LAS VEGAS, NV -- (Marketwired) -- 01/29/14 -- Las Vegas Sands Corp. (NYSE: LVS)

For the Quarter Ended December 31, 2013:

  • Consolidated Hold-Normalized Adjusted Property EBITDA Increased 25.8% to $1.37 Billion(Consolidated Adjusted Property EBITDA Increased 21.0% to $1.21 Billion)

  • Strong Gaming Volumes in Macao Drove Hold-Normalized Adjusted Property EBITDA Up 55.8% to a Record $887.6 Million

  • Net Revenue Increased 18.8% to a Record $3.66 Billion

  • Hold-Normalized Adjusted Earnings per Diluted Share Increased 35.9% to $0.87(GAAP Earnings per Diluted Share Increased 32.1% to $0.70)

  • The Company Paid Dividends of $0.35 per share and Repurchased $224.3 Million of Stock During the Quarter Under its $2.0 Billion Stock Repurchase Program

For the Year Ended December 31, 2013:

  • Net Revenue Increased 23.7% to a Record $13.77 Billion

  • Consolidated Adjusted Property EBITDA Increased 25.6% to a Record $4.76 Billion

  • Net Income Attributable to Las Vegas Sands Rose 51.3% to Reach $2.31 Billion or $2.79 per Diluted Share (Adjusted Earnings per Diluted Share was $2.90)

  • The Company Paid Dividends of $1.40 per share and Repurchased $570.5 Million of Stock Under its $2.0 Billion Stock Repurchase Program

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

Fourth Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report outstanding quarterly financial results that reflect continued strong growth in revenue, cash flow and earnings per share. The focused and consistent execution of our global growth strategy, which leverages the power of our convention-based Integrated Resort business model, is clearly being reflected in our financial results. Continued execution of that strategy will extend our position as the global leader in Integrated Resort development and operation.

"In Macao, we delivered record financial results, with strong growth and operating momentum reflected in every segment of our business. We welcomed more than seventeen million visits during the quarter to our Macao property portfolio, which delivered a record $835.9 million of adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, including our latest Integrated Resort on the Cotai Strip, the Parisian Macao, which is now under construction and is targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding platform for growth in the years ahead."

In Singapore, hold-normalized adjusted property EBITDA was $372.1 million as growth in mass gaming and non-gaming revenues was offset by softer VIP play. Mass win-per-day increased 3.1% year-over-year to reach $4.63 million per day.

Mr. Adelson added, "The prudent management of our cash flow, including the ability to increase the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, 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 fourth quarter of 2012. The company also announced that its next recurring quarterly dividend for the first quarter of 2014 of $0.50 per common share will be paid on March 31, 2014 to Las Vegas Sands shareholders of record on March 21, 2014.

The company repurchased approximately $224.3 million of common stock (3.1 million shares at a weighted average price of $72.55) during the quarter ended December 31, 2013.

Company-Wide Operating Results

Net revenue for the fourth quarter of 2013 increased 18.8% to reach $3.66 billion, compared to $3.08 billion in the fourth quarter of 2012. Consolidated adjusted property EBITDA increased 21.0% to reach $1.21 billion in the fourth quarter of 2013, compared to $1.00 billion in the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 25.8% to reach $1.37 billion in the fourth quarter of 2013, compared to $1.09 billion in the fourth quarter of 2012.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2013 increased 31.9% to $886.1 million, compared to $672.0 million in the fourth quarter of 2012. The increase in operating income was principally due to stronger operating results across our Macao property portfolio.

On a GAAP basis, net income attributable to Las Vegas Sands in the fourth quarter of 2013 increased 32.8% to $577.5 million, compared to $434.8 million in the fourth quarter of 2012, while diluted earnings per share in the fourth quarter of 2013 increased 32.1% to $0.70, compared to $0.53 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 $592.9 million, or $0.72 per diluted share, compared to $450.5 million, or $0.54 per diluted share, in the fourth quarter of 2012. The increase in adjusted net income was driven by the higher net income attributable to Las Vegas Sands described above.

Full year 2013 net revenue increased 23.7% to a record $13.77 billion, compared to $11.13 billion in 2012. Consolidated adjusted property EBITDA in 2013 increased 25.6% to a record $4.76 billion, compared to $3.79 billion in 2012. Consolidated adjusted property EBITDA margin increased 50 basis points to 34.6% in 2013, compared to 34.1% in 2012. The continued strong growth in mass market gaming revenue in Macao, as well as the ramp at Sands Cotai Central, contributed to the EBITDA margin expansion in 2013.

Full year adjusted net income (see Note 1) was a record $2.40 billion in 2013, or $2.90 per diluted share, compared to $1.77 billion, or $2.14 per diluted share in 2012.

On a GAAP basis, full year 2013 operating income increased 47.5% to $3.41 billion in 2013, compared to $2.31 billion in 2012. The increase in operating income was principally due to stronger operating results across our Macao property portfolio. Net income attributable to Las Vegas Sands increased 51.3% to $2.31 billion, or $2.79 per diluted share in 2013, compared to $1.52 billion, or $1.85 per diluted share in 2012. The improvement 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.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 28.4% to $2.53 billion in the fourth quarter of 2013, compared to $1.97 billion in the fourth quarter of 2012. Adjusted property EBITDA for Sands China Ltd. increased 34.9% to $836.4 million in the fourth quarter of 2013, compared to $619.9 million in the fourth quarter of 2012. Net income for Sands China Ltd. increased 40.4% to $655.6 million in the fourth quarter of 2013, compared to $467.0 million in the fourth quarter of 2012.

