LAS VEGAS SANDS CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - July 25, 2016

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EXHIBIT 99.1
 
Press Release
 
 
Las Vegas Sands Reports Second
Quarter 2016 Results

For the Quarter Ended June 30, 2016
(Compared to the Quarter Ended June 30, 2015)

— Consolidated Net Revenue was $2.65 Billion, Net Income was $394.4 Million

— GAAP Earnings per Diluted Share was $0.41; Adjusted Earnings per Diluted Share was $0.52; and Hold-Normalized Adjusted Earnings per Diluted Share was $0.52

— Consolidated Adjusted Property EBITDA was $955.1 Million, With Margin Expanding 120 Basis Points to 36.0%

— Hold-Normalized Adjusted Property EBITDA was $953.8 Million, With Margin Expanding 70 Basis Points to 35.9%

In Macao:
—
SCL Adjusted Property EBITDA was $487.7 Million, While SCL Hold-Normalized Adjusted Property EBITDA was $495.7 Million

—
Strong Cost Discipline Drove a 160 Basis Point Improvement in SCL Hold-Normalized Adjusted Property EBITDA Margin to 33.1%

At Marina Bay Sands in Singapore:
— Adjusted Property EBITDA was $357.0 Million, While Hold-Normalized Adjusted Property EBITDA was $322.6 Million

At Our Las Vegas Operating Properties:
— Adjusted Property EBITDA was $72.5 Million, an Increase of 33.8%, While Hold-Normalized Adjusted Property EBITDA Increased 14.4% to $97.6 Million

— The Company Paid Dividends of $0.72 per Share, an Increase of 10.8%

Las Vegas, NV (July 25, 2016) — Las Vegas Sands Corp. (NYSE: LVS), the world’s leading developer and operator of convention-based Integrated Resorts, today reported financial results for the quarter ended June 30, 2016.
 
Second Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, “The operating environment in Macao remained challenging during the quarter; but we do see signs of stabilization, particularly in the mass market. Our mass gaming revenues in the month of June 2016 increased versus the same month in 2015, the first year-on-year monthly mass gaming growth we have experienced in nearly two years.  Our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows enabled us to deliver almost $400 million of net income and $955 million of consolidated adjusted property EBITDA during the quarter.  We remain steadfast in our focus on the consistent execution of our proven 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 further extend our global leadership position and deliver strong growth in the future.”

“The prudent management of our cash flow, including the ability to continue the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy.”

The company paid a recurring quarterly dividend of $0.72 per common share during the quarter, an increase of 10.8% compared to the second quarter of 2015. The company announced that its next recurring quarterly dividend of $0.72 per common share will be paid on September 30, 2016, to Las Vegas Sands shareholders of record on September 22, 2016.  That dividend also represents an increase of 10.8% compared to the dividend paid in the third quarter of 2015. Additionally, since the inception of the company’s share repurchase program in June 2013, the company has returned $2.44 billion to shareholders through the repurchase of 35.4 million shares.

Mr. Adelson added, “In Macao, notwithstanding the difficult operating environment, we delivered SCL hold-normalized adjusted property EBITDA of $495.7 million during the quarter. We remain confident that our market-leading Cotai Strip properties, which will be complemented later this year by The Parisian Macao, targeted to open on September 13, 2016, about seven weeks from today, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide our company with an outstanding and diversified platform for growth in the years ahead.”
 
Marina Bay Sands in Singapore continues to attract visitors from across the region to Singapore. While gaming volumes in Singapore were softer during the quarter, solid growth in slot revenues and the continued resilience of room rates and mall revenues, contributed to an adjusted property EBITDA figure of $357.0 million, down 1.7% compared to the same quarter last year.

At The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, a 6.5% year-over-year increase in RevPAR to $228, and strong growth in slot volumes, drove a 33.8% increase in adjusted property EBITDA during the second quarter of 2016.
 
Company-Wide Operating Results

Net revenue for the second quarter of 2016 decreased 9.3% to $2.65 billion, compared to $2.92 billion in the second quarter of 2015. Net income decreased 32.2% to $394.4 million in the second quarter of 2016, compared to $581.5 million in the year-ago quarter. Consolidated adjusted property EBITDA (a non-GAAP measure) of $955.1 million decreased 6.0% in the second quarter of 2016, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA decreased 5.9% to $953.8 million in the second quarter of 2016.

On a GAAP (accounting principles generally accepted in the United States of America) basis, operating income in the second quarter of 2016 decreased 24.8% to $518.7 million, compared to $689.3 million in the second quarter of 2015. The decrease in operating income was principally due to softer results across the company’s Macao property portfolio and nonrecurring legal costs during the second quarter of 2016.

On a GAAP basis, net income attributable to Las Vegas Sands in the second quarter of 2016 decreased 30.1% to $328.0 million, compared to $469.2 million in the second quarter of 2015, while diluted earnings per share in the second quarter of 2016 decreased 30.5% to $0.41, compared to $0.59 in the prior-year quarter. The decrease in net income attributable to Las Vegas Sands reflected the decline in operating income described above but was partially offset by a $45.8 million decrease in net income attributable to noncontrolling interests.

Adjusted net income (a non-GAAP measure) decreased to $411.3 million, or $0.52 per diluted share, compared to $481.5 million, or $0.60 per diluted share, in the second quarter of 2015.


2
Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. (SCL) decreased 16.4% to $1.48 billion in the second quarter of 2016, compared to $1.77 billion in the second quarter of 2015. Net income for SCL decreased 39.0% to $237.0 million in the second quarter of 2016, compared to $388.7 million in the second quarter of 2015. SCL adjusted property EBITDA was $487.7 million, while hold-normalized adjusted property EBITDA was $495.7 million.
 
The Venetian Macao Second Quarter Operating Results

Despite the softer gaming market in Macao, The Venetian Macao continued to enjoy market-leading visitation and financial performance. The property generated revenue of $666.1 million and adjusted property EBITDA of $244.4 million in the second quarter with an adjusted property EBITDA margin of 36.7%. Non-Rolling Chip drop was $1.66 billion for the quarter, with a Non-Rolling Chip win percentage of 24.8%. Rolling Chip volume during the quarter decreased 10.0% to $6.87 billion. Rolling Chip win percentage was 2.73% in the quarter, below the 3.07% experienced in the prior-year quarter. Slot handle was $979.3 million.

The following table summarizes the key operating results for The Venetian Macao for the second quarter of 2016 compared to the second quarter of 2015:


 
Three Months Ended
        
The Venetian Macao Operations
  
June 30,
        
(Dollars in millions)
  
2016
    
2015
    
$ Change
      
 Change
  
Revenues:
                      
       
  
Casino
  
$
568.5
    
$
633.6
    
$
(65.1
)
    
-10.3%
  
Rooms
    
45.0
      
51.0
      
(6.0
)
    
-11.8%
  
Food and Beverage
    
20.9
      
19.7
      
1.2
      
6.1%
  
Mall
    
51.3
      
48.5
      
2.8
      
5.8%
  
Convention, Retail and Other
    
17.5
      
21.6
      
(4.1
)
    
-19.0%
  
Less - Promotional Allowances
    
(37.1
)
    
(34.9
)
    
(2.2
)
    
-6.3%
  
Net Revenues
  
$
666.1
    
$
739.5
    
$
(73.4
)
    
-9.9%
  
 
                                       
Adjusted Property EBITDA
  
$
244.4
    
$
255.0
    
$
(10.6
)
    
-4.2%
  
EBITDA Margin %
  
36.7%
    
34.5%
              
  2.2 pts
  
 
                                       
Gaming Statistics
                                      
(Dollars in millions)
                                      
 
                                       
Rolling Chip Volume
  
$
6,868.5
    
$
7,632.9
    
$
(764.4
)
    
