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 Las Vegas Sands Reports Record Fourth Quarter and Full Year 2014Results
   Wednesday, January 28, 2015 4:02:06 PM ET

Las Vegas Sands Corp. (LVS )

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

--  Adjusted Earnings per Diluted Share Increased 27.8% to $0.92


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


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


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


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


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


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



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

--  Net Revenue Increased 5.9% to a Record $14.58 Billion


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


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


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


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


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


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



Las Vegas Sands Corp. (LVS ) today reported financial results for the quarter ended December 31, 2014.

Fourth Quarter Overview

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

"We remain focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. Our convention-based Integrated Resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows, and brings the greatest economic and diversification benefits in the industry to the regions in which we operate. We are confident that the continued execution of our strategy will further extend our position as the global leader in Integrated Resort development and operation and enable us to deliver strong growth in the future.

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

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

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

Mr. Adelson added, "The Macao market saw strong visitation from mainland China during the quarter, and we enjoyed equally strong visitation to our Cotai Strip properties. We welcomed over 17 million visits to our Macao property portfolio, and delivered meaningful growth in the non-gaming segments of our business. Notwithstanding a challenging environment in the VIP and premium mass gaming segments, we delivered $711.2 million in adjusted property EBITDA across our property portfolio. We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by The Parisian Macao and the St. Regis tower at Sands Cotai Central, will continue to provide the ecomonic benefits of diversification to Macao, meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding and diversified platform for growth in the years ahead."

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

Company-Wide Operating Results

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

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

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

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

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

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

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

Sands China Ltd. Consolidated Financial Results

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

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

The Venetian Macao Fourth Quarter Operating Results

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

The following table summarizes the key operating results for The Venetian Macao for the fourth quarter of 2014 compared to the fourth quarter of 2013:


The Venetian Macao Operations       Three Months Ended
                                       December 31,
                                   --------------------
(Dollars in millions)                 2014       2013     $ Change   Change
                                   ---------  ---------  ---------  -------
Revenues:
  Casino                           $   733.3  $ 1,011.3  $  (278.0)   -27.5%
  Rooms                                 65.7       67.0       (1.3)    -1.9%
  Food and Beverage                     26.1       25.6        0.5      2.0%
  Mall                                  60.9       56.7        4.2      7.4%
  Convention, Retail and Other          42.6       37.4        5.2     13.9%
  Less - Promotional Allowances        (48.3)     (48.9)       0.6      1.2%
                                   ---------  ---------  ---------
Net Revenues                       $   880.3  $ 1,149.1  $  (268.8)   -23.4%

Adjusted Property EBITDA           $   321.4  $   433.4  $  (112.0)   -25.8%
  EBITDA Margin %                                                      -1.2
                                        36.5%      37.7%                pts

Operating Income                   $   278.2  $   392.6  $  (114.4)   -29.1%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume                $10,098.7  $16,759.2  $(6,660.5)   -39.7%
  Rolling Chip Win %(1)                                               -0.71
                                        2.61%      3.32%                pts

Non-Rolling Chip Drop              $ 2,107.6  $ 2,268.2  $  (160.6)    -7.1%
  Non-Rolling Chip Win %                                               -1.0
                                        24.2%      25.2%                pts

Slot Handle                        $ 1,325.4  $ 1,296.3  $    29.1      2.2%
  Slot Hold %                                                          -0.9
                                         4.3%       5.2%                pts

Hotel Statistics

Occupancy %                                                            -6.1
                                        88.3%      94.4%                pts
Average Daily Rate (ADR)           $     280  $     269  $      11      4.1%
Revenue per Available Room
 (RevPAR)                          $     247  $     254  $      (7)    -2.8%


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

Sands Cotai Central Fourth Quarter Operating Results

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

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

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

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


Sands Cotai Central Operations      Three Months Ended
                                       December 31,
                                   --------------------
(Dollars in millions)                 2014       2013     $ Change   Change
                                   ---------  ---------  ---------  -------
Revenues:
  Casino                           $   611.1  $   707.7  $   (96.6)   -13.6%
  Rooms                                 86.4       76.7        9.7     12.6%
  Food and Beverage                     32.2       29.3        2.9      9.9%
  Mall                                  19.0       14.1        4.9     34.8%
  Convention, Retail and Other           7.8        7.7        0.1      1.3%
  Less - Promotional Allowances        (51.5)     (44.8)      (6.7)   -15.0%
                                   ---------  ---------  ---------
Net Revenues                       $   705.0  $   790.7  $   (85.7)   -10.8%

Adjusted Property EBITDA           $   220.3  $   237.8  $   (17.5)    -7.4%
  EBITDA Margin %                       31.2%      30.1%            1.1 pts

Operating Income                   $   144.5  $   168.5  $   (24.0)   -14.2%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume                $ 8,383.7  $17,565.9  $(9,182.2)   -52.3%
  Rolling Chip Win %(1)                                                0.69
                                        3.21%      2.52%                pts

Non-Rolling Chip Drop              $ 1,859.1  $ 1,680.7  $   178.4     10.6%
  Non-Rolling Chip Win %                                               -2.4
                                        20.3%      22.7%                pts

Slot Handle                        $ 1,817.2  $ 1,748.6  $    68.6      3.9%
  Slot Hold %                                                          -0.3
                                         3.5%       3.8%                pts

Hotel Statistics

Occupancy %                             90.9%      89.1%            1.8 pts
Average Daily Rate (ADR)           $     183  $     167  $      16      9.6%
Revenue per Available Room
 (RevPAR)                          $     167  $     149  $      18     12.1%


