Las Vegas Sands Reports Fourth Quarter 2019 Results

Las Vegas Sands Corporation (NYSE: LVS), which leads the world in the development and operation of a comprehensive contrac t-type resort, today announced the quarterly financial results ending December 31, 2019.

Pure income was $ 3. 51 billion, increasing 1. 0 % from the previous quarter. Operating income increased 6 and 9 % to $ 934 million. Net income increased to $ 783 million to $ 40 million in the previous quarter, but this is a no n-consolidated income tax expense following the US tax reform in 2018 as described later. It was due to $ 127 million. After consolidated coordination, the owner's cyclic EBITDA increased by 9, 1. 1 % to $ 1. 39 billion, due to the increase of $ 95 million in Singapore.

"Sheldon G. Aderson President and CEO (CEO) said," In the quarter, achieved solid achievements, and after coordinating, Prprimbutary EBITDA reached $ 1. 39 billion. "Future growth opportunities in Asia. This year, a large suite will be opened in the Kotai area in the Kotai area. From 2020 to 2021, further sightseeing and entertainment amenities will appear, and the expansion of Singapore's Marina Bay Sands has increased significantly, and the most advanced entertainment is. It will be introduced.

"Finally, we are committed to maintaining the financial structure of the industry while continuously increasing the capital profit margin to shareholders. As we have already announced, the annual dividend of the 2020 calendar year is per share. 3. 16, increased to $ 0. 79 per share.

The company paid a regular quarter dividend of $ 0. 77 per share, and continued to return the capital by a 300 million dollar shares during the quarter. The Company announced on March 18, 2020 that Las Vegas Sands shareholders will pay the next quarterly dividend of $ 0. 79 per share on March 26, 2020.

Net income attributable to Las Vegas Sands was $629 million for the fourth quarter of 2019, compared to a net loss attributable to Las Vegas Sands of $170 million for the fourth quarter of 2018, and diluted earnings per share were $0. 82 for the fourth quarter of 2019, compared to a diluted loss per share of $0. 22 for the fourth quarter of 2018. The increase was primarily due to non-recurring non-cash income tax items resulting from the implementation of U. S. Tax Reform in 2018. Adjusted net income attributable to Las Vegas Sands was $678 million ($0. 88 per diluted share) compared to $598 million ($0. 77 per diluted share) in the fourth quarter of 2018. Adjusted diluted earnings per share was $0. 80.

Full-year 2019 operating income decreased 1. 4% to $3. 70 billion compared to $3. 75 billion in 2018 due to higher corporate expenses. Net income attributable to Las Vegas Sands increased 11. 8% to $270 billion ($3. 50 per diluted share) in 2019 compared to $241 billion ($3. 07 per diluted share) in 2018. The increase in net income attributable to Las Vegas Sands reflected the gain on the sale of Sands Bethlehem, partially offset by lower operating income and higher income taxes and interest expense.

Sands China Ltd. Consolidated Financial Results On a GAAP basis, SCL total net income decreased to $2. 24 billion for the fourth quarter of 2019 compared to $2. 25 billion for the fourth quarter of 2018. SCL net income increased to $513 million for the fourth quarter of 2019 compared to $465 million for the fourth quarter of 2018.

On a GAAP basis, SCL total net revenues for the full year of 2019 increased to $8. 81 billion compared to $8. 67 billion in 2018. SCL's net revenues increased to $204 billion in 2019 compared to $190 billion in 2018.

Other Factors Affecting Revenues Interest expense, net of capitalized charges, was $134 million in the fourth quarter of 2019 compared to $138 million in the fourth quarter of 2018. The decrease was driven by a decrease in weighted average borrowing costs to 4. 3% in the fourth quarter of 2019 from 4. 5% in the fourth quarter of 2018.

Income tax expense for the fourth quarter of 2019 was $65 million, an effective tax rate of 7. 7%, compared to $782 million in the prior quarter. The tax rate for the fourth quarter of 2019 was primarily due to a 17% tax rate on our Singapore operations. Tax expense for the fourth quarter of 2018 was primarily due to a non-cash, non-current charge of $727 million resulting from guidance issued by the Internal Revenue Service related to the international provisions of the Tax Cuts and Jobs Act (the "Act"). The guidance clarified the application of the Global Intangible Low Income Tax (GILTI) and other provisions affecting the utilization of foreign tax credits and required an increase in valuation allowances related to past foreign tax credits. The effective tax rate for the fourth quarter of 2018 was 7. 4%, excluding discrete legislation-related charges. As of December 31, 2019, the Company had unrestricted cash on its balance sheet of $4. 23 billion.

Total debt, excluding finance leases, was $12. 48 billion as of December 31, 2019.

Capital ExpendituresFourth quarter capital expenditures were $460 million, which included construction, development and maintenance activities of $352 million at MACAO, $61 million at Marina Bay Sands and $47 million at Las Vegas.

Conference Call InformationThe Company will host a conference call regarding the Company's financial results on Wednesday, January 29, 2020, at 1:30 p. m. Pacific Time. Participants will be able to listen to the conference call via webcast, which will be available on the Company's website at www. sands. com.

About Las Vegas Sands Corporation (NYSE: LVS) Las Vegas Sands is a leading global developer and operator of state-of-the-art integrated resorts. The Company delivers unparalleled economic benefits to the communities in which it operates.

Sands founded the Meetings, Incentives, Conventions and Exhibitions (MOUSE) on the back of its integrated resorts. Sands' premier integrated resorts make significant contributions to their host communities, including developing leisure and business tourism, creating jobs and providing ongoing economic opportunity for local small businesses.

