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Las Vegas Sands Corporation Reports 2nd Qtr. 2012 Net Income of $240.6 million
Compared to $367.6 million Same Period 2011, a Decrease of 34.6%

LAS VEGAS, NV--(Marketwire - Jul 25, 2012) - Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended June 30, 2012.

Second Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, stated, "While our quarterly results did not meet my expectations, and were impacted by lower hold on table games play compared to last year's second quarter, higher provisions for accounts receivable at Marina Bay Sands in Singapore, and elevated legal expenses, our financial results reflected solid revenue growth overall and significant cash flow in both Macao and Singapore, as well as the continued steady execution of our Cotai Strip development plan in Macao.

"We successfully opened on April 11, 2012 the first phase of Sands Cotai Central, the largest Integrated Resort development in the company's history. The debut of Cotai Central represents the completion of another major milestone in the steady and disciplined execution of our Cotai Strip master plan and development strategy. As approximately 4,000 additional rooms and suites, plus additional shopping, dining, entertainment and gaming offerings open in Cotai Central's later phases, we expect strong growth from the property to continue in the future. Importantly, we believe the attractions and offerings of Cotai Central, and in particular its vital inventory of hotel rooms and suites, will meaningfully benefit Macao and the Cotai Strip in the years ahead as it strengthens its position among the leading business and leisure destinations in Asia. That hotel inventory will also enhance the financial performance of our other Cotai Strip properties, The Venetian Macao and Four Seasons Hotel Macao and Plaza Casino. Upon the completion of Cotai Central, our three Cotai Strip properties will encompass 25 million square feet of interconnected Integrated Resort capacity featuring five hotel brands and over 9,000 rooms and suites, 1,300 gaming tables, 6,000 slot machines and electronic table games, approximately two million square feet of retail space, plus dining, convention, meeting and exhibition capacity, and entertainment attractions that will meaningfully increase overnight visitation to Macao and provide an outstanding platform for growth in the years ahead."

In Macao during the quarter we generated significantly stronger gaming volumes across our property portfolio, while adjusted property EBITDA increased 9.6% to reach $429.0 million with an adjusted property EBITDA margin of 29.5%. Strong growth in each segment of our gaming business was evident in our property portfolio, with rolling volumes increasing 36.3% to a record $33.35 billion, Non-rolling drop increasing 20.9% to a record $2.22 billion, and slot handle increasing 72.5% to a record $2.63 billion. The increases in gaming volumes led to Rolling, Non-Rolling and slot gross gaming revenue growth that was in excess of the growth in the Macao market in each category as compared to last year's second quarter by 160.8%, 18.8% and 16.8%, respectively. This is the first quarter we have exceeded the market rate of growth in Macao in all three categories since 2008. Our overall market share of gross gaming revenue in Macao also increased to 17.7% in the second quarter of 2012 compared to 16.0% in the second quarter of 2011, and we continue to lead the Macao market in terms of share of adjusted property EBITDA.

These gaming volume and revenue increases in Macao, together with the contribution from the important non-gaming (hotel, retail, mall and convention) components of our Integrated Resort business model, continue to drive growth. We remain pleased that the investments we have made to expand our offerings in the VIP segment remain evident in our quarterly operating results, with the Four Seasons Hotel Macao and Plaza Casino increasing its Rolling Chip volume by over 174% compared to the same quarter last year and generating a record quarterly EBITDA of $76.6 million for the property.

Marina Bay Sands in Singapore delivered a steady financial performance, including good growth in its hotel and retail segments, although lower rolling volume, low hold on rolling table games play and higher provisions for accounts receivable negatively impacted our results this quarter. Marina Bay Sands produced $330.4 million of adjusted property EBITDA during the quarter and an EBITDA margin of 47.6%. Strong growth in non-rolling chip drop (up 8.2%) and slot volumes (up 15.1%) coupled with continued growth in visitation and non-gaming revenue streams including hotel revenues (up 30.1%) reflect the broad appeal of the property to Singapore's visitors from across the Asian region. Looking ahead, as Singapore's complementary business and leisure tourism offerings continue to expand, we are confident that Marina Bay Sands will continue to generate outstanding returns for our company.

In Las Vegas, The Venetian and Palazzo generated $64.4 million in adjusted property EBITDA during the quarter. Hold was lower this quarter compared to the quarter last year, which negatively impacted our results. Baccarat play was up, but other table games play was down, reflecting overall market conditions in Las Vegas. Slot handle was up 8.2%.

Sands Bethlehem delivered a strong quarter with $26.9 million in adjusted property EBITDA, up 28.1% from the same quarter last year. The property continues to benefit from growth in slot handle, table games play, and hotel revenues. The events center, which opened this quarter, is off to a strong start and should benefit the property in the future.

Adjusted earnings per diluted share was $0.44 during the quarter, compared to $0.54 last year. The lower hold on table games play, increased provisions for accounts receivable in Singapore and elevated legal expenses mentioned above were the primary drivers of the decrease in adjusted earnings per diluted share.

The prudent management of our cash flow, including the ability to both invest in future growth and to continue to return cash to shareholders, remains a high priority for the company. The board of directors of Las Vegas Sands has declared its third consecutive quarterly cash dividend of $0.25 per common share to be paid on September 28, 2012 to shareholders of record as of September 20, 2012.

Company-Wide Operating Results

Net revenue for the second quarter of 2012 was $2.58 billion, an increase of 10.1% compared to $2.35 billion in the second quarter of 2011. Consolidated adjusted property EBITDA in the second quarter of 2012 was $844.7 million, a decrease of 6.3% compared to $901.6 million in the year-ago quarter. Consolidated adjusted property EBITDA margin decreased 570 basis points to 32.7% in the second quarter of 2012, compared to 38.4% in the second quarter of 2011. The EBITDA margin in the quarter was negatively impacted compared to the quarter one year ago due to lower hold in Macao, Singapore and Las Vegas and increased provisions for accounts receivable in Singapore.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2012 decreased 34.6% to $397.7 million, compared to $608.1 million in the second quarter of 2011. The decrease in operating income was principally due to a non-cash impairment loss of $100.8 million on parcels 7 and 8 in Macao, lower hold in Macao, Singapore and Las Vegas, higher provisions for accounts receivable in Singapore, elevated legal fees, and increased pre-opening expenses related to Sands Cotai Central.