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

Four Seasons Hotel Macao Fourth Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $92.7 million in the fourth quarter of 2014, an increase of 20.7% compared to the year-ago quarter. Non-Rolling Chip drop decreased 10.2% in the fourth quarter of 2014 to $296.9 million, while Non-Rolling Chip win percentage was 20.0%. Rolling Chip volume decreased 36.3% to $6.0 billion for the quarter. Rolling Chip win percentage was 3.12% in the quarter, exceeding both the expected range and the 1.77% experienced in the prior-year quarter. Slot handle decreased to $155.4 million during the quarter.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2014 compared to the fourth quarter of 2013:


Four Seasons Hotel Macao and Plaza
 Casino Operations                  Three Months Ended
                                       December 31,
                                   --------------------
(Dollars in millions)                 2014       2013     $ Change   Change
                                   ---------  ---------  ---------  -------
Revenues:
  Casino                           $   188.8  $   183.5  $     5.3      2.9%
  Rooms                                 11.1       12.7       (1.6)   -12.6%
  Food and Beverage                      8.0        9.6       (1.6)   -16.7%
  Mall                                  48.2       45.2        3.0      6.6%
  Convention, Retail and Other           0.9        1.4       (0.5)   -35.7%
  Less - Promotional Allowances        (13.2)     (14.3)       1.1      7.7%
                                   ---------  ---------  ---------
Net Revenues                       $   243.8  $   238.1  $     5.7      2.4%

Adjusted Property EBITDA           $    92.7  $    76.8  $    15.9     20.7%
  EBITDA Margin %                       38.0%      32.2%            5.8 pts

Operating Income                   $    79.8  $    52.1  $    27.7     53.2%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume                $ 5,994.4  $ 9,404.3  $(3,409.9)   -36.3%
  Rolling Chip Win %(1)                                                1.35
                                        3.12%      1.77%                pts

Non-Rolling Chip Drop              $   296.9  $   330.8  $   (33.9)   -10.2%
  Non-Rolling Chip Win %                                               -2.5
                                        20.0%      22.5%                pts

Slot Handle                        $   155.4  $   271.1  $  (115.7)   -42.7%
  Slot Hold %                            5.8%       5.3%            0.5 pts

Hotel Statistics

Occupancy %                                                            -4.1
                                        86.7%      90.8%                pts
Average Daily Rate (ADR)           $     372  $     403  $     (31)    -7.7%
Revenue per Available Room
 (RevPAR)                          $     323  $     366  $     (43)   -11.7%


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

Sands Macao Fourth Quarter Operating Results

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

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


Sands Macao Operations              Three Months Ended
                                       December 31,
                                   --------------------
(Dollars in millions)                 2014       2013     $ Change   Change
                                   ---------  ---------  ---------  -------
Revenues:
  Casino                           $   261.3  $   318.7  $   (57.4)   -18.0%
  Rooms                                  5.6        7.0       (1.4)   -20.0%
  Food and Beverage                      9.9        9.8        0.1      1.0%
  Convention, Retail and Other           2.5        2.7       (0.2)    -7.4%
  Less - Promotional Allowances        (11.4)     (11.5)       0.1      0.9%
                                   ---------  ---------  ---------
Net Revenues                       $   267.9  $   326.7  $   (58.8)   -18.0%

Adjusted Property EBITDA           $    76.7  $    88.0  $   (11.3)   -12.8%
  EBITDA Margin %                       28.6%      26.9%            1.7 pts

Operating Income                   $    67.6  $    79.0  $   (11.4)   -14.4%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume                $ 3,312.9  $ 5,812.5  $(2,499.6)   -43.0%
  Rolling Chip Win %(1)                                                0.80
                                        3.57%      2.77%                pts

Non-Rolling Chip Drop              $   880.0  $ 1,025.4  $  (145.4)   -14.2%
  Non-Rolling Chip Win %                                               -0.5
                                        18.0%      18.5%                pts

Slot Handle                        $   767.1  $   695.3  $    71.8     10.3%
  Slot Hold %                                                          -0.2
                                         3.6%       3.8%                pts

Hotel Statistics

Occupancy %                             99.9%      97.4%            2.5 pts
Average Daily Rate (ADR)           $     225  $     276  $     (51)   -18.5%
Revenue per Available Room
 (RevPAR)                          $     225  $     269  $     (44)   -16.4%


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

Marina Bay Sands Fourth Quarter Operating Results

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

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

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

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



Marina Bay Sands Operations         Three Months Ended
                                       December 31,
                                   --------------------
(Dollars in millions)                 2014       2013     $ Change   Change
                                   ---------  ---------  ---------  -------
Revenues:
  Casino                           $   674.4  $   504.6  $   169.8     33.7%
  Rooms                                 92.1       95.8       (3.7)    -3.9%
  Food and Beverage                     50.7       49.8        0.9      1.8%
  Mall                                  45.7       43.3        2.4      5.5%
  Convention, Retail and Other          26.0       26.6       (0.6)    -2.3%
  Less - Promotional Allowances        (50.3)     (60.3)      10.0     16.6%
                                   ---------  ---------  ---------
Net Revenues                       $   838.6  $   659.8  $   178.8     27.1%

Adjusted Property EBITDA           $   518.5  $   258.8  $   259.7    100.3%
  EBITDA Margin %                                                      22.6
                                        61.8%      39.2%                pts

Operating Income                   $   427.4  $   165.7  $   261.7    157.9%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume                $10,048.2  $13,731.0  $(3,682.8)   -26.8%
  Rolling Chip Win %(1)                                                1.66
                                        3.58%      1.92%                pts

Non-Rolling Chip Drop              $ 1,097.7  $ 1,135.5  $   (37.8)    -3.3%
  Non-Rolling Chip Win %                26.7%      24.5%            2.2 pts

Slot Handle                        $ 3,125.0  $ 2,824.6  $   300.4     10.6%
  Slot Hold %                                                          -0.4
                                         4.8%       5.2%                pts

Hotel Statistics

Occupancy %                             98.3%      96.9%            1.4 pts
Average Daily Rate (ADR)           $     422  $     425  $      (3)    -0.7%
Revenue per Available Room
 (RevPAR)                          $     415  $     411  $       4      1.0%


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

Las Vegas Operations Fourth Quarter Operating Results

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $78.0 million for the quarter, an 11.6% decrease compared to the fourth quarter of 2013. Hotel ADR increased 6.7% to reach $222 in the quarter while occupancy declined to 81.1%, compared to the fourth quarter of 2013. RevPAR decreased 2.7% to $180 in the quarter. Table games drop, which reflected a softer quarter for bacarrat, decreased 15.6% in the quarter to $548.1 million, while slot handle increased 7.8% to $584.6 million.

