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 Las Vegas Sands Reports Fourth Quarter and Full Year 2015 Results
   Wednesday, January 27, 2016 4:09:00 PM ET

Las Vegas Sands Corp. (LVS ) today reported financial results for the quarter ended December 31, 2015.

Fourth Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "The operating environment in Macao remained challenging during the quarter; however, our focus on the higher margin mass and non-gaming segments and the geographic diversification of our cash flows allowed us to once again deliver in excess of one billion U.S. dollars of adjusted property EBITDA during the quarter. We remain sharply focused on the consistent execution of our global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model.

"Our convention-based Integrated Resort business model appeals to the broadest set of customers, generates the most diversified set of cash flows and delivers the industry’s highest revenue and profit from non-gaming segments, while bringing unsurpassed economic and diversification benefits to the regions in which we operate. We remain confident in our ability to both further extend our global leadership position and deliver strong growth in the future.

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

The company paid a recurring quarterly dividend of $0.65 per common share during the quarter, an increase of 30.0% compared to the fourth quarter of 2014. The company also announced that its next recurring quarterly dividend of $0.72 per common share will be paid on March 31, 2016, to Las Vegas Sands shareholders of record on March 22, 2016. That dividend represents an increase of 10.8% compared to the dividend paid in the first 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, including $60.0 million of common stock (1.3 million shares at a weighted average price of $44.55) during the quarter ended December 31, 2015.

Mr. Adelson added, "In Macao, notwithstanding an operating environment that remains challenging, we delivered $575.3 million in adjusted property EBITDA across our Macao property portfolio during the quarter, our strongest quarterly performance of the year. We remain confident that our market-leading Cotai Strip properties, which will be complemented in the future by The Parisian Macao, targeted to open in late 2016, will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide an outstanding and diversified platform for growth in the years ahead."

At Marina Bay Sands in Singapore, we continue to attract visitors from across the region to Singapore, which enabled us to generate 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 table games play each negatively impacted our 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, excluding the impact of a $90.1 million property tax refund received in the prior year, increased 11.8%.

At the Venetian, Palazzo and Sands Expo Center in Las Vegas, a 22.2% year-over-year increase in RevPAR to $220 drove a 24.9% increase in adjusted property EBITDA.

Company-Wide Operating Results

Net revenue for the fourth quarter of 2015 decreased 16.2% to $2.86 billion, compared to $3.42 billion in the fourth quarter of 2014. Consolidated adjusted property EBITDA of $1.05 billion decreased 21.9% in the fourth quarter of 2015, compared to the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA decreased 16.0% to $1.07 billion in the fourth quarter of 2015.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2015 decreased 31.3% to $702.0 million, compared to $1.02 billion in the fourth quarter of 2014. The decrease in operating income was principally due to softer results across the company’s Macao property portfolio and a $90.1 million benefit in the fourth quarter of 2014 relating to a property tax refund at Marina Bay Sands in Singapore.

On a GAAP basis, net income attributable to Las Vegas Sands in the fourth quarter of 2015 decreased 35.4% to $465.8 million, compared to $721.3 million in the fourth quarter of 2014, while diluted earnings per share in the fourth quarter of 2015 decreased 34.4% to $0.59, compared to $0.90 in the prior-year quarter. The decrease in net income attributable to Las Vegas Sands reflected the decline in operating income described above, partially offset by a $47.5 million decrease in net income attributable to noncontrolling interests.

Adjusted net income (see Note 1) decreased to $492.4 million, or $0.62 per diluted share, compared to $734.2 million, or $0.92 per diluted share, in the fourth quarter of 2014.

Full year 2015 net revenue decreased 19.9% to $11.69 billion, compared to $14.58 billion in 2014. Consolidated adjusted property EBITDA in 2015 decreased 23.1% to $4.17 billion, compared to $5.42 billion in 2014. Consolidated adjusted property EBITDA margin decreased 150 basis points to 35.7% in 2015, compared to 37.2% in 2014. Negative operating leverage from declining revenues in Macao were the primary reason for the EBITDA margin contraction in 2015, despite the partial off-set provided by the implementation of cost-control programs.

Full year adjusted net income (see Note 1) was $2.03 billion in 2015, or $2.55 per diluted share, compared to $2.89 billion, or $3.58 per diluted share, in 2014.

On a GAAP basis, full year 2015 operating income decreased 30.7% to $2.84 billion, compared to $4.10 billion in 2014. The decrease in operating income was principally due to weaker operating results across our Macao property portfolio. Net income attributable to Las Vegas Sands decreased 30.8% to $1.97 billion, or $2.47 per diluted share, in 2015, compared to $2.84 billion, or $3.52 per diluted share, in 2014. The decline in net income attributable to Las Vegas Sands reflected the decrease in operating income described above, partially offset by a decrease in net income attributable to noncontrolling interests.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. decreased 21.7% to $1.66 billion in the fourth quarter of 2015, compared to $2.12 billion in the fourth quarter of 2014. Adjusted property EBITDA for Sands China Ltd. decreased 18.5% to $581.2 million in the fourth quarter of 2015, compared to $713.2 million in the fourth quarter of 2014. Net income for Sands China Ltd. decreased 29.3% to $378.4 million in the fourth quarter of 2015, compared to $535.3 million in the fourth quarter of 2014.

On a GAAP basis, full year 2015 total net revenues for Sands China Ltd. decreased 28.3% to $6.86 billion, compared to $9.57 billion in 2014. Adjusted property EBITDA for Sands China Ltd. decreased 31.9% to $2.22 billion in 2015, compared to $3.26 billion in 2014. Net income for Sands China Ltd. decreased 43.1% to $1.45 billion in 2015, compared to $2.55 billion in 2014.

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 $297.3 million in the fourth quarter with an EBITDA margin of 39.1%. Non-Rolling Chip drop was $1.74 billion for the quarter, with a Non-Rolling Chip win percentage of 23.4%. Rolling Chip volume during the quarter decreased 20.8% to $8.0 billion. Rolling Chip win percentage was 3.34% in the quarter, above the 2.61% experienced in the prior-year quarter. Slot handle was $1.01 billion.