Adjusted net income (see Note 1) decreased to $365.3 million, or $0.44 per diluted share, compared to $438.6 million, or $0.54 per diluted share, in the second quarter of 2011. The decrease in adjusted net income was principally driven by the lower hold on table games play and higher provisions for accounts receivable mentioned above.

On a GAAP basis, net income attributable to common stockholders in the second quarter of 2012 decreased 34.6% to $240.6 million, compared to $367.6 million in the second quarter of 2011, while diluted earnings per share in the second quarter of 2012 decreased 35.6% to $0.29, compared to $0.45 in the prior year quarter. The decrease in net income attributable to common stockholders reflected the decrease in operating income described above, as well as the loss on modification or early retirement of debt during the quarter, partially offset by the benefit from the discontinuation of preferred stock dividends and the accretion of preferred stock resulting from the redemption of the company's outstanding preferred stock in November 2011.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 22.3% to $1.48 billion in the second quarter of 2012, compared to $1.21 billion in the second quarter of 2011. Adjusted property EBITDA for Sands China Ltd. increased 10.7% to $422.9 million in the second quarter of 2012, compared to $382.1 million in the second quarter of 2011. Net income for Sands China Ltd. decreased 40.0% to $160.5 million in the second quarter of 2012, compared to $267.4 million in the second quarter of 2011. The decrease in net income for the quarter was principally due to the aforementioned $100.8 million non-cash impairment loss on parcels 7 and 8, lower Rolling Chip hold, and increased pre-opening expenses related to Cotai Central.

The Venetian Macao Second Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial performance. The property delivered adjusted property EBITDA of $229.2 million, a decrease of 11.3% compared to $258.4 million in the second quarter of 2011. Operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.68%. The 2011 quarter included an abnormally high Rolling Chip win percentage of 3.46%. Adjusted property EBITDA margin increased to 35.3% in the second quarter of 2012 from 35.1% in the year-ago quarter. Non-Rolling Chip drop was $1.02 billion for the quarter, about the same as the quarter one year ago, while Non-Rolling Chip win percentage increased to 30.6%. Rolling Chip volume during the quarter decreased 16.5% to $11.16 billion partially due to Paiza Club renovations, which resulted in 19 fewer active rolling tables on average during the quarter. Slot handle was $1.15 billion, an increase of 33.9% compared to the quarter one year ago. Mall revenues increased 23.7% during the quarter compared to the quarter last year. RevPAR decreased 1.0% to $198 due to lower hotel occupancy.

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

The Venetian Macao Operations

Three Months Ended
June 30,



(Dollars in millions)

2012

2011

$ Change

Change

Revenues:















Casino

$

561.6

$

648.5

$

(86.9

)

-13.4

%

Rooms

49.9


51.4


(1.5

)

-2.9

%

Food and Beverage

19.0


16.3


2.7

16.6

%

Mall

31.8


25.7


6.1

23.7

%

Convention, Retail and Other

14.7


18.0


(3.3

)

-18.3

%

Less - Promotional Allowances

(27.6

)

(24.5

)

(3.1

)

-12.7

%

Net Revenues

$

649.4

$

735.4

$

(86.0

)

-11.7

%
















Adjusted Property EBITDA

$

229.2

$

258.4

$

(29.2

)

-11.3

%

EBITDA Margin %

35.3

%

35.1

%




0.2 pts
















Operating Income

$

189.9

$

214.5

$

(24.6

)

-11.5

%
















Gaming Statistics














(Dollars in millions)






























Rolling Chip Volume

$

11,161.6

$

13,369.9

$

(2,208.3

)

-16.5

%

Rolling Chip Win %(1)

2.68

%

3.46

%




-0.78 pts
















Non-Rolling Chip Drop

$

1,020.9

$

1,024.2

$

(3.3

)

-0.3

%

Non-Rolling Chip Win %(2)

30.6

%

25.6

%




5.0 pts
















Slot Handle

$

1,148.8

$

858.2

$

290.6

33.9

%

Slot Hold %(3)

5.2

%

6.7

%




-1.5 pts
















Hotel Statistics






























Occupancy %

86.7

%

89.7

%




-3.0 pts

Average Daily Rate (ADR)

$

228

$

223

$

5

2.2

%

Revenue per Available Room (RevPAR)

$

198

$

200

$

(2

)

-1.0

%
















(1)This compares to The Venetian Macao's trailing 12 month Rolling Chip win percentage of 2.81% (calculated before discounts and commissions).

(2)This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip win percentage of 29.2% (calculated before discounts).

(3)This compares to The Venetian Macao's trailing 12 month slot hold percentage of 5.7% (calculated before slot club cash incentives).

Four Seasons Hotel Macao and Plaza Casino Second Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated record adjusted property EBITDA of $76.6 million in the second quarter of 2012, an increase of 103.7% compared to the $37.6 million for the second quarter of 2011. The operating results were positively impacted by higher than expected Rolling Chip win percentage of 3.05% for the current quarter, which enhanced adjusted property EBITDA. Rolling Chip volume reached $9.21 billion for the quarter, an increase of 174.4% compared to the second quarter of 2011. Non-Rolling Chip drop was $91.0 million while Non-Rolling Chip win was up 9.5% compared to the year-ago quarter. Slot handle was $199.1 million during the quarter, about the same as the second quarter of 2011. The non-gaming offerings of the property continued to exhibit healthy growth, with increases in occupancy and RevPAR, while mall revenue was $21.3 million, a 40.1% increase compared to last year's second quarter.