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


                                    Three Months Ended
Las Vegas Operations                   December 31,
                                   --------------------
(Dollars in millions)                 2014       2013     $ Change   Change
                                   ---------  ---------  ---------  -------
Revenues:
  Casino                           $   130.0  $   151.3  $   (21.3)   -14.1%
  Rooms                                113.6      119.9       (6.3)    -5.3%
  Food and Beverage                     61.5       64.5       (3.0)    -4.7%
  Convention, Retail and Other          81.8       76.1        5.7      7.5%
  Less - Promotional Allowances        (24.3)     (26.1)       1.8      6.9%
                                   ---------  ---------  ---------
Net Revenues                       $   362.6  $   385.7  $   (23.1)    -6.0%

Adjusted Property EBITDA           $    78.0  $    88.2  $   (10.2)   -11.6%
EBITDA Margin %                                                        -1.4
                                        21.5%      22.9%                pts

Operating Income                   $    64.8  $    67.3  $    (2.5)    -3.7%

Gaming Statistics
(Dollars in millions)

Table Games Drop                   $   548.1  $   649.7  $  (101.6)   -15.6%
Table Games Win %(1)                                                   -2.7
                                        19.1%      21.8%                pts

Slot Handle                        $   584.6  $   542.2  $    42.4      7.8%
Slot Hold %                                                            -0.8
                                         7.7%       8.5%                pts

Hotel Statistics

Occupancy %                                                            -7.7
                                        81.1%      88.8%                pts
Average Daily Rate (ADR)           $     222  $     208  $      14      6.7%
Revenue per Available Room
 (RevPAR)                          $     180  $     185  $      (5)    -2.7%


(1) This compares to our expected baccarat win percentage of 22.0% to 30.0% and our expected non-baccarat win percentage of 14.0% to 18.0% (calculated before discounts).

Sands Bethlehem Fourth Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 7.7% to $133.6 million and adjusted property EBITDA increased 19.5% to a record $36.2 million for the quarter. Table games drop increased 8.1% to $279.9 million for the quarter, while table games win percentage was 18.7%, which was higher than the 17.5% realized in the fourth quarter of 2013. Slot handle increased 1.6% year-over-year to $1.01 billion for the quarter with slot hold percentage of 6.8%.

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


                                       Three Months Ended
Sands Bethlehem Operations                December 31,
                                      -------------------
(Dollars in millions)                    2014      2013    $ Change  Change
                                      --------- --------- --------- -------
Revenues:
  Casino                              $   123.6 $   115.2 $     8.4     7.3%
  Rooms                                     3.6       3.0       0.6    20.0%
  Food and Beverage                         7.6       7.3       0.3     4.1%
  Mall                                      1.3       0.9       0.4    44.4%
  Convention, Retail and Other              4.7       4.1       0.6    14.6%
  Less - Promotional Allowances            (7.2)     (6.4)     (0.8)  -12.5%
                                      --------- --------- ---------
Net Revenues                          $   133.6 $   124.1 $     9.5     7.7%

Adjusted Property EBITDA              $    36.2 $    30.3 $     5.9    19.5%
EBITDA Margin %                            27.1%     24.4%          2.7 pts

Operating Income                      $    28.9 $    19.4 $     9.5    49.0%

Gaming Statistics
(Dollars in millions)

Table Games Drop                      $   279.9 $   258.9 $    21.0     8.1%
Table Games Win %(1)                       18.7%     17.5%          1.2 pts

Slot Handle                           $ 1,011.4 $   995.0 $    16.4     1.6%
Slot Hold %                                 6.8%      6.8%          0.0 pts

Hotel Statistics

                                                                       13.5
Occupancy %                                87.9%     74.4%              pts
Average Daily Rate (ADR)              $     149 $     145 $       4     2.8%
Revenue per Available Room (RevPAR)   $     131 $     108 $      23    21.3%



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

Asian Retail Mall Operations

Gross revenue from tenants in the company’s retail malls on Macao’s Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $173.5 million for the fourth quarter of 2014, an increase of 9.1% compared to the fourth quarter of 2013. Operating profit derived from these retail mall assets increased 13.3% for the quarter compared to the quarter one year ago, reaching $157.4 million.


                                                                       TTM
                                                                    December
                    For The Three Months Ended December 31, 2014    31, 2014
                 -------------------------------------------------  --------
(Dollars in                                                          Tenant
 millions                                        Gross                Sales
except per        Gross            Operating   Leasable  Occupancy    Per
 square foot     Revenue Operating   Profit      Area     % at End     Sq.
 data)             (1)     Profit    Margin    (sq. ft.) of Period   Ft.(2)
                 ------- --------- ---------  ---------- ---------  --------

Shoppes at
 Venetian        $  60.7 $    55.2      90.9%    771,345      93.4% $  1,673

Shoppes at Four
 Seasons
  Luxury Retail     35.5      34.2      96.3%    142,562     100.0%    6,225
  Other Stores      12.7      12.0      94.5%    115,401      98.2%    3,124
                 ------- ---------            ----------
  Total             48.2      46.2      95.9%    257,963      99.2%    5,689
                 ------- ---------            ----------

Shoppes at Cotai
 Central            18.9      16.4      86.8% 330,258(3)      97.9%    1,450
                 ------- ---------            ----------
Total Cotai
 Strip in Macao    127.8     117.8      92.2%  1,359,566      95.6%    2,313
                 ------- ---------            ----------

The Shoppes at
 Marina Bay
 Sands              45.7      39.6      86.7%    648,778      96.1%    1,426
                 ------- ---------            ----------

Total            $ 173.5 $   157.4      90.7%  2,008,344      95.7% $  2,027
                 ======= =========            ==========


(1) Gross revenue figures are net of intersegment revenue eliminations. (2) Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months. (3) At completion of all phases, the Shoppes at Cotai Central will feature up to 600,000 square feet of gross leasable area.

