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 20, 2015 LAS VEGAS SANDS CORP. (Exact name of registrant as specified in its charter) NEVADA (State or other jurisdiction of incorporation) (Commission File Number) Registrant s telephone number, including area code: (702) NOT APPLICABLE (Former name or former address, if changed since last report) (IRS Employer Identification No.) 3355 LAS VEGAS BOULEVARD SOUTH LAS VEGAS, NEVADA (Address of principal executive offices) (Zip Code) 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 On August 20, 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 report in respect of the six month period ended June 30, 2015 (the 2015 Interim Report ) with the SEHK. The 2015 Interim Report 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 (d) Exhibits. Regulation FD Disclosure. Financial Statements and Exhibits Interim Report of Sands China Ltd. 2

3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized. Dated: August 20, 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 Interim Report of Sands China Ltd. 4

5 Exhibit 99.1

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7 Exhibit INTERIM REPORT

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10 FROM EVERYTHING LUXURY AT DUTY SANDS FREE CHINA. SHOPPING, EXCITING ENTERTAINMENT AND FABULOUS DINING TO WORLD-CLASS HOTEL SUITES AND MICE, COME AND DISCOVER

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13 CONTENTS and Analysis Overview Financial Highlights Management Discussion 2.6 Results of Operations Liquidity and Capital Resources Expenditures Commitments Dividends 13 Pledge of Fixed Assets Contingent Liabilities and Risk Factors 14 Rule 3.2 Capital Risk Management Foreign Exchange Risk Business Review and Prospects Human Resources B(1) Environment of the 17 Listing Rules the 3.8 Corporate Governance Practices Model Code for Securities Transactions Board Disclosure and Board of Directors Committees Information Composition pursuant 19 to Financial 3.12 Audit Committee Review 21 Company s Statements Listed 27 Shares and Chief Executives Substantial Shareholders 23 In and version 4.2 Interests of Any Other Persons Equity Award Plan Purchase, Sale or Redemption of Report case the of Chinese Condensed Notes Corporate Contact Glossary shall any prevail. to Review of Condensed Consolidated 27 inconsistency Us version the 59 Information Consolidated 58 Condensed of this between 57 interim Consolidated Financial the report, English Statements 34 the version English 28

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16 OUR LUXURIOUS HOTEL ROOMS AND SUITES AWAIT YOU.

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19 SANDS 1.1 Adjusted Total half Profit Capitalized Note: illustration 5 OVERVIEW FINANCIAL of net The for CHINA revenues EBITDA the translation only. terms Group LTD. HIGHLIGHTS used for was of the but Interim US$734.5 Group not amounts defined Report were was million US$1,096.2 into US$3, herein (HK$5,694.1 shall amounts have million the million) has (HK$8,498.1 (HK$27,261.7 meanings been made the ascribed first at million) the half rate to in of them in of 2015, the US$1.00 first in first our a half decrease half 2014 to of of HK$ Annual 2015, of 46.4% a Report. decrease (six compared months of of 36.9% 30.7% to ended US$1,370.4 compared June 30, to million to 2014: US$1,737.4 US$5,075.3 (HK$10,622.4 US$1.00 million to HK$7.7513) (HK$13,467.1 million) (HK$39,340.2 in for the the first million) purposes half in of in the of the first first half

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22 SOMETHING SUMPTUOUS TO SUIT EVERY TASTE.

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25 SANDS DISCUSSION 2.1 The Group ) Six 2015 (US$ Casino Mall Rooms Food Convention, Total Net our Our June segments. 5 MANAGEMENT Macao, RESULTS months VIP Revenues revenues net Board 30, and in net ANALYSIS Net 2, casino millions, and CHINA beverage for revenues we Percent of ended premium ferry, the were 164.9(6.6)% Directors continued OF revenues The 4,571.5(34.4)% six LTD. consisted 22.6% except June OPERATIONS retail US$3,516.6 change 74.3 reduction decreased months players. Interim 30, (the 84.1(11.7)% to for and percentages) 5,075.3(30.7)% enjoy of Board ) ended other was in Report million six our Macao following: primarily June months casino, of 2015 for 30, market-leading Sands the ended attributable 2015 rooms, six 1.3% China compared June months and Ltd. 30, to food visitation ended decreases ( we 2015 to and the were June or beverage and six our of US$2, , months focused US$688.2 Company ) 2015, segments, ended on a decrease driving million, June is mainly pleased 30, the at a of The decrease driven high-margin US$1,558.7 to Venetian present by of the US$1,572.8 the million, mass Macao overall unaudited market and or million, 30.7%, US$482.8 gaming consolidated slowdown compared or segment, 34.4%, million in results to the compared at while US$5,075.3 Sands Macao of the providing Cotai to gaming Company US$4,571.5 million Central, luxury industry. and for driven amenities its million the Despite subsidiaries six by months for a and decrease the high softer six (collectively ended months service in gaming June volume ended levels 30, the market in to all

