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Las Vegas Sands Reports All-Time Record Quarterly Results

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LAS VEGAS, NV -- (Marketwired) -- 05/01/13 -- Las Vegas Sands Corp. (NYSE: LVS)

For the quarter ended March 31, 2013 compared to the quarter ended March 31, 2012:

Net Revenue Increased 19.5% to a Record $3.30 Billion

Consolidated Hold-Adjusted Adjusted Property EBITDA Increased 28.2% to a Record $1.19 Billion (Consolidated Adjusted Property EBITDA Increased 9.4% to a Record $1.17 Billion)

Record Gaming Volumes in Macao Drove Hold-Adjusted Adjusted Property EBITDA in Macao Up 51.2% to Record $630.2 Million (Macao Adjusted Property EBITDA was up 38.1% to a Record $630.2 Million)

Hold-Adjusted Adjusted Net Income Attributable to Las Vegas Sands Rose 30.8% to Reach $596.6 Million (Net Income Attributable to Las Vegas Sands Rose 14.6% to Reach $572.0 Million)

Hold-Adjusted Adjusted Earnings per Diluted Share Increased 28.6% to $0.72 (Adjusted Earnings per diluted share was $0.71)

The Company Paid a Recurring Quarterly Dividend of $0.35 per share, an Increase of 40% over the First Quarter of 2012



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

First Quarter Overview

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

"In Macao, we delivered record financial results, with outstanding growth and strong operating momentum reflected in every segment of our business. We welcomed a record fourteen million visits to our Cotai Strip properties during the quarter, and delivered a record $630.2 million of adjusted property EBITDA from our Macao property portfolio. We remain confident that our market-leading Cotai Strip properties, The Venetian Macao, Four Seasons Hotel Macao and Plaza Casino, and Sands Cotai Central, with their unrivaled hotel inventory of nearly 9,000 rooms and suites, including the world's largest Sheraton, Conrad and Holiday Inn, and 28 million square feet of interconnected Integrated Resort capacity, will meaningfully enhance the appeal of Macao and the Cotai Strip to business and leisure travelers and provide an outstanding platform for growth in the years ahead.

"We also delivered strong financial results in Singapore, with meaningful growth in gaming and non-gaming revenues contributing to a record financial performance. Rolling Chip volume increased 42.2% to reach a property record $18.21 billion, while Hold-Adjusted Adjusted Property EBITDA increased 15.7% to reach a record $451.1 million.

"The prudent management of our cash flow, including the ability to both invest in future growth and to increase the return of capital to our shareholders, remains a cornerstone of our strategy. The company paid a recurring quarterly dividend of $0.35 per common share during the quarter, an increase of 40% compared to the first quarter of 2012."

The company also announced that its next recurring quarterly dividend of $0.35 per common share will be paid to Las Vegas Sands shareholders on June 28, 2013 to shareholders of record as of June 20, 2013.

Company-Wide Operating Results

Net revenue for the first quarter of 2013 increased 19.5% to reach $3.30 billion, compared to $2.76 billion in the first quarter of 2012. Consolidated adjusted property EBITDA increased 9.4% to reach $1.17 billion in the first quarter of 2013, compared to $1.07 billion in the year-ago quarter. On a hold-adjusted basis, adjusted property EBITDA increased 28.2% to reach $1.19 billion in the first quarter of 2013, compared to $927 million in the first quarter of 2012.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2013 increased 16.8% to $826.7 million, compared to $707.6 million in the first quarter of 2012. The increase in operating income was principally due to strong operating results in Macao, partially offset by higher depreciation and amortization expense related to the opening of Sands Cotai Central and lower table games hold in Singapore.

On a GAAP basis, net income attributable to Las Vegas Sands in the first quarter of 2013 increased 14.6% to $572.0 million, compared to $498.9 million in the first quarter of 2012, while diluted earnings per share in the first quarter of 2013 increased 13.1% to $0.69, compared to $0.61 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 $583.9 million, or $0.71 per diluted share, compared to $569.8 million, or $0.70 per diluted share, in the first 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 39.3% to $2.02 billion in the first quarter of 2013, compared to $1.45 billion in the first quarter of 2012. Adjusted property EBITDA for Sands China Ltd. increased 39.0% to $626.4 million in the first quarter of 2013, compared to $450.6 million in the first quarter of 2012. Net income for Sands China Ltd. increased 63.3% to $452.9 million in the first quarter of 2013, compared to $277.4 million in the first quarter of 2012.

The Venetian Macao First Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered a record adjusted property EBITDA of $348.5 million, an increase of 23.6% compared to the first quarter of 2012. Operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.57%, compared to 2.93% in the first quarter of 2012. Adjusted property EBITDA margin increased to 40.0% in the first quarter of 2013 from 36.5% in the year-ago quarter. Non-Rolling Chip drop increased 20.6% to reach a property record $1.33 billion for the quarter, while Non-Rolling Chip win percentage increased to 32.1%. Rolling Chip volume during the quarter decreased 15.4% to $11.67 billion partially due to Paiza Club renovations, which resulted in 18 fewer active rolling tables in service on average during the quarter. Slot handle was $1.19 billion, a decrease of 4.0% compared to the quarter one year ago. Mall revenues increased 15.2% during the quarter compared to the quarter last year.