Other Factors Affecting Earnings

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

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

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

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

Corporate expense was $36.2 million in the fourth quarter of 2014, compared to $48.3 million in the fourth quarter of 2013.

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

The company’s effective income tax rate for the fourth quarter of 2014 was 9.4%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

The net income attributable to noncontrolling interests during the fourth quarter of 2014 of $156.7 million was principally related to Sands China Ltd.

Balance Sheet Items

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

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

Capital Expenditures

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

Conference Call Information

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

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, tax law changes, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

Note 1

Adjusted net income excludes pre-opening expense, development expense, gain or loss on disposal of assets, loss on modification or early retirement of debt and legal settlement expense.

About Las Vegas Sands

Las Vegas Sands (LVS ) is the world’s leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state-of-the-art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants, and many other amenities.

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

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

Las Vegas Sands Corp. Fourth Quarter 2014 Results Non-GAAP Reconciliations

Within the company’s fourth quarter 2014 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the 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, legal settlement expense and corporate expense. Reconciliations of GAAP operating income (loss) and GAAP net income attributable to Las Vegas Sands Corp. to adjusted property EBITDA and hold-normalized adjusted property EBITDA are included in the financial schedules accompanying this release.


Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

                         Three Months Ended              Year Ended
                            December 31,                December 31,
                     --------------------------  --------------------------
                         2014          2013          2014          2013
                     ------------  ------------  ------------  ------------

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

Earnings per share:
  Basic              $       0.90  $       0.71  $       3.52  $       2.80
                     ============  ============  ============  ============
  Diluted            $       0.90  $       0.70  $       3.52  $       2.79
                     ============  ============  ============  ============

Weighted average
 shares outstanding:
  Basic               799,851,322   818,631,514   806,130,838   822,282,515
                     ============  ============  ============  ============
  Diluted             801,465,931   822,314,351   808,019,219   826,316,108
                     ============  ============  ============  ============

Dividends declared
 per common share    $       0.50  $       0.35  $       2.00  $       1.40
                     ============  ============  ============  ============



Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)

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

                    Three Months Ended December 31, 2014


                                                        (Gain)
                                         Amortization    Loss    Pre-Opening
                 Operating  Depreciation of Leasehold     on         and
                  Income         and       Interests   Disposal  Development
                  (Loss)    Amortization    in Land   of Assets    Expense
                ----------  ------------ ------------ ---------  -----------
Macao:
  The Venetian
   Macao        $  278,219  $     38,116 $      2,031 $     872  $         -
  Sands Cotai
   Central         144,481        71,266        2,027       343        1,101
  Four Seasons
   Hotel Macao
   and Plaza
   Casino           79,779         9,767        1,151        24        1,658
  Sands Macao       67,586         8,452          354       (80)           -
                ----------  ------------ ------------ ---------  -----------
Macao Property
 Operations        570,065       127,601        5,563     1,159        2,759
Marina Bay
 Sands             427,406        62,310        4,520       119           85
United States:
  Las Vegas
   Operating
   Properties       64,777        47,350            -       452          223
  Sands
   Bethlehem        28,944         6,485            -       230           16
                ----------  ------------ ------------ ---------  -----------
United States
 Property
 Operations         93,721        53,835            -       682          239
Other Asia (2)     (13,943)        3,533            -        16          338
Other
 Development       (10,679)          161          363         -       10,155
Corporate          (44,050)        8,084            -       (42)           -
                ----------  ------------ ------------ ---------  -----------
                $1,022,520  $    255,524 $     10,446 $   1,934  $    13,576
                ==========  ============ ============ =========  ===========


            Three Months Ended December 31, 2014


                                (1)                Adjusted
                 Royalty    Stock-Based Corporate  Property
                   Fees    Compensation  Expense    EBITDA
                ---------  ------------ --------- ----------
Macao:
  The Venetian
   Macao        $       -  $      2,209 $       - $  321,447
  Sands Cotai
   Central              -         1,059         -    220,277
  Four Seasons
   Hotel Macao
   and Plaza
   Casino               -           341         -     92,720
  Sands Macao           -           422         -     76,734
                ---------  ------------ --------- ----------
Macao Property
 Operations             -         4,031         -    711,178
Marina Bay
 Sands             23,823           258         -    518,521
United States:
  Las Vegas
   Operating
   Properties     (35,785)          946         -     77,963
  Sands
   Bethlehem            -           524         -     36,199
                ---------  ------------ --------- ----------
United States
 Property
 Operations       (35,785)        1,470         -    114,162
Other Asia (2)                      101         -      2,245
Other
 Development            -             -         -          -
Corporate            (238)            -    36,246          -
                ---------  ------------ --------- ----------
                $       -  $      5,860 $  36,246 $1,346,106
                =========  ============ ========= ==========



