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Las Vegas Sands Reports Second Quarter 2015 Results

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For the Quarter Ended June 30, 2015 - Consolidated Adjusted Property EBITDA of $1.02 Billion - Consolidated Adjusted Property EBITDA Margin of 34.8% - In Macao, Strong Cost Discipline Drove a 150 Basis Point Sequential Improvement in Hold-Normalized Adjusted Property EBITDA Margin to 31.7% - Adjusted Property EBITDA at Marina Bay Sands in Singapore was $363.3 Million (Hold-Normalized Adjusted Property EBITDA Increased 6.1% on a Constant-Currency Basis Compared to the Prior-Year Quarter) - Adjusted Earnings per Diluted Share was $0.60 - The Company Paid Dividends of $0.65 per Share, an Increase of 30.0% Over the Prior-Year Quarter - The Company Returned $65.0 Million of Capital to Shareholders Through its Stock Repurchase Program

July 22, 2015 4:01 PM EDT

LAS VEGAS, July 22, 2015 /PRNewswire/ -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended June 30, 2015.

Second Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "While the operating environment in Macao, particularly in the high-end gaming segments, remained challenging during the quarter, our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows allowed us to again deliver in excess of one billion U.S. dollars of Adjusted Property EBITDA during the quarter and weather this cyclical downturn better than the industry overall.  Despite the current headwinds in the Macao market, we remain sharply focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. 

"Our convention-based Integrated Resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows, and delivers the industry's highest revenue and profit from non-gaming segments while bringing unsurpassed economic and diversification benefits to the regions in which we operate.  We remain confident in our ability to both further extend our global leadership position and deliver strong growth in the future. 

"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 $0.65 per common share during the quarter, an increase of 30.0% compared to the second quarter of 2014. The company also announced that its next recurring quarterly dividend of $0.65 per common share will be paid on September 30, 2015, to Las Vegas Sands shareholders of record on September 22, 2015.  That dividend represents an increase of 30.0% compared to the dividend paid in the third quarter of 2014. Additionally, since the inception of the company's share repurchase program in June 2013, the company has returned $2.30 billion to shareholders through the repurchase of 32.3 million shares, including $65.0 million of common stock (1.3 million shares at a weighted average price of $50.46) during the quarter ended June 30, 2015.  

Mr. Adelson added, "In Macao, we welcomed more than 16 million visits to our Macao property portfolio and delivered strong growth in the high-margin retail mall business.  Notwithstanding a challenging environment in the VIP and premium mass gaming segments, we delivered $559.8 million in adjusted property EBITDA across our Macao property portfolio in the second quarter.  We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by The Parisian Macao and the St. Regis tower at Sands Cotai Central, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers and provide an outstanding and diversified platform for growth in the years ahead."

In Singapore, Marina Bay Sands generated record mass gaming win-per-day in local currency terms in the second quarter of 2015. Adjusted property EBITDA decreased to $363.3 million in the current quarter as healthy growth in mass gaming win was offset by a decrease in Rolling Chip win (partially due to a lower Rolling Chip win percentage compared to the prior-year quarter) and the negative impact of the stronger U.S. dollar. Hold-normalized adjusted property EBITDA increased 6.1% on a constant-currency basis. 

Company-Wide Operating Results Net revenue for the second quarter of 2015 decreased 19.4% to $2.92 billion, compared to $3.62 billion in the second quarter of 2014. Consolidated adjusted property EBITDA of $1.02 billion decreased 22.6% in the second quarter of 2015, compared to the year-ago quarter.  On a hold-normalized basis, adjusted property EBITDA decreased 16.8% to $1.01 billion in the second quarter of 2015. 

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2015 decreased 28.3% to $689.3 million, compared to $961.5 million in the second quarter of 2014.  The decrease in operating income was principally due to softer results across the company's Macao property portfolio. 

On a GAAP basis, net income attributable to Las Vegas Sands in the second quarter of 2015 decreased 30.1% to $469.2 million, compared to $671.4 million in the second quarter of 2014, while diluted earnings per share in the second quarter of 2015 decreased 28.9% to $0.59, compared to $0.83 in the prior-year quarter. The decrease in net income attributable to Las Vegas Sands reflected the decline in operating income described above, offset by a $69.1 million decrease in net income attributable to noncontrolling interests. 

Adjusted net income (see Note 1) decreased to $481.5 million, or $0.60 per diluted share, compared to $690.4 million, or $0.85 per diluted share, in the second quarter of 2014.    

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. decreased 25.6% to $1.77 billion in the second quarter of 2015, compared to $2.38 billion in the second quarter of 2014. Adjusted property EBITDA for Sands China Ltd. decreased 29.5% to $564.5 million in the second quarter of 2015, compared to $800.6 million in the second quarter of 2014. Net income for Sands China Ltd. decreased 37.3% to $388.7 million in the second quarter of 2015, compared to $620.2 million in the second quarter of 2014.

The Venetian Macao Second Quarter Operating Results

Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property generated adjusted property EBITDA of $255.0 million in the second quarter with an EBITDA margin of 34.5%.  Non-Rolling Chip drop was $1.68 billion for the quarter with a Non-Rolling Chip win percentage of 26.0%.  Rolling Chip volume during the quarter decreased 38.1% to $7.63 billion.  Rolling Chip win percentage was 3.07% in the quarter, below the 3.45% experienced in the prior-year quarter. Slot handle decreased 27.7% compared to the second quarter of 2014 to $973.2 million.  Mall revenues increased 14.9% during the quarter to reach $48.5 million.

