Las Vegas Sands Reports All-Time Industry Record $1.07 Billion Adjusted Property EBITDA Quarter

LAS VEGAS, NV, Apr 25 (Marketwire) --
Las Vegas Sands Corp. (NYSE: LVS)

In the First Quarter of 2012 Compared to the First Quarter of 2011:

-- Adjusted Property EBITDA Increases Achieved by Every Property in
Global Portfolio
-- Net Revenue Increased 30.8% to Industry-Wide Record of $2.76 Billion
-- Consolidated Adjusted Property EBITDA Margin Expanded 330 Basis Points
to 38.6%
-- Marina Bay Sands Adjusted Property EBITDA Increased 66.1% to Record
$472.5 Million
-- Macao Property Operations Adjusted Property EBITDA Increased 20.6% to
Record $456.4 Million

Las Vegas Sands Corp. (NYSE: LVS) today reported record financial
results for the quarter ended March 31, 2012.

First Quarter Overview

We are extremely pleased to report record financial results for the first
quarter of 2012. Strong growth and EBITDA margins at our Macao property
portfolio, together with continued growth at Marina Bay Sands in
Singapore and a strong performance from our domestic properties
contributed to record revenue, operating income, adjusted property EBITDA
and adjusted earnings per share for the quarter.

In Macao, we generated significantly stronger gaming volumes across our
property portfolio, while adjusted property EBITDA reached a record
$456.4 million with an adjusted property EBITDA margin of 32.1%. Strong
growth of our higher margin mass table and slot businesses, together with
the contribution from the important non-gaming (hotel, retail, mall and
convention) components of our Integrated Resort business model, continue
to drive revenue and EBITDA growth. We are also pleased to report that
the initial investments we have made to expand our offerings in the VIP
segment were clearly evident in our quarterly operating results, with the
Four Seasons Hotel Macao and Plaza Casino increasing its Rolling Chip
volume by over 220% compared to the same quarter last year and generating
a record quarterly EBITDA of $67.5 million. We expect to realize
additional benefits from our initiatives in the VIP segment in the
future, as we roll out additional enhanced VIP facilities and service
offerings throughout our property portfolio in Macao.

We are extremely gratified to have successfully opened on April 11th the
first phase of the largest Integrated Resort development in the company's
history, Sands Cotai Central. Located at the center of the COTAI Strip
and directly across from The Venetian Macao and the Four Seasons Hotel
Macao and Plaza Casino, Sands Cotai Central has added substantial scale
to the COTAI Strip and features amenities and attractions designed to
broaden and deepen Macao's appeal as a destination for business and
leisure travelers. Importantly, Sands Cotai Central will include at
completion approximately 6,400 hotel rooms, a vital component for the
future growth and continued maturation of the meetings, incentive,
convention and exhibition business in Macao. We are confident that Sands
Cotai Central will meaningfully contribute to important multi-night
business and leisure visitation to Macao and will provide an outstanding
platform for growth for our company.

In Singapore, Marina Bay Sands produced a record $472.5 million of
adjusted property EBITDA during the quarter and an EBITDA margin of
55.7%. Strong growth in VIP, mass gaming and slot volumes coupled with
continued growth in visitation and non-gaming revenue streams including
hotel, food and beverage, retail and entertainment reflect the broad
appeal of the property to Singapore's visitors from across the Asian
region. Looking ahead, as Singapore's complementary business and leisure
tourism offerings and transportation infrastructure continue to expand,
we are confident that Marina Bay Sands will continue to generate
outstanding returns for our company.

In Las Vegas, The Venetian and Palazzo generated $115.8 million in
adjusted property EBITDA during the quarter, up 77.6% compared to the
first quarter last year. Table games drop was up 27.8% during the quarter
reflecting strong baccarat play. Slot handle was also up 18.8%. Sands
Bethlehem produced a record quarter with $27.5 million in adjusted
property EBITDA. The property continues to benefit from growth in slot
handle, table games play, and hotel revenues.

The reliable and predictable nature of the cash flows generated by our
Integrated Resort business model, the successful execution of our
deleveraging strategy, and the healthy margin profile of our property
portfolio remain evident in our financial results. While we again
achieved quarterly records for net revenue and adjusted property EBITDA,
we are also pleased that the flow through to earnings remained strong,
with adjusted earnings per diluted share increasing 89.2% to reach a
record $0.70, compared to $0.37 in the quarter one year ago.

The board of directors of Las Vegas Sands has declared a cash dividend of
$0.25 per common share to be paid on June 29, 2012 to shareholders of
record as of June 20, 2012.

Company-Wide Operating Results

Net revenue for the first quarter of 2012 was a record $2.76 billion, an
increase of 30.8% compared to $2.11 billion in the first quarter of 2011.
Consolidated adjusted property EBITDA in the first quarter of 2012
increased 43.0% to a record $1.07 billion, compared to $745.7 million in
the year-ago quarter. Consolidated adjusted property EBITDA margin
increased 330 basis points to 38.6% in the first quarter of 2012,
compared to 35.3% in the first quarter of 2011.

On a GAAP (Generally Accepted Accounting Principles) basis, operating
income in the first quarter of 2012 increased 45.6% to reach $707.6
million, compared to $485.9 million in the first quarter of 2011. The
increase in operating income was principally due to stronger results
across our portfolio of properties in Macao and at Marina Bay Sands in
Singapore.