                    Three Months Ended December 31, 2013


                                                       (Gain)
                                        Amortization    Loss    Pre-Opening
                Operating  Depreciation of Leasehold     on         and
                  Income       and        Interests   Disposal  Development
                  (Loss)   Amortization    in Land   of Assets    Expense
                ---------  ------------ ------------ ---------  -----------
Macao:
  The Venetian
   Macao        $ 392,586  $     35,189 $      1,654 $   1,996  $         -
  Sands Cotai
   Central        168,464        65,378        2,154       728          230
  Four Seasons
   Hotel Macao
   and Plaza
   Casino          52,130         9,835          706    11,630        2,398
  Sands Macao      79,010         7,984          354        61            -
                ---------  ------------ ------------ ---------  -----------
Macao Property
 Operations       692,190       118,386        4,868    14,415        2,628
Marina Bay
 Sands            165,669        63,862        4,566       (82)           -
United States:
  Las Vegas
   Operating
   Properties      67,340        50,595            -       717          524
  Sands
   Bethlehem       19,365        10,637            -        55          152
                ---------  ------------ ------------ ---------  -----------
United States
 Property
 Operations        86,705        61,232            -       772          676
Other Asia (2)    (13,973)        3,630            -        (3)          (4)
Other
 Development       (2,412)          167          621       262        1,362
Corporate         (42,106)        7,661            -   (13,641)           -
                ---------  ------------ ------------ ---------  -----------
                $ 886,073  $    254,938 $     10,055 $   1,723  $     4,662
                =========  ============ ============ =========  ===========



            Three Months Ended December 31, 2013


                                (1)                Adjusted
                 Royalty    Stock-Based Corporate  Property
                   Fees    Compensation  Expense    EBITDA
                ---------  ------------ --------- ----------
Macao:
  The Venetian
   Macao        $       -  $      1,969 $       - $  433,394
  Sands Cotai
   Central              -           829         -    237,783
  Four Seasons
   Hotel Macao
   and Plaza
   Casino               -            58         -     76,757
  Sands Macao           -           562         -     87,971
                ---------  ------------ --------- ----------
Macao Property
 Operations             -         3,418         -    835,905
Marina Bay
 Sands             22,784         2,035         -    258,834
United States:
  Las Vegas
   Operating
   Properties     (33,556)        2,587         -     88,207
  Sands
   Bethlehem            -           140         -     30,349
                ---------  ------------ --------- ----------
United States
 Property
 Operations       (33,556)        2,727         -    118,556
Other Asia (2)     11,000            42         -        692
Other
 Development            -             -         -          -
Corporate            (228)            -    48,314          -
                ---------  ------------ --------- ----------
                $       -  $      8,222 $  48,314 $1,213,987
                =========  ============ ========= ==========



                        Year Ended December 31, 2014


                                                        (Gain)
                                         Amortization    Loss    Pre-Opening
                 Operating  Depreciation of Leasehold     on         and
                  Income         and       Interests   Disposal  Development
                  (Loss)    Amortization    in Land   of Assets    Expense
                ----------  ------------ ------------ ---------  -----------
Macao:
  The Venetian
   Macao        $1,381,460  $    146,365 $      6,992 $   1,588  $         -
  Sands Cotai
   Central         705,780       275,459        8,487     1,423        5,464
  Four Seasons
   Hotel Macao
   and Plaza
   Casino          323,593        39,307        3,269       116        7,291
  Sands Macao      301,246        33,994        1,415        82            -
                ----------  ------------ ------------ ---------  -----------
Macao Property
 Operations      2,712,079       495,125       20,163     3,209       12,755
Marina Bay
 Sands           1,326,729       271,801       18,207     3,636          160
United States:
  Las Vegas
   Operating
   Properties      267,342       187,004            -      (272)         356
  Sands
   Bethlehem        89,966        29,739            -       160          110
                ----------  ------------ ------------ ---------  -----------
United States
 Property
 Operations        357,308       216,743            -      (112)         466
Other Asia (2)     (60,368)       14,137            -       165          384
Other
 Development       (29,649)          631        2,228         -       26,790
Corporate         (206,873)       33,152            -       (42)           -
                ----------  ------------ ------------ ---------  -----------
                $4,099,226  $  1,031,589 $     40,598 $   6,856  $    40,555
                ==========  ============ ============ =========  ===========




                Year Ended December 31, 2014


                                (1)                Adjusted
                 Royalty    Stock-Based Corporate  Property
                   Fees    Compensation  Expense    EBITDA
                ---------  ------------ --------- ----------
Macao:
  The Venetian
   Macao        $       -  $      9,918 $       - $1,546,323
  Sands Cotai
   Central              -         4,874         -  1,001,487
  Four Seasons
   Hotel Macao
   and Plaza
   Casino               -         1,323         -    374,899
  Sands Macao           -         1,853         -    338,590
                ---------  ------------ --------- ----------
Macao Property
 Operations             -        17,968         -  3,261,299
Marina Bay
 Sands             98,710         3,904         -  1,723,147
United States:
  Las Vegas
   Operating
   Properties    (146,523)        6,006         -    313,913
  Sands
   Bethlehem            -           516         -    120,491
                ---------  ------------ --------- ----------
United States
 Property
 Operations      (146,523)        6,522         -    434,404
Other Asia (2)     48,800           375         -      3,493
Other
 Development            -             -         -          -
Corporate            (987)            -   174,750          -
                ---------  ------------ --------- ----------
                $       -  $     28,769 $ 174,750 $5,422,343
                =========  ============ ========= ==========