The following table summarizes the key operating results for The Venetian Macao for the second quarter of  2015 compared to the second quarter of 2014:

The Venetian Macao Operations

 Three Months Ended

June 30,

(Dollars in millions)

2015

2014

$ Change

 Change

Revenues:

Casino

$

633.6

$

927.6

$

(294.0)

-31.7%

Rooms

51.0

61.2

(10.2)

-16.7%

Food and Beverage

19.7

23.7

(4.0)

-16.9%

Mall

48.5

42.2

6.3

14.9%

Convention, Retail and Other

21.6

21.3

0.3

1.4%

Less - Promotional Allowances

(34.9)

(43.3)

8.4

19.4%

Net Revenues

$

739.5

$

1,032.7

$

(293.2)

-28.4%

Adjusted Property EBITDA

$

255.0

$

402.1

$

(147.1)

-36.6%

EBITDA Margin %

34.5%

38.9%

-4.4 pts

Operating Income

$

210.9

$

361.2

$

(150.3)

-41.6%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

7,632.9

$

12,329.7

$

(4,696.8)

-38.1%

Rolling Chip Win %(1)

3.07%

3.45%

-0.38 pts

Non-Rolling Chip Drop

$

1,677.0

$

2,234.9

$

(557.9)

-25.0%

Non-Rolling Chip Win %

26.0%

25.7%

0.3 pts

Slot Handle

$

973.2

$

1,345.9

$

(372.7)

-27.7%

Slot Hold %

4.9%

5.0%

-0.1 pts

Hotel Statistics

Occupancy %

82.2%

89.1%

-6.9 pts

Average Daily Rate (ADR)

$

239

$

262

$

(23)

-8.8%

Revenue per Available Room (RevPAR)

$

196

$

233

$

(37)

-15.9%

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

Sands Cotai Central Second Quarter Operating Results

Net revenues and adjusted property EBITDA for the second quarter of 2015 at Sands Cotai Central were $554.2 million and $164.2 million, respectively, resulting in an EBITDA margin of 29.6%.

Non-Rolling Chip drop was $1.46 billion in the second quarter with a Non-Rolling Chip win percentage of 22.4%.  Rolling Chip volume was $4.83 billion for the quarter with a Rolling Chip win percentage of 3.43%.  Slot handle was $1.50 billion for the quarter. Mall revenues increased 30.1% during the quarter to reach $14.7 million.  Hotel occupancy was 78.7% with ADR of $156. 

The following table summarizes our key operating results for Sands Cotai Central for the second quarter of 2015 compared to the second quarter of 2014:

Sands Cotai Central Operations

 Three Months Ended

June 30,

(Dollars in millions)

2015

2014

$ Change

 Change

Revenues:

Casino

$

484.4

$

712.8

$

(228.4)

-32.0%

Rooms

63.3

73.2

(9.9)

-13.5%

Food and Beverage

23.7

30.5

(6.8)

-22.3%

Mall

14.7

11.3

3.4

30.1%

Convention, Retail and Other

5.4

6.8

(1.4)

-20.6%

Less - Promotional Allowances

(37.3)

(49.8)

12.5

25.1%

Net Revenues

$

554.2

$

784.8

$

(230.6)

-29.4%

Adjusted Property EBITDA

$

164.2

$

249.0

$

(84.8)

-34.1%

EBITDA Margin %

29.6%

31.7%

-2.1 pts

Operating Income

$

88.2

$

173.2

$

(85.0)

-49.1%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

4,826.6

$

12,404.4

$

(7,577.8)

-61.1%

Rolling Chip Win %(1)

3.43%

2.97%

0.46 pts

Non-Rolling Chip Drop

$

1,462.6

$

1,881.7

$

(419.1)

-22.3%

Non-Rolling Chip Win %

22.4%

21.5%

0.9 pts

Slot Handle

$

1,500.6

$

1,966.7

$

(466.1)

-23.7%

Slot Hold %

3.6%

3.5%

0.1 pts

Hotel Statistics

Occupancy %

78.7%

84.9%

-6.2 pts

Average Daily Rate (ADR)

$

156

$

169

$

(13)

-7.7%

Revenue per Available Room (RevPAR)

$

123

$

143

$

(20)

-14.0%

(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 and Plaza Casino Second Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $74.3 million in the second quarter of 2015, an increase of 9.3% compared to the year-ago quarter.  Non-Rolling Chip drop was $276.8 million, while Non-Rolling Chip win percentage was 21.8%.  Rolling Chip volume was $4.18 billion for the quarter. Rolling Chip win percentage was 3.58% in the quarter, above the 3.08% experienced in the prior-year quarter. Slot handle decreased to $126.8 million during the quarter. Mall revenue increased 25.4% during the quarter to reach $31.1 million.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the second quarter of 2015 compared to the second quarter of 2014:

Four Seasons Hotel Macao and Plaza Casino Operations

 Three Months Ended

June 30,

(Dollars in millions)

2015

2014

$ Change

 Change

Revenues:

Casino

$

167.0

$

197.7

$

(30.7)

-15.5%

Rooms

10.9

12.0

(1.1)

-9.2%

Food and Beverage

6.4

7.3

(0.9)

-12.3%

Mall

31.1

24.8

6.3

25.4%

Convention, Retail and Other

0.8

0.9

(0.1)

-11.1%

Less - Promotional Allowances

(12.1)

(14.2)

2.1

14.8%

Net Revenues

$

204.1

$

228.5

$

(24.4)

-10.7%

Adjusted Property EBITDA

$

74.3

$

68.0

$

6.3

9.3%

EBITDA Margin %

36.4%

29.7%

6.7 pts

Operating Income

$

61.9

$

55.2

$

6.7

12.1%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

4,180.8

$

5,647.9

$

(1,467.1)

-26.0%

Rolling Chip Win %(1)

3.58%

3.08%

0.50 pts

Non-Rolling Chip Drop

$

276.8

$

366.6

$

(89.8)

