LAS VEGAS SANDS CORP. (Exact name of registrant as specified in its charter)

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): August 14, 2015 LAS VEGAS SANDS CORP. (Exact name of registrant as specified in its charter) NEVADA (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 3355 LAS VEGAS BOULEVARD SOUTH LAS VEGAS, NEVADA (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: (702) NOT APPLICABLE (Former name or former address, if changed since last report) Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below): Written Communication pursuant to Rule 425 under the Securities Act (17 CFR ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c))

2 Item 7.01 Regulation FD Disclosure. On August 14, 2015, Sands China Ltd. ( SCL ), a subsidiary of Las Vegas Sands Corp. with ordinary shares listed on The Stock Exchange of Hong Kong Limited (the SEHK ), filed its interim results in respect of the six month period ended June 30, 2015 (the Interim Results Announcement ) with the SEHK. The Interim Results Announcement is furnished as Exhibit 99.1 to this Form 8-K. The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filing. Item 9.01 Financial Statements and Exhibits. (d) Exhibits Interim Results Announcement of Sands China Ltd., dated August 14,

3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 14, LAS VEGAS SANDS CORP. By: /s/ Ira H. Raphaelson Name: Ira H. Raphaelson Title: Executive Vice President and Global General Counsel

4 INDEX TO EXHIBITS 99.1 Interim Results Announcement of Sands China Ltd., dated August 14,

5 Exhibit 99.1 Hong accuracy SANDS (Incorporated (Stock ANNOUNCEMENT 1. Adjusted first Total the Profit Capitalized 2. RESULTS The (collectively Note: illustration FINANCIAL MANAGEMENT first Board half net The Kong for Code: half CHINA of revenues EBITDA the translation of OF only terms completeness Exchanges of the Group 1928) Directors in OPERATIONS HIGHLIGHTS the Group ) LTD. used for Cayman was DISCUSSION OF of the but and (the US$734.5 INTERIM and Group for not Clearing Board ) Islands amounts the expressly defined were was six million AND RESULTS with Limited months US$1,096.2 of into US$3,516.6 herein disclaim Sands limited ANALYSIS (HK$5,694.1 ended and shall China FOR amounts any liability) The million have June THE liability Ltd. Stock the million) 30, has (HK$8,498.1 ( we SIX (HK$27,261.7 meanings Exchange 2015 been whatsoever MONTHS or compared made our the ascribed of Company ) first at Hong million) for ENDED the half to rate to the Kong in of loss them in six of JUNE 2015, is the US$1.00 Limited howsoever months first pleased in first our a 30, half decrease half take ended to of arising HK$ of announce no Annual 2015, of June responsibility 46.4% from 30, a Report. the decrease (six compared unaudited in months reliance of for of 36.9% the 30.7% to consolidated ended US$1,370.4 contents upon compared June the of whole 30, this results to million to 2014: US$1,737.4 announcement, or US$5,075.3 of any (HK$10,622.4 US$1.00 the part Company of million to the make HK$7.7513) contents (HK$13,467.1 million) and (HK$39,340.2 no its representation subsidiaries of in for this the the announcement. first million) purposes half as to in of its in the of

6 Six 2015 (US$ Casino Mall Rooms Food Convention, Total Net 30, gaming and Our ended volume months high Revenues revenues net and net June 2, market casino millions, service revenues beverage Net all Percent , ended ferry, were segments revenues in 4,571.5 levels consisted 22.6% except Macao, June retail US$3,516.6 change 74.3 (6.6)% The to decreased 30, (34.4)% 84.1 for and percentages) our reduction we 5,075.3 of other (11.7)% continued VIP million six following: and (30.7)% months was our premium for to casino, primarily enjoy the ended six 1.3% rooms, players. Macao June months attributable 30, and market-leading ended 2015 food to were June and decreases beverage US$2, , visitation 2015, of US$688.2 segments, a decrease and million, focused million mainly of a decrease US$1,558.7 on at driven driving The of Venetian by US$1,572.8 the million, the high-margin overall Macao or million, 30.7%, market and mass US$482.8 compared or slowdown market 34.4%, gaming to million compared US$5,075.3 the Macao at segment, Sands to US$4,571.5 gaming million Cotai while Central, for industry. providing million the six driven Despite months for luxury the by the six amenities a ended decrease softer months June in

