eh1300661_8k.htm

0000950142-13-001076.txt : 20130501 0000950142-13-001076.hdr.sgml : 20130501 20130501161211 ACCESSION NUMBER: 0000950142-13-001076 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130501 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130501 DATE AS OF CHANGE: 20130501 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: 13803307 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 eh1300661_8k.htm FORM 8-K eh1300661_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): May 1, 2013

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)

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

	o	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 May 1, 2013, Las Vegas Sands Corp. (the “Company”) issued a press release announcing its results of operations for the first quarter ended March 31, 2013. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.

Within the Company’s first quarter 2013 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 along with “hold-adjusted adjusted property EBITDA,” “hold-adjusted adjusted net income,” and “hold-adjusted adjusted earnings per diluted share.” 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.

Hold-adjusted 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 addition to the aforementioned reasons for the presentation of adjusted property EBITDA in the Company’s financial reporting, hold-adjusted adjusted property EBITDA is presented to adjust for the impact of certain variances in table games’ win percentages, which can vary from period to period. The hold-adjusted adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period and has been 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.

Hold-adjusted adjusted net income and hold-adjusted adjusted earnings per diluted share are additional supplemental non-GAAP financial measures used by management, as well as industry analysts, to evaluate the Company’s operations and operating performance. In addition to the aforementioned reasons for the presentation of adjusted net income and adjusted earnings per diluted share, these non-GAAP financial measures are presented to adjust for the impact of certain variances in table games’ win percentages, which can vary from period to period. 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.

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS.

(d)	Exhibits.
99.1	Press Release, dated May 1, 2013.

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: May 1, 2013

	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 May 1, 2013.

EX-99.1 2 eh1300661_ex9901.htm EXHIBIT 99.1 eh1300661_ex9901.htm

EXHIBIT 99.1

Press Release

Las Vegas Sands Reports All-Time Record

Quarterly Results

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

—

Net Revenue Increased 19.5% to a Record $3.30 Billion

—

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

—

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

—

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

—

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

—

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

Las Vegas, NV (May 1, 2013) — Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended March 31, 2013.

First Quarter Overview

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

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

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

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

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

Company-Wide Operating Results

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

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

On a GAAP basis, net income attributable to Las Vegas Sands in the first quarter of 2013 increased 14.6% to $572.0 million, compared to $498.9 million in the first quarter of 2012, while diluted earnings per share in the first quarter of 2013 increased 13.1% to $0.69, compared to $0.61 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests.

Adjusted net income (see Note 1) increased to $583.9 million, or $0.71 per diluted share, compared to $569.8 million, or $0.70 per diluted share, in the first quarter of 2012. The increase in adjusted net income was driven by the higher net income attributable to Las Vegas Sands described above.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 39.3% to $2.02 billion in the first quarter of 2013, compared to $1.45 billion in the first quarter of 2012. Adjusted property EBITDA for Sands China Ltd. increased 39.0% to $626.4 million in the first quarter of 2013, compared to $450.6 million in the first quarter of 2012. Net income for Sands China Ltd. increased 63.3% to $452.9 million in the first quarter of 2013, compared to $277.4 million in the first quarter of 2012.

The Venetian Macao First Quarter Operating Results

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

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

	Three Months Ended
The Venetian Macao Operations	March 31,
(Dollars in millions)	2013			2012			$ Change			Change
Revenues:
Casino	$	778.5		$	673.9		$	104.6			15.5%
Rooms		54.4			59.0			(4.6	)		-7.8%
Food and Beverage		21.9			22.5			(0.6	)		-2.7%
Mall		30.3			26.3			4.0			15.2%
Convention, Retail and Other		16.7			22.8			(6.1	)		-26.8%
Less - Promotional Allowances		(29.6	)		(31.7	)		2.1			6.6%
Net Revenues	$	872.2		$	772.8		$	99.4			12.9%

Adjusted Property EBITDA	$	348.5		$	281.9		$	66.6			23.6%
EBITDA Margin %		40.0%			36.5%					3.5 pts

Operating Income	$	311.9		$	198.6		$	113.3			57.0%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume	$	11,670.9		$	13,801.6		$	(2,130.7	)		-15.4%
Rolling Chip Win %(1)		3.57%			2.93%					0.64 pts

