LAS VEGAS SANDS CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - October 21, 2015

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EXHIBIT 99.1
Press Release

Las Vegas Sands Reports Third
Quarter 2015 Results

For the Quarter Ended September 30, 2015


— Consolidated Adjusted Property EBITDA was $1.05 Billion
— Consolidated Adjusted Property EBITDA Margin Increased to 36.4%

— In Macao:

- Adjusted Property EBITDA was $536.8 Million
- Strong Cost Discipline Drove a 170 Basis Point Sequential Improvement in Hold-Normalized Adjusted Property EBITDA Margin to 33.4%

— At Marina Bay Sands in Singapore:

- Hold-Normalized Adjusted Property EBITDA Increased 12.2% to $411.3 Million
- Adjusted Property EBITDA Increased 10.8% to $389.7 Million
- On a Constant-Currency Basis, Hold-Normalized Adjusted Property EBITDA Increased 22.4%

—
Hold-Normalized Adjusted Earnings per Diluted Share was $0.71; Adjusted Earnings per Diluted Share was $0.66; and GAAP Earnings per Diluted Share was $0.65

— The Company Paid Dividends of $0.65 per Share, an Increase of 30.0% Over the Prior-Year Quarter
 
— The Company’s Board of Directors Announced an Increase of 10.8% in the Company’s Recurring Common Stock Dividend for the 2016 Calendar Year to $2.88 per Share ($0.72 per Share per Quarter)

— The Company Returned $80.0 Million of Capital to Shareholders Through its Stock Repurchase Program

Las Vegas, NV (October 21, 2015) — Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2015.


Third 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.  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. Accordingly, I am extremely pleased to announce that the company’s Board of Directors has increased the company’s recurring common stock dividend for the 2016 calendar year to $2.88 per share, an increase of 10.8%.”

The company paid a recurring quarterly dividend of $0.65 per common share during the quarter, an increase of 30.0% compared to the third quarter of 2014. The company also announced that its next recurring quarterly dividend of $0.65 per common share will be paid on December 31, 2015, to Las Vegas Sands shareholders of record on December 22, 2015.  That dividend represents an increase of 30.0% compared to the dividend paid in the fourth quarter of 2014.  Additionally, since the inception of the company’s share repurchase program in June 2013, the company has returned $2.38 billion to shareholders through the repurchase of 34.0 million shares, including $80.0 million of common stock (1.7 million shares at a weighted average price of $45.75) during the quarter ended September 30, 2015.

Mr. Adelson added, “In Macao, notwithstanding a challenging environment in the VIP and premium mass gaming segments, we delivered $536.8 million in adjusted property EBITDA across our Macao property portfolio in the third quarter.  We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by the St. Regis tower at Sands Cotai Central opening in December 2015, and by The Parisian Macao, targeted to open in late 2016, 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.”

Despite the negative impact of the stronger U.S. dollar, adjusted property EBITDA at Marina Bay Sands in Singapore increased 10.8% year-over-year to $389.7 million in the current quarter, driven by growth in mass play from visitors to Singapore and healthy Rolling Chip volume. Hold-normalized EBITDA increased 12.2% to $411.3 million. The property generated record mass gaming win-per-day in local currency terms while hold-normalized adjusted property EBITDA increased 22.4% year-over-year on a constant-currency basis.
2
Company-Wide Operating Results

Net revenue for the third quarter of 2015 decreased 18.1% to $2.89 billion, compared to $3.53 billion in the third quarter of 2014. Consolidated adjusted property EBITDA of $1.05 billion decreased 18.0% in the third quarter of 2015, compared to the year-ago quarter.  On a hold-normalized basis, adjusted property EBITDA decreased 13.4% to $1.09 billion in the third quarter of 2015.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2015 decreased 23.9% to $739.1 million, compared to $971.4 million in the third 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 third quarter of 2015 decreased 22.7% to $519.4 million, compared to $671.7 million in the third quarter of 2014, while diluted earnings per share in the third quarter of 2015 decreased 21.7% to $0.65, 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 $90.0 million decrease in net income attributable to noncontrolling interests.

Adjusted net income (see Note 1) decreased to $529.8 million, or $0.66 per diluted share, compared to $675.7 million, or $0.84 per diluted share, in the third quarter of 2014.


Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. decreased 28.8% to $1.66 billion in the third quarter of 2015, compared to $2.33 billion in the third quarter of 2014. Adjusted property EBITDA for Sands China Ltd. decreased 32.8% to $545.0 million in the third quarter of 2015, compared to $811.6 million in the third quarter of 2014. Net income for Sands China Ltd. decreased 46.8% to $343.2 million in the third quarter of 2015, compared to $644.6 million in the third quarter of 2014.
3
The Venetian Macao Third 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 $256.4 million in the third quarter with a market-leading EBITDA margin of 36.6%.  Non-Rolling Chip drop was $1.74 billion for the quarter with a Non-Rolling Chip win percentage of 23.4%.  Rolling Chip volume during the quarter decreased 32.1% to $6.88 billion.  Rolling Chip win percentage was 3.08% in the quarter, below the 3.13% experienced in the prior-year quarter. Slot handle was $1.05 billion.

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

 
Three Months Ended
    
The Venetian Macao Operations
  
September 30,
    
(Dollars in millions)
  
2015
    
2014
    
$ Change
  
 Change
Revenues:
  
   
   
 
       
Casino
  
$
590.0
    
$
817.8
    
$
(227.8
)
-27.9%
Rooms
    
53.6
      
66.6
      
(13.0
)
-19.5%
Food and Beverage
    
20.5
      
27.4
      
(6.9
)
-25.2%
Mall
    
50.4
      
51.0
      
(0.6
)
-1.2%
Convention, Retail and Other
    
21.5
      
24.6
      
(3.1
)
-12.6%
Less - Promotional Allowances
    
(36.4
)
    
(44.4
)
    
8.0
  
18.0%
Net Revenues
  
$
699.6
    
$
943.0
    
$
(243.4
)
-25.8%
 
                                 
Adjusted Property EBITDA
  
$
256.4
    
$
352.7
    
$
(96.3
)
-27.3%
EBITDA Margin %
  
36.6%
    
37.4%
          
  -0.8 pts
 
                                 
Operating Income
  
$
213.7
    
$
312.4
    
$
(98.7
)
-31.6%
 
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
 
                                 
Rolling Chip Volume
  
$
6,876.4
    
$
10,127.6
    
$
(3,251.2
)
-32.1%
Rolling Chip Win %(1)
  
3.08%
    
3.13%
          
  -0.05 pts
 
                                 
Non-Rolling Chip Drop
  
$
1,741.5
    
$
2,208.1
    
$
(466.6
)
-21.1%
Non-Rolling Chip Win %
  
23.4%
    
24.7%
          
  -1.3 pts
 
                                 
Slot Handle
  
$
1,047.8
    
$
1,440.9
    
$
(393.1
)
-27.3%
Slot Hold %
  
4.8%
    
4.6%
          
  0.2 pts
 
                                 
Hotel Statistics
                                
 
                                 
Occupancy %
  
84.5%
    
93.3%
          
  -8.8 pts
Average Daily Rate (ADR)
  
$
239
    
$
269
    
$
(30
)
-11.2%
Revenue per Available Room (RevPAR)
  
$
202
    
$
251
    
$
(49
)
-19.5%

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


4
Sands Cotai Central Third Quarter Operating Results

Net revenues and adjusted property EBITDA for the third quarter of 2015 at Sands Cotai Central were $550.2 million and $170.5 million, respectively, resulting in an EBITDA margin of 31.0%.