Adjusted net income (see Note 1) increased to $569.8 million, or $0.70
per diluted share, compared to $299.4 million, or $0.37 per diluted
share, in the first quarter of 2011.

On a GAAP basis, net income attributable to common stockholders in the
first quarter of 2012 increased 118.7% to $498.9 million, compared to
$228.2 million in the first quarter of 2011, while diluted earnings per
share in the first quarter of 2012 increased 117.9% to $0.61, compared to
$0.28 in the prior year quarter. The improvement in our net income
attributable to common stockholders reflected the increase in operating
income and the discontinuation of preferred stock dividends and the
accretion of preferred stock resulting from the retirement of the
company's outstanding preferred stock in November 2011, partially offset
by an impairment loss.

Sands China Ltd. Consolidated Financial Results

On a GAAP basis, total net revenues for Sands China Ltd. increased 25.0%
to $1.45 billion in the first quarter of 2012, compared to $1.16 billion
in the first quarter of 2011. Adjusted property EBITDA for Sands China
Ltd. increased 20.5% to $450.6 million in the first quarter of 2012,
compared to $373.8 million in the first quarter of 2011. Net income for
Sands China Ltd. increased 5.8% to $277.4 million in the first quarter of
2012, compared to $262.1 million in the first quarter of 2011.

The Venetian Macao First Quarter Operating Results

The Venetian Macao continued to enjoy strong visitation and financial
performance. The property delivered record adjusted property EBITDA of
$281.9 million, an increase of 23.4% compared to $228.4 million in the
first quarter of 2011. Adjusted property EBITDA margin was 36.5% in the
first quarter of 2012. The Venetian delivered solid growth in gaming
volumes in each segment of the business. Non-Rolling Chip drop was a
record $1.11 billion for the quarter, an increase of 12.7% compared to
the same quarter last year, while Non-Rolling Chip win percentage was
30.7%. Rolling Chip volume during the quarter increased 11.4% to a record
$13.80 billion. Slot handle was a record $1.24 billion, an increase of
67.0% compared to the quarter one year ago. RevPAR increased 15.7% to a
record $228 due to higher ADR and occupancy.

The following table summarizes the key operating results for The Venetian
Macao for the first quarter of 2012 compared to the first quarter of
2011:

The Venetian Macao Operations Three Months Ended
March 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 673.9 $ 553.4 $ 120.5 21.8%
Rooms 59.0 50.2 8.8 17.5%
Food and Beverage 22.5 18.3 4.2 23.0%
Mall 26.1 23.0 3.1 13.5%
Convention, Retail and Other 23.1 13.6 9.5 69.9%
Less - Promotional Allowances (31.8) (20.2) (11.6) -57.4%
--------- --------- ---------
Net Revenues $ 772.8 $ 638.3 $ 134.5 21.1%

Adjusted Property EBITDA $ 281.9 $ 228.4 $ 53.5 23.4%
EBITDA Margin % 36.5% 35.8% 0.7 pts

Operating Income $ 198.6 $ 180.8 $ 17.8 9.8%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume $13,801.6 $12,389.0 $ 1,412.6 11.4%
Rolling Chip Win %(1) 2.93% 2.69% 0.24 pts

Non-Rolling Chip Drop $ 1,105.6 $ 980.6 $ 125.0 12.7%
Non-Rolling Chip Win %(2) 30.7% 27.9% 2.8 pts

Slot Handle $ 1,240.8 $ 743.1 $ 497.7 67.0%
Slot Hold %(3) 5.6% 6.9% -1.3 pts

Hotel Statistics

Occupancy % 93.4% 86.5% 6.9 pts
Average Daily Rate (ADR) $ 244 $ 227 $ 17 7.5%
Revenue per Available Room
(RevPAR) $ 228 $ 197 $ 31 15.7%

(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(2) This compares to The Venetian Macao's trailing 12 month Non-Rolling Chip
win percentage of 27.3% (calculated before discounts).
(3) This compares to The Venetian Macao's trailing 12 month slot hold
percentage of 6.4% (calculated before slot club cash incentives).

Sands Macao First Quarter Operating Results

Sands Macao's adjusted property EBITDA increased 15.6% to $107.0 million
with adjusted property EBITDA margin of 30.6%. Non-Rolling Chip drop
increased to $707.8 million, the strongest performance since the first
quarter of 2008. Slot handle increased 52.1% to a record $663.2 million.
Rolling Chip volume was $6.43 billion for the quarter while Rolling Chip
win percentage for the quarter was 3.73%.