Our facilities include Las Vegas's Venetian Resort, Sands Expo, and Singapore's iconic Sands Marina Bay. Through the majority of Sands China LTD., Venetian Macao, Plaza Hotel Macao, Four Seasons Hotel Macao, Sands Cotai Central, PARISIAN MACAO We have developed the largest real estate portfolio such as S, Macau.

Sands is dedicated to being a good corporate citizen based on the basic principles of serving people, the earth and the local community. Providing an environment that is easy to work for global team members, promoting social impacts through the Sands Chares Charitable Giving and Community Placemaking program We are promoting environmental performance through the Y program. For more information, see www. Sands. com.

The Press Release includes a description of the future outlook created based on the Safe Harbor Clause of the 1995 US Private Securities Litigation Reform Act of 1995. The description of the future outlook includes many risks, uncertainty, or other factors that we cannot control, and may make a serious difference in actual results, business results, and other expectations. 。 These factors include general economic conditions, interruptions and reduced travel and operations due to natural disasters and artificial disasters, infectious diseases and infectious diseases such as colon viruses in Wuhan, China. It includes trendy land, new development, etc., but not limited to these, risks related to new development, construction, business, government regulations, gaming licenses and survivors, fluctuations in exchange rates and interest rates, Change of significant leverage, debt repayment, gaming promoters, competition, and tax law. Macau's infrastructure, political anxiety, terrorism, war, gaming legalization, insurance, the ability to pay our company to the Company, and other factors analyzed in the report submitted by Las Vegas Sands Corp. It is analyzed in the report submitted by the Transaction Committee. To the readers

Investment Community: Daniel Briggs Daniel. Briggs@Sands. Com (702) 414-1221

Inside: Ron Reese Ron. Reese@Sands. Com (702) 414-3607

LAS Vegas Sands Corp. 2019 4th quarter performance No n-GAAP indicators

As part of the fourth quarter and ful l-year 2019, we have reported a specific no n-GAAP financial indicator supplemented our consolidated financial information created in accordance with GAAP. "Net income after adjustment", "profit per share after adjusting after adjustment". And the "EBITDA property after consolidated coordination" is "after adjustment", "EBITDA property after adjustment of hold and normalized", "Hol d-normalized after adjustment of EBITDA margins", "Hol d-normalized adjustment after adjustment of net income", And, along with "profit per share after adjusting hold nomalized", it has a directly comparable GAAP financial indicator. "We believe that these indicators are an important internal indicator of financial performance. The financial guidelines attached to this release and presentations on our website are no n-GAA P-based financial indicators and most. Directly comparable GAA P-based financial indicators are described, and there is a limit to disclosure of our no n-GAAP financial indicators, and it is deemed to be replaced or superior to the GAAP. The definition of our no n-GAAP financial indicators and the disclosure of no n-GAAP financial indicators are provided to investors:

The following no n-GAAP financial indicators are used by management and industry analysts to evaluate our business and performance. These no n-GAA P-based financial indicators are displayed so that investors can use the same way as the financial data of the management when evaluating financial performance, and the investment community has our annual financial performance. We believe that it will be a good idea for properly evaluating on a quarterly basis. < SPAN> Las Vegas Sands Corp. 2019 4th quarter performance No n-GAAP indicators

As part of the fourth quarter and ful l-year 2019, we have reported a specific no n-GAAP financial indicator supplemented our consolidated financial information created in accordance with GAAP. "Net income after adjustment", "profit per share after adjusting after adjustment". And the "EBITDA property after consolidated coordination" is "after adjustment", "EBITDA property after adjustment of hold and normalized", "Hol d-normalized after adjustment of EBITDA margins", "Hol d-normalized adjustment after adjustment of net income", And, along with "profit per share after adjusting hold nomalized", it has a directly comparable GAAP financial indicator. "We believe that these indicators are an important internal indicator of financial performance. The financial guidelines attached to this release and presentations on our website are no n-GAA P-based financial indicators and most. Directly comparable GAA P-based financial indicators are described, and there is a limit to disclosure of our no n-GAAP financial indicators, and it is deemed to be replaced or superior to the GAAP. The definition of our no n-GAAP financial indicators and the disclosure of no n-GAAP financial indicators are provided to investors:

The following no n-GAAP financial indicators are used by management and industry analysts to evaluate our business and performance. These no n-GAA P-based financial indicators are displayed so that investors can use the same way as the financial data of the management when evaluating financial performance, and the investment community has our annual financial performance. We believe that it will be a good idea for properly evaluating on a quarterly basis. LAS Vegas Sands Corp. 2019 4th quarter performance No n-GAAP indicators

As part of the fourth quarter and ful l-year 2019, we have reported a specific no n-GAAP financial indicator supplemented our consolidated financial information created in accordance with GAAP. "Net income after adjustment", "profit per share after adjusting after adjustment". And the "EBITDA property after consolidated coordination" is "after adjustment", "EBITDA property after adjustment of hold and normalized", "Hol d-normalized after adjustment of EBITDA margins", "Hol d-normalized adjustment after adjustment of net income", And, along with "profit per share after adjusting hold nomalized", it has a directly comparable GAAP financial indicator. "We believe that these indicators are an important internal indicator of financial performance. The financial guidelines attached to this release and presentations on our website are no n-GAA P-based financial indicators and most. Directly comparable GAA P-based financial indicators are described in the disclosure of our no n-GAAP financial indicators, and it is deemed to be replaced or superior to the GAAP. The definition of our no n-GAAP financial indicators and the disclosure of no n-GAAP financial indicators are provided to investors:

The following no n-GAAP financial indicators are used by management and industry analysts to evaluate our business and performance. These no n-GAA P-based financial indicators are displayed so that investors can use the same way as the financial data of the management when evaluating financial performance, and the investment community has our annual financial performance. We believe that it will be a good idea for properly evaluating on a quarterly basis.