Non-Rolling Chip drop was $1.46 billion in the third quarter with a Non-Rolling Chip win percentage of 21.9%.  Rolling Chip volume was $4.64 billion for the quarter with a Rolling Chip win percentage of 3.54%.  Slot handle was $1.50 billion for the quarter. Hotel occupancy was 86.5% with ADR of $152.
 
The following table summarizes our key operating results for Sands Cotai Central for the third quarter of 2015 compared to the third quarter of 2014:

 
Three Months Ended
    
Sands Cotai Central Operations
  
September 30,
    
(Dollars in millions)
  
2015
    
2014
    
$ Change
  
 Change
Revenues:
  
   
   
 
       
Casino
  
$
475.1
    
$
727.3
    
$
(252.2
)
-34.7%
Rooms
    
68.7
      
81.8
      
(13.1
)
-16.0%
Food and Beverage
    
25.2
      
34.8
      
(9.6
)
-27.6%
Mall
    
15.8
      
17.7
      
(1.9
)
-10.7%
Convention, Retail and Other
    
5.7
      
8.2
      
(2.5
)
-30.5%
Less - Promotional Allowances
    
(40.3
)
    
(53.3
)
    
13.0
  
24.4%
Net Revenues
  
$
550.2
    
$
816.5
    
$
(266.3
)
-32.6%
 
                                 
Adjusted Property EBITDA
  
$
170.5
    
$
267.0
    
$
(96.5
)
-36.1%
EBITDA Margin %
  
31.0%
    
32.7%
          
  -1.7 pts
 
                                 
Operating Income
  
$
94.5
    
$
193.0
    
$
(98.5
)
-51.0%
 
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
 
                                 
Rolling Chip Volume
  
$
4,640.5
    
$
10,567.2
    
$
(5,926.7
)
-56.1%
Rolling Chip Win %(1)
  
3.54%
    
3.48%
          
  0.06 pts
 
                                 
Non-Rolling Chip Drop
  
$
1,458.7
    
$
1,891.2
    
$
(432.5
)
-22.9%
Non-Rolling Chip Win %
  
21.9%
    
22.4%
          
  -0.5 pts
 
                                 
Slot Handle
  
$
1,503.6
    
$
2,025.1
    
$
(521.5
)
-25.8%
Slot Hold %
  
3.7%
    
3.4%
          
  0.3 pts
 
                                 
Hotel Statistics
                                
 
                                 
Occupancy %
  
86.5%
    
89.5%
          
  -3.0 pts
Average Daily Rate (ADR)
  
$
152
    
$
176
    
$
(24
)
-13.6%
Revenue per Available Room (RevPAR)
  
$
131
    
$
157
    
$
(26
)
-16.6%
 
(1)
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).


5
Four Seasons Hotel Macao and Plaza Casino Third Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $58.8 million in the third quarter of 2015, a decrease of 41.9% compared to the year-ago quarter.  Non-Rolling Chip drop was $280.9 million, while Non-Rolling Chip win percentage was 25.4%.  Rolling Chip volume was $2.82 billion for the quarter. Rolling Chip win percentage was 3.13% in the quarter, below the 3.45% experienced in the prior-year quarter. Slot handle was $111.8 million during the quarter.

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

 
Three Months Ended
    
Four Seasons Hotel Macao and Plaza Casino Operations
  
September 30,
    
(Dollars in millions)
  
2015
    
2014
    
$ Change
  
 Change
Revenues:
  
   
   
         
Casino
  
$
129.6
    
$
221.4
    
$
(91.8
)
-41.5%
Rooms
    
10.9
      
11.9
      
(1.0
)
-8.4%
Food and Beverage
    
6.5
      
7.7
      
(1.2
)
-15.6%
Mall
    
32.0
      
36.3
      
(4.3
)
-11.8%
Convention, Retail and Other
    
0.8
      
1.0
      
(0.2
)
-20.0%
Less - Promotional Allowances
    
(11.9
)
    
(12.9
)
    
1.0
  
7.8%
Net Revenues
  
$
167.9
    
$
265.4
    
$
(97.5
)
-36.7%
 
                                 
Adjusted Property EBITDA
  
$
58.8
    
$
101.2
    
$
(42.4
)
-41.9%
EBITDA Margin %
  
35.0%
    
38.1%
          
  -3.1 pts
 
                                 
Operating Income
  
$
46.9
    
$
88.7
    
$
(41.8
)
-47.1%
 
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
 
                                 
Rolling Chip Volume
  
$
2,821.7
    
$
6,236.9
    
$
(3,415.2
)
-54.8%
Rolling Chip Win %(1)
  
3.13%
    
3.45%
          
  -0.32 pts
 
                                 
Non-Rolling Chip Drop
  
$
280.9
    
$
320.4
    
$
(39.5
)
-12.3%
Non-Rolling Chip Win %
  
25.4%
    
25.2%
          
  0.2 pts
 
                                 
Slot Handle
  
$
111.8
    
$
214.6
    
$
(102.8
)
-47.9%
Slot Hold %
  
7.3%
    
4.6%
          
  2.7 pts
 
                                 
Hotel Statistics
                                
 
                                 
Occupancy %
  
86.5%
    
88.3%
          
  -1.8 pts
Average Daily Rate (ADR)
  
$
363
    
$
391
    
$
(28
)
-7.2%
Revenue per Available Room (RevPAR)
  
$
314
    
$
345
    
$
(31
)
-9.0%
 
(1)
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).


6
Sands Macao Third Quarter Operating Results

Sands Macao’s adjusted property EBITDA was $51.1 million. Non-Rolling Chip drop was $759.7 million during the quarter, while slot handle was $710.2 million. Rolling Chip volume was $2.06 billion for the quarter. The property realized 3.57% win on Rolling Chip volume during the quarter, above the 2.76% generated in the year-ago quarter.