-24.5%

Non-Rolling Chip Win %

21.8%

21.9%

-0.1 pts

Slot Handle

$

126.8

$

170.4

$

(43.6)

-25.6%

Slot Hold %

6.1%

6.5%

-0.4 pts

Hotel Statistics

Occupancy %

83.4%

85.8%

-2.4 pts

Average Daily Rate (ADR)

$

382

$

410

$

(28)

-6.8%

Revenue per Available Room (RevPAR)

$

319

$

352

$

(33)

-9.4%

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

Sands Macao Second Quarter Operating Results

Sands Macao's adjusted property EBITDA was $66.3 million. Non-Rolling Chip drop was $769.1 million during the quarter, while slot handle was $658.6 million. Rolling Chip volume was $2.33 billion for the quarter. The property realized 3.91% win on Rolling Chip volume during the quarter, above the 3.20% generated in the year-ago quarter. 

The following table summarizes our key operating results for Sands Macao for the second quarter of 2015 compared to the second quarter of 2014:

Sands Macao Operations

 Three Months Ended

June 30,

(Dollars in millions)

2015

2014

$ Change

 Change

Revenues:

Casino

$

236.0

$

307.0

$

(71.0)

-23.1%

Rooms

5.7

5.5

0.2

3.6%

Food and Beverage

7.9

10.0

(2.1)

-21.0%

Convention, Retail and Other

2.0

2.5

(0.5)

-20.0%

Less - Promotional Allowances

(10.0)

(12.2)

2.2

18.0%

Net Revenues

$

241.6

$

312.8

$

(71.2)

-22.8%

Adjusted Property EBITDA

$

66.3

$

82.3

$

(16.0)

-19.4%

EBITDA Margin %

27.4%

26.3%

1.1 pts

Operating Income

$

56.1

$

73.0

$

(16.9)

-23.2%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

2,328.2

$

4,651.5

$

(2,323.3)

-49.9%

Rolling Chip Win %(1)

3.91%

3.20%

0.71 pts

Non-Rolling Chip Drop

$

769.1

$

1,081.3

$

(312.2)

-28.9%

Non-Rolling Chip Win %

19.9%

17.5%

2.4 pts

Slot Handle

$

658.6

$

832.4

$

(173.8)

-20.9%

Slot Hold %

3.6%

3.7%

-0.1 pts

Hotel Statistics

Occupancy %

99.6%

98.5%

1.1 pts

Average Daily Rate (ADR)

$

219

$

216

$

3

1.4%

Revenue per Available Room (RevPAR)

$

218

$

213

$

5

2.3%

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

Marina Bay Sands Second Quarter Operating Results

Marina Bay Sands in Singapore generated adjusted property EBITDA of $363.3 million.  On a constant-currency basis, adjusted property EBITDA decreased 6.4% (on a constant-currency basis, hold-normalized adjusted property EBITDA increased 6.1% compared to the prior-year quarter).   Rolling Chip win percentage of 2.78% in the second quarter of 2015 was within the expected range but below the 3.45% achieved in the second quarter of 2014. Rolling Chip volume was $9.51 billion for the quarter.

Non-Rolling Chip drop was $1.05 billion during the quarter with a Non-Rolling Chip win percentage of 27.5%. Slot handle decreased 0.2% to $3.06 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 1.1% to $4.73 million, compared to $4.68 million in the second quarter of 2014.

ADR decreased to $377 during the quarter and occupancy decreased to 95.9%, resulting in a RevPAR decrease of 10.9% compared to the same quarter last year.  The impact of the stronger U.S. dollar impacted both the ADR and RevPAR figures.

The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2015 compared to the second quarter of 2014:

Marina Bay Sands Operations

 Three Months Ended

June 30,

(Dollars in millions)

2015

2014

$ Change

 Change

Revenues:

Casino

$

565.7

$

646.4

$

(80.7)

-12.5%

Rooms

82.7

93.1

(10.4)

-11.2%

Food and Beverage

41.3

46.7

(5.4)

-11.6%

Mall

40.4

40.3

0.1

0.2%

Convention, Retail and Other

24.4

27.5

(3.1)

-11.3%

Less - Promotional Allowances

(41.5)

(49.3)

7.8

15.8%

Net Revenues

$

713.0

$

804.7

$

(91.7)

-11.4%

Adjusted Property EBITDA

$

363.3

$

417.8

$

(54.5)

-13.0%

EBITDA Margin %

50.9%

51.9%

-1.0 pts

Operating Income

$

277.2

$

308.8

$

(31.6)

-10.2%

Gaming Statistics

(Dollars in millions)

Rolling Chip Volume

$

9,505.8

$

10,446.5

$

(940.7)

-9.0%

Rolling Chip Win %(1)

2.78%

3.45%

-0.67 pts

Non-Rolling Chip Drop

$

1,047.6

$

1,106.3

$

(58.7)

-5.3%

Non-Rolling Chip Win %

27.5%

24.8%

2.7 pts

Slot Handle

$

3,061.8

$

3,066.7

$

(4.9)

-0.2%

Slot Hold %

4.6%

4.9%

-0.3 pts

Hotel Statistics

Occupancy %

95.9%

99.1%

-3.2 pts

Average Daily Rate (ADR)

$

377

$

409

$

(32)

-7.8%

Revenue per Available Room (RevPAR)

$

361

$

405

$

(44)

-10.9%

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

Las Vegas Operations Second Quarter Operating Results

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $54.2 million for the quarter.  On a hold-normalized basis, adjusted property EBITDA in the quarter increased 21.1% year-over-year to $85.3 million.  Hotel ADR increased 3.6% year-over-year to reach $231 in the quarter, while occupancy increased to 92.6%.  RevPAR increased 6.5% to $214 in the quarter.  Table games drop, which reflected a solid quarter for non-Baccarat play, increased 6.0% in the quarter to $466.5 million, while slot handle increased 15.4% to $558.3 million.