7 Six 2015 (US$ 27, ,909.7 The (45.1)% Sands Total (51.6)% Net June stores months mall following Venetian Plaza 30, 2014 opened Cotai Macao millions, Rolling revenues (41.6)% (60.9)% casino Macao Change ended Central Macao after table The revenues Chip except Rolling June for the increase summarizes the win remodeling 30, percentages six 1, Chip was months win 1, the primarily 1,985.2 at percentage results and ended the 3.20% 3.36% (45.7)% (26.0)% (33.4)% Shoppes points) (34.7)% driven of June 3.42% 2.87% our Non-Rolling 2.95% 3.05% 30, by at casino (0.22)pts 0.49pts Four 2015 the 3.47% 2.89% opening activity: Seasons were Slot Chip (0.52)pts 0.16pts Slot US$181.3 Chip handle of drop drop the Slot drop the Slot ,559.0 third 1, , handle Shoppes million, 3,545.0 phase , , , , , ,035.7 an of (29.6)% at the Venetian. increase (43.3)% (28.3)% (16.5)% (15.6)% 3,788.1 Shoppes (23.7)% 2,798.3 Slot of Non-Rolling Slot (17.0)% US$33.4 at (27.3)% hold Cotai hold Chip Slot percentage million, Central Slot Chip hold win Chip win or 5.4% win June 3.6% 22.6%, win percentage 5.1% % compared 22.4% 3.4% 0.3pts and 4.9% (0.2)pts 19.5% 21.5% higher 3.6% 25.1% 25.5% 5.0% to 17.7% US$147.9 (0.2)pts 22.2% base (0.1)pts (2.7)pts 25.9% 1.8pts fees (0.7)pts (0.4)pts due million Rolling to Rolling contract Chip for Chip the Chip six renewals volume months volume 8, ,854.4 and ended 10, ,150.9 additional 14, ,032.1

8 2014. Six 2015 (US$, The Sands Gross ended Net the six months room food convention, following Venetian Plaza 2014 The room except Cotai Macao June months and Macao decrease Change 30, ended revenues Central percentages beverage Macao table ended ferry, June for was summarizes June (in retail the revenues 30, mainly millions) and six 30, and points) months driven other for our the room The ended revenues by six increase the activity. months (12.6)% (11.7)% June slowdown (11.5)% for 30, was the Information ended Occupancy 2015 primarily six in June months the were Macao 30, in driven US$154.0 rate this ended 2015 rate 80.2% 99.0% gaming table by 84.0% 80.1% were June our million, takes 86.4% 97.6% US$ , industry. ferry 91.7% 86.9% into 2015 (6.2)pts 1.4pts a operations. decrease (7.7)pts (6.8)pts account million, were Average US$108.3 Average rooms of a decrease US$10.9 daily provided daily million, rate rate of million, rate 222 US$9.8 to 395 an customers increase or 419 million, %, (12.6)% (5.7)% (3.8)% (5.2)% of on compared or US$1.4 Revenue a 11.7%, complimentary million, to per compared US$164.9 per available or basis. 1.3%, to million US$84.1 room compared room for million the to six (11.3)% (12.7)% US$106.9 for months (11.9)% (12.0)% the six ended million months June for 30,

9 Operating Six 2015 (US$ The Sands Ferry Total June management adjusted (1) foreign performance alternative companies. N.M. 5 isolation; loss, Adjusted months following Venetian Plaza 30, 2014 adjusted and Cotai Macao exchange interest, millions, EBITDA Not EBITDA(1) other Macao Expenses expenses to Percent ended construed Central of team Meaningful cash Macao table The the operations gains/(losses), except June flow continues change for Group s decrease were summarizes the is 30, modification ,096.2 percentages) profit an US$2,771.0 (28.8)% six a measure properties alternative was to months (34.3)% (2.4) attributable operating focus 1,737.4 gain/(loss) information (37.7)% driven (39.7)% N.M. of ended million and to liquidity. early by operational (36.9)% expenses profit to revenue June related retirement compare equity for disposal or the Adjusted 30, operating was decreases efficiencies to holders six 2015 the our primarily of of months property operating segments: was debt EBITDA profit; across the US$1,096.2 and ended attributed Company and as income performance cost all as June equipment, presented business control indicator million, tax 30, before decreases benefit/ 2015, segments measures of by of investment share-based a the decrease a (expense). Group s business except throughout of may compensation, properties of for IFRS US$641.2 Adjusted volumes US$884.4 not the both operating be mall, and directly with the EBITDA million, across intangible as gaming corporate that a performance, result comparable all of is properties, and its 36.9%, assets, used of expense, 24.2%, competitors. non-gaming the by fair compared to other overall management as other pre-opening value well combined market However, similarly areas losses as to to our US$1,737.4 of as US$3,655.4 slowdown expense, on operations cost the titled adjusted financial business, primary control measures depreciation million EBITDA or the assets measures. cash maintaining Macao for presented flow for the should fair and of the gaming data; six operating value six amortization, a by months not market-leading other through industry. be as considered an ended profit net The

10 The Six 2015 (US$ Interest decrease Profit LIQUIDITY We term US$820.2 As April at months fund following loan 2014 June for Expense and expense, millions, 2015, was our the equal 30, Percent ended other operations AND Period six primarily 2015, we table to months net except finance entered June US$1.0 change CAPITAL summarizes we 30.5 of the due 30, amounts through had percentages) Extended costs 38.2 into billion US$2.0 cash RESOURCES a (20.2)% June 40.5 US$6.4 joinder cash capitalized, information and (the , billion generated cash 2011 agreement million 2015 VML (3.3)% equivalents of related VML was available Revolving from increase Less US$30.5 US$734.5 (the Accordion to our of interest Joinder borrowing operations US$1.96 Facility. capitalized million, Term ), expense: Agreement ) for billion, capacity and a the interest which decrease our six which under debt (10.1) months was to primarily of the financing. was fully the US$635.9 (3.7) 2011 primarily Extended funded related 173.0% VML June million, generated to 2011 Credit 30, April the 2015, VML construction or Facility. 30, 46.4%, from compared Revolving our Under compared During of operations. to The the Facility. US$38.2 the Parisian Joinder to six US$1,370.4 months million Agreement, Macao ended for million and the the certain June six for remaining months 30, the lenders 2015, six ended months phase have we made June of agreed ended Sands 30, repayments to June Cotai provide 30, The Central. of a new

