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Las Vegas Sands Corp. Reports Record Third Quarter 2005 Results

Sands Macao Achieves Record Adjusted Property EBITDAR of $ 90.1 Million

LAS VEGAS, Nov. 2 /PRNewswire-FirstCall/ -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the third quarter ended September 30, 2005.

Net revenue for the third quarter of 2005 was $437.6 million compared to $343.6 million in the third quarter of 2004. Adjusted net income for the third quarter of 2005 was $99.9 million or adjusted earnings per diluted share of $0.28 compared to adjusted net income of $68.0 million, or adjusted earnings per diluted share of $0.21 for the third quarter of 2004. (*) Adjusted net income and adjusted earnings per diluted share during the third quarter of 2005 exclude loss on disposal of assets, pre-opening expense, development expense, and interest expense related to a litigation settlement. Adjusted net income and adjusted earnings per diluted share during the third quarter of 2004 exclude loss on disposal of assets, pre-opening expense, development expense, non-recurring corporate expenses and loss on early retirement of debt, and include a pro-forma provision for income taxes calculated as if the company had been a tax-paying entity in 2004. On a GAAP (Generally Accepted Accounting Principles) basis net income was $91.0 million or $0.26 per diluted share, in the third quarter of 2005 compared to net loss of $85.9 million or loss per diluted share of $0.26 in the third quarter of 2004.

William P. Weidner, President and Chief Operating Officer, stated, "We are pleased to report solid third quarter financial results, particularly in Macao where we delivered record adjusted property EBITDAR of $90.1 million. We posted strong results at The Venetian, recording 8.6% growth in adjusted property EBITDAR, despite a substantial increase in high-end capacity on the Las Vegas Strip. At the same time, we continue to execute on a number of key strategic initiatives that will drive future growth in both markets.

Consolidated adjusted property EBITDAR in the third quarter of 2005 was $157.1 million, an increase of 21.7% when compared to $129.1 million in the year-ago quarter. Operating income during the third quarter of 2005 was $113.7 million compared to an operating loss of $48.4 million reported in the third quarter of 2004.

Venetian Casino Resort Third Quarter Operating Results

In the third quarter of 2005, table games drop increased 12.5% to $301.7 million versus $268.2 million during the third quarter of 2004, and slot machine handle (volume) was essentially flat at $515.8 million compared to $523.1 million in the third quarter of 2004. Casino revenues were $94.3 million in the third quarter of 2005 compared to $77.7 million during the prior year period, an increase of 21.4%. Table games win percentage (calculated before discounts) was 23.9% in the 2005 quarter compared to the 18.0% recorded in the third quarter of last year and as compared to the normal range of 20.0 to 21.0%.

The Venetian's average daily rate (ADR) was $203 during the third quarter of 2005 compared to $201 during the prior year's third quarter. The Venetian's occupancy of available guestrooms was 96.3% during the third quarter of 2005 compared to 97.2% during the prior year period, generating revenue per available room (REVPAR) of $195 during the third quarter of 2005 and in the third quarter of 2004. Hotel revenues were $71.8 million during the third quarter of 2005 compared to $71.5 million during the third quarter of 2004.

Food and beverage revenues were $21.0 million in the third quarter of 2005 compared to $20.9 million last year. Retail and other operating revenues were $10.0 million compared to $9.7 million during the third quarter of 2004.

In the third quarter of 2005, The Venetian reported third quarter adjusted property EBITDAR of $64.6 million compared to $59.5 million in the year-ago quarter, an increase of 8.6%. Operating income for The Venetian during the third quarter of 2005 was $45.9 million compared to $11.8 million reported in the third quarter of 2004. Third quarter results for 2004 were affected by significant non-recurring corporate expense.

"At The Venetian, our targeted capital investment plans are progressing well," said Weidner. "Two of our new entertainment venues opened in early October to strong customer response -- the popular Blue Man Group show and the Las Vegas incarnation of the New York City restaurant/night club, Tao. In addition, this week we added 300,000 square feet of carpeted meeting space to our Congress Center and expect to add another 150,000 square feet in January."

Sands Macao Third Quarter Operating Results

The Sands Macao reported record adjusted property EBITDAR of $90.1 million for the third quarter of 2005 compared to $69.2 million in the third quarter of 2004. Rolling Chip volume was approximately $3.2 billion in the third quarter of 2005, up from approximately $2.0 billion in the second quarter of 2005, an increase of 60.0%. We did not have a Rolling Chip program in the third quarter of 2004. Table games drop (the Non-Rolling Chip segment) was $1.021 billion in the third quarter of 2005, up from approximately $923.0 million in the second quarter of 2005, an increase of 8.3% and up from $972.3 million in the third quarter of 2004, an increase of 5.0%.

