SYS-CON MEDIA Authors: Gilad Parann-Nissany, Michael Bushong, Eric Brown, Kevin Benedict

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Las Vegas Sands Reports Second Quarter 2014 Results

LAS VEGAS, NV -- (Marketwired) -- 07/16/14 -- Las Vegas Sands Corp. (NYSE: LVS)

For the Quarter Ended June 30, 2014 (Compared to the Quarter Ended June 30, 2013):

  • Net Revenue Increased 11.8% to $3.62 Billion

  • Strong Mass Gaming Volumes Drove a 21.9% Increase in Adjusted Property EBITDA in Macao to $801.3 Million (See Note 1 Below)

  • Consolidated Adjusted Property EBITDA Increased 18.6% to $1.31 Billion (See Note 1 Below)

  • Adjusted Earnings per Diluted Share Increased 30.8% to $0.85 (GAAP Earnings per Diluted Share Increased 29.7% to $0.83) (See Note 1 Below)

  • The Company Paid Dividends of $0.50 per share, an Increase of 42.9%

  • The Company Returned $320.0 Million of Capital to Shareholders through its Stock Repurchase Program (Exceeding its $75.0 Million per Month Minimum Target)

Note 1 - Includes the impact of the initiation of a "14th month" special bonus accrual for non-management employees in Macao. Absent this accrual, Adjusted Property EBITDA would have been approximately $29 million higher both in Macao and on a consolidated basis, and Adjusted Earnings per Diluted Share would have been $0.03 higher.

Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended June 30, 2014.

Second Quarter Overview

Mr. Sheldon G. Adelson, chairman and chief executive officer, said, "I am extremely pleased to report another quarter of continued strong growth in revenue, cash flow and earnings per share. We are driving our strong financial performance through the focused and consistent execution of our global growth strategy, which continues to harness the power of our convention-based Integrated Resort business model. We are confident that the continued execution of this strategy will extend our position as the global leader in Integrated Resort development and operation.

"In Macao, we delivered strong growth in the mass and non-gaming segments of our business. We welcomed nearly seventeen million visits during the quarter to our Macao property portfolio, which delivered a second quarter record $801.3 million in adjusted property EBITDA. We remain confident that our market-leading Cotai Strip properties, which will be complemented by the Parisian Macao, which is targeted to open in late 2015, will meaningfully enhance the appeal of Macao to business and leisure travelers and provide an outstanding platform for growth in the years ahead."

In Singapore, adjusted property EBITDA reached $417.8 million, reflecting strong growth in non-gaming revenue and steady mass gaming results. Mass win-per-day increased 3.8% in the quarter compared to the year ago quarter, and reached a property record $4.68 million per day.

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

Since the inception of the company's share repurchase program in June 2013, the company has returned $1.7 billion to shareholders through the repurchase of nearly 22.8 million shares, including $320.0 million of common stock (4.2 million shares at a weighted average price of $76.56) during the quarter ended June 30, 2014.

The company paid a recurring quarterly dividend of $0.50 per common share during the quarter, an increase of 42.9% compared to the second quarter of 2013. The company also announced that its next recurring quarterly dividend for the third quarter of 2014 of $0.50 per common share will be paid on September 30, 2014 to Las Vegas Sands shareholders of record on September 22, 2014.

Company-Wide Operating Results

Net revenue for the second quarter of 2014 increased 11.8% to reach $3.62 billion, compared to $3.24 billion in the second quarter of 2013. Consolidated adjusted property EBITDA increased 18.6% to reach $1.31 billion in the second quarter of 2014, compared to $1.11 billion in the year-ago quarter. On a hold-normalized basis, adjusted property EBITDA increased 5.3% to reach $1.22 billion in the second quarter of 2014, compared to $1.16 billion in the second quarter of 2013.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2014 increased 23.2% to $961.5 million, compared to $780.6 million in the second quarter of 2013. The increase in operating income was principally due to stronger operating results across our Macao property portfolio.

On a GAAP basis, net income attributable to Las Vegas Sands in the second quarter of 2014 increased 26.7% to $671.4 million, compared to $529.8 million in the second quarter of 2013, while diluted earnings per share in the second quarter of 2014 increased 29.7% to $0.83, compared to $0.64 in the prior year quarter. The increase in net income attributable to Las Vegas Sands reflected the growth in operating income described above, partially offset by the increase in net income attributable to noncontrolling interests.

Adjusted net income (see Note 2) increased to $690.4 million, or $0.85 per diluted share, compared to $540.6 million, or $0.65 per diluted share, in the second quarter of 2013. The increase in adjusted net income was driven by the higher net income attributable to Las Vegas Sands described above.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 15.0% to $2.38 billion in the second quarter of 2014, compared to $2.07 billion in the second quarter of 2013. Adjusted property EBITDA for Sands China Ltd. increased 22.3% to $800.6 million in the second quarter of 2014, compared to $654.8 million in the second quarter of 2013. Net income for Sands China Ltd. increased 27.2% to $620.2 million in the second quarter of 2014, compared to $487.6 million in the second quarter of 2013.

The Venetian Macao Second Quarter Operating Results

The Venetian Macao continued to enjoy Macao market-leading visitation and financial performance. The property delivered adjusted property EBITDA of $402.1 million, an increase of 11.4% compared to the second quarter of 2013. Non-Rolling Chip drop increased 40.2% to reach $2.23 billion for the quarter with Non-Rolling Chip win percentage of 25.7%. Rolling Chip volume during the quarter increased 4.2% to reach $12.33 billion. Rolling Chip win percentage was 3.45% in the quarter, exceeding both the expected range and the 3.41% experienced in the prior-year quarter. Slot handle increased 17.1% compared to the second quarter of 2013 and reached $1.35 billion. Mall revenues increased 12.5% during the quarter to reach $42.2 million.