-10.0%
  
Rolling Chip Win %(1)
  
2.73%
    
3.07%
              
  -0.34 pts
  
 
                                       
Non-Rolling Chip Drop
  
$
1,657.4
    
$
1,677.0
    
$
(19.6
)
    
-1.2%
  
Non-Rolling Chip Win %
  
24.8%
    
26.0%
              
  -1.2 pts
  
 
                                       
Slot Handle
  
$
979.3
    
$
973.2
    
$
6.1
      
0.6%
  
Slot Hold %
  
4.6%
    
4.9%
              
  -0.3 pts
  
 
                                       
Hotel Statistics
                                      
 
                                       
Occupancy %
  
81.0%
    
82.2%
              
  -1.2 pts
  
Average Daily Rate (ADR)
  
$
212
    
$
239
    
$
(27
)
    
-11.3%
  
Revenue per Available Room (RevPAR)
  
$
172
    
$
196
    
$
(24
)
    
-12.2%
  

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


3
Sands Cotai Central Second Quarter Operating Results

Revenue and adjusted property EBITDA for the second quarter of 2016 at Sands Cotai Central were $472.7 million and $144.1 million, respectively, resulting in an adjusted property EBITDA margin of 30.5%.

Non-Rolling Chip drop was $1.51 billion in the second quarter with a Non-Rolling Chip win percentage of 20.4%.  Rolling Chip volume was $3.08 billion for the quarter with a Rolling Chip win percentage of 2.48%.  Slot handle was $1.49 billion for the quarter. Hotel occupancy was 76.5% with an ADR of $149.

The following table summarizes our key operating results for Sands Cotai Central for the second quarter of 2016 compared to the second quarter of 2015:


 
Three Months Ended
        
Sands Cotai Central Operations
  
June 30,
        
(Dollars in millions)
  
2016
    
2015
    
$ Change
      
 Change
  
Revenues:
                      
       
  
Casino
  
$
404.6
    
$
484.4
    
$
(79.8
)
    
-16.5%
  
Rooms
    
64.0
      
63.3
      
0.7
      
1.1%
  
Food and Beverage
    
24.6
      
23.7
      
0.9
      
3.8%
  
Mall
    
15.7
      
14.7
      
1.0
      
6.8%
  
Convention, Retail and Other
    
5.9
      
5.4
      
0.5
      
9.3%
  
Less - Promotional Allowances
    
(42.1
)
    
(37.3
)
    
(4.8
)
    
-12.9%
  
Net Revenues
  
$
472.7
    
$
554.2
    
$
(81.5
)
    
-14.7%
  
 
                                       
Adjusted Property EBITDA
  
$
144.1
    
$
164.2
    
$
(20.1
)
    
-12.2%
  
EBITDA Margin %
  
30.5%
    
29.6%
              
  0.9 pts
  
 
                                       
Gaming Statistics
                                      
(Dollars in millions)
                                      
 
                                       
Rolling Chip Volume
  
$
3,081.9
    
$
4,826.6
    
$
(1,744.7
)
    
-36.1%
  
Rolling Chip Win %(1)
  
2.48%
    
3.43%
              
  -0.95 pts
  
 
                                       
Non-Rolling Chip Drop
  
$
1,509.6
    
$
1,462.6
    
$
47.0
      
3.2%
  
Non-Rolling Chip Win %
  
20.4%
    
22.4%
              
  -2.0 pts
  
 
                                       
Slot Handle
  
$
1,485.2
    
$
1,500.6
    
$
(15.4
)
    
-1.0%
  
Slot Hold %
  
3.7%
    
3.6%
              
  0.1 pts
  
 
                                       
Hotel Statistics
                                      
 
                                       
Occupancy %
  
76.5%
    
78.7%
              
  -2.2 pts
  
Average Daily Rate (ADR)
  
$
149
    
$
156
    
$
(7
)
    
-4.5%
  
Revenue per Available Room (RevPAR)
  
$
114
    
$
123
    
$
(9
)
    
-7.3%
  

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



4
Four Seasons Hotel Macao and Plaza Casino Second Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated revenue of $125.0 million and adjusted property EBITDA of $43.7 million in the second quarter of 2016.  Non-Rolling Chip drop decreased 16.8% to $230.3 million, with a Non-Rolling Chip win percentage of 28.1%.  Rolling Chip volume was $1.88 billion for the quarter. Rolling Chip win percentage was 2.13% in the quarter, below the 3.58% experienced in the prior-year quarter. Slot handle was $103.2 million during the quarter.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the second quarter of 2016 compared to the second quarter of 2015:


 
Three Months Ended
        
Four Seasons Hotel Macao and Plaza Casino Operations
  
June 30,
        
(Dollars in millions)
  
2016
    
2015
    
$ Change
      
 Change
  
Revenues:
                                
Casino
  
$
89.0
    
$
167.0
    
$
(78.0
)
    
-46.7%
  
Rooms
    
8.1
      
10.9
      
(2.8
)
    
-25.7%
  
Food and Beverage
    
5.5
      
6.4
      
(0.9
)
    
-14.1%
  
Mall
    
31.4
      
31.1
      
0.3
      
1.0%
  
Convention, Retail and Other
    
0.6
      
0.8
      
(0.2
)
    
-25.0%
  
Less - Promotional Allowances
    
(9.6
)
    
(12.1
)
    
2.5
      
20.7%
  
Net Revenues
  
$
125.0
    
$
204.1
    
$
(79.1
)
    
-38.8%
  
 
                                       
Adjusted Property EBITDA
  
$
43.7
    
$
74.3
    
$
(30.6
)
    
-41.2%
  
EBITDA Margin %
  
34.9%
    
36.4%
              
  -1.5 pts
  
 
                                       
Gaming Statistics
                                      
(Dollars in millions)
                                      
 
                                       
Rolling Chip Volume
  
$
1,882.6
    
$
4,180.8
    
$
(2,298.2
)
    
-55.0%
  
Rolling Chip Win %(1)
  
2.13%
    
3.58%
              
  -1.45 pts
  
 
                                       
Non-Rolling Chip Drop
  
$
230.3
    
$
276.8
    
$
(46.5
)
    
-16.8%
  
Non-Rolling Chip Win %
  
28.1%
    
21.8%
              
  6.3 pts
  
 
                                       
Slot Handle
  
$
103.2
    
$
126.8
    
$
(23.6
)
    
-18.6%
  
Slot Hold %
  
5.6%
    
6.1%
              
  -0.5 pts
  
 
                                       
Hotel Statistics
                                      
 
                                       
Occupancy %
  
69.2%
    
83.4%
              
  -14.2 pts
  
Average Daily Rate (ADR)
  
$
340
    
$
382
    
$
(42
)
    
-11.0%
  
Revenue per Available Room (RevPAR)
  
$
236
    
$
319
    
$
(83
)
    
-26.0%
  

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


5
Sands Macao Second Quarter Operating Results

Sands Macao’s revenue was $185.0 million and adjusted property EBITDA was $48.6 million. Non-Rolling Chip drop was $649.8 million during the quarter, while slot handle was $667.7 million. Rolling Chip volume was $1.95 billion for the quarter. The property realized 3.29% win on Rolling Chip volume during the quarter, below the 3.91% generated in the year-ago quarter.