The following table summarizes our key operating results for our Las Vegas operations for the second quarter of 2015 compared to the second quarter of 2014:

Three Months Ended

Las Vegas Operations

June 30,

(Dollars in millions)

2015

2014

$ Change

 Change

Revenues:

Casino

$

86.5

$

104.3

$

(17.8)

-17.1%

Rooms

133.9

126.5

7.4

5.8%

Food and Beverage

72.5

69.0

3.5

5.1%

Convention, Retail and Other

75.2

74.7

0.5

0.7%

Less - Promotional Allowances

(22.1)

(21.4)

(0.7)

-3.3%

Net Revenues

$

346.0

$

353.1

$

(7.1)

-2.0%

Adjusted Property EBITDA

$

54.2

$

66.1

$

(11.9)

-18.0%

EBITDA Margin %

15.7%

18.7%

-3.0 pts

Operating Income

$

41.8

$

54.9

$

(13.1)

-23.9%

Gaming Statistics

(Dollars in millions)

Table Games Drop

$

466.5

$

440.0

$

26.5

6.0%

Table Games Win %(1)

11.2%

18.2%

-7.0 pts

Slot Handle

$

558.3

$

483.6

$

74.7

15.4%

Slot Hold %

8.4%

8.3%

0.1 pts

Hotel Statistics

Occupancy %

92.6%

90.1%

2.5 pts

Average Daily Rate (ADR)

$

231

$

223

$

8

3.6%

Revenue per Available Room (RevPAR)

$

214

$

201

$

13

6.5%

(1) This compares to our expected Baccarat win percentage of 21.0% to 29.0% and our expected non-Baccarat win percentage of 16.0% to 20.0% in the current year quarter (calculated before discounts). Our expected Baccarat win percentage in the prior-year quarter was 22.0% to 30.0% and our expected non-Baccarat win percentage was 14.0% to 18.0% (calculated before discounts).

Sands Bethlehem Second Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 9.0% to $137.5 million and adjusted property EBITDA increased 22.2% to $34.1 million for the quarter. Table games drop increased 10.1% to $286.9 million for the quarter, while table games win percentage was 17.2%, which was higher than the 16.1% realized in the second quarter of 2014. Slot handle increased 7.2% year-over-year to $1.09 billion for the quarter with a slot hold percentage of 7.0%.

The following table summarizes our key operating results for Sands Bethlehem for the second quarter of 2015 compared to the second quarter of 2014:

Three Months Ended

Sands Bethlehem Operations

June 30,

(Dollars in millions)

2015

2014

$ Change

 Change

Revenues:

Casino

$

128.4

$

117.1

$

11.3

9.6%

Rooms

3.8

3.5

0.3

8.6%

Food and Beverage

6.9

6.9

-

0.0%

Mall

0.9

0.8

0.1

12.5%

Convention, Retail and Other

4.8

4.4

0.4

9.1%

Less - Promotional Allowances

(7.3)

(6.6)

(0.7)

-10.6%

Net Revenues

$

137.5

$

126.1

$

11.4

9.0%

Adjusted Property EBITDA

$

34.1

$

27.9

$

6.2

22.2%

EBITDA Margin %

24.8%

22.1%

2.7 pts

Operating Income

$

27.3

$

20.2

$

7.1

35.1%

Gaming Statistics

(Dollars in millions)

Table Games Drop

$

286.9

$

260.6

$

26.3

10.1%

Table Games Win %(1)

17.2%

16.1%

1.1 pts

Slot Handle

$

1,091.4

$

1,018.3

$

73.1

7.2%

Slot Hold %

7.0%

7.2%

-0.2 pts

Hotel Statistics

Occupancy %

91.9%

87.2%

4.7 pts

Average Daily Rate (ADR)

$

152

$

144

$

8

5.6%

Revenue per Available Room (RevPAR)

$

140

$

126

$

14

11.1%

(1) This compares to our expected table games win percentage of 14.0% to 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 $134.4 million for the second quarter of 2015, an increase of 13.6% compared to the second quarter of 2014.  Operating profit derived from these retail mall assets increased 18.2% for the quarter compared to the quarter one year ago, reaching $119.4 million.

For The Three Months Ended June 30, 2015

TTM June 30, 2015

(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

$

48.3

$

43.1

89.2%

780,044

97.8%

$

1,578

Shoppes at Four Seasons

Luxury Retail

20.4

19.2

94.1%

142,562

100.0%

5,589

Other Stores

10.7

10.0

93.5%

115,053

100.0%

2,646

Total

31.1

29.2

93.9%

257,615

100.0%

4,924

Shoppes at Cotai Central

14.6

12.6

86.3%

331,466(3)

97.8%

1,004

Total Cotai Strip in Macao

94.0

84.9

90.3%

1,369,125

98.2%

1,966

The Shoppes at Marina Bay Sands

40.4

34.5

85.4%

644,590

93.6%

1,393

Total

$

134.4

$

119.4

88.8%

2,013,715

96.7%

$

1,789

(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.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $4.8 million during the quarter, compared to a loss of $0.5 million in the second quarter of 2014.

Pre-opening expense was $10.7 million in the second quarter of 2015, compared to $16.1 million in the second quarter of 2014.

Depreciation and amortization expense was $248.6 million in the second quarter of 2015, compared to $264.0 million in the second quarter of 2014.

