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Las Vegas Sands Again Reports Record Quarterly Results

October 17, 2013

LAS VEGAS, NV -- (Marketwired) -- 10/17/13 -- Las Vegas Sands Corp. (NYSE: LVS)

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

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

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

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

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

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

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

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

Third Quarter Overview

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

"In Macao, we delivered record financial results, with strong growth and operating momentum reflected in every segment of our business. We welcomed more than sixteen million visits during the quarter to our Macao property portfolio, which delivered a record $784.3 million of adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties will meaningfully enhance the appeal of Macao and the Cotai Strip to business and leisure travelers and provide an outstanding platform for growth in the years ahead."

The company also generated healthy financial results in Singapore, with solid growth in gaming and non-gaming revenues contributing to a strong financial performance. Rolling Chip volume increased 16.9% to reach $13.79 billion, while adjusted property EBITDA increased 43.3% to reach $373.6 million compared to $260.8 million in the third quarter of 2012, which was negatively impacted by low hold.

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

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

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

Company-Wide Operating Results

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

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

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

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

Sands China Ltd. Consolidated Financial Results

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

The Venetian Macao Third Quarter Operating Results

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

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

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

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

Sands Cotai Central Third Quarter Operating Results

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

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

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

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

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

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

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

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

Four Seasons Hotel Macao Third Quarter Operating Results

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

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

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

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

Sands Macao Third Quarter Operating Results

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

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

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

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

Marina Bay Sands Third Quarter Operating Results

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

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

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

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


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

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

Las Vegas Operations Third Quarter Operating Results

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

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

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

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

Sands Bethlehem Third Quarter Operating Results

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

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

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

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

Asian Retail Mall Operations

Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $127.1 million for the third quarter of 2013, an increase of 23.6% compared to the third quarter of 2012. Operating profit derived from these retail mall assets increased 27.5% for the quarter compared to the quarter one year ago, reaching $110.3 million.

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

(1) Gross revenue figures are net of intersegment revenue eliminations.

(2) Tenant sales per square foot reflects sales from tenants only after the tenant has been open for a period of 12 months.

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

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

Other Factors Affecting Earnings

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

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

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

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

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

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

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

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

Balance Sheet Items

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

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

Capital Expenditures

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

Conference Call Information

The company will host a conference call to discuss the company's results on Thursday, October 17, 2013 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.lasvegassands.com.

Forward-Looking Statements

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

Note 1

Adjusted net income excludes pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt and legal settlement expense.

About Las Vegas Sands

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

In Macao, through our majority-owned subsidiary Sands China Ltd. (HKSE: 1928), the company owns and operates a portfolio of properties on Macao's Cotai Strip®, including The Venetian® Macao, Four Seasons Hotel Macao, and Sands Cotai Central. The company also owns and operates the Sands® Macao on the Macao Peninsula. In Singapore, the company owns and operates Marina Bay Sands®, the iconic Integrated Resort located in the city-state's downtown Marina Bay district.

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

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

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

Within the company's third quarter 2013 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.

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

Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
Revenues:
Casino $ 2,984,538 $ 2,201,030 $ 8,394,721 $ 6,534,947
Rooms 349,001 287,849 998,646 830,887
Food and beverage 174,260 142,685 534,361 455,884
Mall 128,068 103,232 321,522 268,390
Convention, retail and other 123,259 117,129 372,370 363,680
3,759,126 2,851,925 10,621,620 8,453,788
Less - promotional allowances (190,586 ) (142,443 ) (507,420 ) (399,658 )
3,568,540 2,709,482 10,114,200 8,054,130
Operating expenses:
Resort operations 2,348,295 1,839,991 6,634,063 5,288,946
Corporate 38,468 54,617 141,221 162,164
Pre-opening 1,778 39,872 9,646 134,803
Development 3,487 4,201 14,840 12,196
Depreciation and amortization 248,925 226,538 752,530 641,725
Amortization of leasehold interests in land 10,022 10,014 30,297 30,016
Impairment loss - - - 143,674
Loss on disposal of assets 2,739 154 9,433 1,229
2,653,714 2,175,387 7,592,030 6,414,753
Operating income 914,826 534,095 2,522,170 1,639,377
Other income (expense):
Interest income 3,819 4,176 10,848 16,716
Interest expense, net of amounts capitalized (66,917 ) (62,292 ) (204,125 ) (191,497 )
Other income 3,207 2,352 4,992 715
Loss on modification or early retirement of debt - - - (19,234 )
Income before income taxes 854,935 478,331 2,333,885 1,446,077
Income tax expense (45,637 ) (33,351 ) (148,940 ) (135,607 )
Net income 809,298 444,980 2,184,945 1,310,470
Net income attributable to noncontrolling interests (182,554 ) (95,198 ) (456,487 ) (221,159 )
Net income attributable to Las Vegas Sands Corp. $ 626,744 $ 349,782 $ 1,728,458 $ 1,089,311
Earnings per share:
Basic $ 0.76 $ 0.43 $ 2.10 $ 1.36
Diluted $ 0.76 $ 0.42 $ 2.09 $ 1.32
Weighted average shares outstanding:
Basic 823,200,515 821,482,154 823,512,889 801,084,165
Diluted 826,965,340 825,606,248 827,543,510 823,361,035
Dividends declared per common share $ 0.35 $ 0.25 $ 1.05 $ 0.75
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:
Three Months Ended September 30, 2013