11 Our Six (US$ We million, primarily Net maintenance Cash For and VML months the derive Sands US$820.2 decrease cash Flows Accordion six a millions) generated used flows cash due decrease Cotai most months ended spending. to equivalents million Summary Operating Investing Financing consisted cash of the Central, investing Term. June our ended of from decrease and US$769.8 for operating Capital 30, cash and of June Activities repayments activities 2015 the beginning end US$66.5 equivalents 30, expenditures following: operating million, 2014 cash of 2015, activities period for flows of million of the net borrowings income. (581.1) period 1,955.4 six 46.1%, from for cash for months the 2,535.3 used (1,437.5) our 1, ,507.8 compared six under casino, operations, ended months financing 2,943.4 Net the mall June to Extended cash US$1,671.0 Effect mainly and 30, activities used June hotel 2015 of 2011 at in 30, exchange The investing operations. was million VML 2015, Venetian US$589.0 US$893.3 Revolving for totaled rate activities Net the on Macao cash six million, US$599.6 (589.0) months Facility, generated and and which Sands cash million, (418.4) was ended partially equivalents from was primarily Macao. June Net including primarily operating offset 30, cash by used US$533.1 attributable 1.9 activities US$999.3 The in financing to decrease capital for million to the US$1,030.2 activities in expenditures six for in net months construction proceeds cash (893.3) million generated ended for from (2,690.2) development activities in June borrowings interim from 30, operating 2015 dividend The projects, under was Parisian activities payments US$901.2 the as 2011 Macao well was

12 CAPITAL Capital excluding Six (US$ Total Our phase total We gaming develop analyze construction These conditions. months have capital Venetian cost of investment expenditures area options millions) and the begun to capitalized EXPENDITURES ended complete project, (to costs expenditures Macao construction for be plans June of operated both which were US$ interest the The 30, are plans a remaining full used Parisian 2015 will subject under on are billion, Sands primarily include The significant. construction our phased to Macao Parisian change Cotai including gaming a for fourth opening of will Central new Macao, the Sands based subconcession), payables: be hotel land, projects approximately of upon Cotai the as and integrated is facility, the Central mixed-use and expected June execution to a 30, The hotel renovate, US$2.7 which opened resort to Plaza tower with be of is that billion, in approximately our anticipated Macao upgrade under over phases, will business 3,000 inclusive the be 8.2 and beginning connected St to rooms plan, maintain open Regis US$380 of Sands the payments brand to progress the existing April million. Macao suites The second that Venetian made and 13.5 of is properties. half expected our retail, We for 14.8 capital Macao of the have entertainment, Ferry 2016, Set land to begun projects, and open forth subject premium. The other at construction below market Plaza to dining operations Macao end As is Macao. historical with of conditions and activities 2015, Government projects meeting 1.4 The subject information 1.1 and Parisian on of The facilities. the this approval. to Parisian outlook St. Macao nature, on Regis We our We Government Macao is on expect tower, capital intended had future will capitalized the continue expenditures, business cost to remaining approval include to to design, a The

13 CAPITAL Future June 2015 (US$ Contracted Total DIVIDENDS to On The PLEDGE We improvements; billion). US$1.03 the January June have Board 30, 2014 capital in register commitments millions) 17, December pledged OF COMMITMENTS does but billion), 23, 2015, commitments FIXED of furniture, 2015, not members a the provided substantial 31, recommend was for ASSETS the Shareholders property paid fittings Board of 2,416.9 for on the portion 1,397.4 declared the February and Company 3,045.8 approved payment equipment; of 1,884.5 our 27, on interim fixed of a June final an Authorized that construction assets interim 24, dividend are not to dividend secure but recorded in The of not HK$0.99 progress; HK$1.00 final our contracted for in loan the dividend, and (equivalent six facilities. financial vehicles for months amounting 1,019.5 As statements to ended with US$0.128) US$0.129) 1,161.3 June an in June aggregate 30, herein 30, 2015, per share. net to we as HK$8.07 book have This for follows: the value interim pledged year billion of ended dividend, approximately leasehold (equivalent December amounting interests to US$ , US$1.04 in 2014 in land; aggregate to billion), buildings; Shareholders (December to was HK$7.99 building, paid whose 31, on billion July 2014: land names 15, and (equivalent US$ appeared leasehold