Interest expense, net of amounts capitalized, was $65.8 million for the second quarter of 2015, compared to $69.6 million in the prior-year quarter. Capitalized interest was $5.5 million during the second quarter of 2015, compared to $1.5 million during the second quarter of 2014.  Our weighted average borrowing cost in the second quarter of 2015 was approximately 2.9%.

Corporate expense was $44.6 million in the second quarter of 2015, compared to $45.1 million in the second quarter of 2014.

Other expense, which was principally composed of foreign currency losses, was $0.2 million in the second quarter of 2015, compared to income of $2.2 million in the second quarter of 2014.

The company's effective income tax rate for the second quarter of 2015 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.

The net income attributable to noncontrolling interests during the second quarter of 2015 of $112.3 million was principally related to Sands China Ltd. 

Balance Sheet Items

Unrestricted cash balances as of June 30, 2015 were $2.82 billion.

As of June 30, 2015, total debt outstanding, including the current portion, was $9.82 billion.

Capital Expenditures

Capital expenditures during the second quarter totaled $351.9 million, including construction, development and maintenance activities of $282.7 million in Macao, $32.7 million at Marina Bay Sands, $30.6 million in Las Vegas, and $5.9 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, July 22, 2015 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 development, construction and ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao, our ability to meet certain development deadlines, our subsidiaries' ability to make distribution payments to us, 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, 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 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.

Our properties include the five-diamond Venetian and Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore.  Through our majority ownership in Sands China Ltd. (HK: 1928), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.

LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through our Sands Cares corporate citizenship program and leading innovation with the company's award-winning Sands ECO360° global sustainability program.  To learn more, please visit www.sands.com.     

Contacts:

Investment Community:

Daniel Briggs

(702) 414-1221

Media:

Ron Reese

(702) 414-3607

Las Vegas Sands Corp. Second Quarter 2015 Results Non-GAAP Reconciliations

Within the company's second quarter 2015 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, 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-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

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Revenues:

  Casino 

$     2,301,498

$       3,012,810

$     4,678,186

$       6,384,875

  Rooms

351,259

375,116

722,672

775,338

  Food and beverage

178,418

194,196

367,829

396,983

  Mall

135,282

119,073

263,096

228,104

  Convention, retail and other

125,514

125,829

259,651

263,205

3,091,971

3,827,024

6,291,434

8,048,505

  Less - promotional allowances

(170,550)

(202,674)

(358,391)

(413,771)

2,921,421

3,624,350

5,933,043

7,634,734

Operating expenses:

  Resort operations 

1,913,909

2,319,757

3,878,998

4,858,049

  Corporate

44,565

45,123

89,788

95,800

  Pre-opening

10,654

16,141

20,233

20,441

  Development

2,348

4,217

3,881

5,909

  Depreciation and amortization

248,592

264,016

502,514

525,063

  Amortization of leasehold interests in land

9,485

10,040

19,323

20,066

  Loss on disposal of assets

2,558

3,596

17,881

4,121

2,232,111

2,662,890

4,532,618

5,529,449

Operating income

689,310

961,460

1,400,425

2,105,285

Other income (expense):

  Interest income

4,062

5,697

10,440

11,500

  Interest expense, net of amounts capitalized

(65,801)

(69,590)

(132,056)

(140,716)

  Other income (expense)

(151)

2,194

15,314

(2,463)

  Loss on modification or early retirement of debt

-

-

-

(17,964)

Income before income taxes

627,420

899,761

1,294,123

1,955,642

Income tax expense

(45,929)

(46,917)

(101,594)

(106,070)

Net income 

581,491

852,844

1,192,529

1,849,572

Net income attributable to noncontrolling interests

(112,318)

(181,410)

(211,433)

(401,953)

Net income attributable to Las Vegas Sands Corp.

$        469,173

$          671,434

$        981,096

$       1,447,619

Earnings per share:

Basic

$              0.59

$                0.83

$              1.23

$                1.79

Diluted

$              0.59

$                0.83

$              1.23

$                1.78

Weighted average shares outstanding:

Basic

797,715,773

807,038,086

797,827,230

810,881,047

Diluted

798,552,917

809,224,051

798,731,400

813,304,140

Dividends declared per common share

$              0.65

$                0.50

$              1.30

$                1.00

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure 

(In thousands)

(Unaudited)

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

Three Months Ended June 30, 2015

Amortization

of Leasehold

Interests

in Land

Pre-Opening 

and

Development

Expense

Depreciation

and  

Amortization

 (Gain) Loss

on Disposal

of Assets

(1)

Stock-Based

Compensation

Adjusted

Property

EBITDA

Operating

Income (Loss)

Royalty

Fees

Corporate

Expense

Macao:

   The Venetian Macao

$       210,937

$      38,204

$       1,640

$               227

$            -

$            -

$          3,982

$               -

$     254,990

   Sands Cotai Central

88,184

68,932

1,931

214

2,905

-

2,044

-

164,210

   Four Seasons Hotel Macao and Plaza Casino

61,915

9,571

700

6

1,540

-

602

-

74,334

   Sands Macao

56,102

9,054

373

198

-

-

557

-

66,284

Macao Property Operations

417,138

125,761

4,644

645

4,445

-

7,185

-

559,818

Marina Bay Sands

277,187

58,887

4,227

(34)

464

22,306

217

-

363,254

United States:

   Las Vegas Operating Properties

41,838

44,821

-

1,947

158

(35,723)

1,125

-

54,166

   Sands Bethlehem

27,301

6,757

-

-

41

-

-

-

34,099

United States Property Operations

69,139

51,578

-

1,947

199

(35,723)

1,125

-

88,265

Other Asia (2)

(12,411)

3,473

-

-

-

13,640

119

-

4,821

Other Development

(8,668)

160

614

-

7,894

-

-

-

-

Corporate

(53,075)