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

The Venetian Macao Operations       Three Months Ended
                                    December 31,
(Dollars in millions)               2015         2014          $ Change        Change
Revenues:
Casino                              $   632.4    $   733.3     $    (100.9)    -13.8%
Rooms                                   49.5         65.7           (16.2)     -24.7%
Food and Beverage                       23.8         26.1           (2.3)      -8.8%
Mall                                    62.1         60.9           1.2        2.0%
Convention, Retail and Other            30.1         42.6           (12.5)     -29.3%
Less - Promotional Allowances           (37.2)       (48.3)         11.1       23.0%
Net Revenues                        $   760.7    $   880.3     $    (119.6)    -13.6%
Adjusted Property EBITDA            $   297.3    $   321.4     $    (24.1)     -7.5%
EBITDA Margin %                         39.1%        36.5%                     2.6 pts
Operating Income                    $   252.8    $   278.2     $    (25.4)     -9.1%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                 $   7,997.3  $   10,098.7  $    (2,101.4)  -20.8%
Rolling Chip Win %(1)                   3.34%        2.61%                     0.73 pts
Non-Rolling Chip Drop               $   1,743.2  $   2,107.6   $    (364.4)    -17.3%
Non-Rolling Chip Win %                  23.4%        24.2%                     -0.8 pts
Slot Handle                         $   1,009.3  $   1,325.4   $    (316.1)    -23.8%
Slot Hold %                             4.7%         4.3%                      0.4 pts
Hotel Statistics
Occupancy %                             83.5%        88.3%                     -4.8 pts
Average Daily Rate (ADR)            $   223      $   280       $    (57)       -20.4%
Revenue per Available Room (RevPAR) $   186      $   247       $    (61)       -24.7%
(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 2015 at Sands Cotai Central were $505.7 million and $160.9 million, respectively, resulting in an EBITDA margin of 31.8%.

Non-Rolling Chip drop was $1.46 billion in the fourth quarter with a Non-Rolling Chip win percentage of 21.3%. Rolling Chip volume was $4.13 billion for the quarter with a Rolling Chip win percentage of 2.62%. Slot handle was $1.48 billion for the quarter. Hotel occupancy was 85.4% with ADR of $151.

The following table summarizes our key operating results for Sands Cotai Central for the fourth quarter of 2015 compared to the fourth quarter of 2014:

Sands Cotai Central Operations      Three Months Ended
                                    December 31,
(Dollars in millions)               2015         2014         $ Change        Change
Revenues:
Casino                              $   426.1    $   611.1    $    (185.0)    -30.3%
Rooms                                   68.8         86.4          (17.6)     -20.4%
Food and Beverage                       25.5         32.2          (6.7)      -20.8%
Mall                                    18.3         19.0          (0.7)      -3.7%
Convention, Retail and Other            6.6          7.8           (1.2)      -15.4%
Less - Promotional Allowances           (39.6)       (51.5)        11.9       23.1%
Net Revenues                        $   505.7    $   705.0    $    (199.3)    -28.3%
Adjusted Property EBITDA            $   160.9    $   220.3    $    (59.4)     -27.0%
EBITDA Margin %                         31.8%        31.2%                    0.6 pts
Operating Income                    $   78.7     $   144.5    $    (65.8)     -45.5%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                 $   4,128.7  $   8,383.7  $    (4,255.0)  -50.8%
Rolling Chip Win %(1)                   2.62%        3.21%                    -0.59 pts
Non-Rolling Chip Drop               $   1,459.4  $   1,859.1  $    (399.7)    -21.5%
Non-Rolling Chip Win %                  21.3%        20.3%                    1.0 pts
Slot Handle                         $   1,480.3  $   1,817.2  $    (336.9)    -18.5%
Slot Hold %                             3.6%         3.5%                     0.1 pts
Hotel Statistics
Occupancy %                             85.4%        90.9%                    -5.5 pts
Average Daily Rate (ADR)            $   151      $   183      $    (32)       -17.5%
Revenue per Available Room (RevPAR) $   129      $   167      $    (38)       -22.8%
(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 and Plaza Casino Fourth Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $65.8 million in the fourth quarter of 2015, a decrease of 29.0% compared to the year-ago quarter. Non-Rolling Chip drop was $271.6 million, while Non-Rolling Chip win percentage was 20.1%. Rolling Chip volume was $2.43 billion for the quarter. Rolling Chip win percentage was 3.43% in the quarter, above the 3.12% experienced in the prior-year quarter. Slot handle was $103.5 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 2015 compared to the fourth quarter of 2014:

Four Seasons Hotel Macao and Plaza Casino Operations Three Months Ended
                                                     December 31,
(Dollars in millions)                                2015         2014         $ Change        Change
Revenues:
Casino                                               $   113.7    $   188.8    $    (75.1)     -39.8%
Rooms                                                    9.8          11.1          (1.3)      -11.7%
Food and Beverage                                        7.2          8.0           (0.8)      -10.0%
Mall                                                     37.5         48.2          (10.7)     -22.2%
Convention, Retail and Other                             0.9          0.9           -          0.0%
Less - Promotional Allowances                            (11.4)       (13.2)        1.8        13.6%
Net Revenues                                         $   157.7    $   243.8    $    (86.1)     -35.3%
Adjusted Property EBITDA                             $   65.8     $   92.7     $    (26.9)     -29.0%
EBITDA Margin %                                          41.7%        38.0%                    3.7 pts
Operating Income                                     $   53.8     $   79.8     $    (26.0)     -32.6%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                                  $   2,425.1  $   5,994.4  $    (3,569.3)  -59.5%
Rolling Chip Win %(1)                                    3.43%        3.12%                    0.31 pts
Non-Rolling Chip Drop                                $   271.6    $   296.9    $    (25.3)     -8.5%
Non-Rolling Chip Win %                                   20.1%        20.0%                    0.1 pts
Slot Handle                                          $   103.5    $   155.4    $    (51.9)     -33.4%
Slot Hold %                                              6.6%         5.8%                     0.8 pts
Hotel Statistics
Occupancy %                                              81.1%        86.7%                    -5.6 pts
Average Daily Rate (ADR)                             $   351      $   372      $    (21)       -5.6%
Revenue per Available Room (RevPAR)                  $   284      $   323      $    (39)       -12.1%
(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 was $51.3 million. Non-Rolling Chip drop was $716.4 million during the quarter, while slot handle was $661.5 million. Rolling Chip volume was $2.70 billion for the quarter. The property realized 3.18% win on Rolling Chip volume during the quarter, below the 3.57% generated in the year-ago quarter.