Adjusted net income, a non-GAAP financial measure, excludes certain non-recurring corporate charges, pre-opening charges from Las Vegas Sadie (after tax), and non-recurring non-adjustments due to the U. S. tax reform enacted in 2017. Adjusted net income and adjusted diluted earnings per share are presented as supplemental disclosures because management believes that, respectively, (1) are performance measures widely used by industry analysts and investors and (2) are primary measures for evaluating integrated resort companies. These measures also form the basis of certain internal management expectations.

After consolidated coordination, EBITDA is a no n-GAAP financial indicator, and is a stock fee, headquarters expenses, asset disposal or impairment costs before opening, interest rates, other profits or costs, Sands Bethlehem Sales, and Debt Changes or early redemption. It is net income before deducting profits and corporate taxes. The management team uses EBITDA ownership after consolidated coordination, comparing operating profitability with competitors and determining specific incentive remuneration. Until now, integrated resort companies have reported real estate EBITDA as supplementary performance indicators of GAAP financial indicators. Integrated resort companies, including Sands of Las Vegas, have been adjusted to specific expenses related to specific real estate management, such as development, development, and corporate expenses, to see the casino business more alone. I excluded it from the calculation. After consolidated coordination, EBITDA should not be interpreted as an alternative to operating income as indicators of operating performance or operating cash flow as indicators of liquidity. We have the following important uses: < SPAN> After consolidation coordination eBitDa is a no n-GAAP financial indicator, and is a stock fee, headquarters expenses, asset disposal or impairment costs, interest rates, other revenue or cost, change in debt, or debt. It is net income before deduction of profit and loss due to early redemption and corporate tax. The management team uses EBITDA ownership after consolidated coordination, comparing operating profitability with competitors and determining specific incentive remuneration. Until now, integrated resort companies have reported real estate EBITDA as supplementary performance indicators of GAAP financial indicators. Integrated resort companies, including Sands of Las Vegas, have been adjusted to specific expenses related to specific real estate management, such as development, development, and corporate expenses, to see the casino business more alone. I excluded it from the calculation. After consolidated coordination, EBITDA should not be interpreted as an alternative to operating income as indicators of operating performance or operating cash flow as indicators of liquidity. We have the following important uses: After consolidated coordination, EBITDA is a no n-GAAP financial indicator, and is a stock fee, headquarters expenses, asset disposal or impairment costs before opening, interest rates, other profits or costs, Sands Bethlehem Sales, and Debt Changes or early redemption. It is net income before deducting profits and corporate taxes. The management team uses EBITDA ownership after consolidated coordination, comparing operating profitability with competitors and determining specific incentive remuneration. Until now, integrated resort companies have reported real estate EBITDA as supplementary performance indicators of GAAP financial indicators. Integrated resort companies, including Sands of Las Vegas, have been adjusted to specific expenses related to specific real estate management, such as development, development, and corporate expenses, to see the casino business more alone. I excluded it from the calculation. After consolidated coordination, EBITDA should not be interpreted as an alternative to operating income as indicators of operating performance or operating cash flow as indicators of liquidity. We have the following important uses:

EBITDA is a supplemental non-GAAP financial measure and is presented to adjust for the impact of certain fluctuations in win percentages in the table, in addition to the reasons for the presentation of consolidated Adjusted EBITDA ownership above, which may vary from period to period. Adjusted EBITDA with savings adjusted by chip percentage on a rolling chip basis would reduce the quarterly win percentages by 3. 15% of rolling chip volume if the actual win percentages were outside the expected range of 3. 0% to 3. 3%, the baccarat win percentages of 22. 0% and the non-baccarat win percentages of 20. 0% at the Macau and Singapore properties, and the Las Vegas properties, respectively, would reduce the quarterly win percentages if the actual win percentages were outside the expected range of 18. 0% to 26. 0% at the Las Vegas properties, and 16. 0% to 24. 0% at the non-baccarat win percentages. No adjustments were made at Bethlehem. Table games and slot machines at our Macau and Singapore properties are not adjusted for chip non-tilt. EBITDA adjusted for asset savings adjusts for gaming taxes (estimated), fees paid, bad debt expense, deductible expenses and other items.

Adjusted net income and adjusted diluted net income per share are additional supplemental non-GAAP financial measures presented to adjust for the impact of changes in table game win rates in addition to the reasons for presenting adjusted net income and adjusted diluted net income per share discussed above.

We also present these amounts on a constant currency basis. This information is a non-GAAP economic measure calculated by translating the current quarter's local currency into U. S. dollars based on the prior period's exchange rates. These amounts are compared to the prior period to calculate the non-GAAP growth/decrease/decrease rates. Management believes that non-GAAP growth/decrease rates are useful measures for investors and management because they allow a more direct comparison of current and past operating results.
The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statement of Income
(In millions, except per share data)
(Unaudited)							First Quarter
December 31							December 31
2019			2018			2019			2018
December 31
Revenues	$	Casino	$	2. 485	$	2. 461	$	9. 828
9. 819	434		435		Rooms		1. 752
1. 733	242		223		897		865
Food	215		200		716		690
Shopping Center	133		156		546		622
Convention, Retail and Other	Net Revenues		3. 509		3. 475		13. 739
13. 729
Operating Expenses	Resort Operations		2. 125		2. 205		8. 364
8. 462	51		58		313		202
Corporate	11		1		34		6
Opening	11		3		24		12
Development Expenses	291		289		Depreciation and Amortization		1. 165
1. 111	14		9		51		35
Amortization of leasehold interest	72		36		90		150
Losses on disposal of assets and impairment losses		2. 575		2. 601		10. 041
9. 978	934		874		Operating income		3. 698
3. 751
Other income (expenses)	17		23		74		59
Interest income	Interest expense net of capitalized amounts		(134)		(138)		(555)
(446)	31		Other income (expenses)		23		26
(8)	—		—		556		—
Gain on sale of Sands Bethlehem	—		Losses on modification and early redemption of debt		(9)		(24)
(64)	848		742		Profit before tax		3. 772
3. 326	Income tax expense		(65)		(782)		(468)
(375)	783		Net income (loss) for the period		(40)		3. 304
2. 951	Net income attributable to noncontrolling interests		(154)		(130)		(606)
(538)	$	629	$	Net income (loss) attributable to Las Vegas Sands Corp.	$	(170)	$	2. 698
2. 413
Earnings (loss) per share	$	Basic	$	0. 82	$	(0. 22)	$	3. 50
3. 07	$	Basic	$	0. 82	$	(0. 22)	$	3. 50
3. 07
Earnings (loss) per share	767		780		771		786
3. 07	768		780		771		786
Diluted	$	Dividends per common share	$	0. 77	$	0. 75	$	3. 08