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28 2. AND Six 2015 (US$ Sands Total Non-Rolling Slot Net The remodeling 6 MANAGEMENT months mall following Venetian Plaza increase handle hold 2014 ANALYSIS Cotai Macao Chip millions, revenues casino percentage Macao Change ended 2, , ,365.7 at Central Chip was volume win Macao the table revenues primarily except percentage Shoppes 460.2(43.3)% June drop win for 2,798.3(27.3)% 3,788.1(17.0)% 1,635.6(16.5)% summarizes DISCUSSION 4.9% 3.4% 5.4% 3.6% 16, , , ,854.4 the 30, 3, , ,559.0 percentages six 1, %(0.1)pts 3.6%(0.2)pts 5.1% 3.8%(0.2)pts at driven 2.95% 3.05% 3.20% 3.36% months Four 14,841.6(45.1)% 10,032.1(51.6)% 718.6(29.6)% 27,645.2(41.6)% 27,909.7(60.9)% 4,645.1(23.7)% 3,682.3(15.6)% 2,173.2(28.3)% 1,445.8(33.4)% 534.9(45.7)% 605.7(26.0)% 0.3pts the 1,985.2(34.7)% 25.5% 21.5% 22.4% 19.5% by Seasons 3.47%(0.52)pts 2.89% 3.42%(0.22)pts 2.87% results and ended the opening 25.9%(0.4)pts 22.2%(0.7)pts 25.1%(2.7)pts 17.7% points) 0.16pts 0.49pts and of June our the 1.8pts 30, of casino Shoppes the 2015 third activity: were at phase Venetian. US$181.3 of the Shoppes million, an at Cotai increase Central of US$33.4 in June million, 2014 and or higher 22.6%, base compared fees due to to US$147.9 contract million renewals for and the additional six months stores ended opened June 30, after the

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31 SANDS Six 2015 (US$, The Sands Gross Occupancy Average Revenue June Net months 7 months room food convention, decrease following Venetian Plaza 30, 2014 room except Cotai Macao ended CHINA daily per and Macao Change rate ended revenues Central available beverage percentages was Macao June rate table 84.0% 80.1% 80.2% 99.0% ferry, LTD. mainly June for 30, summarizes (in retail room the revenues 91.7%(7.7)pts 86.9%(6.8)pts 86.4%(6.2)pts 97.6% Interim 265(3.8)% 173(5.2)% 419(5.7)% 254(12.6)% , millions) driven and six and The points) months 1.4pts Report other for by our 243(11.9)% 150(12.0)% 363(12.7)% 248(11.3)% increase the room ended revenues 2015 slowdown 24.7(12.6)% 12.8(11.7)% six 126.6(12.6)% 152.7(11.5)% activity. was months June primarily for 30, in the Information ended the 2015 six Macao driven June months were 30, gaming by US$154.0 this ended 2015 our table ferry industry. were June million, takes operations. US$ , into 2015 a decrease account million, were US$108.3 rooms of a decrease US$10.9 provided million, of million, US$9.8 to an customers increase or million, 6.6%, of on compared or US$1.4 a 11.7%, complimentary million, to compared US$164.9 or basis. 1.3%, to million US$84.1 compared for million the to six US$106.9 for months the six ended million months June for ended 30, the six

