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Actionable news in LVS: LAS VEGAS SANDS Corp,

Las Vegas Sands Reports First

The following excerpt is from the company's SEC filing.

Quarter 2016 Results

(Compared to the Quarter Ended March 31, 2015)

Consolidated Net Revenue was $2.72 Billion

Hold-Normalized Adjusted Property EBITDA was $1.03 Billion

Consolidated Adjusted Property EBITDA was $917.6 Million

In Macao:

Adjusted Property EBITDA was $510.4 Million

Strong Cost Discipline Drove a 190 Basis Point Improvement in Hold-Normalized Adjusted Property EBITDA Margin to 32.1%

At Marina Bay Sands in Singapore:

Hold-Normalized Adjusted Property EBITDA was $382.8 Million, While Adjusted Prop erty EBITDA was $274.9 Million

On a Constant-Currency Basis, Hold-Normalized Adjusted Property EBITDA Increased 10.3%

Hold-Normalized Adjusted Earnings per Diluted Share was $0.57; Adjusted Earnings per Diluted Share was $0.45; and GAAP Earnings per Diluted Share was $0.40

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

Las Vegas, NV (April 20, 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 March 31, 2016.

First 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 focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows enabled us to once again deliver in excess of one billion U.S. dollars of hold-normalized adjusted property EBITDA during the quarter. We remain intensely focused 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 continues to appeal to the broadest set of customers, generate the most diversified set of cash flows and deliver the industry’s highest revenue and profit from non-gaming segments, while bringing unsurpassed economic and diversification benefits to the regions in which we operate. We remain confident in our ability to both further extend our global leadership position and deliver strong growth in the future.

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

The company paid a recurring quarterly dividend of $0.72 per common share during the quarter, an increase of 10.8% compared to the first quarter of 2015. The company announced that its next recurring quarterly dividend of $0.72 per common share will be paid on June 30, 2016, to Las Vegas Sands shareholders of record on June 22, 2016. That dividend also represents an increase of 10.8% compared to the dividend paid in the second 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 $510.4 million in adjusted property EBITDA across our Macao property portfolio 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 in mid-September 2016, 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, which enabled us to generate yet another record mass gaming win-per-day in local currency terms. While the impact of the stronger U.S. dollar and low win percentage on Rolling Chip play negatively impacted the company’s reported financial results for the quarter, both gaming volumes and our non-gaming segments remain resilient. On a constant currency basis, hold-normalized adjusted property EBITDA increased 10.3%.

At The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, a 10.0% year-over-year increase in RevPAR to $231 drove a 17.3% increase in adjusted property EBITDA during the first quarter of 2016.

Company-Wide Operating Results

Net revenue for the first quarter of 2016 decreased 9.8% to $2.72 billion, compared to $3.01 billion in the first quarter of 2015. Consolidated adjusted property EBITDA of $917.6 million decreased 12.7% in the first quarter of 2016, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 0.9% to $1.03 billion in the first quarter of 2016.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2016 decreased 17.6% to $585.6 million, compared to $711.1 million in the first quarter of 2015. The decrease in operating income was principally due to softer results across the company’s Macao property portfolio and lower win percentage on Rolling Chip play at Marina Bay Sands in Singapore.

On a GAAP basis, net income attributable to Las Vegas Sands in the first quarter of 2016 decreased 37.5% to $320.2 million, compared to $511.9 million in the first quarter of 2015, while diluted earnings per share in the first quarter of 2016 decreased 37.5% to $0.40, compared to $0.64 in the prior-year quarter. The decrease in net income attributable to Las Vegas Sands reflected the decline in operating income described above as well as a $35.8 million mark-to-market loss on Singapore dollar forward contracts. This was partially offset by a $10.4 million decrease in net income attributable to noncontrolling interests.