The following table summarizes our key operating results for the Sands
Macao for the first quarter of 2012 compared to the first quarter of 2011:

Sands Macao Operations Three Months Ended
March 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 341.1 $ 315.7 $ 25.4 8.0%
Rooms 6.2 5.5 0.7 12.7%
Food and Beverage 9.3 10.0 (0.7) -7.0%
Convention, Retail and Other 2.6 2.4 0.2 8.3%
Less - Promotional Allowances (10.1) (10.8) 0.7 6.5%
--------- --------- ---------
Net Revenues $ 349.1 $ 322.8 $ 26.3 8.1%

Adjusted Property EBITDA $ 107.0 $ 92.6 $ 14.4 15.6%
EBITDA Margin % 30.6% 28.7% 1.9 pts

Operating Income $ 98.5 $ 83.9 $ 14.6 17.4%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume $ 6,433.5 $ 8,269.4 $(1,835.9) -22.2%
Rolling Chip Win %(1) 3.73% 2.75% 0.98 pts

Non-Rolling Chip Drop $ 707.8 $ 688.7 $ 19.1 2.8%
Non-Rolling Chip Win %(2) 21.2% 20.3% 0.9 pts

Slot Handle $ 663.2 $ 435.9 $ 227.3 52.1%
Slot Hold %(3) 4.4% 6.5% -2.1 pts

Hotel Statistics

Occupancy % 93.8% 84.9% 8.9 pts
Average Daily Rate (ADR) $ 252 $ 251 $ 1 0.4%
Revenue per Available Room
(RevPAR) $ 236 $ 213 $ 23 10.8%

(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(2) This compares to the Sands Macao's trailing 12 month Non-Rolling Chip
win percentage of 20.5% (calculated before discounts).
(3) This compares to the Sands Macao's trailing 12 month slot hold
percentage of 5.5% (calculated before slot club cash incentives).

Four Seasons Hotel Macao and Plaza Casino First Quarter Operating
Results

The Four Seasons Hotel Macao and Plaza Casino generated record adjusted
property EBITDA of $67.5 million in the first quarter of 2012, an
increase of 17.4% compared to the $57.5 million for the first quarter of
2011. Rolling Chip volume reached a record $12.70 billion for the
quarter, an increase of 221.8% compared to the first quarter of 2011.
Slot handle continued to expand, reaching $198.2 million, an increase of
5.7% compared to last year's first quarter. Non-Rolling Chip drop
increased to $105.9 million while Non-Rolling Chip win was up 33.7%
compared to the year-ago quarter. The non-gaming offerings of the
property continued to exhibit healthy growth, with increases in occupancy
and RevPAR, while mall revenue was $10.5 million, a 98.1% increase
compared to last year's first quarter.

The following table summarizes our key operating results for the Four
Seasons Hotel Macao and Plaza Casino for the first quarter of 2012
compared to the first quarter of 2011:

Four Seasons Hotel Macao and
Plaza Casino Operations Three Months Ended
March 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 282.9 $ 160.8 $ 122.1 75.9%
Rooms 10.1 7.5 2.6 34.7%
Food and Beverage 6.8 5.0 1.8 36.0%
Mall 10.5 5.3 5.2 98.1%
Convention, Retail and Other 0.7 0.5 0.2 40.0%
Less - Promotional Allowances (11.4) (7.0) (4.4) -62.9%
--------- --------- ---------
Net Revenues $ 299.6 $ 172.1 $ 127.5 74.1%

Adjusted Property EBITDA $ 67.5 $ 57.5 $ 10.0 17.4%
EBITDA Margin % 22.5% 33.4% -10.9 pts

Operating Income $ 53.4 $ 42.7 $ 10.7 25.1%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume $12,703.2 $ 3,948.0 $ 8,755.2 221.8%
Rolling Chip Win %(1) 2.83% 3.90% -1.07 pts

Non-Rolling Chip Drop $ 105.9 $ 82.4 $ 23.5 28.5%
Non-Rolling Chip Win %(2) 41.7% 40.1% 1.6 pts

Slot Handle $ 198.2 $ 187.5 $ 10.7 5.7%
Slot Hold %(3) 6.0% 6.5% -0.5 pts

Hotel Statistics

Occupancy % 82.3% 64.6% 17.7 pts
Average Daily Rate (ADR) $ 360 $ 341 $ 19 5.6%
Revenue per Available Room
(RevPAR) $ 296 $ 220 $ 76 34.5%

(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(2) This compares to the Plaza Casino's trailing 12 month Non-Rolling Chip
win percentage of 40.3% (calculated before discounts).
(3) This compares to the Plaza Casino's trailing 12 month slot hold
percentage of 5.7% (calculated before slot club cash incentives).

Marina Bay Sands First Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of
$472.5 million for the first quarter of 2012, an increase of 66.1%
compared to $284.5 million in the first quarter of 2011. Adjusted
property EBITDA margin was 55.7% for the quarter.

Gaming volumes reflected strong growth in each segment of the business.
Rolling Chip volume increased 26.4% to reach $12.80 billion for the
quarter while Rolling Chip win percentage was 3.58%. Non-Rolling Chip
drop increased 18.3% to reach $1.17 billion with a Non-Rolling Chip win
percentage of 22.2%. Slot handle increased 34.2% to reach $2.74 billion
for the quarter with slot hold percentage of 5.4%. Total mass win per day
during the quarter increased 21.5% to reach $4.47 million, compared to
$3.68 million in the first quarter of 2011.

The high margin hotel room and mall segments of the property both
reflected strong revenue growth of 38.2% and 25.0%, respectively, as the
property's full complement of offerings and amenities continued to
mature. Occupancy and ADR both expanded during the quarter, driving a
RevPAR increase of 36.2% compared to the same quarter last year.