The following table summarizes our key operating results for Sands Macao for the second quarter of 2016 compared to the second quarter of 2015:


 
Three Months Ended
        
Sands Macao Operations
  
June 30,
        
(Dollars in millions)
  
2016
    
2015
    
$ Change
      
 Change
  
Revenues:
                      
       
  
Casino
  
$
180.3
    
$
236.0
    
$
(55.7
)
    
-23.6%
  
Rooms
    
5.1
      
5.7
      
(0.6
)
    
-10.5%
  
Food and Beverage
    
6.2
      
7.9
      
(1.7
)
    
-21.5%
  
Convention, Retail and Other
    
2.1
      
2.0
      
0.1
      
5.0%
  
Less - Promotional Allowances
    
(8.7
)
    
(10.0
)
    
1.3
      
13.0%
  
Net Revenues
  
$
185.0
    
$
241.6
    
$
(56.6
)
    
-23.4%
  
 
                                       
Adjusted Property EBITDA
  
$
48.6
    
$
66.3
    
$
(17.7
)
    
-26.7%
  
EBITDA Margin %
  
26.3%
    
27.4%
              
  -1.1 pts
  
 
                                       
Gaming Statistics
                                      
(Dollars in millions)
                                      
 
                                       
Rolling Chip Volume
  
$
1,953.6
    
$
2,328.2
    
$
(374.6
)
    
-16.1%
  
Rolling Chip Win %(1)
  
3.29%
    
3.91%
              
  -0.62 pts
  
 
                                       
Non-Rolling Chip Drop
  
$
649.8
    
$
769.1
    
$
(119.3
)
    
-15.5%
  
Non-Rolling Chip Win %
  
18.3%
    
19.9%
              
  -1.6 pts
  
 
                                       
Slot Handle
  
$
667.7
    
$
658.6
    
$
9.1
      
1.4%
  
Slot Hold %
  
3.3%
    
3.6%
              
  -0.3 pts
  
 
                                       
Hotel Statistics
                                      
 
                                       
Occupancy %
  
96.0%
    
99.6%
              
  -3.6 pts
  
Average Daily Rate (ADR)
  
$
203
    
$
219
    
$
(16
)
    
-7.3%
  
Revenue per Available Room (RevPAR)
  
$
195
    
$
218
    
$
(23
)
    
-10.6%
  

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


6
Marina Bay Sands Second Quarter Operating Results

Marina Bay Sands generated revenue of $710.1 million and adjusted property EBITDA of $357.0 million.

Rolling Chip win percentage of 3.50% in the second quarter of 2016 was above the expected range and the 2.78% achieved in the second quarter of 2015. Rolling Chip volume was $6.74 billion for the quarter.

Non-Rolling Chip drop was $935.7 million during the quarter, with a Non-Rolling Chip win percentage of 28.0%. Slot handle increased 6.0% to $3.25 billion for the quarter compared to the year-ago quarter. Total mass win-per-day during the quarter was $4.5 million, down 4.8% compared to the same quarter last year.

ADR was $375 during the quarter, while occupancy increased to 96.4%, resulting in a RevPAR increase of 0.3% compared to the same quarter last year.

The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2016 compared to the second quarter of 2015:


 
Three Months Ended
        
Marina Bay Sands Operations
  
June 30,
        
(Dollars in millions)
  
2016
    
2015
    
$ Change
      
 Change
  
Revenues:
                      
       
  
Casino
  
$
556.7
    
$
565.7
    
$
(9.0
)
    
-1.6%
  
Rooms
    
83.2
      
82.7
      
0.5
      
0.6%
  
Food and Beverage
    
46.1
      
41.3
      
4.8
      
11.6%
  
Mall
    
40.5
      
40.4
      
0.1
      
0.2%
  
Convention, Retail and Other
    
23.6
      
24.4
      
(0.8
)
    
-3.3%
  
Less - Promotional Allowances
    
(40.0
)
    
(41.5
)
    
1.5
      
3.6%
  
Net Revenues
  
$
710.1
    
$
713.0
    
$
(2.9
)
    
-0.4%
  
 
                                       
Adjusted Property EBITDA
  
$
357.0
    
$
363.3
    
$
(6.3
)
    
-1.7%
  
EBITDA Margin %
  
50.3%
    
50.9%
              
  -0.6 pts
  
 
                                       
Gaming Statistics
                                      
(Dollars in millions)
                                      
 
                                       
Rolling Chip Volume
  
$
6,740.2
    
$
9,505.8
    
$
(2,765.6
)
    
-29.1%
  
Rolling Chip Win %(1)
  
3.50%
    
2.78%
              
  0.72 pts
  
 
                                       
Non-Rolling Chip Drop
  
$
935.7
    
$
1,047.6
    
$
(111.9
)
    
-10.7%
  
Non-Rolling Chip Win %
  
28.0%
    
27.5%
              
  0.5 pts
  
 
                                       
Slot Handle
  
$
3,245.2
    
$
3,061.8
    
$
183.4
      
6.0%
  
Slot Hold %
  
4.5%
    
4.6%
              
  -0.1 pts
  
 
                                          
Hotel Statistics
                                      
 
                                       
Occupancy %
  
96.4%
    
95.9%
              
  0.5 pts
  
Average Daily Rate (ADR)
  
$
375
    
$
377
    
$
(2
)
    
-0.5%
  
Revenue per Available Room (RevPAR)
  
$
362
    
$
361
    
$
1
      
0.3%
  

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


7
Las Vegas Operations Second Quarter Operating Results

Revenue and adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, were $356.5 million and $72.5 million, respectively, for the quarter. On a hold-normalized basis, adjusted property EBITDA in the quarter increased 14.4% year-over-year to $97.6 million. RevPAR increased 6.5% year-over-year to $228 in the quarter, reflecting a 3.9% increase in ADR to $240 and a 2.4 percentage point increase in occupancy to 95.0%.  Table games drop decreased 19.7% in the quarter to $374.8 million, reflecting softer play in both Baccarat and non-Baccarat segments, while slot handle increased 18.6% to $662.0 million.

The following table summarizes our key operating results for our Las Vegas operations for the second quarter of 2016 compared to the second quarter of 2015:


 
  
Three Months Ended
        
Las Vegas Operations
  
June 30,
        
(Dollars in millions)
  
2016
    
2015
    
$ Change
      
 Change
  
Revenues:
                      
       
  
Casino
  
$
82.0
    
$
86.5
    
$
(4.5
)
    
-5.2%
  
Rooms
    
145.7
      
133.9
      
11.8
      
8.8%
  
Food and Beverage
    
76.7
      
72.5
      
4.2
      
5.8%
  
Convention, Retail and Other
    
76.5
      
75.2
      
1.3
      
1.7%
  
Less - Promotional Allowances
    
(24.4
)
    
(22.1
)
    
(2.3
)
    
-10.4%
  
Net Revenues
  
$
356.5
    
$
346.0
    
$
10.5
      
3.0%
  
 
                                       
Adjusted Property EBITDA
  
$
72.5
    
$
54.2
    
$
18.3
      
33.8%
  
EBITDA Margin %
  
20.3%
    
15.7%
              
  4.6 pts
  
 
                                       
Gaming Statistics
                                      
(Dollars in millions)
                                      
 
                                       
Table Games Drop
  
$
374.8
    
$
466.5
    
$
(91.7
)
    
-19.7%
  
  Table Games Win %(1)
  
10.6%
    
11.2%
              
  -0.6 pts
  
 
                                       
Slot Handle
  
$
662.0
    
$
558.3
    
$
103.7
      
18.6%
  
  Slot Hold %
  
7.7%
    
8.4%
              
  -0.7 pts
  
 
                                       
Hotel Statistics
                                      
 
                                       
Occupancy %
  
95.0%
    
92.6%
              
  2.4 pts
  
Average Daily Rate (ADR)
  
$
240
    
$
231
    
$
9
      
3.9%
  
Revenue per Available Room (RevPAR)
  
$
228
    
$
214
    
$
14
      
6.5%
  

(1)   This compares to our expected Baccarat win percentage of 21.0% to 29.0% and our expected non-Baccarat win percentage of 16.0% to 20.0% (calculated before discounts).