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


Three Months EndedThe Venetian Macao Operations March 31, ----------------------(Dollars in millions) 2013 2012 $ Change Change ---------- ---------- ---------- ---------Revenues: Casino $ 778.5 $ 673.9 $ 104.6 15.5% Rooms 54.4 59.0 (4.6) -7.8% Food and Beverage 21.9 22.5 (0.6) -2.7% Mall 30.3 26.3 4.0 15.2% Convention, Retail and Other 16.7 22.8 (6.1) -26.8% Less - Promotional Allowances (29.6) (31.7) 2.1 6.6% ---------- ---------- ----------Net Revenues $ 872.2 $ 772.8 $ 99.4 12.9%Adjusted Property EBITDA $ 348.5 $ 281.9 $ 66.6 23.6% EBITDA Margin % 40.0% 36.5% 3.5 ptsOperating Income $ 311.9 $ 198.6 $ 113.3 57.0%Gaming Statistics(Dollars in millions)Rolling Chip Volume $ 11,670.9 $ 13,801.6 $ (2,130.7) -15.4% Rolling Chip Win %(1) 3.57% 2.93% 0.64 ptsNon-Rolling Chip Drop $ 1,333.9 $ 1,105.6 $ 228.3 20.6% Non-Rolling Chip Win % 32.1% 30.7% 1.4 ptsSlot Handle $ 1,191.5 $ 1,240.8 $ (49.3) -4.0% Slot Hold % 5.5% 5.6% -0.1 ptsHotel StatisticsOccupancy % 91.6% 93.4% -1.8 ptsAverage Daily Rate (ADR) $ 231 $ 244 $ (13) -5.3%Revenue per Available Room (RevPAR) $ 212 $ 228 $ (16) -7.0%(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).




Sands Cotai Central First Quarter Operating Results

The first two phases of Sands Cotai Central opened on April 11, 2012 and September 20, 2012. An additional 2,100 Sheraton rooms opened on January 28, 2013. Net revenues and adjusted property EBITDA for the first quarter of 2013 were $587.2 million and $131.5 million, respectively, resulting in an EBITDA margin of 22.4%. The quarter's results were positively impacted by higher than expected Rolling Chip win percentage of 3.09%.

Rolling Chip volume reflected meaningful growth and reached $13.62 billion while Non-Rolling Chip drop reached $1.04 billion with Non-Rolling Chip win percentage of 21.6%. Slot handle, driven by robust electronic table games play, was $1.23 billion for the quarter. Rolling Chip Volume per table per day expanded to reach approximately $800,000 in the quarter. Mass win per table per day increased 20% compared to the fourth quarter of 2012, reaching $7,933 per day, while mass table, slot and ETG win per day climbed to $3.01 million, an increase of 16.7% compared to the fourth quarter of 2012. Hotel occupancy reached 70.8% during the quarter with ADR of $152.

Visitation to the property continues to expand, reaching in excess of 3.4 million visits in the quarter. An air-conditioned footbridge connecting Sands Cotai Central on the East side of the Cotai Strip with The Venetian Macao and Four Seasons Macao Hotel and Plaza Casino on the West side of the Cotai Strip opened on December 20, 2012.

The following table summarizes our key operating results for Sands Cotai Central for the first quarter of 2013:


Sands Cotai Central Three Months Ended(Dollars in millions) March 31, 2013 ------------------Revenues: Casino $ 533.8 Rooms 46.2 Food and Beverage 22.6 Mall 8.0 Convention, Retail and Other 5.2 Less - Promotional Allowances (28.6) ------------------Net Revenues $ 587.2Adjusted Property EBITDA $ 131.5 EBITDA Margin % 22.4%Operating Income $ 60.9Gaming Statistics(Dollars in millions)Rolling Chip Volume $ 13,622.4 Rolling Chip Win %(1) 3.09%Non-Rolling Chip Drop $ 1,035.3 Non-Rolling Chip Win % 21.6%Slot Handle $ 1,228.5 Slot Hold % 3.9%Hotel StatisticsOccupancy % 70.8%Average Daily Rate (ADR) $ 152Revenue per Available Room (RevPAR) $ 108




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




Four Seasons Hotel Macao and Plaza Casino First Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $53.6 million in the first quarter of 2013. Operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.21% for the current quarter. Rolling Chip volume was $9.48 billion for the quarter. Non-Rolling Chip drop was $110.5 million while Non-Rolling Chip win percentage was 48.6%. Slot handle was $184.4 million during the quarter.