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


                                   Three Months Ended
The Venetian Macao Operations           June 30,
                                  --------------------
(Dollars in millions)                2014       2013     $ Change   Change
                                  ---------  ---------  ---------  --------
Revenues:
  Casino                          $   927.6  $   800.6  $   127.0      15.9%
  Rooms                                61.2       51.1       10.1      19.8%
  Food and Beverage                    23.7       19.8        3.9      19.7%
  Mall                                 42.2       37.5        4.7      12.5%
  Convention, Retail and Other         21.3       18.4        2.9      15.8%
  Less - Promotional Allowances       (43.3)     (32.7)     (10.6)    -32.4%
                                  ---------  ---------  ---------
Net Revenues                      $ 1,032.7  $   894.7  $   138.0      15.4%

Adjusted Property EBITDA          $   402.1  $   360.9  $    41.2      11.4%
  EBITDA Margin %                      38.9%      40.3%            -1.4 pts

Operating Income                  $   361.2  $   322.6  $    38.6      12.0%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume               $12,329.7  $11,838.0  $   491.7       4.2%
  Rolling Chip Win %(1)                3.45%      3.41%            0.04 pts

Non-Rolling Chip Drop             $ 2,234.9  $ 1,593.8  $   641.1      40.2%
  Non-Rolling Chip Win %               25.7%      28.2%            -2.5 pts

Slot Handle                       $ 1,345.9  $ 1,149.7  $   196.2      17.1%
  Slot Hold %                           5.0%       5.6%            -0.6 pts

Hotel Statistics

Occupancy %                            89.1%      87.4%             1.7 pts
Average Daily Rate (ADR)          $     262  $     227  $      35      15.4%
Revenue per Available Room
 (RevPAR)                         $     233  $     199  $      34      17.1%


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

Sands Cotai Central Second Quarter Operating Results

Net revenues and adjusted property EBITDA for the second quarter of 2014 at Sands Cotai Central were $784.8 million and $249.0 million, respectively, resulting in an EBITDA margin of 31.7%.

Non-Rolling Chip drop increased 53.2% to reach a record $1.88 billion with Non-Rolling Chip win percentage of 21.5%. Rolling Chip volume declined 13.5% to $12.40 billion for the quarter. Slot handle increased 57.4% to $1.97 billion for the quarter.

Mass win per table per day increased 31.0% year-over-year reaching $12,596, while mass table, slot and electronic table game (ETG) win per day climbed to $5.2 million, an increase of 48.6% year-over-year. Hotel occupancy reached 84.9% with ADR of $169.

Visitation to the property continues to grow and approached 4.8 million visits in the quarter.


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


                                   Three Months Ended
Sands Cotai Central Operations          June 30,
                                  --------------------
(Dollars in millions)                2014       2013     $ Change   Change
                                  ---------  ---------  ---------  --------
Revenues:
  Casino                          $   712.8  $   530.5  $   182.3      34.4%
  Rooms                                73.2       48.0       25.2      52.5%
  Food and Beverage                    30.5       22.1        8.4      38.0%
  Mall                                 11.3        8.8        2.5      28.4%
  Convention, Retail and Other          6.8        5.6        1.2      21.4%
  Less - Promotional Allowances       (49.8)     (31.0)     (18.8)    -60.6%
                                  ---------  ---------  ---------
Net Revenues                      $   784.8  $   584.0  $   200.8      34.4%

Adjusted Property EBITDA          $   249.0  $   146.1  $   102.9      70.4%
  EBITDA Margin %                      31.7%      25.0%             6.7 pts

Operating Income                  $   173.2  $    78.5  $    94.7     120.6%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume               $12,404.4  $14,335.4  $(1,931.0)    -13.5%
  Rolling Chip Win %(1)                2.97%      2.35%            0.62 pts

Non-Rolling Chip Drop             $ 1,881.7  $ 1,228.2  $   653.5      53.2%
  Non-Rolling Chip Win %               21.5%      22.1%            -0.6 pts

Slot Handle                       $ 1,966.7  $ 1,249.6  $   717.1      57.4%
  Slot Hold %                           3.5%       3.8%            -0.3 pts

Hotel Statistics

Occupancy %                            84.9%      67.5%            17.4 pts
Average Daily Rate (ADR)          $     169  $     143  $      26      18.2%
Revenue per Available Room
 (RevPAR)                         $     143  $      97  $      46      47.4%


(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 Second Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated adjusted property EBITDA of $68.0 million in the second quarter of 2014, an increase of 10.0% compared to the year-ago quarter. Non-Rolling Chip drop increased 97.0% in the second quarter of 2014 to reach $366.6 million, while Non-Rolling Chip win percentage was 21.9%. Rolling Chip volume was $5.65 billion for the quarter. Rolling Chip win percentage was 3.08% in the quarter, exceeding both the expected range and the 2.93% experienced in the prior-year quarter. Slot handle decreased 6.4% to $170.4 million during the quarter.


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



Four Seasons Hotel Macao and       Three Months Ended
 Plaza Casino Operations                June 30,
                                  --------------------
(Dollars in millions)                2014       2013     $ Change   Change
                                  ---------  ---------  ---------  --------
Revenues:
  Casino                          $   197.7  $   242.1  $   (44.4)    -18.3%
  Rooms                                12.0        9.7        2.3      23.7%
  Food and Beverage                     7.3        6.2        1.1      17.7%
  Mall                                 24.8       25.4       (0.6)     -2.4%
  Convention, Retail and Other          0.9        1.0       (0.1)    -10.0%
  Less - Promotional Allowances       (14.2)     (10.3)      (3.9)    -37.9%
                                  ---------  ---------  ---------
Net Revenues                      $   228.5  $   274.1  $   (45.6)    -16.6%

Adjusted Property EBITDA          $    68.0  $    61.8  $     6.2      10.0%
  EBITDA Margin %                      29.7%      22.6%             7.1 pts

Operating Income                  $    55.2  $    48.1  $     7.1      14.8%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume               $ 5,647.9  $ 9,944.3  $(4,296.4)    -43.2%
  Rolling Chip Win %(1)                3.08%      2.93%            0.15 pts

Non-Rolling Chip Drop             $   366.6  $   186.1  $   180.5      97.0%
  Non-Rolling Chip Win %               21.9%      22.5%            -0.6 pts

Slot Handle                       $   170.4  $   182.0  $   (11.6)     -6.4%
  Slot Hold %                           6.5%       6.2%             0.3 pts

Hotel Statistics

Occupancy %                            85.8%      80.7%             5.1 pts
Average Daily Rate (ADR)          $     410  $     352  $      58      16.5%
Revenue per Available Room
 (RevPAR)                         $     352  $     284  $      68      23.9%


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

Sands Macao Second Quarter Operating Results

Sands Macao's adjusted property EBITDA decreased 6.8% compared to the same quarter last year to $82.3 million. Non-Rolling Chip drop increased 31.4% to reach $1.08 billion during the quarter, while slot handle increased 30.6% to reach $832.4 million. The property realized 3.20% win on Rolling Chip volume during the quarter, above the expected range of 2.70% to 3.00% and above the 2.62% generated in the year-ago quarter. Rolling Chip volume was $4.65 billion for the quarter.