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

Four Seasons Hotel Macao and Plaza Casino Operations

Three Months Ended
June 30,



(Dollars in millions)

2012

2011

$ Change

Change

Revenues:















Casino

$

239.8

$

98.3

$

141.5

143.9

%

Rooms

8.9


7.6


1.3

17.1

%

Food and Beverage

5.6


5.4


0.2

3.7

%

Mall

21.3


15.2


6.1

40.1

%

Convention, Retail and Other

0.8


0.6


0.2

33.3

%

Less - Promotional Allowances

(10.3

)

(6.3

)

(4.0

)

-63.5

%

Net Revenues

$

266.1

$

120.8

$

145.3

120.3

%
















Adjusted Property EBITDA

$

76.6

$

37.6

$

39.0

103.7

%

EBITDA Margin %

28.8

%

31.2

%




-2.4 pts
















Operating Income

$

62.0

$

22.6

$

39.4

174.3

%
















Gaming Statistics














(Dollars in millions)






























Rolling Chip Volume

$

9,207.3

$

3,355.7

$

5,851.6

174.4

%

Rolling Chip Win %(1)

3.05

%

2.25

%




0.80 pts
















Non-Rolling Chip Drop

$

91.0

$

96.9

$

(5.9

)

-6.1

%

Non-Rolling Chip Win %(2)

43.9

%

37.6

%




6.3 pts
















Slot Handle

$

199.1

$

200.6

$

(1.5

)

-0.7

%

Slot Hold %(3)

5.4

%

5.4

%




0.0 pts
















Hotel Statistics






























Occupancy %

73.3

%

67.8

%




5.5 pts

Average Daily Rate (ADR)

$

357

$

323

$

34

10.5

%

Revenue per Available Room (RevPAR)

$

261

$

219

$

42

19.2

%
















(1)This compares to the Plaza Casino's trailing 12 month Rolling Chip win percentage of 2.85% (calculated before discounts and commissions).

(2)This compares to the Plaza Casino's trailing 12 month Non-Rolling Chip win percentage of 42.1% (calculated before discounts).

 

(3)This compares to the Plaza Casino's trailing 12 month slot hold percentage of 5.6% (calculated before slot club cash incentives).

Sands Cotai Central Second Quarter Operating Results

The first phase of Sands Cotai Central on Macao's Cotai Strip began operations on April 11, 2012, with a portion of the property's gaming, hotel, dining, convention and exhibition, and retail offerings open to the public for 81 days during the quarter. Net revenues and adjusted property EBITDA for this 81-day period were $265.6 million and $51.8 million, respectively, resulting in an EBITDA margin of 19.5%.

Rolling Chip volume was $6.82 billion with Rolling Chip win percentage of 3.12%. Non-Rolling Chip drop was $389.4 million while slot handle was $665.4 million. Hotel occupancy reached 75.1% during the quarter with ADR of $141.

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

81-Day Period Ended

Sands Cotai Central Operations

June 30,

(Dollars in millions)

2012

Revenues:




Casino

$

249.5

Rooms

15.3

Food and Beverage

9.4

Mall

3.3

Convention, Retail and Other

1.7

Less - Promotional Allowances

(13.6

)

Net Revenues

$

265.6





Adjusted Property EBITDA

$

51.8

EBITDA Margin %

19.5

%





Operating Loss

$

(17.9

)





Gaming Statistics



(Dollars in millions)








Rolling Chip Volume

$

6,820.6

Rolling Chip Win %

3.12

%





Non-Rolling Chip Drop

$

389.4

Non-Rolling Chip Win %

21.5

%





Slot Handle

$

665.4

Slot Hold %

4.0

%





Hotel Statistics









Occupancy %

75.1

%

Average Daily Rate (ADR)

$

141

Revenue per Available Room (RevPAR)

$

106

Sands Macao Second Quarter Operating Results

Sands Macao's adjusted property EBITDA was $71.3 million while adjusted property EBITDA margin was 26.3%. Lower than expected Rolling Chip win percentage of 2.58% negatively impacted adjusted property EBITDA. Rolling Chip volume was $6.16 billion for the quarter. Non-Rolling Chip drop was $717.1 million during the quarter, about the same as last year, despite a 21.5% decrease in the average number of Non-Rolling chip tables in operation during the quarter. The property had 212 Non-Rolling chip tables in operation on average during the quarter, compared to 270 in the year-ago quarter. Slot handle increased 32.2% to $611.7 million.

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

Sands Macao Operations

Three Months Ended
June 30,



(Dollars in millions)

2012

2011

$ Change

Change

Revenues:















Casino

$

264.8

$

323.7

$

(58.9

)

-18.2

%

Rooms

5.8


5.6


0.2

3.6

%

Food and Beverage

8.3


10.0


(1.7

)

-17.0

%

Convention, Retail and Other

2.4


2.1


0.3

14.3

%

Less - Promotional Allowances

(9.7

)

(10.4

)

0.7

6.7

%

Net Revenues

$

271.6

$

331.0

$

(59.4

)

-17.9

%
















Adjusted Property EBITDA

$

71.3

$

95.6

$

(24.3

)

-25.4

%

EBITDA Margin %

26.3

%

28.9

%




-2.6 pts
















Operating Income

$

63.3

$

87.0

$

(23.7

)

-27.2

%
















Gaming Statistics














(Dollars in millions)






























Rolling Chip Volume

$

6,164.8

$

7,753.3

$

(1,588.5

)

-20.5

%

Rolling Chip Win %(1)

2.58

%

2.98

%




-0.40 pts
















Non-Rolling Chip Drop

$

717.1

$

713.5

$

3.6

0.5

%

Non-Rolling Chip Win %(2)

19.7

%

20.0

%




-0.3 pts
















Slot Handle

$

611.7

$

462.6

$

149.1

32.2

%

Slot Hold %(3)

4.1

%

5.8

%




-1.7 pts
















Hotel Statistics






























Occupancy %

93.2

%

88.0

%




5.2 pts

Average Daily Rate (ADR)

$

242

$

242

$

0

0.0

%

Revenue per Available Room (RevPAR)

$

225

$

213

$

12

5.6

%
















(1)This compares to the Sands Macao's trailing 12 month Rolling Chip win percentage of 2.91% (calculated before discounts and commissions).

(2)This compares to the Sands Macao's trailing 12 month Non-Rolling Chip win percentage of 20.6% (calculated before discounts).

 

(3)This compares to the Sands Macao's trailing 12 month slot hold percentage of 4.6% (calculated before slot club cash incentives).

Marina Bay Sands Second Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $330.4 million for the second quarter. The operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.42% for the quarter, as well as a provision for accounts receivable of $39.9 million during the quarter, compared to $11.4 million in the second quarter of 2011. Adjusted property EBITDA margin was 47.6% for the quarter, and was negatively impacted by the lower hold and the higher provision.