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

Sands Macao Operations              Three Months Ended
                                    December 31,
(Dollars in millions)               2015         2014         $ Change      Change
Revenues:
Casino                              $   198.3    $   261.3    $    (63.0)   -24.1%
Rooms                                   5.5          5.6           (0.1)    -1.8%
Food and Beverage                       8.3          9.9           (1.6)    -16.2%
Convention, Retail and Other            3.0          2.5           0.5      20.0%
Less - Promotional Allowances           (9.8)        (11.4)        1.6      14.0%
Net Revenues                        $   205.3    $   267.9    $    (62.6)   -23.4%
Adjusted Property EBITDA            $   51.3     $   76.7     $    (25.4)   -33.1%
EBITDA Margin %                         25.0%        28.6%                  -3.6 pts
Operating Income                    $   42.0     $   67.6     $    (25.6)   -37.9%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                 $   2,695.9  $   3,312.9  $    (617.0)  -18.6%
Rolling Chip Win %(1)                   3.18%        3.57%                  -0.39 pts
Non-Rolling Chip Drop               $   716.4    $   880.0    $    (163.6)  -18.6%
Non-Rolling Chip Win %                  17.3%        18.0%                  -0.7 pts
Slot Handle                         $   661.5    $   767.1    $    (105.6)  -13.8%
Slot Hold %                             3.3%         3.6%                   -0.3 pts
Hotel Statistics
Occupancy %                             99.1%        99.9%                  -0.8 pts
Average Daily Rate (ADR)            $   209      $   225      $    (16)     -7.1%
Revenue per Available Room (RevPAR) $   207      $   225      $    (18)     -8.0%
(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

The impact of 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 table games play also negatively impacted our reported financial results. The property generated adjusted property EBITDA of $338.2 million. On a hold-normalized basis, adjusted property EBITDA was $374.8 million. On a constant-currency basis, hold-normalized adjusted property EBITDA decreased 10.1%. On a constant-currency basis, and excluding the property tax refund from the prior year quarter, hold-normalized adjusted property EBITDA increased 11.8%.

Rolling Chip win percentage of 2.39% in the fourth quarter of 2015 was below the expected range and considerably below the 3.58% achieved in the fourth quarter of 2014. Rolling Chip volume was $10.12 billion for the quarter.

Non-Rolling Chip drop was $976.4 million during the quarter with a Non-Rolling Chip win percentage of 28.5%. Slot handle increased 6.3% to $3.32 billion for the quarter compared to the year-ago quarter. Total mass win-per-day during the quarter was $4.6 million and was an all-time quarterly record for the property in local currency terms.

ADR decreased to $392 during the quarter and occupancy decreased to 96.6%, resulting in a RevPAR decrease of 8.7% compared to the same quarter last year.

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

Marina Bay Sands Operations         Three Months Ended
                                    December 31,
(Dollars in millions)               2015          2014          $ Change      Change
Revenues:
Casino                              $   532.9     $   674.4     $    (141.5)  -21.0%
Rooms                                   88.3          92.1           (3.8)    -4.1%
Food and Beverage                       55.3          50.7           4.6      9.1%
Mall                                    41.7          45.7           (4.0)    -8.8%
Convention, Retail and Other            29.1          26.0           3.1      11.9%
Less - Promotional Allowances           (43.4)        (50.3)         6.9      13.7%
Net Revenues                        $   703.9     $   838.6     $    (134.7)  -16.1%
Adjusted Property EBITDA            $   338.2     $   518.5     $    (180.3)  -34.8%
EBITDA Margin %                         48.1%         61.8%                   -13.7 pts
Operating Income                    $   246.5     $   427.4     $    (180.9)  -42.3%
Gaming Statistics
(Dollars in millions)
Rolling Chip Volume                 $   10,116.9  $   10,048.2  $    68.7     0.7%
Rolling Chip Win %(1)                   2.39%         3.58%                   -1.19 pts
Non-Rolling Chip Drop               $   976.4     $   1,097.7   $    (121.3)  -11.1%
Non-Rolling Chip Win %                  28.5%         26.7%                   1.8 pts
Slot Handle                         $   3,323.4   $   3,125.0   $    198.4    6.3%
Slot Hold %                             4.4%          4.8%                    -0.4 pts
Hotel Statistics
Occupancy %                             96.6%         98.3%                   -1.7 pts
Average Daily Rate (ADR)            $   392       $   422       $    (30)     -7.1%
Revenue per Available Room (RevPAR) $   379       $   415       $    (36)     -8.7%
(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 $97.4 million for the quarter, an increase of 24.9% compared to the fourth quarter of 2014. On a hold-normalized basis, adjusted property EBITDA in the quarter increased 20.3% year-over-year to $105.4 million. RevPAR increased 22.2% year-over-year to $220 in the quarter, reflecting a 7.7% increase in ADR to $239 and an 11.0 percentage point increase in occupancy to 92.1%. Table games drop decreased 13.8% in the quarter to $472.5 million, reflecting softer Baccarat play, while slot handle increased 16.0% to $678.0 million.

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

                                    Three Months Ended
Las Vegas Operations                December 31,
(Dollars in millions)               2015        2014        $ Change     Change
Revenues:
Casino                              $   129.4   $   130.0   $    (0.6)   -0.5%
Rooms                                   141.5       113.6        27.9    24.6%
Food and Beverage                       74.0        61.5         12.5    20.3%
Convention, Retail and Other            81.6        81.8         (0.2)   -0.2%
Less - Promotional Allowances           (26.4)      (24.3)       (2.1)   -8.6%
Net Revenues                        $   400.1   $   362.6   $    37.5    10.3%
Adjusted Property EBITDA            $   97.4    $   78.0    $    19.4    24.9%
EBITDA Margin %                         24.3%       21.5%                2.8 pts
Operating Income                    $   80.0    $   64.8    $    15.2    23.5%
Gaming Statistics
(Dollars in millions)
Table Games Drop                    $   472.5   $   548.1   $    (75.6)  -13.8%
Table Games Win %(1)                    18.5%       19.1%                -0.6 pts
Slot Handle                         $   678.0   $   584.6   $    93.4    16.0%
Slot Hold %                             8.0%        7.7%                 0.3 pts
Hotel Statistics
Occupancy %                             92.1%       81.1%                11.0 pts
Average Daily Rate (ADR)            $   239     $   222     $    17      7.7%
Revenue per Available Room (RevPAR) $   220     $   180     $    40      22.2%
(1) This compares to our expected Baccarat win percentage of 21.0% to 29.0% and our expected non-Baccarat win percentage of 16.0% to 20.0% in the current year quarter (calculated before discounts). Our expected Baccarat win percentage in the prior-year quarter was 22.0% to 30.0% and our expected non-Baccarat win percentage was 14.0% to 18.0% (calculated before discounts).