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


                                   Three Months Ended
Sands Macao Operations                  June 30,
                                  --------------------
(Dollars in millions)                2014       2013     $ Change   Change
                                  ---------  ---------  ---------  --------
Revenues:
  Casino                          $   307.0  $   287.5  $    19.5       6.8%
  Rooms                                 5.5        5.9       (0.4)     -6.8%
  Food and Beverage                    10.0        9.2        0.8       8.7%
  Convention, Retail and Other          2.5        2.6       (0.1)     -3.8%
  Less - Promotional Allowances       (12.2)     (10.5)      (1.7)    -16.2%
                                  ---------  ---------  ---------
Net Revenues                      $   312.8  $   294.7  $    18.1       6.2%

Adjusted Property EBITDA          $    82.3  $    88.3  $    (6.0)     -6.8%
  EBITDA Margin %                      26.3%      30.0%            -3.7 pts

Operating Income                  $    73.0  $    79.7  $    (6.7)     -8.4%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume               $ 4,651.5  $ 5,818.2  $(1,166.7)    -20.1%
  Rolling Chip Win %(1)                3.20%      2.62%            0.58 pts

Non-Rolling Chip Drop             $ 1,081.3  $   822.9  $   258.4      31.4%
  Non-Rolling Chip Win %               17.5%      20.3%            -2.8 pts

Slot Handle                       $   832.4  $   637.2  $   195.2      30.6%
  Slot Hold %                           3.7%       4.1%            -0.4 pts

Hotel Statistics

Occupancy %                            98.5%      95.0%             3.5 pts
Average Daily Rate (ADR)          $     216  $     242  $     (26)    -10.7%
Revenue per Available Room
 (RevPAR)                         $     213  $     230  $     (17)     -7.4%


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

Marina Bay Sands Second Quarter Operating Results

Marina Bay Sands in Singapore generated adjusted property EBITDA of $417.8 million, an increase of 17.6% compared to the second quarter of 2013. Rolling Chip win percentage of 3.45% in the second quarter of 2014 exceeded both the expected range and the 2.53% achieved in the second quarter of 2013.

Non-Rolling Chip drop was $1.11 billion during the quarter. Slot handle increased 11.7% to $3.07 billion for the quarter compared to the year-ago quarter. Total mass win per day during the quarter increased 3.8% to $4.68 million, compared to $4.51 million in the second quarter of 2013. Rolling Chip volume was $10.45 billion for the quarter.

The high-margin hotel room and retail mall segments of the property continued to reflect strong revenue growth of 7.6% and 12.6%, respectively. ADR increased to $409 during the quarter, driving a RevPAR increase of 7.4% compared to the same quarter last year. Occupancy was 99.1% during the quarter.

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


                                   Three Months Ended
Marina Bay Sands Operations             June 30,
                                  --------------------
(Dollars in millions)                2014       2013     $ Change   Change
                                  ---------  ---------  ---------  --------
Revenues:
  Casino                          $   646.4  $   590.3  $    56.1       9.5%
  Rooms                                93.1       86.5        6.6       7.6%
  Food and Beverage                    46.7       44.2        2.5       5.7%
  Mall                                 40.3       35.8        4.5      12.6%
  Convention, Retail and Other         27.5       27.6       (0.1)     -0.4%
  Less - Promotional Allowances       (49.3)     (44.9)      (4.4)     -9.8%
                                  ---------  ---------  ---------
Net Revenues                      $   804.7  $   739.5  $    65.2       8.8%

Adjusted Property EBITDA          $   417.8  $   355.3  $    62.5      17.6%
  EBITDA Margin %                      51.9%      48.1%             3.8 pts

Operating Income                  $   308.8  $   255.1  $    53.7      21.1%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume               $10,446.5  $14,371.6  $(3,925.1)    -27.3%
  Rolling Chip Win %(1)                3.45%      2.53%            0.92 pts

Non-Rolling Chip Drop             $ 1,106.3  $ 1,163.7  $   (57.4)     -4.9%
  Non-Rolling Chip Win %               24.8%      23.4%             1.4 pts

Slot Handle                       $ 3,066.7  $ 2,744.5  $   322.2      11.7%
  Slot Hold %                           4.9%       5.0%            -0.1 pts

Hotel Statistics

Occupancy %                            99.1%      99.4%            -0.3 pts
Average Daily Rate (ADR)          $     409  $     379  $      30       7.9%
Revenue per Available Room
 (RevPAR)                         $     405  $     377  $      28       7.4%


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

Las Vegas Operations Second Quarter Operating Results

Adjusted property EBITDA at The Venetian Las Vegas and The Palazzo, including the Sands Expo and Convention Center, was $66.1 million for the quarter, a 4.9% increase compared to the second quarter of 2013. Hotel ADR increased 8.8% to reach $223 in the quarter, compared to the second quarter of 2013. RevPAR increased 6.9% to $201 in the quarter. Table games drop decreased 20.2% in the quarter to $440.0 million while slot handle increased 1.7% to $483.6 million.

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


                                   Three Months Ended
Las Vegas Operations                    June 30,
                                  --------------------
(Dollars in millions)                2014       2013     $ Change   Change
                                  ---------  ---------  ---------  --------
Revenues:
  Casino                          $   104.3  $   105.1  $    (0.8)     -0.8%
  Rooms                               126.5      120.6        5.9       4.9%
  Food and Beverage                    69.0       65.7        3.3       5.0%
  Convention, Retail and Other         74.7       75.7       (1.0)     -1.3%
  Less - Promotional Allowances       (21.4)     (21.4)       0.0         -
                                  ---------  ---------  ---------
Net Revenues                      $   353.1  $   345.7  $     7.4       2.1%

Adjusted Property EBITDA          $    66.1  $    63.0  $     3.1       4.9%
  EBITDA Margin %                      18.7%      18.2%             0.5 pts

Operating Income                  $    54.9  $    49.5  $     5.4      10.9%

Gaming Statistics
(Dollars in millions)

Table Games Drop                  $   440.0  $   551.3  $  (111.3)    -20.2%
Table Games Win %(1)                   18.2%      15.9%             2.3 pts

Slot Handle                       $   483.6  $   475.4  $     8.2       1.7%
Slot Hold %                             8.3%       8.7%            -0.4 pts

Hotel Statistics

Occupancy %                            90.1%      91.6%            -1.5 pts
Average Daily Rate (ADR)          $     223  $     205  $      18       8.8%
Revenue per Available Room
 (RevPAR)                         $     201  $     188  $      13       6.9%


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

Sands Bethlehem Second Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania decreased 0.6% to $126.1 million and adjusted property EBITDA decreased 17.0% to $27.9 million for the second quarter of 2014. Table games drop increased 0.7% to $260.6 million for the quarter, while table games win percentage was 16.1%, which compared to 16.2% in the second quarter of 2013. Slot handle decreased 3.5% year-over-year to $1.02 billion for the quarter with slot hold percentage of 7.2%.