14 CONTINGENT Actual of Under development extension complete deadline operating capitalized CAPITAL stakeholders, The statements), operations Group s the results Sands any from land RISK construction has structure cash the primary by or facilities could contingent concession the Cotai cash April LIABILITIES pricing deadlines MANAGEMENT and Macao differ of flows. objective cash Central developed the costs products liabilities from Government equivalents, for Group The including by The either AND when these land December under consists Parisian arising development RISK managing estimates; services concession to land, the complete of Macao, equity FACTORS respective 2016, as debt, the commensurately capital however, for ordinary are attributable June which The Sands not would land is 30, Parisian to extended, includes course 2015, Cotai concessions. safeguard anticipated then to with opinion Shareholders, Macao Central related also of borrowings we the business. the expect could to level as of As to contains Group s open we management, The a to lose of result, Management (including believe comprising apply Parisian risk. our a the ability similar the land for second we Group Macao such current another to will issued concessions requirement has continue half litigation be could made and unable extension share of Sands 2016 non-current as record estimates for capital a that to going (subject Cotai The meet from claims a the charge and Parisian for concern development Central, the borrowings to reserves. will potential April Macao for not Macao all respectively order have Government. litigation as be some or deadline. shown completed a to Sands material provide portion costs Cotai Should note If approval), adverse by returns based we of 12 Central, December the are we to upon US$1.18 for unable effect the determine we Shareholders which consultation condensed to required billion our meet would that We financial the consolidated or we have and with prohibit to US$4.78 Sands are complete benefits applied legal condition, unable Cotai us counsel. billion from financial for the to Central other results

15 current cash June 2015 (US$ Interest-bearing Net Total Gearing The BUSINESS Our convention are Sands suites under space April confident debt business Group increase equivalents 30, 2014 capital and under the Cotai risk millions, ratio December 1,331.9 Sheraton approximately actively destination. and REVIEW Central 6,438.3 strategy they 20.7% The circumstances. Holiday borrowings, and except will property brand. gearing 31, is 8.2% 7,002.9 restricted is AND located continue Total The regularly to Inn percentages) 331,000 Within continue ratio currently Company PROSPECTS brand; net equity across cash This into of during reviews Sands square deferred the to 5,106.4 ratio the features successfully continues second the cash Cotai future. street feet is and six calculated financing 6,429.3 equivalents. of three manages Central, hotel months from retail to execute hotel tower, The space, costs as ended its Venetian towers: Total also capital consisting our 3,294.5 as debt June the own well Cotai capital the structure divided strategies Macao 30, 3,115.4 and as first Strip of 2015 entertainment is currently 1,796 calculated hotel and by developments to Less: was outlined total maintain The rooms tower, primarily cash operate capital. Plaza and consisting equity, and the our Macao and dining approximately Net suites due net cash 2014 to debt-to-capital to and equivalents leverage under facilities. shown of interim Annual is 636 is calculated our the five-star in 370,000 dividend Report. our Sheraton the largest (1,955.4) integrated ratio consolidated as rooms These square integrated payments (gearing interest-bearing brand; (2,535.3) strategies resort feet and balance ratio) suites resort of business the US$1.03 restricted gaming at have under third on borrowings, sheet, an Cotai. appropriate proven model space, hotel the billion. cash plus Conrad Sands tower, approximately net create be debt. cash level Cotai of brand successful consisting deferred Asia s equivalents based Central and 350,000 premier 1,224 on financing of opened the its 2,067 (7.1) assessment four-star first square gaming, rooms costs, (6.5) half phases, feet rooms of and leisure less of 2015 of beginning suites the cash meeting and and and we

16 We expected gaming Macao land, 3. CORPORATE Good An right To operates Listing The best Code Mr. Company s under of roles chairman ensure effective have Sheldon Parisian Board practices compliant of as Provision corporate code will Rules subconcession), Mr. in begun to that June practice provision open previous Adelson and system Gary Macao, of set approximately we GOVERNANCE 30, culture A.2.1 construction the governance chief at out draws adhere Adelson, view the within of which in Chief promotes A.2.1 executive corporate across end the a that to hotel Executive Code. of is other high underpins activities throughout US$2.7 currently 2015, Company. better Chairman with officer PRACTICES governance standards best organization. Code, subject leadership billion, Officer, practices. the expected by the This 3,000 of creation Mr. of roles to six the requires St. inclusive corporate Mr. is Macao Adelson It rooms for months Company, Regis based to of also Edward of open both chairman Shareholder that Government gives and tower, on of governance, is ended the in payments the our considered Matthew suites was the our Board policies, the and June second appointed investors and remaining value chief and approval. 30, made Tracy. we approves retail, principles half management 2015, executive have at be confidence for as Sands of The entertainment, phase The developed the save 2016 strategic roles Chief China land best total officer as (subject the that practices disclosed interests premium. cost Executive direction, and Chairman our project, should we dining maintaining to own are complete Macao set of below, We exercising which corporate Officer monitors the out and separate had Company Government meeting Chief the will the capitalized of Company performance, governance remaining our the highest include Corporate and Executive facilities. stewardship Company and should approval), its standards construction fully fourth phase Shareholders Governance principles Officer not We oversees with complied be responsibilities of hotel expect is of performed effect the have intended corporate costs and effective project Code the with as been from guidelines mixed-use of cost whole. all US$1.18 to (the by performed is March governance risk with include to expected the Code ) design, management code The same that due tower 6, billion a 2015 Company by skill set provisions gaming to individual, develop contained under Mr. out be a for following and core approximately how Adelson and The area the care. believes responsibility and corporate leads the St. Parisian (to construct Appendix the certain Regis combination since be the that retirement operated US$380 Macao, creation then. governance brand recommended The of 14 combined Although the of Parisian that under of including million. of Board. the our roles