Rolling Chip table games win percentage (calculated before discounts and commissions) was 2.4% in the third quarter of 2005. Non-Rolling Chip table games win percentage (calculated before discounts and incentives) came in at 16.8% in the third quarter of 2005. These results should be compared to our expected Rolling Chip table games win percentage (calculated before discounts and commissions) of 2.5% to 2.8% and our expected Non-Rolling Chip table games win percentage of 16.5% to 17.5%.

Slot handle (volume) for the third quarter of 2005 was $190.4 million, up from $110.0 million in the third quarter of 2004, an increase of 73.1%. The increase in the 2005 period was largely the result of an increase in slot machines in use of 54.5% and an increase in win per unit per day of 5.3%.

Casino revenues were $240.1 million in the third quarter of 2005 compared to $162.5 million in the third quarter of 2004, an increase of 47.8%. Operating income was $82.2 million in the third quarter 2005, up from $63.3 million in the third quarter 2004, an increase of 29.9%. The increases in casino revenues versus prior reported quarters were primarily driven by the strength of our Rolling Chip table games business and the growth of our Non-Rolling Chip table games and slot businesses. The changes in adjusted property EBITDAR and operating income were also affected by the change in our mix of business between Rolling Chip and Non-Rolling Chip table games, with Rolling Chip table games expected to have lower margins due to higher marketing costs, and greater sensitivity to changes in win percentage.

Weidner stated, "We are pleased with our continued progress in the highly competitive Macao VIP market, as well as with the strong growth in the Non-Rolling Chip and slot businesses. In Macao, we recently broke ground on an expansion at the Sands, which will increase gaming capacity and allow us to focus on the lower betting limit mass market customers that we currently do not choose to serve. Phase I of this expansion is slated for completion in the first quarter of 2006 in time for Chinese New Year."

Sands Expo and Convention Center Operating Results

The Sands Expo and Convention Center generated $10.5 million of net revenues and $2.4 million of adjusted property EBITDAR for the third quarter 2005 compared to net revenues of $10.7 million and adjusted property EBITDAR of $0.5 million during the third quarter of 2004. Operating income was $1.5 million in the 2005 quarter versus $(0.8) million during the third quarter of 2004.

Other Factors Affecting Earnings

Interest expense, net of amounts capitalized, was $21.7 million for the third quarter of 2005, of which $15.8 million was related to the Venetian, $3.8 million was related to a litigation settlement and $2.1 million was related to the Sands Expo and Convention Center, as compared to net interest expense of $34.5 million during the third quarter of 2004. The year over year decline is the result of our strategic decision to retire $850.0 million of 11% Mortgage Notes, which were replaced with a combination of bonds bearing interest at a rate of 6.375% and lower cost bank debt during the first quarter of 2005. Interest expense also declined as a result of our redemption of $120.0 million of floating rate notes secured by assets at the Sands Macao casino during the second quarter of 2005. Capitalized interest was $6.4 million during the third quarter of 2005 compared to $0.4 million during the third quarter of 2004.

Depreciation and amortization expense was $22.5 million for the third quarter of 2005, compared to $19.3 million for the third quarter of 2004.

Development expense relating to our efforts in Macao, the United Kingdom, Singapore, Pennsylvania and other projects were $5.9 million in the third quarter of 2005 compared to $4.6 million in the third quarter of 2004.

Balance Sheet Items

Unrestricted cash balances at September 30, 2005 stood at $590.0 million while restricted cash balances were $585.9 million. Of the restricted cash balances, $565.7 million is restricted for construction of The Palazzo Casino Resort, our second hotel casino resort property in Las Vegas.

As of September 30, 2005 total debt outstanding including the current portion, was $1.6 billion.

Capital Expenditures

Capital expenditures during the third quarter of 2005 totaled $218.6 million. This includes $33.3 million, which was utilized for improvements and maintenance capital expenditures at The Venetian in Las Vegas, $82.8 million, which was utilized for construction and development activities in Macao, and $83.7 million, which was utilized for construction and development activities for The Palazzo Casino Resort.

Development

Weidner continued, "Looking ahead, we expect 2006 to be a significant year for our business. We will be completing our targeted capital development projects in both Las Vegas and Macao, preparing for the 2007 openings of The Palazzo Casino Resort and The Venetian Macao Casino Resort, and executing on our plans to develop additional properties on the Cotai Strip(TM).