8
Sands Bethlehem Second Quarter Operating Results

Revenue for Sands Bethlehem in Pennsylvania increased 6.5% to $146.5 million and adjusted property EBITDA increased 10.6% to $37.7 million for the quarter. Table games drop increased 0.6% to $288.6 million for the quarter, while table games win percentage was 18.6%, above the 17.2% realized in the second quarter of 2015. Slot handle increased 2.3% year-over-year to $1.12 billion for the quarter, with a slot hold percentage of 7.0%.

The following table summarizes our key operating results for Sands Bethlehem for the second quarter of 2016 compared to the second quarter of 2015:


 
  
Three Months Ended
        
Sands Bethlehem Operations
  
June 30,
        
(Dollars in millions)
  
2016
    
2015
    
$ Change
      
 Change
  
Revenues:
                      
       
  
Casino
  
$
136.1
    
$
128.4
    
$
7.7
      
6.0%
  
Rooms
    
3.8
      
3.8
      
-
      
0.0%
  
Food and Beverage
    
7.8
      
6.9
      
0.9
      
13.0%
  
Mall
    
1.0
      
0.9
      
0.1
      
11.1%
  
Convention, Retail and Other
    
5.2
      
4.8
      
0.4
      
8.3%
  
Less - Promotional Allowances
    
(7.4
)
    
(7.3
)
    
(0.1
)
    
-1.4%
  
Net Revenues
  
$
146.5
    
$
137.5
    
$
9.0
      
6.5%
  
 
                                       
Adjusted Property EBITDA
  
$
37.7
    
$
34.1
    
$
3.6
      
10.6%
  
EBITDA Margin %
  
25.7%
    
24.8%
              
  0.9 pts
  
 
                                       
Gaming Statistics
                                      
(Dollars in millions)
                                      
 
                                       
Table Games Drop
  
$
288.6
    
$
286.9
    
$
1.7
      
0.6%
  
  Table Games Win %(1)
  
18.6%
    
17.2%
              
  1.4 pts
  
 
                                       
Slot Handle
  
$
1,116.0
    
$
1,091.4
    
$
24.6
      
2.3%
  
  Slot Hold %
  
7.0%
    
7.0%
              
  0.0 pts
  
 
                                       
Hotel Statistics
                                      
 
                                       
Occupancy %
  
96.9%
    
91.9%
              
  5.0 pts
  
Average Daily Rate (ADR)
  
$
160
    
$
152
    
$
8
      
5.3%
  
Revenue per Available Room (RevPAR)
  
$
155
    
$
140
    
$
15
      
10.7%
  

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





9
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 $138.6 million for the second quarter of 2016, an increase of 3.1% compared to the second quarter of 2015. Operating profit derived from these retail mall assets increased 5.1% year-over-year to $125.5 million.


    
For The Three Months Ended June 30, 2016
    
TTM June 30, 2016
  
(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
  
$
51.1
    
$
46.4
    
90.8%
      
781,145
    
97.4%
    
$
1,359
  
                                             
Shoppes at Four Seasons
                                            
Luxury Retail
    
21.3
      
20.2
    
94.8%
      
142,562
    
100.0%
      
4,190
  
Other Stores
    
10.1
      
10.0
    
99.0%
      
118,008
    
95.0%
      
1,449
  
Total
    
31.4
      
30.2
    
96.2%
      
260,570
    
97.7%
      
2,994
  
                                             
Shoppes at Cotai Central(3)
    
15.6
      
13.6
    
87.2%
      
331,476
    
96.7%
      
861
  
 
Total Cotai Strip in Macao
    
98.1
      
90.2
    
91.9%
      
1,373,191
    
97.3%
      
1,570
  
                                             
The Shoppes at Marina Bay Sands
    
40.5
      
35.3
    
87.2%
      
644,718
    
96.4%
      
1,334
  
                                             
Total
  
$
138.6
    
$
125.5
    
90.5%
      
2,017,909
    
97.0%
    
$
1,498
  

(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.


10
Other Factors Affecting Earnings

Other Asia, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $7.1 million during the quarter, compared to $4.8 million in the second quarter of 2015.

Pre-opening expense was $33.2 million in the second quarter of 2016, $31.5 million of which related to The Parisian Macao.

Depreciation and amortization expense was $254.9 million in the second quarter of 2016, compared to $248.6 million in the second quarter of 2015.

Interest expense, net of amounts capitalized, was $64.0 million for the second quarter of 2016, compared to $65.8 million in the prior-year quarter. Capitalized interest was $11.3 million during the second quarter of 2016, compared to $5.5 million during the second quarter of 2015. Our weighted average borrowing cost in the second quarter of 2016 was approximately 3.0%.

Corporate expense was $122.4 million in the second quarter of 2016, compared to $44.6 million in the second quarter of 2015. Corporate expense in the second quarter of 2016 included a legal settlement with a former employee.

Other expense, which was primarily comprised of foreign currency losses, was $7.5 million in the second quarter of 2016, compared to $0.2 million in the second quarter of 2015.

The company’s effective income tax rate for the second quarter of 2016 was 12.2% compared to 7.3% in the prior-year quarter. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

The net income attributable to noncontrolling interests during the second quarter of 2016 of $66.5 million was principally related to Sands China Ltd.


Balance Sheet Items

Unrestricted cash balances as of June 30, 2016 were $2.23 billion.

As of June 30, 2016, total debt outstanding, including the current portion and net of deferred financing costs and original issue discount, was $10.27 billion.


Capital Expenditures

Capital expenditures during the second quarter totaled $362.6 million, including construction, development and maintenance activities of $315.3 million in Macao (principally for The Parisian Macao), $24.4 million in Las Vegas and at corporate, $16.4 million at Marina Bay Sands, and $6.5 million at Sands Bethlehem.



###
11

Conference Call Information

The company will host a conference call to discuss the company's results on Monday, July 25, 2016 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.


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 Venetian and The Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through 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 its 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


12
Las Vegas Sands Corp.
Second Quarter 2016 Results
Non-GAAP Measures

Within the Company’s second quarter 2016 press release, the Company makes reference to certain non-GAAP financial measures that supplement the Company’s consolidated financial information prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) including “adjusted net income,” “adjusted earnings per diluted share,” and “consolidated adjusted property EBITDA,” which have directly comparable GAAP financial measures along with “adjusted property EBITDA margin,” “hold-normalized adjusted property EBITDA,” “hold-normalized adjusted property EBITDA margin,” “hold-normalized adjusted net income,” and “hold-normalized adjusted earnings per diluted share.” The Company believes 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, Item 10(e) from Regulation S-K and Item 2.02 of Form 8-K.  Set forth in the financial schedules accompanying this release are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.  The non-GAAP financial measure disclosure by the Company has limitations and should be not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP.  The definitions of our non-GAAP financial measures and the specific reasons why the Company’s management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition, results of operations and cash flows are as follows.

Adjusted net income, which is a non-GAAP measure, excludes certain nonrecurring corporate expenses, pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and fair value adjustment of forward contracts, attributable to Las Vegas Sands, net of income tax. 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.