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


                                   Three Months Ended
Sands Bethlehem Operations              June 30,
                                  --------------------
(Dollars in millions)                2014       2013     $ Change   Change
                                  ---------  ---------  ---------  --------
Revenues:
  Casino                          $   117.1  $   118.0  $    (0.9)     -0.8%
  Rooms                                 3.5        2.8        0.7      25.0%
  Food and Beverage                     6.9        7.5       (0.6)     -8.0%
  Mall                                  0.8        0.7        0.1      14.3%
  Convention, Retail and Other          4.4        4.1        0.3       7.3%
  Less - Promotional Allowances        (6.6)      (6.3)      (0.3)     -4.8%
                                  ---------  ---------  ---------
Net Revenues                      $   126.1  $   126.8  $    (0.7)     -0.6%

Adjusted Property EBITDA          $    27.9  $    33.6  $    (5.7)    -17.0%
EBITDA Margin %                        22.1%      26.5%            -4.4 pts

Operating Income                  $    20.2  $    24.4  $    (4.2)    -17.2%

Gaming Statistics
(Dollars in millions)

Table Games Drop                  $   260.6  $   258.9  $     1.7       0.7%
Table Games Win %(1)                   16.1%      16.2%            -0.1 pts

Slot Handle                       $ 1,018.3  $ 1,055.1  $   (36.8)     -3.5%
Slot Hold %                             7.2%       7.0%             0.2 pts

Hotel Statistics

Occupancy %                            87.2%      72.5%            14.7 pts
Average Daily Rate (ADR)          $     144  $     143  $       1       0.7%
Revenue per Available Room
 (RevPAR)                         $     126  $     104  $      22      21.2%


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

Asian Retail Mall Operations

Gross revenue from tenants in the company's retail malls on Macao's Cotai Strip (The Venetian Macao, Four Seasons Macao and Sands Cotai Central) and Marina Bay Sands in Singapore reached $118.3 million for the second quarter of 2014, an increase of 10.3% compared to the second quarter of 2013. Operating profit derived from these retail mall assets increased 12.7% for the quarter compared to the quarter one year ago, reaching $101.0 million.


                                                                       TTM
                                                                       June
                                                                       30,
                    For The Three Months Ended June 30, 2014           2014
              ----------------------------------------------------   -------
(Dollars in                                                           Tenant
 millions                                        Gross                Sales
except per                          Operating   Leasable Occupancy     Per
 square foot     Gross    Operating   Profit     Area     % at End     Sq.
 data)        Revenue(1)   Profit     Margin   (sq. ft.) of Period    Ft.(2)
              ---------- ---------- ---------  --------- ---------   -------

Shoppes at
 Venetian     $     42.0 $     35.3      84.0%   755,876      95.9% $  1,563

Shoppes at
 Four Seasons
  Luxury
   Retail           17.6       16.2      92.0%   142,562     100.0%    6,356
  Other Stores       7.2        6.8      94.4%   113,326      91.3%    2,851
              ---------- ----------            ---------
  Total             24.8       23.0      92.7%   255,888      96.2%    5,593
              ---------- ----------            ---------

Shoppes at
 Cotai Central      11.2        9.2      82.1% 312,848(3)     97.8%    1,461
              ---------- ----------            ---------
Total Cotai
 Strip in
 Macao              78.0       67.5      86.5% 1,324,612      96.4%    2,267
              ---------- ----------            ---------

The Shoppes at
 Marina Bay
 Sands              40.3       33.5      83.1%   651,750   89.5%(4)    1,497
              ---------- ----------            ---------

Total         $    118.3 $    101.0      85.4% 1,976,362      94.1% $  2,037
              ========== ==========            =========


(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.
(4) This occupancy percentage reflects the ongoing repositioning of the mall in which approximately 44,000 square feet of gross leasable area is undergoing new fit-out but rent collection has not commenced.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally comprised of our CotaiJet ferry operation, reflected a loss of $0.5 million during the quarter, compared to a loss of $2.1 million in the second quarter of 2013.

Pre-opening expenses increased to $16.1 million in the second quarter of 2014, compared to $1.0 million in the second quarter of 2013.

Depreciation and amortization expense was $264.0 million in the second quarter of 2014, compared to $251.0 million in the second quarter of 2013.

Interest expense, net of amounts capitalized, was $69.6 million for the second quarter of 2014, compared to $68.4 million in the prior-year quarter. Capitalized interest was $1.5 million during the second quarter of 2014, compared to $0.6 million during the second quarter of 2013. Our weighted average borrowing cost in the second quarter of 2014 was approximately 2.6%.

Corporate expense was $45.1 million in the second quarter of 2014, compared to $46.5 million in the second quarter of 2013.

Other income, which was principally composed of foreign currency gains, was $2.2 million in the second quarter of 2014, compared to $3.9 million in the second quarter of 2013.

The company's effective income tax rate for the second quarter of 2014 was 5.2%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

The net income attributable to noncontrolling interests during the second quarter of 2014 of $181.4 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of June 30, 2014 were $3.29 billion.

As of June 30, 2014, total debt outstanding, including the current portion, was $10.38 billion.

Capital Expenditures

Capital expenditures during the second quarter totaled $275.1 million, including construction, development and maintenance activities of $221.0 million in Macao, $34.2 million in Las Vegas, $18.0 million at Marina Bay Sands and $1.9 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results on Wednesday, July 16, 2014 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.lasvegassands.com.

Forward-Looking Statements

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

Note 2

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

About Las Vegas Sands

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

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

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

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

Within the company's second quarter 2014 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "hold-normalized adjusted net income," "adjusted earnings per diluted share," "hold-normalized adjusted earnings per diluted share," "adjusted property EBITDA," and "hold-normalized adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.

Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal of assets, pre-opening expense, development expense, royalty fees, stock-based compensation 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           Six Months Ended
                              June 30,                    June 30,
                         2014          2013          2014          2013
                     ------------  ------------  ------------  ------------