"We are particularly excited about the long-term opportunities that exist in Asia," added Weidner. "We continue to see compelling evidence that Macao will emerge as a leading destination for convention, tourism and extended-stay vacation. In recent weeks, 10 international trade show organizers have united with us to start planning 20 tradeshows at The Venetian Macao during its first year of operation. We are also pleased to have been selected by the Zhuhai Municipal People's Government of the PRC to work with it to master plan a leisure and convention destination resort on Hengqin Island, located just one mile from Cotai. The non-casino tourism amenities of Hengqin Island will be an ideal complement to the entertainment attractions on the Cotai Strip(TM), allowing us to maximize our business potential and further broaden the appeal of the region."

Conference Call Information

The company will hold a conference call to discuss the company's results on Wednesday, November 2, 2005 at 1:30 p.m. PST (4:30 p.m. EST). Interested parties are invited to join the call by dialing (866) 770-7125 and using the access code 56680624. International callers, please dial (617) 213-8066 and use the same access code. The conference call will also be available through a live audio webcast at http://www.lasvegassands.com (click on Investor Relations). A telephone replay will be available at (888) 286-8010 and (617) 801-6888, access code 14175977, from November 2, 2005 at approximately 3:30 p.m. PST (6:30 p.m. EST) through November 12, 2005.

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, government regulation, legalization of gaming, interest rates, future terrorist acts, insurance, 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.

(*) See the accompanying tables and footnotes, which reconcile net income (loss) to adjusted net income, reconcile net income (loss) and operating income (loss) to EBITDA and adjusted property EBITDAR, reconcile earnings per share to adjusted earnings per share and show the effect of tax adjustments on 2004 adjusted pro forma net income (loss). See also Note 1 at the end of this release.

(1) Adjusted net income (and adjusted earnings per share) is presented solely as a supplemental disclosure because management believes that it is 1) a widely used measure of performance, and 2) a principal basis for valuation of gaming companies, as this measure is considered by many to be a better measure on which to base expectations of future results than income from continuing operations computed in accordance with GAAP. Reconciliations of GAAP net income and earnings per share to adjusted net income and adjusted earnings per share are included in the financial schedules accompanying this release.

Contacts:
Investment Community: Scott D. Henry, Chief Financial Officer, (702) 733-5502
Media: Ron Reese, Executive Director of Communications, (702) 414-3607



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

                            Three Months Ended           Nine Months Ended
                               September 30,                September 30,
                            2005           2004         2005            2004

    Revenues:
      Casino             $334,400       $240,189     $874,994        $468,786
      Rooms                73,173         71,577      243,233         236,174
      Food and beverage    28,796         26,863      106,983          92,544
      Grand Canal Shops        --             --           --          15,977
      Retail                2,760          2,372        7,470           7,007
      Other                19,646         18,493       67,744          71,370
                          458,775        359,494    1,300,424         891,858
      Less -
       Promotional
       Allowances         (21,153)       (15,858)     (60,187)        (42,379)
                          437,622        343,636    1,240,237         849,479

    Operating Costs and
     Expenses:
      Casino-Hotel
       operations         280,516        214,490      765,455         492,799
      Grand Canal Shops
       operations              --             --           --           6,490
      Rental expense        3,699          3,618       11,086           8,307
      Corporate expense     9,893        118,153       27,395         123,857
      Pre-opening expense     860            838        1,364          17,183
      Development expense   5,926          4,567       16,663           7,329
      Depreciation and
       amortization        22,463         19,346       63,525          51,729
      (Gain)/loss on
       disposal of
       assets                 522         31,035        1,527        (387,187)
                          323,879        392,047      887,015         320,507

      Operating income
       (loss)             113,743        (48,411)     353,222         528,972

      Interest expense,
       net of amounts
       capitalized        (21,682)       (34,470)     (66,734)        (99,761)
      Interest income       8,637          2,184       23,164           3,278
      Other income
       (expense)              145             --       (1,146)             (9)
      Loss on early
       retirement of debt      --         (5,182)    (137,000)         (6,553)

    Income (loss) before
     income taxes         100,843        (85,879)     171,506         425,927

    (Provision) benefit
      for income taxes     (9,814)            --       13,064              --

    Net income (loss)     $91,029       $(85,879)    $184,570        $425,927

    Basic net income
     (loss) per share       $0.26         $(0.26)       $0.52           $1.31
    Diluted net income
     (loss) per share       $0.26         $(0.26)       $0.52           $1.31