Adjusted net income (see Note 1) decreased to $357.3 million, or $0.45 per diluted share, compared to $531.1 million, or $0.66 per diluted share, in the first quarter of 2015.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. decreased 7.9% to $1.63 billion in the first quarter of 2016, compared to $1.77 billion in the first quarter of 2015. Adjusted property EBITDA for Sands China Ltd. decreased 2.5% to $517.9 million in the first quarter of 2016, compared to $531.0 million in the first quarter of 2015. Net income for Sands China Ltd. decreased 9.6% to $311.6 million in the first quarter of 2016, compared to $344.7 million in the first quarter of 2015.

The Venetian Macao First 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 adjusted property EBITDA of $267.8 million in the first quarter with an adjusted property EBITDA margin of 35.8%. Non-Rolling Chip drop was $1.77 billion for the quarter, with a Non-Rolling Chip win percentage of 25.1%. Rolling Chip volume during the quarter decreased 3.4% to $8.23 billion. Rolling Chip win percentage was 3.21% in the quarter, above the 2.83% experienced in the prior-year quarter. Slot handle was $1.07 billion.

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

Three Months Ended

The Venetian Macao Operations

(Dollars in millions)

$ Change

Change

Revenues:

Casino

-22.5%

Food and Beverage

-13.6%

Convention, Retail and Other

-36.2%

Less - Promotional Allowances

Net Revenues

EBITDA Margin %

1.5 pts

Operating Income

Gaming Statistics

Rolling Chip Volume

8,226.0

8,518.0

(292.0

Rolling Chip Win %

0.38 pts

Non-Rolling Chip Drop

1,770.1

1,868.0

Non-Rolling Chip Win %

0.1 pts

Slot Handle

1,070.0

1,062.5

Slot Hold %

-0.5 pts

Hotel Statistics

Occupancy %

-8.1 pts

Average Daily Rate (ADR)

-16.3%

Revenue per Available Room (RevPAR)

-24.1%

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

Sands Cotai Central First Quarter Operating Results

Net revenues and adjusted property EBITDA for the first quarter of 2016 at Sands Cotai Central were $530.3 million and $163.5 million, respectively, resulting in an adjusted property EBITDA margin of 30.8%.

Non-Rolling Chip drop was $1.50 billion in the first quarter with a Non-Rolling Chip win percentage of 20.9%. Rolling Chip volume was $3.60 billion for the quarter with a Rolling Chip win percentage of 3.92%. Slot handle was $1.56 billion for the quarter. Hotel occupancy was 77.1% with ADR of $155.

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

Sands Cotai Central Operations

-26.5%

3.5 pts

3,603.4

6,083.0

(2,479.6

-40.8%

1.16 pts

1,504.0

1,645.1

(141.1

1,559.1

1,643.8

0.3 pts

-4.4 pts

-10.4%

-15.6%

Four Seasons Hotel Macao and Plaza Casino First Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $48.2 million in the first quarter of 2016, an increase of 8.3% compared to the year-ago quarter. Non-Rolling Chip drop increased 31.0% to $300.1 million, with a Non-Rolling Chip win percentage of 19.1%. Rolling Chip volume was $2.62 billion for the quarter. Rolling Chip win percentage was 3.22% in the quarter, above the 2.81% experienced in the prior-year quarter. Slot handle was $90.2 million during the quarter.

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

Four Seasons Hotel Macao and Plaza Casino Operations

-11.3%

-21.5%

-33.3%

4.9 pts

2,621.5

3,962.6

(1,341.1

-33.8%

0.41 pts

-4.0 pts

-32.6%

2.0 pts

-8.0 pts

-12.7%

-21.8%

Sands Macao First Quarter Operating Results

Sands Macao’s adjusted property EBITDA was $31.0 million. Non-Rolling Chip drop was $699.9 million during the quarter, while slot handle was $657.7 million. Rolling Chip volume was $2.24 billion for the quarter. The property realized 2.45% win on Rolling Chip volume during the quarter, below the 2.86% generated in the year-ago quarter.