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


Four Seasons Hotel Macao and Three Months Ended Plaza Casino Operations March 31, ----------------------(Dollars in millions) 2013 2012 $ Change Change ---------- ---------- ---------- ---------Revenues: Casino $ 206.5 $ 282.9 $ (76.4) -27.0% Rooms 10.2 10.1 0.1 1.0% Food and Beverage 6.5 6.8 (0.3) -4.4% Mall 10.3 10.5 (0.2) -1.9% Convention, Retail and Other 0.8 0.7 0.1 14.3% Less - Promotional Allowances (11.1) (11.4) 0.3 2.6% ---------- ---------- ----------Net Revenues $ 223.2 $ 299.6 $ (76.4) -25.5%Adjusted Property EBITDA $ 53.6 $ 67.5 $ (13.9) -20.6% EBITDA Margin % 24.0% 22.5% 1.5 ptsOperating Income $ 40.7 $ 53.4 $ (12.7) -23.8%Gaming Statistics(Dollars in millions)Rolling Chip Volume $ 9,480.1 $ 12,703.2 $ (3,223.1) -25.4% Rolling Chip Win %(1) 2.21% 2.83% -0.62 ptsNon-Rolling Chip Drop $ 110.5 $ 105.9 $ 4.6 4.3% Non-Rolling Chip Win % 48.6% 41.7% 6.9 ptsSlot Handle $ 184.4 $ 198.2 $ (13.8) -7.0% Slot Hold % 5.0% 6.0% -1.0 ptsHotel StatisticsOccupancy % 81.2% 82.3% -1.1 ptsAverage Daily Rate (ADR) $ 370 $ 360 $ 10 2.8%Revenue per Available Room (RevPAR) $ 301 $ 296 $ 5 1.7%(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).




Sands Macao First Quarter Operating Results

Sands Macao's adjusted property EBITDA was $96.6 million. Adjusted property EBITDA margin increased 50 basis points to 31.1%. The property realized 2.76% win on Rolling Chip volume during the quarter, compared to 3.73% in the year-ago quarter. Rolling Chip volume was $6.38 billion for the quarter. Non-Rolling Chip drop was $763.2 million during the quarter, an increase of 7.8%, despite 71 fewer Non-Rolling Chip tables in operation during the quarter. Slot handle increased 6.5% to $706.5 million.

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


Three Months EndedSands Macao Operations March 31, ----------------------(Dollars in millions) 2013 2012 $ Change Change ---------- ---------- ---------- ---------Revenues: Casino $ 302.4 $ 341.1 $ (38.7) -11.3% Rooms 6.0 6.2 (0.2) -3.2% Food and Beverage 9.8 9.3 0.5 5.4% Convention, Retail and Other 2.6 2.6 0.0 0.0% Less - Promotional Allowances (10.5) (10.1) (0.4) -4.0% ---------- ---------- ----------Net Revenues $ 310.3 $ 349.1 $ (38.8) -11.1%Adjusted Property EBITDA $ 96.6 $ 107.0 $ (10.4) -9.7% EBITDA Margin % 31.1% 30.6% 0.5 ptsOperating Income $ 88.1 $ 98.5 $ (10.4) -10.6%Gaming Statistics(Dollars in millions)Rolling Chip Volume $ 6,379.0 $ 6,433.5 $ (54.5) -0.8% Rolling Chip Win %(1) 2.76% 3.73% -0.97 ptsNon-Rolling Chip Drop $ 763.2 $ 707.8 $ 55.4 7.8% Non-Rolling Chip Win % 21.1% 21.2% -0.1 ptsSlot Handle $ 706.5 $ 663.2 $ 43.3 6.5% Slot Hold % 3.7% 4.4% -0.7 ptsHotel StatisticsOccupancy % 94.9% 93.8% 1.1 ptsAverage Daily Rate (ADR) $ 246 $ 252 $ (6) -2.4%Revenue per Available Room (RevPAR) $ 233 $ 236 $ (3) -1.3%(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).




Marina Bay Sands First Quarter Operating Results

Marina Bay Sands in Singapore delivered a record hold-adjusted adjusted property EBITDA of $451.1 million, an increase of 15.7% compared to the first quarter of 2012. Adjusted property EBITDA was $396.8 million for the first quarter, reflecting lower than expected Rolling Chip win percentage of 2.51% for the quarter.

Rolling Chip volume increased 42.2% to reach $18.21 billion for the quarter, the highest quarterly volume in the property's history. Non-Rolling Chip drop increased 2.4% to $1.19 billion and slot handle increased 1.6% to $2.79 billion. Total mass win per day during the quarter increased 3.9% to reach $4.64 million, compared to $4.47 million in the first quarter of 2012.

The high margin hotel room and mall segments of the property continued to reflect strong revenue growth of 9.7% and 6.7%, respectively. ADR expanded during the quarter, driving a RevPAR increase of 11.0% compared to the same quarter last year. Occupancy was 98.5% during the quarter.