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

 
Three Months Ended
    
Sands Macao Operations
  
September 30,
    
(Dollars in millions)
  
2015
    
2014
    
$ Change
  
 Change
Revenues:
  
   
   
 
       
Casino
  
$
200.8
    
$
273.6
    
$
(72.8
)
-26.6%
Rooms
    
6.0
      
5.7
      
0.3
  
5.3%
Food and Beverage
    
8.6
      
9.8
      
(1.2
)
-12.2%
Convention, Retail and Other
    
2.6
      
2.5
      
0.1
  
4.0%
Less - Promotional Allowances
    
(10.6
)
    
(11.5
)
    
0.9
  
7.8%
Net Revenues
  
$
207.4
    
$
280.1
    
$
(72.7
)
-26.0%
 
                                 
Adjusted Property EBITDA
  
$
51.1
    
$
88.1
    
$
(37.0
)
-42.0%
EBITDA Margin %
  
24.7%
    
31.5%
          
  -6.8 pts
 
                                 
Operating Income
  
$
41.8
    
$
78.3
    
$
(36.5
)
-46.6%
 
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
 
                                 
Rolling Chip Volume
  
$
2,058.1
    
$
4,318.5
    
$
(2,260.4
)
-52.3%
Rolling Chip Win %(1)
  
3.57%
    
2.76%
          
  0.81 pts
 
                                 
Non-Rolling Chip Drop
  
$
759.7
    
$
884.6
    
$
(124.9
)
-14.1%
Non-Rolling Chip Win %
  
17.2%
    
19.1%
          
  -1.9 pts
 
                                 
Slot Handle
  
$
710.2
    
$
833.4
    
$
(123.2
)
-14.8%
Slot Hold %
  
3.7%
    
3.6%
          
  0.1 pts
 
                                 
Hotel Statistics
                                
 
                                 
Occupancy %
  
99.8%
    
99.4%
          
  0.4 pts
Average Daily Rate (ADR)
  
$
226
    
$
219
    
$
7
  
3.2%
Revenue per Available Room (RevPAR)
  
$
226
    
$
218
    
$
8
  
3.7%

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


7
Marina Bay Sands Third Quarter Operating Results

Marina Bay Sands in Singapore generated adjusted property EBITDA of $389.7 million, an increase of 10.8% compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 12.2% to $411.3 million. On a constant-currency basis, adjusted property EBITDA increased 20.8% (on a constant-currency basis, hold-normalized adjusted property EBITDA increased 22.4% compared to the prior-year quarter).   Rolling Chip win percentage of 2.61% in the third quarter of 2015 was below the expected range and slightly below the 2.64% achieved in the third quarter of 2014. Rolling Chip volume was $11.44 billion for the quarter, a 25.4% increase compared to the $9.12 billion generated in the prior-year period.

Non-Rolling Chip drop was $1.07 billion during the quarter with a Non-Rolling Chip win percentage of 27.0%. Slot handle increased 9.0% to $3.41 billion for the quarter compared to the year-ago quarter. Total mass win-per-day during the quarter was $4.77 million and was an all-time quarterly record for the property in local currency terms.

ADR decreased to $432 during the quarter and occupancy decreased to 98.0%, resulting in a RevPAR decrease of 9.0% compared to the same quarter last year.  The impact of the stronger U.S. dollar negatively impacted the property’s financial results and key performance indicators in the current quarter.

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

 
Three Months Ended
    
Marina Bay Sands Operations
  
September 30,
    
(Dollars in millions)
  
2015
    
2014
    
$ Change
  
 Change
Revenues:
  
   
   
 
       
Casino
  
$
584.9
    
$
573.5
    
$
11.4
  
2.0%
Rooms
    
98.7
      
101.6
      
(2.9
)
-2.9%
Food and Beverage
    
51.1
      
47.9
      
3.2
  
6.7%
Mall
    
41.5
      
44.8
      
(3.3
)
-7.4%
Convention, Retail and Other
    
23.4
      
23.9
      
(0.5
)
-2.1%
Less - Promotional Allowances
    
(48.9
)
    
(56.2
)
    
7.3
  
13.0%
Net Revenues
  
$
750.7
    
$
735.5
    
$
15.2
  
2.1%
 
                                 
Adjusted Property EBITDA
  
$
389.7
    
$
351.7
    
$
38.0
  
10.8%
EBITDA Margin %
  
51.9%
    
47.8%
          
  4.1 pts
 
                                 
Operating Income
  
$
302.4
    
$
259.0
    
$
43.4
  
16.8%
 
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
 
                                 
Rolling Chip Volume
  
$
11,436.4
    
$
9,121.8
    
$
2,314.6
  
25.4%
Rolling Chip Win %(1)
  
2.61%
    
2.64%
          
  -0.03 pts
 
                                 
Non-Rolling Chip Drop
  
$
1,071.7
    
$
1,137.4
    
$
(65.7
)
-5.8%
Non-Rolling Chip Win %
  
27.0%
    
25.6%
          
  1.4 pts
 
                                 
Slot Handle
  
$
3,409.3
    
$
3,126.5
    
$
282.8
  
9.0%
Slot Hold %
  
4.4%
    
4.9%
          
  -0.5 pts
 
                                 
Hotel Statistics
                                
 
                                 
Occupancy %
  
98.0%
    
99.4%
          
  -1.4 pts
Average Daily Rate (ADR)
  
$
432
    
$
468
    
$
(36
)
-7.7%
Revenue per Available Room (RevPAR)
  
$
423
    
$
465
    
$
(42
)
-9.0%
 
(1)
This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).


8
Las Vegas Operations Third Quarter Operating Results

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $79.8 million for the quarter.  On a hold-normalized basis, adjusted property EBITDA in the quarter increased 21.8% year-over-year to $101.8 million.  RevPAR increased 13.9% year-over-year to $213 in the quarter, reflecting an 8.8% increase in ADR to $222 and a 4.1 percentage point increase in occupancy to 96.0%.  Table games drop decreased 4.0% in the quarter to $607.9 million, reflecting softer baccarat play, while slot handle increased 3.6% to $593.7 million.

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

 
  
Three Months Ended
    
Las Vegas Operations
  
September 30,
    
(Dollars in millions)
  
2015
    
2014
    
$ Change
  
 Change
Revenues:
  
       
 
       
Casino
  
$
127.9
    
$
165.1
    
$
(37.2
)
-22.5%
Rooms
    
138.0
      
115.6
      
22.4
  
19.4%
Food and Beverage
    
69.1
      
51.6
      
17.5
  
33.9%
Convention, Retail and Other
    
76.0
      
72.4
      
3.6
  
5.0%
Less - Promotional Allowances
    
(25.5
)
    
(24.2
)
    
(1.3
)
-5.4%
Net Revenues
  
$
385.5
    
$
380.5
    
$
5.0
  
1.3%
 
                                 
Adjusted Property EBITDA
  
$
79.8
    
$
90.2
    
$
(10.4
)
-11.5%
EBITDA Margin %
  
20.7%
    
23.7%
          
  -3.0 pts
 
                                 
Operating Income
  
$
71.6
    
$
79.1
    
$
(7.5
)
-9.5%
 
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
 
                                 
Table Games Drop
  
$
607.9
    
$
632.9
    
$
(25.0
)
-4.0%
Table Games Win %(1)
  
16.9%
    
24.1%
          
  -7.2 pts
 
                                 
Slot Handle
  
$
593.7
    
$
573.1
    
$
20.6
  
3.6%
Slot Hold %
  
8.2%
    
8.3%
          
  -0.1 pts
 
                                 
Hotel Statistics
                                
 
                                 
Occupancy %
  
96.0%
    
91.9%
          
  4.1 pts
Average Daily Rate (ADR)
  
$
222
    
$
204
    
$
18
  
8.8%
Revenue per Available Room (RevPAR)
  
$
213
    
$
187
    
$
26
  
13.9%

(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).