Revenues:
  Casino             $  3,012,810  $  2,674,129  $  6,384,875  $  5,410,183
  Rooms                   375,116       324,629       775,338       649,645
  Food and beverage       194,196       174,772       396,983       360,101
  Mall                    119,073       107,993       228,104       193,454
  Convention, retail
   and other              125,829       123,050       263,205       249,111
                     ------------  ------------  ------------  ------------
                        3,827,024     3,404,573     8,048,505     6,862,494
  Less - promotional
   allowances            (202,674)     (161,632)     (413,771)     (316,834)
                     ------------  ------------  ------------  ------------
                        3,624,350     3,242,941     7,634,734     6,545,660
                     ------------  ------------  ------------  ------------
Operating expenses:
  Resort operations     2,319,757     2,142,868     4,858,049     4,285,768
  Corporate                45,123        46,481        95,800       102,753
  Pre-opening              16,141         1,031        20,441         7,868
  Development               4,217         6,002         5,909        11,353
  Depreciation and
   amortization           264,016       251,048       525,063       503,605
  Amortization of
   leasehold
   interests in land       10,040        10,108        20,066        20,275
  Loss on disposal
   of assets                3,596         4,762         4,121         6,694
                     ------------  ------------  ------------  ------------
                        2,662,890     2,462,300     5,529,449     4,938,316
                     ------------  ------------  ------------  ------------
Operating income          961,460       780,641     2,105,285     1,607,344
Other income
 (expense):
  Interest income           5,697         3,236        11,500         7,029
  Interest expense,
   net of amounts
   capitalized            (69,590)      (68,376)     (140,716)     (137,208)
  Other income
   (expense)                2,194         3,893        (2,463)        1,785
  Loss on
   modification or
   early retirement
   of debt                      -             -       (17,964)            -
                     ------------  ------------  ------------  ------------
Income before income
 taxes                    899,761       719,394     1,955,642     1,478,950
Income tax expense        (46,917)      (47,721)     (106,070)     (103,303)
                     ------------  ------------  ------------  ------------
Net income                852,844       671,673     1,849,572     1,375,647
Net income
 attributable to
 noncontrolling
 interests               (181,410)     (141,920)     (401,953)     (273,933)
                     ------------  ------------  ------------  ------------
Net income
 attributable to Las
 Vegas Sands Corp.   $    671,434  $    529,753  $  1,447,619  $  1,101,714
                     ============  ============  ============  ============

Earnings per share:
  Basic              $       0.83  $       0.64  $       1.79  $       1.34
                     ============  ============  ============  ============
  Diluted            $       0.83  $       0.64  $       1.78  $       1.33
                     ============  ============  ============  ============

Weighted average
 shares outstanding:
  Basic               807,038,086   823,974,421   810,881,047   823,671,664
                     ============  ============  ============  ============
  Diluted             809,224,051   827,901,261   813,304,140   827,701,270
                     ============  ============  ============  ============

Dividends declared
 per common share    $       0.50  $       0.35  $       1.00  $       0.70
                     ============  ============  ============  ============




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 June 30, 2014

                                                              Amortization
                                                Depreciation  of Leasehold
                                  Operating         and        Interests
                                Income (Loss)   Amortization    in Land
                                -------------  ------------- -------------
Macao:
  The Venetian Macao            $     361,191  $      36,195 $       1,653
  Sands Cotai Central                 173,198         68,027         2,153
  Four Seasons Hotel Macao and
   Plaza Casino                        55,219          9,919           706
  Sands Macao                          73,047          8,430           353
                                -------------  ------------- -------------
Macao Property Operations             662,655        122,571         4,865
Marina Bay Sands                      308,829         75,369         4,553
United States:
  Las Vegas Operating
   Properties                          54,919         45,974             -
  Sands Bethlehem                      20,208          7,746             -
                                -------------  ------------- -------------
United States Property
 Operations                            75,127         53,720             -
Other Asia (2)                        (16,348)         3,559             -
Other Development                     (15,283)           158           622
Corporate                             (53,520)         8,639             -
                                -------------  ------------- -------------
                                $     961,460  $     264,016 $      10,040
                                =============  ============= =============



                                                Pre-Opening
                                 (Gain) Loss        and
                                 on Disposal    Development      Royalty
                                  of Assets       Expense          Fees
                                -------------  -------------  -------------
Macao:
  The Venetian Macao            $         457  $           -  $           -
  Sands Cotai Central                     291          3,982              -
  Four Seasons Hotel Macao and
   Plaza Casino                            14          1,805              -
  Sands Macao                              35              -              -
                                -------------  -------------  -------------
Macao Property Operations                 797          5,787              -
Marina Bay Sands                        3,335              -         24,284
United States:
  Las Vegas Operating
   Properties                            (434)             -        (36,242)
  Sands Bethlehem                        (102)            63              -
                                -------------  -------------  -------------
United States Property
 Operations                              (536)            63        (36,242)
Other Asia (2)                              -              5         12,200
Other Development                           -         14,503              -
Corporate                                   -              -           (242)
                                -------------  -------------  -------------
                                $       3,596  $      20,358  $           -
                                =============  =============  =============




                                     (1)                        Adjusted
                                 Stock-Based     Corporate      Property
                                 Compensation     Expense        EBITDA
                                -------------  ------------- -------------
Macao:
  The Venetian Macao            $       2,561  $           - $     402,057
  Sands Cotai Central                   1,322              -       248,973
  Four Seasons Hotel Macao and
   Plaza Casino                           291              -        67,954
  Sands Macao                             454              -        82,319
                                -------------  ------------- -------------
Macao Property Operations               4,628              -       801,303
Marina Bay Sands                        1,408              -       417,778
United States:
  Las Vegas Operating
   Properties                           1,898              -        66,115
  Sands Bethlehem                           -              -        27,915
                                -------------  ------------- -------------
United States Property
 Operations                             1,898              -        94,030
Other Asia (2)                            116              -          (468)
Other Development                           -              -             -
Corporate                                   -         45,123             -
                                -------------  ------------- -------------
                                $       8,050  $      45,123 $   1,312,643
                                =============  ============= =============



                      Three Months Ended June 30, 2013

                                                              Amortization
                                                Depreciation  of Leasehold
                                  Operating         and        Interests
                                Income (Loss)   Amortization    in Land
                                -------------  ------------- -------------
Macao:
  The Venetian Macao            $     322,584  $      34,031 $       1,624
  Sands Cotai Central                  78,481         63,689         2,152
  Four Seasons Hotel Macao and
   Plaza Casino                        48,090         12,047           734
  Sands Macao                          79,738          7,838           353
                                -------------  ------------- -------------
Macao Property Operations             528,893        117,605         4,863
Marina Bay Sands                      255,092         66,700         4,624
United States:
  Las Vegas Operating
   Properties                          49,514         46,781             -
  Sands Bethlehem                      24,362          9,043             -
                                -------------  ------------- -------------
United States Property
 Operations                            73,876         55,824             -
Other Asia (2)                        (16,901)         3,685             -
Other Development                      (7,015)           158           621
Corporate                             (53,304)         7,076             -
                                -------------  ------------- -------------
                                $     780,641  $     251,048 $      10,108
                                =============  ============= =============



                                                Pre-Opening
                                     Loss           and
                                 on Disposal    Development      Royalty
                                  of Assets       Expense          Fees
                                -------------  -------------  -------------
Macao:
  The Venetian Macao            $       1,106  $           -  $           -
  Sands Cotai Central                   1,309           (118)             -
  Four Seasons Hotel Macao and
   Plaza Casino                            52            842              -
  Sands Macao                               4              -              -
                                -------------  -------------  -------------
Macao Property Operations               2,471            724              -
Marina Bay Sands                        1,740              -         25,343
United States:
  Las Vegas Operating
   Properties                             551              1        (36,090)
  Sands Bethlehem                           -             61              -
                                -------------  -------------  -------------
United States Property
 Operations                               551             62        (36,090)
Other Asia (2)                              -             11         11,000
Other Development                           -          6,236              -
Corporate                                   -              -           (253)
                                -------------  -------------  -------------
                                $       4,762  $       7,033  $           -
                                =============  =============  =============