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


Three Months EndedMarina Bay Sands Operations March 31, ----------------------(Dollars in millions) 2013 2012 $ Change Change ---------- ---------- ---------- ---------Revenues: Casino $ 640.2 $ 701.3 $ (61.1) -8.7% Rooms 84.6 77.1 7.5 9.7% Food and Beverage 48.8 47.1 1.7 3.6% Mall 36.8 34.5 2.3 6.7% Convention, Retail and Other 26.4 29.8 (3.4) -11.4% Less - Promotional Allowances (41.9) (41.1) (0.8) -1.9% ---------- ---------- ----------Net Revenues $ 794.9 $ 848.7 $ (53.8) -6.3%Adjusted Property EBITDA $ 396.8 $ 472.5 $ (75.7) -16.0% EBITDA Margin % 49.9% 55.7% -5.8 ptsOperating Income $ 292.7 $ 373.2 $ (80.5) -21.6%Gaming Statistics(Dollars in millions)Rolling Chip Volume $ 18,207.3 $ 12,804.5 $ 5,402.8 42.2% Rolling Chip Win %(1) 2.51% 3.58% -1.07 ptsNon-Rolling Chip Drop $ 1,194.6 $ 1,167.0 $ 27.6 2.4% Non-Rolling Chip Win % 23.2% 22.2% 1.0 ptsSlot Handle $ 2,785.3 $ 2,740.6 $ 44.7 1.6% Slot Hold % 5.1% 5.4% -0.3 ptsHotel StatisticsOccupancy % 98.5% 98.4% 0.1 ptsAverage Daily Rate (ADR) $ 378 $ 341 $ 37 10.9%Revenue per Available Room (RevPAR) $ 372 $ 335 $ 37 11.0%(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).




Las Vegas Operations First Quarter Operating Results

The Venetian and The Palazzo, including the Sands Expo and Convention Center, delivered adjusted property EBITDA of $113.4 million for the first quarter of 2013. The operating results were favorably impacted by higher than expected table games win percentage of 27.6% for the quarter. Adjusted property EBITDA margin was 27.6% for the quarter. Table games drop decreased 16.8% to $506.4 million. Slot handle increased 2.3% to $495.1 million while slot hold percentage was 8.8%. Hotel occupancy percentage increased 690 basis points during the quarter while RevPAR grew 7.3% compared to last year's quarter.

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


Three Months EndedLas Vegas Operations March 31, ----------------------(Dollars in millions) 2013 2012 $ Change Change ---------- ---------- ---------- ---------Revenues: Casino $ 159.9 $ 158.7 $ 1.2 0.8% Rooms 121.1 113.4 7.7 6.8% Food and Beverage 68.3 61.0 7.3 12.0% Convention, Retail and Other 85.3 74.7 10.6 14.2% Less - Promotional Allowances (23.1) (23.2) 0.1 0.4% ---------- ---------- ----------Net Revenues $ 411.5 $ 384.6 $ 26.9 7.0%Adjusted Property EBITDA $ 113.4 $ 115.8 $ (2.4) -2.1% EBITDA Margin % 27.6% 30.1% -2.5 ptsOperating Income $ 98.8 $ 87.7 $ 11.1 12.7%Gaming Statistics(Dollars in millions)Table Games Drop $ 506.4 $ 609.0 $ (102.6) -16.8% Table Games Win %(1) 27.6% 24.0% 3.6 ptsSlot Handle $ 495.1 $ 483.8 $ 11.3 2.3% Slot Hold % 8.8% 8.5% 0.3 ptsHotel StatisticsOccupancy % 90.3% 83.4% 6.9 ptsAverage Daily Rate (ADR) $ 211 $ 214 $ (3) -1.4%Revenue per Available Room (RevPAR) $ 191 $ 178 $ 13 7.3%(1) This compares to our expected Table Games win percentage of 20.0% and 22.0% (calculated before discounts).




Sands Bethlehem First Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania increased 6.3% to reach was $122.9 million and adjusted property EBITDA increased 8.7% to reach $29.9 million for the first quarter of 2013. Table games drop increased 21.4% to reach $244.7 million for the quarter, while table games win percentage was 15.6%. Slot handle was $1.03 billion for the quarter with slot hold percentage of 7.1%.

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


Three Months EndedSands Bethlehem Operations March 31, ----------------------(Dollars in millions) 2013 2012 $ Change Change ---------- ---------- ---------- ---------Revenues: Casino $ 114.8 $ 108.7 $ 6.1 5.6% Rooms 2.4 1.9 0.5 26.3% Food and Beverage 7.2 6.7 0.5 7.5% Mall 0.6 0.3 0.3 100.0% Convention, Retail and Other 4.0 3.8 0.2 5.3% Less - Promotional Allowances (6.1) (5.8) (0.3) -5.2% ---------- ---------- ----------Net Revenues $ 122.9 $ 115.6 $ 7.3 6.3%Adjusted Property EBITDA $ 29.9 $ 27.5 $ 2.4 8.7% EBITDA Margin % 24.3% 23.8% 0.5 ptsOperating Income $ 20.8 $ 18.2 $ 2.6 14.3%Gaming Statistics(Dollars in millions)Table Games Drop $ 244.7 $ 201.5 $ 43.2 21.4% Table Games Win %(1) 15.6% 14.9% 0.7 ptsSlot Handle $ 1,033.9 $ 1,033.7 $ 0.2 0.0% Slot Hold % 7.1% 7.3% -0.2 ptsHotel StatisticsOccupancy % 65.3% 50.3% 15.0 ptsAverage Daily Rate (ADR) $ 138 $ 139 $ (1) -0.7%Revenue per Available Room (RevPAR) $ 90 $ 70 $ 20 28.6%(1) This compares to our expected Non-Rolling Chip 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 $84.9 million for the first quarter of 2013, an increase of 19.4% compared to the first quarter of 2012. Operating profit derived from these retail mall assets increased 23.4% for the quarter to reach $68.0 million.