9
Sands Bethlehem Third Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 13.1% to $144.0 million and adjusted property EBITDA increased 25.8% to $37.5 million for the quarter, which was an all-time quarterly record for the property. Table games drop increased 5.9% to $290.7 million for the quarter, while table games win percentage was 18.7%, which was higher than the 16.2% realized in the third quarter of 2014. Slot handle increased 7.4% year-over-year to $1.11 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 third quarter of 2015 compared to the third quarter of 2014:

 
  
Three Months Ended
    
Sands Bethlehem Operations
  
September 30,
    
(Dollars in millions)
  
2015
    
2014
    
$ Change
  
 Change
Revenues:
  
   
   
 
       
Casino
  
$
134.3
    
$
118.3
    
$
16.0
  
13.5%
Rooms
    
4.0
      
3.6
      
0.4
  
11.1%
Food and Beverage
    
7.0
      
6.7
      
0.3
  
4.5%
Mall
    
1.2
      
1.2
      
-
  
0.0%
Convention, Retail and Other
    
5.2
      
4.4
      
0.8
  
18.2%
Less - Promotional Allowances
    
(7.7
)
    
(6.9
)
    
(0.8
)
-11.6%
Net Revenues
  
$
144.0
    
$
127.3
    
$
16.7
  
13.1%
 
                                 
Adjusted Property EBITDA
  
$
37.5
    
$
29.8
    
$
7.7
  
25.8%
EBITDA Margin %
  
26.1%
    
23.4%
          
  2.7 pts
 
                                 
Operating Income
  
$
30.8
    
$
23.5
    
$
7.3
  
31.1%
 
                                 
Gaming Statistics
                                
(Dollars in millions)
                                
 
                                 
Table Games Drop
  
$
290.7
    
$
274.6
    
$
16.1
  
5.9%
Table Games Win %(1)
  
18.7%
    
16.2%
          
  2.5 pts
 
                                 
Slot Handle
  
$
1,114.6
    
$
1,038.0
    
$
76.6
  
7.4%
Slot Hold %
  
7.0%
    
6.9%
          
  0.1 pts
 
                                 
Hotel Statistics
                                
 
                                 
Occupancy %
  
96.8%
    
89.4%
          
  7.4 pts
Average Daily Rate (ADR)
  
$
151
    
$
145
    
$
6
  
4.1%
Revenue per Available Room (RevPAR)
  
$
146
    
$
130
    
$
16
  
12.3%

(1)
This compares to our expected table games win percentage of 14.0% to 16.0% (calculated before discounts).


10
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 was $139.3 million for the third quarter of 2015, a decrease of 6.8% compared to the third quarter of 2014.  Operating profit derived from these retail mall assets decreased 5.2% year-over-year to $125.0 million.

    
For The Three Months Ended September 30, 2015
  
TTM
September 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
  
$
50.2
    
$
44.9
  
89.4%
    
779,459
  
97.7%
  
$
1,540
  
                                     
Shoppes at Four Seasons
                                    
Luxury Retail
    
20.5
      
19.3
  
94.1%
    
142,562
  
100.0%
    
5,168
  
Other Stores
    
11.5
      
10.8
  
93.9%
    
115,453
  
100.0%
    
1,812
  
Total
    
32.0
      
30.1
  
94.1%
    
258,015
  
100.0%
    
3,858
  
                                     
Shoppes at Cotai Central
    
15.6
      
13.6
  
87.2%
    
331,587
(3) 
97.9%
    
938
  
Total Cotai Strip in Macao
    
97.8
      
88.6
  
90.6%
    
1,369,061
  
98.2%
    
1,833
  
                                     
The Shoppes at Marina Bay Sands
    
41.5
      
36.4
  
87.7%
    
644,590
  
95.5%
    
1,383
  
                                     
Total
  
$
139.3
    
$
125.0
  
89.7%
    
2,013,651
  
97.3%
  
$
1,696
  

(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.



11
Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $8.4 million during the quarter, compared to $3.1 million in the third quarter of 2014.

Pre-opening expense was $9.6 million in the third quarter of 2015.

Depreciation and amortization expense was $247.7 million in the third quarter of 2015, compared to $251.0 million in the third quarter of 2014.

Interest expense, net of amounts capitalized, was $67.0 million for the third quarter of 2015, compared to $66.8 million in the prior-year quarter. Capitalized interest was $7.1 million during the third quarter of 2015, compared to $2.9 million during the third quarter of 2014.  Our weighted average borrowing cost in the third quarter of 2015 was approximately 3.0%.

Corporate expense was $37.5 million in the third quarter of 2015, compared to $42.7 million in the third quarter of 2014.

Other income, which was principally composed of foreign currency gains, was $16.3 million in the third quarter of 2015, compared to $0.1 million in the third quarter of 2014.

The company’s effective income tax rate for the third quarter of 2015 was 10.5%. 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 third quarter of 2015 of $98.8 million was principally related to Sands China Ltd.


Balance Sheet Items

Unrestricted cash balances as of September 30, 2015 were $1.86 billion.

As of September 30, 2015, total debt outstanding, including the current portion, was $9.13 billion.


Capital Expenditures

Capital expenditures during the third quarter totaled $393.7 million, including construction, development and maintenance activities of $329.2 million in Macao, $40.5 million at Marina Bay Sands, $19.6 million in Las Vegas, and $4.4 million at Sands Bethlehem.



###
 

12
Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, October 21, 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.sands.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



13
Las Vegas Sands Corp.
Third Quarter 2015 Results
Non-GAAP Reconciliations

Within the company’s third 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.
 
 
 
 
14
 
Las Vegas Sands Corp. and Subsidiaries
                
Condensed Consolidated Statements of Operations
              
(In thousands, except share and per share data)
                
(Unaudited)
                
                 
   
Three Months Ended
    
Nine Months Ended
  
   
September 30,  
    
September 30,  
  
   
2015
    
2014
    
2015
    
2014
  
                 
Revenues:
                
  Casino
  
$
2,242,571
    
$
2,897,084
    
$
6,920,757
    
$
9,281,959
  
  Rooms
    
379,878
      
386,867
      
1,102,550
      
1,162,205
  
  Food and beverage
    
188,073
      
185,821
      
555,902
      
582,804
  
  Mall
    
140,556
      
150,728
      
403,652
      
378,832
  
  Convention, retail and other
    
129,761
      
128,458
      
389,412
      
391,663
  
     
3,080,839
      
3,748,958
      
9,372,273
      
11,797,463
  
  Less - promotional allowances
    
(187,156
)
    
(215,836
)
    
(545,547
)
    
(629,607
)
     
2,893,683
      
3,533,122
      
8,826,726
      
11,167,856
  
Operating expenses:
                                