Operating
Income (Loss)
Depreciation
and
Amortization		 Amortization
of Leasehold
Interests
in Land		 (Gain) Loss
on Disposal
of Assets		 Pre-Opening
and
Development
Expense		 Royalty
Fees		 (1)
Stock-Based
Compensation		 Legal
Settlement
and Corporate
Expense		 Adjusted
Property
EBITDA
Macao:
The Venetian Macao $ 317,596 $ 35,391 $ 1,681 $ 232 $ (1 ) $ - $ 2,298 $ - $ 357,197
Sands Cotai Central 154,292 65,606 2,152 931 194 - 1,097 - 224,272
Four Seasons Hotel Macao and Plaza Casino 100,075 11,017 677 31 1,077 - 45 - 112,922
Sands Macao 80,267 8,204 354 397 - - 725 - 89,947
Macao Property Operations 652,230 120,218 4,864 1,591 1,270 - 4,165 - 784,338
Marina Bay Sands 282,061 62,086 4,536 119 - 23,171 1,639 - 373,612
United States:
Las Vegas Operating Properties 24,865 46,333 - (6 ) 271 (33,939 ) 2,211 47,400 87,135
Sands Bethlehem 20,537 8,737 - 34 132 - 113 - 29,553
United States Property Operations 45,402 55,070 - 28 403 (33,939 ) 2,324 47,400 116,688
Other Asia (2) (13,529 ) 3,653 - - 11 11,000 42 - 1,177
Other Development (4,360 ) 157 622 - 3,581 - - - -
Corporate (46,978 ) 7,741 - 1,001 - (232 ) - 38,468 -
$ 914,826 $ 248,925 $ 10,022 $ 2,739 $ 5,265 $ - $ 8,170 $ 85,868 $ 1,275,815
Three Months Ended September 30, 2012


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

Royalty
Fees
(1)
Stock-Based
Compensation

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



Operating
Income (Loss)

Depreciation
and
Amortization
Amortization
of Leasehold
Interests
in Land

Loss
on Disposal
of Assets
Pre-Opening
and
Development
Expense


Royalty
Fees

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

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


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

Royalty
Fees
(1)
Stock-Based
Compensation

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

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

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

Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
Three Months Ended September 30, 2013


Adjusted
Property
EBITDA
(1)
Hold-Normalized
Casino
Revenue
(2)
Hold-Normalized
Casino
Expense
Hold-Normalized
Adjusted
Property
EBITDA
Macao Property Operations $ 784,338 $ - $ - $ 784,338
Marina Bay Sands 373,612 - - 373,612
United States:
Las Vegas Operating Properties 87,135 (41,729 ) 3,130 48,536
Sands Bethlehem 29,553 (618 ) 96 29,031
United States Property Operations 116,688 (42,347 ) 3,226 77,567
Other Asia 1,177 - - 1,177
Other Development - - - -
Corporate - - - -
$ 1,275,815 $ (42,347 ) $ 3,226 $ 1,236,694
Three Months Ended September 30, 2012










Adjusted
Property
EBITDA








(1)
Hold-Normalized
Casino
Revenue








(2)
Hold-Normalized
Casino
Expense








Hold-Normalized
Adjusted
Property
EBITDA



Macao Property Operations $ 487,910 $ - $ - $ 487,910
Marina Bay Sands 260,788 125,356 (14,052 ) 372,092
United States:
Las Vegas Operating Properties 98,206 (41,239 ) 3,093 60,060
Sands Bethlehem 32,118 (2,739 ) 415 29,794
United States Property Operations 130,324 (43,978 ) 3,508 89,854
Other Asia (2,124 ) - - (2,124 )
Other Development - - - -
Corporate - - - -
$ 876,898 $ 81,378 $ (10,544 ) $ 947,732

(1) For Macao Property Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling Volume play that would have been earned or lost had the Company's current period win percentage equaled 2.85%. This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%.