On a GAAP basis, full year 2013 total net revenues for Sands China Ltd. increased 37.0% to $8.96 billion, compared to $6.54 billion in 2012. Adjusted property EBITDA for Sands China Ltd. increased 46.5% to $2.90 billion in 2013, compared to $1.98 billion in 2012. Net income for Sands China Ltd. increased 79.7% to $2.21 billion in 2013, compared to $1.23 billion in 2012.

The Venetian Macao Fourth Quarter Operating Results

The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property delivered record adjusted property EBITDA of $433.4 million, an increase of 30.1% compared to the fourth quarter of 2012. Non-Rolling Chip drop increased 86.7% to reach a property record $2.27 billion for the quarter with Non-Rolling Chip win percentage of 25.2%. Rolling Chip volume during the quarter increased 32.3% to reach $16.76 billion. Slot handle was $1.30 billion, increasing slightly compared to the fourth quarter of 2012. Mall revenues increased 21.9% during the quarter to reach $56.7 million.

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

The Venetian Macao Operations Three Months Ended
December 31,
(Dollars in millions) 2013 2012 $ Change Change
Revenues:
Casino $ 1,011.3 $ 722.3 $ 289.0 40.0 %
Rooms 67.0 59.9 7.1 11.9 %
Food and Beverage 25.6 23.4 2.2 9.4 %
Mall 56.7 46.5 10.2 21.9 %
Convention, Retail and Other 37.4 23.2 14.2 61.2 %
Less - Promotional Allowances (48.9 ) (32.3 ) (16.6 ) -51.4 %
Net Revenues $ 1,149.1 $ 843.0 $ 306.1 36.3 %
Adjusted Property EBITDA $ 433.4 $ 333.1 $ 100.3 30.1 %
EBITDA Margin % 37.7 % 39.5 % -1.8 pts
Operating Income $ 392.6 $ 298.2 $ 94.4 31.7 %
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 16,759.2 $ 12,662.9 $ 4,096.3 32.3 %
Rolling Chip Win %(1) 3.32 % 3.25 % 0.07 pts
Non-Rolling Chip Drop $ 2,268.2 $ 1,215.0 $ 1,053.2 86.7 %
Non-Rolling Chip Win % 25.2 % 29.9 % -4.7 pts
Slot Handle $ 1,296.3 $ 1,293.7 $ 2.6 0.2 %
Slot Hold % 5.2 % 5.5 % -0.3 pts
Hotel Statistics

(1) This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
Sands Cotai Central Fourth Quarter Operating Results

Net revenues and adjusted property EBITDA for the fourth quarter of 2013 at Sands Cotai Central were $790.7 million and $237.8 million, respectively, resulting in an EBITDA margin of 30.1%.

Rolling Chip volume reflected strong growth of 72.7% and reached $17.57 billion for the quarter, while Non-Rolling Chip drop increased 80.2% to reach $1.68 billion with Non-Rolling Chip win percentage of 22.7%. Slot handle increased 40.8% to $1.75 billion for the quarter.

Mass win per table per day increased 111.0% year-over-year and 8.9% compared to the third quarter of 2013, reaching $13,952, while mass table, slot and electronic table game (ETG) win per day climbed to $4.9 million, an increase of 88.4% year-over-year and 13.6% compared to the third quarter of 2013. Hotel occupancy reached 89.1% with ADR of $167.

Visitation to the property continues to grow and exceeded 4.7 million visits in the quarter.

The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2013 compared to the fourth quarter of 2012:

Sands Cotai Central Operations Three Months Ended
December 31,
(Dollars in millions) 2013 2012 $ Change Change
Revenues:
Casino $ 707.7 $ 438.7 $ 269.0 61.3 %
Rooms 76.7 44.5 32.2 72.4 %
Food and Beverage 29.3 19.2 10.1 52.6 %
Mall 14.1 9.2 4.9 53.3 %
Convention, Retail and Other 7.7 4.6 3.1 67.4 %
Less - Promotional Allowances (44.8 ) (25.5 ) (19.3 ) -75.7 %
Net Revenues $ 790.7 $ 490.7 $ 300.0 61.1 %
Adjusted Property EBITDA $ 237.8 $ 108.0 $ 129.8 120.2 %
EBITDA Margin % 30.1 % 22.0 % 8.1 pts
Operating Income $ 168.5 $ 48.0 $ 120.5 251.0 %
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 17,565.9 $ 10,170.3 $ 7,395.6 72.7 %
Rolling Chip Win %(1) 2.52 % 3.13 % -0.61 pts
Non-Rolling Chip Drop $ 1,680.7 $ 932.5 $ 748.2 80.2 %
Non-Rolling Chip Win % 22.7 % 20.6 % 2.1 pts
Slot Handle $ 1,748.6 $ 1,241.7 $ 506.9 40.8 %
Slot Hold % 3.8 % 3.7 % 0.1 pts
Hotel Statistics
Occupancy % 89.1 % 84.0 % 5.1 pts
Average Daily Rate (ADR) $ 167 $ 164 $ 3 1.8 %
Revenue per Available Room (RevPAR) $ 149 $ 138 $ 11 8.0 %

(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 Fourth Quarter Operating Results

The Four Seasons Hotel Macao generated adjusted property EBITDA of $76.8 million in the fourth quarter of 2013, a decrease of 14.4% compared to the year-ago quarter. Non-Rolling Chip drop increased 163.6% to $330.8 million, while Non-Rolling Chip win percentage was 22.5% and below the 45.1% experienced in the fourth quarter of 2012. Rolling Chip volume was $9.40 billion for the quarter, a decrease of 12.4% compared to the fourth quarter of 2012. Rolling Chip win percentage was 1.77% in the quarter, below the expected range and below the 2.68% experienced in the prior-year quarter. Slot handle decreased 22.6% to $271.1 million during the quarter.