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

Sands Macao Operations

-23.1%

-12.5%

-22.3%

-46.0%

-7.8 pts

-51.2%

2,241.0

2,526.2

(285.2

-0.41 pts

-11.4%

-2.2 pts

-0.2 pts

-2.6 pts

-10.8%

Marina Bay Sands First Quarter Operating Results

The stronger U.S. dollar negatively impacted the financial results and key performance indicators of Marina Bay Sands in Singapore in the current quarter. Low win percentage on Rolling Chip play also negatively impacted our reported financial results. The property generated adjusted property EBITDA of $274.9 million. On a hold-normalized basis, adjusted property EBITDA was $382.8 million. On a constant-currency basis, hold-normalized adjusted property EBITDA increased 10.3%.

Rolling Chip win percentage of 1.42% in the first quarter of 2016 was below the expected range and considerably below the 3.41% achieved in the first quarter of 2015. Rolling Chip volume was $9.63 billion for the quarter.

Non-Rolling Chip drop was $1.01 billion during the quarter, with a Non-Rolling Chip win percentage of 29.1%. Slot handle increased 8.8% to $3.36 billion for the quarter compared to the year-ago quarter. Total mass win-per-day during the quarter was $4.8 million and was an all-time quarterly record for the property in local currency terms.

ADR decreased to $394 during the quarter, but occupancy increased to 97.9%, resulting in a RevPAR decrease of 1.8% compared to the same quarter last year.

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

Marina Bay Sands Operations

(178.8

-28.3%

-21.3%

(181.1

(140.4

-7.4 pts

(133.0

-41.7%

9,632.1

10,090.0

(457.9

-1.99 pts

1,006.5

1,108.7

(102.2

3.8 pts

3,355.4

3,084.3

-0.3 pts

3.1 pts

Las Vegas Operations First Quarter Operating Results

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $86.9 million for the quarter, an increase of 17.3% compared to the first quarter of 2015. On a hold-normalized basis, adjusted property EBITDA in the quarter increased 15.0% year-over-year to $102.5 million. RevPAR increased 10.0% year-over-year to $231 in the quarter, reflecting a 2.9% increase in ADR to $251 and a 5.9 percentage point increase in occupancy to 92.1%. Table games drop decreased 9.3% in the quarter to $483.5 million, reflecting softer play in both Baccarat and non-Baccarat segments, while slot handle increased 1.4% to $586.5 million.

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

-14.7%

2.9 pts

Table Games Drop

Table Games Win %

-0.7 pts

0.5 pts

5.9 pts

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).

Sands Bethlehem First Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 8.6% to $138.7 million and adjusted property EBITDA increased 26.1% to $37.7 million for the quarter. Table games drop increased 6.7% to $281.0 million for the quarter, while table games win percentage was 19.8%, above the 17.3% realized in the first quarter of 2015. Slot handle increased 7.6% year-over-year to $1.08 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 first quarter of 2016 compared to the first quarter of 2015:

Sands Bethlehem Operations

2.5 pts

1,081.9

1,005.2

-0.1 pts

6.2 pts

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

Asian Retail Mall Operations

Gross revenue from tenants in the company’s retail malls on Macao’s Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore was $134.3 million for the first quarter of 2016, an increase of 5.6% compared to the first quarter of 2015. Operating profit derived from these retail mall assets increased 6.9% year-over-year to $120.2 million

For The Three Months Ended March 31, 2016

TTM March 31, 2016

except per square foot data)

Gross Revenue

Operating Profit

Operating Profit Margin

Gross Leasable Area

(sq. ft.)

Occupancy % at

End of Period

Tenant Sales Per

Sq. Ft.

Shoppes at Venetian

780,834

Shoppes at Four Seasons

Luxury Retail

142,562

100.0%

Other Stores

118,008

260,570

Shoppes at Cotai Central

331,444

Total Cotai Strip in Macao

1,372,848

The Shoppes at Marina Bay Sands

644,719

2,017,567

Gross revenue figures are net of intersegment revenue eliminations.

Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.

Other Factors Affecting Earnings

Other Asia, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $7.7 million during the quarter, compared to $3.5 million in the first quarter of 2015.

Pre-opening expense was $8.6 million in the first quarter of 2016 and related primarily to The Parisian Macao.