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34 2. AND Our Six 2015 (US$ Rooms Convention, Provision General Corporate Pre-opening Depreciation Net Loss investment Total Operating Casino cost Mall decrease Food MANAGEMENT months foreign control and operating ANALYSIS The expenses 1, disposal millions, and was beverage for 19.8(9.6)% 37.9 Expenses expenses decrease Percent properties ended exchange measures. 36.5(1.1)% administrative 19.3 ferry, and doubtful mainly for ,793.0(32.2)% expenses for of amortization 20.3(4.9)% except June the retail change 64.5 expenses the was property were 29.4% DISCUSSION due driven gains(1.1)(1.2)(8.3)% and six operating accounts six 30, consisted primarily 69.0(6.5)% and percentages) to US$2,771.0 intangible months lower by other and for decreases 29.6 expenses the equipment, 3,655.4(24.2)% 300.0(0.5)% of due driven common 91.6 ended six the assets million to 105.7(13.3)% months following: a by June 20.8% was 4.4% 15.5 area payroll decreases 30, for primarily 30, ended 1.4 maintenance the 2015 and 1,007.1% six June gaming other were attributed months cost 30, US$17.9 US$36.1 costs. operating of US$1,892.8 taxes 2015 sales ended to were decreases and million, a June expenses result other US$64.5 million, 30, a of a operating 2015, decreased business million, a result a decrease of expenses of volume US$1.9 of gaming a US$0.4 decrease of lower US$900.2 of across consistent US$884.4 revenues, hotel million, of US$4.5 all occupancy. million, or properties, or with decreases 9.6%, 1.1%, million, lower or compared 32.2%, or as in business 24.2%, or well gaming 6.5%, compared to as to US$19.8 volume. our promoter compared US$36.5 cost to control US$2,793.0 to commissions, million to US$3,655.4 US$69.0 measures. for for the the million six six well months for for as the the six ended six implementation months June 30, 30, ended June of June certain The 30, 30,

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37 SANDS Convention, months Provision General June to Corporate The Pre-opening Depreciation ended Loss six 9 a months reversal increase 30, June ended disposal and CHINA for ended 30, administrative of expenses ferry, was and doubtful June The property of LTD. amortization mainly June retail decrease 30, property were The were accounts 30, Interim tax and driven US$37.9 increase expenses US$19.3 primarily recorded was other and The Report expenses by equipment, The mainly decrease was increases were million for 2015 mainly primarily was driven The were US$298.4 for was US$268.5 investment for Parisian the was driven US$29.6 royalty by the due six decreases primarily six to by Macao million fees, months expansions properties provisions driven payroll related in for and for marketing ended for the by the and a the June for to six decrease six St. June dispositions intangible six casino additions corporate Regis months 30, and 30, utilities rolling 2015, tower ended contract at assets legal an at were Sands a at our business. increase expenses, decrease June expenses. Sands was US$91.6 June operating entertainment Cotai 30, US$ , Cotai 30, of of 2015, Central as US$8.6 million, US$1.0 well properties. Central. a an decrease expenses and increase other million, a The decrease for of cost Venetian the and or of US$1.6 or of 29.4%, six US$11.2 control lower of 4.9%, US$5.1 months US$14.1 Macao. million, fuel compared measures, million, ended cost million, or for 0.5%, or to June partially our US$29.3 US$ %, 20.8%, or 30, ferry 13.3%, 2015, compared offset operations. million compared by to US$300.0 an to for to increase US$257.3 the US$24.5 to with US$105.7 six million months in a loss million fixed of for million ended property US$1.4 for the the six June for six million months expense the 30, months six for ended due the

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40 2. AND Sands Ferry Total team (1) exchange interest, Group s liquidity. N.M. The Six 2015 (US$ Less Interest 10 MANAGEMENT alternative Adjusted months Venetian Plaza following continues 2014 adjusted ANALYSIS and The Cotai Macao Expense and expense, capitalized millions, properties Not EBITDA(1) Adjusted gains/(losses), other Macao decrease Percent ended other Central Meaningful Macao to table to operations modification profit net except nance focus June change EBITDA and for interest(10.1)(3.7) was 173.0(28.8)% summarizes DISCUSSION or is the to 30, 180.8(34.3)% on driven costs 1,096.2 gain/(loss) percentages) profit operating 38.2(20.2)% compare six 513.0(37.7)% 8.0(2.4) operational 872.9(39.7)% as or 40.5 months attributable by presented early 1,737.4(36.9)% information revenue 41.9(3.3)% the N.M. profit; on retirement ended 173.0% operating disposal efficiencies by decreases to June the an related equity of indicator Group of performance 30, property and debt holders across 2015 our interest cost may and of segments: was and all control the income not of of expense: business the US$1,096.2 equipment, Group s be the Company directly measures tax Group s benefit/(expense). segments IFRS comparable investment million, before properties throughout operating except share-based a decrease properties to with performance, both other Adjusted that the of similarly mall, compensation, of and gaming US$641.2 its EBITDA intangible as other competitors. a titled and result combined million, is non-gaming measures corporate used assets, of the However, by operations overall fair 36.9%, management presented expense, areas value adjusted market compared of or losses pre-opening the by cash slowdown other business, EBITDA on flow to financial companies. primary US$1,737.4 data; expense, maintaining should the or assets measure Macao not depreciation million an be alternative a fair of gaming market-leading considered operating for value the and industry. to through six cash amortization, performance months isolation; adjusted flow profit The ended as management or construed a EBITDA. of net measure loss, June the foreign 30, as of