Sands Bethlehem Fourth Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania increased 4.7% to $139.9 million and adjusted property EBITDA decreased 5.2% to $34.3 million for the quarter. Table games drop increased 4.6% to $292.9 million for the quarter, while table games win percentage was 18.3%, slightly below the 18.7% realized in the fourth quarter of 2014. Slot handle increased 5.1% year-over-year to $1.06 billion for the quarter with a slot hold percentage of 6.9%.

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

Sands Bethlehem Operations          Three Months Ended
                                    December 31,
(Dollars in millions)               2015         2014         $ Change    Change
Revenues:
Casino                              $   129.6    $   123.6    $    6.0    4.9%
Rooms                                   3.9          3.6           0.3    8.3%
Food and Beverage                       7.6          7.6           -      0.0%
Mall                                    1.3          1.3           -      0.0%
Convention, Retail and Other            5.1          4.7           0.4    8.5%
Less - Promotional Allowances           (7.6)        (7.2)         (0.4)  -5.6%
Net Revenues                        $   139.9    $   133.6    $    6.3    4.7%
Adjusted Property EBITDA            $   34.3     $   36.2     $    (1.9)  -5.2%
EBITDA Margin %                         24.5%        27.1%                -2.6 pts
Operating Income                    $   27.1     $   28.9     $    (1.8)  -6.2%
Gaming Statistics
(Dollars in millions)
Table Games Drop                    $   292.9    $   279.9    $    13.0   4.6%
Table Games Win %(1)                    18.3%        18.7%                -0.4 pts
Slot Handle                         $   1,062.7  $   1,011.4  $    51.3   5.1%
Slot Hold %                             6.9%         6.8%                 0.1 pts
Hotel Statistics
Occupancy %                             92.8%        87.9%                4.9 pts
Average Daily Rate (ADR)            $   152      $   149      $    3      2.0%
Revenue per Available Room (RevPAR) $   146      $   131      $    15     11.5%
(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 was $159.3 million for the fourth quarter of 2015, a decrease of 8.2% compared to the fourth quarter of 2014. Operating profit derived from these retail mall assets decreased 8.6% year-over-year to $143.8 million.

                                For The Three Months Ended December 31, 2015                                                                       TTM December 31, 2015
(Dollars in millions            Gross Revenue(1)   Operating Profit   Operating Profit Margin  Gross Leasable Area  Occupancy % at End of Period   Tenant Sales Per
except per square foot data)                                                                   (sq. ft.)                                           Sq. Ft.(2)
Shoppes at Venetian             $        61.9      $        56.9      91.9%                    780,165              97.8%                          $     1,469
Shoppes at Four Seasons
                Luxury Retail            23.7               22.4      94.5%                    142,562              100.0%                               4,732
                Other Stores             13.8               13.6      98.6%                    116,832              97.9%                                1,622
                Total                    37.5               36.0      96.0%                    259,394              99.0%                                3,423
Shoppes at Cotai Central                 18.2               16.4      90.1%                    331,499 (3)          97.9%                                896
Total Cotai Strip in Macao               117.6              109.3     92.9%                    1,371,058            98.0%                                1,719
The Shoppes at Marina Bay Sands          41.7               34.5      82.7%                    644,719              95.2%                                1,361
Total                           $        159.3     $        143.8     90.3%                    2,015,777            97.1%                          $     1,607
(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, which is principally comprised of our CotaiJet ferry operation, reflected adjusted property EBITDA of $6.1 million during the quarter, compared to $2.2 million in the fourth quarter of 2014.

Pre-opening expense, which was principally related to the St. Regis tower at Sands Cotai Central - that opened on December 18, 2015 - was $17.6 million in the fourth quarter of 2015.

Depreciation and amortization expense was $248.7 million in the fourth quarter of 2015, compared to $255.5 million in the fourth quarter of 2014.

Interest expense, net of amounts capitalized, was $66.2 million for the fourth quarter of 2015, compared to $66.7 million in the prior-year quarter. Capitalized interest was $10.7 million during the fourth quarter of 2015, compared to $3.1 million during the fourth quarter of 2014. Our weighted average borrowing cost in the fourth quarter of 2015 was approximately 3.2%.

Corporate expense was $48.9 million in the fourth quarter of 2015, compared to $36.2 million in the fourth quarter of 2014.

Other expense was $1.0 million in the fourth quarter of 2015, compared to other income of $4.3 million in the fourth quarter of 2014.

The company’s effective income tax rate for the fourth quarter of 2015 was 9.8% compared to 9.4% in the prior-year quarter. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

The net income attributable to noncontrolling interests during the fourth quarter of 2015 of $109.2 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of December 31, 2015 were $2.18 billion.

As of December 31, 2015, total debt outstanding, including the current portion, was $9.47 billion.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $415.7 million, including construction, development and maintenance activities of $354.3 million in Macao, $33.1 million at Marina Bay Sands, $23.6 million in Las Vegas, and $4.7 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company’s results on Wednesday, January 27, 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.

Note 1

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

About Las Vegas Sands

Las Vegas Sands (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 majority ownership in Sands China Ltd. (HK: 1928), LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.

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

Contacts:

Investment Community: Daniel Briggs (702) 414-1221
Media:                Ron Reese     (702) 414-3607

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

Within the company’s fourth quarter 2015 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company’s management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.’s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.