  Resort operations
    
1,846,208
      
2,256,479
      
5,725,206
      
7,114,528
  
  Corporate
    
37,488
      
42,704
      
127,276
      
138,504
  
  Pre-opening
    
9,627
      
(2,414
)
    
29,860
      
18,027
  
  Development
    
3,147
      
3,043
      
7,028
      
8,952
  
  Depreciation and amortization
    
247,698
      
251,002
      
750,212
      
776,065
  
  Amortization of leasehold interests in land
    
9,737
      
10,086
      
29,060
      
30,152
  
  Loss on disposal of assets
    
709
      
801
      
18,590
      
4,922
  
     
2,154,614
      
2,561,701
      
6,687,232
      
8,091,150
  
Operating income
    
739,069
      
971,421
      
2,139,494
      
3,076,706
  
Other income (expense):
                                
  Interest income
    
2,158
      
5,609
      
12,598
      
17,109
  
  Interest expense, net of amounts capitalized
    
(66,962
)
    
(66,779
)
    
(199,018
)
    
(207,495
)
  Other income (expense)
    
16,275
      
95
      
31,589
      
(2,368
)
  Loss on modification or early retirement of debt
    
-
      
(1,978
)
    
-
      
(19,942
)
Income before income taxes
    
690,540
      
908,368
      
1,984,663
      
2,864,010
  
Income tax expense
    
(72,347
)
    
(47,869
)
    
(173,941
)
    
(153,939
)
Net income
    
618,193
      
860,499
      
1,810,722
      
2,710,071
  
Net income attributable to noncontrolling interests
    
(98,835
)
    
(188,794
)
    
(310,268
)
    
(590,747
)
Net income attributable to Las Vegas Sands Corp.
  
$
519,358
    
$
671,705
    
$
1,500,454
    
$
2,119,324
  
                                 
Earnings per share:
                                
Basic
  
$
0.65
    
$
0.84
    
$
1.88
    
$
2.62
  
Diluted
  
$
0.65
    
$
0.83
    
$
1.88
    
$
2.62
  
                                 
Weighted average shares outstanding:
                                
Basic
    
796,559,738
      
803,064,834
      
797,400,090
      
808,247,012
  
Diluted
    
797,302,248
      
804,810,589
      
798,263,294
      
810,288,616
  
                                 
Dividends declared per common share
  
$
0.65
    
$
0.50
    
$
1.95
    
$
1.50
  
 
 
Exhibit 1
 
Las Vegas Sands Corp. and Subsidiaries
                              
Non-GAAP Measure 
                                  
(In thousands)
                                    
(Unaudited)
                                    
                                     
The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:
      
                                     
  Three Months Ended September 30, 2015
                                     
   
Operating
Income (Loss)
    
Depreciation
and
Amortization
    
Amortization
of Leasehold
Interests
in Land
    
(Gain) Loss
on Disposal
of Assets
    
Pre-Opening
and
Development
Expense
    
Royalty
Fees
    
(1)
Stock-Based
Compensation
    
Corporate
Expense
    
Adjusted
Property
EBITDA
  
Macao:
                                        
The Venetian Macao
$
213,653
$
39,083
$
1,665
$
172
$
-
$
-
$
1,808
$
-
$
256,381
Sands Cotai Central
    
94,531
      
68,894
      
2,138
      
566
      
3,609
      
-
      
719
      
-
      
170,457
  
Four Seasons Hotel Macao and Plaza Casino
    
46,923
      
9,596
      
720
      
-
      
1,331
      
-
      
215
      
-
      
58,785
  
Sands Macao
    
41,753
      
8,936
      
373
      
(34
)
    
-
      
-
      
104
      
-
      
51,132
  
Macao Property Operations
    
396,860
      
126,509
      
4,896
      
704
      
4,940
      
-
      
2,846
      
-
      
536,755
  
Marina Bay Sands
    
302,379
      
58,307
      
4,227
      
29
      
466
      
24,087
      
222
      
-
      
389,717
  
United States:
                                                                        
Las Vegas Operating Properties
    
71,609
      
44,082
      
-
      
1
      
-
      
(37,486
)
    
1,584
      
-
      
79,790
  
Sands Bethlehem
    
30,832
      
6,700
      
-
      
(33
)
    
31
      
-
      
-
      
-
      
37,530
  
United States Property Operations
    
102,441
      
50,782
      
-
      
(32
)
    
31
      
(37,486
)
    
1,584
      
-
      
117,320
  
Other Asia (2)
    
(8,872
)
    
3,559
      
-
      
8
      
-
      
13,640
      
92
      
-
      
8,427
  
Other Development
    
(8,112
)
    
161
      
614
      
-
      
7,337
      
-
      
-
      
-
      
-
  
Corporate
    
(45,627
)
    
8,380
      
-
      
-
      
-
      
(241
)
    
-
      
37,488
      
-
  
   
$
739,069
    
$
247,698
    
$
9,737
    
$
709
    
$
12,774
    
$
-
    
$
4,744
    
$
37,488
    
$
1,052,219
  
                                                                         
                                                                         
           
  
  Three Months Ended September 30, 2014  
   
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
  
   
Operating
Income (Loss)
    
Depreciation
and
Amortization
    
Amortization
of Leasehold
Interests
in Land
    
(Gain) Loss
on Disposal
of Assets
    
Pre-Opening
and
Development
Expense
    
Royalty
Fees
    
(1)
Stock-Based
Compensation
    
Corporate
Expense
    
Adjusted
Property
EBITDA
  
Macao:
                                                                        
The Venetian Macao
  
$
312,439
    
$
35,816
    
$
1,655
    
$
112
    
$
-
    
$
-
    
$
2,713
    
$
-
    
$
352,735
  
Sands Cotai Central
    
193,005
      
70,061
      
2,154
      
469
      
(34
)
    
-
      
1,376
      
-
      
267,031
  
Four Seasons Hotel Macao and Plaza Casino
    
88,678
      
9,843
      
706
      
40
      
1,499
      
-
      
418
      
-
      
101,184
  
Sands Macao
    
78,308
      
8,858
      
354
      
44
      
-
      
-
      
535
      
-
      
88,099
  
Macao Property Operations
    
672,430
      
124,578
      
4,869
      
665
      
1,465
      
-
      
5,042
      
-
      
809,049
  
Marina Bay Sands
    
259,040
      
62,651
      
4,595
      
144
      
75
      
24,351
      
831
      
-
      
351,687
  
United States:
                                                                        
Las Vegas Operating Properties
    
79,053
      
46,142
      
-
      
(5
)
    
36
      
(36,307
)
    
1,264
      
-
      
90,183
  
Sands Bethlehem
    
23,470
      
6,336
      
-
      
(3
)
    
29
      
-
      
14
      
-
      
29,846
  
United States Property Operations
    
102,523
      
52,478
      
-
      
(8
)
    
65
      
(36,307
)
    
1,278
      
-
      
120,029
  
Other Asia (2)
    
(12,640
)
    
3,457
      
-
      
-
      
12
      
12,200
      
101
      
-
      
3,130
  
Other Development
    
205
      
161
      
622
      
-
      
(988
)
    