Consolidated adjusted property EBITDA, which is a non-GAAP measure, is net income before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes.  Consolidated 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 consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Gaming companies have historically reported adjusted property 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 adjusted property EBITDA calculations. Consolidated 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, dividend payments, interest payments and debt principal repayments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands Corp. may not be directly comparable to similarly titled measures presented by other companies. Consolidated 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 consolidated adjusted property EBITDA in the Company’s 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. Hold-normalized adjusted property EBITDA is based on applying a Rolling Chip win percentage of 2.85% to the Rolling Chip volume for the quarter if the actual win percentage is outside the expected range of 2.7% to 3.0% for our Macao and Singapore properties, and applying a win percentage of 25.0% for Baccarat and 18.0% for non-Baccarat games to the respective table games drops for the quarter if the actual win percentages are outside the expected ranges of 21.0% to 29.0% for Baccarat and 16.0% to 20.0% for non-Baccarat at our Las Vegas properties. No hold adjustments are made for Sands Bethlehem. We do not present adjustments for Non-rolling chip drop for our Macao and Singapore properties, nor for slots at any of our properties. Hold-normalized adjusted property EBITDA is also adjusted for the estimated gaming taxes, commissions paid to third parties on the incremental win, bad debt expense, discounts and other incentives that would have been incurred when applying the win percentages noted above to the respective gaming volumes. 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 Company’s operations and operating performance. In addition to the aforementioned reasons for the presentation of adjusted net income and adjusted earnings per diluted share, these non-GAAP financial measures are presented to adjust for the impact of certain variances in table games’ win percentages, which can vary from period to period. Accordingly, these non-GAAP measures are presented so that investors have the same financial data that management uses in evaluating financial performance with the belief that it will assist the investment community in properly assessing the underlying financial performance of the Company on a year-over-year and a quarter sequential basis.

The Company also makes reference to "adjusted property EBITDA margin" and "hold-normalized adjusted property EBITDA margin." These percentages are calculated using the aforementioned non-GAAP measures and are used by management, as well as industry analysts, to evaluate the Company's operations and operating performance.
13
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
 
   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
                         
Revenues:
                        
Casino
  
$
2,017,136
    
$
2,301,498
    
$
4,099,332
    
$
4,678,186
  
Rooms
    
354,740
      
351,259
      
721,040
      
722,672
  
Food and beverage
    
187,695
      
178,418
      
375,262
      
367,829
  
Mall
    
139,589
      
135,282
      
274,520
      
263,096
  
Convention, retail and other
    
124,485
      
125,514
      
248,037
      
259,651
  
     
2,823,645
      
3,091,971
      
5,718,191
      
6,291,434
  
Less - promotional allowances
    
(173,564
)
    
(170,550
)
    
(351,870
)
    
(358,391
)
     
2,650,081
      
2,921,421
      
5,366,321
      
5,933,043
  
Operating expenses:
                                
Resort operations
    
1,699,129
      
1,913,909
      
3,503,314
      
3,878,998
  
Corporate
    
122,376
      
44,565
      
169,004
      
89,788
  
Pre-opening
    
33,230
      
10,654
      
41,839
      
20,233
  
Development
    
2,010
      
2,348
      
4,387
      
3,881
  
Depreciation and amortization
    
254,871
      
248,592
      
514,747
      
502,514
  
Amortization of leasehold interests in land
    
9,348
      
9,485
      
18,895
      
19,323
  
Loss on disposal of assets
    
10,416
      
2,558
      
9,804
      
17,881
  
     
2,131,380
      
2,232,111
      
4,261,990
      
4,532,618
  
Operating income
    
518,701
      
689,310
      
1,104,331
      
1,400,425
  
Other income (expense):
                                
Interest income
    
2,002
      
4,062
      
4,029
      
10,440
  
Interest expense, net of amounts capitalized
    
(64,037
)
    
(65,801
)
    
(132,685
)
    
(132,056
)
Other income (expense)
    
(7,518
)
    
(151
)
    
(54,589
)
    
15,314
  
Income before income taxes
    
449,148
      
627,420
      
921,086
      
1,294,123
  
Income tax expense
    
(54,711
)
    
(45,929
)
    
(117,736
)
    
(101,594
)
Net income
    
394,437
      
581,491
      
803,350
      
1,192,529
  
Net income attributable to noncontrolling interests
    
(66,471
)
    
(112,318
)
    
(155,217
)
    
(211,433
)
Net income attributable to Las Vegas Sands Corp.
  
$
327,966
    
$
469,173
    
$
648,133
    
$
981,096
  
                                 
Earnings per share:
                                
Basic
  
$
0.41
    
$
0.59
    
$
0.82
    
$
1.23
  
Diluted
  
$
0.41
    
$
0.59
    
$
0.82
    
$
1.23
  
                                 
Weighted average shares outstanding:
                                
Basic
    
794,580,095
      
797,715,773
      
794,534,477
      
797,827,230
  
Diluted
    
795,050,014
      
798,552,917
      
795,088,743
      
798,731,400
  
                                 
Dividends declared per common share
  
$
0.72
    
$
0.65
    
$
1.44
    
$
1.30
  
 
 
 
Exhibit 1
 
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
 
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:
 
   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Net income
  
$
394,437
    
$
581,491
    
$
803,350
    
$
1,192,529
  
  Add (deduct):
                                
     Income tax expense
    
54,711
      
45,929
      
117,736
      
101,594
  
     Other (income) expense
    
7,518
      
151
      
54,589
      
(15,314
)
     Interest expense, net of amounts capitalized
    
64,037
      
65,801
      
132,685
      
132,056
  
     Interest income
    
(2,002
)
    
(4,062
)
    
(4,029
)
    
(10,440
)
     Loss on disposal of assets
    
10,416
      
2,558
      
9,804
      
17,881
  
     Amortization of leasehold interests in land
    
9,348
      
9,485
      
18,895
      
19,323
  
     Depreciation and amortization
    
254,871
      
248,592
      
514,747
      
502,514
  
     Development expense
    
2,010
      
2,348
      
4,387
      
3,881
  
     Pre-opening expense
    
33,230
      
10,654
      
41,839
      
20,233
  
     Stock-based compensation (1)
    
4,134
      
8,646
      
9,663
      
12,621
  
     Corporate expense
    
122,376
      
44,565
      
169,004
      
89,788
  
Consolidated Adjusted Property EBITDA
  
$
955,086
    
$
1,016,158
    
$
1,872,670
    
$
2,066,666
  
                                 
     Hold-normalized casino revenue (2)
    
6,580
      
(40,902
)
                
     Hold-normalized casino expense (2)
    
(7,832
)
    
38,679
                  
Consolidated Hold-Normalized Adjusted Property EBITDA
  
$
953,834
    
$
1,013,935
                  
 
(1)  See Exhibit 6
(2)  See Exhibit 3
 
_______________________
 
 
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure and Supplemental Data
(In thousands)
(Unaudited)
 
Net Revenues
 
   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
The Venetian Macao
  
$
666,102
    
$
739,454
    
$
1,415,056
    
$
1,526,645
  
Sands Cotai Central
    
472,679
      
554,231
      
1,002,959
      
1,125,995
  
Four Seasons Hotel Macao and Plaza Casino
    
125,007
      
204,116
      
273,273
      
365,367
  
Sands Macao
    
184,959
      
241,554
      
360,050
      
466,925
  
 Macao Properties
    
1,448,747
      
1,739,355
      
3,051,338
      
3,484,932
  
                                 
Marina Bay Sands
    
710,135
      
713,042
      
1,313,788
      
1,497,858
  
Las Vegas Operating Properties
    
356,532
      
346,016
      
741,408
      
722,399
  
Sands Bethlehem
    
146,535
      
137,502
      
285,203
      
265,201
  
Other Asia (1)
    
41,087
      
38,527
      
79,676
      
74,006
  
Intersegment Eliminations
    
(52,955
)
    
(53,021
)
    
(105,092
)
    
(111,353
)
   
$
2,650,081
    
$
2,921,421
    
$
5,366,321
    
$
5,933,043
  
 
Adjusted Property EBITDA
 
   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
The Venetian Macao
  
$
244,397
    
$
254,990
    
$
512,203
    
$
524,932
  
Sands Cotai Central
    
144,095
      
164,210
      
307,561
      
320,120
  
Four Seasons Hotel Macao and Plaza Casino
    
43,688
      
74,334
      
91,874
      
118,806
  
Sands Macao
    
48,576
      
66,284
      
79,547
      
123,662
  
 Macao Properties
    
480,756
      
559,818
      
991,185
      
1,087,520
  
                                 
Marina Bay Sands
    
357,033
      
363,254
      
631,905
      
778,526
  
Las Vegas Operating Properties
    
72,485
      
54,166
      
159,383
      
128,275
  
Sands Bethlehem
    
37,677
      
34,099
      
75,402
      
63,992
  
Other Asia (1)
    