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

Four Seasons Hotel Macao and Plaza Casino Operations Three Months Ended
December 31,
(Dollars in millions) 2013 2012 $ Change Change
Revenues:
Casino $ 183.5 $ 260.2 $ (76.7 ) -29.5 %
Rooms 12.7 10.8 1.9 17.6 %
Food and Beverage 9.6 7.5 2.1 28.0 %
Mall 45.2 28.6 16.6 58.0 %
Convention, Retail and Other 1.4 0.8 0.6 75.0 %
Less - Promotional Allowances (14.3 ) (11.7 ) (2.6 ) -22.2 %
Net Revenues $ 238.1 $ 296.2 $ (58.1 ) -19.6 %
Adjusted Property EBITDA $ 76.8 $ 89.7 $ (12.9 ) -14.4 %
EBITDA Margin % 32.2 % 30.3 % 1.9 pts
Operating Income $ 52.1 $ 76.5 $ (24.4 ) -31.9 %
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 9,404.3 $ 10,731.5 $ (1,327.2 ) -12.4 %
Rolling Chip Win %(1) 1.77 % 2.68 % -0.91 pts
Non-Rolling Chip Drop $ 330.8 $ 125.5 $ 205.3 163.6 %
Non-Rolling Chip Win % 22.5 % 45.1 % -22.6 pts
Slot Handle $ 271.1 $ 350.4 $ (79.3 ) -22.6 %
Slot Hold % 5.3 % 5.3 % 0.0 pts
Hotel Statistics
Occupancy % 90.8 % 81.8 % 9.0 pts
Average Daily Rate (ADR) $ 403 $ 382 $ 21 5.5 %
Revenue per Available Room (RevPAR) $ 366 $ 313 $ 53 16.9 %

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

Sands Macao Fourth Quarter Operating Results

Sands Macao's adjusted property EBITDA decreased 3.8% compared to the same quarter last year to $88.0 million. Adjusted property EBITDA margin decreased 220 basis points to 26.9%. Non-Rolling Chip drop increased 44.7% to reach $1.03 billion during the quarter, while slot handle increased 14.8% to reach $695.3 million. The property realized 2.77% win on Rolling Chip volume during the quarter, below the 3.29% generated in the year-ago quarter. Rolling Chip volume was $5.81 billion for the quarter, in-line with the prior-year quarter.

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

Sands Macao Operations Three Months Ended
December 31,
(Dollars in millions) 2013 2012 $ Change Change
Revenues:
Casino $ 318.7 $ 305.8 $ 12.9 4.2 %
Rooms 7.0 6.4 0.6 9.4 %
Food and Beverage 9.8 10.1 (0.3 ) -3.0 %
Convention, Retail and Other 2.7 2.7 - 0.0 %
Less - Promotional Allowances (11.5 ) (10.4 ) (1.1 ) -10.6 %
Net Revenues $ 326.7 $ 314.6 $ 12.1 3.8 %
Adjusted Property EBITDA $ 88.0 $ 91.5 $ (3.5 ) -3.8 %
EBITDA Margin % 26.9 % 29.1 % -2.2 pts
Operating Income $ 79.0 $ 83.1 $ (4.1 ) -4.9 %
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 5,812.5 $ 5,767.8 $ 44.7 0.8 %
Rolling Chip Win %(1) 2.77 % 3.29 % -0.52 pts
Non-Rolling Chip Drop $ 1,025.4 $ 708.6 $ 316.8 44.7 %
Non-Rolling Chip Win % 18.5 % 22.2 % -3.7 pts
Slot Handle $ 695.3 $ 605.4 $ 89.9 14.8 %
Slot Hold % 3.8 % 4.3 % -0.5 pts
Hotel Statistics
Occupancy % 97.4 % 96.9 % 0.5 pts
Average Daily Rate (ADR) $ 276 $ 250 $ 26 10.4 %
Revenue per Available Room (RevPAR) $ 269 $ 243 $ 26 10.7 %

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

Marina Bay Sands Fourth Quarter Operating Results

Marina Bay Sands in Singapore generated adjusted property EBITDA of $258.8 million, a decrease of 14.4% compared to the fourth quarter of 2012. On a hold-normalized basis, adjusted property EBITDA declined 8.4% year-over-year to $372.1 million. Rolling Chip win percentage of 1.92% in the fourth quarter of 2013 was below the expected range, and below the 2.14% achieved in the fourth quarter of 2012.

Non-Rolling Chip drop increased 2.4% to reach $1.14 billion during the quarter. Slot handle increased 5.0% to $2.82 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 3.1% to $4.63 million, compared to $4.49 million in the fourth quarter of 2012. Rolling Chip volume decreased 16.6% to $13.73 billion for the quarter.

The high-margin hotel room segment of the property continued to reflect strong revenue growth of 13.8%. ADR increased to $425 during the quarter, driving a RevPAR increase of 13.5% compared to the same quarter last year. Occupancy was 96.9% during the quarter.

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


Marina Bay Sands Operations
Three Months Ended
December 31,
(Dollars in millions) 2013 2012 $ Change Change
Revenues:
Casino $ 504.6 $ 549.5 $ (44.9 ) -8.2 %
Rooms 95.8 84.2 11.6 13.8 %
Food and Beverage 49.8 51.9 (2.1 ) -4.0 %
Mall 43.3 44.7 (1.4 ) -3.1 %
Convention, Retail and Other 26.6 29.0 (2.4 ) -8.3 %
Less - Promotional Allowances (60.3 ) (42.1 ) (18.2 ) -43.2 %
Net Revenues $ 659.8 $ 717.2 $ (57.4 ) -8.0 %
Adjusted Property EBITDA $ 258.8 $ 302.5 $ (43.7 ) -14.4 %
EBITDA Margin % 39.2 % 42.2 % -3.0 pts
Operating Income $ 165.7 $ 202.6 $ (36.9 ) -18.2 %
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume $ 13,731.0 $ 16,467.1 $ (2,736.1 ) -16.6 %
Rolling Chip Win %(1) 1.92 % 2.14 % -0.22 pts
Non-Rolling Chip Drop $ 1,135.5 $ 1,108.4 $ 27.1 2.4 %
Non-Rolling Chip Win % 24.5 % 24.2 % 0.3 pts
Slot Handle $ 2,824.6 $ 2,690.9 $ 133.7 5.0 %
Slot Hold % 5.2 % 5.4 % -0.2 pts
Hotel Statistics
Occupancy % 96.9 % 98.4 % -1.5 pts
Average Daily Rate (ADR) $ 425 $ 368 $ 57 15.5 %
Revenue per Available Room (RevPAR) $ 411 $ 362 $ 49 13.5 %