                                     (1)                        Adjusted
                                 Stock-Based     Corporate      Property
                                 Compensation     Expense        EBITDA
                                -------------  ------------- -------------
Macao:
  The Venetian Macao            $       1,519  $           - $     360,864
  Sands Cotai Central                     634              -       146,147
  Four Seasons Hotel Macao and
   Plaza Casino                            44              -        61,809
  Sands Macao                             405              -        88,338
                                -------------  ------------- -------------
Macao Property Operations               2,602              -       657,158
Marina Bay Sands                        1,850              -       355,349
United States:
  Las Vegas Operating
   Properties                           2,212              -        62,969
  Sands Bethlehem                         113              -        33,579
                                -------------  ------------- -------------
United States Property
 Operations                             2,325              -        96,548
Other Asia (2)                             70              -        (2,135)
Other Development                           -              -             -
Corporate                                   -         46,481             -
                                -------------  ------------- -------------
                                $       6,847  $      46,481 $   1,106,920
                                =============  ============= =============



                       Six Months Ended June 30, 2014

                                                              Amortization
                                                Depreciation  of Leasehold
                                  Operating         and        Interests
                                Income (Loss)   Amortization    in Land
                                -------------  ------------- -------------
Macao:
  The Venetian Macao            $     790,802  $      72,433 $       3,306
  Sands Cotai Central                 368,294        134,132         4,306
  Four Seasons Hotel Macao and
   Plaza Casino                       155,136         19,697         1,412
  Sands Macao                         155,352         16,684           707
                                -------------  ------------- -------------
Macao Property Operations           1,469,584        242,946         9,731
Marina Bay Sands                      640,283        146,840         9,092
United States:
  Las Vegas Operating
   Properties                         123,512         93,512             -
  Sands Bethlehem                      37,552         16,918             -
                                -------------  ------------- -------------
United States Property
 Operations                           161,064        110,430             -
Other Asia (2)                        (33,785)         7,147             -
Other Development                     (19,175)           309         1,243
Corporate                            (112,686)        17,391             -
                                -------------  ------------- -------------
                                $   2,105,285  $     525,063 $      20,066
                                =============  ============= =============



                                                Pre-Opening
                                 (Gain) Loss        and
                                 on Disposal    Development      Royalty
                                  of Assets       Expense          Fees
                                -------------  -------------  -------------
Macao:
  The Venetian Macao            $         604  $           -  $           -
  Sands Cotai Central                     611          4,397              -
  Four Seasons Hotel Macao and
   Plaza Casino                            52          4,134              -
  Sands Macao                             118              -              -
                                -------------  -------------  -------------
Macao Property Operations               1,385          8,531              -
Marina Bay Sands                        3,373              -         50,536
United States:
  Las Vegas Operating
   Properties                            (719)            97        (74,431)
  Sands Bethlehem                         (67)            65              -
                                -------------  -------------  -------------
United States Property
 Operations                              (786)           162        (74,431)
Other Asia (2)                            149             34         24,400
Other Development                           -         17,623              -
Corporate                                   -              -           (505)
                                -------------  -------------  -------------
                                $       4,121  $      26,350  $           -
                                =============  =============  =============




                                     (1)                        Adjusted
                                 Stock-Based     Corporate      Property
                                 Compensation     Expense        EBITDA
                                -------------  ------------- -------------
Macao:
  The Venetian Macao            $       4,996  $           - $     872,141
  Sands Cotai Central                   2,439              -       514,179
  Four Seasons Hotel Macao and
   Plaza Casino                           564              -       180,995
  Sands Macao                             896              -       173,757
                                -------------  ------------- -------------
Macao Property Operations               8,895              -     1,741,072
Marina Bay Sands                        2,815              -       852,939
United States:
  Las Vegas Operating
   Properties                           3,796              -       145,767
  Sands Bethlehem                         (22)             -        54,446
                                -------------  ------------- -------------
United States Property
 Operations                             3,774              -       200,213
Other Asia (2)                            173              -        (1,882)
Other Development                           -              -             -
Corporate                                   -         95,800             -
                                -------------  ------------- -------------
                                $      15,657  $      95,800 $   2,792,342
                                =============  ============= =============



                       Six Months Ended June 30, 2013

                                                              Amortization
                                                Depreciation  of Leasehold
                                  Operating         and        Interests
                                Income (Loss)   Amortization    in Land
                                -------------  ------------- -------------
Macao:
  The Venetian Macao            $     634,468  $      66,884 $       3,278
  Sands Cotai Central                 139,372        126,103         4,306
  Four Seasons Hotel Macao and
   Plaza Casino                        88,781         23,347         1,440
  Sands Macao                         167,810         15,522           707
                                -------------  ------------- -------------
Macao Property Operations           1,030,431        231,856         9,731
Marina Bay Sands                      547,774        136,728         9,301
United States:
  Las Vegas Operating
   Properties                         148,323         95,935             -
  Sands Bethlehem                      45,194         17,908             -
                                -------------  ------------- -------------
United States Property
 Operations                           193,517        113,843             -
Other Asia (2)                        (35,498)         7,382             -
Other Development                     (13,167)           316         1,243
Corporate                            (115,713)        13,480             -
                                -------------  ------------- -------------
                                $   1,607,344  $     503,605 $      20,275
                                =============  ============= =============




                                                Pre-Opening
                                     Loss           and
                                 on Disposal    Development      Royalty
                                  of Assets       Expense          Fees
                                -------------  -------------  -------------
Macao:
  The Venetian Macao            $       1,480  $         121  $           -
  Sands Cotai Central                   1,312          5,369              -
  Four Seasons Hotel Macao and
   Plaza Casino                            65          1,649              -
  Sands Macao                             116              -              -
                                -------------  -------------  -------------
Macao Property Operations               2,973          7,139              -
Marina Bay Sands                        2,594              -         52,034
United States:
  Las Vegas Operating
   Properties                           1,114            116        (73,514)
  Sands Bethlehem                           -            107              -
                                -------------  -------------  -------------
United States Property
 Operations                             1,114            223        (73,514)
Other Asia (2)                             13            251         22,000
Other Development                           -         11,608              -
Corporate                                   -              -           (520)
                                -------------  -------------  -------------
                                $       6,694  $      19,221  $           -
                                =============  =============  =============