Gaming volumes reflected strong growth in the mass segments. Non-Rolling Chip drop increased 8.2% to $1.21 billion, with Non-Rolling Chip win percentage of 22.2%. Slot handle increased 15.1% to reach $2.74 billion for the quarter, with slot hold percentage of 5.2%. Total mass win per day during the quarter increased 8.9% to reach $4.52 million, compared to $4.15 million in the second quarter of 2011. Rolling Chip volume was $11.51 billion for the quarter.

The high margin hotel room and mall segments of the property continued to reflect strong revenue growth of 30.0% and 13.0%, respectively, as the property's full complement of offerings and amenities continued to mature. Occupancy and ADR both expanded during the quarter, driving a RevPAR increase of 29.9% compared to the same quarter last year.

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

Bay Sands Operations

Three Months Ended
June 30,



(Dollars in millions)

2012

2011

$ Change

Change

Revenues:















Casino

$

550.2

$

594.6

$

(44.4

)

-7.5

%

Rooms

80.1


61.6


18.5

30.0

%

Food and Beverage

43.4


45.4


(2.0

)

-4.4

%

Mall

37.4


33.1


4.3

13.0

%

Convention, Retail and Other

25.0


40.2


(15.2

)

-37.8

%

Less - Promotional Allowances

(41.3

)

(37.3

)

(4.0

)

-10.7

%

Net Revenues

$

694.8

$

737.6

$

(42.8

)

-5.8

%
















Adjusted Property EBITDA

$

330.4

$

405.4

$

(75.0

)

-18.5

%

EBITDA Margin %

47.6

%

55.0

%




-7.4 pts
















Operating Income

$

235.3

$

315.3

$

(80.0

)

-25.4

%
















Gaming Statistics














(Dollars in millions)






























Rolling Chip Volume

$

11,505.7

$

12,228.8

$

(723.1

)

-5.9

%

Rolling Chip Win %(1)

2.42

%

2.99

%




-0.57 pts
















Non-Rolling Chip Drop

$

1,205.5

$

1,114.5

$

91.0

8.2

%

Non-Rolling Chip Win %(2)

22.2

%

22.5

%




-0.3 pts
















Slot Handle

$

2,741.1

$

2,380.7

$

360.4

15.1

%

Slot Hold %(3)

5.2

%

5.4

%




-0.2 pts
















Hotel Statistics






























Occupancy %

99.1

%

90.8

%




8.3 pts

Average Daily Rate (ADR)

$

351

$

295

$

56

19.0

%

Revenue per Available Room (RevPAR)

$

348

$

268

$

80

29.9

%
















(1)This compares to Marina Bay Sands' trailing 12 month Rolling Chip win percentage of 2.98% (calculated before discounts and commissions).

(2)This compares to Marina Bay Sands' trailing 12 month Non-Rolling Chip win percentage of 22.8% (calculated before discounts).

(3)This compares to Marina Bay Sands' trailing 12 month slot hold percentage of 5.3% (calculated before slot club cash incentives).

Las Vegas Second Quarter Operating Results

The Venetian and The Palazzo delivered adjusted property EBITDA of $64.4 million for the second quarter of 2012, a decrease of 30.7% compared to the $92.9 million generated in the second quarter of 2011. Adjusted property EBITDA margin was 19.7% for the quarter. The operating results were negatively impacted by lower than expected table games win percentage of 16.5% for the quarter. Table games hold was 20.0% in the 2011 quarter. Slot handle increased 8.2% to $445.1 million while table games drop increased 2.9% to $434.6 million. Stronger group meeting and convention business during the quarter drove a 2.5% increase in hotel ADR.

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

Las Vegas Operations

Three Months Ended
June 30,



(Dollars in millions)

2012

2011

$ Change

Change

Revenues:















Casino

$

94.6

$

105.1

$

(10.5

)

-10.0

%

Rooms

112.8


112.9


(0.1

)

-0.1

%

Food and Beverage

67.2


63.4


3.8

6.0

%

Convention, Retail and Other

72.3


68.0


4.3

6.3

%

Less - Promotional Allowances

(19.6

)

(16.9

)

(2.7

)

-16.0

%

Net Revenues

$

327.3

$

332.5

$

(5.2

)

-1.6

%
















Adjusted Property EBITDA

$

64.4

$

92.9

$

(28.5

)

-30.7

%

EBITDA Margin %

19.7

%

27.9

%




-8.2 pts
















Operating Income

$

38.3

$

53.8

$

(15.5

)

-28.8

%
















Gaming Statistics














(Dollars in millions)






























Table Games Drop

$

434.6

$

422.2

$

12.4

2.9

%

Table Games Win %(1)

16.5

%

20.0

%




-3.5 pts
















Slot Handle

$

445.1

$

411.5

$

33.6

8.2

%

Slot Hold %(2)

8.9

%

8.8

%




0.1 pts
















Hotel Statistics






























Occupancy %

86.2

%

88.8

%




-2.6 pts

Average Daily Rate (ADR)

$

205

$

200

$

5

2.5

%

Revenue per Available Room (RevPAR)

$

176

$

177

$

(1

)

-0.6

%
















(1) This compares to our Las Vegas Operations' trailing 12 month table games win percentage of 20.0% (calculated before discounts).

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

Sands Bethlehem Second Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $115.1 million and adjusted property EBITDA reached $26.9 million for the second quarter of 2012. Table games drop was $218.4 million for the quarter, an increase of 44.2% compared to the quarter one year ago, while table games win percentage was 14.3%. Slot handle increased 6.8% to reach $1.01 billion for the quarter with slot hold percentage of 7.2%. The property's 300-room hotel tower contributed $2.4 million of room revenue during the current quarter. The hotel, together with the addition of the retail mall and the events center, which debuted in May 2012, should contribute to future growth of both gaming and non-gaming offerings at the property.