The following table summarizes our key operating results for Marina Bay
Sands for the first quarter of 2012 compared to the first quarter of 2011:

Marina Bay Sands Operations Three Months Ended
March 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 701.3 $ 464.4 $ 236.9 51.0%
Rooms 77.1 55.8 21.3 38.2%
Food and Beverage 47.1 43.2 3.9 9.0%
Mall 34.5 27.6 6.9 25.0%
Convention, Retail and Other 29.8 25.7 4.1 16.0%
Less - Promotional Allowances (41.1) (31.8) (9.3) -29.2%
--------- --------- ---------
Net Revenues $ 848.7 $ 584.9 $ 263.8 45.1%

Adjusted Property EBITDA $ 472.5 $ 284.5 $ 188.0 66.1%
EBITDA Margin % 55.7% 48.6% 7.1 pts

Operating Income $ 373.2 $ 196.7 $ 176.5 89.7%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume $12,804.5 $10,132.3 $ 2,672.2 26.4%
Rolling Chip Win %(1) 3.58% 2.56% 1.02 pts

Non-Rolling Chip Drop $ 1,167.0 $ 986.4 $ 180.6 18.3%
Non-Rolling Chip Win %(2) 22.2% 22.6% -0.4 pts

Slot Handle $ 2,740.6 $ 2,041.8 $ 698.8 34.2%
Slot Hold %(3) 5.4% 5.3% 0.1 pts

Hotel Statistics

Occupancy % 98.4% 86.3% 12.1 pts
Average Daily Rate (ADR) $ 341 $ 285 $ 56 19.6%
Revenue per Available Room
(RevPAR) $ 335 $ 246 $ 89 36.2%

(1) This compares to our expected Rolling Chip win percentage of 2.7% to
3.0% (calculated before discounts and commissions).
(2) This compares to Marina Bay Sands trailing 12 month Non-Rolling Chip win
percentage of 23.0% (calculated before discounts).
(3) This compares to Marina Bay Sands trailing 12 month slot hold percentage
of 5.3% (calculated before slot club cash incentives).

Las Vegas First Quarter Operating Results

The Venetian and The Palazzo delivered adjusted property EBITDA of $115.8
million for the first quarter of 2012, an increase of 77.6% compared to
the $65.2 million generated in the first quarter of 2011. Adjusted
property EBITDA margin was 30.1% for the quarter. Strong baccarat play
drove a 27.8% increase in table games drop to $609.0 million. Stronger
group meeting and convention business during the quarter drove a 4.9%
increase in cash hotel ADR.

The following table summarizes our key operating results for our Las
Vegas operations for the first quarter of 2012 compared to the first
quarter of 2011:

Three Months Ended
Las Vegas Operations March 31,
--------------------
(Dollars in millions) 2012 2011 $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 158.7 $ 83.1 $ 75.6 91.0%
Rooms 113.4 112.9 0.5 0.4%
Food and Beverage 61.0 64.0 (3.0) -4.7%
Convention, Retail and Other 74.7 63.5 11.2 17.6%
Less - Promotional Allowances (23.2) (18.4) (4.8) -26.1%
--------- --------- ---------
Net Revenues $ 384.6 $ 305.1 $ 79.5 26.1%

Adjusted Property EBITDA $ 115.8 $ 65.2 $ 50.6 77.6%
EBITDA Margin % 30.1% 21.4% 8.7 pts

Operating Income $ 87.7 $ 31.3 $ 56.4 180.2%

Gaming Statistics
(Dollars in millions)

Table Games Drop $ 609.0 $ 476.6 $ 132.4 27.8%
Table Games Win %(1) 24.0% 13.3% 10.7 pts

Slot Handle $ 483.8 $ 407.3 $ 76.5 18.8%
Slot Hold %(2) 8.5% 8.5% 0.0 pts

Hotel Statistics

Occupancy % 83.4% 83.9% -0.5 pts
Average Daily Rate (ADR) $ 214 $ 212 $ 2 0.9%
Revenue per Available Room
(RevPAR) $ 178 $ 178 $ 0 0.0%

(1) This compares to our Las Vegas Operation's trailing 12 month table games
win percentage of 17.9% (calculated before discounts).
(2) This compares to our Las Vegas Operation's trailing 12 month slot hold
percentage of 8.7% (calculated before slot club cash incentives).

Sands Bethlehem First Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $115.6 million and
adjusted property EBITDA reached $27.5 million for the first quarter of
2012. Table games drop was $201.5 million for the quarter, an increase of
69.3% compared to the quarter one year ago, while table games win
percentage was 14.9%. Slot handle increased 17.3% to reach $1.03 billion
for the quarter with slot hold percentage of 7.3%. The property's
300-room hotel tower opened on May 27, 2011, and contributed $1.9 million
of room revenue during the quarter ended March 31, 2012. The hotel,
together with the addition of the retail mall, the first phase of which
opened in November 2011, and the events center, which will debut in May
2012, should contribute to future growth of both gaming and non-gaming
offerings at the property.