3. 00
The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Real Estate EBITDA
(In millions, except per share data)
(Unaudited)							First Quarter
December 31							December 31
2019			2018			2019			2018
December 31
Net profit	$	908	$	919	$	The Venetian Macau	$	3. 510
3. 474	505		558		Sands Cotai Central		2. 052
2. 153	401		414		The Paris Macau		1. 650
1. ​​533	246		175		877		719
The Plaza Macau and Four Seasons Hotel Macau	150		156		628		650
Sands Macau	31		37		117		160
Ferry business, etc.	Macau business		2. 241		2. 259		8. 834
8. 689	853		726		Marina Bay Sands		3. 101
3. 069	475		424		Las Vegas functional characteristics		1. 818
1. 682	—		128		227		536
Sands Bethlehem	Intersection deviation		(60)		(62)		(241)
$	Net Revenues	$	3. 509	$	3. 475	$	13. 739
13. 729
Net profit	$	368	$	355	$	The Venetian Macao	$	1. 407
3. 474	180		194		726		759
2. 153	122		132		544		484
1. ​​533	102		64		345		262
The Plaza Macau and Four Seasons Hotel Macau	40		38		175		178
Sands Macau	Ferry business and others		3		Other income (expenses)		18
Ferry business, etc.	811		786		Business Macau		3. 189
8. 689	457		362		Marina Bay Sands		1. 661
3. 069	120		100		487		394
1. 682	—		24		52		116
$	Sands Bethlehem	$	1. 388	$	1. 272	$	5. 389
5. 279
Net profit	The Venetian Macao		%	40. 5		%	38. 6		%	40. 1		%
3. 474	Sands Cotai Central		%	35. 6		%	34. 8		%	35. 4		%
2. 153	The Parisjan Macau		%	30. 4		%	31. 9		%	33. 0		%
1. ​​533	The Plaza Macau and Four Seasons Hotel Macau		%	41, 5		%	36. 6		%	39. 3		%
The Plaza Macau and Four Seasons Hotel Macau	Macau sandwich		%	26. 7		%	24. 4		%	27. 9		%
Sands Macau	Ferry business and others		%	8.1		%	(3. 2)		%	(6. 8)		%
Ferry business, etc.	Macau business		%	35. 6		%	34. 8		%	34. 8		%
8. 689	Marina Bay Sands		%	53. 6		%	Marina Bay Sands		%	53. 6		%
3. 069	Las Vegas functional characteristics		%	25. 3		%	23. 6		%	26. 8		%
1. 682	—		%	Bethlehem Sand		%	18. 8		%	22. 9		%
21. 6	total		%	41, 5		%	36. 6		%	39. 2		%

38. 5
Ferry business and others	(1)

We completed the sale of Sands Bethlehem on May 31, 2019. The performance includes Sands Bethlehem until May 30, 2019.
The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corporation and subsidiary
Net Revenues and Adjusted Real Estate EBITDA
(In millions, except per share data)
(Not audit)
(Unaudited)							First Quarter
December 31							December 31
2019			2018			2019			2018
(375)	$	783	$	Net income (loss) for the period	$	(40)	$	3. 304
2. 951
3. 326	65		782		468		375
Gain on sale of Sands Bethlehem	—		9		24		64
(8)	—		—		Sands Bethlehem Gain Gain		—
(556)	Other (revenue) cost		8		(31)		(twenty three)
Interest income	134		138		555		446
Other income (expenses)	Initial interest		(31)		(twenty three)		(74)
Amortization of leasehold interest	72		36		90		150
1. 111	14		9		51		35
Development Expenses	291		289		Depreciation and Amortization		1. 165
1, 111	11		3		24		12
development cost	11		1		34		6
Expense for opening a business	4		2		14		12
Compensation based on reserves	51		58		313		202
Corporate cost	$	Sands Bethlehem	$	1. 388	$	1. 272	$	5. 389
5. 279	Casino income under restrictions		55
(120)	41		Adjustment by pushing out casino costs
(10)	$	Connection regulation by hold regulation EBITDA	$	1. 309