-
      
-
      
-
      
-
  
Corporate
    
(50,137
)
    
7,677
      
-
      
-
      
-
      
(244
)
    
-
      
42,704
      
-
  
   
$
971,421
    
$
251,002
    
$
10,086
    
$
801
    
$
629
    
$
-
    
$
7,252
    
$
42,704
    
$
1,283,895
  
                                                                         
                                                                         
  Nine Months Ended September 30, 2015
                                                                         
   
Operating
Income (Loss)
    
Depreciation
and
Amortization
    
Amortization
of Leasehold
Interests
in Land
    
(Gain) Loss
on Disposal
of Assets
    
Pre-Opening
and
Development
Expense
    
Royalty
Fees
    
(1)
Stock-Based
Compensation
    
Corporate
Expense
    
Adjusted
Property
EBITDA
  
Macao:
                                                                        
The Venetian Macao
  
$
644,620
    
$
115,403
    
$
4,971
    
$
8,972
    
$
-
    
$
-
    
$
7,347
    
$
-
    
$
781,313
  
Sands Cotai Central
    
259,138
      
209,509
      
6,216
      
4,093
      
8,387
      
-
      
3,234
      
-
      
490,577
  
Four Seasons Hotel Macao and Plaza Casino
    
140,773
      
28,908
      
2,140
      
13
      
4,763
      
-
      
994
      
-
      
177,591
  
Sands Macao
    
142,586
      
27,018
      
1,113
      
3,170
      
-
      
-
      
907
      
-
      
174,794
  
Macao Property Operations
    
1,187,117
      
380,838
      
14,440
      
16,248
      
13,150
      
-
      
12,482
      
-
      
1,624,275
  
Marina Bay Sands
    
898,583
      
181,610
      
12,779
      
269
      
1,182
      
73,169
      
651
      
-
      
1,168,243
  
United States:
                                                                        
Las Vegas Operating Properties
    
183,862
      
131,240
      
-
      
2,192
      
294
      
(113,357
)
    
3,834
      
-
      
208,065
  
Sands Bethlehem
    
81,333
      
20,158
      
-
      
(127
)
    
84
      
-
      
74
      
-
      
101,522
  
United States Property Operations
    
265,195
      
151,398
      
-
      
2,065
      
378
      
(113,357
)
    
3,908
      
-
      
309,587
  
Other Asia (2)
    
(35,014
)
    
10,542
      
-
      
8
              
40,920
      
324
      
-
      
16,780
  
Other Development
    
(24,502
)
    
483
      
1,841
      
-
      
22,178
      
-
      
-
      
-
      
-
  
Corporate
    
(151,885
)
    
25,341
      
-
      
-
      
-
      
(732
)
    
-
      
127,276
      
-
  
   
$
2,139,494
    
$
750,212
    
$
29,060
    
$
18,590
    
$
36,888
    
$
-
    
$
17,365
    
$
127,276
    
$
3,118,885
  
                                                                         
                                                                         
  Nine Months Ended September 30, 2014
                                                                         
   
Operating
Income (Loss)
    
Depreciation
and
Amortization
    
Amortization
of Leasehold
Interests
in Land
    
(Gain) Loss
on Disposal
of Assets
    
Pre-Opening
and
Development
Expense
    
Royalty
Fees
    
(1)
Stock-Based
Compensation
    
Corporate
Expense
    
Adjusted
Property
EBITDA
  
Macao:
                                                                        
The Venetian Macao
  
$
1,103,241
    
$
108,249
    
$
4,961
    
$
716
    
$
-
    
$
-
    
$
7,709
    
$
-
    
$
1,224,876
  
Sands Cotai Central
    
561,299
      
204,193
      
6,460
      
1,080
      
4,363
      
-
      
3,815
      
-
      
781,210
  
Four Seasons Hotel Macao and Plaza Casino
    
243,814
      
29,540
      
2,118
      
92
      
5,633
      
-
      
982
      
-
      
282,179
  
Sands Macao
    
233,660
      
25,542
      
1,061
      
162
      
-
      
-
      
1,431
      
-
      
261,856
  
Macao Property Operations
    
2,142,014
      
367,524
      
14,600
      
2,050
      
9,996
      
-
      
13,937
      
-
      
2,550,121
  
Marina Bay Sands
    
899,323
      
209,491
      
13,687
      
3,517
      
75
      
74,887
      
3,646
      
-
      
1,204,626
  
United States:
                                                                        
Las Vegas Operating Properties
    
202,565
      
139,654
      
-
      
(724
)
    
133
      
(110,738
)
    
5,060
      
-
      
235,950
  
Sands Bethlehem
    
61,022
      
23,254
      
-
      
(70
)
    
94
      
-
      
(8
)
    
-
      
84,292
  
United States Property Operations
    
263,587
      
162,908
      
-
      
(794
)
    
227
      
(110,738
)
    
5,052
      
-
      
320,242
  
Other Asia (2)
    
(46,425
)
    
10,604
      
-
      
149
      
46
      
36,600
      
274
      
-
      
1,248
  
Other Development
    
(18,970
)
    
470
      
1,865
      
-
      
16,635
      
-
      
-
      
-
      
-
  
Corporate
    
(162,823
)
    
25,068
      
-
      
-
      
-
      
(749
)
    
-
      
138,504
      
-
  
   
$
3,076,706
    
$
776,065
    
$
30,152
    
$
4,922
    
$
26,979
    
$
-
    
$
22,909
    
$
138,504
    
$
4,076,237
  
 
(1) During the three months ended September 30, 2015 and 2014, the Company recorded stock-based compensation expense of $9.3 million and $11.6 million, respectively, of which $4.4 million and $4.1 million, respectively, is included in corporate expense and $0.2 million and $0.3 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the nine months ended September 30, 2015 and 2014, the Company recorded stock-based compensation expense of $36.5 million and $37.8 million, respectively, of which $18.3 million and $14.4 million, respectively, is included in corporate expense and $0.8 million and $0.5 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 September 30, 2015  
  
                 
   
Adjusted
Property
EBITDA
    
(1)
Hold-Normalized
Casino
Revenue
    
(2)
Hold-Normalized
Casino
Expense
    
Hold-Normalized
Adjusted
Property
EBITDA
  
                         
Macao Property Operations
  
$
536,755
    
$
(43,578
)
  
$
35,115
    
$
528,292
  
Marina Bay Sands
    
389,717
      
27,129
      
(5,539
)
    
411,307
  
United States:
                                
Las Vegas Operating Properties
    
79,790
      
26,732
      
(4,757
)
    
101,765
  
Sands Bethlehem
    
37,530
      
-
      
-
      
37,530
  
United States Property Operations
    
117,320
      
26,732
      
(4,757
)
    
139,295
  
Other Asia
    
8,427
      
-
      
-
      
8,427
  
Other Development
    
-
      
-
      
-
      
-
  
Corporate
    
-
      
-
      
-
      
-
  
   
$
1,052,219
    
$
10,283
    
$
24,819
    
$
1,087,321
  
                                 
                                 