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

Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
                                                    Three Months Ended                      Years Ended
                                                    December 31,                            December 31,
                                                    2015                2014                2015                 2014
Revenues:
Casino                                              $    2,162,247      $    2,722,402      $     9,083,004      $   12,004,361
Rooms                                               367,324             378,215             1,469,874            1,540,420
Food and beverage                                   201,610             195,965             757,512              778,769
Mall                                                160,657             174,702             564,309              553,534
Convention, retail and other                        150,239             157,041             539,651              548,704
                                                    3,042,077           3,628,325           12,414,350           15,425,788
Less - promotional allowances                       (180,342)           (212,332)           (725,889)            (841,939)
                                                    2,861,735           3,415,993           11,688,461           14,583,849
Operating expenses:
Resort operations                                   1,814,934           2,075,747           7,540,140            9,190,275
Corporate                                           48,893              36,246              176,169              174,750
Pre-opening                                         17,649              8,203               47,509               26,230
Development                                         3,344               5,373               10,372               14,325
Depreciation and amortization                       248,707             255,524             998,919              1,031,589
Amortization of leasehold interests in land         9,585               10,446              38,645               40,598
Loss on disposal of assets                          16,642              1,934               35,232               6,856
                                                    2,159,754           2,393,473           8,846,986            10,484,623
Operating income                                    701,981             1,022,520           2,841,475            4,099,226
Other income (expense):
Interest income                                     2,487               8,534               15,085               25,643
Interest expense, net of amounts capitalized        (66,202)            (66,686)            (265,220)            (274,181)
Other income (expense)                              (1,047)             4,333               30,542               1,965
Loss on modification or early retirement of debt    -                   -                   -                    (19,942)
Income before income taxes                          637,219             968,701             2,621,882            3,832,711
Income tax expense                                  (62,244)            (90,701)            (236,185)            (244,640)
Net income                                          574,975             878,000             2,385,697            3,588,071
Net income attributable to noncontrolling interests (109,193)           (156,695)           (419,461)            (747,442)
Net income attributable to Las Vegas Sands Corp.    $       465,782     $       721,305     $     1,966,236      $     2,840,629
Earnings per share:
Basic                                               $             0.59  $             0.90  $              2.47  $              3.52
Diluted                                             $             0.59  $             0.90  $              2.47  $              3.52
Weighted average shares outstanding:
Basic                                               794,963,357         799,851,322         796,785,900          806,130,838
Diluted                                             795,653,442         801,465,931         797,596,082          808,019,219
Dividends declared per common share                 $             0.65  $             0.50  $              2.60  $              2.00
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, 2015
                                                                                                                                            Amortization                                                                                  Pre-Opening
                                                                                             Depreciation                                   of Leasehold                                   Loss                                           and                                                                                           (1)                                                                                           Adjusted
                                              Operating                                      and                                            Interests                                      on Disposal                                    Development                                    Royalty                                        Stock-Based                                    Corporate                                      Property
                                              Income (Loss)                                  Amortization                                   in Land                                        of Assets                                      Expense                                        Fees                                           Compensation                                   Expense                                        EBITDA
Macao:
The Venetian Macao                            $       252,817                                $      39,681                                  $         1,666                                $       1,344                                  $              -                               $         -                                    $           1,769                              $          -                                   $                      297,277
Sands Cotai Central                           78,653                                         67,879                                         2,139                                          2,417                                          9,060                                          -                                              799                                            -                                              160,947
Four Seasons Hotel Macao and Plaza Casino     53,782                                         9,593                                          720                                            60                                             1,436                                          -                                              208                                            -                                              65,799
Sands Macao                                   42,000                                         8,700                                          373                                            19                                             -                                              -                                              208                                            -                                              51,300
Macao Property Operations                     427,252                                        125,853                                        4,898                                          3,840                                          10,496                                         -                                              2,984                                          -                                              575,323
Marina Bay Sands                              246,511                                        60,902                                         4,074                                          1,977                                          233                                            24,307                                         239                                            -                                              338,243
United States:
Las Vegas Operating Properties                79,963                                         43,092                                         -                                              10,824                                         -                                              (37,704)                                       1,229                                          -                                              97,404
Sands Bethlehem                               27,068                                         7,133                                          -                                              -                                              121                                            -                                              -                                              -                                              34,322
United States Property Operations             107,031                                        50,225                                         -                                              10,824                                         121                                            (37,704)                                       1,229                                          -                                              131,726
Other Asia (2)                                (11,239)                                       3,559                                          -                                              1                                              -                                              13,640                                         92                                             -                                              6,053
Other Development                             (10,918)                                       162                                            613                                            -                                              10,143                                         -                                              -                                              -                                              -
Corporate                                     (56,656)                                       8,006                                          -                                              -                                              -                                              (243)                                          -                                              48,893                                         -
                                              $       701,981                                $    248,707                                   $         9,585                                $     16,642                                   $       20,993                                 $         -                                    $           4,544                              $   48,893                                     $                   1,051,345
                                              Three Months Ended December 31, 2014
                                                                                                                                            Amortization                                                                                  Pre-Opening
                                                                                             Depreciation                                   of Leasehold                                   (Gain) Loss                                    and                                                                                           (1)                                                                                           Adjusted
                                              Operating                                      and                                            Interests                                      on Disposal                                    Development                                    Royalty                                        Stock-Based                                    Corporate                                      Property
                                              Income (Loss)                                  Amortization                                   in Land                                        of Assets                                      Expense                                        Fees                                           Compensation                                   Expense                                        EBITDA
Macao:
The Venetian Macao                            $       278,219                                $      38,116                                  $         2,031                                $          872                                 $              -                               $         -                                    $           2,209                              $          -                                   $                     321,447
Sands Cotai Central                           144,481                                        71,266                                         2,027                                          343                                            1,101                                          -                                              1,059                                          -                                              220,277
Four Seasons Hotel Macao and Plaza Casino     79,779                                         9,767                                          1,151                                          24                                             1,658                                          -                                              341                                            -                                              92,720
Sands Macao                                   67,586                                         8,452                                          354                                            (80)                                           -                                              -                                              422                                            -                                              76,734
