eh1200913_8k.htm

0000950142-12-001602.txt : 20120725 0000950142-12-001602.hdr.sgml : 20120725 20120725162158 ACCESSION NUMBER: 0000950142-12-001602 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120725 DATE AS OF CHANGE: 20120725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAS VEGAS SANDS CORP CENTRAL INDEX KEY: 0001300514 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 270099920 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32373 FILM NUMBER: 12979108 BUSINESS ADDRESS: STREET 1: 3355 LAS VEGAS BOULEVARD, SOUTH STREET 2: ROOM 1A CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: (702) 414-1000 MAIL ADDRESS: STREET 1: 3355 LAS VEGAS BOULEVARD, SOUTH STREET 2: ROOM 1A CITY: LAS VEGAS STATE: NV ZIP: 89109 8-K 1 eh1200913_8k.htm FORM 8-K eh1200913_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): July 25, 2012

LAS VEGAS SANDS CORP.
(Exact name of registrant as specified in its charter)
NEVADA
(State or other jurisdiction of incorporation)

001-32373	27-0099920
(Commission File Number)	(IRS Employer Identification No.)

3355 LAS VEGAS BOULEVARD SOUTH LAS VEGAS, NEVADA	89109
(Address of principal executive offices)	(Zip Code)

(702) 414-1000

(Registrant’s Telephone Number, Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

	¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

	¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The following information is being furnished under Item 2.02 — Results of Operations and Financial Condition.

On July 25, 2012, Las Vegas Sands Corp. (the “Company”) issued a press release announcing its results of operations for the second quarter ended June 30, 2012. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.

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,” which have directly comparable generally accepted accounting principles ("GAAP") financial measures. The Company believes that these measures represent important internal measures of financial performance. 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 the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition, results of operations and cash flows are as follows:

Adjusted net income and adjusted earnings per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of gaming companies, as these non-GAAP measures are considered by many as an alternative measure on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations. Accordingly, these non-GAAP measures are presented so that investors have the same financial data that management uses in evaluating financial performance with the belief that it will assist the investment community in properly assessing the underlying financial performance of the Company on a year-over-year and a quarter sequential basis.

Adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes adjusted property EBITDA to compare the operating profitability of its casinos with those of its competitors, as well as a basis for determining certain incentive compensation. The Company is also presenting adjusted property EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific casino properties, such as pre-opening expense, development expense and corporate expense, from their EBITDA calculations. When evaluating adjusted property EBITDA, investors should consider, among other factors, (1) increasing or decreasing trends in adjusted property EBITDA and (2) how adjusted property EBITDA compares to levels of debt and interest expense. However, adjusted property EBITDA should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, interest payments and debt principal repayments, which are not reflected in adjusted property EBITDA. Not all companies calculate EBITDA in the same manner. As a result, adjusted property EBITDA as presented by Las Vegas Sands Corp. may not be directly comparable to similarly titled measures presented by other companies. Adjusted property EBITDA consists of adjusted EBITDA for a particular property, such as The Venetian and The Palazzo in Las Vegas, The Venetian Macao, the Sands Macao, the Four Seasons Hotel Macao and Plaza Casino, and Sands Cotai Central in Macao and the Marina Bay Sands in Singapore. Accordingly, the measures are presented so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in properly assessing the underlying performance of the Company on a year-over-year and a quarter sequential basis.

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS.

(d)	Exhibits.
99.1	Press Release, dated July 25, 2012.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: July 25, 2012

LAS VEGAS SANDS CORP.


By:	/s/ Kenneth J. Kay
	Name:	Kenneth J. Kay
	Title:	Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS

99.1	Press Release, dated July 25, 2012.

EX-99.1 2 eh1200913_ex9901.htm EXHIBIT 99.1 eh1200913_ex9901.htm

EXHIBIT 99.1

Las Vegas Sands Reports Second

Quarter 2012 Results

Net Revenue Increased 10.1% to $2.58 Billion in the Second Quarter of 2012 Compared to the Second Quarter of 2011

Consolidated Adjusted Property EBITDA was $844.7 Million and Reflected Low Hold on Table Games Play in Singapore, Macao and Las Vegas

Adjusted Earnings per Diluted Share was $0.44 in the Second Quarter of 2012 Compared to $0.54 in the Second Quarter of 2011

Third Consecutive Quarterly Dividend of $0.25 per Share Declared

Las Vegas, NV (July 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:

	Three Months Ended
The Venetian Macao Operations	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:

	Three Months Ended
Four Seasons Hotel Macao and Plaza Casino Operations	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:

	Three Months Ended
Sands Macao Operations	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:

	Three Months Ended
Marina Bay Sands Operations	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:

	Three Months Ended
Las Vegas Operations	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:

	Three Months Ended
Sands Bethlehem Operations	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 14.5% (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 Profit1		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.

Contacts:

Investment Community:	Daniel Briggs	(702) 414-1221

Media:	Ron Reese	(702) 414-3607

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		$	-

Exhibit 1

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-Opening
				Depreciation		of Leasehold		and (Gain) Loss			and						(1)			Adjusted
	Operating			and		Interests		on Disposal			Development		Royalty			Stock-Based		Corporate		Property
	Income (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					Pre-Opening
				Depreciation		of Leasehold		(Gain) Loss			and						(1)			Adjusted
	Operating			and		Interests		on Disposal			Development		Royalty			Stock-Based		Corporate		Property
	Income (Loss)			Amortization		in Land		of 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

						Amortization		Impairment			Pre-Opening
				Depreciation		of Leasehold		and (Gain) Loss			and						(1)			Adjusted
	Operating			and		Interests		on Disposal			Development		Royalty			Stock-Based		Corporate		Property
	Income (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					Pre-Opening
				Depreciation		of Leasehold		(Gain) Loss			and						(1)			Adjusted
	Operating			and		Interests		on Disposal			Development		Royalty			Stock-Based		Corporate		Property
	Income (Loss)			Amortization		in Land		of 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.

Exhibit 2

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%

Exhibit 3

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

Exhibit 4

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.

Exhibit 5

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