For the Las Vegas Operating Properties and Sands Bethlehem, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the Company's current period win percentage equaled 21.0% and 14.8%, respectively.

(2) Represents the estimated incremental gaming taxes that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.

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

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

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
Room Statistics:
The Venetian Macao:
Occupancy % 91.8 % 93.9 % 90.3 % 91.4 %
Average daily room rate (ADR) (1) $ 242 $ 227 $ 234 $ 233
Revenue per available room (RevPAR) (2) $ 222 $ 213 $ 211 $ 213
Sands Cotai Central:
Occupancy % 84.8 % 88.9 % 74.6 % 82.8 %
Average daily room rate (ADR) (1) $ 152 $ 149 $ 149 $ 146
Revenue per available room (RevPAR) (2) $ 129 $ 132 $ 111 $ 121
Four Seasons Hotel Macao and Plaza Casino:
Occupancy % 88.2 % 83.1 % 83.4 % 79.6 %
Average daily room rate (ADR) (1) $ 363 $ 349 $ 362 $ 355
Revenue per available room (RevPAR) (2) $ 321 $ 290 $ 302 $ 282
Sands Macao:
Occupancy % 96.9 % 97.3 % 95.6 % 94.8 %
Average daily room rate (ADR) (1) $ 243 $ 236 $ 244 $ 243
Revenue per available room (RevPAR) (2) $ 236 $ 230 $ 233 $ 231
Marina Bay Sands:
Occupancy % 99.8 % 99.8 % 99.2 % 99.1 %
Average daily room rate (ADR) (1) $ 401 $ 361 $ 386 $ 351
Revenue per available room (RevPAR) (2) $ 400 $ 360 $ 383 $ 348
Las Vegas Operating Properties:
Occupancy % 87.6 % 87.3 % 89.8 % 85.6 %
Average daily room rate (ADR) (1) $ 196 $ 191 $ 204 $ 203
Revenue per available room (RevPAR) (2) $ 171 $ 167 $ 183 $ 174
Sands Bethlehem:
Occupancy % 82.1 % 69.6 % 73.4 % 60.7 %
Average daily room rate (ADR) (1) $ 141 $ 142 $ 141 $ 141
Revenue per available room (RevPAR) (2) $ 115 $ 99 $ 103 $ 86
Casino Statistics:
The Venetian Macao:
Table games win per unit per day (3) $ 16,099 $ 15,697 $ 16,878 $ 14,632
Slot machine win per unit per day (4) $ 332 $ 312 $ 322 $ 314
Average number of table games 612 504 565 520
Average number of slot machines 2,141 2,155 2,218 2,219
Sands Cotai Central:
Table games win per unit per day (3) $ 18,223 $ 9,728 $ 15,075 $ 9,909
Slot machine win per unit per day (4) $ 317 $ 316 $ 269 $ 349
Average number of table games 450 356 488 359
Average number of slot machines 2,053 1,086 2,118 961
Four Seasons Hotel Macao and Plaza Casino:
Table games win per unit per day (3) $ 26,549 $ 19,480 $ 23,496 $ 22,989
Slot machine win per unit per day (4) $ 899 $ 545 $ 717 $ 642
Average number of table games 155 149 152 157
Average number of slot machines 177 188 180 183
Sands Macao:
Table games win per unit per day (3) $ 11,710 $ 12,337 $ 12,069 $ 10,808
Slot machine win per unit per day (4) $ 249 $ 224 $ 243 $ 251
Average number of table games 302 313 298 353
Average number of slot machines 1,135 1,205 1,185 1,152
Marina Bay Sands:
Table games win per unit per day (3) $ 11,326 $ 8,480 $ 12,062 $ 10,406
Slot machine win per unit per day (4) $ 692 $ 603 $ 691 $ 632
Average number of table games 639 619 619 612
Average number of slot machines 2,234 2,441 2,233 2,468
Las Vegas Operating Properties:
Table games win per unit per day (3) $ 6,948 $ 7,648 $ 5,830 $ 6,047
Slot machine win per unit per day (4) $ 215 $ 238 $ 202 $ 207
Average number of table games 244 232 241 230
Average number of slot machines 2,247 1,975 2,352 2,186
Sands Bethlehem:
Table games win per unit per day (3) $ 2,909 $ 3,341 $ 3,022 $ 2,983
Slot machine win per unit per day (4) $ 260 $ 262 $ 267 $ 268
Average number of table games 147 122 145 121
Average number of slot machines 3,012 3,024 3,015 3,014

(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.

Contacts:

Investment Community:
Daniel Briggs
(702) 414-1221

Media:
Ron Reese
(702) 414-3607

Source: Las Vegas Sands

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