8,733

-

-

-

(223)

-

44,565

-

$       689,310

$     248,592

$       9,485

$            2,558

$      13,002

$            -

$          8,646

$         44,565

$  1,016,158

Three Months Ended June 30, 2014

Amortization

of Leasehold

Interests

in Land

Pre-Opening 

and

Development

Expense

Depreciation

and  

Amortization

(Gain) Loss

on Disposal

of Assets

(1)

Stock-Based

Compensation

Adjusted

Property

EBITDA

Operating

Income (Loss)

Royalty

Fees

Corporate

Expense

Macao:

   The Venetian Macao

$       361,191

$      36,195

$       1,653

$               457

$            -

$            -

$          2,561

$               -

$     402,057

   Sands Cotai Central

173,198

68,027

2,153

291

3,982

-

1,322

-

248,973

   Four Seasons Hotel Macao and Plaza Casino

55,219

9,919

706

14

1,805

-

291

-

67,954

   Sands Macao

73,047

8,430

353

35

-

-

454

-

82,319

Macao Property Operations

662,655

122,571

4,865

797

5,787

-

4,628

-

801,303

Marina Bay Sands

308,829

75,369

4,553

3,335

-

24,284

1,408

-

417,778

United States:

   Las Vegas Operating Properties

54,919

45,974

-

(434)

-

(36,242)

1,898

-

66,115

   Sands Bethlehem

20,208

7,746

-

(102)

63

-

-

-

27,915

United States Property Operations

75,127

53,720

-

(536)

63

(36,242)

1,898

-

94,030

Other Asia (2)

(16,348)

3,559

-

-

5

12,200

116

-

(468)

Other Development

(15,283)

158

622

-

14,503

-

-

-

-

Corporate

(53,520)

8,639

-

-

-

(242)

-

45,123

-

$       961,460

$     264,016

$     10,040

$            3,596

$      20,358

$            -

$          8,050

$         45,123

$  1,312,643

Six Months Ended June 30, 2015

Amortization

of Leasehold

Interests

in Land

Pre-Opening 

and

Development

Expense

Depreciation

and  

Amortization

(Gain) Loss

on Disposal

of Assets

(1)

Stock-Based

Compensation

Adjusted

Property

EBITDA

Operating

Income (Loss)

Royalty

Fees

Corporate

Expense

Macao:

   The Venetian Macao

$       430,967

$      76,320

$       3,306

$            8,800

$            -

$            -

$          5,539

$               -

$     524,932

   Sands Cotai Central

164,607

140,615

4,078

3,527

4,778

-

2,515

-

320,120

   Four Seasons Hotel Macao and Plaza Casino

93,850

19,312

1,420

13

3,432

-

779

-

118,806

   Sands Macao

100,833

18,082

740

3,204

-

-

803

-

123,662

Macao Property Operations

790,257

254,329

9,544

15,544

8,210

-

9,636

-

1,087,520

Marina Bay Sands

596,204

123,303

8,552

240

716

49,082

429

-

778,526

United States:

   Las Vegas Operating Properties

112,253

87,158

-

2,191

294

(75,871)

2,250

-

128,275

   Sands Bethlehem

50,501

13,458

-

(94)

53

-

74

-

63,992

United States Property Operations

162,754

100,616

-

2,097

347

(75,871)

2,324

-

192,267

Other Asia (2)

(26,142)

6,983

-

-

-

27,280

232

-

8,353

Other Development

(16,390)

322

1,227

-

14,841

-

-

-

-

Corporate

(106,258)

16,961

-

-

-

(491)

-

89,788

-

$    1,400,425

$     502,514

$     19,323

$          17,881

$      24,114

$            -

$        12,621

$         89,788

$  2,066,666

Six Months Ended June 30, 2014

Amortization

of Leasehold

Interests

in Land

Pre-Opening 

and

Development

Expense

Depreciation

and  

Amortization

(Gain) Loss

on Disposal

of Assets

(1)

Stock-Based

Compensation

Adjusted

Property

EBITDA

Operating

Income (Loss)

Royalty

Fees

Corporate

Expense

Macao:

   The Venetian Macao

$       790,802

$      72,433

$       3,306

$               604

$            -

$            -

$          4,996

$               -

$     872,141

   Sands Cotai Central

368,294

134,132

4,306

611

4,397

-

2,439

-

514,179

   Four Seasons Hotel Macao and Plaza Casino

155,136

19,697

1,412

52

4,134

-

564

-

180,995

   Sands Macao

155,352

16,684

707

118

-

-

896

-

173,757

Macao Property Operations

1,469,584

242,946

9,731

1,385

8,531

-

8,895

-

1,741,072

Marina Bay Sands

640,283

146,840

9,092

3,373

-

50,536

2,815

-

852,939

United States:

   Las Vegas Operating Properties

123,512

93,512

-

(719)

97

(74,431)

3,796

-

145,767

   Sands Bethlehem

37,552

16,918

-

(67)

65

-

(22)

-

54,446

United States Property Operations

161,064

110,430

-

(786)

162

(74,431)

3,774

-

200,213

Other Asia (2)

(33,785)

7,147

-

149

34

24,400

173

-

(1,882)

Other Development

(19,175)

309

1,243

-

17,623

-

-

-

-

Corporate

(112,686)

17,391

-

-

-

(505)

-

95,800

-

$    2,105,285

$     525,063

$     20,066

$            4,121

$      26,350

$            -

$        15,657

$         95,800

$  2,792,342

(1) During the three months ended June 30, 2015 and 2014, the Company recorded stock-based compensation expense of $15.0 million and $10.1 million, respectively, of which $5.8 million and $1.9 million, respectively, is included in corporate expense and $0.6 million and $0.1 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the six months ended June 30, 2015 and 2014, the Company recorded stock-based compensation expense of $27.2 million and $26.2 million, respectively, of which $13.9 million and $10.3 million, respectively, is included in corporate expense and $0.7 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-Normalized Adjusted Property EBITDA:

Three Months Ended June 30, 2015

(1)

Hold-Normalized

Casino 

Revenue

(2)

Hold-Normalized

Casino

Expense

Hold-Normalized

Adjusted

Property

EBITDA

Adjusted

Property

EBITDA

Macao Property Operations

$       559,818

$            (78,741)

$             45,412

$           526,489

Marina Bay Sands

363,254

-

-

363,254

United States:

   Las Vegas Operating Properties

54,166

37,839

(6,733)

85,272

   Sands Bethlehem

34,099

-

-

34,099

United States Property Operations

88,265

37,839

(6,733)

119,371

Other Asia

4,821

-

-

4,821

Other Development

-

-

-

-

Corporate

-

-

-

-

$    1,016,158

$            (40,902)

$             38,679

$        1,013,935

Three Months Ended June 30, 2014

(1)

(2)

Hold-Normalized

Adjusted

Hold-Normalized

Hold-Normalized

Adjusted

Property

Casino 

Casino

Property

EBITDA

Revenue

Expense

EBITDA

Macao Property Operations

$       801,303

$          (100,819)

$             52,012

$           752,496

Marina Bay Sands

417,778

(61,764)

12,459

368,473

United States:

   Las Vegas Operating Properties

66,115

5,196

(913)

70,398

   Sands Bethlehem

27,915

-

-

27,915

United States Property Operations

94,030

5,196

(913)

98,313

Other Asia

(468)

-

-

(468)

Other Development

-

-

-

-

Corporate

-

-

-

-

$    1,312,643

$          (157,387)

$             63,558

$        1,218,814

(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, 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 25.0% for Baccarat and 18.0% for non-Baccarat for 2015 and 26.0% for Baccarat and 16.0% for non-Baccarat for 2014. This calculation will only be done if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 21.0% to 29.0% and 16.0% to 20.0%, respectively, for 2015 and 22.0% to 30.0% and 14.0% to 18.0%, respectively, for 2014.

For Sands Bethlehem, no adjustments have been, or will be, made.

These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers.

(2) Represents the estimated incremental expenses (gaming taxes, bad debt expense and commissions paid to third parties) 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-Normalized Adjusted Property EBITDA:

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Net income attributable to Las Vegas Sands Corp.

$         469,173

$         671,434

$         981,096

$      1,447,619

  Add (deduct):

     Net income attributable to noncontrolling interests

112,318

181,410

211,433

401,953

     Income tax expense

45,929

46,917

101,594

106,070

     Loss on modification or early retirement of debt

-

-

-

17,964

     Other (income) expense

151

(2,194)

(15,314)

2,463

     Interest expense, net of amounts capitalized

65,801

69,590

132,056

140,716

     Interest income

(4,062)

(5,697)

(10,440)

(11,500)

     Loss on disposal of assets

2,558

3,596

17,881

4,121

     Amortization of leasehold interests in land

9,485

10,040

19,323

20,066

     Depreciation and amortization

248,592

264,016

502,514

525,063

     Development expense

2,348

4,217

3,881

5,909

     Pre-opening expense

10,654

16,141

20,233

20,441

     Stock-based compensation (1)

8,646

8,050

12,621

15,657

     Corporate expense

44,565

45,123

89,788

95,800

Adjusted Property EBITDA

$      1,016,158

$      1,312,643

$      2,066,666

$      2,792,342

     Hold-normalized casino revenue (2)

(40,902)

(157,387)

     Hold-normalized casino expense (2)

38,679

63,558

Hold-Normalized Adjusted Property EBITDA

$      1,013,935

$      1,218,814

(1)  See Exhibit 2

(2)  See Exhibit 3

_______________________

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Net Revenues

(In thousands)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

The Venetian Macao

$         739,454

$      1,032,746

$      1,526,645

$      2,217,337

Sands Cotai Central

554,231

784,776

1,125,995

1,612,359

Four Seasons Hotel Macao and Plaza Casino

204,116

228,492

365,367

598,508

Sands Macao

241,554

312,842

466,925

626,803

Marina Bay Sands

713,042

804,690

1,497,858

1,640,113

Las Vegas Operating Properties

346,016

353,075

722,399

735,733

Sands Bethlehem

137,502

126,123

265,201

243,306

Other Asia

38,527

36,686

74,006

71,847

Intersegment Eliminations

(53,021)

(55,080)

(111,353)

(111,272)

$      2,921,421

$      3,624,350

$      5,933,043

$      7,634,734

_______________________

Las Vegas Sands Corp. and Subsidiaries

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

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

The Venetian Macao

34.5%

38.9%

34.4%

39.3%

Sands Cotai Central

29.6%

31.7%

28.4%

31.9%

Four Seasons Hotel Macao and Plaza Casino

36.4%

29.7%

32.5%

30.2%

Sands Macao

27.4%

26.3%

26.5%

27.7%

Marina Bay Sands

50.9%

51.9%

52.0%

52.0%

Las Vegas Operating Properties

15.7%

18.7%

17.8%

19.8%

Sands Bethlehem

24.8%

22.1%

24.1%

22.4%

Other Asia

12.5%

-1.3%

11.3%

-2.6%

Total

34.8%

36.2%

34.8%

36.6%

Exhibit 4

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

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Net income attributable to Las Vegas Sands Corp.