38. 5
Ferry business and others	(1)
We completed the sale of Sands Bethlehem on May 31, 2019.	(2)
In the three months of 2019 and December 31, 2018, the Company has recorded a compensatio n-based fee of $ 10 million and $ 7 million, each of which is the company's entire company expenses for the summary of the Company. It contains $ 6 million and $ 5 million, respectively. In the year of 2019 and December 31, 2018, the Company has recorded $ 36 million and $ 30 million, respectively, but of $ 22 million and $ 18 million. It is included in the company expenses of the book.	(3)

reference. See Attachment 4.
The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corporation and subsidiary
Net Revenues and Adjusted Real Estate EBITDA
(In millions, except per share data)
(Not audit)
The following is a regulating table of ownership of the retention adjusted EBITDA adjusted real estate.
Quarter Ended December 31, 2019
Hold Normal			Quarter Ended December 31, 2019			Quarter Ended December 31, 2019			Hold Normal
Customize			Revenues			Revenues			Customize
Ownership			EBITDA			Profit			Ownership
Ferry business, etc.	$	811	$	(74)	$	29	$	781
8. 689	457		Marina Bay Sands		12		408
3. 069	120		—		—		120
$	Sands Bethlehem	$	Casino income under restrictions	$	41	$	Connection regulation by hold regulation EBITDA
1. 309
Quarter Ended December 31, 2019
Hold Normal			Quarter Ended December 31, 2019			Quarter Ended December 31, 2019			Hold Normal
Customize			Revenues			Revenues			Customize
Ownership			EBITDA			Profit			Ownership
Ferry business, etc.	$	786	$	—	$	—	$	786
8. 689	362		25		Marina Bay Sands		382
(5)
3. 069	100		30		Marina Bay Sands		125
1. 682	24		—		—		24
$	1. 388	$	55	$	Adjustment by pushing out casino costs	$	1. 309

38. 5
Ferry business and others	(1)
Macao Operations and Marina Bay Sands For Las Vegas Operating Properties, this represents the estimated incremental casino revenue associated with all table games that would have been gained or lost if the Company's current period win rate had been 3. 15%. This calculation applies only if the current period win rate is outside of the expected range of 3. 0% to 3. 3%. For Marina Bay Sands, we have revised our expected targets and ranges due to rolling chip margins seen in prior years. Marina Bay Sands' prior year non-GAAP measures have also been adjusted to reflect this change for comparative purposes.
For Las Vegas Operating Properties, this represents the estimated incremental casino revenue associated with all table games that would have been gained or lost if the Company's current period win rate had been 22. 0% for baccarat and 20. 0% for non-baccarat. This calculation applies only if the current period win rate for baccarat and non-baccarat is outside of the expected range of 18. 0% to 26. 0% and 16. 0% to 24. 0%, respectively.
For Sands Bethlehem, no adjustments have been made.
We completed the sale of Sands Bethlehem on May 31, 2019.	(2)
In the three months of 2019 and December 31, 2018, the Company has recorded a compensatio n-based fee of $ 10 million and $ 7 million, each of which is the company's entire company expenses for the summary of the Company. It contains $ 6 million and $ 5 million, respectively. In the year of 2019 and December 31, 2018, the Company has recorded $ 36 million and $ 30 million, respectively, but of $ 22 million and $ 18 million. It is included in the company expenses of the book.	(1)

The Company completed the sale of Sands Bethlehem on May 31, 2019.
The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corporation and subsidiary
Condensed Consolidated Statement of Income
(In millions, except per share data)
(Unaudited)
(Unaudited)							First Quarter
December 31							December 31
2019			2018			2019			2018
Dec 31	$	629	$	Net income (loss) attributable to Las Vegas Sands Corp.	$	(170)	$	2. 698
2. 413	—		—		96		—
development cost	11		1		34		6
1, 111	11		3		24		12
Amortization of leasehold interest	72		36		90		150
(556)	Other (revenue) cost		8		(31)		(twenty three)
(8)	—		—		Sands Bethlehem Gain Gain		—
Gain on sale of Sands Bethlehem	—		9		24		64
Debt modification and early redemption losses	—		727		—		57
Non-cash income tax expense due to U. S. tax reform	In the three months of 2019 and December 31, 2018, the Company has recorded a compensatio n-based fee of $ 10 million and $ 7 million, each of which is the company's entire company expenses for the summary of the Company. It contains $ 6 million and $ 5 million, respectively. In the year of 2019 and December 31, 2018, the Company has recorded $ 36 million and $ 30 million, respectively, but of $ 22 million and $ 18 million. It is included in the company expenses of the book.		Ferry business and others		148		Other income (expenses)
(8)	Effect of interest on net income adjustments		(11)		(15)		(21)
(57)	$	678	$	598	$	Adjusted net income attributable to LVS	$	2. 514
5. 279	Casino income under restrictions		55
(120)	41		Adjustment by pushing out casino costs
(10)	8		Losses on modification and early redemption of debt
(9)	9		—
Effect of unmanaged interest on holding adjustments	$	616	$	634
Adjusted net income attributable to LVS
(Unaudited)							First Quarter
December 31							December 31
2019			2018			2019			2018
December 31
Dec 31	$	Basic	$	0. 82	$	(0. 22)	$	3. 50
2. 413	—		—		Non-recurring expenses		—
development cost	Pre-opening expenses		—		0, 01		Pre-opening expenses
1, 111	Pre-opening expenses		Pre-opening expenses		0, 01		Pre-opening expenses
Amortization of leasehold interest	Impairment losses		0, 01		Non-recurring expenses		0, 12
(556)	Other (income) expenses		Pre-opening expenses		0, 01		0, 01
(8)	—		—		Gain on sale of Sands Bethlehem		—
Gain on sale of Sands Bethlehem	—		Pre-opening expenses		0, 01		0, 03
Debt modification and early redemption losses	—		Non-recurring corporate tax expense due to US tax reform		—		0, 93
Non-cash income tax expense due to U. S. tax reform	—		—		0, 12		0, 19
(8)	0, 19		(0, 01)		0, 01		(0, 03)
(0, 07)	$	Diluted adjusted earnings per share	$	Dividends per common share	$	0, 77	$	3. 26
5. 279	Casino income (standby		(0, 16)
(120)	(0, 16)		0, 19
(10)	Pre-opening expenses		0, 19
(9)	Pre-opening expenses		—
0, 01	$	Adjusted diluted earnings per share (standby basis	$	0, 80
0, 81	768		780		771		786