                        Year Ended December 31, 2013


                                                        (Gain)
                                         Amortization    Loss    Pre-Opening
                 Operating  Depreciation of Leasehold     on         and
                  Income         and       Interests   Disposal  Development
                  (Loss)    Amortization    in Land   of Assets    Expense
                ----------  ------------ ------------ ---------  -----------
Macao:
  The Venetian
   Macao        $1,344,650  $    137,464 $      6,613 $   3,708  $       120
  Sands Cotai
   Central         462,128       257,087        8,612     2,971        5,793
  Four Seasons
   Hotel Macao
   and Plaza
   Casino          240,986        44,199        2,823    11,726        5,124
  Sands Macao      327,087        31,710        1,415       574            -
                ----------  ------------ ------------ ---------  -----------
Macao Property
 Operations      2,374,851       470,460       19,463    18,979       11,037
Marina Bay
 Sands             995,504       262,676       18,403     2,631            -
United States:
  Las Vegas
   Operating
   Properties      240,528       192,863            -     1,825          911
  Sands
   Bethlehem        85,096        37,282            -        89          391
                ----------  ------------ ------------ ---------  -----------
United States
 Property
 Operations        325,624       230,145            -     1,914        1,302
Other Asia (2)     (63,000)       14,665            -        10          258
Other
 Development       (19,939)          640        2,486       262       16,551
Corporate         (204,797)       28,882            -   (12,640)           -
                ----------  ------------ ------------ ---------  -----------
                $3,408,243  $  1,007,468 $     40,352 $  11,156  $    29,148
                ==========  ============ ============ =========  ===========

                 Year Ended December 31, 2013

                                           Legal
                                        Settlement
                                (1)         and     Adjusted
                 Royalty    Stock-Based  Corporate  Property
                   Fees    Compensation   Expense    EBITDA
                ---------  ------------ ---------- ----------
Macao:
  The Venetian
   Macao        $       -  $      7,382 $        - $1,499,937
  Sands Cotai
   Central              -         3,132          -    739,723
  Four Seasons
   Hotel Macao
   and Plaza
   Casino               -           182          -    305,040
  Sands Macao           -         2,072          -    362,858
                ---------  ------------ ---------- ----------
Macao Property
 Operations             -        12,768          -  2,907,558
Marina Bay
 Sands             97,989         7,373          -  1,384,576
United States:
  Las Vegas
   Operating
   Properties    (141,009)        9,221     47,400    351,739
  Sands
   Bethlehem            -           479          -    123,337
                ---------  ------------ ---------- ----------
United States
 Property
 Operations      (141,009)        9,700     47,400    475,076
Other Asia (2)     44,000           212          -     (3,855)
Other
 Development            -             -          -          -
Corporate            (980)            -    189,535          -
                ---------  ------------ ---------- ----------
                $       -  $     30,053 $  236,935 $4,763,355
                =========  ============ ========== ==========

(1) During the three months ended December 31, 2014 and 2013, the Company
recorded stock-based compensation expense of $10.3 million and $13.6
million, respectively, of which $4.3 million and $5.4 million, respectively,
is included in corporate expense and $0.1 million and $0.0 million,
respectively, is included in pre-opening and development expense on the
Company’s condensed consolidated statements of operations. During the year
ended December 31, 2014 and 2013, the Company recorded stock-based
compensation expense of $48.1 million and $53.4 million, respectively, of
which $18.7 million and $23.3 million, respectively, is included in
corporate expense and $0.6 million and $0.0 million, respectively, is
included in pre-opening and development expense on the Company’s condensed
consolidated statements of operations.

(2) Primarily includes the results of the CotaiJet ferry operations.



Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)

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

                    Three Months Ended December 31, 2014

                                              (1)         (2)        Hold-
                                             Hold-       Hold-    Normalized
                                Adjusted  Normalized  Normalized   Adjusted
                                Property    Casino      Casino     Property
                                 EBITDA     Revenue     Expense     EBITDA
                               ---------- ----------  ----------  ----------

Macao Property Operations      $  711,178 $  (43,795) $   18,798  $  686,181
Marina Bay Sands                  518,521    (72,014)     14,527     461,034
United States:
  Las Vegas Operating
   Properties                      77,963     11,705      (2,058)     87,610
  Sands Bethlehem                  36,199          -           -      36,199
                               ---------- ----------  ----------  ----------
United States Property
 Operations                       114,162     11,705      (2,058)    123,809
Other Asia                          2,245          -           -       2,245
Other Development                       -          -           -           -
Corporate                               -          -           -           -
                               ---------- ----------  ----------  ----------
                               $1,346,106 $ (104,104) $   31,267  $1,273,269
                               ========== ==========  ==========  ==========


                    Three Months Ended December 31, 2013

                                              (1)         (2)        Hold-
                                             Hold-       Hold-    Normalized
                                Adjusted  Normalized  Normalized   Adjusted
                                Property    Casino      Casino     Property
                                 EBITDA     Revenue     Expense     EBITDA
                               ---------- ----------  ----------  ----------

Macao Property Operations      $  835,905 $   68,905  $  (37,994) $  866,816
Marina Bay Sands                  258,834    103,364     (20,851)    341,347
United States:
  Las Vegas Operating
   Properties                      88,207      6,635      (1,166)     93,676
  Sands Bethlehem                  30,349          -           -      30,349
                               ---------- ----------  ----------  ----------
United States Property
 Operations                       118,556      6,635      (1,166)    124,025
Other Asia                            692          -           -         692
Other Development                       -          -           -           -
Corporate                               -          -           -           -
                               ---------- ----------  ----------  ----------
                               $1,213,987 $  178,904  $  (60,011) $1,332,880
                               ========== ==========  ==========  ==========

(1) For Macao Property Operations and Marina Bay Sands, this represents the
estimated incremental casino revenue related to Rolling volume play that
would have been earned or lost had the Company’s current period win
percentage equaled 2.85%. This calculation will only be done if the current
period win percentage is outside the expected range of 2.7% to 3.0%.

For the Las Vegas Operating Properties, this represents the estimated
incremental casino revenue related to all table games play that would have
been earned or lost had the Company’s current period win percentage equaled
26.0% for Baccarat and 16.0% for non-Baccarat. This calculation will only be
done if the current period win percentages for Baccarat and non-Baccarat are
outside the expected ranges of 22.0% to 30.0% and 14.0% to 18.0%,
respectively.