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

Las Vegas Operations Fourth Quarter Operating Results

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, increased 67.0% to $88.2 million for the quarter. Table games drop increased 41.4% in the quarter to reach a property record $649.7 million reflecting record baccarat drop. Slot handle increased 4.8% to $542.2 million. Hotel RevPAR increased 4.5% to $185 in the quarter driven by a 2.5% increase in ADR.

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

Three Months Ended
Las Vegas Operations December 31,
(Dollars in millions) 2013 2012 $ Change Change
Revenues:
Casino $ 151.3 $ 87.9 $ 63.4 72.1 %
Rooms 119.9 114.3 5.6 4.9 %
Food and Beverage 64.5 53.5 11.0 20.6 %
Convention, Retail and Other 76.1 74.5 1.6 2.1 %
Less - Promotional Allowances (26.1 ) (21.9 ) (4.2 ) -19.2 %
Net Revenues $ 385.7 $ 308.3 $ 77.4 25.1 %
Adjusted Property EBITDA $ 88.2 $ 52.8 $ 35.4 67.0 %
EBITDA Margin % 22.9 % 17.1 % 5.8 pts
Operating Income $ 67.3 $ 22.2 $ 45.1 203.2 %
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 649.7 $ 459.4 $ 190.3 41.4 %
Table Games Win %(1) 21.8 % 12.7 % 9.1 pts
Slot Handle $ 542.2 $ 517.3 $ 24.9 4.8 %
Slot Hold % 8.5 % 8.9 % -0.4 pts
Hotel Statistics
Occupancy % 88.8 % 87.6 % 1.2 pts
Average Daily Rate (ADR) $ 208 $ 203 $ 5 2.5 %
Revenue per Available Room (RevPAR) $ 185 $ 177 $ 8 4.5 %

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

Sands Bethlehem Fourth Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 5.3% to $124.1 million and adjusted property EBITDA increased 10.2% to $30.3 million for the fourth quarter of 2013. Table games drop increased 12.3% to reach $258.9 million for the quarter, while table games win percentage was 17.5%, which compared to 15.8% in the fourth quarter of 2012. Slot handle increased 2.8% year-over-year to $995.0 million for the quarter with slot hold percentage of 6.8%.

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

Three Months Ended
Sands Bethlehem Operations December 31,
(Dollars in millions) 2013 2012 $ Change Change
Revenues:
Casino $ 115.2 $ 108.8 $ 6.4 5.9 %
Rooms 3.0 3.0 - 0.0 %
Food and Beverage 7.3 7.1 0.2 2.8 %
Mall 0.9 0.4 0.5 125.0 %
Convention, Retail and Other 4.1 4.6 (0.5 ) -10.9 %
Less - Promotional Allowances (6.4 ) (6.1 ) (0.3 ) -4.9 %
Net Revenues $ 124.1 $ 117.8 $ 6.3 5.3 %
Adjusted Property EBITDA $ 30.3 $ 27.5 $ 2.8 10.2 %
EBITDA Margin % 24.4 % 23.4 % 1.0 pts
Operating Income $ 19.4 $ 18.7 $ 0.7 3.7 %
Gaming Statistics
(Dollars in millions)
Table Games Drop $ 258.9 $ 230.6 $ 28.3 12.3 %
Table Games Win %(1) 17.5 % 15.8 % 1.7 pts
Slot Handle $ 995.0 $ 967.8 $ 27.2 2.8 %
Slot Hold % 6.8 % 7.2 % -0.4 pts
Hotel Statistics
Occupancy % 74.4 % 78.2 % -3.8 pts
Average Daily Rate (ADR) $ 145 $ 136 $ 9 6.6 %
Revenue per Available Room (RevPAR) $ 108 $ 107 $ 1 0.9 %

(1) This compares to our expected Table Games 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 $159.0 million for the fourth quarter of 2013, an increase of 24.1% compared to the fourth quarter of 2012. Operating profit derived from these retail mall assets increased 25.5% for the quarter compared to the quarter one year ago, reaching $138.9 million.

For The Three Months Ended December 31, 2013 TTM December 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)
Shoppes at Venetian $ 56.5 $ 49.6 87.8 % 755,452 95.5 % $ 1,522
Shoppes at Four Seasons
Luxury Retail 35.8 34.6 96.6 % 142,233 100.0 % 5,787
Other Stores 9.4 8.5 90.4 % 99,662 70.2 % 2,208
Total 45.2 43.1 95.4 % 241,895 87.7 % 4,726
Shoppes at Cotai Central 14.0 12.2 87.1 % 210,143(3) 100.0 % 1,277
Total Cotai Strip in Macao 115.7 104.9 90.7 % 1,207,490 94.7 % 2,111
The Shoppes at Marina Bay Sands 43.3 34.0 78.5 % 642,241 90.7 %(4) 1,528
Total $ 159.0 $ 138.9 87.4 % 1,849,731 93.3 % $ 1,934

(1) Gross revenue figures are net of intersegment revenue eliminations.
(2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
(3) At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.
(4) This occupancy percentage reflects the ongoing repositioning of the mall in which approximately 37,000 square feet of gross leasable area is undergoing new fit-out but rent collection has not commenced.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected a profit of $0.7 million during the quarter, compared to a $2.1 million loss in the fourth quarter of 2012.