                                     (1)                        Adjusted
                                 Stock-Based     Corporate      Property
                                 Compensation     Expense        EBITDA
                                -------------  ------------- -------------
Macao:
  The Venetian Macao            $       3,115  $           - $     709,346
  Sands Cotai Central                   1,206              -       277,668
  Four Seasons Hotel Macao and
   Plaza Casino                            79              -       115,361
  Sands Macao                             785              -       184,940
                                -------------  ------------- -------------
Macao Property Operations               5,185              -     1,287,315
Marina Bay Sands                        3,699              -       752,130
United States:
  Las Vegas Operating
   Properties                           4,423              -       176,397
  Sands Bethlehem                         226              -        63,435
                                -------------  ------------- -------------
United States Property
 Operations                             4,649              -       239,832
Other Asia (2)                            128              -        (5,724)
Other Development                           -              -             -
Corporate                                   -        102,753             -
                                -------------  ------------- -------------
                                $      13,661  $     102,753 $   2,273,553
                                =============  ============= =============


(1) During the three months ended June 30, 2014 and 2013, the Company recorded stock-based compensation expense of $10.1 million and $11.9 million, respectively, of which $1.9 million and $5.1 million, respectively, is included in corporate expense and $0.1 million and $0.0 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the six months ended June 30, 2014 and 2013, the Company recorded stock-based compensation expense of $26.2 million and $26.5 million, respectively, of which $10.3 million and $12.8 million, respectively, is included in corporate expense and $0.2 million and $0.0 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.

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



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

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

                      Three Months Ended June 30, 2014

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

Macao Property
 Operations          $    801,303  $   (100,819) $     52,012  $    752,496
Marina Bay Sands          417,778       (61,764)       12,459       368,473
United States:
  Las Vegas
   Operating
   Properties              66,115         5,196          (913)       70,398
  Sands Bethlehem          27,915             -             -        27,915
                     ------------  ------------  ------------  ------------
United States
 Property Operations       94,030         5,196          (913)       98,313
Other Asia                   (468)            -             -          (468)
Other Development               -             -             -             -
Corporate                       -             -             -             -
                     ------------  ------------  ------------  ------------
                     $  1,312,643  $   (157,387) $     63,558  $  1,218,814
                     ============  ============  ============  ============


                      Three Months Ended June 30, 2013

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

Macao Property
 Operations          $    657,158  $          -  $          -  $    657,158
Marina Bay Sands          355,349        35,908        (7,243)      384,014
United States:
  Las Vegas
   Operating
   Properties              62,969        26,003        (4,571)       84,401
  Sands Bethlehem          33,579             -             -        33,579
                     ------------  ------------  ------------  ------------
United States
 Property Operations       96,548        26,003        (4,571)      117,980
Other Asia                 (2,135)            -             -        (2,135)
Other Development               -             -             -             -
Corporate                       -             -             -             -
                     ------------  ------------  ------------  ------------
                     $  1,106,920  $     61,911  $    (11,814) $  1,157,017
                     ============  ============  ============  ============


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

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

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

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

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



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

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

                               Three Months Ended       Six Months Ended
                                    June 30,                June 30,
                                2014        2013        2014        2013
                             ----------  ----------  ----------  ----------
Net income attributable to
 Las Vegas Sands Corp.       $  671,434  $  529,753  $1,447,619  $1,101,714
  Add (deduct):
    Net income attributable
     to noncontrolling
     interests                  181,410     141,920     401,953     273,933
    Income tax expense           46,917      47,721     106,070     103,303
    Loss on modification or
     early retirement of
     debt                             -           -      17,964           -
    Other (income) expense       (2,194)     (3,893)      2,463      (1,785)
    Interest expense, net of
     amounts capitalized         69,590      68,376     140,716     137,208
    Interest income              (5,697)     (3,236)    (11,500)     (7,029)
    Loss on disposal of
     assets                       3,596       4,762       4,121       6,694
    Amortization of
     leasehold interests in
     land                        10,040      10,108      20,066      20,275
    Depreciation and
     amortization               264,016     251,048     525,063     503,605
    Development expense           4,217       6,002       5,909      11,353
    Pre-opening expense          16,141       1,031      20,441       7,868
    Stock-based compensation
     (1)                          8,050       6,847      15,657      13,661
    Corporate expense            45,123      46,481      95,800     102,753
                             ----------  ----------  ----------  ----------
Adjusted Property EBITDA     $1,312,643  $1,106,920  $2,792,342  $2,273,553
                             ==========  ==========  ==========  ==========

    Hold-normalized casino
     revenue (2)               (157,387)     61,911
    Hold-normalized casino
     expense (2)                 63,558     (11,814)
                             ----------  ----------
Hold-Normalized Adjusted
 Property EBITDA             $1,218,814  $1,157,017
                             ==========  ==========

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

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

                               Three Months Ended       Six Months Ended
                                    June 30,                June 30,
                                2014        2013        2014        2013
                             ----------  ----------  ----------  ----------
The Venetian Macao           $1,032,746  $  894,706  $2,217,337  $1,766,918
Sands Cotai Central             784,776     584,002   1,612,359   1,171,181
Four Seasons Hotel Macao and
 Plaza Casino                   228,492     274,089     598,508     497,309
Sands Macao                     312,842     294,667     626,803     604,940
Marina Bay Sands                804,690     739,490   1,640,113   1,534,354
Las Vegas Operating
 Properties                     353,075     345,730     735,733     757,271
Sands Bethlehem                 126,123     126,759     243,306     249,675
Other Asia                       36,686      36,408      71,847      70,281
Intersegment Eliminations       (55,080)    (52,910)   (111,272)   (106,269)
                             ----------  ----------  ----------  ----------
                             $3,624,350  $3,242,941  $7,634,734  $6,545,660
                             ==========  ==========  ==========  ==========

_______________________

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

                               Three Months Ended       Six Months Ended
                                    June 30,                June 30,
                                2014        2013        2014        2013
                             ----------  ----------  ----------  ----------
The Venetian Macao                 38.9%       40.3%       39.3%       40.1%
Sands Cotai Central                31.7%       25.0%       31.9%       23.7%
Four Seasons Hotel Macao and
 Plaza Casino                      29.7%       22.6%       30.2%       23.2%
Sands Macao                        26.3%       30.0%       27.7%       30.6%
Marina Bay Sands                   51.9%       48.1%       52.0%       49.0%
Las Vegas Operating
 Properties                        18.7%       18.2%       19.8%       23.3%
Sands Bethlehem                    22.1%       26.5%       22.4%       25.4%
Other Asia                         -1.3%       -5.9%       -2.6%       -8.1%

Total                              36.2%       34.1%       36.6%       34.7%




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

                           Three Months Ended           Six Months Ended
                                June 30,                    June 30,
                           2014          2013          2014         2013
                       ------------  ------------  ------------ ------------
Net income
 attributable to Las
 Vegas Sands Corp.     $    671,434  $    529,753  $  1,447,619 $  1,101,714

