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Las Vegas Sands Corporation Reports an
Increase of 35.8% in Net Income for 4th Qtr. 2012
to $434.8 million Compared to $320.1
million Same Period 2011

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

For the Quarter Ended December 31, 2012:

  • Net Revenue Increased 20.9% to a Record $3.08 Billion
  • Consolidated Adjusted Property EBITDA Increased 4.4% to $1.002 Billion (Consolidated Hold-Adjusted Adjusted Property EBITDA increased 17.6% to a Record $1.09 Billion)
  • Record Gaming Volumes in Macao Drove Adjusted Property EBITDA in Macao Up 43.3% to a Record $622.2 Million
  • Net Income Attributable to Common Stockholders Rose 35.8% to Reach $434.8 Million or $0.53 per diluted share (Adjusted Earnings per diluted share was $0.54)
  • The Company Paid a Special Dividend of $2.75 per share and a Recurring Dividend of $0.25 per share
  • The Company's Board of Directors Increased the Recurring Quarterly Dividend by 40%, Declaring a $0.35 per share Dividend Payable in March of 2013
  • For the Year Ended December 31, 2012:
  • Net Revenue Increased 18.3% to a Record $11.13 Billion from $9.41 Billion
  • Consolidated Adjusted Property EBITDA Reached a Record $3.79 Billion
  • Net Income Attributable to Common Stockholders Rose 20.1% to Reach $1.52 Billion or $1.85 per diluted share (Adjusted Earnings per diluted share was $2.14)
  • The Company Paid Dividends of $3.75 per share

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

Fourth Quarter Overview

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

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

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

Company-Wide Operating Results

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

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

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

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

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

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

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

Sands China Ltd. Consolidated Financial Results

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

The Venetian Macao Fourth Quarter Operating Results

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

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









The Venetian Macao Operations


Three Months Ended
December 31,





(Dollars in millions)

2012



2011



$ Change



Change


Revenues:
















Casino

$

722.3



$

641.3



$

81.0



12.6

%


Rooms


59.9




61.4




(1.5

)


-2.4

%


Food and Beverage


23.4




21.9




1.5



6.8

%


Mall


46.5




41.4




5.1



12.3

%


Convention, Retail and Other


23.2




27.6




(4.4

)


-15.9

%


Less - Promotional Allowances


(32.3

)



(29.3

)



(3.0

)


-10.2

%

Net Revenues

$

843.0



$

764.3



$

78.7



10.3

%
















Adjusted Property EBITDA

$

333.1



$

283.3



$

49.8



17.6

%


EBITDA Margin %


39.5

%



37.1

%






2.4 pts

















Operating Income

$

298.2



$

242.3



$

55.9



23.1

%
















Gaming Statistics















(Dollars in millions)






























Rolling Chip Volume

$

12,662.9



$

13,551.1



$

(888.2

)


-6.6

%


Rolling Chip Win %(1)


3.25

%



2.95

%






0.30 pts

















Non-Rolling Chip Drop

$

1,215.0



$

1,099.8



$

115.2



10.5

%


Non-Rolling Chip Win %


29.9

%



28.2

%






1.7 pts

















Slot Handle

$

1,293.7



$

1,066.2



$

227.5



21.3

%


Slot Hold %


5.5

%



5.9

%






-0.4 pts

















Hotel Statistics






























Occupancy %


93.4

%



95.2

%






-1.8 pts


Average Daily Rate (ADR)

$

248



$

246



$

2



0.8

%

Revenue per Available Room (RevPAR)

$

231



$

234



$

(3

)


-1.3

%

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

Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating Results

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

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








Four Seasons Hotel Macao and Plaza Casino Operations


Three Months Ended
December 31,





(Dollars in millions)

2012



2011



$ Change



Change


Revenues:
















