855       -       561,456       -  
Marina Bay Sands     625,548       792,427       2,168,979       2,114,921  
Las Vegas Operating Properties     364,426       347,446       1,076,342       985,043  
Sands Bethlehem     121,966       106,720       352,624       294,870  
Other Asia     37,289       43,190       110,792       109,413  
Intersegment Eliminations     (48,129 )     (46,121 )     (137,223 )     (123,861 )
                                 
    $ 2,709,482     $ 2,409,375     $ 8,054,130     $ 6,866,390  
                                 
_______________________                                
                                 
Las Vegas Sands Corp. and Subsidiaries  
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues  
(Unaudited)  
                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2012     2011     2012     2011  
The Venetian Macao     38.7 %     36.7 %     36.9 %     35.8 %
Sands Macao     25.6 %     24.7 %     27.7 %     27.5 %
Four Seasons Hotel Macao and Plaza Casino     24.2 %     35.3 %     25.1 %     33.5 %
Sands Cotai Central     18.1 %     N/A       18.8 %     N/A  
Marina Bay Sands     41.7 %     52.2 %     49.0 %     52.2 %
Las Vegas Operating Properties     26.9 %     27.1 %     25.9 %     25.6 %
Sands Bethlehem     26.3 %     23.6 %     24.5 %     23.2 %
Other Asia     -5.7 %     5.8 %     -12.5 %     -10.3 %
                                 
Total     32.4 %     38.4 %     34.6 %     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   Nine Months Ended
    September 30,   September 30,
    2012   2011   2012   2011
                 
Net income attributable to common stockholders   $ 349,782   $ 353,631   $ 1,089,311   $ 949,394
                         
Pre-opening expense, net     28,057     15,709     94,867     42,874
Development expense, net     4,201     3,308     12,196     6,301
Impairment loss, net     -     -     101,009     -
Loss on disposal of assets, net     144     937     1,190     8,879
Loss on modification or early retirement of debt, net     -     -     18,714     -
Preferred stock dividends     -     19,140     -     57,957
Accretion to redemption value of preferred stockissued to Principal Stockholder's family    
-
   
23,136
   
-
   
69,408
Preferred stock inducement and repurchase premiums     -     28,972     -     48,080
                         
Adjusted net income   $ 382,184   $ 444,833   $ 1,317,287   $ 1,182,893
                         
                         
Per diluted share of common stock:                        
Net income attributable to common stockholders   $ 0.42   $ 0.44   $ 1.32   $ 1.17
                         
Pre-opening expense, net     0.03     0.02     0.12     0.05
Development expense, net     0.01     -     0.01     0.01
Impairment loss, net     -     -     0.13     -
Loss on disposal of assets, net     -     -     -     0.01
Loss on modification or early retirement of debt, net     -     -     0.02     -
Preferred stock dividends     -     0.02     -     0.07
Accretion to redemption value of preferred stockissued to Principal Stockholder's family    
-
   
0.03
   
-
   
0.09
Preferred stock inducement and repurchase premiums     -     0.04     -     0.06
                         
Adjusted earnings per diluted share   $ 0.46   $ 0.55   $ 1.60   $ 1.46
                         
Weighted average diluted shares outstanding     825,606,248     812,543,534     823,361,035     811,550,683
                         
                         
                         
Las Vegas Sands Corp. and Subsidiaries  
Supplemental Data Schedule  
(Unaudited)  
                         
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2012     2011     2012     2011  
                         
Room Statistics:                                
  The Venetian Macao:                                
    Occupancy %     93.9 %     94.1 %     91.4 %     90.1 %
    Average daily room rate (ADR) (1)   $ 227     $ 232     $ 233     $ 227  
    Revenue per available room (RevPAR) (2)   $ 213     $ 218     $ 213     $ 205  
                                   
  Sands Macao:                                
    Occupancy %     97.3 %     92.9 %     94.8 %     88.6 %
    Average daily room rate (ADR) (1)   $ 236     $ 251     $ 243     $ 248  
    Revenue per available room (RevPAR) (2)   $ 230     $ 233     $ 231     $ 220  
                                   
  Four Seasons Hotel Macao and Plaza Casino:                                
    Occupancy %     83.1 %     70.8 %     79.6 %     67.8 %
    Average daily room rate (ADR) (1)   $ 349     $ 335     $ 355     $ 333  
    Revenue per available room (RevPAR) (2)   $ 290     $ 237     $ 282     $ 225  
                                   