The following table summarizes our key operating results for Sands
Bethlehem for the first quarter of 2012 compared to the first quarter of
2011:

Three Months Ended
Sands Bethlehem Operations March 31,
--------------------
(Dollars in millions) 2012 2011(1) $ Change Change
--------- --------- --------- ---------
Revenues:
Casino $ 108.7 $ 87.1 $ 21.6 24.8%
Rooms 1.9 N/A 1.9 N/A
Food and Beverage 6.7 5.0 1.7 34.0%
Mall 0.3 N/A 0.3 N/A
Convention, Retail and Other 3.8 2.6 1.2 46.2%
Less - Promotional Allowances (5.8) (3.7) (2.1) -56.8%
--------- --------- ---------
Net Revenues $ 115.6 $ 91.0 $ 24.6 27.0%

Adjusted Property EBITDA $ 27.5 $ 22.1 $ 5.4 24.4%
EBITDA Margin % 23.8% 24.3% -0.5 pts

Operating Income $ 18.2 $ 14.1 $ 4.1 29.1%

Gaming Statistics
(Dollars in millions)

Table Games Drop $ 201.5 $ 119.0 $ 82.5 69.3%
Table Games Win %(2) 14.9% 16.7% -1.8 pts

Slot Handle $ 1,033.7 $ 881.4 $ 152.3 17.3%
Slot Hold %(3) 7.3% 7.4% -0.1 pts

Hotel Statistics

Occupancy % 50.3% NA N/A N/A
Average Daily Rate (ADR) $ 139 $ NA N/A N/A
Revenue per Available Room
(RevPAR) $ 70 $ NA N/A N/A

(1) The hotel tower opened on May 27, 2011 and the first phase of the retail
mall opened on November 1, 2011.
(2) This compares to Sands Bethlehem's trailing 12 month table games win
percentage of 14.8% (calculated before discounts).
(3) This compares to Sands Bethlehem's trailing 12 month slot hold
percentage of 7.2% (calculated before slot club cash incentives).

Retail Mall Operations

Gross revenue from tenants in the company's retail malls at The Venetian
Macao, the Four Seasons Macao and Marina Bay Sands in Singapore reached
$71.1 million for the first quarter of 2012, an increase of 27.3%
compared to the first quarter of 2011. Operating profit derived from
these retail mall assets increased 25.2% for the quarter to reach $55.2
million.

LTM
March
For The Three Months Ended March 31, 2012 31, 2012
-------------------------------------------------- --------
Tenant
(Dollars in Gross Sales
millions except Operating Leasable Occupancy Per
per square foot Gross Operating Profit Area % at End Sq.
data) Revenue Profit(1) Margin (sq. ft.) of Period Ft.(2)
-------- ---------- --------- --------- --------- --------

The Grand Canal
Shoppes at The
Venetian Macao $ 26.1 $ 20.5 78.5% 817,361 89.8% $ 1,121

The Shoppes at
Four Seasons
Luxury Retail 6.7 5.9 88.1% 87,063 100.0% 5,989
Other Stores 3.8 2.9 76.3% 102,019 84.4% 1,108
-------- ---------- ---------
Total 10.5 8.8 83.8% 189,082 91.6% 3,744

The Shoppes at
Marina Bay
Sands 34.5 25.9 75.1% 629,982 94.9% 1,302
-------- ---------- ---------

Total $ 71.1 $ 55.2 77.6% 1,636,425 92.0% $ 1,526
======== ========== =========

(1) Operating profit excludes bad debt credit of $0.2 million at The Grand
Canal Shoppes at The Venetian Macao and bad debt expense of $0.2 million
at The Shoppes at Four Seasons. No bad debt expense was recorded for the
quarter at The Shoppes at Marina Bay Sands.
(2) Tenant sales per square foot reflects sales from tenants only after the
tenant has been open for a period of 12 months.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of our
CotaiJet ferry operation, was negative $5.7 million during the quarter.

Pre-opening expenses, related primarily to Sands Cotai Central on the
COTAI Strip in Macao, increased to $51.5 million in the first quarter of
2012, compared to $9.5 million in the first quarter of 2011.

Depreciation and amortization expense was $194.7 million in the first
quarter of 2012, compared to $190.2 million in the first quarter of 2011.

Interest expense, net of amounts capitalized, was $64.7 million for the
first quarter of 2012, compared to $73.6 million during the first quarter
of 2011. The decrease was principally the result of a lower average
borrowing cost as well as lower debt balances outstanding in the quarter
compared to the first quarter of 2011. Capitalized interest was $22.1
million during the first quarter of 2012, compared to $30.6 million
during the first quarter of 2011. Our weighted average borrowing cost in
the first quarter of 2012 was 3.3%.

Corporate expense was $49.0 million in the first quarter of 2012,
compared to $37.6 million in the first quarter of 2011. The increase was
primarily driven by higher legal fees.

The company recorded an impairment loss of $42.9 million related to the
closing of the entertainment show Zaia at The Venetian Macao.

Other expense, which was principally composed of foreign currency losses,
was $3.4 million in the first quarter of 2012, compared to $4.7 million
in the first quarter of 2011.

The company's effective tax rate for the first quarter of 2012 was 9.8%.
The tax rate is primarily driven by a provision for the earnings from
Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the first
quarter of 2012 of $80.2 million was principally related to Sands China
Ltd.

Balance Sheet Items

Unrestricted cash balances as of March 31, 2012, were $4.06 billion,
while restricted cash balances were $7.3 million.

As of March 31, 2012, total debt outstanding, including the current
portion, was $9.9 billion. Total principal payments for the remainder of
2012 and the full year 2013, which principally relate to our Singapore
Credit Facility, are approximately $352.0 million and $543.4 million,
respectively.