17 and governance MODEL unpublished Listing Code BOARD (the Mr. with On Michael AUDIT The was Audit appropriate PURCHASE, Neither 13 March April allows Sheldon Robert Company following Audit of Capex effect throughout Committee Rules the COMMITTEE Alan AND CODE 1, 6, opinion more from Glen Company, professional 2015, structure Committee ) inside Gary (the SALE Leven, has changes BOARD March FOR focus Goldstein the members Mr. Model Adelson developed that information OR six and a SECURITIES has David nor were Non-Executive the REVIEW Edward 6, months COMMITTEES qualifications REDEMPTION internal developing of reviewed any Code ). preparation was are made the Alec its of Independent of appointed Matthew own ended Company. its control the Andrew to Following the subsidiaries TRANSACTIONS the securities business Company and of June Director composition COMPOSITION policies. Tracy such OF as accounting Fleming Non-Executive 30, the THE specific strategies interim trading of retired 2015 Interim purchased, Chief the COMPANY S policies terms retired of enquiry Company. and results Executive code President and no the to related as adopted Directors, sold Board the for less President complied the by securities date implementation exacting Officer the financial LISTED and redeemed by of Company, with a the and this member of transactions than Group Board SHARES Mr. management Chief announcement. Secretary, the any the Company Victor all applicable of Committees Executive and of Model Directors objectives the (the General Patrick Capex listed expertise. unaudited Code and Company accounting Officer, have was of and Hoog shares Committee Counsel, for the confirmed policies. re-designated Securities condensed Antink Company of Code ) standards Executive the Authorized of The Company (Chairman the that Transactions by during consolidated structure Company as and they Representative Directors requirements during the Executive have of is six the and by supported complied financial the months Audit Directors and was six member and relevant re-designated of Committee) months ended with statements by the that of the of Listed the adequate employees June ended the Company s Sands 30, for Issuers as June and the disclosures 2015: Mr. China who Executive 30, six the Code as well Iain with set months are Alternate Capital Ferguson established and, out likely effect have Director in therefore, ended Expenditure Appendix been from Director Bruce corporate June of made. in March the with possession possessing to 30, 10 Company Mr. All Committee 6, the of 2015, of the Model of the and

18 4. The Company s Performed CONSOLIDATED Six Note (Unaudited) Net promoter/agency Operating (17,964) Profit Earnings FINANCIAL Basic Diluted months revenues financial US$ 000, before 8 per the profit by 8 ended independent US9.10 share income period 4 information the 3,516,594 except RESULTS 745,556 commissions Independent June INCOME attributable tax cents profit per 30, auditor, 723,833 US ,419,813 5,075,255 set share US attributable out STATEMENT Auditor (81,948) data 2014 Deloitte below 1,373,145 equity Interest cents Gaming of (183,949) to holders Touche the this equity income Income tax Entity, announcement (1,382,490) of Tohmatsu, holders Inventories 8,736 tax the and benefit/(expense) Company of by 9,489 the in (2,169,447) represents consumed accordance Company Interest Audit 734,493 Committee. expense, (40,196) Employee 71,370,416 with 10,660 extract the net (49,932) from (2,729) International benefit of amounts the Other expenses condensed capitalized Standard expenses (568,459) consolidated and 6 Review (30,459) losses (529,555) financial 5 Engagements (38,193) (429,488) Depreciation statements, Loss (465,309) 2410 on and modification which Review amortization is unaudited of Interim (268,457) early but Financial retirement has (257,250) been Information of reviewed debt Gaming 12 by the

19 Six US$ 000 Profit Item Currency CONSOLIDATED June 2015 Note (Unaudited) ASSETS Non-current Investment net Current Inventories 2,535,315 Total 29,529 months 30, that US$ comprehensive non-current assets for assets December will the translation 30,506 properties, 11,976 ended 11,027,581 (Audited) period assets not be assets June Trade 13,913 31, STATEMENT BALANCE 2,508,553 attributable reclassified differences income net 30, 11,347,591 8,519,028 and 1,200,042 Trade 2015 other for 3,194,946 SHEET to 3,352 subsequently 2014 the and receivables equity 8,152,645 OF period 1,143,222 other 3,823 COMPREHENSIVE holders receivables attributable to and Property profit prepayments, the and or to Company and loss: equity prepayments, INCOME equipment, net holders 734,493 23,946 of net 1,370,416 the 21,328 7,204, Company 534,036 Other 6,912, , ,845 comprehensive Restricted Intangible 1,374,239 income, cash assets, and net cash 23,117 of equivalents tax 20,705 Deferred 7,120 6,538 income Cash tax and assets cash 37,700 equivalents 23,910 1,955,421 Other assets,