Non-Rolling Chip Drop	$	1,333.9		$	1,105.6		$	228.3			20.6%
Non-Rolling Chip Win %		32.1%			30.7%					1.4 pts

Slot Handle	$	1,191.5		$	1,240.8		$	(49.3	)		-4.0%
Slot Hold %		5.5%			5.6%					-0.1 pts

Hotel Statistics

Occupancy %		91.6%			93.4%					-1.8 pts
Average Daily Rate (ADR)	$	231		$	244		$	(13	)		-5.3%
Revenue per Available Room (RevPAR)	$	212		$	228		$	(16	)		-7.0%

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

Sands Cotai Central First Quarter Operating Results

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

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

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

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

Sands Cotai Central	Three Months Ended March 31, 2013
(Dollars in millions)	Three Months Ended March 31, 2013
Revenues:
Casino	$	533.8
Rooms		46.2
Food and Beverage		22.6
Mall		8.0
Convention, Retail and Other		5.2
Less - Promotional Allowances		(28.6	)
Net Revenues	$	587.2

Adjusted Property EBITDA	$	131.5
EBITDA Margin %		22.4%

Operating Income	$	60.9

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume	$	13,622.4
Rolling Chip Win %(1)		3.09%

Non-Rolling Chip Drop	$	1,035.3
Non-Rolling Chip Win %		21.6%

Slot Handle	$	1,228.5
Slot Hold %		3.9%

Hotel Statistics

Occupancy %		70.8%
Average Daily Rate (ADR)	$	152
Revenue per Available Room (RevPAR)	$	108

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

Four Seasons Hotel Macao and Plaza Casino First Quarter Operating Results

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

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

	Three Months Ended
Four Seasons Hotel Macao and Plaza Casino Operations	March 31,
(Dollars in millions)	2013			2012			$ Change			Change
Revenues:
Casino	$	206.5		$	282.9		$	(76.4	)		-27.0%
Rooms		10.2			10.1			0.1			1.0%
Food and Beverage		6.5			6.8			(0.3	)		-4.4%
Mall		10.3			10.5			(0.2	)		-1.9%
Convention, Retail and Other		0.8			0.7			0.1			14.3%
Less - Promotional Allowances		(11.1	)		(11.4	)		0.3			2.6%
Net Revenues	$	223.2		$	299.6		$	(76.4	)		-25.5%

Adjusted Property EBITDA	$	53.6		$	67.5		$	(13.9	)		-20.6%
EBITDA Margin %		24.0%			22.5%					1.5 pts

Operating Income	$	40.7		$	53.4		$	(12.7	)		-23.8%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume	$	9,480.1		$	12,703.2		$	(3,223.1	)		-25.4%
Rolling Chip Win %(1)		2.21%			2.83%					-0.62 pts

Non-Rolling Chip Drop	$	110.5		$	105.9		$	4.6			4.3%
Non-Rolling Chip Win %		48.6%			41.7%					6.9 pts

Slot Handle	$	184.4		$	198.2		$	(13.8	)		-7.0%
Slot Hold %		5.0%			6.0%					-1.0 pts

Hotel Statistics

Occupancy %		81.2%			82.3%					-1.1 pts
Average Daily Rate (ADR)	$	370		$	360		$	10			2.8%
Revenue per Available Room (RevPAR)	$	301		$	296		$	5			1.7%

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

Sands Macao First Quarter Operating Results

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

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

	Three Months Ended
Sands Macao Operations	March 31,
(Dollars in millions)	2013			2012			$ Change			Change
Revenues:
Casino	$	302.4		$	341.1		$	(38.7	)		-11.3%
Rooms		6.0			6.2			(0.2	)		-3.2%
Food and Beverage		9.8			9.3			0.5			5.4%
Convention, Retail and Other		2.6			2.6			0.0			0.0%
Less - Promotional Allowances		(10.5	)		(10.1	)		(0.4	)		-4.0%
Net Revenues	$	310.3		$	349.1		$	(38.8	)		-11.1%

Adjusted Property EBITDA	$	96.6		$	107.0		$	(10.4	)		-9.7%
EBITDA Margin %		31.1%			30.6%					0.5 pts

Operating Income	$	88.1		$	98.5		$	(10.4	)		-10.6%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume	$	6,379.0		$	6,433.5		$	(54.5	)		-0.8%
Rolling Chip Win %(1)		2.76%			3.73%					-0.97 pts