During the quarter, the company elected to redeem all of its outstanding
6.375% Senior Notes due 2015 at a total cash cost of $193.2 million,
which included accrued interest through the redemption date.

Capital Expenditures

Capital expenditures during the first quarter totaled $398.3 million,
including construction and development activities of $305.3 million in
Macao, $62.4 million at Marina Bay Sands, $21.6 million in Las Vegas and
$9.0 million at Sands Bethlehem.

Conference Call Information

The company will host a conference call to discuss the company's results
on Wednesday, April 25, 2012 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,
legalization of gaming, interest rates, future terrorist acts, influenza,
insurance, gaming promoters, risks relating to our gaming licenses,
certificate and subconcession, infrastructure in Macao and other factors
detailed in the reports filed by Las Vegas Sands Corp. with the
Securities and Exchange Commission. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the date thereof. Las Vegas Sands Corp. assumes no obligation to
update such information.

Note 1

Adjusted net income excludes pre-opening expense, development expense,
impairment loss, gain or loss on disposal of assets, loss on modification
or early retirement of debt, preferred stock dividends, accretion to
redemption value of preferred stock issued to the Principal Stockholder's
family, and preferred stock inducement, repurchase and redemption
premiums.

About Las Vegas Sands

Las Vegas Sands (NYSE: LVS) is a Fortune 500 company and the leading
global developer of destination properties (Integrated Resorts) that
feature premium accommodations, world-class gaming and entertainment,
convention and exhibition facilities, celebrity chef restaurants, and
many other amenities.

THE VENETIAN(R) and THE PALAZZO(R), Five-Diamond luxury resorts on the
Las Vegas Strip, and SANDS(R) Bethlehem in Eastern Pennsylvania are the
company's properties in the United States.

MARINA BAY SANDS(R) is the company's iconic Integrated Resort in
Singapore's downtown Marina Bay district.

Through its majority-owned subsidiary Sands China Ltd., the company also
owns a portfolio of properties on Macao's COTAISTRIP(R), including THE
VENETIAN(R) Macao, Four Seasons Hotel Macao, and Sands Cotai Central, a
13.7 million square foot 6,400-room Integrated Resort, the first phase of
which debuted in April 2012. The company also owns the SANDS(R) Macao on
the Macao Peninsula.

Las Vegas Sands is also committed to global sustainability through its
SANDS Eco 360 program and is an active community partner through its
various charitable organizations.

Las Vegas Sands Corp.
First Quarter 2012 Results
Non-GAAP
Reconciliations

Within the company's first quarter 2012 press release, the company makes
reference to certain non-GAAP financial measures including "adjusted net
income," "adjusted earnings per diluted share," and "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, impairment loss, pre-opening
expense, development expense, royalty fees, stock-based compensation, and
corporate expense. Reconciliations of GAAP operating income and GAAP net
income attributable to Las Vegas Sands Corp. to 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
March 31,
2012 2011
------------ ------------

Revenues:
Casino $ 2,266,493 $ 1,664,489
Rooms 267,727 231,974
Food and beverage 153,455 145,393
Mall 71,418 55,865
Convention, retail and other 129,717 108,790
------------ ------------
2,888,810 2,206,511
Less - promotional allowances (126,068) (94,592)
------------ ------------
2,762,742 2,111,919
------------ ------------

Operating expenses:
Resort operations 1,705,398 1,374,480
Corporate 48,955 37,576
Pre-opening 51,459 9,471
Development 1,198 573
Depreciation and amortization 194,747 190,237
Amortization of leasehold interests in land 9,945 13,156
Impairment loss 42,893 -
Loss on disposal of assets 593 499
------------ ------------
2,055,188 1,625,992
------------ ------------

Operating income 707,554 485,927

Interest income 5,648 2,047
Interest expense, net of amounts capitalized (64,672) (73,585)
Other expense (3,419) (4,675)
Loss on early retirement of debt (2,831) -
------------ ------------

Income before income taxes 642,280 409,714

Income tax expense (63,171) (45,211)
------------ ------------

Net income 579,109 364,503

Net income attributable to noncontrolling
interests (80,167) (75,180)
------------ ------------

Net income attributable to Las Vegas Sands Corp. 498,942 289,323

Preferred stock dividends - (19,598)
Accretion to redemption value of preferred stock
issued to Principal Stockholder's family
- (23,136)
Preferred stock inducement and repurchase
premiums - (18,433)
------------ ------------

Net income attributable to common stockholders $ 498,942 $ 228,156
============ ============

Earnings per share:
Basic $ 0.66 $ 0.32
============ ============
Diluted $ 0.61 $ 0.28
============ ============

Weighted average shares outstanding:
Basic 760,437,437 723,389,226
============ ============
Diluted 818,797,155 811,239,242
============ ============