20 June 2015 Note (Unaudited) EQUITY Capital Share LIABILITIES Current Trade Total current 30, US$ equity non-current capital and liabilities December other reserves (Audited) 5,106,358 80,689 liabilities Non-current payables 8,582,361 liabilities 31, attributable 80,677 6,429,347 2,445, liabilities 3,476,003 9,727,786 Reserves 80,330 1,395,361 to 1,619,805 equity 77,566 5,025,669 3,298,439 1,608,344 holders Borrowings Total 6,348,670 Dividend of liabilities the 12 Company 3,368,866 payable 5,921, ,194,369 1,041,180 4,918,244 Deferred Total Current equity income and tax liabilities tax liabilities 11,027,581 26,807 2,91026,504 5,644 11,347,591 Borrowings Net current 12 5,769 assets 5,817 63,333 1,575,141 Total assets less

21 NOTES 1. approved Financial ( IFRS ). 2. Except June During these The assessment results Basis Significant conjunction unaudited condensed Group 30, new of the of TO 2015 operations Reporting and described amendments preparation period, has of THE accounting authorized the are condensed with not consolidated CONDENSED impact consistent there early below, and issued Group s to have adopted financial for of policies consolidated standards the by issue with financial been accounting the new annual the CONSOLIDATED those by position a International had or number new the statements revised adopted financial no Board or policies of material revised of the standards new of Accounting statements for have Group. Directors adopted standards as impact amendments the FINANCIAL been described six prepared months for of Standards amendments the presented methods in to amendments results Company year STATEMENTS the ended standards on Board Group s ended the in of to June computation historical United operations on the ( IASB ) December that 30, August annual Group, 2015 States have cost and financial 14, come but used have been 31, dollars basis financial the 2014, into been not issued, applicable except the statements ( US$ ), yet effect, which prepared preparation position in but for a which position were certain disclosure unless for of not accordance prepared of the yet otherwise financial to year Group. effective state requirements condensed ended whether has with assets accordance stated. for December adopted International consolidated and the of their The period. Appendix financial with condensed adoption 31, their International The Accounting financial respective liabilities 16 would Group consolidated to the statements have has that effective Listing Financial Standard already are a significant financial Rules. measured dates. for ( IAS ) Reporting commenced the They statements six impact 34 adoption should fair months Standards Interim the value. were be the ended of read

22 3. Management property for Revenue and derive Six US$ 000 (Unaudited) Net The 66,026 3,516,594 Segment each months The revenues Group s Venetian their The Parisian of and comprises 5,075,255 its information ended Parisian revenue service principal primary segment has Macao key Macao determined June operating turnover from Macao perspective. 1,521,865 projects information operating 30, once the 2015 Inter-segment segments, from the sale under 2,208,157 operation, and 2014 operating of the is as ferry developmental sale which follows: tickets Sands of segments derive goods are revenues Cotai for also are their and activities transportation based The the Central revenue services (14,512) reportable Parisian on occur the 1,114,730 primarily in (14,028) reports Macao, between the in segments: Macao, ordinary reviewed from 1,598,818 the Hong St. which The casino, course Regis Kong by Venetian The a mall, of the group tower and Plaza the sole hotel, Macao. Macao, Group s (the of geographic senior food remaining Sands 364,226 activities. management area Cotai beverage, phase 596,369 in The Central, which of Venetian to convention, Sands make the The Cotai Group strategic Macao, Plaza retail Central) is Macao, 461,305 domiciled. Sands decisions. other Sands Cotai 619,913 the The sources. Central, Macao Four Group Ferry Seasons and Ferry The considers and reviews ferry Plaza and other apart-hotel and other Macao, operations other results business tower. Sands operations. of 68,980 from Macao mainly a

23 Adjusted Parisian 1,096,162 Note: foreign performance in alternative companies. Six US$ 000 (Unaudited) Depreciation The Macao 268,457 isolation; loss, months Venetian Adjusted exchange interest, Macao 257,250 EBITDA 1,737,350 to ended construed of and cash Macao EBITDA the amortization gains/(losses), June flow (Note) Group s on 526,477 78,921 as 30, as modification an is a 2015 profit measure properties alternative 75, ,850 gain/(loss) 2014 attributable Sands of or Sands to liquidity. early profit Cotai to on Cotai retirement compare to disposal or equity Central Adjusted operating the holders of of 143,942 property operating debt EBITDA 319,628 profit; and 137,572 the and as 513,026 income performance as Company equipment, presented indicator The tax The Plaza before benefit/(expense). Plaza of by of investment Macao the share-based Group s 19, ,828 may properties IFRS Adjusted compensation, 20,383 not 180,844 operating be and Sands directly with EBITDA intangible Sands that Macao performance, corporate comparable of is Macao its used assets, 18,769 competitors. expense, by 123,247 fair to other management 17,339 other value combined pre-opening 172,984 However, similarly Ferry losses as and Ferry on operations the titled adjusted expense, other financial primary and measures operations other EBITDA or depreciation assets measure cash operations presented flow 6,839 should fair of data; operating and 6,929 value 7,982 by not amortization, other through The be as (2,354) considered an Parisian profit The net