Non-Rolling Chip Drop	$	763.2		$	707.8		$	55.4			7.8%
Non-Rolling Chip Win %		21.1%			21.2%					-0.1 pts

Slot Handle	$	706.5		$	663.2		$	43.3			6.5%
Slot Hold %		3.7%			4.4%					-0.7 pts

Hotel Statistics

Occupancy %		94.9%			93.8%					1.1 pts
Average Daily Rate (ADR)	$	246		$	252		$	(6	)		-2.4%
Revenue per Available Room (RevPAR)	$	233		$	236		$	(3	)		-1.3%

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

Marina Bay Sands First Quarter Operating Results

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

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

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

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

	Three Months Ended
Marina Bay Sands Operations	March 31,
(Dollars in millions)	2013			2012			$ Change			Change
Revenues:
Casino	$	640.2		$	701.3		$	(61.1	)		-8.7%
Rooms		84.6			77.1			7.5			9.7%
Food and Beverage		48.8			47.1			1.7			3.6%
Mall		36.8			34.5			2.3			6.7%
Convention, Retail and Other		26.4			29.8			(3.4	)		-11.4%
Less - Promotional Allowances		(41.9	)		(41.1	)		(0.8	)		-1.9%
Net Revenues	$	794.9		$	848.7		$	(53.8	)		-6.3%

Adjusted Property EBITDA	$	396.8		$	472.5		$	(75.7	)		-16.0%
EBITDA Margin %		49.9%			55.7%					-5.8 pts

Operating Income	$	292.7		$	373.2		$	(80.5	)		-21.6%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume	$	18,207.3		$	12,804.5		$	5,402.8			42.2%
Rolling Chip Win %(1)		2.51%			3.58%					-1.07 pts

Non-Rolling Chip Drop	$	1,194.6		$	1,167.0		$	27.6			2.4%
Non-Rolling Chip Win %		23.2%			22.2%					1.0 pts

Slot Handle	$	2,785.3		$	2,740.6		$	44.7			1.6%
Slot Hold %		5.1%			5.4%					-0.3 pts

Hotel Statistics

Occupancy %		98.5%			98.4%					0.1 pts
Average Daily Rate (ADR)	$	378		$	341		$	37			10.9%
Revenue per Available Room (RevPAR)	$	372		$	335		$	37			11.0%

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

Las Vegas Operations First Quarter Operating Results

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

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

	Three Months Ended
Las Vegas Operations	March 31,
(Dollars in millions)	2013			2012			$ Change			Change
Revenues:
Casino	$	159.9		$	158.7		$	1.2			0.8%
Rooms		121.1			113.4			7.7			6.8%
Food and Beverage		68.3			61.0			7.3			12.0%
Convention, Retail and Other		85.3			74.7			10.6			14.2%
Less - Promotional Allowances		(23.1	)		(23.2	)		0.1			0.4%
Net Revenues	$	411.5		$	384.6		$	26.9			7.0%

Adjusted Property EBITDA	$	113.4		$	115.8		$	(2.4	)		-2.1%
EBITDA Margin %		27.6%			30.1%					-2.5 pts

Operating Income	$	98.8		$	87.7		$	11.1			12.7%

Gaming Statistics
(Dollars in millions)

Table Games Drop	$	506.4		$	609.0		$	(102.6	)		-16.8%
Table Games Win %(1)		27.6%			24.0%					3.6 pts

Slot Handle	$	495.1		$	483.8		$	11.3			2.3%
Slot Hold %		8.8%			8.5%					0.3 pts

Hotel Statistics

Occupancy %		90.3%			83.4%					6.9 pts
Average Daily Rate (ADR)	$	211		$	214		$	(3	)		-1.4%
Revenue per Available Room (RevPAR)	$	191		$	178		$	13			7.3%

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

Sands Bethlehem First Quarter Operating Results

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

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

	Three Months Ended
Sands Bethlehem Operations	March 31,
(Dollars in millions)	2013			2012			$ Change			Change
Revenues:
Casino	$	114.8		$	108.7		$	6.1			5.6%
Rooms		2.4			1.9			0.5			26.3%
Food and Beverage		7.2			6.7			0.5			7.5%
Mall		0.6			0.3			0.3			100.0%
Convention, Retail and Other		4.0			3.8			0.2			5.3%
Less - Promotional Allowances		(6.1	)		(5.8	)		(0.3	)		-5.2%
Net Revenues	$	122.9		$	115.6		$	7.3			6.3%