Casino

$

260.2



$

183.7



$

76.5



41.6

%


Rooms


10.8




8.9




1.9



21.3

%


Food and Beverage


7.5




7.0




0.5



7.1

%


Mall


28.6




24.5




4.1



16.7

%


Convention, Retail and Other


0.8




0.8




-



0.0

%


Less - Promotional Allowances


(11.7

)



(8.5

)



(3.2

)


-37.6

%

Net Revenues

$

296.2



$

216.4



$

79.8



36.9

%
















Adjusted Property EBITDA

$

89.7



$

63.0



$

26.7



42.4

%


EBITDA Margin %


30.3

%



29.1

%






1.2 pts

















Operating Income

$

76.5



$

48.6



$

27.9



57.4

%
















Gaming Statistics















(Dollars in millions)






























Rolling Chip Volume

$

10,731.5



$

7,519.6



$

3,211.9



42.7

%


Rolling Chip Win %(1)


2.68

%



2.61

%






0.07 pts

















Non-Rolling Chip Drop

$

125.5



$

101.3



$

24.2



23.9

%


Non-Rolling Chip Win %


45.1

%



44.4

%






0.7 pts

















Slot Handle

$

350.4



$

243.9



$

106.5



43.7

%


Slot Hold %


5.3

%



4.8

%






0.5 pts

















Hotel Statistics






























Occupancy %


81.8

%



76.1

%






5.7 pts


Average Daily Rate (ADR)

$

382



$

339



$

43



12.7

%

Revenue per Available Room (RevPAR)

$

313



$

258



$

55



21.3

%

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

Sands Cotai Central Fourth Quarter Operating Results

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

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

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

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




Sands Cotai Central
(Dollars in millions)

Quarter Ended
December 31,
2012


Revenues:





Casino

$

438.7



Rooms


44.5



Food and Beverage


19.2



Mall


9.2



Convention, Retail and Other


4.6



Less - Promotional Allowances


(25.5

)

Net Revenues

$

490.7






Adjusted Property EBITDA

$

108.0



EBITDA Margin %


22.0

%





Operating Income

$

48.0






Gaming Statistics




(Dollars in millions)








Rolling Chip Volume

$

10,170.3



Rolling Chip Win %(1)


3.13

%





Non-Rolling Chip Drop

$

932.5



Non-Rolling Chip Win %


20.6

%





Slot Handle

$

1,241.7



Slot Hold %


3.7

%





Hotel Statistics








Occupancy %


84.0

%

Average Daily Rate (ADR)

$

164


Revenue per Available Room (RevPAR)

$

138


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

Sands Macao Fourth Quarter Operating Results

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

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








Sands Macao Operations


Three Months Ended
December 31,





(Dollars in millions)

2012



2011



$ Change



Change


Revenues:
















Casino

$

305.8



$

311.9



$

(6.1

)


-2.0

%


Rooms


6.4




6.6




(0.2

)


-3.0

%


Food and Beverage


10.1




10.1




-



0.0

%


Convention, Retail and Other


2.7




3.1




(0.4

)


-12.9

%


Less - Promotional Allowances


(10.4

)



(10.7

)



0.3



2.8

%

Net Revenues

$

314.6



$

321.0



$

(6.4

)


-2.0

%
















Adjusted Property EBITDA

$

91.5



$

87.8



$

3.7



4.2

%


EBITDA Margin %


29.1

%



27.4

%






1.7 pts

















Operating Income

$

83.1



$

79.5



$

3.6



4.5

%
















Gaming Statistics















(Dollars in millions)






























Rolling Chip Volume

$

5,767.8



$

7,611.7



$

(1,843.9

)


-24.2

%


Rolling Chip Win %(1)


3.29

%



2.77

%






0.52 pts

















Non-Rolling Chip Drop

$

708.6



$

687.2



$

21.4



3.1

%


Non-Rolling Chip Win %


22.2

%



21.7

%






0.5 pts

















Slot Handle

$

605.4



$

621.0



$

(15.6

)