Macao Property Operations                     570,065                                        127,601                                        5,563                                          1,159                                          2,759                                          -                                              4,031                                          -                                              711,178
Marina Bay Sands                              427,406                                        62,310                                         4,520                                          119                                            85                                             23,823                                         258                                            -                                              518,521
United States:
Las Vegas Operating Properties                64,777                                         47,350                                         -                                              452                                            223                                            (35,785)                                       946                                            -                                              77,963
Sands Bethlehem                               28,944                                         6,485                                          -                                              230                                            16                                             -                                              524                                            -                                              36,199
United States Property Operations             93,721                                         53,835                                         -                                              682                                            239                                            (35,785)                                       1,470                                          -                                              114,162
Other Asia (2)                                (13,943)                                       3,533                                          -                                              16                                             338                                            12,200                                         101                                            -                                              2,245
Other Development                             (10,679)                                       161                                            363                                            -                                              10,155                                         -                                              -                                              -                                              -
Corporate                                     (44,050)                                       8,084                                          -                                              (42)                                           -                                              (238)                                          -                                              36,246                                         -
                                              $     1,022,520                                $    255,524                                   $       10,446                                 $       1,934                                  $       13,576                                 $         -                                    $           5,860                              $   36,246                                     $                   1,346,106
                                              Year Ended December 31, 2015
                                                                                                                                            Amortization                                                                                  Pre-Opening
                                                                                             Depreciation                                   of Leasehold                                   (Gain) Loss                                    and                                                                                           (1)                                                                                           Adjusted
                                              Operating                                      and                                            Interests                                      on Disposal                                    Development                                    Royalty                                        Stock-Based                                    Corporate                                      Property
                                              Income (Loss)                                  Amortization                                   in Land                                        of Assets                                      Expense                                        Fees                                           Compensation                                   Expense                                        EBITDA
Macao:
The Venetian Macao                            $       897,437                                $    155,084                                   $         6,637                                $     10,316                                   $              -                               $         -                                    $           9,116                              $          -                                   $                   1,078,590
Sands Cotai Central                           337,791                                        277,388                                        8,355                                          6,510                                          17,447                                         -                                              4,033                                          -                                              651,524
Four Seasons Hotel Macao and Plaza Casino     194,555                                        38,501                                         2,860                                          73                                             6,199                                          -                                              1,202                                          -                                              243,390
Sands Macao                                   184,586                                        35,718                                         1,486                                          3,189                                          -                                              -                                              1,115                                          -                                              226,094
Macao Property Operations                     1,614,369                                      506,691                                        19,338                                         20,088                                         23,646                                         -                                              15,466                                         -                                              2,199,598
Marina Bay Sands                              1,145,094                                      242,512                                        16,853                                         2,246                                          1,415                                          97,476                                         890                                            -                                              1,506,486
United States:
Las Vegas Operating Properties                263,825                                        174,332                                        -                                              13,016                                         294                                            (151,061)                                      5,063                                          -                                              305,469
Sands Bethlehem                               108,401                                        27,291                                         -                                              (127)                                          205                                            -                                              74                                             -                                              135,844
United States Property Operations             372,226                                        201,623                                        -                                              12,889                                         499                                            (151,061)                                      5,137                                          -                                              441,313
Other Asia (2)                                (46,253)                                       14,101                                         -                                              9                                              -                                              54,560                                         416                                            -                                              22,833
Other Development                             (35,420)                                       645                                            2,454                                          -                                              32,321                                         -                                              -                                              -                                              -
Corporate                                     (208,541)                                      33,347                                         -                                              -                                              -                                              (975)                                          -                                              176,169                                        -
                                              $     2,841,475                                $    998,919                                   $       38,645                                 $     35,232                                   $       57,881                                 $         -                                    $          21,909                              $  176,169                                     $                  4,170,230
                                              Year Ended December 31, 2014
                                                                                                                                            Amortization                                                                                  Pre-Opening
                                                                                             Depreciation                                   of Leasehold                                   (Gain) Loss                                    and                                                                                           (1)                                                                                           Adjusted
                                              Operating                                      and                                            Interests                                      on Disposal                                    Development                                    Royalty                                        Stock-Based                                    Corporate                                      Property
                                              Income (Loss)                                  Amortization                                   in Land                                        of Assets                                      Expense                                        Fees                                           Compensation                                   Expense                                        EBITDA
Macao:
The Venetian Macao                            $     1,381,460                                $    146,365                                   $         6,992                                $       1,588                                  $              -                               $         -                                    $           9,918                              $          -                                   $                  1,546,323
Sands Cotai Central                           705,780                                        275,459                                        8,487                                          1,423                                          5,464                                          -                                              4,874                                          -                                              1,001,487
Four Seasons Hotel Macao and Plaza Casino     323,593                                        39,307                                         3,269                                          116                                            7,291                                          -                                              1,323                                          -                                              374,899
Sands Macao                                   301,246                                        33,994                                         1,415                                          82                                             -                                              -                                              1,853                                          -                                              338,590
Macao Property Operations                     2,712,079                                      495,125                                        20,163                                         3,209                                          12,755                                         -                                              17,968                                         -                                              3,261,299