24 Adjusted (18,551) intangible Operating Profit Six US$ 000 (Unaudited) Capital The Macao 599,618 months following Venetian before 314,035 expenditures 427,989 (20,077) EBITDA the assets profit ended income period Macao is 189, ,556 (15,544) a Depreciation June reconciliation 1,096,162 attributable tax 43,387 30, 723,833 1,419,813 (1,386) ,150 1,737,350 and to 2014 of 1,373,145 Fair equity adjusted amortization Interest Sands value Share-based holders Cotai income Income losses EBITDA Central (268,457) of on 8,736 tax the compensation, financial to benefit/(expense) Company 219,090 profit 9,489 (257,250) for assets Interest 156, ,493 the net Net at period of fair expense, 10,660 foreign The amounts 1,370,416 value attributable Plaza (2,729) net exchange through capitalized Macao of amounts to profit equity gains 8,179 (12,303) or capitalized 1,142 21,850 holders loss 1,237 (10,754) (15) Sands of (30,459) the Loss Macao Company: Corporate on (38,193) disposal 13,542 expense Loss 14,788 of property on (36,893) Ferry modification and and (29,292) equipment, other or operations Pre-opening early investment retirement 1,385 expense properties of 1,092 debt The (17,964) and Parisian

25 The 229,253 11,027,581 June 2015 Total Held 8,519, Six US$ 000 (Unaudited) Casino 3,516,594 Net Income Management months Venetian 30, locally 2014 assets non-current revenues 2,998,667 The December 8,152,645 5,075,255 from 11,347,591 ended (Audited) 8,314,696 Parisian Macao right fees 4,571,491 assets June 31, and 3,325,443 Macao of 7,956,622 30, use other ,789 Mall 1,185,427 25,558 3,854, Held 126,057 21,812 in 835,451 foreign Sands Rooms Cotai countries 154,036 Central 166, ,911 4,758, ,113 Food 4,830,193 Deferred and beverage The income Plaza 74,271 tax Macao assets 84,061 1,113,909 37,700 Convention, 23,910 1,181,298 ferry, Sands retail Macao and other 396, , , ,923 Ferry and other operations 247,972

26 5. Six US$ 000 (Unaudited) Utilities 30,061 15,544 assets 429,488 (1) construction Other Suspension months at 26,985 1,386 and 465,309 expenses fair ended operating value activities Operating Provision costs and June through were in losses supplies 30, lease for October primarily profit 2015 doubtful payments 86,522 or loss comprised accounts 107,519 13, Other 29,649 of 14,304 Advertising fees support 24,491 paid Auditor s and services Management trade promotions remuneration contractors 58,725 fees 67,867 63, and 22, legal 78,875 Other 26,888 Net costs operating Contract foreign as Loss a result exchange on labor expenses disposal of and the gains 16,273 services temporary of property (1,142) 23,704 58,657 project (1,237) and 59,630 equipment, suspension Suspension Repairs investment at and costs(1) The maintenance Parisian properties 7,545 Macao, 30,475 Fair and value which intangible 30,957 losses resumed Royalty assets on financial fees

27 6. Bank 40,536 Interest 7. Six US$ 000 (Unaudited) Current Lump Over/(under)provision Macao Deferred Income months borrowings sum complementary 41,884 tax expense, income tax benefit/(expense) ended lieu Less: tax net tax 23,311 of June net interest Macao of 13,488 tax of 30, amounts 25,220 prior (2) 2015 complementary (132) 10,660 years Amortization capitalized 2014 Other (2,729) overseas (10,077) 30,459 tax of on taxes (3,691) deferred dividends 38, financing 132 (2,655) costs (2,653) 9,961 Other 10,874 overseas Finance taxes lease (339) liabilities (74) 2,900 3,072 Standby fee and other financing costs 4,364 2,718

28 8. Basic during Diluted months The Six (Unaudited) Profit Weighted Earnings share, (i) made The months calculation that attributable diluted(i) the translation ended earnings per average the period. ended share, HK$ June of HK70.55 per to June of number amounts 30, basic equity share US$ 2015, 30, and is US9.10 cents amounts is of 2015 holders have diluted calculated shares the HK Company cents been, into of earnings for by the US16.99 by could HK$ basic diluted dividing Company adjusting cents had per amounts have earnings outstanding cents share the been (US$ 000) the profit has Earnings per is weighted per or based been could for share the on 734,493 made per be options average (thousand the period share, converted at following: the 1,370,416 attributable and basic(i) number rate shares) restricted into of HK ,068,344 of US$1.00 US$, 8,070,918 ordinary to share equity vice cents to 8,064,183 units shares HK$ ,072,645 holders versa, HK that outstanding at of Adjustments will that the (six potentially cents Company rate, months to Earnings at assume for any ended dilute by share other conversion per the June options weighted rates share, ordinary 30, and diluted 2014: at of average all. restricted shares. US$1.00 dilutive US9.10 number share potential cents to of HK$7.7513). units US16.98 ordinary (thousand shares cents No shares. shares) representation Earnings outstanding For 2,574 the per six 8,462 is