-2.5

%


Slot Hold %


4.3

%



4.8

%






-0.5 pts

















Hotel Statistics






























Occupancy %


96.9

%



96.0

%






0.9 pts


Average Daily Rate (ADR)

$

250



$

259



$

(9

)


-3.5

%

Revenue per Available Room (RevPAR)

$

243



$

248



$

(5

)


-2.0

%

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

Marina Bay Sands Fourth Quarter Operating Results

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

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

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

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








Marina Bay Sands Operations


Three Months Ended
December 31,





(Dollars in millions)

2012



2011



$ Change



Change


Revenues:
















Casino

$

549.5



$

654.0



$

(104.5

)


-16.0

%


Rooms


84.2




76.4




7.8



10.2

%


Food and Beverage


51.9




54.2




(2.3

)


-4.2

%


Mall


44.7




40.1




4.6



11.5

%


Convention, Retail and Other


29.0




29.2




(0.2

)


-0.7

%


Less - Promotional Allowances


(42.1

)



(47.0

)



4.9



10.4

%

Net Revenues

$

717.2



$

806.9



$

(89.7

)


-11.1

%
















Adjusted Property EBITDA

$

302.5



$

426.9



$

(124.4

)


-29.1

%


EBITDA Margin %


42.2

%



52.9

%






-10.7 pts

















Operating Income

$

202.6



$

330.4



$

(127.8

)


-38.7

%
















Gaming Statistics















(Dollars in millions)






























Rolling Chip Volume

$

16,467.1



$

10,762.3



$

5,704.8



53.0

%


Rolling Chip Win %(1)


2.14

%



3.34

%






-1.20 pts

















Non-Rolling Chip Drop

$

1,108.4



$

1,145.2



$

(36.8

)


-3.2

%


Non-Rolling Chip Win %


24.2

%



24.2

%






0.0 pts

















Slot Handle

$

2,690.9



$

2,744.8



$

(53.9

)


-2.0

%


Slot Hold %


5.4

%



5.4

%






0.0 pts

















Hotel Statistics






























Occupancy %


98.4

%



98.8

%






-0.4 pts


Average Daily Rate (ADR)

$

368



$

333



$

35



10.5

%

Revenue per Available Room (RevPAR)

$

362



$

329



$

33



10.0

%

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

Las Vegas Operations Fourth Quarter Operating Results

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

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







Las Vegas Operations

Three Months Ended
December 31,




(Dollars in millions)

2012



2011



$ Change



Change


Revenues:
















Casino

$

87.9



$

118.3



$

(30.4)



-25.7%



Rooms


114.3




110.6




3.7



3.3%



Food and Beverage


53.5




60.9




(7.4)



-12.2%



Convention, Retail and Other


74.5




71.9




2.6



3.6%



Less - Promotional Allowances


(21.9)




(22.2)




0.3



1.4%


Net Revenues

$

308.3



$

339.5



$

(31.2)



-9.2%

















Adjusted Property EBITDA

$

52.8



$

80.9



$

(28.1)



-34.7%


EBITDA Margin %


17.1%




23.8%







-6.7 pts

















Operating Income

$

22.2



$

48.5



$

(26.3)



-54.2%

















Gaming Statistics















(Dollars in millions)






























Table Games Drop

$

459.4



$

532.4



$

(73.0)



-13.7%


Table Games Win %(1)


12.7%




17.9%







-5.2 pts

















Slot Handle

$

517.3



$

520.8



$

(3.5)



-0.7%


Slot Hold %


8.9%




8.8%







0.1 pts

















Hotel Statistics






























Occupancy %


87.6%




89.1%







-1.5 pts


Average Daily Rate (ADR)

$

203



$

195



$

8



4.1%


Revenue per Available Room (RevPAR)