LTM March 31, For The Three Months Ended March 31, 2013 2013 ----------------------------------------------- ---------(Dollars in Gross Tenant millions except Gross Operating Leasable Occupancy Sales Per per square foot Revenue Operating Profit Area % at End Sq. data) (1) Profit Margin (sq. ft.) of Period Ft.(2) ------- --------- --------- --------- --------- ---------The Grand Canal Shoppes at The Venetian Macao $ 29.9 $ 24.5 81.9% 821,129 93.2% $ 1,239The Shoppes at Four Seasons Luxury Retail 5.8 4.9 84.5% 140,206 100.0% 6,658 Other Stores 4.5 3.8 84.4% 99,512 78.1% 1,675 ------- --------- --------- Total 10.3 8.7 84.5% 239,718 90.9% 4,562 ------- --------- ---------The Shoppes at Sands Cotai Central 7.9 6.3 79.7% 210,143 100.0% N/A ------- --------- ---------Total Cotai Strip in Macao 48.1 39.5 82.1% 1,270,990 93.9% 1,863 ------- --------- ---------The Shoppes at Marina Bay Sands 36.8 28.5 77.4% 637,881 95.6% 1,425 ------- --------- ---------Total $ 84.9 $ 68.0 80.1% 1,908,871 94.4% $ 1,690 ======= ========= =========(1) Gross revenue figures are net of intersegment revenue eliminations.(2) Tenant sales per square foot reflects sales from tenants only after the tenant has been open for a period of 12 months.




Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of our CotaiJet ferry operation, was negative $3.6 million during the quarter, compared to negative $5.7 million in the first quarter of 2012.

Pre-opening expenses, related primarily to Sands Cotai Central on the Cotai Strip in Macao, decreased to $6.8 million in the first quarter of 2013, compared to $51.5 million in the first quarter of 2012.

Depreciation and amortization expense was $252.6 million in the first quarter of 2013, compared to $194.7 million in the first quarter of 2012.

Interest expense, net of amounts capitalized, was $68.8 million for the first quarter of 2013, compared to $64.7 million during the first quarter of 2012. Capitalized interest was $1.8 million during the first quarter of 2013, compared to $22.1 million during the first quarter of 2012. Our weighted average borrowing cost in the first quarter of 2013 was 2.7%.

Corporate expense was $56.3 million in the first quarter of 2013, compared to $49.0 million in the first quarter of 2012.

Other expense, which was principally composed of foreign currency losses, was $2.1 million in the first quarter of 2013, compared to $3.4 million in the first quarter of 2012.

The company's effective income tax rate for the first quarter of 2013 was 7.3%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the first quarter of 2013 of $132.0 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of March 31, 2013 were $2.38 billion.

As of March 31, 2013, total debt outstanding, including the current portion, was $9.83 billion. Total principal payments for the remainder of 2013 are expected to be approximately $89.2 million.

Capital Expenditures

Capital expenditures during the first quarter totaled $197.2 million, including construction and development activities of $128.7 million in Macao, $36.1 million at Marina Bay Sands, $31.4 million in Las Vegas, and $1.0 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, May 1, 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 and loss on modification or early retirement of debt.

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. (1928:HK), the company owns a portfolio of properties on Macao's Cotai Strip®, including The Venetian® Macao, Four Seasons Hotel Macao, and Sands Cotai Central. The company also owns the Sands® Macao on the Macao Peninsula.

Las Vegas Sands is committed to global sustainability through its Sands ECO360 degrees program and is an active community partner through its various charitable organizations.