Adjusted Property EBITDA	$	29.9		$	27.5		$	2.4			8.7%
EBITDA Margin %		24.3%			23.8%					0.5 pts

Operating Income	$	20.8		$	18.2		$	2.6			14.3%

Gaming Statistics
(Dollars in millions)

Table Games Drop	$	244.7		$	201.5		$	43.2			21.4%
Table Games Win %(1)		15.6%			14.9%					0.7 pts

Slot Handle	$	1,033.9		$	1,033.7		$	0.2			0.0%
Slot Hold %		7.1%			7.3%					-0.2 pts

Hotel Statistics

Occupancy %		65.3%			50.3%					15.0 pts
Average Daily Rate (ADR)	$	138		$	139		$	(1	)		-0.7%
Revenue per Available Room (RevPAR)	$	90		$	70		$	20			28.6%

(1)	This compares to our expected Non-Rolling Chip win percentage of 14.0% and 16.0% (calculated before discounts).

Asian Retail Mall Operations

Gross revenue from tenants in the company’s retail malls on Macao’s Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $84.9 million for the first quarter of 2013, an increase of 19.4% compared to the first quarter of 2012. Operating profit derived from these retail mall assets increased 23.4% for the quarter to reach $68.0 million.

	For The Three Months Ended March 31, 2013										LTM March 31, 2013
(Dollars in millions except per square foot data)	Gross Revenue(1)		Operating Profit		Operating Profit Margin		Gross Leasable Area (sq. ft.)		Occupancy % at End of Period		Tenant Sales Per Sq. Ft.(2)

The Grand Canal Shoppes at The Venetian Macao	$	29.9	$	24.5		81.9%		821,129		93.2%	$	1,239

The Shoppes at Four Seasons
Luxury Retail		5.8		4.9		84.5%		140,206		100.0%		6,658
Other Stores		4.5		3.8		84.4%		99,512		78.1%		1,675
Total		10.3		8.7		84.5%		239,718		90.9%		4,562

The Shoppes at Sands Cotai Central		7.9		6.3		79.7%		210,143		100.0%		N/A

Total Cotai Strip in Macao		48.1		39.5		82.1%		1,270,990		93.9%		1,863

The Shoppes at Marina Bay Sands		36.8		28.5		77.4%		637,881		95.6%		1,425

Total	$	84.9	$	68.0		80.1%		1,908,871		94.4%	$	1,690

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

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

Other Factors Affecting Earnings

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

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

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

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

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

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

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

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

Balance Sheet Items

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

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

Capital Expenditures

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

###

Conference Call Information

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

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt

service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

Note 1

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

About Las Vegas Sands

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

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

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

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

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

Contacts:

Investment Community:	Daniel Briggs	(702) 414-1221

Media:	Ron Reese	(702) 414-3607

Las Vegas Sands Corp.

First Quarter 2013 Results

Non-GAAP Reconciliations

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

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

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

	Three Months Ended
	March 31,
	2013			2012

Revenues:
Casino	$	2,736,054		$	2,266,493
Rooms		325,016			267,727
Food and beverage		185,329			153,455
Mall		85,461			71,418
Convention, retail and other		126,061			129,717
		3,457,921			2,888,810
Less - promotional allowances		(155,202	)		(126,068	)
		3,302,719			2,762,742
Operating expenses:
Resort operations		2,142,900			1,705,398
Corporate		56,272			48,955
Pre-opening		6,837			51,459
Development		5,351			1,198
Depreciation and amortization		252,557			194,747
Amortization of leasehold interests in land		10,167			9,945
Impairment loss		-			42,893
Loss on disposal of assets		1,932			593
		2,476,016			2,055,188
Operating income		826,703			707,554
Other income (expense):
Interest income		3,793			5,648
Interest expense, net of amounts capitalized		(68,832	)		(64,672	)
Other expense		(2,108	)		(3,419	)
Loss on early retirement of debt		-			(2,831	)
Income before income taxes		759,556			642,280
Income tax expense		(55,582	)		(63,171	)
Net income		703,974			579,109
Net income attributable to noncontrolling interests		(132,013	)		(80,167	)
Net income attributable to Las Vegas Sands Corp.	$	571,961		$	498,942