$

177



$

174



$

3



1.7%

















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

Sands Bethlehem Fourth Quarter Operating Results

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

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








Sands Bethlehem Operations

Three Months Ended
December 31,





(Dollars in millions)

2012



2011



$ Change



Change


Revenues:
















Casino

$

108.8



$

97.9



$

10.9



11.1

%


Rooms


3.0




2.1




0.9



42.9

%


Food and Beverage


7.1




6.2




0.9



14.5

%


Mall(1)


0.4




0.2




0.2



100.0

%


Convention, Retail and Other


4.6




4.4




0.2



4.5

%


Less - Promotional Allowances


(6.1

)



(5.8

)



(0.3

)


-5.2

%

Net Revenues

$

117.8



$

105.0



$

12.8



12.2

%
















Adjusted Property EBITDA

$

27.5



$

22.5



$

5.0



22.2

%

EBITDA Margin %


23.4

%



21.4

%






2.0 pts

















Operating Income

$

18.7



$

13.2



$

5.5



41.7

%
















Gaming Statistics















(Dollars in millions)






























Table Games Drop

$

230.6



$

193.8



$

36.8



19.0

%

Table Games Win %(2)


15.8

%



14.7

%






1.1 pts

















Slot Handle

$

967.8



$

956.1



$

11.7



1.2

%

Slot Hold %


7.2

%



7.0

%






0.2 pts

















Hotel Statistics






























Occupancy %


78.2

%



54.5

%






23.7 pts


Average Daily Rate (ADR)

$

136



$

156




(20

)


-12.8

%

Revenue per Available Room (RevPAR)

$

107



$

85




22



25.9

%
















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

Retail Mall Operations

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







(Dollars in millions
except per square foot data)


For The Three Months Ended December 31, 2012



LTM December 31, 2012

Gross
Revenue (1)


Operating
Profit


Operating
Profit
Margin



Gross
Leasable
Area
(sq. ft.)


Occupancy
% at End
of Period



Tenant
Sales
Per Sq.
Ft.(2)



















The Grand Canal Shoppes at The Venetian Macao


$

45.7


$

40.2


88.0

%


805,976


92.3

%


$

1,214



















The Shoppes at Four Seasons



















Luxury Retail



22.0



20.9


95.0

%


140,206


100.0

%



6,488


Other Stores



6.6



6.3


95.5

%


99,512


81.1

%



1,478


Total



28.6



27.2


95.1

%


239,718


92.1

%



4,356



















The Shoppes at Sands Cotai Central



9.1



7.6


83.5

%


210,143


100.0

%



N/A

Total Cotai Strip in Macao



83.4



75.0


89.9

%


1,255,837


93.5

%



1,818



















The Shoppes at Marina Bay Sands



44.7



35.7


79.9

%


637,980


96.0

%



1,393



















Total


$

128.1


$

110.7


86.4

%


1,893,817


94.4

%


$

1,648



















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

Other Factors Affecting Earnings

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

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

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

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

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

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

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

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

Balance Sheet Items

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

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

Capital Expenditures

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

Conference Call Information

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

Forward-Looking Statements

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

Note 1

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

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

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

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

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

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

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

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

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



Las Vegas Sands Corp. and Subsidiaries


Condensed Consolidated Statements of Operations


(In thousands, except share and per share data)


(Unaudited)






Three Months Ended



Year Ended




December 31,



December 31,




2012



2011



2012



2011



















Revenues:


















Casino


$

2,473,211



$

2,007,099



$

9,008,158



$

7,437,002



Rooms



323,137




266,013




1,154,024




1,000,035



Food and beverage



172,644




160,191




628,528




598,823



Mall



128,537




106,167




396,927




325,123



Convention, retail and other



133,352




131,169




497,032




501,351





3,230,881




2,670,639




11,684,669




9,862,334



Less - promotional allowances



(153,879

)



(126,284

)



(553,537

)



(451,589

)




3,077,002




2,544,355




11,131,132




9,410,745


Operating expenses:


