Depreciation and amortization expense was $259.9 million in the first quarter of 2016, compared to $253.9 million in the first quarter of 2015.

Interest expense, net of amounts capitalized, was $68.6 million for the

, compared to $66.3 million in the prior-year quarter. Capitalized interest was $9.8 million during the

, compared to $4.2 million during the

. Our weighted average borrowing cost in the

approximately 3.1%.

Corporate expense was $46.6 million in the first quarter of 2016, compared to $45.2 million in the first quarter of 2015.

Other expense was $47.1 million in the first quarter of 2016, compared to other income of $15.5 million in the first quarter of 2015. A mark-to-market loss of $35.8 million on Singapore dollar forward contracts was incurred in the first quarter of 2016. There were no contracts in place in the first quarter of 2015.

The company’s effective income tax rate for the first quarter of 2016 was 13.4% compared to 8.3% in the prior-year quarter. The increase relates primarily to a discrete non-cash charge in connection with a valuation allowance on certain foreign deferred tax assets. 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 first quarter of 2016 of $88.7 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of March 31, 2016 were $1.70 billion.

As of March 31, 2016, total debt outstanding, including the current portion, was $9.51 billion.

Capital Expenditures

Capital expenditures during the first quarter totaled $343.6 million, including construction, development and maintenance activities of $307.3 million in Macao (principally for The Parisian Macao), $17.0 million in Las Vegas, $13.1 million at Marina Bay Sands, and $6.2 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, April 20, 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.

Adjusted net income excludes pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and fair value adjustment of forward contracts, attributable to Las Vegas Sands, net of income tax.

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

resorts and

Sands Expo Center

in Eastern Pennsylvania, and the iconic

in Singapore. Through majority ownership in

(HK: 1928)

LVS owns a portfolio of properties on the Cotai Strip in Macao, including

The Plaza

, as well as the

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

Contacts:

Investment Community:

Daniel Briggs

(702) 414-1221

Media:

Ron Reese

(702) 414-3607

First Quarter 2016 Results

Non-GAAP Reconciliations

Within the company’s first quarter 2016 press release, the company makes reference to certain non-GAAP financial measures including “adjusted net income,” “hold-normalized adjusted net income,” “adjusted earnings per diluted share,” “hold-normalized adjusted earnings per diluted share,” “adjusted property EBITDA,” and “hold-normalized adjusted property EBITDA.” Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company’s management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.’s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.

Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, pre-opening expense, development expense, royalty fees, stock-based compensation and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized adjusted property EBITDA are included in the financial schedules accompanying this release.

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended

2,082,196

2,376,688

366,300

371,413

Food and beverage

187,567

189,411

134,931

127,814

Convention, retail and other

123,552

134,137

2,894,546

3,199,463

Less - promotional allowances

(178,306

(187,841

2,716,240

3,011,622

Operating expenses:

Resort operations

1,804,185

1,965,089

46,628

45,223

Development

259,876

253,922

Amortization of leasehold interests in land

(Gain) loss on disposal of assets

15,323

2,130,610

2,300,507

Operating income

585,630

711,115

Other income (expense):

Interest income

(68,648

(66,255

(47,071

15,465

Income before income taxes

471,938

666,703

Income tax expense

(63,025

(55,665

408,913

611,038

Net income attributable to noncontrolling interests

(88,746

(99,115

Net income attributable to Las Vegas Sands Corp.

320,167

511,923

Earnings per share:

Weighted average shares outstanding:

794,488,858

797,935,314

795,032,018

798,877,040

Dividends declared per common share

Exhibit 1

Non-GAAP Measure

(In thousands)

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

of Leasehold

(Gain) Loss

Pre-Opening

Interests

on Disposal

Royalty

Stock-Based

in Land

of Assets

Expense

Compensation

223,949

39,632

267,806

85,543

74,381

163,466

36,810

48,186

Sands Macao

21,795

30,971

Macao Property Operations

368,097

132,319

510,429

185,957

66,446

(1,633

19,879

274,872

United States:

Las Vegas Operating Properties

78,252

43,236

(36,048

86,898

29,696

37,725

United States Property Operations

107,948

50,470

124,623

Other Asia (2)