Earnings per share:
Basic	$	0.69		$	0.66
Diluted	$	0.69		$	0.61

Weighted average shares outstanding:
Basic		823,367,441			760,437,437
Diluted		827,452,691			818,797,155

Dividends declared per common share	$	0.35		$	0.25

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 March 31, 2013

		Operating Income (Loss)			Depreciation and Amortization		Amortization of Leasehold Interests in Land		Loss on Disposal of Assets			Pre-Opening and Development Expense		Royalty Fees			(1) Stock-Based Compensation		Corporate Expense		Adjusted Property EBITDA
Macao:
The Venetian Macao		$	311,884		$	32,853	$	1,654	$	374		$	121	$	-		$	1,596	$	-	$	348,482
Sands Cotai Central			60,891			62,414		2,154		3			5,487		-			572		-		131,521
Four Seasons Hotel Macao and Plaza Casino			40,691			11,300		706		13			807		-			35		-		53,552
Sands Macao			88,072			7,684		354		112			-		-			380		-		96,602
Macao Property Operations			501,538			114,251		4,868		502			6,415		-			2,583		-		630,157
Marina Bay Sands			292,682			70,028		4,677		854			-		26,691			1,849		-		396,781
United States:
Las Vegas Operating Properties			98,809			49,154		-		563			115		(37,424	)		2,211		-		113,428
Sands Bethlehem			20,832			8,865		-		-			46		-			113		-		29,856
United States Property Operations			119,641			58,019		-		563			161		(37,424	)		2,324		-		143,284
Other Asia (2)			(18,597	)		3,697		-		13			240		11,000			58		-		(3,589	)
Other Development			(6,152	)		158		622		-			5,372		-			-		-		-
Corporate			(62,409	)		6,404		-		-			-		(267	)		-		56,272		-
		$	826,703		$	252,557	$	10,167	$	1,932		$	12,188	$	-		$	6,814	$	56,272	$	1,166,633


	Three Months Ended March 31, 2012

		Operating Income (Loss)			Depreciation and Amortization		Amortization of Leasehold Interests in Land		Impairment and (Gain) Loss on Disposal of Assets			Pre-Opening and Development Expense		Royalty Fees			(1) Stock-Based Compensation		Corporate Expense		Adjusted Property EBITDA
Macao:
The Venetian Macao		$	198,568		$	36,768	$	1,650	$	42,932		$	-	$	-		$	2,015	$	-	$	281,933
Four Seasons Hotel Macao and Plaza Casino			53,410			12,424		705		4			882		-			94		-		67,519
Sands Macao			98,542			7,411		353		92			-		-			558		-		106,956
Macao Property Operations			350,520			56,603		2,708		43,028			882		-			2,667		-		456,408
Marina Bay Sands			373,198			65,051		4,468		(139	)		-		28,141			1,800		-		472,519
United States:
Las Vegas Operating Properties			87,704			56,682		-		402			-		(32,860	)		3,878		-		115,806
Sands Bethlehem			18,178			8,874		-		8			94		-			348		-		27,502
United States Property Operations			105,882			65,556		-		410			94		(32,860	)		4,226		-		143,308
Other Asia (2)			(14,950	)		3,681		-		-			71		5,000			476		-		(5,722	)
Other Development			(54,835	)		269		2,769		187			51,610		-			-		-		-
Corporate			(52,261	)		3,587		-		-			-		(281	)		-		48,955		-
		$	707,554		$	194,747	$	9,945	$	43,486		$	52,657	$	-		$	9,169	$	48,955	$	1,066,513

(1)

During the three months ended March 31, 2013 and 2012, the Company recorded stock-based compensation expense of $14.6 million and $19.2 million, respectively, of which $7.8 million and $9.8 million, respectively, is included in corporate expense and $0.0 million and $0.2 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.

