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Form 8-K LAS VEGAS SANDS CORP For: Jan 28

January 28, 2015 4:17 PM EST



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)�������� January 28, 2015
LAS VEGAS SANDS CORP.
(Exact name of registrant as specified in its charter)
NEVADA
(State or other jurisdiction of incorporation)
001-32373
27-0099920
(Commission File Number)
(IRS Employer Identification No.)
3355 LAS VEGAS BOULEVARD SOUTH
LAS VEGAS, NEVADA
89109
(Address of principal executive offices)
(Zip Code)
�(702) 414-1000
�(Registrants Telephone Number, Including Area Code)
NOT APPLICABLE
�(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

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

On January 28, 2015, Las Vegas Sands Corp. (the Company) issued a press release announcing its results of operations for the fourth quarter ended December 31, 2014. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.

Within the Companys fourth quarter 2014 press release, the Company makes reference to certain non-GAAP financial measures including adjusted net income, adjusted earnings per diluted share, and adjusted property EBITDA, which have directly comparable generally accepted accounting principles ("GAAP") financial measures along with hold-normalized adjusted property EBITDA, hold-normalized adjusted net income, and hold-normalized adjusted earnings per diluted share. The Company believes that these measures represent important internal measures of financial performance. Whenever such information is presented, the Company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the Companys management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding the Companys financial condition, results of operations and cash flows are as follows:

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

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


Hold-normalized adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In addition to the aforementioned reasons for the presentation of adjusted property EBITDA in the Companys financial reporting, hold-normalized adjusted property EBITDA is presented to adjust for the impact of certain variances in table games win percentages, which can vary from period to period. The hold-normalized adjusted property EBITDA measure presents a consistent measure for evaluating the operating performance of our properties from period to period and has been presented so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in properly assessing the underlying performance of the Company on a year-over-year and quarter sequential basis.
Hold-normalized adjusted net income and hold-normalized adjusted earnings per diluted share are additional supplemental non-GAAP financial measures used by management, as well as industry analysts, to evaluate the Companys operations and operating performance. In addition to the aforementioned reasons for the presentation of adjusted net income and adjusted earnings per diluted share, these non-GAAP financial measures are presented to adjust for the impact of certain variances in table games win percentages, which can vary from period to period. Accordingly, these non-GAAP measures are presented so that investors have the same financial data that management uses in evaluating financial performance with the belief that it will assist the investment community in properly assessing the underlying financial performance of the Company on a year-over-year and a quarter sequential basis.


ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS.
(d)
Exhibits.
99.1
Press Release, dated January 28, 2015.



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated:� January 28, 2015
LAS VEGAS SANDS CORP.
By:�
/s/ Robert G. Goldstein
Name:
Robert G. Goldstein
Title:
President and Chief Operating Officer


INDEX TO EXHIBITS






EXHIBIT 99.1
graphic
Press Release


Las Vegas Sands Reports Record Fourth
Quarter and Full Year 2014 Results

For the Quarter Ended December 31, 2014
(Compared to the Quarter Ended December 31, 2013):


Adjusted Earnings per Diluted Share Increased 27.8% to $0.92

Adjusted Property EBITDA in Singapore More Than Doubled, Reaching a Property Record $518.5 Million

Consolidated Adjusted Property EBITDA Increased 10.9% to a Fourth Quarter Record $1.35 Billion


Adjusted Property EBITDA at our Macao Operating Properties was $711.2 Million


The Company Paid Dividends of $0.50 per Share, an Increase of 42.9%


The Companys Board of Directors Declared a Dividend of $0.65 per Share to be Paid in the First Quarter of 2015, an Increase of 30%


The Company Returned $235.0 Million of Capital to Shareholders Through its Stock Repurchase Program




For the Year Ended December 31, 2014
(Compared to the Year Ended December 31, 2013):



Net Revenue Increased 5.9% to a Record $14.58 Billion


Consolidated Adjusted Property EBITDA Increased 13.8% to a Record $5.42 Billion


Net Income Attributable to Las Vegas Sands Rose 23.2% to a Record $2.84 Billion


Adjusted Earnings per Diluted Share Increased 23.4% to a Record $3.58


The Company Paid Dividends of $2.00 per Share, an Increase of 42.9%


The Companys Board of Directors Raised the 2015 Annual Dividend to $2.60 per Share, an Increase of 30% Over 2014


The Company Repurchased $1.66 Billion of Stock Under its Stock Repurchase Program


Las Vegas, NV (January 28, 2015)  Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended December 31, 2014.


Fourth Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, I am extremely pleased that the successful execution of our Integrated Resort operating strategy, which generates the industrys most diversified cash flows and delivers the industrys highest revenue and profit from non-gaming segments including hotel, convention and exhibition, retail and entertainment, allowed us to again deliver increases in consolidated adjusted property EBITDA, operating income, net income and earnings per share this quarter.

We remain 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 brings the greatest economic and diversification benefits in the industry to the regions in which we operate.��We are confident that the continued execution of our strategy will further extend our position as the global leader in Integrated Resort development and operation and enable us to deliver strong growth in the future.
2


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.

Since the inception of the companys share repurchase program in June 2013, the company has returned $2.23 billion to shareholders through the repurchase of nearly 31.0 million shares, including $235.0 million of common stock (3.8 million shares at a weighted average price of $61.18) during the quarter ended December 31, 2014.

The company paid a recurring quarterly dividend of $0.50 per common share during the quarter, an increase of 42.9% compared to the fourth quarter of 2013. The company also announced that its next recurring quarterly dividend of $0.65 per common share will be paid on March 31, 2015, to Las Vegas Sands shareholders of record on March 23, 2015.��That dividend represents an increase of 30% compared to the dividend paid in the first quarter of 2014.