Resort operations



2,081,896




1,592,709




7,370,842




5,910,057



Corporate



44,866




51,711




207,030




185,694



Pre-opening



8,992




22,353




143,795




65,825



Development



7,762




5,008




19,958




11,309



Depreciation and amortization



250,321




197,935




892,046




794,404



Amortization of leasehold interests in land



10,149




10,033




40,165




43,366



Impairment loss



-




-




143,674




-



Loss on disposal of assets



1,011




1,324




2,240




10,203





2,404,997




1,881,073




8,819,750




7,020,858


Operating income



672,005




663,282




2,311,382




2,389,887


Other income (expense):


















Interest income



6,536




5,950




23,252




14,394



Interest expense, net of amounts capitalized



(67,067

)



(68,011

)



(258,564

)



(282,949

)


Other income (expense)



5,025




5,429




5,740




(3,955

)


Loss on modification or early retirement of debt



-




(22,554

)



(19,234

)



(22,554

)

Income before income taxes



616,499




584,096




2,062,576




2,094,823


Income tax expense



(45,156

)



(59,744

)



(180,763

)



(211,704

)

Net income



571,343




524,352




1,881,813




1,883,119


Net income attributable to noncontrolling interests



(136,561

)



(89,068

)



(357,720

)



(322,996

)

Net income attributable to Las Vegas Sands Corp.



434,782




435,284




1,524,093




1,560,123


Preferred stock dividends



-




(5,967

)



-




(63,924

)

Accretion to redemption value of preferred stock



















issued to Principal Stockholder's family



-




(11,567

)



-




(80,975

)

Preferred stock inducement, repurchase



















and redemption premiums



-




(97,636

)



-




(145,716

)

Net income attributable to common stockholders


$

434,782



$

320,114



$

1,524,093



$

1,269,508



















Earnings per share:


















Basic


$

0.53



$

0.44



$

1.89



$

1.74



Diluted


$

0.53



$

0.39



$

1.85



$

1.56



















Weighted average shares outstanding:


















Basic



822,214,678




731,412,225




806,395,660




728,343,428



Diluted



826,662,036




812,718,294




824,556,036




811,816,687



















Dividends declared per common share


$

3.00



$

-



$

3.75



$

-






































Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)


The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:

 
























Three Months Ended December 31, 2012


































(Gain)























Loss





















Amortization


on



Pre-Opening













Operating



Depreciation


of Leasehold


Disposal



and





(1)




Adjusted




Income



and


Interests


of



Development


Royalty



Stock-Based


Corporate


Property




(Loss)



Amortization


in Land


Assets



Expense


Fees



Compensation


Expense


EBITDA


Macao:

































The Venetian Macao


$

298,218



$

32,133


$

1,655


$

(413

)


$

22


$

-



$

1,455


$

-


$

333,070



Sands Macao



83,060




7,606



354



198




-



-




292



-



91,510



Four Seasons Hotel Macao and Plaza Casino



76,451




11,385



705



6




1,119



-




12



-



89,678



Sands Cotai Central



48,040




51,235



2,154



177




5,834



-




544



-



107,984


Macao Property Operations



505,769




102,359



4,868



(32

)



6,975



-




2,303



-



622,242


Marina Bay Sands



202,631




72,261



4,659



1,156




-



19,081




2,745



-



302,533


United States:

































Las Vegas Operating Properties



22,170




58,051



-



(115

)



1,909



(31,744

)



2,549



-



52,820



Sands Bethlehem



18,685




8,578



-



-




40



-




215



-



27,518


United States Property Operations



40,855




66,629



-



(115

)



1,949



(31,744

)



2,764



-



80,338


Other Asia (2)



(19,774

)



3,688



-



2




35



13,854




46



-



(2,149

)

Other Development



(8,571

)



154



622



-




7,795



-




-



-



-


Corporate



(48,905

)