Dividends declared per common share $ 0.25 $ -
============ ============

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 March 31, 2012

Amortization Impairment
of and (Gain)
Operating Depreciation Leasehold Loss on
Income and Interests Disposal
(Loss) Amortization in Land of Assets
----------- ------------- ------------- -------------
Macao:
The Venetian
Macao $ 198,568 $ 36,768 $ 1,650 $ 42,932
Sands Macao 98,542 7,411 353 92
Four Seasons
Hotel Macao
and Plaza
Casino 53,410 12,424 705 4
---------- ------------- ------------- ------------
Macao
Property
Operations 350,520 56,603 2,708 43,028
Marina Bay
Sands 373,198 65,051 4,468 (139)
United
States:
Las Vegas
Operating
Properties 87,704 56,682 - 402
Sands
Bethlehem 18,178 8,874 - 8
---------- ------------- ------------- ------------
United States
Property
Operations 105,882 65,556 - 410
Other Asia
(2) (14,950) 3,681 - -
Other
Development (54,835) 269 2,769 187
Corporate (52,261) 3,587 - -
---------- ------------- ------------- ------------
$ 707,554 $ 194,747 $ 9,945 $ 43,486
========== ============= ============= ============

Pre-Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ --------- ------------- ---------- --------------
Macao:
The Venetian
Macao $ - $ - $ 2,015 $ - $ 281,933
Sands Macao - - 558 - 106,956
Four Seasons
Hotel Macao
and Plaza
Casino 882 - 94 - 67,519
------------ -------- ------------- ---------- -------------
Macao
Property
Operations 882 - 2,667 - 456,408
Marina Bay
Sands - 28,141 1,800 - 472,519
United
States:
Las Vegas
Operating
Properties - (32,860) 3,878 - 115,806
Sands
Bethlehem 94 - 348 - 27,502
------------ -------- ------------- ---------- -------------
United States
Property
Operations 94 (32,860) 4,226 - 143,308
Other Asia
(2) 71 5,000 476 - (5,722)
Other
Development 51,610 - - - -
Corporate - (281) - 48,955 -
------------ -------- ------------- ---------- -------------
$ 52,657 $ - $ 9,169 $ 48,955 $ 1,066,513
============ ======== ============= ========== =============

Three Months Ended March 31, 2011

Amortization
of (Gain) Loss
Operating Depreciation Leasehold on
Income and Interests Disposal
(Loss) Amortization in Land of Assets
---------- ------------- ------------- ------------
Macao:
The Venetian
Macao $ 180,841 $ 43,279 $ 2,269 $ 373
Sands Macao 83,913 7,812 353 101
Four Seasons
Hotel Macao
and Plaza
Casino 42,680 13,354 704 85
---------- ------------- ------------- ------------
Macao Property
Operations 307,434 64,445 3,326 559
Marina Bay
Sands 196,727 55,906 7,683 687
United States:
Las Vegas
Operating
Properties 31,318 54,080 - (63)
Sands
Bethlehem 14,118 7,321 - -
---------- ------------- ------------- ------------
United States
Property
Operations 45,436 61,401 - (63)
Other Asia (2) (14,027) 4,127 - (2)
Other
Development (8,074) 175 2,147 (682)
Corporate (41,569) 4,183 - -
---------- ------------- ------------- ------------
$ 485,927 $ 190,237 $ 13,156 $ 499
========== ============= ============= ============

Pre-Opening
and (1) Adjusted
Development Royalty Stock-Based Corporate Property
Expense Fees Compensation Expense EBITDA
------------ -------- ------------- ---------- -------------
Macao:
The Venetian
Macao $ 197 $ - $ 1,441 $ - $ 228,400
Sands Macao - - 469 - 92,648
Four Seasons
Hotel Macao
and Plaza
Casino 629 - 95 - 57,547
------------ -------- ------------- ---------- -------------
Macao Property
Operations 826 - 2,005 - 378,595
Marina Bay
Sands 2,570 18,941 1,957 - 284,471
United States:
Las Vegas
Operating
Properties - (23,751) 3,581 - 65,165
Sands
Bethlehem 155 - 515 - 22,109
------------ -------- ------------- ---------- -------------
United States
Property
Operations 155 (23,751) 4,096 - 87,274
Other Asia (2) 59 5,000 237 - (4,606)
Other
Development 6,434 - - - -
Corporate - (190) - 37,576 -
------------ -------- ------------- ---------- -------------
$ 10,044 $ - $ 8,295 $ 37,576 $ 745,734
============ ======== ============= ========== =============

(1) During the three months ended March 31, 2012 and 2011, the Company
recorded stock-based compensation expense of $19.2 million and $20.2
million, respectively, of which $9.8 million and $11.8 million,
respectively, is included in corporate expense and $0.2 million and $0.1
million, respectively, is included in pre-opening and development
expense on the Company's condensed consolidated statements of
operations.