$       469,173

$       671,434

$       981,096

$     1,447,619

Pre-opening expense, net

7,577

11,343

14,359

14,395

Development expense, net

2,348

4,217

3,881

5,909

Loss on disposal of assets, net

2,365

3,358

13,233

3,708

Loss on modification or early retirement of debt, net

-

-

-

12,611

Adjusted net income

$       481,463

$       690,352

$     1,012,569

$     1,484,242

Hold-normalized casino revenue (1)

(40,902)

(157,387)

Hold-normalized casino expense (1)

38,679

63,558

Income tax impact on hold adjustments

-

8,382

Noncontrolling interest impact on hold adjustments

9,959

14,569

Hold-normalized adjusted net income

$       489,199

$       619,474

(1)  See Exhibit 3

Per diluted share of common stock:

Net income attributable to Las Vegas Sands Corp.

$             0.59

$             0.83

$             1.23

$             1.78

Pre-opening expense, net

0.01

0.01

0.02

0.02

Development expense, net

-

0.01

-

0.01

Loss on disposal of assets, net

-

-

0.02

-

Loss on modification or early retirement of debt, net

-

-

-

0.01

Adjusted earnings per diluted share

$             0.60

$             0.85

$             1.27

$             1.82

Hold-normalized casino revenue

(0.05)

(0.19)

Hold-normalized casino expense

0.05

0.08

Income tax impact on hold adjustments

-

0.01

Noncontrolling interest impact on hold adjustments

0.01

0.02

Hold-normalized adjusted earnings per diluted share

$             0.61

$             0.77

Weighted average diluted shares outstanding

798,552,917

809,224,051

798,731,400

813,304,140

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data Schedule 

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2015

2014

2015

2014

Room Statistics:

The Venetian Macao:

Occupancy %

82.2%

89.1%

84.0%

91.7%

Average daily room rate (ADR) (1)

$       239

$       262

$       255

$       265

Revenue per available room (RevPAR) (2)

$       196

$       233

$       214

$       243

Sands Cotai Central:

Occupancy %

78.7%

84.9%

80.1%

86.9%

Average daily room rate (ADR) (1)

$       156

$       169

$       164

$       173

Revenue per available room (RevPAR) (2)

$       123

$       143

$       132

$       150

Four Seasons Hotel Macao and Plaza Casino:

Occupancy %

83.4%

85.8%

80.2%

86.4%

Average daily room rate (ADR) (1)

$       382

$       410

$       395

$       419

Revenue per available room (RevPAR) (2)

$       319

$       352

$       317

$       363

Sands Macao:

Occupancy %

99.6%

98.5%

99.0%

97.6%

Average daily room rate (ADR) (1)

$       219

$       216

$       222

$       254

Revenue per available room (RevPAR) (2)

$       218

$       213

$       220

$       248

Marina Bay Sands:

Occupancy %

95.9%

99.1%

95.4%

99.2%

Average daily room rate (ADR) (1)

$       377

$       409

$       396

$       418

Revenue per available room (RevPAR) (2)

$       361

$       405

$       377

$       415

Las Vegas Operating Properties:

Occupancy %

92.6%

90.1%

89.4%

89.5%

Average daily room rate (ADR) (1)

$       231

$       223

$       237

$       232

Revenue per available room (RevPAR) (2)

$       214

$       201

$       212

$       207

Sands Bethlehem:

Occupancy %

91.9%

87.2%

88.2%

78.0%

Average daily room rate (ADR) (1)

$       152

$       144

$       151

$       145

Revenue per available room (RevPAR) (2)

$       140

$       126

$       133

$       113

Casino Statistics:

The Venetian Macao:

Table games win per unit per day (3)

$   12,182

$   16,926

$   12,616

$   18,044

Slot machine win per unit per day (4)

$        249

$        358

$        263

$        373

Average number of table games

605

649

604

662

Average number of slot machines

2,118

2,050

2,114

2,088

Sands Cotai Central:

Table games win per unit per day (3)

$   10,806

$   17,171

$   10,872

$   18,744

Slot machine win per unit per day (4)

$        353

$        432

$        347

$        410

Average number of table games

501

495

509

479

Average number of slot machines

1,694

1,748

1,701

1,822

Four Seasons Hotel Macao and Plaza Casino:

Table games win per unit per day (3)

$   18,862

$   21,994

$   16,320

$   29,792

Slot machine win per unit per day (4)

$        548

$        790

$        517

$        805

Average number of table games

122

127

127

128

Average number of slot machines

154

153

150

162

Sands Macao:

Table games win per unit per day (3)

$    9,409

$   14,695

$    9,043

$   14,271

Slot machine win per unit per day (4)

$       274

$        375

$       288

$        343

Average number of table games

285

253

285

261

Average number of slot machines

944

914

931

999

Marina Bay Sands:

Table games win per unit per day (3)

$   10,471

$   11,311

$   11,011

$   11,793

Slot machine win per unit per day (4)

$         641

$        713

$        657

$        700

Average number of table games

580

617

590

631

Average number of slot machines

2,439

2,335

2,397

2,363

Las Vegas Operating Properties:

Table games win per unit per day (3)

$    2,342

$    3,737

$    3,182

$    3,945

Slot machine win per unit per day (4)

$       231

$       185

$       223

$       187

Average number of table games

245

236

244

237

Average number of slot machines

2,227

2,385

2,250

2,385

Sands Bethlehem:

Table games win per unit per day (3)

$    3,069

$    2,808

$    2,964

$    2,774

Slot machine win per unit per day (4)

$       279

$       266

$       270

$       257

Average number of table games

177

164

177

163

Average number of slot machines

3,013

3,012

3,013

3,011

(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

Logo - http://photos.prnewswire.com/prnh/20150528/219021LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/las-vegas-sands-reports-second-quarter-2015-results-300117267.html

SOURCE Las Vegas Sands Corp.


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