Mr. Adelson added, The Macao market saw strong visitation from mainland China during the quarter, and we enjoyed equally strong visitation to our Cotai Strip properties.��We welcomed over 17 million visits to our Macao property portfolio, and delivered meaningful growth in the non-gaming segments of our business.��Notwithstanding a challenging environment in the VIP and premium mass gaming segments, we��delivered $711.2 million in adjusted property EBITDA across our property portfolio.��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 ecomonic benefits of diversification to Macao, meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding and diversified platform for growth in the years ahead.

In Singapore, adjusted property EBITDA reached $518.5 million, reflecting strong growth in mass gaming and retail mall revenues, and the positive impact of a $90.1 million property tax refund during the quarter. Mass win-per-day increased 4.1% in the quarter compared to the year ago quarter, matching a property record $4.82 million per day.

Company-Wide Operating Results

Net revenue for the fourth quarter of 2014 decreased 6.6% to $3.42 billion, compared to $3.66 billion in the fourth quarter of 2013. Consolidated adjusted property EBITDA of $1.35 billion increased 10.9% in the fourth quarter of 2014, compared to the year-ago quarter.��On a hold-normalized basis, adjusted property EBITDA decreased 4.5% to $1.27 billion in the fourth quarter of 2014.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2014 increased 15.4% to $1.02 billion, compared to $886.1 million in the fourth quarter of 2013.��The increase in operating income was principally due to stronger results at Marina Bay Sands, which were partially offset by softer results at our Macao property portfolio.

On a GAAP basis, net income attributable to Las Vegas Sands in the fourth quarter of 2014 increased 24.9% to $721.3 million, compared to $577.5 million in the fourth quarter of 2013, while diluted earnings per share in the fourth quarter of 2014 increased 28.6% to $0.90, compared to $0.70 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the growth in operating income described above.
3


Adjusted net income (see Note 1) increased to $734.2 million, or $0.92 per diluted share, compared to $592.9 million, or $0.72 per diluted share, in the fourth quarter of 2013.

Full year 2014 net revenue increased 5.9% to a record $14.58 billion, compared to $13.77 billion in 2013. Consolidated adjusted property EBITDA in 2014 increased 13.8% to a record $5.42 billion, compared to $4.76 billion in 2013. Consolidated adjusted property EBITDA margin increased 260 basis points to 37.2% in 2014, compared to 34.6% in 2013.��The strong growth in mass market gaming revenue in Macao, the ramp at Sands Cotai Central, as well as stronger results at Marina Bay Sands in Singapore, contributed to the EBITDA margin expansion in 2014.

Full year adjusted net income (see Note 1) was a record $2.89 billion in 2014, or $3.58 per diluted share, compared to $2.40 billion, or $2.90 per diluted share in 2013.

On a GAAP basis, full year 2014 operating income increased 20.3% to $4.10 billion in 2014, compared to $3.41 billion in 2013.��The increase in operating income was principally due to stronger operating results across our Macao property portfolio and at Marina Bay Sands. Net income attributable to Las Vegas Sands increased 23.2% to $2.84 billion, or $3.52 per diluted share in 2014, compared to $2.31 billion, or $2.79 per diluted share in 2013. The improvement in net income attributable to Las Vegas Sands reflected the increase in operating income described above, partially offset by the increases in income tax expense and net income attributable to noncontrolling interests.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. decreased 16.2% to $2.12 billion in the fourth quarter of 2014, compared to $2.53 billion in the fourth quarter of 2013. Adjusted property EBITDA for Sands China Ltd. decreased 14.7% to $713.2 million in the fourth quarter of 2014, compared to $836.4 million in the fourth quarter of 2013. Net income for Sands China Ltd. decreased 18.3% to $535.3 million in the fourth quarter of 2014, compared to $655.6 million in the fourth quarter of 2013.

On a GAAP basis, full year 2014 total net revenues for Sands China Ltd. increased 6.8% to $9.57 billion, compared to $8.96 billion in 2013. Adjusted property EBITDA for Sands China Ltd. increased 12.4% to $3.26 billion in 2014, compared to $2.90 billion in 2013. Net income for Sands China Ltd. increased 15.4% to $2.55 billion in 2014, compared to $2.21 billion in 2013.
4


The Venetian Macao Fourth 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 $321.4 million with an EBITDA margin of 36.5%.��Non-Rolling Chip drop decreased 7.1% to $2.11 billion for the quarter with a Non-Rolling Chip win percentage of 24.2%.��Rolling Chip volume during the quarter decreased 39.7% to $10.10 billion.��Rolling Chip win percentage was 2.61% in the quarter, below both the expected range and the 3.32% experienced in the prior-year quarter. Slot handle increased 2.2% compared to the fourth quarter of 2013 to reach $1.33 billion.��Mall revenues increased 7.4% during the quarter to reach $60.9 million.

The following table summarizes the key operating results for The Venetian Macao for the fourth quarter of 2014 compared to the fourth quarter of 2013:
Three Months Ended
The Venetian Macao Operations
December 31,
(Dollars in millions)
2014
2013
$ Change
Change
Revenues:
Casino
$ 733.3 $ 1,011.3 $ (278.0 )
-27.5%
Rooms
65.7 67.0 (1.3 )
-1.9%
Food and Beverage
26.1 25.6 0.5
2.0%
Mall
60.9 56.7 4.2
7.4%
Convention, Retail and Other
42.6 37.4 5.2
13.9%
Less - Promotional Allowances
(48.3 ) (48.9 ) 0.6
1.2%
Net Revenues
$ 880.3 $ 1,149.1 $ (268.8 )
-23.4%
Adjusted Property EBITDA
$ 321.4 $ 433.4 $ (112.0 )
-25.8%
EBITDA Margin %
36.5%
37.7%
-1.2 pts
Operating Income
$ 278.2 $ 392.6 $ (114.4 )
-29.1%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume
$ 10,098.7 $ 16,759.2 $ (6,660.5 )
-39.7%
Rolling Chip Win %(1)
2.61%
3.32%
-0.71 pts
Non-Rolling Chip Drop
$ 2,107.6 $ 2,268.2 $ (160.6 )
-7.1%
Non-Rolling Chip Win %
24.2%
25.2%
-1.0 pts
Slot Handle
$ 1,325.4 $ 1,296.3 $ 29.1
2.2%
Slot Hold %
4.3%
5.2%
-0.9 pts
Hotel Statistics
Occupancy %
88.3%
94.4%
-6.1 pts
Average Daily Rate (ADR)
$ 280 $ 269 $ 11
4.1%
Revenue per Available Room (RevPAR)
$ 247 $ 254 $ (7 )
-2.8%