   
Three Months Ended September 30, 2014
  
                                 
            (1)
 
   (2)
 
  
Hold-Normalized
  
   
Adjusted
    
Hold-Normalized
    
Hold-Normalized
    
Adjusted
  
   
Property
    
Casino
    
Casino
    
Property
  
   
EBITDA
    
Revenue
    
Expense
    
EBITDA
  
                                 
Macao Property Operations
  
$
809,049
    
$
(96,288
)
  
$
59,325
    
$
772,086
  
Marina Bay Sands
    
351,687
      
18,507
      
(3,733
)
    
366,461
  
United States:
                                
Las Vegas Operating Properties
    
90,183
      
(8,029
)
    
1,412
      
83,566
  
Sands Bethlehem
    
29,846
      
-
      
-
      
29,846
  
United States Property Operations
    
120,029
      
(8,029
)
    
1,412
      
113,412
  
Other Asia
    
3,130
      
-
      
-
      
3,130
  
Other Development
    
-
      
-
      
-
      
-
  
Corporate
    
-
      
-
      
-
      
-
  
   
$
1,283,895
    
$
(85,810
)
  
$
57,004
    
$
1,255,089
  
 
(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
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2015
    
2014
    
2015
    
2014
  
Net income attributable to Las Vegas Sands Corp.
  
$
519,358
    
$
671,705
    
$
1,500,454
    
$
2,119,324
  
  Add (deduct):
                                
     Net income attributable to noncontrolling interests
    
98,835
      
188,794
      
310,268
      
590,747
  
     Income tax expense
    
72,347
      
47,869
      
173,941
      
153,939
  
     Loss on modification or early retirement of debt
    
-
      
1,978
      
-
      
19,942
  
     Other (income) expense
    
(16,275
)
    
(95
)
    
(31,589
)
    
2,368
  
     Interest expense, net of amounts capitalized
    
66,962
      
66,779
      
199,018
      
207,495
  
     Interest income
    
(2,158
)
    
(5,609
)
    
(12,598
)
    
(17,109
)
     Loss on disposal of assets
    
709
      
801
      
18,590
      
4,922
  
     Amortization of leasehold interests in land
    
9,737
      
10,086
      
29,060
      
30,152
  
     Depreciation and amortization
    
247,698
      
251,002
      
750,212
      
776,065
  
     Development expense
    
3,147
      
3,043
      
7,028
      
8,952
  
     Pre-opening expense
    
9,627
      
(2,414
)
    
29,860
      
18,027
  
     Stock-based compensation (1)
    
4,744
      
7,252
      
17,365
      
22,909
  
     Corporate expense
    
37,488
      
42,704
      
127,276
      
138,504
  
Adjusted Property EBITDA
  
$
1,052,219
    
$
1,283,895
    
$
3,118,885
    
$
4,076,237
  
                                 
     Hold-normalized casino revenue (2)
    
10,283
      
(85,810
)
                
     Hold-normalized casino expense (2)
    
24,819
      
57,004
                  
Hold-Normalized Adjusted Property EBITDA
  
$
1,087,321
    
$
1,255,089
                  
                                 
(1)        See Exhibit 2
                                
(2)        See Exhibit 3
                                
_______________________
                                
                                 
Las Vegas Sands Corp. and Subsidiaries
                                
Supplemental Data - Net Revenues
                                
(In thousands)
                                
(Unaudited)
                                
                                 
   
Three Months Ended
    
Nine Months Ended
  
   
September 30,    
    
September 30,    
  
     
2015
      
2014
      
2015
      
2014
  
The Venetian Macao
  
$
699,553
    
$
943,037
    
$
2,226,198
    
$
3,160,374
  
Sands Cotai Central
    
550,159
      
816,463
      
1,676,154
      
2,428,822
  
Four Seasons Hotel Macao and Plaza Casino
    
167,947
      
265,432
      
533,314
      
863,940
  
Sands Macao
    
207,364
      
280,079
      
674,289
      
906,882
  
Marina Bay Sands
    
750,677
      
735,505
      
2,248,535
      
2,375,618
  
Las Vegas Operating Properties
    
385,472
      
380,461
      
1,107,871
      
1,116,194
  
Sands Bethlehem
    
144,003
      
127,338
      
409,204
      
370,644
  
Other Asia
    
43,422
      
41,439
      
117,428
      
113,286
  
Intersegment Eliminations
    
(54,914
)
    
(56,632
)
    
(166,267
)
    
(167,904
)
   
$
2,893,683
    
$
3,533,122
    
$
8,826,726
    
$
11,167,856
  
                                 
_______________________
                                
 
Las Vegas Sands Corp. and Subsidiaries
                                
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
                  
(Unaudited)
                                
                                 
   
Three Months Ended
    
Nine Months Ended
  
   
September 30,    
    
September 30,    
  
     
2015
      
2014
      
2015
      
2014
  
The Venetian Macao
    
36.6
%
    
37.4
%
    
35.1
%
    
38.8
%
Sands Cotai Central
    
31.0
%
    
32.7
%
    
29.3
%
    
32.2
%
Four Seasons Hotel Macao and Plaza Casino
    
35.0
%
    
38.1
%
    
33.3
%
    
32.7
%
Sands Macao
    
24.7
%
    
31.5
%
    
25.9
%
    
28.9
%
Marina Bay Sands
    
51.9
%
    
47.8
%
    
52.0
%
    
50.7
%
Las Vegas Operating Properties
    
20.7
%
    
23.7
%
    
18.8
%
    
21.1
%
Sands Bethlehem
    
26.1
%
    
23.4
%
    
24.8
%
    
22.7
%
Other Asia
    
19.4
%
    
7.6
%
    
14.3
%
    
1.1
%
                                 
Total
    
36.4
%
    
36.3
%
    
35.3
%
    
36.5
%
 
 
 
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
    
Nine Months Ended
  
   
September 30,  
    
September 30,  
  
   
2015
    
2014
    
2015
    
2014
  
Net income attributable to Las Vegas Sands Corp.
  
$
519,358
    
$
671,705
    
$
1,500,454
    
$
2,119,324
  
                                 
Pre-opening expense, net
    
6,807
      
(1,673
)
    
21,166
      
12,722
  
Development expense, net
    
3,147
      
3,043
      
7,028
      
8,952
  
Loss on disposal of assets, net
    
496
      
603
      
13,729
      
4,311
  
Loss on modification or early retirement of debt, net
    
-
      
1,978
      
-
      
14,589
  
Adjusted net income
  
$
529,808
    
$
675,656
    
$
1,542,377
    
$
2,159,898
  
                                 
Hold-normalized casino revenue (1)
    
10,283
      
(85,810
)
                
Hold-normalized casino expense (1)
    
24,819
      
57,004
                  
Income tax impact on hold adjustments
    
(3,670
)
    
(2,512
)
                
Noncontrolling interest impact on hold adjustments
    
2,529
      
11,036
                  
Hold-normalized adjusted net income
  
$
563,769
    
$
655,374
                  
                                 
(1)  See Exhibit 3
                                
                                 
Per diluted share of common stock:
                                
Net income attributable to Las Vegas Sands Corp.
  