38. 5
Ferry business and others	(1)
We completed the sale of Sands Bethlehem on May 31, 2019.	(2)
In the three months of 2019 and December 31, 2018, the Company has recorded a compensatio n-based fee of $ 10 million and $ 7 million, each of which is the company's entire company expenses for the summary of the Company. It contains $ 6 million and $ 5 million, respectively. In the year of 2019 and December 31, 2018, the Company has recorded $ 36 million and $ 30 million, respectively, but of $ 22 million and $ 18 million. It is included in the company expenses of the book.	(3)
The impact on the corporate income tax on each coordination is determined by applying an effective tax rate, including the current fiscal yea r-i n-year income tax and the yield income tax, based on the jurisdiction and nature of the adjustment.	(3)

See Attachment 4.
The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corp. and subsidiaries
(In millions, except per share data)
(Unaudited)							First Quarter
December 31							December 31
2019			2018			2019			2018
December 31st
Casino statistics
The Venetian Macau	$	Victory per unit a day for table games	$	13. 910	$	15. 100	$	13. 806
15. 177	$	323	$	305	$	296	$	249
Number of slot machines per day	657		652		651		611
Average table game number	Average slot machine number		1. 722		1. 483		1. 744
1. 667
The Venetian Macau	$	Profit per day of table games	$	11. 401	$	13. 036	$	11. 925
15. 177	$	299	$	313	$	302	$	292
Number of slot machines per day	391		392		385		405
Average table game number	Average slot machine number		1. 466		1. 637		1. 577
1. 765
The Venetian Macau	$	Income per day for table games	$	14. 050	$	13. 696	$	13. 866
15. 177	$	300	$	380	$	315	$	290
Number of slot machines per day	304		325		316		340
Average table game number	Average slot machine number		1. 476		1. 149		1. 377
1. 302
The Venetian Macau	$	Income per day for table games	$	19. 451	$	16. 930	$	19. 882
15. 177	$	312	$	451	$	336	$	507
Number of slot machines per day	129		107		121		113
Average table game number	264		168		255		187
Average slot machine number
The Venetian Macau	$	Number of tables games per day	$	8. 063	$	8. 441	$	8. 358
15. 177	$	227	$	258	$	243	$	246
Number of slot machines per day	191		205		196		204
Average table game number	Average slot machine number		805		957		890
1. 004
The Venetian Macau	$	Table game winning money per day	$	11. 102	$	8. 430	$	9. 795
15. 177	$	755	$	778	$	764	$	794
Number of slot machines per day	569		599		581		580
Average table game number	Average slot machine number		2. 401		2. 178		2. 318
2. 255
The Venetian Macau	$	Income per day for table games	$	5. 548	$	2. 983	$	4. 651
15. 177	$	386	$	368	$	356	$	356
Number of slot machines per day	209		244		220		235
Average table game number	Average slot machine number		1. 889		1. 874		1. 873
1. 782
The Venetian Macau	$	Board game income per unit per day	$	3. 224
15. 177	$	259	$	260
Number of slot machines per day	189		184
Average table game number	Slot machine average number		3. 260

38. 5
Ferry business and others	(1)
We completed the sale of Sands Bethlehem on May 31, 2019.	(2)
In the three months of 2019 and December 31, 2018, the Company has recorded a compensatio n-based fee of $ 10 million and $ 7 million, each of which is the company's entire company expenses for the summary of the Company. It contains $ 6 million and $ 5 million, respectively. In the year of 2019 and December 31, 2018, the Company has recorded $ 36 million and $ 30 million, respectively, but of $ 22 million and $ 18 million. It is included in the company expenses of the book.	(1)

We completed the sale of Sands Bethlehem on May 31, 2019. The performance includes Sands Bethlehem until May 30, 2019.
The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corp. and subsidiaries
(In millions, except per share data)
(Unaudited)
Net profit	December 31
December 31st	2019			2018			(Unit: $ 1 million)			Increase and decrease
December 31
Revenues	$	748	$	747	$	1	0.1	%
9. 819	54		56		We completed the sale of Sands Bethlehem on May 31, 2019.		(2)	%
(3. 6)	17		19		We completed the sale of Sands Bethlehem on May 31, 2019.		(2)	%
Food	71		65		6		9.2	%
Shopping center	18		32		Convention, retail, etc.		(14)	%
December 31	$	908	$	919	$	Effect of interest on net income adjustments	(11)	%
13. 729	$	368	$	355	$	13	3.7	%
Real estate after adjustment EBITDA	The Venetian Macao		%	40. 5		%	1.9	38. 6
point
December 31st
(Unit: $ 1 million)	$	Chips rolled amount	$	5. 876	$	9. 393	(3. 517)	%
(37. 4)	Turning chip increase rate		%	4. 14		%	3. 20	38. 6
point	$	Chip drop other than rolling	$	2. 324	$	2. 404	(80)	%
(3. 3)	No n-rolled chip gain		%	25. 7		%	0.6	38. 6
point	$	Recever handle	$	841	$	203	1. 044	%
24. 1	4.9		%	5.0		%	Receptukuru %.	38. 6
point
Hotel statistics	Operating rate		%	97. 2		%	0.7	38. 6
point	$	224	$	222	$	2	0.9	%
Average room unit price (ADR)	$	218	$	214	$	4	1.9	%