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

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


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

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


Las Vegas Sands Corp. and SubsidiariesCondensed Consolidated Statements of Operations(In thousands, except share and per share data)(Unaudited) Three Months Ended March 31, 2013 2012 ------------- -------------Revenues: Casino $ 2,736,054 $ 2,266,493 Rooms 325,016 267,727 Food and beverage 185,329 153,455 Mall 85,461 71,418 Convention, retail and other 126,061 129,717 ------------- ------------- 3,457,921 2,888,810 Less - promotional allowances (155,202) (126,068) ------------- ------------- 3,302,719 2,762,742 ------------- -------------Operating expenses: Resort operations 2,142,900 1,705,398 Corporate 56,272 48,955 Pre-opening 6,837 51,459 Development 5,351 1,198 Depreciation and amortization 252,557 194,747 Amortization of leasehold interests in land 10,167 9,945 Impairment loss - 42,893 Loss on disposal of assets 1,932 593 ------------- ------------- 2,476,016 2,055,188 ------------- -------------Operating income 826,703 707,554Other income (expense): Interest income 3,793 5,648 Interest expense, net of amounts capitalized (68,832) (64,672) Other expense (2,108) (3,419) Loss on early retirement of debt - (2,831) ------------- -------------Income before income taxes 759,556 642,280Income tax expense (55,582) (63,171) ------------- -------------Net income 703,974 579,109Net income attributable to noncontrolling interests (132,013) (80,167) ------------- -------------Net income attributable to Las Vegas Sands Corp. $ 571,961 $ 498,942 ============= =============Earnings per share: Basic $ 0.69 $ 0.66 ============= ============= Diluted $ 0.69 $ 0.61 ============= =============Weighted average shares outstanding: Basic 823,367,441 760,437,437 ============= ============= Diluted 827,452,691 818,797,155 ============= =============Dividends declared per common share $ 0.35 $ 0.25 ============= =============Las Vegas Sands Corp. and SubsidiariesNon-GAAP Measure(In thousands)(Unaudited)The following are reconciliations of Operating Income (Loss) to AdjustedProperty EBITDA: Three Months Ended March 31, 2013 Amortization Pre-Opening Operating Depreciation of Leasehold Loss on and Income and Interests in Disposal of Development (Loss) Amortization Land Assets Expense --------- ------------ ------------ ----------- -----------Macao: The Venetian Macao $ 311,884 $ 32,853 $ 1,654 $ 374 $ 121 Sands Cotai Central 60,891 62,414 2,154 3 5,487 Four Seasons Hotel Macao and Plaza Casino 40,691 11,300 706 13 807 Sands Macao 88,072 7,684 354 112 - --------- ------------ ------------ ----------- -----------Macao Property Operations 501,538 114,251 4,868 502 6,415Marina Bay Sands 292,682 70,028 4,677 854 -United States: Las Vegas Operating Properties 98,809 49,154 - 563 115 Sands Bethlehem 20,832 8,865 - - 46 --------- ------------ ------------ ----------- -----------United States Property Operations 119,641 58,019 - 563 161Other Asia (2) (18,597) 3,697 - 13 240Other Development (6,152) 158 622 - 5,372Corporate (62,409) 6,404 - - - --------- ------------ ------------ ----------- ----------- $ 826,703 $ 252,557 $ 10,167 $ 1,932 $ 12,188 ========= ============ ============ =========== =========== Three Months Ended March 31, 2013 (1) Adjusted Royalty Stock-Based Corporate Property Fees Compensation Expense EBITDA ----------- ------------- ----------- -----------Macao: The Venetian Macao $ - $ 1,596 $ - $ 348,482 Sands Cotai Central - 572 - 131,521 Four Seasons Hotel Macao and Plaza Casino - 35 - 53,552 Sands Macao - 380 - 96,602 ----------- ------------- ----------- -----------Macao Property Operations - 2,583 - 630,157Marina Bay Sands 26,691 1,849 - 396,781United States: Las Vegas Operating Properties (37,424) 2,211 - 113,428 Sands Bethlehem - 113 - 29,856 ----------- ------------- ----------- -----------United States Property Operations (37,424) 2,324 - 143,284Other Asia (2) 11,000 58 - (3,589)Other Development - - - -Corporate (267) - 56,272 - ----------- ------------- ----------- ----------- $ - $ 6,814 $ 56,272 $ 1,166,633 =========== ============= =========== =========== Three Months Ended March 31, 2012 Impairment Amortization and (Gain) Pre-Opening Operating Depreciation of Leasehold Loss on and Income and Interests in Disposal of Development (Loss) Amortization Land Assets Expense --------- ------------ ------------ ----------- -----------Macao: The Venetian Macao $ 198,568 $ 36,768 $ 1,650 $ 42,932 $ - Four Seasons Hotel Macao and Plaza Casino 53,410 12,424 705 4 882 Sands Macao 98,542 7,411 353 92 - --------- ------------ ------------ ----------- -----------Macao Property Operations 350,520 56,603 2,708 43,028 882Marina Bay Sands 373,198 65,051 4,468 (139) -United States: Las Vegas Operating Properties 87,704 56,682 - 402 - Sands Bethlehem 18,178 8,874 - 8 94 --------- ------------ ------------ ----------- -----------United States Property Operations 105,882 65,556 - 410 94Other Asia (2) (14,950) 3,681 - - 71Other Development (54,835) 269 2,769 187 51,610Corporate (52,261) 3,587 - - - --------- ------------ ------------ ----------- ----------- $ 707,554 $ 194,747 $ 9,945 $ 43,486 $ 52,657 ========= ============ ============ =========== =========== Three Months Ended March 31, 2012 (1) Adjusted Royalty Stock-Based Corporate Property Fees Compensation Expense EBITDA ----------- ------------- ----------- -----------Macao: The Venetian Macao $ - $ 2,015 $ - $ 281,933 Four Seasons Hotel Macao and Plaza Casino - 94 - 67,519 Sands Macao - 558 - 106,956 ----------- ------------- ----------- -----------Macao Property Operations - 2,667 - 456,408Marina Bay Sands 28,141 1,800 - 472,519United States: Las Vegas Operating Properties (32,860) 3,878 - 115,806 Sands Bethlehem - 348 - 27,502 ----------- ------------- ----------- -----------United States Property Operations (32,860) 4,226 - 143,308Other Asia (2) 5,000 476 - (5,722)Other Development - - - -Corporate (281) - 48,955 - ----------- ------------- ----------- ----------- $ - $ 9,169 $ 48,955 $ 1,066,513 =========== ============= =========== ===========




(1) During the three months ended March 31, 2013 and 2012, the Company recorded stock-based compensation expense of $14.6 million and $19.2 million, respectively, of which $7.8 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.