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

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)

The following are reconciliations of Adjusted Property EBITDA to Hold-Adjusted Adjusted Property EBITDA:

	Three Months Ended March 31, 2013

	Adjusted Property EBITDA			(1) Hold-Adjusted Casino Revenue			(2) Hold-Adjusted Casino Expense			Hold-Adjusted Adjusted Property EBITDA

Macao Property Operations	$	630,157		$	-		$	-		$	630,157
Marina Bay Sands		396,781			61,191			(6,860	)		451,112
United States:
Las Vegas Operating Properties		113,428			(33,265	)		2,495			82,658
Sands Bethlehem		29,856			(2,004	)		311			28,163
United States Property Operations		143,284			(35,269	)		2,806			110,821
Other Asia		(3,589	)		-			-			(3,589	)
Other Development		-			-			-			-
Corporate		-			-			-			-
	$	1,166,633		$	25,922		$	(4,054	)	$	1,188,501



	Three Months Ended March 31, 2012

	Adjusted Property EBITDA			(1) Hold-Adjusted Casino Revenue			(2) Hold-Adjusted Casino Expense			Hold-Adjusted Adjusted Property EBITDA

Macao Property Operations	$	456,408		$	(65,172	)	$	25,417		$	416,653
Marina Bay Sands		472,519			(92,996	)		10,425			389,948
United States:
Las Vegas Operating Properties		115,806			(18,498	)		1,387			98,695
Sands Bethlehem		27,502			(242	)		42			27,302
United States Property Operations		143,308			(18,740	)		1,429			125,997
Other Asia		(5,722	)		-			-			(5,722	)
Other Development		-			-			-			-
Corporate		-			-			-			-
	$	1,066,513		$	(176,908	)	$	37,271		$	926,876

(1)

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

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

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

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)

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

	Three Months Ended
	March 31,
	2013			2012
Net income attributable to Las Vegas Sands Corp.	$	571,961		$	498,942
Add (deduct):
Net income attributable to noncontrolling interests		132,013			80,167
Income tax expense		55,582			63,171
Loss on early retirement of debt		-			2,831
Other expense		2,108			3,419
Interest expense, net of amounts capitalized		68,832			64,672
Interest income		(3,793	)		(5,648	)
Loss on disposal of assets		1,932			593
Impairment loss		-			42,893
Amortization of leasehold interests in land		10,167			9,945
Depreciation and amortization		252,557			194,747
Development expense		5,351			1,198
Pre-opening expense		6,837			51,459
Stock-based compensation (1)		6,814			9,169
Corporate expense		56,272			48,955
Adjusted Property EBITDA	$	1,166,633		$	1,066,513

Hold-adjusted casino revenue (2)		25,922			(176,908	)
Hold-adjusted casino expense (2)		(4,054	)		37,271
Hold-Adjusted Adjusted Property EBITDA	$	1,188,501		$	926,876

(1)	See Exhibit 2

(2)	See Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Net Revenues

(In thousands)

(Unaudited)

	Three Months Ended
	March 31,
	2013			2012

The Venetian Macao	$	872,212		$	772,760
Sands Cotai Central		587,179			-
Four Seasons Hotel Macao and Plaza Casino		223,220			299,604
Sands Macao		310,273			349,083
Marina Bay Sands		794,864			848,669
Las Vegas Operating Properties		411,541			384,603
Sands Bethlehem		122,916			115,562
Other Asia		33,873			35,568
Intersegment Eliminations		(53,359	)		(43,107	)
	$	3,302,719		$	2,762,742

Las Vegas Sands Corp. and Subsidiaries

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

(Unaudited)

	Three Months Ended
	March 31,
	2013			2012
The Venetian Macao		40.0	%		36.5	%
Sands Cotai Central		22.4	%		N/A
Four Seasons Hotel Macao and Plaza Casino		24.0	%		22.5	%
Sands Macao		31.1	%		30.6	%
Marina Bay Sands		49.9	%		55.7	%
Las Vegas Operating Properties		27.6	%		30.1	%
Sands Bethlehem		24.3	%		23.8	%
Other Asia		-10.6	%		-16.1	%

Total		35.3	%		38.6	%

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure - Adjusted Net Income, Hold-Adjusted Adjusted Net Income,

Adjusted Earnings Per Diluted Share and Hold-Adjusted Adjusted Earnings Per Diluted Share

(In thousands, except share and per share data)

(Unaudited)

	Three Months Ended
	March 31,
	2013			2012

Net income attributable to Las Vegas Sands Corp.	$	571,961		$	498,942

Pre-opening expense, net		4,827			36,199
Development expense, net		5,351			1,198
Impairment loss, net		-			30,154
Loss on disposal of assets, net		1,779			497
Loss on early retirement of debt, net		-			2,831
Adjusted net income	$	583,918		$	569,821