38. 5
Ferry business and others	(1)

The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corp. and subsidiaries
(In millions, except per share data)
(Unaudited)
3. 474	December 31
December 31st	2019			2018			(Unit: $ 1 million)			Increase and decrease
December 31
Revenues	$	379	$	418	$	casino	(39)	%
9. 819	78		86		Other income (expenses)		(39)	%
(3. 6)	23		25		We completed the sale of Sands Bethlehem on May 31, 2019.		(2)	%
Food	20		21		Ferry business and others		(1)	%
Shopping center	5		8		In the three months of 2019 and December 31, 2018, the Company has recorded a compensatio n-based fee of $ 10 million and $ 7 million, each of which is the company's entire company expenses for the summary of the Company. It contains $ 6 million and $ 5 million, respectively. In the year of 2019 and December 31, 2018, the Company has recorded $ 36 million and $ 30 million, respectively, but of $ 22 million and $ 18 million. It is included in the company expenses of the book.		(3)	%
December 31	$	505	$	558	$	Pure income	(53)	%
13. 729	$	180	$	194	$	Convention, retail, etc.	(14)	%
Real estate after adjustment EBITDA	Sands Cotai Central		%	35. 6		%	0.8	38. 6
point
December 31st
(Unit: $ 1 million)	$	Chips rolled amount	$	1. 041	$	2. 875	(1. 834)	%
(37. 4)	Turning chip gain rate		%	2, 94		%	3. 72	38. 6
point	$	The Paris Macau	$	1. 650	$	1. 678	(28)	%
(3. 3)	Non Rolling Chip Gain		%	23. 0		%	1.3	38. 6
point	$	Recever handle	$	1. 015	$	1. 164	(149)	%
24. 1	4.0		%	4.0		%	—	38. 6
point
Hotel statistics	Operating rate		%	97. 2		%	2.0	38. 6
point	$	167	$	160	$	7	4.4	%
Average room unit price (ADR)	$	164	$	154	$	10	6.5	%

38. 5
Ferry business and others	(1)

The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corp. and subsidiaries
(In millions, except per share data)
(Unaudited)
2. 153	December 31
December 31st	2019			2018			(Unit: $ 1 million)			Increase and decrease
December 31
Revenues	$	334	$	345	$	Effect of interest on net income adjustments	Ferry business and others	%
9. 819	33		33		—		—	%
(3. 6)	17		17		—		—	%
Food	13		14		Ferry business and others		(1)	%
Shopping center	4		5		Ferry business and others		(1)	%
December 31	$	401	$	414	$	Pure income	(13)	%
13. 729	$	122	$	132	$	Adjustment by pushing out casino costs	(10)	%
Real estate after adjustment EBITDA	The Parisjan Macau		%	30. 4		%	31. 9	38. 6
point
December 31st
(Unit: $ 1 million)	$	Chip quantity	$	4, 181	$	4. 816	(635)	%
(37. 4)	Rolling chip winning rate		%	3. 10		%	3. 16	38. 6
point	$	No n-rolling chip fall	$	1. 124	$	Effect of interest on net income adjustments	(11)	%
(3. 3)	No n-chip chip win rate		%	23. 5		%	0.9	38. 6
point	$	1. 066	$	1. 234	$	(168)	(13. 6)	%
24. 1	3.8		%	3.3		%	0.5	38. 6
point
Hotel statistics	97. 6		%	97. 0		%	0.6	38. 6
point	$	159	$	160	$	Ferry business and others	(0, 6)	%
Average room unit price (ADR)	$	155	$	156	$	Ferry business and others	(0, 6)	%

38. 5
Ferry business and others	(1)

The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corp. and subsidiaries
(In millions, except per share data)
(Unaudited)
1. ​​533	December 31
December 31st	2019			2018			(Unit: $ 1 million)			Increase and decrease
December 31
Revenues	$	169	$	108	$	61	56. 5	%
9. 819	11		10		1		10. 0	%
(3. 6)	8		8		—		—	%
Food	57		48		9		Bethlehem Sand	%
Shopping center	1		1		—		—	%
December 31	$	246	$	175	$	71	40. 6	%
13. 729	$	102	$	64	$	38	59. 4	%
Real estate after adjustment EBITDA	The Plaza Macau and Four Seasons Hotel Macau		%	41, 5		%	4.9	38. 6
point
December 31st
(Unit: $ 1 million)	$	3. 030	$	3. 365	$	(335)	(10. 0)	%
(37. 4)	4. 02		%	2. 65		%	1. 37	38. 6
point	$	433	$	345	$	88	25. 5	%
(3. 3)	25. 2		%	22. 2		%	3.0	38. 6
point	$	125	$	153	$	1. 678	(18. 3)	%
24. 1	6.1		%	4.5		%	1.6	38. 6
point
Hotel statistics	92. 9		%	90. 0		%	2.9	38. 6
point	$	333	$	343	$	Adjustment by pushing out casino costs	(2. 9)	%
Average room unit price (ADR)	$	310	$	309	$	1	0.3	%

38. 5
Ferry business and others	(1)