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


Las Vegas Sands Corp. and SubsidiariesNon-GAAP Measure(In thousands)(Unaudited)The following are reconciliations of Adjusted Property EBITDA to Hold- Adjusted Adjusted Property EBITDA: Three Months Ended March 31, 2013 Hold- (1) (2) Adjusted Hold- Hold- Adjusted Adjusted Adjusted Adjusted Property Casino Casino Property EBITDA Revenue Expense EBITDA ---------- ---------- ---------- ----------Macao Property Operations $ 630,157 $ - $ - $ 630,157Marina Bay Sands 396,781 61,191 (6,860) 451,112United States: Las Vegas Operating Properties 113,428 (33,265) 2,495 82,658 Sands Bethlehem 29,856 (2,004) 311 28,163 ---------- ---------- ---------- ----------United States Property Operations 143,284 (35,269) 2,806 110,821Other Asia (3,589) - - (3,589)Other Development - - - -Corporate - - - - ---------- ---------- ---------- ---------- $1,166,633 $ 25,922 $ (4,054) $1,188,501 ========== ========== ========== ========== Three Months Ended March 31, 2012 Hold- (1) (2) Adjusted Hold- Hold- Adjusted Adjusted Adjusted Adjusted Property Casino Casino Property EBITDA Revenue Expense EBITDA ---------- ---------- ---------- ----------Macao Property Operations $ 456,408 $ (65,172) $ 25,417 $ 416,653Marina Bay Sands 472,519 (92,996) 10,425 389,948United States: Las Vegas Operating Properties 115,806 (18,498) 1,387 98,695 Sands Bethlehem 27,502 (242) 42 27,302 ---------- ---------- ---------- ----------United States Property Operations 143,308 (18,740) 1,429 125,997Other Asia (5,722) - - (5,722)Other Development - - - -Corporate - - - - ---------- ---------- ---------- ---------- $1,066,513 $ (176,908) $ 37,271 $ 926,876 ========== ========== ========== ==========