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43 SANDS Interest primarily Profit 2.2 We equal Extended As Our Six 2015 (US$ Net Effect Cash 11 April at LIQUIDITY months fund cash decrease 2014 Flows and June in to for of expense, millions) 2015, US$1.0 CHINA generated used our exchange flows the cash due , ended operations in Period six to in 2015, we equivalents Summary VML consisted cash a billion investing nancing months AND LTD. net entered US$6.4 June rate from we and of Revolving CAPITAL Interim 30, amounts on (the through had ended operating activities(893.3)(2,690.2) of into million activities(589.0)(418.4) cash the 2011 US$2.0 cash beginning end equivalents(581.1)(1,437.5) a Report June and following: joinder cash capitalized, Facility. of and RESOURCES increase VML cash period 30, billion generated cash of agreement 2015 Accordion period 1,955.4 in of capitalized was available from US$30.5 2,535.3 US$ ,671.0 (the 1,507.8 Term ), 1.2 our of Joinder borrowing interest operations 2,943.4 US$1.96 which million, Agreement ) primarily for billion, capacity was and a the decrease fully our six which related under debt months funded to of the financing. was to the US$ the on primarily Extended April construction VML June million, 30, generated 2011 Credit 30, , of VML or Facility. During The 46.4%, from compared Revolving Parisian the our Under compared six operations. Macao to months the Facility. US$38.2 Joinder to and US$1,370.4 ended the million Agreement, remaining June for million 30, the 2015, certain phase six for months we the of lenders made Sands six ended months have repayments Cotai June agreed ended Central. 30, of to June US$820.2 provide 30, The a decrease new million term was on loan the

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46 SANDS We decrease the Net maintenance Cash For US$820.2 Accordion 2.3 Capital capitalized Six 2015 (US$ Sands Ferry The Total Our project, complete 12 MANAGEMENT decrease CAPITAL months the derive cash Venetian Plaza Parisian 2014 Flows ANALYSIS and Cotai Macao six expenditures which millions) CHINA of used other most Term. months interest US$769.8 ended Central, Macao expenditures spending. remaining 13.5 EXPENDITURES will Operating Investing Financing operating operations of investing LTD. 8.2 June for 14.8 our ended and include DISCUSSION and were repayments million, operating Interim Capital construction 30, plans phase US$66.5 income. June Activities used activities a fourth are of , expenditures Report primarily cash the significant. 46.1%, of 2015, million hotel for payables: project borrowings flows 2015 the net and compared for six from is for cash new Sands mixed-use our expected months the under used our projects operations, six to Cotai casino, US$1,671.0 the ended months tower financing Central and be Extended mall June approximately mainly to under renovate, opened and 30, million activities 2011 the June 2015 hotel The St. in VML for 30, upgrade Regis Venetian operations. phases, US$380 was the 2015, Revolving US$589.0 US$893.3 six brand beginning totaled million. months Macao Net maintain that Facility, cash million, US$599.6 is and ended expected generated existing Sands April June partially which million, was Macao. to 30, properties. was from open primarily offset We including primarily operating have The the by Set US$999.3 begun end decrease forth US$533.1 attributable activities of construction 2015, below in million to net subject capital for is to cash historical the US$1,030.2 in activities expenditures six proceeds for generated Macao months construction information million from Government ended the borrowings St. operating development activities on June Regis interim our approval. 30, tower, capital activities at under 2015 dividend The projects, the expenditures, was The the Parisian remaining was payments 2011 US$901.2 total as primarily Macao well VML cost excluding phase and to million, and due of to the a