7,135
      
4,821
      
14,795
      
8,353
  
   
$
955,086
    
$
1,016,158
    
$
1,872,670
    
$
2,066,666
  
 
Adjusted Property EBITDA as a Percentage of Net Revenues
 
   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
The Venetian Macao
    
36.7%
 
    
34.5%
 
    
36.2%
 
    
34.4%
 
Sands Cotai Central
    
30.5%
 
    
29.6%
 
    
30.7%
 
    
28.4%
 
Four Seasons Hotel Macao and Plaza Casino
    
34.9%
 
    
36.4%
 
    
33.6%
 
    
32.5%
 
Sands Macao
    
26.3%
 
    
27.4%
 
    
22.1%
 
    
26.5%
 
 Macao Properties
    
33.2%
 
    
32.2%
 
    
32.5%
 
    
31.2%
 
                                 
Marina Bay Sands
    
50.3%
 
    
50.9%
 
    
48.1%
 
    
52.0%
 
Las Vegas Operating Properties
    
20.3%
 
    
15.7%
 
    
21.5%
 
    
17.8%
 
Sands Bethlehem
    
25.7%
 
    
24.8%
 
    
26.4%
 
    
24.1%
 
Other Asia (1)
    
17.4%
 
    
12.5%
 
    
18.6%
 
    
11.3%
 
                                 
Total
    
36.0%
 
    
34.8%
 
    
34.9%
 
    
34.8%
 
 
(1) Primarily includes the results of the CotaiJet ferry operations.
 
 
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)
 
The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:
 
   
Three Months Ended June 30, 2016
  
                         
   
Adjusted
Property
EBITDA
    
(1)
Hold-Normalized
Casino
Revenue
    
(2)
Hold-Normalized
Casino
Expense
    
Hold-Normalized
Adjusted
Property
EBITDA
  
Macao Property Operations
  
$
480,756
    
$
19,062
    
$
(11,013
)
  
$
488,805
  
Marina Bay Sands
    
357,033
      
(43,168
)
    
8,778
      
322,643
  
United States:
                                
Las Vegas Operating Properties
    
72,485
      
30,686
      
(5,597
)
    
97,574
  
Sands Bethlehem
    
37,677
      
-
      
-
      
37,677
  
United States Property Operations
    
110,162
      
30,686
      
(5,597
)
    
135,251
  
Other Asia
    
7,135
      
-
      
-
      
7,135
  
   
$
955,086
    
$
6,580
    
$
(7,832
)
  
$
953,834
  
 
 
   
Three Months Ended June 30, 2015
  
                         
   
Adjusted
Property
EBITDA
    
(1)
Hold-Normalized
Casino
Revenue
    
(2)
Hold-Normalized
Casino
Expense
    
Hold-Normalized
Adjusted
Property
EBITDA
  
Macao Property Operations
  
$
559,818
    
$
(78,741
)
  
$
45,412
    
$
526,489
  
Marina Bay Sands
    
363,254
      
-
      
-
      
363,254
  
United States:
                                
Las Vegas Operating Properties
    
54,166
      
37,839
      
(6,733
)
    
85,272
  
Sands Bethlehem
    
34,099
      
-
      
-
      
34,099
  
United States Property Operations
    
88,265
      
37,839
      
(6,733
)
    
119,371
  
Other Asia
    
4,821
      
-
      
-
      
4,821
  
   
$
1,016,158
    
$
(40,902
)
  
$
38,679
    
$
1,013,935
  
 
(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. 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 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 - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per
Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)
 
   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2016
    
2015 (1)
    
2016
    
2015 (1)
  
Net income attributable to Las Vegas Sands Corp.
  
$
327,966
    
$
469,173
    
$
648,133
    
$
981,096
  
Nonrecurring corporate expense     78,885       -       78,885       -  
Pre-opening expense
    
33,230
      
10,654
      
41,839
      
20,233
  
Development expense
    
2,010
      
2,348
      
4,387
      
3,881
  
Loss on disposal of assets
    
10,416
      
2,558
      
9,804
      
17,881
  
Fair value adjustment of forward contracts
    
(7,727
)
    
-
      
28,114
      
-
  
Income tax impact on net income adjustments (2)
    
(13,739
)
    
(79
)
    
(20,210
)
    
(122
)
Noncontrolling interest impact on net income adjustments
    
(19,735
)
    
(3,191
)
    
(22,315
)
    
(10,400
)
Adjusted net income
  
$
411,306
    
$
481,463
    
$
768,637
    
$
1,012,569
  
                                 
Hold-normalized casino revenue (3)
    
6,580
      
(40,902
)
                
Hold-normalized casino expense (3)
    
(7,832
)
    
38,679
                  
Income tax impact on hold adjustments (2)
    
5,846
      
-
                  
Noncontrolling interest impact on hold adjustments
    
(2,406
)
    
9,959
                  
Hold-normalized adjusted net income
  
$
413,494
    
$
489,199
                  
 
(1) The information for the three and six months ended June 30, 2015, has been reclassified to conform to the current presentation.
(2) The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.
(3)  See Exhibit 3
 
Per diluted share of common stock:
                        
Net income attributable to Las Vegas Sands Corp.
  
$
0.41
    
$
0.59
    
$
0.82
    
$
1.23
  
Nonrecurring corporate expense     0.10       -       0.10       -  
Pre-opening expense
    
0.04
      
0.01
      
0.05
      
0.03
  
Development expense
    
-
      
-
      
0.01
      
-
  
Loss on disposal of assets
    
0.01
      
-
      
0.01
      
0.02
  
Fair value adjustment of forward contracts
    
(0.01
)
    
-
      
0.04
      
-
  
Income tax impact on net income adjustments
    
(0.01
 )    
-
      
(0.03
)
    
-
  
Noncontrolling interest impact on net income adjustments
    
(0.02
)
    
-
      
(0.03
)
    
(0.01
)
Adjusted earnings per diluted share
  
$
0.52
    
$
0.60
    
$
0.97
    
$
1.27
  
                                 
Hold-normalized casino revenue
    
0.01
      
(0.05
)
                
Hold-normalized casino expense
    
(0.01
)
    
0.05
                  
Income tax impact on hold adjustments
    
-
      
-
                  
Noncontrolling interest impact on hold adjustments
    
-
      
0.01
                  
Hold-normalized adjusted earnings per diluted share
  
$
0.52
    
$
0.61
                  
                                 
Weighted average diluted shares outstanding
    
795,050,014
      
798,552,917
      
795,088,743
      
798,731,400
  
 
 
Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
 
   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Room Statistics:
                        
The Venetian Macao:
                        
Occupancy %
    
81.0%
 
    
82.2%
 
    
79.3%
 
    
84.0%
 
Average daily room rate (ADR) (1)
  
$
212
    
$
239
    
$
219
    
$
255
  
Revenue per available room (RevPAR) (2)
  
$
172
    
$
196
    
$
174
    
$
214
  
                                 
Sands Cotai Central:
                                
Occupancy %
    
76.5%
 
    
78.7%
 
    
76.8%
 
    
80.1%
 
Average daily room rate (ADR) (1)
  
$
149
    
$
156
    
$
152
    
$
164
  
Revenue per available room (RevPAR) (2)
  
$
114
    
$
123
    
$
117
    
$
132
  
                                 
Four Seasons Hotel Macao and Plaza Casino:
                                
Occupancy %
    
69.2%
 
    
83.4%
 
    
69.1%
 
    
80.2%
 
Average daily room rate (ADR) (1)
  