Pre-opening expenses decreased to $3.7 million in the fourth quarter of 2013, compared to $9.0 million in the fourth quarter of 2012.

Depreciation and amortization expense was $254.9 million in the fourth quarter of 2013, compared to $250.3 million in the fourth quarter of 2012.

Interest expense, net of amounts capitalized, was $67.1 million for the fourth quarter of 2013, in-line with the prior-year quarter. Capitalized interest was $1.4 million during the fourth quarter of 2013, compared to $5.0 million during the fourth quarter of 2012. Our weighted average borrowing cost in the fourth quarter of 2013 was 2.7%.

Corporate expense was $48.3 million in the fourth quarter of 2013, compared to $44.9 million in the fourth quarter of 2012.

The Company recorded a $14.2 million loss on modification or early retirement of debt during the quarter as a result of the refinancing of its U.S. credit facility.

Other expense, which was principally composed of foreign currency losses, was $0.7 million in the fourth quarter of 2013, compared to income of $5.0 million in the fourth quarter of 2012.

The company's effective income tax rate for the fourth quarter of 2013 was 4.9%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

The net income attributable to noncontrolling interests during the fourth quarter of 2013 of $192.2 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of December 31, 2013 were $3.60 billion.

As of December 31, 2013, total debt outstanding, including the current portion, was $9.76 billion.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $298.6 million, including construction, development and maintenance activities of $217.8 million in Macao, $60.0 million in Las Vegas, $19.8 million at Marina Bay Sands 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, January 29, 2014 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 and legal settlement expense.

About Las Vegas Sands

Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state of the art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.

In Macao, through our majority-owned subsidiary Sands China Ltd. (HKSE: 1928), the company owns and operates 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 and operates the Sands® Macao on the Macao Peninsula. In Singapore, the company owns and operates Marina Bay Sands®, the iconic Integrated Resort located in the city-state's downtown Marina Bay district.

Our properties in the United States include The Venetian® and The Palazzo® on the Las Vegas Strip and Sands® Bethlehem in Eastern Pennsylvania.

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

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

Within the company's fourth quarter 2013 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized 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, legal settlement expense, 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-normalized adjusted property EBITDA are included in the financial schedules accompanying this release.

Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
Revenues:
Casino $ 2,992,196 $ 2,473,211 $ 11,386,917 $ 9,008,158
Rooms 382,035 323,137 1,380,681 1,154,024
Food and beverage 195,898 172,644 730,259 628,528
Mall 159,878 128,537 481,400 396,927
Convention, retail and other 142,809 133,352 515,179 497,032
3,872,816 3,230,881 14,494,436 11,684,669
Less - promotional allowances (217,131 ) (153,879 ) (724,551 ) (553,537 )
3,655,685 3,077,002 13,769,885 11,131,132
Operating expenses:
Resort operations 2,449,920 2,081,896 9,083,983 7,370,842
Corporate 48,314 44,866 189,535 207,030
Pre-opening 3,693 8,992 13,339 143,795
Development 969 7,762 15,809 19,958
Depreciation and amortization 254,938 250,321 1,007,468 892,046
Amortization of leasehold interests in land 10,055 10,149 40,352 40,165
Impairment loss - - - 143,674
Loss on disposal of assets 1,723 1,011 11,156 2,240
2,769,612 2,404,997 10,361,642 8,819,750
Operating income 886,073 672,005 3,408,243 2,311,382
Other income (expense):
Interest income 5,489 6,536 16,337 23,252
Interest expense, net of amounts capitalized (67,086 ) (67,067 ) (271,211 ) (258,564 )
Other income (expense) (671 ) 5,025 4,321 5,740
Loss on modification or early retirement of debt (14,178 ) - (14,178 ) (19,234 )
Income before income taxes 809,627 616,499 3,143,512 2,062,576
Income tax expense (39,896 ) (45,156 ) (188,836 ) (180,763 )
Net income 769,731 571,343 2,954,676 1,881,813
Net income attributable to noncontrolling interests (192,192 ) (136,561 ) (648,679 ) (357,720 )
Net income attributable to Las Vegas Sands Corp. $ 577,539 $ 434,782 $ 2,305,997 $ 1,524,093
Earnings per share:
Basic $ 0.71 $ 0.53 $ 2.80 $ 1.89
Diluted $ 0.70 $ 0.53 $ 2.79 $ 1.85
Weighted average shares outstanding:
Basic 818,631,514 822,214,678 822,282,515 806,395,660
Diluted 822,314,351 826,662,036 826,316,108 824,556,036
Dividends declared per common share $ 0.35 $ 3.00 $ 1.40 $ 3.75
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:
Three Months Ended December 31, 2013
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 $ 392,586 $ 35,189 $ 1,654 $ 1,996 $ - $ - $ 1,969 $ - $ 433,394
Sands Cotai Central 168,464 65,378 2,154 728 230 - 829 - 237,783
Four Seasons Hotel Macao and Plaza Casino 52,130 9,835 706 11,630 2,398 - 58 - 76,757
Sands Macao 79,010 7,984 354 61 - - 562 - 87,971
Macao Property Operations 692,190 118,386 4,868 14,415 2,628 - 3,418 - 835,905
Marina Bay Sands 165,669 63,862 4,566 (82 ) - 22,784 2,035 - 258,834
United States:
Las Vegas Operating Properties 67,340 50,595 - 717 524 (33,556 ) 2,587 - 88,207
Sands Bethlehem 19,365 10,637 - 55 152 - 140 - 30,349
United States Property Operations 86,705 61,232 - 772 676 (33,556 ) 2,727 - 118,556
Other Asia (2) (13,973 ) 3,630 - (3 ) (4 ) 11,000 42 - 692
Other Development (2,412 ) 167 621 262 1,362 - - - -
Corporate (42,106 ) 7,661 - (13,641 ) - (228 ) - 48,314 -
$ 886,073 $ 254,938 $ 10,055 $ 1,723 $ 4,662 $ - $ 8,222 $ 48,314 $ 1,213,987
Three Months Ended December 31, 2012
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 $ 298,218 $ 32,133 $ 1,655 $ (413 ) $ 22 $ - $ 1,455 $ - $ 333,070
Sands Cotai Central 48,040 51,235 2,154 177 5,834 - 544 - 107,984
Four Seasons Hotel Macao and Plaza Casino 76,451 11,385 705 6 1,119 - 12 - 89,678
Sands Macao 83,060 7,606 354 198 - - 292 - 91,510
Macao Property Operations 505,769 102,359 4,868 (32 ) 6,975 - 2,303 - 622,242
Marina Bay Sands 202,631 72,261 4,659 1,156 - 19,081 2,745 - 302,533
United States:
Las Vegas Operating Properties 22,170 58,051 - (115 ) 1,909 (31,744 ) 2,549 - 52,820
Sands Bethlehem 18,685 8,578 - - 40 - 215 - 27,518
United States Property Operations 40,855 66,629 - (115 ) 1,949 (31,744 ) 2,764 - 80,338
Other Asia (2) (19,774 ) 3,688 - 2 35 13,854 46 - (2,149 )
Other Development (8,571 ) 154 622 - 7,795 - - - -
Corporate (48,905 ) 5,230 - - - (1,191 ) - 44,866 -
$ 672,005 $ 250,321 $ 10,149 $ 1,011 $ 16,754 $ - $ 7,858 $ 44,866 $ 1,002,964
Year Ended December 31, 2013
Amortization Pre-Opening Legal
Depreciation of Leasehold (Gain) Loss and (1) Settlement Adjusted
Operating and Interests on Disposal Development Royalty Stock-Based and Corporate Property
Income (Loss) Amortization in Land of Assets Expense Fees Compensation Expense EBITDA
Macao:
The Venetian Macao $ 1,344,650 $ 137,464 $ 6,613 $ 3,708 $ 120 $ - $ 7,382 $ - $ 1,499,937
Sands Cotai Central 462,128 257,087 8,612 2,971 5,793 - 3,132 - 739,723
Four Seasons Hotel Macao and Plaza Casino 240,986 44,199 2,823 11,726 5,124 - 182 - 305,040
Sands Macao 327,087 31,710 1,415 574 - - 2,072 - 362,858
Macao Property Operations 2,374,851 470,460 19,463 18,979 11,037 - 12,768 - 2,907,558
Marina Bay Sands 995,504 262,676 18,403 2,631 - 97,989 7,373 - 1,384,576
United States:
Las Vegas Operating Properties 240,528 192,863 - 1,825 911 (141,009 ) 9,221 47,400 351,739
Sands Bethlehem 85,096 37,282 - 89 391 - 479 - 123,337
United States Property Operations 325,624 230,145 - 1,914 1,302 (141,009 ) 9,700 47,400 475,076
Other Asia (2) (63,000 ) 14,665 - 10 258 44,000 212 - (3,855 )
Other Development (19,939 ) 640 2,486 262 16,551 - - - -
Corporate (204,797 ) 28,882 - (12,640 ) - (980 ) - 189,535 -
$ 3,408,243 $ 1,007,468 $ 40,352 $ 11,156 $ 29,148 $ - $ 30,053 $ 236,935 $ 4,763,355
Year Ended December 31, 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 $ 947,998 $ 140,218 $ 6,609 $ 42,236 $ 135 $ - $ 6,049 $ - $ 1,143,245
Sands Cotai Central 10,291 108,878 6,458 239 86,463 - 1,147 - 213,476