(1)
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
5


Sands Cotai Central Fourth Quarter Operating Results

Net revenues and adjusted property EBITDA for the fourth quarter of 2014 at Sands Cotai Central were $705.0 million and $220.3 million, respectively, resulting in an EBITDA margin of 31.2%.

Non-Rolling Chip drop increased 10.6% to reach $1.86 billion with Non-Rolling Chip win percentage of 20.3%.��Rolling Chip volume was $8.38 billion for the quarter.��Slot handle increased 3.9% to $1.82 billion for the quarter.

Hotel occupancy reached 90.9% with ADR of $183. Visitation to the property continues to grow and exceeded 5.1 million visits in the quarter.

The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2014 compared to the fourth quarter of 2013:
Three Months Ended
Sands Cotai Central Operations
December 31,
(Dollars in millions)
2014
2013
$ Change
�Change
Revenues:
Casino
$ 611.1 $ 707.7 $ (96.6 )
-13.6%
Rooms
86.4 76.7 9.7
12.6%
Food and Beverage
32.2 29.3 2.9
9.9%
Mall
19.0 14.1 4.9
34.8%
Convention, Retail and Other
7.8 7.7 0.1
1.3%
Less - Promotional Allowances
(51.5 ) (44.8 ) (6.7 )
-15.0%
Net Revenues
$ 705.0 $ 790.7 $ (85.7 )
-10.8%
Adjusted Property EBITDA
$ 220.3 $ 237.8 $ (17.5 )
-7.4%
EBITDA Margin %
31.2%
30.1%
1.1 pts
Operating Income
$ 144.5 $ 168.5 $ (24.0 )
-14.2%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume
$ 8,383.7 $ 17,565.9 $ (9,182.2 )
-52.3%
Rolling Chip Win %(1)
3.21%
2.52%
0.69 pts
Non-Rolling Chip Drop
$ 1,859.1 $ 1,680.7 $ 178.4
10.6%
Non-Rolling Chip Win %
20.3%
22.7%
-2.4 pts
Slot Handle
$ 1,817.2 $ 1,748.6 $ 68.6
3.9%
Slot Hold %
3.5%
3.8%
-0.3 pts
Hotel Statistics
Occupancy %
90.9%
89.1%
1.8 pts
Average Daily Rate (ADR)
$ 183 $ 167 $ 16
9.6%
Revenue per Available Room (RevPAR)
$ 167 $ 149 $ 18
12.1%
(1)
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
6


Four Seasons Hotel Macao Fourth Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $92.7 million in the fourth quarter of 2014, an increase of 20.7% compared to the year-ago quarter.��Non-Rolling Chip drop decreased 10.2% in the fourth quarter of 2014 to $296.9 million, while Non-Rolling Chip win percentage was 20.0%.��Rolling Chip volume�decreased 36.3% to $6.0 billion for the quarter. Rolling Chip win percentage was 3.12% in the quarter, exceeding both the expected range and the 1.77% experienced in the prior-year quarter. Slot handle decreased to $155.4 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 2014 compared to the fourth quarter of 2013:
Three Months Ended
Four Seasons Hotel Macao and Plaza Casino Operations
December 31,
(Dollars in millions)
2014
2013
$ Change
�Change
Revenues:
Casino
$ 188.8 $ 183.5 $ 5.3
2.9%
Rooms
11.1 12.7 (1.6 )
-12.6%
Food and Beverage
8.0 9.6 (1.6 )
-16.7%
Mall
48.2 45.2 3.0
6.6%
Convention, Retail and Other
0.9 1.4 (0.5 )
-35.7%
Less - Promotional Allowances
(13.2 ) (14.3 ) 1.1
7.7%
Net Revenues
$ 243.8 $ 238.1 $ 5.7
2.4%
Adjusted Property EBITDA
$ 92.7 $ 76.8 $ 15.9
20.7%
EBITDA Margin %
38.0%
32.2%
5.8 pts
Operating Income
$ 79.8 $ 52.1 $ 27.7
53.2%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume
$ 5,994.4 $ 9,404.3 $ (3,409.9 )
-36.3%
Rolling Chip Win %(1)
3.12%
1.77%
1.35 pts
Non-Rolling Chip Drop
$ 296.9 $ 330.8 $ (33.9 )
-10.2%
Non-Rolling Chip Win %
20.0%
22.5%
-2.5 pts
Slot Handle
$ 155.4 $ 271.1 $ (115.7 )
-42.7%
Slot Hold %
5.8%
5.3%
0.5 pts
Hotel Statistics
Occupancy %
86.7%
90.8%
-4.1 pts
Average Daily Rate (ADR)
$ 372 $ 403 $ (31 )
-7.7%
Revenue per Available Room (RevPAR)
$ 323 $ 366 $ (43 )
-11.7%
(1)
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
7


Sands Macao Fourth Quarter Operating Results

Sands Macaos adjusted property EBITDA decreased 12.8% to $76.7 million compared to the same quarter last year. Non-Rolling Chip drop decreased 14.2% to $880.0 million during the quarter, while slot handle increased 10.3% to reach $767.1 million. The property realized 3.57% win on Rolling Chip volume during the quarter, above the expected range and the 2.77% generated in the year-ago quarter. Rolling Chip volume decreased 43.0% to $3.31 billion for the quarter.