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

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

(2) Represents the estimated incremental expenses (gaming taxes, bad debt
expense and commissions paid to third parties) that would have been incurred
or avoided on the incremental casino revenue calculated in (1) above.



Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)

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

                            Three Months Ended            Year Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
Net income attributable
 to Las Vegas Sands
 Corp.                   $   721,305  $   577,539  $ 2,840,629  $ 2,305,997
  Add (deduct):
    Net income
     attributable to
     noncontrolling
     interests               156,695      192,192      747,442      648,679
    Income tax expense        90,701       39,896      244,640      188,836
    Loss on modification
     or early retirement
     of debt                       -       14,178       19,942       14,178
    Other (income)
     expense                  (4,333)         671       (1,965)      (4,321)
    Interest expense,
     net of amounts
     capitalized              66,686       67,086      274,181      271,211
    Interest income           (8,534)      (5,489)     (25,643)     (16,337)
    Loss on disposal of
     assets                    1,934        1,723        6,856       11,156
    Amortization of
     leasehold interests
     in land                  10,446       10,055       40,598       40,352
    Depreciation and
     amortization            255,524      254,938    1,031,589    1,007,468
    Development expense        5,373          969       14,325       15,809
    Pre-opening expense        8,203        3,693       26,230       13,339
    Stock-based
     compensation (1)          5,860        8,222       28,769       30,053
    Legal settlement
     expense (1)                   -            -            -       47,400
    Corporate expense         36,246       48,314      174,750      189,535
                         -----------  -----------  -----------  -----------
Adjusted Property EBITDA $ 1,346,106  $ 1,213,987  $ 5,422,343  $ 4,763,355
                         ===========  ===========  ===========  ===========

    Hold-normalized
     casino revenue (2)     (104,104)     178,904
    Hold-normalized
     casino expense (2)       31,267      (60,011)
                         -----------  -----------
Hold-Normalized Adjusted
 Property EBITDA         $ 1,273,269  $ 1,332,880
                         ===========  ===========

(1) See Exhibit 2
(2) See Exhibit 3
_______________________

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)

                            Three Months Ended            Year Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
The Venetian Macao       $   880,307  $ 1,149,079  $ 4,040,681  $ 3,851,230
Sands Cotai Central          705,042      790,650    3,133,864    2,698,430
Four Seasons Hotel Macao
 and Plaza Casino            243,839      238,069    1,107,779    1,065,405
Sands Macao                  267,913      326,747    1,174,795    1,237,016
Marina Bay Sands             838,592      659,813    3,214,210    2,968,366
Las Vegas Operating
 Properties                  362,575      385,712    1,478,769    1,518,024
Sands Bethlehem              133,593      124,141      504,237      496,738
Other Asia                    38,492       33,906      151,778      139,572
Intersegment
 Eliminations                (54,360)     (52,432)    (222,264)    (204,896)
                         -----------  -----------  -----------  -----------
                         $ 3,415,993  $ 3,655,685  $14,583,849  $13,769,885
                         ===========  ===========  ===========  ===========

_______________________

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net
Revenues
(Unaudited)

                            Three Months Ended            Year Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
The Venetian Macao          36.5%        37.7%        38.3%        38.9%
Sands Cotai Central         31.2%        30.1%        32.0%        27.4%
Four Seasons Hotel Macao
 and Plaza Casino           38.0%        32.2%        33.8%        28.6%
Sands Macao                 28.6%        26.9%        28.8%        29.3%
Marina Bay Sands            61.8%        39.2%        53.6%        46.6%
Las Vegas Operating
 Properties                 21.5%        22.9%        21.2%        23.2%
Sands Bethlehem             27.1%        24.4%        23.9%        24.8%
Other Asia                   5.8%         2.0%         2.3%        -2.8%

Total                       39.4%        33.2%        37.2%        34.6%



Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income; Hold-Normalized Adjusted Net Income;
 Adjusted Earnings Per Diluted Share; and Hold-Normalized Adjusted Earnings
 Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)

                           Three Months Ended              Year Ended
                              December 31,                December 31,
                       --------------------------  -------------------------
                           2014          2013          2014         2013
                       ------------  ------------  ------------ ------------
Net income
 attributable to Las
 Vegas Sands Corp.     $    721,305  $    577,539  $  2,840,629 $  2,305,997

Pre-opening expense,
 net                          5,929         2,791        18,651        9,818
Development expense,
 net                          5,373           969        14,325       15,809
(Gain) loss on
 disposal of assets,
 net                          1,589        (2,571)        5,900        5,498
Loss on modification
 or early retirement
 of debt, net                     -        14,178        14,589       14,178
Legal settlement
 expense                          -             -             -       47,400
                       ------------  ------------  ------------ ------------
Adjusted net income    $    734,196  $    592,906  $  2,894,094 $  2,398,700
                       ============  ============  ============ ============

Hold-normalized casino
 revenue (1)               (104,104)      178,904
Hold-normalized casino
 expense (1)                 31,267       (60,011)
Income tax impact on
 hold adjustments             9,773       (14,027)
Noncontrolling
 interest impact on
 hold adjustments             7,467        (9,221)
                       ------------  ------------
Hold-normalized
 adjusted net income   $    678,599  $    688,550
                       ============  ============

(1) See Exhibit 3

Per diluted share of
 common stock:
Net income
 attributable to Las
 Vegas Sands Corp.     $       0.90  $       0.70  $       3.52 $       2.79