Four Seasons Hotel Macao and Plaza Casino 232,130 48,737 2,821 215 4,072 - 195 - 288,170
Sands Macao 317,319 30,385 1,414 14 - - 1,507 - 350,639
Macao Property Operations 1,507,738 328,218 17,302 42,704 90,670 - 8,898 - 1,995,530
Marina Bay Sands 977,572 268,929 18,229 1,340 - 91,681 8,494 - 1,366,245
United States:
Las Vegas Operating Properties 222,167 225,562 - 388 1,909 (130,764 ) 11,920 - 331,182
Sands Bethlehem 78,554 33,910 - 414 345 - 832 - 114,055
United States Property Operations 300,721 259,472 - 802 2,254 (130,764 ) 12,752 - 445,237
Other Asia (2) (71,590 ) 14,777 - 35 200 40,000 628 - (15,950 )
Other Development (177,026 ) 729 4,634 101,034 70,629 - - - -
Corporate (226,033 ) 19,921 - (1 ) - (917 ) - 207,030 -
$ 2,311,382 $ 892,046 $ 40,165 $ 145,914 $ 163,753 $ - $ 30,772 $ 207,030 $ 3,791,062
(1) During the three months ended December 31, 2013 and 2012, the Company recorded stock-based compensation expense of $13.6 million and $15.1 million, respectively, of which $5.4 million and $7.2 million, respectively, is included in corporate expense on the Company's condensed consolidated statements of operations. During the year ended December 31, 2013 and 2012, the Company recorded stock-based compensation expense of $53.4 million and $65.4 million, respectively, of which $23.3 million and $33.9 million, respectively, is included in corporate expense and $0.0 million and $0.7 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.
(2) Primarily includes the results of the CotaiJet ferry operations.
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
Three Months Ended December 31, 2013
(1) (2) Hold-Normalized
Adjusted Hold-Normalized Hold-Normalized Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
Macao Property Operations $ 835,905 $ 84,727 $ (33,043 ) $ 887,589
Marina Bay Sands 258,834 127,610 (14,305 ) 372,139
United States:
Las Vegas Operating Properties 88,207 (5,257 ) 394 83,344
Sands Bethlehem 30,349 (6,968 ) 1,080 24,461
United States Property Operations 118,556 (12,225 ) 1,474 107,805
Other Asia 692 - - 692
Other Development - - - -
Corporate - - - -
$ 1,213,987 $ 200,112 $ (45,874 ) $ 1,368,225
Three Months Ended December 31, 2012
(1) (2) Hold-Normalized
Adjusted Hold-Normalized Hold-Normalized Adjusted
Property Casino Casino Property
EBITDA Revenue Expense EBITDA
Macao Property Operations $ 622,242 $ (85,911 ) $ 33,505 $ 569,836
Marina Bay Sands 302,533 117,003 (13,116 ) 406,420
United States:
Las Vegas Operating Properties 52,820 37,976 (2,848 ) 87,948
Sands Bethlehem 27,518 (2,292 ) 355 25,581
United States Property Operations 80,338 35,684 (2,493 ) 113,529
Other Asia (2,149 ) - - (2,149 )
Other Development - - - -
Corporate - - - -
$ 1,002,964 $ 66,776 $ 17,896 $ 1,087,636
(1) For Macao Property Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling Chip play that would have been earned or lost had the Company's current period win percentage equaled 2.85%. This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%.
For the Las Vegas Operating Properties and Sands Bethlehem, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the Company's current period win percentage equaled 21.0% and 14.8%, respectively.
(2) Represents the estimated incremental gaming taxes that would have been incurred or avoided on the incremental casino revenue calculated in (1) above.
Las Vegas Sands Corp. and 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-Normalized Adjusted Property EBITDA:
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
Net income attributable to Las Vegas Sands Corp. $ 577,539 $ 434,782 $ 2,305,997 $ 1,524,093
Add (deduct):
Net income attributable to noncontrolling interests 192,192 136,561 648,679 357,720
Income tax expense 39,896 45,156 188,836 180,763
Loss on modification or early retirement of debt 14,178 - 14,178 19,234
Other (income) expense 671 (5,025 ) (4,321 ) (5,740 )
Interest expense, net of amounts capitalized 67,086 67,067 271,211 258,564
Interest income (5,489 ) (6,536 ) (16,337 ) (23,252 )
Loss on disposal of assets 1,723 1,011 11,156 2,240
Impairment loss - - - 143,674
Amortization of leasehold interests in land 10,055 10,149 40,352 40,165
Depreciation and amortization 254,938 250,321 1,007,468 892,046
Development expense 969 7,762 15,809 19,958
Pre-opening expense 3,693 8,992 13,339 143,795
Stock-based compensation 1 8,222 7,858 30,053 30,772
Legal settlement expense 1 - - 47,400 -
Corporate expense 48,314 44,866 189,535 207,030
Adjusted Property EBITDA $ 1,213,987 $ 1,002,964 $ 4,763,355 $ 3,791,062
Hold-normalized casino revenue 2 200,112 66,776
Hold-normalized casino expense 2 (45,874 ) 17,896
Hold-Normalized Adjusted Property EBITDA $ 1,368,225 $ 1,087,636
(1) See Exhibit 2
(2) See Exhibit 3
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
The Venetian Macao $ 1,149,079 $ 843,000 $ 3,851,230 $ 3,037,975
Sands Cotai Central 790,650 490,668 2,698,430 1,052,124
Four Seasons Hotel Macao and Plaza Casino 238,069 296,237 1,065,405 1,086,456
Sands Macao 326,747 314,586 1,237,016 1,250,552
Marina Bay Sands 659,813 717,160 2,968,366 2,886,139
Las Vegas Operating Properties 385,712 308,287 1,518,024 1,384,629
Sands Bethlehem 124,141 117,834 496,738 470,458
Other Asia 33,906 37,538 139,572 148,330
Intersegment Eliminations (52,432 ) (48,308 ) (204,896 ) (185,531 )
$ 3,655,685 $ 3,077,002 $ 13,769,885 $ 11,131,132
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