The following table summarizes our key operating results for Sands Macao for the fourth quarter of 2014 compared to the fourth quarter of 2013:
Sands Macao Operations
Three Months Ended
December 31,
(Dollars in millions)
2014
2013
$ Change
�Change
Revenues:
Casino
$ 261.3 $ 318.7 $ (57.4 )
-18.0%
Rooms
5.6 7.0 (1.4 )
-20.0%
Food and Beverage
9.9 9.8 0.1
1.0%
Convention, Retail and Other
2.5 2.7 (0.2 )
-7.4%
Less - Promotional Allowances
(11.4 ) (11.5 ) 0.1
0.9%
Net Revenues
$ 267.9 $ 326.7 $ (58.8 )
-18.0%
Adjusted Property EBITDA
$ 76.7 $ 88.0 $ (11.3 )
-12.8%
EBITDA Margin %
28.6%
26.9%
1.7 pts
Operating Income
$ 67.6 $ 79.0 $ (11.4 )
-14.4%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume
$ 3,312.9 $ 5,812.5 $ (2,499.6 )
-43.0%
Rolling Chip Win %(1)
3.57%
2.77%
0.80 pts
Non-Rolling Chip Drop
$ 880.0 $ 1,025.4 $ (145.4 )
-14.2%
Non-Rolling Chip Win %
18.0%
18.5%
-0.5 pts
Slot Handle
$ 767.1 $ 695.3 $ 71.8
10.3%
Slot Hold %
3.6%
3.8%
-0.2 pts
Hotel Statistics
Occupancy %
99.9%
97.4%
2.5 pts
Average Daily Rate (ADR)
$ 225 $ 276 $ (51 )
-18.5%
Revenue per Available Room (RevPAR)
$ 225 $ 269 $ (44 )
-16.4%

(1)
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).
8


Marina Bay Sands Fourth Quarter Operating Results

Marina Bay Sands in Singapore generated adjusted property EBITDA of $518.5 million, an increase of 100.3% compared to the fourth quarter of 2013.��The current quarter results included a $90.1 million benefit related to a property tax settlement. Rolling Chip win percentage of 3.58% in the fourth quarter of 2014 was above both the expected range and the 1.92% achieved in the fourth quarter of 2013.

Non-Rolling Chip drop was $1.10 billion during the quarter. Slot handle increased 10.6% to $3.13 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 4.1% to $4.82 million, compared to $4.63 million in the fourth quarter of 2013. Rolling Chip volume decreased 26.8% to $10.05 billion for the quarter.

ADR decreased slightly to $422 during the quarter while occupancy increased to 98.3%, driving a RevPAR increase of 1.0% compared to the same quarter last year. Retail mall revenue increased 5.5% to $45.7 million during the fourth quarter of 2014, compared to $43.3 million in the prior-year quarter.

The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2014 compared to the fourth quarter of 2013:

Marina Bay Sands Operations
�Three Months Ended
December 31,
(Dollars in millions)
2014
2013
$ Change
�Change
Revenues:
Casino
$ 674.4 $ 504.6 $ 169.8
33.7%
Rooms
92.1 95.8 (3.7 )
-3.9%
Food and Beverage
50.7 49.8 0.9
1.8%
Mall
45.7 43.3 2.4
5.5%
Convention, Retail and Other
26.0 26.6 (0.6 )
-2.3%
Less - Promotional Allowances
(50.3 ) (60.3 ) 10.0
16.6%
Net Revenues
$ 838.6 $ 659.8 $ 178.8
27.1%
Adjusted Property EBITDA
$ 518.5 $ 258.8 $ 259.7
100.3%
EBITDA Margin %
61.8%
39.2%
22.6 pts
Operating Income
$ 427.4 $ 165.7 $ 261.7
157.9%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume
$ 10,048.2 $ 13,731.0 $ (3,682.8 )
-26.8%
Rolling Chip Win %(1)
3.58%
1.92%
1.66 pts
Non-Rolling Chip Drop
$ 1,097.7 $ 1,135.5 $ (37.8 )
-3.3%
Non-Rolling Chip Win %
26.7%
24.5%
2.2 pts
Slot Handle
$ 3,125.0 $ 2,824.6 $ 300.4
10.6%
Slot Hold %
4.8%
5.2%
-0.4 pts
Hotel Statistics
Occupancy %
98.3%
96.9%
1.4 pts
Average Daily Rate (ADR)
$ 422 $ 425 $ (3 )
-0.7%
Revenue per Available Room (RevPAR)
$ 415 $ 411 $ 4
1.0%
(1)
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

9


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, was $78.0 million for the quarter, an 11.6% decrease compared to the fourth quarter of 2013.��Hotel ADR increased 6.7% to reach $222 in the quarter while occupancy declined to 81.1%, compared to the fourth quarter of 2013.��RevPAR decreased 2.7% to $180 in the quarter.��Table games drop, which reflected a softer quarter for bacarrat, decreased 15.6% in the quarter to $548.1 million, while slot handle increased 7.8% to $584.6 million.