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

Sands Bethlehem Operations

Three Months Ended
June 30,



(Dollars in millions)

2012

2011(1)

$ Change

Change

Revenues:















Casino

$

107.0

$

92.0

$

15.0

16.3

%

Rooms

2.4


0.7


1.7

242.9

%

Food and Beverage

6.9


5.5


1.4

25.5

%

Mall

0.5


-


0.5

N/A

Convention, Retail and Other

4.3


3.6


0.7

19.4

%

Less - Promotional Allowances

(6.0

)

(4.7

)

(1.3

)

-27.7

%

Net Revenues

$

115.1

$

97.1

$

18.0

18.5

%
















Adjusted Property EBITDA

$

26.9

$

21.0

$

5.9

28.1

%

EBITDA Margin %

23.4

%

21.7

%




1.7 pts
















Operating Income

$

17.4

$

12.5

$

4.9

39.2

%
















Gaming Statistics














(Dollars in millions)






























Table Games Drop

$

218.4

$

151.5

$

66.9

44.2

%

Table Games Win %(2)

14.3

%

14.0

%




0.3 pts
















Slot Handle

$

1,012.6

$

947.9

$

64.7

6.8

%

Slot Hold %(3)

7.2

%

7.2

%




0.0 pts
















Hotel Statistics






























Occupancy %

62.2

%

49.1

%




13.1 pts

Average Daily Rate (ADR)

$

142

$

168


(26

)

-15.5

%

Revenue per Available Room (RevPAR)

$

88

$

83


5

6.0

%
















(1) The hotel tower opened on May 27, 2011 and the first phase of the retail mall opened on November 1, 2011.

(2) This compares to Sands Bethlehem's trailing 12 month table games win percentage of 14.2% (calculated before discounts).

(3) This compares to Sands Bethlehem's trailing 12 month slot hold percentage of 7.2% (calculated before slot club cash incentives).

Retail Mall Operations

Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, the Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $93.3 million for the second quarter of 2012, an increase of 26.3% compared to the second quarter of 2011. Operating profit derived from these retail mall assets increased 30.7% for the quarter to reach $75.8 million.

For The Three Months Ended June 30, 2012

LTM June 30, 2012

(Dollars in millions
except per square foot data)

Gross Revenue

Operating Profit(1)

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

$

31.3

$

25.5

81.5%

806,897

91.6%

$

1,165
















The Shoppes at Four Seasons















Luxury Retail

17.3

16.3

94.2%

87,063

100.0%

6,335

Other Stores

4.0

3.4

85.0%

102,025

85.6%

1,251

Total

21.3

19.7

92.5%

189,088

92.2%

4,095
















The Shoppes at Sands Cotai Central (Phase I only)

3.3

2.1

63.6%

50,635

100.0%

N/A
















The Shoppes at Marina Bay Sands

37.4

28.5

76.2%

629,734

97.2%

1,313
















Total

$

93.3

$

75.8

81.2%

1,676,354

94.0%

$

1,582
















(1) Operating profit excludes bad debt expense of $0.1 million at The Grand Canal Shoppes at The Venetian Macao and $0.2 million at The Shoppes at Four Seasons. Bad debt expense at The Shoppes at Sands Cotai Central and The Shoppes at Marina Bay Sands was immaterial for the quarter.

 

(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 $6.0 million during the quarter, an improvement over last year's loss during the quarter of $9.2 million.

Pre-opening expenses, related primarily to Cotai Central on the Cotai Strip in Macao, increased to $43.5 million in the second quarter of 2012, compared to $18.2 million in the second quarter of 2011.

Depreciation and amortization expense was $220.4 million in the second quarter of 2012, compared to $206.2 million in the second quarter of 2011.

Interest expense, net of amounts capitalized, was $64.5 million for the second quarter of 2012, compared to $70.6 million during the second quarter of 2011. The decrease was principally the result of a lower average borrowing cost, as well as lower debt balances outstanding during the quarter compared to the second quarter of 2011. Capitalized interest was $12.3 million during the second quarter of 2012, compared to $31.8 million during the second quarter of 2011. Our weighted average borrowing cost in the second quarter of 2012 was 3.0%.

Corporate expense was $58.6 million in the second quarter of 2012, compared to $42.4 million in the second quarter of 2011. The increase was primarily driven by higher legal fees.

The company recorded a non-cash impairment loss of $100.8 million related to capitalized costs on parcels 7 and 8 in Macao.

Other income, which was principally composed of foreign currency gains, was $1.8 million in the second quarter of 2012, compared to $1.9 million in the second quarter of 2011.

The company recorded a $16.4 million loss on modification or early retirement of debt as a result of the refinancing of its Singapore credit facility and the pre-payment of debt in the United States (see balance sheet items section below).

The company's effective income tax rate for the second quarter of 2012 was 12.0%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the second quarter of 2012 of $45.8 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of June 30, 2012, were $3.52 billion, while restricted cash balances were $7.6 million.

As of June 30, 2012, total debt outstanding, including the current portion, was $9.37 billion. That balance reflects the early retirement of debt in the United States of approximately $400 million that was completed during the second quarter of 2012. Total principal payments for the remainder of 2012 and the full year 2013 are approximately $16.7 million and $96.8 million, respectively.

During the quarter, the company refinanced its Singapore credit facility.

Capital Expenditures

Capital expenditures during the second quarter totaled $337.3 million, including construction and development activities of $269.3 million in Macao, $38.3 million in Las Vegas, $25.1 million at Marina Bay Sands, and $4.6 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, July 25, 2012 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.lasvegassands.com.

Forward-Looking Statements

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

Note 1

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

About Las Vegas Sands

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

THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, and SANDS® Bethlehem in Eastern Pennsylvania are the company's properties in the United States.

MARINA BAY SANDS® is the company's iconic Integrated Resort in Singapore's downtown Marina Bay district.

Through its majority-owned subsidiary Sands China Ltd., the company owns a portfolio of properties on Macao's COTAISTRIP®, including THE VENETIAN® Macao, Four Seasons Hotel Macao, and Sands Cotai Central, a 13.7 million square foot 6,400-room Integrated Resort, the first phase of which debuted in April 2012. The company also owns the SANDS® Macao on the Macao Peninsula.

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

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

Within the company's second quarter 2012 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," and "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 and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA are included in the financial schedules accompanying this release.