$
0.65
    
$
0.83
    
$
1.88
    
$
2.62
  
                                 
Pre-opening expense, net
    
0.01
      
-
      
0.02
      
0.02
  
Development expense, net
    
-
      
0.01
      
0.01
      
0.01
  
Loss on disposal of assets, net
    
-
      
-
      
0.02
      
-
  
Loss on modification or early retirement of debt, net
    
-
      
-
      
-
      
0.02
  
Adjusted earnings per diluted share
  
$
0.66
    
$
0.84
    
$
1.93
    
$
2.67
  
                                 
Hold-normalized casino revenue
    
0.02
      
(0.11
)
                
Hold-normalized casino expense
    
0.03
      
0.07
                  
Income tax impact on hold adjustments
    
-
      
-
                  
Noncontrolling interest impact on hold adjustments
    
-
      
0.01
                  
Hold-normalized adjusted earnings per diluted share
  
$
0.71
    
$
0.81
                  
                                 
Weighted average diluted shares outstanding
    
797,302,248
      
804,810,589
      
798,263,294
      
810,288,616
  
                                 
 
Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
          
Supplemental Data Schedule
                
(Unaudited)
                
                 
     
Three Months Ended
    
Nine Months Ended
  
     
September 30,
    
September 30,
  
   
2015
    
2014
    
2015
    
2014
  
                 
Room Statistics:
                
The Venetian Macao:
                
Occupancy %
    
84.5
%
    
93.3
%
    
84.2
%
    
92.2
%
Average daily room rate (ADR) (1)
  
$
239
    
$
269
    
$
249
    
$
266
  
Revenue per available room (RevPAR) (2)
  
$
202
    
$
251
    
$
210
    
$
246
  
                                 
Sands Cotai Central:
                                
Occupancy %
    
86.5
%
    
89.5
%
    
82.3
%
    
87.7
%
Average daily room rate (ADR) (1)
  
$
152
    
$
176
    
$
160
    
$
174
  
Revenue per available room (RevPAR) (2)
  
$
131
    
$
157
    
$
131
    
$
153
  
                                 
Four Seasons Hotel Macao and Plaza Casino:
          
Occupancy %
    
86.5
%
    
88.3
%
    
82.4
%
    
87.1
%
Average daily room rate (ADR) (1)
  
$
363
    
$
391
    
$
384
    
$
410
  
Revenue per available room (RevPAR) (2)
  
$
314
    
$
345
    
$
316
    
$
357
  
                                 
Sands Macao:
                                
Occupancy %
    
99.8
%
    
99.4
%
    
99.3
%
    
98.2
%
Average daily room rate (ADR) (1)
  
$
226
    
$
219
    
$
224
    
$
242
  
Revenue per available room (RevPAR) (2)
  
$
226
    
$
218
    
$
222
    
$
238
  
                                 
Marina Bay Sands:
                                
Occupancy %
    
98.0
%
    
99.4
%
    
96.2
%
    
99.3
%
Average daily room rate (ADR) (1)
  
$
432
    
$
468
    
$
408
    
$
435
  
Revenue per available room (RevPAR) (2)
  
$
423
    
$
465
    
$
393
    
$
431
  
                                 
Las Vegas Operating Properties:
                          
Occupancy %
    
96.0
%
    
91.9
%
    
91.7
%
    
90.3
%
Average daily room rate (ADR) (1)
  
$
222
    
$
204
    
$
232
    
$
222
  
Revenue per available room (RevPAR) (2)
  
$
213
    
$
187
    
$
212
    
$
201
  
                                 
Sands Bethlehem:
                                
Occupancy %
    
96.8
%
    
89.4
%
    
91.1
%
    
81.9
%
Average daily room rate (ADR) (1)
  
$
151
    
$
145
    
$
151
    
$
145
  
Revenue per available room (RevPAR) (2)
  
$
146
    
$
130
    
$
137
    
$
119
  
                                 
Casino Statistics:
                                
The Venetian Macao:
                                
Table games win per unit per day (3)
  
$
10,743
    
$
15,341
    
$
11,969
    
$
17,181
  
Slot machine win per unit per day (4)
  
$
252
    
$
385
    
$
259
    
$
377
  
Average number of table games
    
627
      
610
      
612
      
645
  
Average number of slot machines
    
2,158
      
1,887
      
2,129
      
2,020
  
                                 
Sands Cotai Central:
                                
Table games win per unit per day (3)
  
$
10,591
    
$
16,685
    
$
10,779
    
$
18,015
  
Slot machine win per unit per day (4)
  
$
350
    
$
465
    
$
348
    
$
427
  
Average number of table games
    
496
      
515
      
505
      
491
  
Average number of slot machines
    
1,709
      
1,624
      
1,704
      
1,755
  
                                 
Four Seasons Hotel Macao and Plaza Casino:
          
Table games win per unit per day (3)
  
$
15,344
    
$
24,350
    
$
16,015
    
$
27,913
  
Slot machine win per unit per day (4)
  
$
501
    
$
711
    
$
511
    
$
775
  
Average number of table games
    
113
      
132
      
122
      
129
  
Average number of slot machines
    
177
      
152
      
159
      
158
  
                                 
Sands Macao:
                                
Table games win per unit per day (3)
  
$
8,053
    
$
11,949
    
$
8,717
    
$
13,486
  
Slot machine win per unit per day (4)
  
$
287
    
$
378
    
$
287
    
$
353
  
Average number of table games
    
276
      
262
      
282
      
261
  
Average number of slot machines
    
1,006
      
852
      
957
      
949
  
                                 
Marina Bay Sands:
                                
Table games win per unit per day (3)
  
$
10,560
    
$
9,422
    
$
10,856
    
$
11,008
  
Slot machine win per unit per day (4)
  
$
662
    
$
674
    
$
658
    
$
691
  
Average number of table games
    
605
      
614
      
595
      
625
  
Average number of slot machines
    
2,445
      
2,465
      
2,413
      
2,397
  
                                 
Las Vegas Operating Properties:
                          
Table games win per unit per day (3)
  
$
4,551
    
$
7,130
    
$
3,644
    
$
5,007
  
Slot machine win per unit per day (4)
  
$
241
    
$
222
    
$
229
    
$
199
  
Average number of table games
    
245
      
233
      
245
      
235
  
Average number of slot machines
    
2,196
      
2,334
      
2,232
      
2,368
  
                                 
Sands Bethlehem:
                                
Table games win per unit per day (3)
  
$
3,375
    
$
2,936
    
$
3,101
    
$
2,829
  
Slot machine win per unit per day (4)
  
$
284
    
$
258
    
$
275
    
$
257
  
Average number of table games
    
175
      
165
      
176
      
163
  
Average number of slot machines
    
2,968
      
3,012
      
2,998
      
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
 

LAS VEGAS SANDS CORP Reports