5,230



-



-




-



(1,191

)



-



44,866



-




$

672,005



$

250,321


$

10,149


$

1,011



$

16,754


$

-



$

7,858


$

44,866


$

1,002,964

























































Three Months Ended December 31, 2011






















































Amortization


Loss





















of


on


Pre-Opening














Operating



Depreciation


Leasehold


Disposal


and






(1)




Adjusted




Income



and


Interests


of


Development



Royalty



Stock-Based


Corporate


Property




(Loss)



Amortization


in Land


Assets


Expense



Fees



Compensation


Expense


EBITDA


Macao:

































The Venetian Macao


$

242,298



$

37,696


$

1,647


$

117


$

-



$

-



$

1,534


$

-


$

283,292



Sands Macao



79,501




7,478



353



38



-




-




465



-



87,835



Four Seasons Hotel Macao and Plaza Casino



48,596




12,706



702



40



895




-




98



-



63,037


Macao Property Operations



370,395




57,880



2,702



195



895




-




2,097



-



434,164


Marina Bay Sands



330,371




65,363



4,567



94



(10

)



25,040




1,475



-



426,900


United States:

































Las Vegas Operating Properties



48,480




56,947



-



563



-




(29,790

)



4,710



-



80,910



Sands Bethlehem



13,217




8,687



-



-



93




-




487



-



22,484


United States Property Operations



61,697




65,634



-



563



93




(29,790

)



5,197



-



103,394


Other Asia (2)



(13,636

)



3,681



-



472



440




5,000




221



-



(3,822

)

Other Development



(28,906

)



199



2,764



-



25,943




-




-



-



-


Corporate



(56,639

)



5,178



-



-



-




(250

)



-



51,711



-




$

663,282



$

197,935


$

10,033


$

1,324


$

27,361



$

-



$

8,990


$

51,711


$

960,636























































































































 

Year Ended December 31, 2012


































Impairment





















Amortization


and (Gain)





















of


Loss



Pre-Opening













Operating



Depreciation


Leasehold


on



and





(1)




Adjusted




Income



and


Interests


Disposal



Development


Royalty



Stock-Based


Corporate


Property




(Loss)



Amortization


in Land


of Assets



Expense


Fees



Compensation


Expense


EBITDA


Macao:

































The Venetian Macao


$

947,998



$

140,218


$

6,609


$

42,236



$

135


$

-



$

6,049


$

-


$

1,143,245



Sands Macao



317,319




30,385



1,414



14




-



-




1,507



-



350,639



Four Seasons Hotel Macao and Plaza Casino



232,130




48,737



2,821



215




4,072



-




195



-



288,170



Sands Cotai Central



10,291




108,878



6,458



239




86,463



-




1,147



-



213,476


Macao Property Operations



1,507,738




328,218



17,302



42,704




90,670



-




8,898



-



1,995,530


Marina Bay Sands



977,572




268,929



18,229



1,340




-



91,681




8,494



-



1,366,245


United States:

































Las Vegas Operating Properties



222,167




225,562



-



388




1,909



(130,764

)



11,920



-



331,182



Sands Bethlehem



78,554




33,910



-



414




345



-




832



-



114,055


United States Property Operations



300,721




259,472



-



802




2,254



(130,764

)



12,752



-



445,237


Other Asia (2)



(71,590

)



14,777



-



35




200



40,000




628



-



(15,950

)

Other Development



(177,026

)



729



4,634



101,034




70,629



-




-



-



-


Corporate



(226,033

)



19,921



-



(1

)



-



(917

)



-



207,030



-




$

2,311,382



$

892,046


$

40,165


$

145,914



$

163,753


$

-



$

30,772


$

207,030


$

3,791,062


































































Year Ended December 31, 2011























































Amortization


(Gain)





















of


Loss on



Pre-Opening













Operating



Depreciation


Leasehold


Disposal



and





(1)




Adjusted