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

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:

Three Months Ended
March 31,
2012 2011
---------- ----------
Net income attributable to Las Vegas Sands Corp. $ 498,942 $ 289,323
Add (deduct):
Net income attributable to noncontrolling
interests 80,167 75,180
Income tax expense 63,171 45,211
Loss on early retirement of debt 2,831 -
Other (income) expense 3,419 4,675
Interest expense, net of amounts capitalized 64,672 73,585
Interest income (5,648) (2,047)
Loss on disposal of assets 593 499
Impairment loss 42,893 -
Amortization of leasehold interests in land 9,945 13,156
Depreciation and amortization 194,747 190,237
Development expense 1,198 573
Pre-opening expense 51,459 9,471
Stock-based compensation (1) 9,169 8,295
Corporate expense 48,955 37,576
---------- ----------

Adjusted Property EBITDA $1,066,513 $ 745,734
========== ==========

(1) See prior page (Exhibit 2)

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

Three Months Ended
March 31,
2012 2011
---------- ----------

The Venetian Macao $ 772,760 $ 638,269
Sands Macao 349,083 322,793
Four Seasons Hotel Macao and Plaza Casino 299,604 172,107
Marina Bay Sands 848,669 584,925
Las Vegas Operating Properties 384,603 305,075
Sands Bethlehem 115,562 91,030
Other Asia 35,568 33,773
Intersegment Eliminations (43,107) (36,053)
---------- ----------

$2,762,742 $2,111,919
========== ==========

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

Three Months Ended
March 31,
2012 2011
---------- ----------
The Venetian Macao 36.5% 35.8%
Sands Macao 30.6% 28.7%
Four Seasons Hotel Macao and Plaza Casino 22.5% 33.4%
Marina Bay Sands 55.7% 48.6%
Las Vegas Operating Properties 30.1% 21.4%
Sands Bethlehem 23.8% 24.3%
Other Asia -16.1% -13.6%

Total 38.6% 35.3%

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

Three Months Ended
March 31,
2012 2011
------------ ------------

Net income attributable to common stockholders $ 498,942 $ 228,156

Pre-opening expense, net 36,199 9,034
Development expense, net 1,198 573
Impairment loss, net 30,154 -
Loss on disposal of assets, net 497 499
Loss on early retirement of debt, net 2,831 -
Preferred stock dividends - 19,598
Accretion to redemption value of preferred stock
issued to Principal Stockholder's family
- 23,136
Preferred stock inducement and repurchase premiums - 18,433
------------ ------------

Adjusted net income $ 569,821 $ 299,429
============ ============

Per diluted share of common stock:
Net income attributable to common stockholders $ 0.61 $ 0.29

Pre-opening expense, net 0.05 0.01
Development expense, net - -
Impairment loss, net 0.04 -
Loss on disposal of assets, net - -
Loss on early retirement of debt, net - -
Preferred stock dividends - 0.02
Accretion to redemption value of preferred stock
issued to Principal Stockholder's family
- 0.03
Preferred stock inducement and repurchase premiums - 0.02
------------ ------------

Adjusted earnings per diluted share $ 0.70 $ 0.37
============ ============

Weighted average diluted shares outstanding 818,797,155 811,239,242

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

Three Months Ended
March 31,
2012 2011
------------- -------------

Room Statistics:
The Venetian Macao:
Occupancy % 93.4% 86.5%
Average daily room rate (ADR) (1) $ 244 $ 227
Revenue per available room (RevPAR) (2) $ 228 $ 197

Sands Macao:
Occupancy % 93.8% 84.9%
Average daily room rate (ADR) (1) $ 252 $ 251
Revenue per available room (RevPAR) (2) $ 236 $ 213

Four Seasons Hotel Macao and Plaza Casino:
Occupancy % 82.3% 64.6%
Average daily room rate (ADR) (1) $ 360 $ 341
Revenue per available room (RevPAR) (2) $ 296 $ 220

Marina Bay Sands:
Occupancy % 98.4% 86.3%
Average daily room rate (ADR) (1) $ 341 $ 285
Revenue per available room (RevPAR) (2) $ 335 $ 246

Las Vegas Operating Properties:
Occupancy % 83.4% 83.9%
Average daily room rate (ADR) (1) $ 214 $ 212
Revenue per available room (RevPAR) (2) $ 178 $ 178

Sands Bethlehem:
Occupancy % 50.3% N/A
Average daily room rate (ADR) (1) $ 139 N/A
Revenue per available room (RevPAR) (2) $ 70 N/A

Casino Statistics:
The Venetian Macao:
Table games win per unit per day (3) $ 14,334 $ 11,268
Slot machine win per unit per day (4) $ 334 $ 263
Average number of table games 570 598
Average number of slot machines 2,282 2,151

Sands Macao:
Table games win per unit per day (3) $ 10,733 $ 9,824
Slot machine win per unit per day (4) $ 295 $ 277
Average number of table games 399 416
Average number of slot machines 1,093 1,133

Four Seasons Hotel Macao and Plaza Casino:
Table games win per unit per day (3) $ 26,933 $ 17,596
Slot machine win per unit per day (4) $ 740 $ 697
Average number of table games 165 118
Average number of slot machines 176 193

Marina Bay Sands:
Table games win per unit per day (3) $ 12,975 $ 8,693
Slot machine win per unit per day (4) $ 665 $ 525
Average number of table games 607 615
Average number of slot machines 2,479 2,289

Las Vegas Operating Properties:
Table games win per unit per day (3) $ 7,085 $ 3,127
Slot machine win per unit per day (4) $ 188 $ 142
Average number of table games 227 226
Average number of slot machines 2,417 2,725

Sands Bethlehem:
Table games win per unit per day (3) $ 2,784 $ 2,874
Slot machine win per unit per day (4) $ 279 $ 239
Average number of table games 119 77
Average number of slot machines 2,995 3,015

(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:
Sam Levenson
(702) 414-1228

Daniel Briggs
(702) 414-1221

Media:
Ron Reese
(702) 414-3607

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