    Unaudited pro forma
     data (reflecting
     change in tax
     status) (1)
    Income (loss) before
     income taxes             n/a       $(85,879)         n/a         425,927
    Pro forma (provision)
     benefit for
     income taxes             n/a        $39,874          n/a        (139,897)

    Pro forma net income
    (loss)                    n/a       $(46,005)         n/a        $286,030

    Unaudited pro forma
     per share data
    (reflecting change
     in tax status) (1)
    Basic pro forma net
     income (loss)
     per share                n/a         $(0.14)         n/a            $0.88
    Diluted pro forma
     net income (loss)
     per share                n/a         $(0.14)         n/a            $0.88

    Weighted average
     shares
     outstanding
      Basic           354,160,692    325,679,693  354,160,692     324,998,916
      Diluted         354,445,509    325,679,693  354,543,037     325,260,426

    (1) The Company converted from a flow through tax entity (Subchapter S
    Corporation) to a taxable entity
    (C Corporation) during mid December 2004.



    Las Vegas Sands Corp. and Subsidiaries
    Supplemental Data-Adjusted Net Income and EPS
    (In thousands, except share and per share data)
    (Unaudited)



                            Three Months Ended           Nine Months Ended
                               September 30,               September 30,
                           2005            2004         2005           2004

    Net income (pro
     forma net income
     (loss) for 2004)
     (1)                  $91,029        $(46,005)    $184,570       $286,030

    (Gain)/loss on
     disposal of
     assets, net (2)          452          20,173        1,515       (251,672)
    Pre-opening
     expense, net (2)         860             828        1,188         16,835
    Development
     expense, net (2)       5,130           4,567       15,565          7,329
    Mall II sale
     incentives,
     net(2)                    --          41,521           --         41,521
    Stock option
     compensation,
     net (2)                   --          43,513           --         43,513
    Litigation
     settlement
     expense, net (2)       2,459              --        2,459             --
    Loss on early
     retirement of
     debt, net (2)             --           3,368       90,508          4,259

    Adjusted net
     income (loss) (3)     $99,930         $67,965     $295,805       $147,815


    Per diluted share
     of common stock:
    Net income (pro
     forma net income
     (loss) for 2004) (1)   $0.26          $(0.14)       $0.52          $0.88
    (Gain)/loss on
     disposal of
     assets, net (2)         0.00            0.06         0.00          (0.77)
    Pre-opening
     expense, net (2)        0.00            0.00         0.00           0.05
    Development
     expense, net (2)        0.01            0.02         0.04           0.02
    Mall II sale
     incentives, net (2)       --            0.13           --           0.13
    Stock option
     compensation, net (2)     --            0.13           --           0.13
    Litigation
     settlement
     expense, net (2)        0.01              --         0.01             --
    Loss on early
     retirement of
     debt, net (2)             --            0.01         0.26           0.01

    Adjusted EPS (3)        $0.28           $0.21        $0.83          $0.45

    Weighted average
     diluted shares
     outstanding      354,445,509     325,679,693  354,543,037    325,260,426



    (1) See Condensed Consolidated Statement of Operations

    (2) Calculated net of estimated pro forma tax effect.

(3) Adjusted net income and Adjusted EPS are supplemental non-GAAP financial measures used by management, as well as industry analysts, to evaluate operations. Management also believes that these measures are considered by many to be more useful measures on which to base expectations of future results than net income (loss) and EPS computed in accordance with generally accepted accounting principles ("GAAP").



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

                                 Three Months Ended       Nine Months Ended
                                    September 30,          September 30,
                                  2005         2004       2005         2004

    Venetian Casino Resort      $182,594     $167,329    $572,859    $560,148
    Sands Macao                  244,535      165,650     624,664     225,737
    Sands Expo and Convention
     Center                       10,493       10,657      42,714      47,617
    Grand Canal Shops                 --           --          --      15,977

                                $437,622     $343,636  $1,240,237    $849,479



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

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

                            Three Months Ended September 30, 2005

                                     Depreciation (Gain)/Loss on
                          Operating       and         Disposal    Adjusted
                        Income (Loss) Amortization    of Assets    EBITDA

    Venetian Resort        $45,881      $15,228         $161      $61,270

    Sands Macao             82,161        6,567          323       89,051

    Sands Expo Center        1,520          668           38        2,226

    Other development       (5,926)          --           --       (5,926)