$
340
    
$
382
    
$
349
    
$
395
  
Revenue per available room (RevPAR) (2)
  
$
236
    
$
319
    
$
241
    
$
317
  
                                 
Sands Macao:
                                
Occupancy %
    
96.0%
 
    
99.6%
 
    
95.9%
 
    
99.0%
 
Average daily room rate (ADR) (1)
  
$
203
    
$
219
    
$
205
    
$
222
  
Revenue per available room (RevPAR) (2)
  
$
195
    
$
218
    
$
196
    
$
220
  
                                 
Marina Bay Sands:
                                
Occupancy %
    
96.4%
 
    
95.9%
 
    
97.2%
 
    
95.4%
 
Average daily room rate (ADR) (1)
  
$
375
    
$
377
    
$
385
    
$
396
  
Revenue per available room (RevPAR) (2)
  
$
362
    
$
361
    
$
374
    
$
377
  
                                 
Las Vegas Operating Properties:
                                
Occupancy %
    
95.0%
 
    
92.6%
 
    
93.5%
 
    
89.4%
 
Average daily room rate (ADR) (1)
  
$
240
    
$
231
    
$
245
    
$
237
  
Revenue per available room (RevPAR) (2)
  
$
228
    
$
214
    
$
229
    
$
212
  
                                 
Sands Bethlehem:
                                
Occupancy %
    
96.9%
 
    
91.9%
 
    
93.8%
 
    
88.2%
 
Average daily room rate (ADR) (1)
  
$
160
    
$
152
    
$
157
    
$
151
  
Revenue per available room (RevPAR) (2)
  
$
155
    
$
140
    
$
147
    
$
133
  
                                 
Casino Statistics:
                                
The Venetian Macao:
                                
Table games win per unit per day (3)
  
$
10,124
    
$
12,182
    
$
11,110
    
$
12,616
  
Slot machine win per unit per day (4)
  
$
252
    
$
249
    
$
260
    
$
263
  
Average number of table games
    
650
      
605
      
646
      
604
  
Average number of slot machines
    
1,969
      
2,118
      
1,941
      
2,114
  
                                 
Sands Cotai Central:
                                
Table games win per unit per day (3)
  
$
8,176
    
$
10,806
    
$
8,943
    
$
10,872
  
Slot machine win per unit per day (4)
  
$
316
    
$
353
    
$
316
    
$
347
  
Average number of table games
    
516
      
501
      
516
      
509
  
Average number of slot machines
    
1,896
      
1,694
      
1,899
      
1,701
  
                                 
Four Seasons Hotel Macao and Plaza Casino:
                                
Table games win per unit per day (3)
  
$
11,854
    
$
18,862
    
$
13,839
    
$
16,320
  
Slot machine win per unit per day (4)
  
$
427
    
$
548
    
$
443
    
$
517
  
Average number of table games
    
97
      
122
      
98
      
127
  
Average number of slot machines
    
148
      
154
      
147
      
150
  
                                 
Sands Macao:
                                
Table games win per unit per day (3)
  
$
7,671
    
$
9,409
    
$
7,414
    
$
9,043
  
Slot machine win per unit per day (4)
  
$
263
    
$
274
    
$
263
    
$
288
  
Average number of table games
    
262
      
285
      
264
      
285
  
Average number of slot machines
    
925
      
944
      
920
      
931
  
                                 
Marina Bay Sands:
                                
Table games win per unit per day (3)
  
$
9,336
    
$
10,471
    
$
8,537
    
$
11,011
  
Slot machine win per unit per day (4)
  
$
650
    
$
641
    
$
657
    
$
657
  
Average number of table games
    
586
      
580
      
597
      
590
  
Average number of slot machines
    
2,491
      
2,439
      
2,451
      
2,397
  
                                 
Las Vegas Operating Properties:
                                
Table games win per unit per day (3)
  
$
1,784
    
$
2,342
    
$
2,626
    
$
3,182
  
Slot machine win per unit per day (4)
  
$
284
    
$
231
    
$
271
    
$
223
  
Average number of table games
    
244
      
245
      
244
      
244
  
Average number of slot machines
    
1,979
      
2,227
      
2,008
      
2,250
  
                                 
Sands Bethlehem:
                                
Table games win per unit per day (3)
  
$
3,336
    
$
3,069
    
$
3,395
    
$
2,964
  
Slot machine win per unit per day (4)
  
$
287
    
$
279
    
$
282
    
$
270
  
Average number of table games
    
177
      
177
      
177
      
177
  
Average number of slot machines
    
2,987
      
3,013
      
3,000
      
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 5
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data By Segment
(In thousands)
(Unaudited)
 
   
Three Months Ended June 30, 2016
  
                                                       
               
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
  
$
200,144
    
$
40,555
    
$
1,635
    
$
29
    
$
74
    
$
-
    
$
1,960
    
$
-
    
$
244,397
  
   Sands Cotai Central
    
69,691
      
71,685
      
1,881
      
83
      
15
      
-
      
740
      
-
      
144,095
  
   Four Seasons Hotel Macao and Plaza Casino
    
32,159
      
9,744
      
718
      
2
      
737
      
-
      
328
      
-
      
43,688
  
   Sands Macao
    
38,369
      
9,616
      
373
      
13
      
-
      
-
      
205
      
-
      
48,576
  
Macao Property Operations
    
340,363
      
131,600
      
4,607
      
127
      
826
      
-
      
3,233
      
-
      
480,756
  
Marina Bay Sands
    
270,243
      
61,076
      
4,192
      
42
      
-
      
21,320
      
160
      
-
      
357,033
  
United States:
                                                                        
   Las Vegas Operating Properties
    
54,911
      
43,539
      
-
      
9,957
      
679
      
(37,289
)
    
688
      
-
      
72,485
  
   Sands Bethlehem
    
30,473
      
7,172
      
-
      
(54
)
    
86
      
-
      
-
      
-
      
37,677
  
United States Property Operations
    
85,384
      
50,711
      
-
      
9,903
      
765
      
(37,289
)
    
688
      
-
      
110,162
  
Other Asia
    
(12,985
)
    
3,660
      
-
      
(52
)
    
91
      
16,368
      
53
      
-
      
7,135
  
Other Development
    
(34,125
)
    
18
      
549
      
-
      
33,558
      
-
      
-
      
-
      
-
  
Corporate
    
(130,179
)
    
7,806
      
-
      
396
      
-
      
(399
)
    
-
      
122,376
      
-
  
   
$
518,701
    
$
254,871
    
$
9,348
    
$
10,416
    
$
35,240
    
$
-
    
$
4,134
    
$
122,376
    
$
955,086
  
                                                                         
                                                                         
   
Three Months Ended June 30, 2015
  
                                                                         
                   
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
  
$
210,937
    
$
38,204
    
$
1,640
    
$
227
    
$
-
    
$
-
    
$
3,982
    
$
-
    
$
254,990
  
   Sands Cotai Central
    
88,184
      
68,932
      
1,931
      
214
      
2,905
      
-
      
2,044
      
-
      
164,210
  
   Four Seasons Hotel Macao and Plaza Casino
    
61,915
      
9,571
      
700
      
6
      
1,540
      
-
      
602
      
-
      
74,334
  
   Sands Macao
    
56,102
      
9,054
      
373
      
198
      
-
      
-
      
557
      
-
      
66,284
  
Macao Property Operations
    
417,138
      
125,761
      
4,644
      
645
      
4,445
      
-
      
7,185
      
-
      
559,818
  
Marina Bay Sands
    
277,187
      
58,887
      
4,227
      
(34
)
    
464
      
22,306
      
217
      
-
      
363,254
  
United States:
                                                                        