The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corp. and subsidiaries
(In millions, except per share data)
(Unaudited)
The Plaza Macau and Four Seasons Hotel Macau	December 31
December 31st	2019			2018			(Unit: $ 1 million)			Increase and decrease
December 31
Revenues	$	137	$	144	$	(7)	(4. 9)	%
9. 819	5		5		—		—	%
(3. 6)	7		7		—		—	%
Food	1		—		1		Sales
December 31	$	150	$	156	$	(6)	(3. 8)	%
13. 729	$	40	$	38	$	2	5.3	%
Real estate after adjustment EBITDA	Macau sandwich		%	26. 7		%	2.3	38. 6
point
December 31st
(Unit: $ 1 million)	$	1. 049	$	1. 635	$	(586)	(35. 8)	%
(37. 4)	2. 58		%	2. 61		%	0, 01	38. 6
point	$	612	$	630	$	(18)	(2. 9)	%
(3. 3)	Bethlehem Sand		%	18. 5		%	0.3	38. 6
point	$	632	$	643	$	Effect of interest on net income adjustments	(28)	%
24. 1	3.3		%	3.0		%	0.3	38. 6
point
Hotel statistics	98. 9		%	Night		%	1.1	38. 6
point	$	178	$	176	$	2	1.1	%
Average room unit price (ADR)	$	178	$	175	$	3	1.7	%

38. 5
Sales	(1)
Ferry business and others	Las Vegas Sands Corp. and Subsidiaries

The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corp. and subsidiaries
(In millions, except per share data)
(Unaudited)
8. 689	December 31
December 31st	2019			2018			(Unit: $ 1 million)			Increase and decrease
December 31
Revenues	$	602	$	500	$	102	Rooms	%
9. 819	100		94		6		6.4	%
(3. 6)	69		55		14		25. 5	%
Food	54		51		3		5.9	%
Shopping center	28		26		2		7.7	%
December 31	$	853	$	726	$	127	Adjusted EBITDA	%
13. 729	$	457	$	362	$	95	EBITDA Margin	%
Real estate after adjustment EBITDA	Marina Bay Sands		%	53. 6		%	3.7	38. 6
point
December 31st
(Unit: $ 1 million)	$	6. 825	$	1. 091	$	16. 0	Rolling Chip Win Rate	%
(37. 4)	2. 79		%	1. 14		%	East	38. 6
point	$	1. 259	$	(28)	$	1. 678	Non-Chip Win Rate	%
(3. 3)	21. 8		%	Receptacle handle		%	0.2	38. 6
point	$	Receptacle crunch	$	Even	$	9	0.3	%
24. 1	4.8		%	4.5		%	0.3	38. 6
point
Hotel statistics	Nights		%	Average daily rate (ADR)		%	1.8	38. 6
point	$	450	$	423	$	27	6.4	%
Average room unit price (ADR)	$	438	$	404	$	34	8.4	%

38. 5
Ferry business and others	Supplemental Data

The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Las Vegas Sands Corp. and subsidiaries
(In millions, except per share data)
(Unaudited)
3. 069	December 31
December 31st	2019			2018			(Unit: $ 1 million)			Increase and decrease
December 31
Revenues	$	116	$	89	$	27	Food & Beverage	%
9. 819	153		147		6		4.1	%
(3. 6)	101		85		16		Bethlehem Sand	%
Shopping center	105		103		2		1.9	%
December 31	$	475	$	424	$	51	20. 0	%
13. 729	$	120	$	100	$	20	25. 3	%
Real estate after adjustment EBITDA	Las Vegas functional characteristics		%	25. 3		%	1.7	38. 6
point
December 31st
19. 8	$	540	$	526	$	14	2.7	%
12. 7	Even		%	Reception Handles		%	7.1	38. 6
point	$	841	$	794	$	47	5.9	%
24. 1	8.0		%	8.0		%	—	38. 6
point
Hotel statistics	Nights		%	Average Daily Rate (ADR)		%	3.4	38. 6
point	$	253	$	250	$	3	1.2	%
Average room unit price (ADR)	$	239	$	228	$	11	4.8	%

38. 5
Ferry business and others	Supplemental Data - Asia Retail Operations

The company also reports real estate adjusted EBITDA margin and normalized EBITDA margin, which are calculated using the non-GAAP financial measures discussed above. Exhibit 1
Three Months Ended December 31, 2019
(In millions, except per share data)
($ million, excluding per square foot data)																Gross profit
Operating profit	Operating profit margin			Total leasable area (square feet)			Period-ending occupancy		Tenant sales		Venetian shops		90. 0
812. 938	$	70	$	63	90. 0	%	1. 709	Four Seasons shops	%	$	Luxury retail
95. 5
125. 466	44		42		Average daily rate (ADR)	%	7. 065	98. 9	%	92. 3
116. 959	13		12		89. 7	%	2. 823	Total	%	94. 7
21. 6	57		54		95. 0	%	5. 478	Cotai Central shops	%	78. 9
525. 222	19		15		90. 1	%	Paris shops	78. 6	%	934
295. 920	14		11		86. 2	%	Macau Cotai Strip	89. 4	%	785
1. 876. 505	160		143		90. 7	%	1. 855	The Shoppes at Marina Bay Sands	%	87. 0
593. 714	54		47		96. 4	%	2. 062	Total	%	88. 8
21. 6	$	214	$	190	92. 0	%	1. 905	____________________	%	$	Notes

38. 5
(1)	Gross profit figures are net of inter-segment sales.
Ferry business and others	Tenant sales per square foot reflect only sales from tenants after they have been open for 12 months.
We completed the sale of Sands Bethlehem on May 31, 2019.	Once all phases of the renovation, rebranding and expansion of Sands Cotai Central at The Londoner Macao are complete, The Shoppes at Cotai Central will have a total leasable area of ​​approximately 600.
In the three months of 2019 and December 31, 2018, the Company has recorded a compensatio n-based fee of $ 10 million and $ 7 million, each of which is the company's entire company expenses for the summary of the Company. It contains $ 6 million and $ 5 million, respectively. In the year of 2019 and December 31, 2018, the Company has recorded $ 36 million and $ 30 million, respectively, but of $ 22 million and $ 18 million. It is included in the company expenses of the book.	SOURCE Las Vegas Sands Corp.