Pre-opening expense,
 net                         11,343           832        14,395        5,659
Development expense,
 net                          4,217         6,002         5,909       11,353
Loss on disposal of
 assets, net                  3,358         4,025         3,708        5,804
Loss on modification
 or early retirement
 of debt, net                     -             -        12,611            -
                       ------------  ------------  ------------ ------------
Adjusted net income    $    690,352  $    540,612  $  1,484,242 $  1,124,530
                       ============  ============  ============ ============

Hold-normalized casino
 revenue (1)               (157,387)       61,911
Hold-normalized casino
 expense (1)                 63,558       (11,814)
Income tax impact on
 hold adjustments             8,382        (4,873)
Noncontrolling
 interest impact on
 hold adjustments            14,569             -
                       ------------  ------------
Hold-normalized
 adjusted net income   $    619,474  $    585,836
                       ============  ============

(1) See Exhibit 3

Per diluted share of
 common stock:
Net income
 attributable to Las
 Vegas Sands Corp.     $       0.83  $       0.64  $       1.78 $       1.33

Pre-opening expense,
 net                           0.01             -          0.02         0.01
Development expense,
 net                           0.01          0.01          0.01         0.01
Loss on disposal of
 assets, net                      -             -             -         0.01
Loss on modification
 or early retirement
 of debt, net                     -             -          0.01            -
                       ------------  ------------  ------------ ------------
Adjusted earnings per
 diluted share         $       0.85  $       0.65  $       1.82 $       1.36
                       ============  ============  ============ ============

Hold-normalized casino
 revenue                      (0.19)         0.08
Hold-normalized casino
 expense                       0.08         (0.01)
Income tax impact on
 hold adjustments              0.01         (0.01)
Noncontrolling
 interest impact on
 hold adjustments              0.02             -
                       ------------  ------------
Hold-normalized
 adjusted earnings per
 diluted share         $       0.77  $       0.71
                       ============  ============

Weighted average
 diluted shares
 outstanding            809,224,051   827,901,261   813,304,140  827,701,270
                       ============  ============  ============ ============




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

                                           Three Months
                                               Ended       Six Months Ended
                                             June 30,          June 30,
                                           2014     2013     2014     2013
                                         -------  -------  -------  -------

Room Statistics:
  The Venetian Macao:
    Occupancy %                             89.1%    87.4%    91.7%    89.5%
    Average daily room rate (ADR) (1)    $   262  $   227  $   265  $   229
    Revenue per available room (RevPAR)
     (2)                                 $   233  $   199  $   243  $   205

  Sands Cotai Central:
    Occupancy %                             84.9%    67.5%    86.9%    69.0%
    Average daily room rate (ADR) (1)    $   169  $   143  $   173  $   148
    Revenue per available room (RevPAR)
     (2)                                 $   143  $    97  $   150  $   102

  Four Seasons Hotel Macao and Plaza
   Casino:
    Occupancy %                             85.8%    80.7%    86.4%    81.0%
    Average daily room rate (ADR) (1)    $   410  $   352  $   419  $   361
    Revenue per available room (RevPAR)
     (2)                                 $   352  $   284  $   363  $   292

  Sands Macao:
    Occupancy %                             98.5%    95.0%    97.6%    94.9%
    Average daily room rate (ADR) (1)    $   216  $   242  $   254  $   244
    Revenue per available room (RevPAR)
     (2)                                 $   213  $   230  $   248  $   232

  Marina Bay Sands:
    Occupancy %                             99.1%    99.4%    99.2%    99.0%
    Average daily room rate (ADR) (1)    $   409  $   379  $   418  $   379
    Revenue per available room (RevPAR)
     (2)                                 $   405  $   377  $   415  $   375

  Las Vegas Operating Properties:
    Occupancy %                             90.1%    91.6%    89.5%    91.0%
    Average daily room rate (ADR) (1)    $   223  $   205  $   232  $   208
    Revenue per available room (RevPAR)
     (2)                                 $   201  $   188  $   207  $   189

  Sands Bethlehem:
    Occupancy %                             87.2%    72.5%    78.0%    68.9%
    Average daily room rate (ADR) (1)    $   144  $   143  $   145  $   141
    Revenue per available room (RevPAR)
     (2)                                 $   126  $   104  $   113  $    97

Casino Statistics:
  The Venetian Macao:
    Table games win per unit per day (3) $16,926  $16,788  $18,044  $17,325
    Slot machine win per unit per day
     (4)                                 $   358  $   314  $   373  $   317
    Average number of table games            649      559      662      542
    Average number of slot machines        2,050    2,245    2,088    2,257

  Sands Cotai Central:
    Table games win per unit per day (3) $17,171  $13,096  $18,744  $13,653
    Slot machine win per unit per day
     (4)                                 $   432  $   245  $   410  $   246
    Average number of table games            495      510      479      507
    Average number of slot machines        1,748    2,143    1,822    2,150

  Four Seasons Hotel Macao and Plaza
   Casino:
    Table games win per unit per day (3) $21,994  $23,601  $29,792  $21,900
    Slot machine win per unit per day
     (4)                                 $   790  $   707  $   805  $   626
    Average number of table games            127      155      128      150
    Average number of slot machines          153      177      162      182

  Sands Macao:
    Table games win per unit per day (3) $14,695  $11,537  $14,271  $12,255
    Slot machine win per unit per day
     (4)                                 $   375  $   241  $   343  $   239
    Average number of table games            253      304      261      296
    Average number of slot machines          914    1,192      999    1,210

  Marina Bay Sands:
    Table games win per unit per day (3) $11,311  $11,345  $11,793  $12,455
    Slot machine win per unit per day
     (4)                                 $   713  $   674  $   700  $   691
    Average number of table games            617      616      631      608
    Average number of slot machines        2,335    2,253    2,363    2,232

  Las Vegas Operating Properties:
    Table games win per unit per day (3) $ 3,737  $ 4,016  $ 3,945  $ 5,250
    Slot machine win per unit per day
     (4)                                 $   185  $   193  $   187  $   196
    Average number of table games            236      239      237      239
    Average number of slot machines        2,385    2,360    2,385    2,406

  Sands Bethlehem:
    Table games win per unit per day (3) $ 2,808  $ 3,139  $ 2,774  $ 3,081
    Slot machine win per unit per day
     (4)                                 $   266  $   270  $   257  $   271
    Average number of table games            164      147      163      144
    Average number of slot machines        3,012    3,012    3,011    3,016


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

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

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

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

Contacts:

Investment Community:
Daniel Briggs
(702) 414-1221

Media:
Ron Reese
(702) 414-3607

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