The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2014 compared to the fourth quarter of 2013:

Three Months Ended
Las Vegas Operations
December 31,
(Dollars in millions)
2014
2013
$ Change
�Change
Revenues:
Casino
$ 130.0 $ 151.3 $ (21.3 )
-14.1%
Rooms
113.6 119.9 (6.3 )
-5.3%
Food and Beverage
61.5 64.5 (3.0 )
-4.7%
Convention, Retail and Other
81.8 76.1 5.7
7.5%
Less - Promotional Allowances
(24.3 ) (26.1 ) 1.8
6.9%
Net Revenues
$ 362.6 $ 385.7 $ (23.1 )
-6.0%
Adjusted Property EBITDA
$ 78.0 $ 88.2 $ (10.2 )
-11.6%
EBITDA Margin %
21.5%
22.9%
-1.4 pts
Operating Income
$ 64.8 $ 67.3 $ (2.5 )
-3.7%
Gaming Statistics
(Dollars in millions)
Table Games Drop
$ 548.1 $ 649.7 $ (101.6 )
-15.6%
Table Games Win %(1)
19.1%
21.8%
-2.7 pts
Slot Handle
$ 584.6 $ 542.2 $ 42.4
7.8%
Slot Hold %
7.7%
8.5%
-0.8 pts
Hotel Statistics
Occupancy %
81.1%
88.8%
-7.7 pts
Average Daily Rate (ADR)
$ 222 $ 208 $ 14
6.7%
Revenue per Available Room (RevPAR)
$ 180 $ 185 $ (5 )
-2.7%
(1)
This compares to our expected baccarat win percentage of 22.0% to 30.0% and our expected non-baccarat win percentage of 14.0% to 18.0% (calculated before discounts).

10


Sands Bethlehem Fourth Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 7.7% to $133.6 million and adjusted property EBITDA increased 19.5% to a record $36.2 million for the quarter. Table games drop increased 8.1% to $279.9 million for the quarter, while table games win percentage was 18.7%, which was higher than the 17.5% realized in the fourth quarter of 2013. Slot handle increased 1.6% year-over-year to $1.01��billion 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 2014 compared to the fourth quarter of 2013:

Three Months Ended
Sands Bethlehem Operations
December 31,
(Dollars in millions)
2014
2013
$ Change
�Change
Revenues:
Casino
$ 123.6 $ 115.2 $ 8.4
7.3%
Rooms
3.6 3.0 0.6
20.0%
Food and Beverage
7.6 7.3 0.3
4.1%
Mall
1.3 0.9 0.4
44.4%
Convention, Retail and Other
4.7 4.1 0.6
14.6%
Less - Promotional Allowances
(7.2 ) (6.4 ) (0.8 )
-12.5%
Net Revenues
$ 133.6 $ 124.1 $ 9.5
7.7%
Adjusted Property EBITDA
$ 36.2 $ 30.3 $ 5.9
19.5%
EBITDA Margin %
27.1%
24.4%
2.7 pts
Operating Income
$ 28.9 $ 19.4 $ 9.5
49.0%
Gaming Statistics
(Dollars in millions)
Table Games Drop
$ 279.9 $ 258.9 $ 21.0
8.1%
Table Games Win %(1)
18.7%
17.5%
1.2 pts
Slot Handle
$ 1,011.4 $ 995.0 $ 16.4
1.6%
Slot Hold %
6.8%
6.8%
0.0 pts
Hotel Statistics
Occupancy %
87.9%
74.4%
13.5 pts
Average Daily Rate (ADR)
$ 149 $ 145 $ 4
2.8%
Revenue per Available Room (RevPAR)
$ 131 $ 108 $ 23
21.3%
(1)
This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).


11


Asian Retail Mall Operations

Gross revenue from tenants in the companys retail malls on Macaos Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $173.5 million for the fourth quarter of 2014, an increase of 9.1% compared to the fourth quarter of 2013.��Operating profit derived from these retail mall assets increased 13.3% for the quarter compared to the quarter one year ago, reaching $157.4 million.
For The Three Months Ended December 31, 2014
TTM
December 31, 2014
(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
$ 60.7 $ 55.2
90.9%
771,345
93.4%
$ 1,673
Shoppes at Four Seasons
Luxury Retail
35.5 34.2
96.3%
142,562
100.0%
6,225
Other Stores
12.7 12.0
94.5%
115,401
98.2%
3,124
Total
48.2 46.2
95.9%
257,963
99.2%
5,689
Shoppes at Cotai Central
18.9 16.4
86.8%
330,258 (3)
97.9%
1,450
Total Cotai Strip in Macao
127.8 117.8
92.2%
1,359,566
95.6%
2,313
The Shoppes at Marina Bay Sands
45.7 39.6
86.7%
648,778
96.1%
1,426
Total
$ 173.5 $ 157.4
90.7%
2,008,344
95.7%
$ 2,027
(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.


12


Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $2.2 million during the quarter, compared to $0.7 million in the fourth quarter of 2013.

Pre-opening expense was $8.2 million in the fourth quarter of 2014, compared to $3.7 million in the fourth quarter of 2013.

Depreciation and amortization expense was $255.5 million in the fourth quarter of 2014, compared to $254.9 million in the fourth quarter of 2013.

Interest expense, net of amounts capitalized, was $66.7 million for the fourth quarter of 2014, compared to $67.1 million in the prior-year quarter. Capitalized interest was $3.1 million during the fourth quarter of 2014, compared to $1.4 million during the fourth quarter of 2013.��Our weighted average borrowing cost in the fourth quarter of 2014 was approximately 2.6%.
Corporate expense was $36.2 million in the fourth quarter of 2014, compared to $48.3 million in the fourth quarter of 2013.

Other income, which was principally composed of foreign currency gains, was $4.3 million in the fourth quarter of 2014, compared to $0.7 million of expense in the fourth quarter of 2013.

The companys effective income tax rate for the fourth quarter of 2014 was 9.4%. 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 2014 of $156.7 million was principally related to Sands China Ltd.


Balance Sheet Items

Unrestricted cash balances as of December 31, 2014 were $3.51 billion.

As of December 31, 2014, total debt outstanding, including the current portion, was $9.99 billion.