   Las Vegas Operating Properties
    
41,838
      
44,821
      
-
      
1,947
      
158
      
(35,723
)
    
1,125
      
-
      
54,166
  
   Sands Bethlehem
    
27,301
      
6,757
      
-
      
-
      
41
      
-
      
-
      
-
      
34,099
  
United States Property Operations
    
69,139
      
51,578
      
-
      
1,947
      
199
      
(35,723
)
    
1,125
      
-
      
88,265
  
Other Asia
    
(12,411
)
    
3,473
      
-
      
-
      
-
      
13,640
      
119
      
-
      
4,821
  
Other Development
    
(8,668
)
    
160
      
614
      
-
      
7,894
      
-
      
-
      
-
      
-
  
Corporate
    
(53,075
)
    
8,733
      
-
      
-
      
-
      
(223
)
    
-
      
44,565
      
-
  
   
$
689,310
    
$
248,592
    
$
9,485
    
$
2,558
    
$
13,002
    
$
-
    
$
8,646
    
$
44,565
    
$
1,016,158
  
                                                                         
                                                                         
   
Six Months Ended June 30, 2016
  
                                                                         
                   
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
  
$
424,093
    
$
80,187
    
$
3,297
    
$
141
    
$
138
    
$
-
    
$
4,347
    
$
-
    
$
512,203
  
   Sands Cotai Central
    
155,234
      
146,066
      
4,015
      
456
      
110
      
-
      
1,680
      
-
      
307,561
  
   Four Seasons Hotel Macao and Plaza Casino
    
68,969
      
19,449
      
1,437
      
12
      
1,429
      
-
      
578
      
-
      
91,874
  
   Sands Macao
    
60,164
      
18,217
      
745
      
(9
)
    
-
      
-
      
430
      
-
      
79,547
  
Macao Property Operations
    
708,460
      
263,919
      
9,494
      
600
      
1,677
      
-
      
7,035
      
-
      
991,185
  
Marina Bay Sands
    
456,200
      
127,522
      
8,240
      
(1,591
)
    
-
      
41,199
      
335
      
-
      
631,905
  
United States:
                                                                        
   Las Vegas Operating Properties
    
133,163
      
86,775
      
-
      
9,943
      
936
      
(73,337
)
    
1,903
      
-
      
159,383
  
   Sands Bethlehem
    
60,169
      
14,406
      
-
      
507
      
320
      
-
      
-
      
-
      
75,402
  
United States Property Operations
    
193,332
      
101,181
      
-
      
10,450
      
1,256
      
(73,337
)
    
1,903
      
-
      
234,785
  
Other Asia
    
(25,684
)
    
7,285
      
-
      
(52
)
    
120
      
32,736
      
390
      
-
      
14,795
  
Other Development
    
(44,361
)
    
27
      
1,161
      
-
      
43,173
      
-
      
-
      
-
      
-
  
Corporate
    
(183,616
)
    
14,813
      
-
      
397
      
-
      
(598
)
    
-
      
169,004
      
-
  
   
$
1,104,331
    
$
514,747
    
$
18,895
    
$
9,804
    
$
46,226
    
$
-
    
$
9,663
    
$
169,004
    
$
1,872,670
  
                                                                         
                                                                         
   
Six Months Ended June 30, 2015
  
                                                                         
                   
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
  
$
430,967
    
$
76,320
    
$
3,306
    
$
8,800
    
$
-
    
$
-
    
$
5,539
    
$
-
    
$
524,932
  
   Sands Cotai Central
    
164,607
      
140,615
      
4,078
      
3,527
      
4,778
      
-
      
2,515
      
-
      
320,120
  
   Four Seasons Hotel Macao and Plaza Casino
    
93,850
      
19,312
      
1,420
      
13
      
3,432
      
-
      
779
      
-
      
118,806
  
   Sands Macao
    
100,833
      
18,082
      
740
      
3,204
      
-
      
-
      
803
      
-
      
123,662
  
Macao Property Operations
    
790,257
      
254,329
      
9,544
      
15,544
      
8,210
      
-
      
9,636
      
-
      
1,087,520
  
Marina Bay Sands
    
596,204
      
123,303
      
8,552
      
240
      
716
      
49,082
      
429
      
-
      
778,526
  
United States:
                                                                        
   Las Vegas Operating Properties
    
112,253
      
87,158
      
-
      
2,191
      
294
      
(75,871
)
    
2,250
      
-
      
128,275
  
   Sands Bethlehem
    
50,501
      
13,458
      
-
      
(94
)
    
53
      
-
      
74
      
-
      
63,992
  
United States Property Operations
    
162,754
      
100,616
      
-
      
2,097
      
347
      
(75,871
)
    
2,324
      
-
      
192,267
  
Other Asia
    
(26,142
)
    
6,983
      
-
      
-
      
-
      
27,280
      
232
      
-
      
8,353
  
Other Development
    
(16,390
)
    
322
      
1,227
      
-
      
14,841
      
-
      
-
      
-
      
-
  
Corporate
    
(106,258
)
    
16,961
      
-
      
-
      
-
      
(491
)
    
-
      
89,788
      
-
  
   
$
1,400,425
    
$
502,514
    
$
19,323
    
$
17,881
    
$
24,114
    
$
-
    
$
12,621
    
$
89,788
    
$
2,066,666
  
 
(1) During the three months ended June 30, 2016 and 2015, the Company recorded stock-based compensation expense of $7.6 million and $15.0 million, respectively, of which $3.1 million and $5.8 million, respectively, is included in corporate expense and $0.4 million and $0.6 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the six months ended June 30, 2016 and 2015, the Company recorded stock-based compensation expense of $21.3 million and $27.2 million, respectively, of which $10.8 million and $13.9 million, respectively, is included in corporate expense and $0.8 million and $0.7 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.
 
Exhibit 6
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)

The following is a reconciliation of Sands China Ltd. Net Income to Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:

   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
June 30,
  
   
2016
    
2015
    
2016
    
2015
  
Sands China Ltd. Net Income
  
$
237,034
    
$
388,654
    
$
548,681
    
$
733,350
  
  Add (deduct):
                                
     Income tax (benefit) expense
    
5,967
      
(5,473
)
    
21,639
      
(10,660
)
     Other (income) expense
    
(1,725
)
    
150
      
(2,949
)
    
(1,142
)
     Interest expense, net of amounts capitalized
    
14,796
      
14,095
      
29,427
      
28,051
  
     Interest income
    
(652
)
    
(3,301
)
    
(1,554
)
    
(8,736
)
     Loss on disposal of assets
    
75
      
645
      
548
      
15,544
  
     Amortization of leasehold interests in land
    
5,155
      
5,257
      
10,655
      
10,771
  
     Depreciation and amortization
    
135,188
      
129,219
      
271,060
      
261,264
  
     Pre-opening expense
    
32,500
      
10,029
      
40,652
      
19,241
  
     Stock-based compensation
    
3,286
      
7,304
      
7,425
      
9,868
  
     Corporate expense
    
56,026
      
17,872
      
79,942
      
37,947
  
Sands China Ltd. Adjusted Property EBITDA
  
$
487,650
    
$
564,451
    
$
1,005,526
    
$
1,095,498
  
                                 
     Hold-normalized casino revenue (1)
    
19,062
      
(78,741
)
                
     Hold-normalized casino expense (1)
    
(11,013
)
    
45,412
                  
Sands China Ltd. Hold-Normalized Adjusted Property EBITDA
  
$
495,699
    
$
531,122
                  

(1)
See Exhibit 3

Note: The Company is providing this reconciliation in support of the disclosure of Sands China Ltd. adjusted property EBITDA and hold-normalized adjusted property EBITDA (both non-GAAP measures), which includes the CotaiJet ferry and other ancillary operations.
 
Exhibit 7

LAS VEGAS SANDS CORP Reports