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)



Three Months Ended

Six Months Ended

June 30,

June 30,

2012

2011

2012

2011
















Revenues:















Casino

$

2,067,424

$

1,862,272

$

4,333,917

$

3,526,761

Rooms

275,311


239,696


543,038


471,670

Food and beverage

159,744


146,016


313,199


291,409

Mall

93,740


73,879


165,158


129,744

Convention, retail and other

116,834


126,763


246,551


235,553


2,713,053


2,448,626


5,601,863


4,655,137

Less - promotional allowances

(131,147

)

(103,530

)

(257,215

)

(198,122

)


2,581,906


2,345,096


5,344,648


4,457,015

Operating expenses:















Resort operations

1,743,557


1,450,362


3,448,955


2,824,842

Corporate

58,592


42,376


107,547


79,952

Pre-opening

43,472


18,178


94,931


27,649

Development

6,797


2,420


7,995


2,993

Depreciation and amortization

220,440


206,161


415,187


396,398

Amortization of leasehold interests in land

10,057


10,034


20,002


23,190

Impairment loss

100,781


-


143,674


-

Loss on disposal of assets

482


7,443


1,075


7,942


2,184,178


1,736,974


4,239,366


3,362,966

Operating income

397,728


608,122


1,105,282


1,094,049

Other income (expense):















Interest income

6,892


4,028


12,540


6,075

Interest expense, net of amounts capitalized

(64,533

)

(70,592

)

(129,205

)

(144,177

)

Other income (expense)

1,782


1,908


(1,637

)

(2,767

)

Loss on modification or early retirement of debt

(16,403

)

-


(19,234

)

-

Income before income taxes

325,466


543,466


967,746


953,180

Income tax expense

(39,085

)

(54,374

)

(102,256

)

(99,585

)

Net income

286,381


489,092


865,490


853,595

Net income attributable to noncontrolling interests

(45,794

)

(78,455

)

(125,961

)

(153,635

)

Net income attributable to Las Vegas Sands Corp.

240,587


410,637


739,529


699,960

Preferred stock dividends

-


(19,219

)

-


(38,817

)

Accretion to redemption value of preferred stock issued to Principal Stockholder's family


-



(23,136

)


-



(46,272

)

Preferred stock inducement and repurchase premiums

-


(675

)

-


(19,108

)

Net income attributable to common stockholders

$

240,587

$

367,607

$

739,529

$

595,763
















Earnings per share:















Basic

$

0.29

$

0.50

$

0.94

$

0.82

Diluted

$

0.29

$

0.45

$

0.90

$

0.73
















Weighted average shares outstanding:















Basic

821,110,555


728,695,140


790,773,996


726,056,840

Diluted

826,102,326


811,274,706


822,458,833


811,243,195
















Dividends declared per common share

$

0.25

$

-

$

0.50

$

-

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 June 30, 2012








Amortization

Impairment

Pre-















of

and (Gain)

Opening










Operating

Depreciation

Leasehold

Loss 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

$

189,918

$

36,344

$

1,652

$

17

$

53

$

-

$

1,257

$

-

$

229,241

Sands Macao

63,292


7,616

353

(261

)

-

-


304

-

71,304

Four Seasons Hotel Macao and Plaza Casino

61,985


12,480

705

33


1,340

-


44

-

76,587

Sands Cotai Central

(17,876

)

25,558

2,152

-


41,771

-


233

-

51,838

Macao Property Operations

297,319


81,998

4,862

(211

)

43,164

-


1,838

-

428,970

Marina Bay Sands

235,291


66,016

4,574

138


-

22,649


1,737

-

330,405

United States:






























Las Vegas Operating Properties

38,282


56,034

-

165


-

(32,696

)

2,565

-

64,350

Sands Bethlehem

17,362


8,865

-

405


147

-


138

-

26,917

United States Property Operations

55,644


64,899

-

570


147

(32,696

)

2,703

-

91,267

Other Asia (2)

(20,066

)

3,702

-

24


51

10,274


60

-

(5,955

)

Other Development

(108,424

)

153

621

100,743


6,907

-


-

-

-

Corporate

(62,036

)

3,672

-

(1

)

-

(227

)

-

58,592

-

$

397,728

$

220,440

$

10,057

$

101,263

$

50,269

$

-

$

6,338

$

58,592

$

844,687































 

Three Months Ended June 30, 2011




























Amortization

(Gain)

Pre-















of

Loss on

Opening



(1)





Operating

Depreciation

Leasehold

Disposal

and



Stock-


Adjusted

Income

and

Interests

of

Development

Royalty

Based

Corporate

Property

(Loss)

Amortization

in Land

Assets

Expense

Fees

Compensation

Expense

EBITDA

Macao:






























The Venetian Macao

$

214,460

$

42,132

$

1,028

$

(1,093

)

$

18

$

-

$

1,821

$

-

$

258,366

Sands Macao

86,982


7,737

352

21


-

-


481

-

95,573

Four Seasons Hotel Macao and Plaza Casino

22,602


13,150

703

37


1,002

-


126

-

37,620

Macao Property Operations

324,044


63,019

2,083

(1,035

)

1,020

-


2,428

-

391,559

Marina Bay Sands

315,292


62,078

4,565

56


274

22,334


760

-

405,359

United States:






























Las Vegas Operating Properties

53,811


65,037

-

(1,715

)

-

(27,111

)

2,887

-

92,909

Sands Bethlehem

12,508


7,532

-

-


484

-


515

-

21,039

United States Property Operations

66,319


72,569

-

(1,715

)

484

(27,111

)

3,402

-

113,948

Other Asia (2)

(18,522

)

3,843

-

4


133

5,000


312

-

(9,230

)

Other Development

(24,718

)

174

3,386

2,471


18,687

-


-

-

-

Corporate

(54,293

)

4,478

-

7,662


-

(223

)

-

42,376

-

$

608,122

$

206,161

$

10,034

$

7,443

$

20,598

$

-

$

6,902

$

42,376

$

901,636































 

Six Months Ended June 30, 2012






























Impairment




















and


















Amortization

(Gain)

Pre-















of

Loss

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

$

388,486

$

73,112

$

3,302

$

42,949

$

53

$

-

$

3,272

$

-

$

511,174

Sands Macao

161,834


15,027

706

(169

)