Capital Expenditures

Capital expenditures during the fourth quarter totaled $385.5 million, including construction, development and maintenance activities of $317.5 million in Macao, $37.3 million in Las Vegas, $25.5 million at Marina Bay Sands and $5.2 million at Sands Bethlehem.



###

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, January, 28 2015 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the companys 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 companys 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, 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 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, 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.

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.
13


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 companys 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.
Fourth Quarter 2014 Results
Non-GAAP Reconciliations

Within the companys fourth quarter 2014 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 companys 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, 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.
14

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,
2014
2013
2014
2013
Revenues:
��Casino
$ 2,722,402 $ 2,992,196 $ 12,004,361 $ 11,386,917
��Rooms
378,215 382,035 1,540,420 1,380,681
��Food and beverage
195,965 195,898 778,769 730,259
��Mall
174,702 159,878 553,534 481,400
��Convention, retail and other
157,041 142,809 548,704 515,179
3,628,325 3,872,816 15,425,788 14,494,436
��Less - promotional allowances
(212,332 ) (217,131 ) (841,939 ) (724,551 )
3,415,993 3,655,685 14,583,849 13,769,885
Operating expenses:
��Resort operations
2,075,747 2,449,920 9,190,275 9,083,983
��Corporate
36,246 48,314 174,750 189,535
��Pre-opening
8,203 3,693 26,230 13,339
��Development
5,373 969 14,325 15,809
��Depreciation and amortization
255,524 254,938 1,031,589 1,007,468
��Amortization of leasehold interests in land
10,446 10,055 40,598 40,352
��Loss on disposal of assets
1,934 1,723 6,856 11,156
2,393,473 2,769,612 10,484,623 10,361,642
Operating income
1,022,520 886,073 4,099,226 3,408,243
Other income (expense):
��Interest income
8,534 5,489 25,643 16,337
��Interest expense, net of amounts capitalized
(66,686 ) (67,086 ) (274,181 ) (271,211 )
��Other income (expense)
4,333 (671 ) 1,965 4,321
��Loss on modification or early retirement of debt
- (14,178 ) (19,942 ) (14,178 )
Income before income taxes
968,701 809,627 3,832,711 3,143,512
Income tax expense
(90,701 ) (39,896 ) (244,640 ) (188,836 )
Net income
878,000 769,731 3,588,071 2,954,676
Net income attributable to noncontrolling interests
(156,695 ) (192,192 ) (747,442 ) (648,679 )
Net income attributable to Las Vegas Sands Corp.
$ 721,305 $ 577,539 $ 2,840,629 $ 2,305,997
Earnings per share:
Basic
$ 0.90 $ 0.71 $ 3.52 $ 2.80
Diluted
$ 0.90 $ 0.70 $ 3.52 $ 2.79
Weighted average shares outstanding:
Basic
799,851,322 818,631,514 806,130,838 822,282,515
Diluted
801,465,931 822,314,351 808,019,219 826,316,108
Dividends declared per common share
$ 0.50 $ 0.35 $ 2.00 $ 1.40


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 December 31, 2014
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
$ 278,219 $ 38,116 $ 2,031 $ 872 $ - $ - $ 2,209 $ - $ 321,447
���Sands Cotai Central
144,481 71,266 2,027 343 1,101 - 1,059 - 220,277
���Four Seasons Hotel Macao and Plaza Casino
79,779 9,767 1,151 24 1,658 - 341 - 92,720
���Sands Macao
67,586 8,452 354 (80 ) - - 422 - 76,734
Macao Property Operations
570,065 127,601 5,563 1,159 2,759 - 4,031 - 711,178
Marina Bay Sands
427,406 62,310 4,520 119 85 23,823 258 - 518,521
United States:
���Las Vegas Operating Properties
64,777 47,350 - 452 223 (35,785 ) 946 - 77,963
���Sands Bethlehem
28,944 6,485 - 230 16 - 524 - 36,199
United States Property Operations
93,721 53,835 - 682 239 (35,785 ) 1,470 - 114,162
Other Asia (2)
(13,943 ) 3,533 - 16 338 12,200 101 - 2,245
Other Development
(10,679 ) 161 363 - 10,155 - - - -
Corporate
(44,050 ) 8,084 - (42 ) - (238 ) - 36,246 -
$ 1,022,520 $ 255,524 $ 10,446 $ 1,934 $ 13,576 $ - $ 5,860 $ 36,246 $ 1,346,106
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
Year Ended December 31, 2014
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
$ 1,381,460 $ 146,365 $ 6,992 $ 1,588 $ - $ - $ 9,918 $ - $ 1,546,323
���Sands Cotai Central
705,780 275,459 8,487 1,423 5,464 - 4,874 - 1,001,487
���Four Seasons Hotel Macao and Plaza Casino
323,593 39,307 3,269 116 7,291 - 1,323 - 374,899
���Sands Macao
301,246 33,994 1,415 82 - - 1,853 - 338,590
Macao Property Operations
2,712,079 495,125 20,163 3,209 12,755 - 17,968 - 3,261,299
Marina Bay Sands
1,326,729 271,801 18,207 3,636 160 98,710 3,904 - 1,723,147
United States:
���Las Vegas Operating Properties
267,342 187,004 - (272 ) 356 (146,523 ) 6,006 - 313,913
���Sands Bethlehem
89,966 29,739 - 160 110 - 516 - 120,491
United States Property Operations
357,308 216,743 - (112 ) 466 (146,523 ) 6,522 - 434,404
Other Asia (2)
(60,368 ) 14,137 - 165 384 48,800 375 - 3,493
Other Development
(29,649 ) 631 2,228 - 26,790 - - - -
Corporate
(206,873 ) 33,152 - (42 ) - (987 ) - 174,750 -
$ 4,099,226 $ 1,031,589 $ 40,598 $ 6,856 $ 40,555 $ - $ 28,769 $ 174,750 $ 5,422,343
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
(1)
During the three months ended December 31, 2014 and 2013, the Company recorded stock-based compensation expense of $10.3 million and $13.6 million, respectively, of which $4.3 million and $5.4 million, respectively, is included in corporate expense and $0.1 million and $0.0 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the year ended December 31, 2014 and 2013, the Company recorded stock-based compensation expense of $48.1 million and $53.4 million, respectively, of which $18.7 million and $23.3 million, respectively, is included in corporate expense and $0.6 million and $0.0 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 December 31, 2014
(1)
(2)
Hold-Normalized
Adjusted
Hold-Normalized
Hold-Normalized
Adjusted
Property
Casino
Casino
Property
EBITDA
Revenue
Expense
EBITDA
Macao Property Operations
$ 711,178 $ (43,795 ) $ 18,798 $ 686,181
Marina Bay Sands
518,521 (72,014 ) 14,527 461,034
United States:
���Las Vegas Operating Properties
77,963 11,705 (2,058 ) 87,610
���Sands Bethlehem
36,199 - - 36,199
United States Property Operations
114,162 11,705 (2,058 ) 123,809
Other Asia
2,245 - - 2,245
Other Development
- - - -
Corporate
- - - -
$ 1,346,106 $ (104,104 ) $ 31,267 $ 1,273,269
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 $ 68,905 $ (37,994 ) $ 866,816
Marina Bay Sands
258,834 103,364 (20,851 ) 341,347
United States:
���Las Vegas Operating Properties
88,207 6,635 (1,166 ) 93,676
���Sands Bethlehem
30,349 - - 30,349
United States Property Operations
118,556 6,635 (1,166 ) 124,025
Other Asia
692 - - 692
Other Development
- - - -
Corporate
- - - -
$ 1,213,987 $ 178,904 $ (60,011 ) $ 1,332,880