29 9. to On on 10. The June 2015 US$ 000 (Unaudited) ,403 Trade respect period granting Dividends US$1.03 the January June Trade Board aging 30, 2014 receivables register days granted of 577,637 17, of December gaming analysis 390,767 does the billion), 23, 32,306 10, , (Audited) of to credit 2015, not members selected mainly promoters, the of 35,199 10, ,852 31, recommend was subject the trade Shareholders paid Board consist premium Over of receivables, to the terms declared 90 the February of receivables Company days and casino approved payment of net mass the 21,205 27, receivables. of on relevant interim can of market a provision June final 15,935 be interim 24, offset dividend credit players The for against dividend agreement. Group doubtful is The of typically HK$0.99 HK$1.00 the final generally for accounts, commission the dividend, 7 15 (equivalent six does days, months as amounting not payables follows: while charge to ended US$0.128) US$0.129) for and interest June gaming aggregate front 30, per for money promoters, share. credit to HK$8.07 deposits This for granted, the interim receivable year made billion but ended dividend, requires by (equivalent the is December typically gaming a amounting personal to promoters. repayable 31, US$1.04 check 2014 in aggregate to or billion), within Absent Shareholders other one to acceptable special was HK$7.99 month paid approval, whose on following forms billion July names 15, of the (equivalent security. the credit appeared In

30 11. Trade payables and 1,475,691 Current The June 2015 US$ 000 (Unaudited) ,066 Trade accruals aging 30, 2014 days payables 35,771 portion December 212,990 and 1,685,910 analysis 20,276 (Audited) 118,479 other 28,066 1,395, ,935 22,556 of 31, payables Less: 128,921 trade 35, ,608,344 Accrued non-current payables Outstanding days employee is 4,327 as portion follows: chips 9,214 benefit (80,330) and other expenses (77,566) days casino 1, ,345 liabilities 2, ,546 Over 466, Interest days 606,592 2,201 payables Deposits 1,931 39, ,385 37,601290,231 Payables Construction to related companies payables and non-trade accruals 218,164 11,915 4, ,930 Other Other payables tax

31 12. June 2015 US$ 000 (Unaudited) Non-current Bank 3,463,470 3,368,866 Current Finance 5,769 Total During maturity amount that and Macao, In US$1.0 Revolving April Borrowings extension. were 30, 2014 borrowings loans, 5,817 March and of billion, portion lease 2015, December of not 3,287,190 3,194,369 revolving Facility. US$2.39 for secured (Audited) portion extended. liabilities 2014, the Borrowings working which 3,374,635 Group 31, 3,389,093 loan the Less: billion was The capital Group entered commitments. deferred leasehold fully under in Group 3,200,186 aggregate 3,208,268 amended requirements funded into the recorded financing interests Extended the on A principal its Joinder Finance portion April 2011 and costs 2011 US$18.0 land, 30, Agreement general VML lease amount of (94,604) VML the secured liabilities Credit million revolving corporate of During Revolving (92,821) to the 3,485 Facility the loss 2011 on the 2011 proceeds purposes. 3,545 leasehold on Facility six VML to, modification VML months among Other Term was are interests Credit finance used other ended being Facility or Facility. to things, used June early lease pay land, to down to 30, March retirement liabilities, modify Under secured fund 2015, the 31, the certain US$819.7 the 72, , development, of secured Joinder Group debt financial and, 75,500 during Agreement, 2,284 million made together construction Other covenants. 2,272 repayments in six aggregate with finance certain months new In and of addition lease lenders, principal ended US$820.2 completion liabilities, have June to provided balance the million agreed 30, of amendment, secured 2014, Sands US$2.0 of on to the provide the in Cotai 2, connection Extended billion certain Central 3,422 VML a new in lenders aggregate 2011 Term with term and The the VML loan extended Facility pay Parisian principal equal down loans the to

32 The VML 5. This June By SANDS Company Macao, As Sheldon Non-Executive Michael Independent Iain PUBLICATION case at order Ferguson Group announcement 30, June the Accordion of August CHINA Alan Gary 2015 of date any Secretary Directors: 30, is the Non-Executive required Leven of Bruce Adelson inconsistency will 2015, Directors: Board 14, this LTD. Term be 2015 OF is the Chiang Charles announcement, dispatched published Robert Dylan INTERIM Group make March Directors: between Yun Daniel James Glen principal had 30, on David RESULTS US$2.0 Shareholders Goldstein Forman Williams the websites Muir directors payments English billion ON Turnbull Toh of and version of THE of Hup the published available a Stock Victor WEBSITES quarterly Hock Company and Exchange the Patrick borrowing on basis Chinese are: the OF Hoog websites beginning ( THE version capacity Antink STOCK of on of the under Steven June this Stock EXCHANGE announcement, the 30, Zygmunt Exchange and Extended 2018 the in AND Strasser Company accordance and 2011 the THE the English VML Company ( COMPANY with Revolving version the provisions due shall Facility. course. prevail. of the The Joinder interim Agreement. report for The the maturity six months date ended of the 2011