The Venetian Macao 37.7 % 39.5 % 38.9 % 37.6 %
Sands Cotai Central 30.1 % 22.0 % 27.4 % 20.3 %
Four Seasons Hotel Macao and Plaza Casino 32.2 % 30.3 % 28.6 % 26.5 %
Sands Macao 26.9 % 29.1 % 29.3 % 28.0 %
Marina Bay Sands 39.2 % 42.2 % 46.6 % 47.3 %
Las Vegas Operating Properties 22.9 % 17.1 % 23.2 % 23.9 %
Sands Bethlehem 24.4 % 23.4 % 24.8 % 24.2 %
Other Asia 2.0 % -5.7 % -2.8 % -10.8 %
Total 33.2 % 32.6 % 34.6 % 34.1 %
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
Net income attributable to Las Vegas Sands Corp. $ 577,539 $ 434,782 $ 2,305,997 $ 1,524,093
Pre-opening expense, net 2,791 6,908 9,818 101,775
Development expense, net 969 7,762 15,809 19,958
Impairment loss, net - - - 101,009
Loss on disposal of assets, net (2,571 ) 1,021 5,498 2,211
Loss on modification or early retirement of debt, net 14,178 - 14,178 18,714
Legal settlement expense - - 47,400 -
Adjusted net income $ 592,906 $ 450,473 $ 2,398,700 $ 1,767,760
Hold-normalized casino revenue 1 200,112 66,776
Hold-normalized casino expense 1 (45,874 ) 17,896
Income tax impact on hold adjustments (19,262 ) (17,661 )
Noncontrolling interest impact on hold adjustments (15,418 ) 15,598
Hold-normalized adjusted net income $ 712,464 $ 533,082
(1) See Exhibit 3
Per diluted share of common stock:
Net income attributable to Las Vegas Sands Corp. $ 0.70 $ 0.53 $ 2.79 $ 1.85
Pre-opening expense, net - - - 0.12
Development expense, net - 0.01 0.02 0.03
Impairment loss, net - - - 0.12
Loss on disposal of assets, net - - 0.01 -
Loss on modification or early retirement of debt, net 0.02 - 0.02 0.02
Legal settlement expense - - 0.06 -
Adjusted earnings per diluted share $ 0.72 $ 0.54 $ 2.90 $ 2.14
Hold-normalized casino revenue 0.24 0.08
Hold-normalized casino expense (0.05 ) 0.02
Income tax impact on hold adjustments (0.02 ) (0.02 )
Noncontrolling interest impact on hold adjustments (0.02 ) 0.02
Hold-normalized adjusted earnings per diluted share $ 0.87 $ 0.64
Weighted average diluted shares outstanding 822,314,351 826,662,036 826,316,108 824,556,036
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
Room Statistics:
The Venetian Macao:
Occupancy % 94.4 % 93.4 % 91.3 % 91.9 %
Average daily room rate (ADR) 1 $ 269 $ 248 $ 243 $ 237
Revenue per available room (RevPAR) 2 $ 254 $ 231 $ 222 $ 218
Sands Cotai Central:
Occupancy % 89.1 % 84.0 % 78.5 % 83.4 %
Average daily room rate (ADR) 1 $ 167 $ 164 $ 155 $ 155
Revenue per available room (RevPAR) 2 $ 149 $ 138 $ 121 $ 129
Four Seasons Hotel Macao and Plaza Casino:
Occupancy % 90.8 % 81.8 % 85.3 % 80.1 %
Average daily room rate (ADR) 1 $ 403 $ 382 $ 373 $ 362
Revenue per available room (RevPAR) 2 $ 366 $ 313 $ 318 $ 290
Sands Macao:
Occupancy % 97.4 % 96.9 % 96.1 % 95.3 %
Average daily room rate (ADR) 1 $ 276 $ 250 $ 252 $ 245
Revenue per available room (RevPAR) 2 $ 269 $ 243 $ 242 $ 234
Marina Bay Sands:
Occupancy % 96.9 % 98.4 % 98.6 % 98.9 %
Average daily room rate (ADR) 1 $ 425 $ 368 $ 396 $ 355
Revenue per available room (RevPAR) 2 $ 411 $ 362 $ 390 $ 351
Las Vegas Operating Properties:
Occupancy % 88.8 % 87.6 % 89.6 % 86.1 %
Average daily room rate (ADR) 1 $ 208 $ 203 $ 205 $ 203
Revenue per available room (RevPAR) 2 $ 185 $ 177 $ 184 $ 175
Sands Bethlehem:
Occupancy % 74.4 % 78.2 % 73.6 % 65.1 %
Average daily room rate (ADR) 1 $ 145 $ 136 $ 142 $ 140
Revenue per available room (RevPAR) 2 $ 108 $ 107 $ 104 $ 91
Casino Statistics:
The Venetian Macao:
Table games win per unit per day 3 $ 19,200 $ 18,424 $ 17,518 $ 15,496
Slot machine win per unit per day 4 $ 344 $ 357 $ 327 $ 325
Average number of table games 639 457 584 504
Average number of slot machines 2,119 2,183 2,193 2,210
Sands Cotai Central:
Table games win per unit per day 3 $ 19,621 $ 11,995 $ 16,166 $ 10,758
Slot machine win per unit per day 4 $ 367 $ 214 $ 292 $ 273
Average number of table games 457 462 480 395
Average number of slot machines 1,957 2,310 2,077 1,429
Four Seasons Hotel Macao and Plaza Casino:
Table games win per unit per day 3 $ 17,655 $ 25,986 $ 22,049 $ 23,693
Slot machine win per unit per day 4 $ 887 $ 1,052 $ 759 $ 749
Average number of table games 148 144 151 154
Average number of slot machines 178 192 180 185
Sands Macao:
Table games win per unit per day 3 $ 13,356 $ 14,362 $ 12,383 $ 11,518
Slot machine win per unit per day 4 $ 260 $ 235 $ 247 $ 247
Average number of table games 286 263 295 330
Average number of slot machines 1,094 1,216 1,162 1,168
Marina Bay Sands:
Table games win per unit per day 3 $ 9,098 $ 10,950 $ 11,289 $ 10,543
Slot machine win per unit per day 4 $ 679 $ 682 $ 688 $ 644
Average number of table games 648 616 626 613
Average number of slot machines 2,365 2,299 2,266 2,426
Las Vegas Operating Properties:
Table games win per unit per day 3 $ 6,081 $ 2,660 $ 5,896 $ 5,171
Slot machine win per unit per day 4 $ 217 $ 215 $ 206 $ 209
Average number of table games 253 239 244 232
Average number of slot machines 2,317 2,329 2,343 2,222
Sands Bethlehem:
Table games win per unit per day 3 $ 3,344 $ 3,244 $ 3,104 $ 3,049
Slot machine win per unit per day 4 $ 246 $ 251 $ 262 $ 264
Average number of table games 147 122 145 121
Average number of slot machines 3,008 3,018 3,013 3,015
(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.

Contacts:

Investment Community:
Daniel Briggs
(702) 414-1221

Media:
Ron Reese
(702) 414-3607

Source: Las Vegas Sands

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