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

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
Year Ended
December 31,
December 31,
2014
2013
2014
2013
Net income attributable to Las Vegas Sands Corp.
$ 721,305 $ 577,539 $ 2,840,629 $ 2,305,997
��Add (deduct):
�����Net income attributable to noncontrolling interests
156,695 192,192 747,442 648,679
�����Income tax expense
90,701 39,896 244,640 188,836
�����Loss on modification or early retirement of debt
- 14,178 19,942 14,178
�����Other (income) expense
(4,333 ) 671 (1,965 ) (4,321 )
�����Interest expense, net of amounts capitalized
66,686 67,086 274,181 271,211
�����Interest income
(8,534 ) (5,489 ) (25,643 ) (16,337 )
�����Loss on disposal of assets
1,934 1,723 6,856 11,156
�����Amortization of leasehold interests in land
10,446 10,055 40,598 40,352
�����Depreciation and amortization
255,524 254,938 1,031,589 1,007,468
�����Development expense
5,373 969 14,325 15,809
�����Pre-opening expense
8,203 3,693 26,230 13,339
�����Stock-based compensation (1)
5,860 8,222 28,769 30,053
�����Legal settlement expense (1)
- - - 47,400
�����Corporate expense
36,246 48,314 174,750 189,535
Adjusted Property EBITDA
$ 1,346,106 $ 1,213,987 $ 5,422,343 $ 4,763,355
�����Hold-normalized casino revenue (2)
(104,104 ) 178,904
�����Hold-normalized casino expense (2)
31,267 (60,011 )
Hold-Normalized Adjusted Property EBITDA
$ 1,273,269 $ 1,332,880
(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,
2014 2013 2014 2013
The Venetian Macao
$ 880,307 $ 1,149,079 $ 4,040,681 $ 3,851,230
Sands Cotai Central
705,042 790,650 3,133,864 2,698,430
Four Seasons Hotel Macao and Plaza Casino
243,839 238,069 1,107,779 1,065,405
Sands Macao
267,913 326,747 1,174,795 1,237,016
Marina Bay Sands
838,592 659,813 3,214,210 2,968,366
Las Vegas Operating Properties
362,575 385,712 1,478,769 1,518,024
Sands Bethlehem
133,593 124,141 504,237 496,738
Other Asia
38,492 33,906 151,778 139,572
Intersegment Eliminations
(54,360 ) (52,432 ) (222,264 ) (204,896 )
$ 3,415,993 $ 3,655,685 $ 14,583,849 $ 13,769,885
_______________________
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,
2014 2013 2014 2013
The Venetian Macao
36.5 % 37.7 % 38.3 % 38.9 %
Sands Cotai Central
31.2 % 30.1 % 32.0 % 27.4 %
Four Seasons Hotel Macao and Plaza Casino
38.0 % 32.2 % 33.8 % 28.6 %
Sands Macao
28.6 % 26.9 % 28.8 % 29.3 %
Marina Bay Sands
61.8 % 39.2 % 53.6 % 46.6 %
Las Vegas Operating Properties
21.5 % 22.9 % 21.2 % 23.2 %
Sands Bethlehem
27.1 % 24.4 % 23.9 % 24.8 %
Other Asia
5.8 % 2.0 % 2.3 % -2.8 %
Total
39.4 % 33.2 % 37.2 % 34.6 %