Marina Bay Sands                              1,326,729                                      271,801                                        18,207                                         3,636                                          160                                            98,710                                         3,904                                          -                                              1,723,147
United States:
Las Vegas Operating Properties                267,342                                        187,004                                        -                                              (272)                                          356                                            (146,523)                                      6,006                                          -                                              313,913
Sands Bethlehem                               89,966                                         29,739                                         -                                              160                                            110                                            -                                              516                                            -                                              120,491
United States Property Operations             357,308                                        216,743                                        -                                              (112)                                          466                                            (146,523)                                      6,522                                          -                                              434,404
Other Asia (2)                                (60,368)                                       14,137                                         -                                              165                                            384                                            48,800                                         375                                            -                                              3,493
Other Development                             (29,649)                                       631                                            2,228                                          -                                              26,790                                         -                                              -                                              -                                              -
Corporate                                     (206,873)                                      33,152                                         -                                              (42)                                           -                                              (987)                                          -                                              174,750                                        -
                                              $     4,099,226                                $  1,031,589                                   $       40,598                                 $       6,856                                  $       40,555                                 $         -                                    $          28,769                              $  174,750                                     $                   5,422,343
(1) During the three months ended December 31, 2015 and 2014, the Company recorded stock-based compensation expense of $9.3 million and $10.3 million, respectively, of which $4.5 million and $4.3 million, respectively, is included in corporate expense and $0.3 million and $0.1 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, 2015 and 2014, the Company recorded stock-based compensation expense of $45.8 million and $48.1 million, respectively, of which $22.8 million and $18.7 million, respectively, is included in corporate expense and $1.1 million and $0.6 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, 2015
                                                                                                                                                       (1)                                                                         (2)                                                                         Hold-Normalized
                                                                           Adjusted                                                                    Hold-Normalized                                                             Hold-Normalized                                                             Adjusted
                                                                           Property                                                                    Casino                                                                      Casino                                                                      Property
                                                                           EBITDA                                                                      Revenue                                                                     Expense                                                                     EBITDA
Macao Property Operations                                                  $    575,323                                                                $            (48,374)                                                       $             22,191                                                        $           549,140
Marina Bay Sands                                                           338,243                                                                     45,992                                                                      (9,390)                                                                     374,845
United States:
Las Vegas Operating Properties                                             97,404                                                                      9,762                                                                       (1,737)                                                                     105,429
Sands Bethlehem                                                            34,322                                                                      -                                                                           -                                                                           34,322
United States Property Operations                                          131,726                                                                     9,762                                                                       (1,737)                                                                     139,751
Other Asia                                                                 6,053                                                                       -                                                                           -                                                                           6,053
Other Development                                                          -                                                                           -                                                                           -                                                                           -
Corporate                                                                  -                                                                           -                                                                           -                                                                           -
                                                                           $  1,051,345                                                                $               7,380                                                       $             11,064                                                        $        1,069,789
                                                                           Three Months Ended December 31, 2014
                                                                                                                                                       (1)                                                                         (2)                                                                         Hold-Normalized
                                                                           Adjusted                                                                    Hold-Normalized                                                             Hold-Normalized                                                             Adjusted
                                                                           Property                                                                    Casino                                                                      Casino                                                                      Property
                                                                           EBITDA                                                                      Revenue                                                                     Expense                                                                     EBITDA
Macao Property Operations                                                  $    711,178                                                                $            (43,795)                                                       $             18,798                                                        $           686,181
Marina Bay Sands                                                           518,521                                                                     (72,014)                                                                    14,527                                                                      461,034
United States:
Las Vegas Operating Properties                                             77,963                                                                      11,705                                                                      (2,058)                                                                     87,610
Sands Bethlehem                                                            36,199                                                                      -                                                                           -                                                                           36,199
United States Property Operations                                          114,162                                                                     11,705                                                                      (2,058)                                                                     123,809
Other Asia                                                                 2,245                                                                       -                                                                           -                                                                           2,245
Other Development                                                          -                                                                           -                                                                           -                                                                           -
Corporate                                                                  -                                                                           -                                                                           -                                                                           -
                                                                           $  1,346,106                                                                $          (104,104)                                                        $             31,267                                                        $        1,273,269
(1) For Macao Property Operations and Marina Bay Sands, this represents the estimated incremental casino revenue related to Rolling volume play that would have been earned or lost had the Company’s current period win percentage equaled 2.85%. This calculation will only be done if the current period win percentage is outside the expected range of 2.7% to 3.0%
For the Las Vegas Operating Properties, this represents the estimated incremental casino revenue related to all table games play that would have been earned or lost had the Company’s current period win percentage equaled 25.0% for Baccarat and 18.0% for non-Baccarat for 2015 and 26.0% for Baccarat and 16.0% for non-Baccarat for 2014.  This calculation will only be done if the current period win percentages for Baccarat and non-Baccarat are outside the expected ranges of 21.0% to 29.0% and 16.0% to 20.0%, respectively, for 2015 and 22.0% to 30.0% and 14.0% to 18.0%, respectively, for 2014
For Sands Bethlehem, no adjustments have been, or will be, made
These amounts have been offset by the estimated commissions paid and discounts and other incentives rebated directly or indirectly to customers
(2) Represents the estimated incremental expenses (gaming taxes, bad debt expense and commissions paid to third parties) that would have been incurred or avoided on the incremental casino revenue calculated in (1) above
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                        Years Ended
                                                    December 31,                              December 31,
                                                    2015                 2014                 2015                 2014
Net income attributable to Las Vegas Sands Corp.    $    465,782         $    721,305         $    1,966,236       $    2,840,629
Add (deduct):
Net income attributable to noncontrolling interests 109,193              156,695              419,461              747,442
Income tax expense                                  62,244               90,701               236,185              244,640
Loss on modification or early retirement of debt    -                    -                    -                    19,942
Other (income) expense                              1,047                (4,333)              (30,542)             (1,965)
Interest expense, net of amounts capitalized        66,202               66,686               265,220              274,181
Interest income                                     (2,487)              (8,534)              (15,085)             (25,643)