(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 SubsidiariesNon-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-Adjusted Adjusted Property EBITDA: Three Months Ended March 31, 2013 2012 ------------ ------------Net income attributable to Las Vegas Sands Corp. $ 571,961 $ 498,942 Add (deduct): Net income attributable to noncontrolling interests 132,013 80,167 Income tax expense 55,582 63,171 Loss on early retirement of debt - 2,831 Other expense 2,108 3,419 Interest expense, net of amounts capitalized 68,832 64,672 Interest income (3,793) (5,648) Loss on disposal of assets 1,932 593 Impairment loss - 42,893 Amortization of leasehold interests in land 10,167 9,945 Depreciation and amortization 252,557 194,747 Development expense 5,351 1,198 Pre-opening expense 6,837 51,459 Stock-based compensation (1) 6,814 9,169 Corporate expense 56,272 48,955 ------------ ------------Adjusted Property EBITDA $ 1,166,633 $ 1,066,513 ============ ============ Hold-adjusted casino revenue (2) 25,922 (176,908) Hold-adjusted casino expense (2) (4,054) 37,271 ------------ ------------Hold-Adjusted Adjusted Property EBITDA $ 1,188,501 $ 926,876 ============ ============(1) See Exhibit 2(2) See Exhibit 3_______________________Las Vegas Sands Corp. and SubsidiariesSupplemental Data - Net Revenues(In thousands)(Unaudited) Three Months Ended March 31, 2013 2012 ------------ ------------The Venetian Macao $ 872,212 $ 772,760Sands Cotai Central 587,179 -Four Seasons Hotel Macao and Plaza Casino 223,220 299,604Sands Macao 310,273 349,083Marina Bay Sands 794,864 848,669Las Vegas Operating Properties 411,541 384,603Sands Bethlehem 122,916 115,562Other Asia 33,873 35,568Intersegment Eliminations (53,359) (43,107) ------------ ------------ $ 3,302,719 $ 2,762,742 ============ ============_______________________Las Vegas Sands Corp. and SubsidiariesSupplemental Data - Adjusted Property EBITDA as a Percentageof Net Revenues(Unaudited) Three Months Ended March 31, 2013 2012 ------------ ------------The Venetian Macao 40.0% 36.5%Sands Cotai Central 22.4% N/AFour Seasons Hotel Macao and Plaza Casino 24.0% 22.5%Sands Macao 31.1% 30.6%Marina Bay Sands 49.9% 55.7%Las Vegas Operating Properties 27.6% 30.1%Sands Bethlehem 24.3% 23.8%Other Asia -10.6% -16.1%Total 35.3% 38.6%Las Vegas Sands Corp. and SubsidiariesNon-GAAP Measure - Adjusted Net Income, Hold-Adjusted Adjusted Net Income, Adjusted Earnings Per Diluted Share and Hold-Adjusted Adjusted Earnings Per Diluted Share(In thousands, except share and per share data)(Unaudited) Three Months Ended March 31, 2013 2012 ------------ ------------Net income attributable to Las Vegas Sands Corp. $ 571,961 $ 498,942Pre-opening expense, net 4,827 36,199Development expense, net 5,351 1,198Impairment loss, net - 30,154Loss on disposal of assets, net 1,779 497Loss on early retirement of debt, net - 2,831 ------------ ------------Adjusted net income $ 583,918 $ 569,821 ============ ============Hold-adjusted casino revenue (1) 25,922 (176,908)Hold-adjusted casino expense (1) (4,054) 37,271Income tax impact on hold adjustments (9,236) 14,037Noncontrolling interest impact on hold adjustments - 11,815 ------------ ------------Hold-adjusted adjusted net income $ 596,550 $ 456,036 ============ ============(1) See Exhibit 3Per diluted share of common stock:Net income attributable to Las Vegas Sands Corp. $ 0.69 $ 0.61Pre-opening expense, net 0.01 0.05Development expense, net 0.01 -Impairment loss, net - 0.04Loss on disposal of assets, net - -Loss on early retirement of debt, net - - ------------ ------------Adjusted earnings per diluted share $ 0.71 $ 0.70 ============ ============Hold-adjusted casino revenue 0.03 (0.22)Hold-adjusted casino expense (0.01) 0.04Income tax impact on hold adjustments (0.01) 0.02Noncontrolling interest impact on hold adjustments - 0.02 ------------ ------------Hold-adjusted adjusted earnings per diluted share $ 0.72 $ 0.56 ============ ============Weighted average diluted shares outstanding 827,452,691 818,797,155 ============ ============Las Vegas Sands Corp. and SubsidiariesSupplemental Data Schedule(Unaudited) Three Months Ended March 31, 2013 2012 ------------- -------------Room Statistics: The Venetian Macao: Occupancy % 91.6% 93.4% Average daily room rate (ADR) (1) $ 231 $ 244 Revenue per available room (RevPAR) (2) $ 212 $ 228 Sands Cotai Central: Occupancy % 70.8% N/A Average daily room rate (ADR) (1) $ 152 N/A Revenue per available room (RevPAR) (2) $ 108 N/A Four Seasons Hotel Macao and Plaza Casino: Occupancy % 81.2% 82.3% Average daily room rate (ADR) (1) $ 370 $ 360 Revenue per available room (RevPAR) (2) $ 301 $ 296 Sands Macao: Occupancy % 94.9% 93.8% Average daily room rate (ADR) (1) $ 246 $ 252 Revenue per available room (RevPAR) (2) $ 233 $ 236 Marina Bay Sands: Occupancy % 98.5% 98.4% Average daily room rate (ADR) (1) $ 378 $ 341 Revenue per available room (RevPAR) (2) $ 372 $ 335 Las Vegas Operating Properties: Occupancy % 90.3% 83.4% Average daily room rate (ADR) (1) $ 211 $ 214 Revenue per available room (RevPAR) (2) $ 191 $ 178 Sands Bethlehem: Occupancy % 65.3% 50.3% Average daily room rate (ADR) (1) $ 138 $ 139 Revenue per available room (RevPAR) (2) $ 90 $ 70Casino Statistics: The Venetian Macao: Table games win per unit per day (3) $ 17,902 $ 14,334 Slot machine win per unit per day (4) $ 320 $ 334 Average number of table games 525 570 Average number of slot machines 2,270 2,282 Sands Cotai Central: Table games win per unit per day (3) $ 14,225 N/A Slot machine win per unit per day (4) $ 247 N/A Average number of table games 503 N/A Average number of slot machines 2,157 N/A Four Seasons Hotel Macao and Plaza Casino: Table games win per unit per day (3) $ 20,071 $ 26,933 Slot machine win per unit per day (4) $ 549 $ 740 Average number of table games 146 165 Average number of slot machines 187 176 Sands Macao: Table games win per unit per day (3) $ 13,023 $ 10,733 Slot machine win per unit per day (4) $ 238 $ 295 Average number of table games 287 399 Average number of slot machines 1,229 1,093 Marina Bay Sands: Table games win per unit per day (3) $ 13,608 $ 12,975 Slot machine win per unit per day (4) $ 708 $ 665 Average number of table games 600 607 Average number of slot machines 2,211 2,479 Las Vegas Operating Properties: Table games win per unit per day (3) $ 6,502 $ 7,085 Slot machine win per unit per day (4) $ 199 $ 188 Average number of table games 239 227 Average number of slot machines 2,452 2,417 Sands Bethlehem: Table games win per unit per day (3) $ 3,020 $ 2,784 Slot machine win per unit per day (4) $ 272 $ 279 Average number of table games 141 119 Average number of slot machines 3,020 2,995




(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.



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