(12,699

16,368

Other Development

(10,236

(53,437

10,986

917,584

Three Months Ended March 31, 2015

220,030

38,116

269,942

76,423

71,683

155,910

31,935

44,472

44,731

57,378

373,119

128,568

14,899

527,702

319,017

64,416

26,776

415,272

70,415

42,337

(40,148

74,109

23,200

29,893

93,615

49,038

104,002

(13,731

13,640

(7,722

(53,183

11,112

1,050,508

(1) During the three months ended March 31, 2016 and 2015, the Company recorded stock-based compensation expense of $13.7 million and $12.2 million, respectively, of which $7.8 million and $8.1 million, respectively, is included in corporate expense and $0.4 million and $0.1 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

Non-GAAP Measure

(In thousands)

(Unaudited)

The following are reconciliations of Adjusted Property EBITDA to Hold-Normalized Adjusted Property EBITDA:

Three Months Ended March 31, 2016

Casino

Revenue

Hold-Normalized

EBITDA

(43,909

33,973

500,493

135,443

(27,543

382,772

19,073

(3,479

102,492

140,217

110,607

1,031,142

Adjusted

(2)

Hold-Normalized

(55,265

11,283

371,290

18,311

(3,258

89,162

119,055

(36,954

1,021,579

(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

The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA and Hold-Normalized Adjusted Property EBITDA:

Add (deduct):

Net income attributable to noncontrolling interests

Income tax expense

Other (income) expense

(15,465

Interest expense, net of amounts capitalized

Interest income

(2,027

(6,378

(Gain) loss on disposal of assets

Amortization of leasehold interests in land

Depreciation and amortization

Development expense

Pre-opening expense

Stock-based compensation

Corporate expense

Hold-normalized casino revenue

Hold-normalized casino expense

(1) See Exhibit 2

(2) See Exhibit 3

_______________________

Supplemental Data - Net Revenues

748,954

787,191

530,280

571,764

148,266

161,251

175,091

225,371

603,653

784,816

384,876

376,383

138,668

127,699

38,589

35,479

Intersegment Eliminations

(52,137

(58,332

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

Exhibit 4

Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income; Adjusted Earnings Per

Diluted Share; and Hold-Normalized Adjusted Earnings Per Diluted Share

Pre-opening expense, net

Development expense, net

(Gain) loss on disposal of assets, net

10,868

Fair value adjustment of forward contracts, net

29,748

357,332

531,106

Income tax impact on hold adjustments

(18,343

Noncontrolling interest impact on hold adjustments

Hold-normalized adjusted net income

455,516

509,654

(1) Amount attributable to Las Vegas Sands Corp., net of tax

Per diluted share of common stock:

Adjusted earnings per diluted share

Hold-normalized adjusted earnings per diluted share

Weighted average diluted shares outstanding

Exhibit 5

Supplemental Data Schedule

Room Statistics:

The Venetian Macao:

Average daily room rate (ADR)

Revenue per available room (RevPAR)

Sands Cotai Central:

Four Seasons Hotel Macao and Plaza Casino:

Sands Macao:

Marina Bay Sands:

Las Vegas Operating Properties:

Sands Bethlehem:

Casino Statistics:

Table games win per unit per day

12,107

13,054

Slot machine win per unit per day

Average number of table games

Average number of slot machines

10,937

15,792

13,917

11,538

ADR is calculated by dividing total room revenue by total rooms occupied.

RevPAR is calculated by dividing total room revenue by total rooms available.

Table games win per unit per day is shown before discounts and commissions.

Slot machine win per unit per day is shown before deducting cost for slot points.

Exhibit 6

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Departure of Directors or Certain - April 12, 2016
Las Vegas Sands Corp. Announces - April 7, 2016
Las Vegas Sands Corp.'s EVP & Chief Financial Officer was just granted 650,000 options - March 30, 2016
Las Vegas Sands Announces Appointment Of Patrick Dumont As Chief Financial Officer - March 30, 2016