-

-


862

-

178,260

Four Seasons Hotel Macao and Plaza Casino

115,395


24,904

1,410

37


2,222

-


138

-

144,106

Sands Cotai Central

(17,876

)

25,558

2,152

-


41,771

-


233

-

51,838

Macao Property Operations

647,839


138,601

7,570

42,817


44,046

-


4,505

-

885,378

Marina Bay Sands

608,489


131,067

9,042

(1

)

-

50,790


3,537

-

802,924

United States:






























Las Vegas Operating Properties

125,986


112,716

-

567


-

(65,556

)

6,443

-

180,156

Sands Bethlehem

35,540


17,739

-

413


241

-


486

-

54,419

United States Property Operations

161,526


130,455

-

980


241

(65,556

)

6,929

-

234,575

Other Asia (2)

(35,016

)

7,383

-

24


122

15,274


536

-

(11,677

)

Other Development

(163,259

)

422

3,390

100,930


58,517

-


-

-

-

Corporate

(114,297

)

7,259

-

(1

)

-

(508

)

-

107,547

-

$

1,105,282

$

415,187

$

20,002

$

144,749

$

102,926

$

-

$

15,507

$

107,547

$

1,911,200

Six Months Ended June 30, 2011




























Amortization

(Gain)

Pre-















of

Loss on

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

$

395,301

$

85,411

$

3,297

$

(720

)

$

215

$

-

$

3,262

$

-

$

486,766

Sands Macao

170,895


15,549

705

122


-

-


950

-

188,221

Four Seasons Hotel Macao and Plaza Casino

65,282


26,504

1,407

122


1,631

-


221

-

95,167

Macao Property Operations

631,478


127,464

5,409

(476

)

1,846

-


4,433

-

770,154

Marina Bay Sands

512,019


117,984

12,248

743


2,844

41,275


2,717

-

689,830

United States:






























Las Vegas Operating Properties

85,129


119,117

-

(1,778

)

-

(50,862

)

6,468

-

158,074

Sands Bethlehem

26,626


14,853

-

-


639

-


1,030

-

43,148

United States Property Operations

111,755


133,970

-

(1,778

)

639

(50,862

)

7,498

-

201,222

Other Asia (2)

(32,549

)

7,970

-

2


192

10,000


549

-

(13,836

)

Other Development

(32,792

)

349

5,533

1,789


25,121

-


-

-

-

Corporate

(95,862

)

8,661

-

7,662


-

(413

)

-

79,952

-

$

1,094,049

$

396,398

$

23,190

$

7,942

$

30,642

$

-

$

15,197

$

79,952

$

1,647,370
































(1) During the three months ended June 30, 2012 and 2011, the Company recorded stock-based compensation expense of $13.7 million and $13.1 million, respectively, of which $7.1 million and $6.1 million, respectively, is included in corporate expense and $0.3 million and $0.1 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the six months ended June 30, 2012 and 2011, the Company recorded stock-based compensation expense of $32.9 million and $33.3 million, respectively, of which $16.9 million and $17.9 million, respectively, is included in corporate expense and $0.5 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 Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)


The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA:



Three Months Ended

Six Months Ended


June 30,

June 30,


2012

2011

2012

2011

Net income attributable to Las Vegas Sands Corp.

$

240,587

$

410,637

$

739,529

$

699,960

Add (deduct):
















Net income attributable to noncontrolling interests

45,794


78,455


125,961


153,635

Income tax expense

39,085


54,374


102,256


99,585

Loss on modification or early retirement of debt

16,403


-


19,234


-

Other (income) expense

(1,782

)

(1,908

)

1,637


2,767

Interest expense, net of amounts capitalized

64,533


70,592


129,205


144,177

Interest income

(6,892

)

(4,028

)

(12,540

)

(6,075

)

Loss on disposal of assets

482


7,443


1,075


7,942

Impairment loss

100,781


-


143,674


-

Amortization of leasehold interests in land

10,057


10,034


20,002


23,190

Depreciation and amortization

220,440


206,161


415,187


396,398

Development expense

6,797


2,420


7,995


2,993

Pre-opening expense

43,472


18,178


94,931


27,649

Stock-based compensation (1)

6,338


6,902


15,507


15,197

Corporate expense

58,592


42,376


107,547


79,952

















Adjusted Property EBITDA

$

844,687

$

901,636

$

1,911,200

$

1,647,370


































(1) See prior page (Exhibit 2)

















































Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Net Revenues

(In thousands)

(Unaudited)




Three Months Ended

Six Months Ended


June 30,

June 30,


2012

2011

2012

2011

















The Venetian Macao

$

649,446

$

735,405

$

1,422,206

$

1,373,674

Sands Macao

271,603


330,960


620,686


653,753

Four Seasons Hotel Macao and Plaza Casino

266,137


120,757


565,741


292,864

Sands Cotai Central

265,601


-


265,601


-

Marina Bay Sands

694,762


737,569


1,543,431


1,322,494

Las Vegas Operating Properties

327,313


332,522


711,916


637,597

Sands Bethlehem

115,096


97,120


230,658


188,150

Other Asia

37,935


32,450


73,503


66,223

Intersegment Eliminations

(45,987

)

(41,687

)

(89,094

)

(77,740

)



















$

2,581,906

$

2,345,096

$

5,344,648

$

4,457,015





























































 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues

(Unaudited)




Three Months Ended

Six Months Ended


June 30,

June 30,


2012

2011

2012

2011

The Venetian Macao

35.3

%

35.1

%

35.9

%

35.4

%

Sands Macao

26.3

%

28.9

%

28.7

%

28.8

%

Four Seasons Hotel Macao and Plaza Casino

28.8

%

31.2

%

25.5

%

32.5

%

Sands Cotai Central

19.5

%

N/A

19.5

%

N/A

Marina Bay Sands

47.6

%

55.0

%

52.0

%

52.2

%

Las Vegas Operating Properties

19.7

%

27.9

%

25.3

%

24.8

%

Sands Bethlehem

23.4

%

21.7

%

23.6

%

22.9

%

Other Asia

-15.7

%

-28.4

%

-15.9

%

-20.9

%













Total

32.7

%

38.4

%

35.8

%

37.0

%



























Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted Share

(In thousands, except share and per share data)