    Corporate               (9,893)          --           --       (9,893)

                          $113,743      $22,463         $522     $136,728


                            Three Months Ended September 30, 2005

                                                                 Adjusted
                   Pre-Opening  Development  Corporate            Property
                     Expense      Expense     Expense     Rent    EBITDAR

    Venetian Resort    $--         $--         $--      $3,308    $64,578

    Sands Macao        860          --          --         188     90,099

    Sands Expo Center   --          --          --         203      2,429

    Other development   --       5,926          --          --         --

    Corporate           --          --       9,893          --         --


                      $860      $5,926      $9,893      $3,699   $157,106


                            Three Months Ended September 30, 2004

                                      Depreciation (Gain)/Loss on
                          Operating        and         Disposal    Adjusted
                        Income (Loss) Amortization    of Assets    EBITDA

    Venetian Resort        $11,846      $13,736      $31,035      $56,617

    Grand Canal Shops           --           --           --           --

    Sands Macao             63,258        4,925           --       68,183

    Sands Expo Center         (795)         685           --         (110)

    Other development       (4,567)          --           --       (4,567)

    Corporate             (118,153)          --           --     (118,153)


                          $(48,411)     $19,346      $31,035       $1,970


                          Three Months Ended September 30, 2004

                                                                 Adjusted
                    Pre-Opening  Development Corporate           Property
                      Expense      Expense    Expense    Rent     EBITDAR

    Venetian Resort     $29        $--          $--      $2,828    $59,474

    Grand Canal Shops    --         --           --          --          --

    Sands Macao         809         --                      179     69,171

    Sands Expo Center    --         --           --         611        501

    Other development    --      4,567           --          --          --


    Corporate            --         --      118,153          --          --

                       $838     $4,567     $118,153      $3,618    $129,146



                           Nine Months Ended September 30, 2005

                                     Depreciation  (Gain)/Loss on
                         Operating        and         Disposal    Adjusted
                       Income (Loss)  Amortization    of Assets    EBITDA

    Venetian Resort       $168,096      $43,031          $(4)    $211,123

    Sands Macao            217,439       18,455          330      236,224

    Sands Expo Center       11,639        2,039           38       13,716

    Other Development      (16,557)          --        1,163      (15,394)

    Corporate              (27,395)          --           --      (27,395)

                          $353,222      $63,525       $1,527     $418,274


                            Nine Months Ended September 30, 2005

                                                                 Adjusted
                  Pre-Opening  Development  Corporate            Property
                    Expense      Expense     Expense     Rent     EBITDAR

    Venetian Resort   $504           $--         $--     $9,915   $221,542

    Sands Macao        860         1,269          --        562    238,915

    Sands Expo Center   --            --          --        609     14,325

    Other Development   --        15,394          --         --          --

    Corporate           --            --      27,395         --          --

                    $1,364       $16,663     $27,395    $11,086    $474,782



                            Nine Months Ended September 30, 2004

                                     Depreciation  (Gain)/Loss on
                        Operating        and         Disposal    Adjusted
                      Income (Loss)  Amortization    of Assets    EBITDA

    Venetian Resort       $574,042      $40,665    $(387,187)    $227,520

    Grand Canal Shops        6,771        1,824           --        8,595

    Sands Macao             68,682        7,034           --       75,716

    Sands Expo Center       10,663        2,206           --       12,869

    Other Development       (7,329)          --           --       (7,329)

    Corporate             (123,857)          --           --     (123,857)

                          $528,972      $51,729    $(387,187)    $193,514



                           Nine Months Ended September 30, 2004

                                                                  Adjusted
                  Pre-Opening  Development   Corporate            Property
                    Expense      Expense      Expense    Rent     EBITDAR

    Venetian Resort    $995           $--         $--    $6,533   $235,048

    Grand Canal Shops    --            --          --       886      9,481

    Sands Macao      16,188            --          --       277     92,181

    Sands Expo Center    --            --          --       611     13,480

    Other Development    --         7,329          --        --          --

    Corporate            --            --     123,857        --          --

                    $17,183        $7,329    $123,857    $8,307    $350,190



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


    The following is a reconciliation of Net Income (Loss) to EBITDA and
Adjusted Property EBITDAR:

                                      Three Months Ended  Nine Months Ended
                                        September 30,       September 30,