Pre-opening expense,
 net                           0.01             -          0.02            -
Development expense,
 net                           0.01             -          0.02         0.02
(Gain) loss on
 disposal of assets,
 net                              -             -             -         0.01
Loss on modification
 or early retirement
 of debt, net                     -          0.02          0.02         0.02
Legal settlement
 expense                          -             -             -         0.06
                       ------------  ------------  ------------ ------------
Adjusted earnings per
 diluted share         $       0.92  $       0.72  $       3.58 $       2.90
                       ============  ============  ============ ============

Hold-normalized casino
 revenue                      (0.13)         0.22
Hold-normalized casino
 expense                       0.04         (0.07)
Income tax impact on
 hold adjustments              0.01         (0.02)
Noncontrolling
 interest impact on
 hold adjustments              0.01         (0.01)
                       ------------  ------------
Hold-normalized
 adjusted earnings per
 diluted share         $       0.85  $       0.84
                       ============  ============

Weighted average
 diluted shares
 outstanding            801,465,931   822,314,351   808,019,219  826,316,108
                       ============  ============  ============ ============



Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)

                                     Three Months Ended      Year Ended
                                        December 31,        December 31,
                                     ------------------  ------------------
                                       2014      2013      2014      2013
                                     --------  --------  --------  --------

Room Statistics:
  The Venetian Macao:
    Occupancy %                          88.3%     94.4%     91.3%     91.3%
    Average daily room rate (ADR)
     (1)                             $    280  $    269  $    270  $    243
    Revenue per available room
     (RevPAR) (2)                    $    247  $    254  $    246  $    222

  Sands Cotai Central:
    Occupancy %                          90.9%     89.1%     88.5%     78.5%
    Average daily room rate (ADR)
     (1)                             $    183  $    167  $    176  $    155
    Revenue per available room
     (RevPAR) (2)                    $    167  $    149  $    156  $    121

  Four Seasons Hotel Macao and Plaza
   Casino:
    Occupancy %                          86.7%     90.8%     87.0%     85.3%
    Average daily room rate (ADR)
     (1)                             $    372  $    403  $    400  $    373
    Revenue per available room
     (RevPAR) (2)                    $    323  $    366  $    348  $    318

  Sands Macao:
    Occupancy %                          99.9%     97.4%     98.6%     96.1%
    Average daily room rate (ADR)
     (1)                             $    225  $    276  $    238  $    252
    Revenue per available room
     (RevPAR) (2)                    $    225  $    269  $    235  $    242

  Marina Bay Sands:
    Occupancy %                          98.3%     96.9%     99.0%     98.6%
    Average daily room rate (ADR)
     (1)                             $    422  $    425  $    431  $    396
    Revenue per available room
     (RevPAR) (2)                    $    415  $    411  $    427  $    390

  Las Vegas Operating Properties:
    Occupancy %                          81.1%     88.8%     88.0%     89.6%
    Average daily room rate (ADR)
     (1)                             $    222  $    208  $    222  $    205
    Revenue per available room
     (RevPAR) (2)                    $    180  $    185  $    196  $    184

  Sands Bethlehem:
    Occupancy %                          87.9%     74.4%     83.4%     73.6%
    Average daily room rate (ADR)
     (1)                             $    149  $    145  $    146  $    142
    Revenue per available room
     (RevPAR) (2)                    $    131  $    108  $    122  $    104

Casino Statistics:
  The Venetian Macao:
    Table games win per unit per day
     (3)                             $ 13,530  $ 19,200  $ 16,286  $ 17,518
    Slot machine win per unit per
     day (4)                         $    309  $    344  $    360  $    327
    Average number of table games         622       639       639       584
    Average number of slot machines     2,011     2,119     2,018     2,193

  Sands Cotai Central:
    Table games win per unit per day
     (3)                             $ 13,611  $ 19,621  $ 16,862  $ 16,166
    Slot machine win per unit per
     day (4)                         $    422  $    367  $    426  $    292
    Average number of table games         517       457       498       480
    Average number of slot machines     1,635     1,957     1,725     2,077

  Four Seasons Hotel Macao and Plaza
   Casino:
    Table games win per unit per day
     (3)                             $ 19,003  $ 17,655  $ 25,518  $ 22,049
    Slot machine win per unit per
     day (4)                         $    663  $    887  $    748  $    759
    Average number of table games         141       148       132       151
    Average number of slot machines       149       178       156       180

  Sands Macao:
    Table games win per unit per day
     (3)                             $ 12,158  $ 13,356  $ 13,165  $ 12,383
    Slot machine win per unit per
     day (4)                         $    323  $    260  $    346  $    247
    Average number of table games         247       286       258       295
    Average number of slot machines       919     1,094       942     1,162

  Marina Bay Sands:
    Table games win per unit per day
     (3)                             $ 11,617  $  9,098  $ 11,159  $ 11,289
    Slot machine win per unit per
     day (4)                         $    666  $    679  $    684  $    688
    Average number of table games         611       648       622       626
    Average number of slot machines     2,455     2,365     2,412     2,266

  Las Vegas Operating Properties:
    Table games win per unit per day
     (3)                             $  4,843  $  6,081  $  4,965  $  5,896
    Slot machine win per unit per
     day (4)                         $    216  $    217  $    203  $    206
    Average number of table games         236       253       235       244
    Average number of slot machines     2,275     2,317     2,344     2,343

  Sands Bethlehem:
    Table games win per unit per day
     (3)                             $  3,235  $  3,344  $  2,937  $  3,104
    Slot machine win per unit per
     day (4)                         $    250  $    246  $    255  $    262
    Average number of table games         176       147       167       145
    Average number of slot machines     3,012     3,008     3,011     3,013


(1) ADR is calculated by dividing total room revenue by total rooms
occupied.

(2) RevPAR is calculated by dividing total room revenue by total rooms
available.

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

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


Contacts:

Investment Community:
Daniel Briggs
(702) 414-1221

Media:
Ron Reese
(702) 414-3607


SOURCE: Las Vegas Sands




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