Loss on disposal of assets                          16,642               1,934                35,232               6,856
Amortization of leasehold interests in land         9,585                10,446               38,645               40,598
Depreciation and amortization                       248,707              255,524              998,919              1,031,589
Development expense                                 3,344                5,373                10,372               14,325
Pre-opening expense                                 17,649               8,203                47,509               26,230
Stock-based compensation (1)                        4,544                5,860                21,909               28,769
Corporate expense                                   48,893               36,246               176,169              174,750
Adjusted Property EBITDA                            $  1,051,345         $  1,346,106         $    4,170,230       $    5,422,343
Hold-normalized casino revenue (2)                  7,380                (104,104)
Hold-normalized casino expense (2)                  11,064               31,267
Hold-Normalized Adjusted Property EBITDA            $  1,069,789         $  1,273,269
(1)  See Exhibit 2
(2)  See Exhibit 3
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)
                                                    Three Months Ended                        Years Ended
                                                    December 31,                              December 31,
                                                    2015                 2014                 2015                 2014
The Venetian Macao                                  $    760,653         $    880,307         $    2,986,851       $    4,040,681
Sands Cotai Central                                 505,723              705,042              2,181,877            3,133,864
Four Seasons Hotel Macao and Plaza Casino           157,723              243,839              691,037              1,107,779
Sands Macao                                         205,274              267,913              879,563              1,174,795
Marina Bay Sands                                    703,865              838,592              2,952,400            3,214,210
Las Vegas Operating Properties                      400,135              362,575              1,508,006            1,478,769
Sands Bethlehem                                     139,905              133,593              549,109              504,237
Other Asia                                          42,370               38,492               159,798              151,778
Intersegment Eliminations                           (53,913)             (54,360)             (220,180)            (222,264)
                                                    $  2,861,735         $  3,415,993         $  11,688,461        $  14,583,849
_______________________
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
(Unaudited)
                                                    Three Months Ended                        Years Ended
                                                    December 31,                              December 31,
                                                    2015                 2014                 2015                 2014
The Venetian Macao                                  39.1%                36.5%                36.1%                38.3%
Sands Cotai Central                                 31.8%                31.2%                29.9%                32.0%
Four Seasons Hotel Macao and Plaza Casino           41.7%                38.0%                35.2%                33.8%
Sands Macao                                         25.0%                28.6%                25.7%                28.8%
Marina Bay Sands                                    48.1%                61.8%                51.0%                53.6%
Las Vegas Operating Properties                      24.3%                21.5%                20.3%                21.2%
Sands Bethlehem                                     24.5%                27.1%                24.7%                23.9%
Other Asia                                          14.3%                5.8%                 14.3%                2.3%
Total                                               36.7%                39.4%                35.7%                37.2%
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                            Years Ended
                                                      December 31,                                  December 31,
                                                      2015                   2014                   2015                   2014
Net income attributable to Las Vegas Sands Corp.      $     465,782          $     721,305          $  1,966,236           $  2,840,629
Pre-opening expense, net                              12,251                 5,929                  33,417                 18,651
Development expense, net                              3,339                  5,373                  10,367                 14,325
Loss on disposal of assets, net                       10,983                 1,589                  24,712                 5,900
Loss on modification or early retirement of debt, net -                      -                      -                      14,589
Adjusted net income                                   $     492,355          $     734,196          $  2,034,732           $  2,894,094
Hold-normalized casino revenue (1)                    7,380                  (104,104)
Hold-normalized casino expense (1)                    11,064                 31,267
Income tax impact on hold adjustments                 (6,222)                9,773
Noncontrolling interest impact on hold adjustments    7,825                  7,467
Hold-normalized adjusted net income                   $     512,402          $     678,599
(1)  See Exhibit 3
Per diluted share of common stock:
Net income attributable to Las Vegas Sands Corp.      $          0.59        $          0.90        $          2.47        $          3.52
Pre-opening expense, net                              0.02                   0.01                   0.04                   0.02
Development expense, net                              -                      0.01                   0.01                   0.02
Loss on disposal of assets, net                       0.01                   -                      0.03                   -
Loss on modification or early retirement of debt, net -                      -                      -                      0.02
Adjusted earnings per diluted share                   $          0.62        $          0.92        $          2.55        $          3.58
Hold-normalized casino revenue                        0.01                   (0.13)
Hold-normalized casino expense                        0.01                   0.04
Income tax impact on hold adjustments                 (0.01)                 0.01
Noncontrolling interest impact on hold adjustments    0.01                   0.01
Hold-normalized adjusted earnings per diluted share   $          0.64        $          0.85
Weighted average diluted shares outstanding           795,653,442            801,465,931            797,596,082            808,019,219
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)
                                                                           Three Months Ended           Years Ended
                                                                           December 31,                 December 31,
                                                                           2015            2014         2015         2014
Room Statistics:
             The Venetian Macao:
                                   Occupancy %                             83.5%           88.3%        84.0%        91.3%
                                   Average daily room rate (ADR) (1)       $     223       $     280    $     243    $     270
                                   Revenue per available room (RevPAR) (2) $     186       $     247    $     204    $     246
             Sands Cotai Central:
                                   Occupancy %                             85.4%           90.9%        83.1%        88.5%
                                   Average daily room rate (ADR) (1)       $     151       $     183    $     157    $     176
                                   Revenue per available room (RevPAR) (2) $     129       $     167    $     131    $     156
             Four Seasons Hotel Macao and Plaza Casino:
                                   Occupancy %                             81.1%           86.7%        82.0%        87.0%
                                   Average daily room rate (ADR) (1)       $     351       $     372    $     376    $     400
                                   Revenue per available room (RevPAR) (2) $     284       $     323    $     308    $     348
             Sands Macao:
                                   Occupancy %                             99.1%           99.9%        99.3%        98.6%
                                   Average daily room rate (ADR) (1)       $     209       $     225    $     220    $     238
                                   Revenue per available room (RevPAR) (2) $     207       $     225    $     218    $     235
             Marina Bay Sands:
                                   Occupancy %                             96.6%           98.3%        96.3%        99.0%
                                   Average daily room rate (ADR) (1)       $     392       $     422    $     404    $     431
                                   Revenue per available room (RevPAR) (2) $     379       $     415    $     389    $     427
             Las Vegas Operating Properties:
                                   Occupancy %                             92.1%           81.1%        91.8%        88.0%
                                   Average daily room rate (ADR) (1)       $     239       $     222    $     233    $     222
                                   Revenue per available room (RevPAR) (2) $     220       $     180    $     214    $     196
             Sands Bethlehem:
                                   Occupancy %                             92.8%           87.9%        91.5%        83.4%
                                   Average daily room rate (ADR) (1)       $     152       $     149    $     151    $     146
                                   Revenue per available room (RevPAR) (2) $     146       $     131    $     138    $     122
Casino Statistics:
             The Venetian Macao:
                                   Table games win per unit per day (3)    $11,563         $13,530      $11,864      $16,286
                                   Slot machine win per unit per day (4)   $     267       $     309    $     261    $     360
                                   Average number of table games           635             622          618          639
                                   Average number of slot machines         1,925           2,011        2,077        2,018
             Sands Cotai Central:
                                   Table games win per unit per day (3)    $  9,035        $13,611      $10,340      $16,862
                                   Slot machine win per unit per day (4)   $     320       $     422    $     341    $     426
                                   Average number of table games           503             517          504          498
                                   Average number of slot machines         1,791           1,635        1,726        1,725
             Four Seasons Hotel Macao and Plaza Casino:
                                   Table games win per unit per day (3)    $15,024         $19,003      $15,801      $25,518
                                   Slot machine win per unit per day (4)   $     471       $     663    $     501    $     748
                                   Average number of table games           100             141          116          132
                                   Average number of slot machines         157             149          159          156
             Sands Macao:
                                   Table games win per unit per day (3)    $  8,309        $12,158      $  8,616     $13,165
                                   Slot machine win per unit per day (4)   $     260       $     323    $     281    $     346
                                   Average number of table games           274             247          280          258
                                   Average number of slot machines         912             919          945          942
             Marina Bay Sands:
                                   Table games win per unit per day (3)    $  9,218        $11,617      $10,434      $11,159
                                   Slot machine win per unit per day (4)   $     661       $     666    $     659    $     684
                                   Average number of table games           613             611          600          622
                                   Average number of slot machines         2,402           2,455        2,411        2,412
             Las Vegas Operating Properties:
                                   Table games win per unit per day (3)    $  3,856        $  4,843     $  3,698     $  4,965
                                   Slot machine win per unit per day (4)   $     284       $     216    $     242    $     203
                                   Average number of table games           247             236          245          235
                                   Average number of slot machines         2,080           2,275        2,193        2,344
             Sands Bethlehem:
                                   Table games win per unit per day (3)    $  3,332        $  3,235     $  3,159     $  2,937
                                   Slot machine win per unit per day (4)   $     270       $     250    $     274    $     255
                                   Average number of table games           175             176          176          167
                                   Average number of slot machines         2,976           3,012        2,992        3,011
(1)           ADR is calculated by dividing total room revenue by total rooms occupied.
(2)           RevPAR is calculated by dividing total room revenue by total rooms available.
(3)           Table games win per unit per day is shown before discounts and commissions.
(4)           Slot machine win per unit per day is shown before deducting cost for slot points.

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SOURCE Las Vegas Sands Corp.

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