  Sands Cotai Central:                                
    Occupancy %     88.9 %     N/A       82.8 %     N/A  
    Average daily room rate (ADR) (1)   $ 149       N/A     $ 146       N/A  
    Revenue per available room (RevPAR) (2)   $ 132       N/A     $ 121       N/A  
                                   
  Marina Bay Sands:                                
    Occupancy %     99.8 %     98.1 %     99.1 %     91.8 %
    Average daily room rate (ADR) (1)   $ 361     $ 327     $ 351     $ 303  
    Revenue per available room (RevPAR) (2)   $ 360     $ 321     $ 348     $ 278  
                                   
  Las Vegas Operating Properties:                                
    Occupancy %     87.3 %     92.7 %     85.6 %     88.5 %
    Average daily room rate (ADR) (1)   $ 191     $ 191     $ 203     $ 201  
    Revenue per available room (RevPAR) (2)   $ 167     $ 177     $ 174     $ 178  
                                   
  Sands Bethlehem:                                
    Occupancy %     69.6 %     47.3 %     60.7 %     47.7 %
    Average daily room rate (ADR) (1)   $ 142     $ 168     $ 141     $ 168  
    Revenue per available room (RevPAR) (2)   $ 99     $ 79     $ 86     $ 80  
                                 
Casino Statistics:                                
  The Venetian Macao:                                
    Table games win per unit per day (3)   $ 15,697     $ 11,705     $ 14,632     $ 12,086  
    Slot machine win per unit per day (4)   $ 312     $ 303     $ 314     $ 287  
    Average number of table games     504       589       520       596  
    Average number of slot machines     2,155       2,057       2,219       2,120  
                                   
  Sands Macao:                                
    Table games win per unit per day (3)   $ 12,337     $ 9,303     $ 10,808     $ 9,683  
    Slot machine win per unit per day (4)   $ 224     $ 280     $ 251     $ 271  
    Average number of table games     313       413       353       414  
    Average number of slot machines     1,205       1,109       1,152       1,133  
                                   
  Four Seasons Hotel Macao and Plaza Casino:                                
    Table games win per unit per day (3)   $ 19,480     $ 13,964     $ 22,989     $ 13,980  
    Slot machine win per unit per day (4)   $ 545     $ 766     $ 642     $ 696  
    Average number of table games     149       127       157       121  
    Average number of slot machines     188       182       183       189  
                                   
  Sands Cotai Central:                                
    Table games win per unit per day (3)   $ 9,728       N/A     $ 9,909       N/A  
    Slot machine win per unit per day (4)   $ 316       N/A     $ 349       N/A  
    Average number of table games     356       N/A       359       N/A  
    Average number of slot machines     1,086       N/A       961       N/A  
                                   
  Marina Bay Sands:                                
    Table games win per unit per day (3)   $ 8,480     $ 13,205     $ 10,406     $ 11,017  
    Slot machine win per unit per day (4)   $ 603     $ 662     $ 632     $ 601  
    Average number of table games     619       593       612       605  
    Average number of slot machines     2,441       2,416       2,468       2,334  
                                   
  Las Vegas Operating Properties:                                
    Table games win per unit per day (3)   $ 7,648     $ 5,267     $ 6,047     $ 4,149  
    Slot machine win per unit per day (4)   $ 238     $ 175     $ 207     $ 156  
    Average number of table games     232       226       230       227  
    Average number of slot machines     1,975       2,663       2,186       2,665  
                                   
  Sands Bethlehem:                                
    Table games win per unit per day (3)   $ 3,341     $ 2,763     $ 2,983     $ 2,723  
    Slot machine win per unit per day (4)   $ 262     $ 253     $ 268     $ 247  
    Average number of table games     122       106       121       92  
    Average number of slot machines     3,024       3,023       3,014       3,021  
                                     

(1) ADR is calculated by dividing total room revenue by total rooms occupied.

(2) RevPAR is calculated by dividing total room revenue by total rooms available.

(3) Table games win per unit per day is shown before discounts and commissions.

(4) Slot machine win per unit per day is shown before deducting cost for slot points.

Contact Information

  • Contacts:

    Investment Community:
    Daniel Briggs
    (702) 414-1221

    Media:
    Ron Reese
    (702) 414-3607