Hold-adjusted casino revenue (1)		25,922			(176,908	)
Hold-adjusted casino expense (1)		(4,054	)		37,271
Income tax impact on hold adjustments		(9,236	)		14,037
Noncontrolling interest impact on hold adjustments		-			11,815
Hold-adjusted adjusted net income	$	596,550		$	456,036

(1) See Exhibit 3

Per diluted share of common stock:
Net income attributable to Las Vegas Sands Corp.	$	0.69		$	0.61

Pre-opening expense, net		0.01			0.05
Development expense, net		0.01			-
Impairment loss, net		-			0.04
Loss on disposal of assets, net		-			-
Loss on early retirement of debt, net		-			-
Adjusted earnings per diluted share	$	0.71		$	0.70

Hold-adjusted casino revenue		0.03			(0.22	)
Hold-adjusted casino expense		(0.01	)		0.04
Income tax impact on hold adjustments		(0.01	)		0.02
Noncontrolling interest impact on hold adjustments		-			0.02
Hold-adjusted adjusted earnings per diluted share	$	0.72		$	0.56

Weighted average diluted shares outstanding		827,452,691			818,797,155

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data Schedule

(Unaudited)

	Three Months Ended
	March 31,
	2013			2012

Room Statistics:
The Venetian Macao:
Occupancy %		91.6	%		93.4	%
Average daily room rate (ADR) (1)	$	231		$	244
Revenue per available room (RevPAR) (2)	$	212		$	228

Sands Cotai Central:
Occupancy %		70.8	%		N/A
Average daily room rate (ADR) (1)	$	152			N/A
Revenue per available room (RevPAR) (2)	$	108			N/A

Four Seasons Hotel Macao and Plaza Casino:
Occupancy %		81.2	%		82.3	%
Average daily room rate (ADR) (1)	$	370		$	360
Revenue per available room (RevPAR) (2)	$	301		$	296

Sands Macao:
Occupancy %		94.9	%		93.8	%
Average daily room rate (ADR) (1)	$	246		$	252
Revenue per available room (RevPAR) (2)	$	233		$	236

Marina Bay Sands:
Occupancy %		98.5	%		98.4	%
Average daily room rate (ADR) (1)	$	378		$	341
Revenue per available room (RevPAR) (2)	$	372		$	335

Las Vegas Operating Properties:
Occupancy %		90.3	%		83.4	%
Average daily room rate (ADR) (1)	$	211		$	214
Revenue per available room (RevPAR) (2)	$	191		$	178

Sands Bethlehem:
Occupancy %		65.3	%		50.3	%
Average daily room rate (ADR) (1)	$	138		$	139
Revenue per available room (RevPAR) (2)	$	90		$	70

Casino Statistics:
The Venetian Macao:
Table games win per unit per day (3)	$	17,902		$	14,334
Slot machine win per unit per day (4)	$	320		$	334
Average number of table games		525			570
Average number of slot machines		2,270			2,282

Sands Cotai Central:
Table games win per unit per day (3)	$	14,225			N/A
Slot machine win per unit per day (4)	$	247			N/A
Average number of table games		503			N/A
Average number of slot machines		2,157			N/A

Four Seasons Hotel Macao and Plaza Casino:
Table games win per unit per day (3)	$	20,071		$	26,933
Slot machine win per unit per day (4)	$	549		$	740
Average number of table games		146			165
Average number of slot machines		187			176

Sands Macao:
Table games win per unit per day (3)	$	13,023		$	10,733
Slot machine win per unit per day (4)	$	238		$	295
Average number of table games		287			399
Average number of slot machines		1,229			1,093

Marina Bay Sands:
Table games win per unit per day (3)	$	13,608		$	12,975
Slot machine win per unit per day (4)	$	708		$	665
Average number of table games		600			607
Average number of slot machines		2,211			2,479

Las Vegas Operating Properties:
Table games win per unit per day (3)	$	6,502		$	7,085
Slot machine win per unit per day (4)	$	199		$	188
Average number of table games		239			227
Average number of slot machines		2,452			2,417

Sands Bethlehem:
Table games win per unit per day (3)	$	3,020		$	2,784
Slot machine win per unit per day (4)	$	272		$	279
Average number of table games		141			119
Average number of slot machines		3,020			2,995

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

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

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

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

Exhibit 6

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