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
Year Ended
December 31,
December 31,
2014
2013
2014
2013
Net income attributable to Las Vegas Sands Corp.
$ 721,305 $ 577,539 $ 2,840,629 $ 2,305,997
Pre-opening expense, net
5,929 2,791 18,651 9,818
Development expense, net
5,373 969 14,325 15,809
(Gain) loss on disposal of assets, net
1,589 (2,571 ) 5,900 5,498
Loss on modification or early retirement of debt, net
- 14,178 14,589 14,178
Legal settlement expense
- - - 47,400
Adjusted net income
$ 734,196 $ 592,906 $ 2,894,094 $ 2,398,700
Hold-normalized casino revenue (1)
(104,104 ) 178,904
Hold-normalized casino expense (1)
31,267 (60,011 )
Income tax impact on hold adjustments
9,773 (14,027 )
Noncontrolling interest impact on hold adjustments
7,467 (9,221 )
Hold-normalized adjusted net income
$ 678,599 $ 688,550
(1)��See Exhibit 3
Per diluted share of common stock:
Net income attributable to Las Vegas Sands Corp.
$ 0.90 $ 0.70 $ 3.52 $ 2.79
Pre-opening expense, net
0.01 - 0.02 -
Development expense, net
0.01 - 0.02 0.02
(Gain) 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
$ 0.92 $ 0.72 $ 3.58 $ 2.90
Hold-normalized casino revenue
(0.13 ) 0.22
Hold-normalized casino expense
0.04 (0.07 )
Income tax impact on hold adjustments
0.01 (0.02 )
Noncontrolling interest impact on hold adjustments
0.01 (0.01 )
Hold-normalized adjusted earnings per diluted share
$ 0.85 $ 0.84
Weighted average diluted shares outstanding
801,465,931 822,314,351 808,019,219 826,316,108
Exhibit 5

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2014
2013
2014
2013
Room Statistics:
The Venetian Macao:
Occupancy %
88.3 % 94.4 % 91.3 % 91.3 %
Average daily room rate (ADR) (1)
$ 280 $ 269 $ 270 $ 243
Revenue per available room (RevPAR) (2)
$ 247 $ 254 $ 246 $ 222
Sands Cotai Central:
Occupancy %
90.9 % 89.1 % 88.5 % 78.5 %
Average daily room rate (ADR) (1)
$ 183 $ 167 $ 176 $ 155
Revenue per available room (RevPAR) (2)
$ 167 $ 149 $ 156 $ 121
Four Seasons Hotel Macao and Plaza Casino:
Occupancy %
86.7 % 90.8 % 87.0 % 85.3 %
Average daily room rate (ADR) (1)
$ 372 $ 403 $ 400 $ 373
Revenue per available room (RevPAR) (2)
$ 323 $ 366 $ 348 $ 318
Sands Macao:
Occupancy %
99.9 % 97.4 % 98.6 % 96.1 %
Average daily room rate (ADR) (1)
$ 225 $ 276 $ 238 $ 252
Revenue per available room (RevPAR) (2)
$ 225 $ 269 $ 235 $ 242
Marina Bay Sands:
Occupancy %
98.3 % 96.9 % 99.0 % 98.6 %
Average daily room rate (ADR) (1)
$ 422 $ 425 $ 431 $ 396
Revenue per available room (RevPAR) (2)
$ 415 $ 411 $ 427 $ 390
Las Vegas Operating Properties:
Occupancy %
81.1 % 88.8 % 88.0 % 89.6 %
Average daily room rate (ADR) (1)
$ 222 $ 208 $ 222 $ 205
Revenue per available room (RevPAR) (2)
$ 180 $ 185 $ 196 $ 184
Sands Bethlehem:
Occupancy %
87.9 % 74.4 % 83.4 % 73.6 %
Average daily room rate (ADR) (1)
$ 149 $ 145 $ 146 $ 142
Revenue per available room (RevPAR) (2)
$ 131 $ 108 $ 122 $ 104
Casino Statistics:
The Venetian Macao:
Table games win per unit per day (3)
$ 13,530 $ 19,200 $ 16,286 $ 17,518
Slot machine win per unit per day (4)
$ 309 $ 344 $ 360 $ 327
Average number of table games
622 639 639 584
Average number of slot machines
2,011 2,119 2,018 2,193
Sands Cotai Central:
Table games win per unit per day (3)
$ 13,611 $ 19,621 $ 16,862 $ 16,166
Slot machine win per unit per day (4)
$ 422 $ 367 $ 426 $ 292
Average number of table games
517 457 498 480
Average number of slot machines
1,635 1,957 1,725 2,077
Four Seasons Hotel Macao and Plaza Casino:
Table games win per unit per day (3)
$ 19,003 $ 17,655 $ 25,518 $ 22,049
Slot machine win per unit per day (4)
$ 663 $ 887 $ 748 $ 759
Average number of table games
141 148 132 151
Average number of slot machines
149 178 156 180
Sands Macao:
Table games win per unit per day (3)
$ 12,158 $ 13,356 $ 13,165 $ 12,383
Slot machine win per unit per day (4)
$ 323 $ 260 $ 346 $ 247
Average number of table games
247 286 258 295
Average number of slot machines
919 1,094 942 1,162
Marina Bay Sands:
Table games win per unit per day (3)
$ 11,617 $ 9,098 $ 11,159 $ 11,289
Slot machine win per unit per day (4)
$ 666 $ 679 $ 684 $ 688
Average number of table games
611 648 622 626
Average number of slot machines
2,455 2,365 2,412 2,266
Las Vegas Operating Properties:
Table games win per unit per day (3)
$ 4,843 $ 6,081 $ 4,965 $ 5,896
Slot machine win per unit per day (4)
$ 216 $ 217 $ 203 $ 206
Average number of table games
236 253 235 244
Average number of slot machines
2,275 2,317 2,344 2,343
Sands Bethlehem:
Table games win per unit per day (3)
$ 3,235 $ 3,344 $ 2,937 $ 3,104
Slot machine win per unit per day (4)
$ 250 $ 246 $ 255 $ 262
Average number of table games
176 147 167 145
Average number of slot machines
3,012 3,008 3,011 3,013

(1)�
ADR is calculated by dividing total room revenue by total rooms occupied.
(2)�
RevPAR is calculated by dividing total room revenue by total rooms available.
(3)�
Table games win per unit per day is shown before discounts and commissions.
(4)�
Slot machine win per unit per day is shown before deducting cost for slot points.

Exhibit 6



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