                                        2005      2004      2005      2004
    Net income (loss)                  $91,029  $(85,879) $184,570  $425,927
      Add (deduct) :
         Provision (benefit) for
          income taxes                   9,814        --   (13,064)       --
         (Other income) expense           (145)       --     1,146         9
         Interest income                (8,637)   (2,184)  (23,164)   (3,278)
         Interest expense, net of
          amounts capitalized           21,682    34,470    66,734    99,761
         Loss on early retirement of
          debt                              --     5,182   137,000     6,553
         (Gain)/loss on disposal of
          assets                           522    31,035     1,527  (387,187)
         Depreciation and
          amortization                  22,463    19,346    63,525    51,729

    EBITDA                             136,728     1,970   418,274   193,514

      Add:
         Rental expense                  3,699     3,618    11,086     8,307
         Pre-opening expense               860       838     1,364    17,183
         Development expense             5,926     4,567    16,663     7,329
         Corporate expense               9,893   118,153    27,395   123,857

    Adjusted Property EBITDAR         $157,106  $129,146  $474,782  $350,190



    Las Vegas Sands Corp. and Subsidiaries
    Supplemental Data Schedule
    (In thousands except room and other information)
    (Unaudited)



                                       Three Months Ended  Nine Months Ended
                                         September 30,       September 30,
                                         2005      2004      2005      2004

    Total Adjusted Property
     EBITDAR (1)                       $157,106  $129,146  $474,782  $350,190

    Room Statistics for the Venetian:
        Occupancy %                         96.3%     97.2%     97.6%    98.3%
        Average daily room rate (ADR) (2)  $203      $201      $225      $219
        Revenue per available
         room (REVPAR) (3)                 $195      $195      $220      $215

    Other Information:
      Venetian:
        Table games win per unit
         per day (4)                     $5,691    $3,852    $5,183    $4,555
        Slot machine win per unit
         per day (5)                       $190      $201      $184      $190
        Average number of table games       138       136       136       135
        Average number of slot
         machines                         1,998     2,000     1,995     2,001

      Sands Macao:
        Table games win per unit
         per day (4)                     $7,444    $5,687    $6,449    $5,295
        Slot machine win per unit
         per day (5)                       $218      $207      $195      $199
        Average number of table games       362       292       352       287
        Average number of slot machines     802       519       796       500


(1) Adjusted EBITDAR consists of operating income before depreciation and amortization, rental expense, pre-opening expense, development expense, the gain/loss on disposal of assets and corporate expense. Adjusted EBITDAR and EBITDA are supplemental non-GAAP financial measures used by management, as well as industry analysts, to evaluate operations. In particular, management utilizes adjusted EBITDAR to compare the operating profitability of its casinos with those of its competitors. Rental expense is added to EBITDA because the Company leases its HVAC plant and believes this provides a comparison of operating profitability to Las Vegas competitors who own their HVAC plants. Las Vegas Sands Corp. is also presenting adjusted EBITDAR because it is used by some investors as a way to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Las Vegas Sands Corp. have historically excluded pre-opening expense, development expense, and corporate expense, which do not relate to the management of specific casino properties from their EBITDAR calculations. When evaluating adjusted EBITDAR, investors should consider, among other factors, (1) increasing or decreasing trends in adjusted EBITDAR and (2) how adjusted EBITDAR compares to levels of debt and interest expense. However, adjusted EBITDAR should not be interpreted as an alternative to income from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity) as determined in accordance with generally accepted accounting principles. Las Vegas Sands Corp. has significant uses of cash flow, including capital expenditures, interest payments and debt principal repayments, which are not reflected in adjusted EBITDAR. Not all companies calculate EBITDAR in the same manner. As a result, adjusted EBITDAR as presented by Las Vegas Sands Corp. may not be comparable to similarly titled measures presented by other companies. Adjusted property EBITDAR consists of adjusted EBITDAR for a particular property, such as The Venetian in Las Vegas and the Sands Macao in Macao.

(2) ADR is Average Daily Rate and is calculated by dividing total room revenue by total rooms occupied.

(3) REVPAR is defined as Revenue Per Available Room and is calculated by dividing total room revenue by rooms available.

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

(5) Slot machine win per unit per day includes slot points.

SOURCE Las Vegas Sands Corp.
11/02/2005
CONTACT: Investment Community, Scott D. Henry, Chief Financial Officer, +1-702-733-5502, or Media, Ron Reese, Executive Director of Communications, +1-702-414-3607, both of Las Vegas Sands Corp.
Web site: http://www.venetian.com
(LVS)
11/02/2005 16:16 EST http://www.prnewswire.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Las Vegas Sands Corp.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.