(Unaudited)



Three Months Ended

Six Months Ended


June 30,

June 30,


2012

2011

2012

2011













Net income attributable to common stockholders

$

240,587

$

367,607

$

739,529

$

595,763













Pre-opening expense, net

30,611

18,131

66,810

27,165

Development expense, net

6,797

2,420

7,995

2,993

Impairment loss, net

70,855

-

101,009

-

Loss on disposal of assets, net

549

7,443

1,046

7,942

Loss on modification or early retirement of debt, net

15,883

-

18,714

-

Preferred stock dividends

-

19,219

-

38,817

Accretion to redemption value of preferred stock issued to Principal Stockholder's family


-


23,136


-


46,272

Preferred stock inducement and repurchase premiums

-

675

-

19,108













Adjusted net income

$

365,282

$

438,631

$

935,103

$

738,060


























Per diluted share of common stock:











Net income attributable to common stockholders

$

0.29

$

0.46

$

0.90

$

0.74













Pre-opening expense, net

0.03

0.02

0.08

0.03

Development expense, net

0.01

-

0.01

-

Impairment loss, net

0.09

-

0.13

-

Loss on disposal of assets, net

-

0.01

-

0.01

Loss on modification or early retirement of debt, net

0.02

-

0.02

-

Preferred stock dividends

-

0.02

-

0.05

Accretion to redemption value of preferred stock issued to Principal Stockholder's family


-


0.03


-


0.06

Preferred stock inducement and repurchase premiums

-

-

-

0.02













Adjusted earnings per diluted share

$

0.44

$

0.54

$

1.14

$

0.91













Weighted average diluted shares outstanding

826,102,326

811,274,706

822,458,833

811,243,195


















































 

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data Schedule

(Unaudited)




Three Months Ended

Six Months Ended


June 30,

June 30,


2012

2011

2012

2011

















Room Statistics:
















The Venetian Macao:

















Occupancy %

86.7

%

89.7

%

90.1

%

88.1

%


Average daily room rate (ADR) (1)

$

228

$

223

$

236

$

225


Revenue per available room (RevPAR) (2)

$

198

$

200

$

213

$

198


















Sands Macao:

















Occupancy %

93.2

%

88.0

%

93.5

%

86.5

%


Average daily room rate (ADR) (1)

$

242

$

242

$

247

$

247


Revenue per available room (RevPAR) (2)

$

225

$

213

$

231

$

213


















Four Seasons Hotel Macao and Plaza Casino:

















Occupancy %

73.3

%

67.8

%

77.8

%

66.2

%


Average daily room rate (ADR) (1)

$

357

$

323

$

358

$

331


Revenue per available room (RevPAR) (2)

$

261

$

219

$

279

$

220


















Sands Cotai Central:

















Occupancy %

75.1

%

N/A


75.1

%

N/A


Average daily room rate (ADR) (1)

$

141


N/A

$

141


N/A


Revenue per available room (RevPAR) (2)

$

106


N/A

$

106


N/A


















Marina Bay Sands:

















Occupancy %

99.1

%

90.8

%

98.7

%

88.6

%


Average daily room rate (ADR) (1)

$

351

$

295

$

346

$

290


Revenue per available room (RevPAR) (2)

$

348

$

268

$

341

$

257


















Las Vegas Operating Properties:

















Occupancy %

86.2

%

88.8

%

84.8

%

86.4

%


Average daily room rate (ADR) (1)

$

205

$

200

$

209

$

206


Revenue per available room (RevPAR) (2)

$

176

$

177

$

177

$

178


















Sands Bethlehem:

















Occupancy %

62.2

%

49.1

%

56.2

%

49.1

%


Average daily room rate (ADR) (1)

$

142

$

168

$

141

$

168


Revenue per available room (RevPAR) (2)

$

88

$

83

$

79

$

83

















Casino Statistics:
















The Venetian Macao:

















Table games win per unit per day (3)

$

13,860

$

13,269

$

14,117

$

12,276


Slot machine win per unit per day (4)

$

295

$

295

$

315

$

279


Average number of table games

485


600


527


599


Average number of slot machines

2,220


2,154


2,251


2,152


















Sands Macao:

















Table games win per unit per day (3)

$

9,500

$

9,926

$

10,159

$

9,875


Slot machine win per unit per day (4)

$

240

$

257

$

267

$

267


Average number of table games

348


414


373


415


Average number of slot machines

1,158


1,157


1,125


1,145


















Four Seasons Hotel Macao and Plaza Casino:

















Table games win per unit per day (3)

$

22,227

$

10,420

$

24,625

$

13,988


Slot machine win per unit per day (4)

$

649

$

627

$

694

$

662


Average number of table games

159


118


162


118


Average number of slot machines

183


190


180


192


















Sands Cotai Central:

















Table games win per unit per day (3)

$

10,112


N/A

$

10,112


N/A


Slot machine win per unit per day (4)

$

397


N/A

$

397


N/A


Average number of table games

362


N/A


362


N/A


Average number of slot machines

819


N/A


819


N/A


















Marina Bay Sands:

















Table games win per unit per day (3)

$

9,825

$

11,185

$

11,395

$

9,936


Slot machine win per unit per day (4)

$

636

$

611

$

646

$

568


Average number of table games

611


606


609


610


Average number of slot machines

2,484


2,297


2,482


2,293


















Las Vegas Operating Properties:

















Table games win per unit per day (3)

$

3,402

$

4,032

$

5,227

$

3,586


Slot machine win per unit per day (4)

$

200

$

152

$

194

$

147


Average number of table games

231


230


229


228


Average number of slot machines

2,170


2,608


2,293


2,666


















Sands Bethlehem:

















Table games win per unit per day (3)

$

2,813

$

2,550

$

2,799

$

2,698


Slot machine win per unit per day (4)

$

265

$

249

$

272

$

244


Average number of table games

122


91


120


84


Average number of slot machines

3,024


3,024


3,009


3,020






































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

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

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

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


Contact:

Investment Community:
Daniel Briggs
(702) 414-1221

Media:
Ron Reese
(702) 414-3607

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