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49 SANDS area construct full including These 2.4 Future June 2015 (US$ Contracted Authorized Total US$1.03 On register 2.6 We improvements; 13 January June CAPITAL PLEDGE and have Board (to 30, 2014 capital investment commitments of phased millions) CHINA 17, December billion), begun pledged The land, members operated does but 23, 2015, commitments OF Parisian COMMITMENTS furniture, as 2015, opening construction not LTD. FIXED a was plans the provided contracted substantial 31, recommend under of June for the paid Shareholders Macao the Interim of property fittings ASSETS Board 30, our Company the 2,416.9 subject for on will for February gaming facility, portion Report The 1,397.4 declared the and 1,019.5 be to 3,045.8 approved payment Parisian on equipment; approximately change subconcession), of 2015 which 27, 1,884.5 June our 1, interim Macao, fixed of 24, based is a final anticipated that construction interim assets upon US$2.7 dividend are a The integrated hotel not the to dividend to final secure billion, recorded execution of open with HK$0.99 progress; HK$1.00 dividend, resort our over in for inclusive the loan of the 3,000 that second our and (equivalent amounting six facilities. financial will business of vehicles rooms months payments half be connected and As of statements in to ended plan, with US$0.128) 2016, aggregate US$0.129) suites made June an the June subject aggregate to and progress 30, herein for The 30, to retail, 2015, per the HK$ to Venetian share. land Macao of entertainment, we as our premium. book This have follows: for billion capital Macao Government the value interim pledged year (equivalent projects, As and of dining ended with dividend, approximately The leasehold approval. projects market Plaza and December to meeting amounting US$1.04 interests Macao. We conditions of US$7.07 this had 31, facilities. The billion), in nature, 2014 capitalized in land; aggregate Parisian billion to we was the buildings; We Shareholders will outlook construction (December expect paid Macao to continue HK$7.99 building, the is July intended whose cost future 31, to costs 15, billion analyze 2014: to land names business design, of to and US$1.18 (equivalent US$7.06 include options appeared leasehold develop conditions. a billion, billion). gaming for to and both the a

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52 DISCUSSION AND 2.7 results cash Under April Government 2016, not concessions. related 2.8 stakeholders, statements), The and June 2015 (US$ Interest-bearing Less: restricted Net Total Gearing 14 MANAGEMENT CONTINGENT CAPITAL extended, debt circumstances. Group s flows. 30, 2014 cash equity capital ANALYSIS we the could to millions, ratio December 1,331.9 would cash The land has actively structure The cash 5,106.4 to As 6,438.3 primary differ by 20.7% we Parisian RISK and cash contingent concession complete borrowings, a then land pricing could except result, cash from This 31, and equivalents(1,955.4)(2,535.3) LIABILITIES 6, % of MANAGEMENT 7,002.9 also concession objective cash Macao lose regularly equivalents. equivalents(7.1)(6.5) products ratio these percentages) The expect liabilities equivalents, for Group our net Parisian and The estimates; when calculated land of for to reviews consists Sands Parisian AND deferred could apply arising Total concessions managing services Macao and however, RISK Cotai record for and capital as of Macao, equity financing another net debt, as manages commensurately Central, FACTORS capital a debt for is ordinary charge attributable which believe calculated The the extension divided costs is its respectively. contains opinion to Parisian for includes capital course 3,294.5 we safeguard anticipated all by to as will with from or Shareholders, total of equity, structure a Macao borrowings some similar 3,115.4 be management, the business. capital. the unable to level Macao portion as Group s open requirement to shown Sands of maintain to Net Management (including comprising Government. risk. meet of such debt ability Cotai the the second the US$1.18 litigation that Central, consolidated current calculated to April net issued has the continue half If debt-to-capital 2016 development made we billion and which share of as 2016 claims deadline. non-current as estimates balance interest-bearing unable or a would going US$4.78 (subject will ratio sheet, to Should and prohibit for concern completed not meet borrowings (gearing to reserves. potential billion have plus Macao we the borrowings, net a determine Sands from order by material ratio) litigation Government debt. capitalized as December operating shown Cotai to provide net an adverse that costs Central appropriate of construction we any note deferred approval), returns based effect are facilities deadline 15 We unable to upon level financing for have the we costs our Shareholders developed to and consultation condensed based applied financial complete including the required costs, deadlines for its under condition, less consolidated Sands with assessment to land, extension cash complete the benefits legal for Cotai respective and either results counsel. June Central financial of cash for the from the development other of 30, equivalents land current operations Actual by 2015, Macao December risk are and by or

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55 SANDS 2.9 rate companies 2.10 Our destination. will Sands Holiday Within square hotel is The subconcession), approximately expected FOREIGN risk continue business increase Group s Parisian BUSINESS and The Cotai feet Sands Inn arising CHINA mixed-use property within of to The brand; Central Macao, foreign strategy into Cotai retail be US$2.7 EXCHANGE the from a Company approximately LTD. REVIEW hotel the gearing the currently space, Central, is tower currency which future. Group. is located billion, second Interim with as continues under ratio AND is commercial over well features RISK The currently transactions across hotel inclusive Report also US$380 during the PROSPECTS 3,000 Group as tower, own entertainment St. the three successfully 2015 execute expected the rooms Regis transactions of currently million. street and are payments consisting hotel six currently mainly brand months from towers: does the suites and execute open The that and made of denominated strategies ended dining operate not 1,796 the Venetian recognized is and for have expected our the first June retail, facilities. the rooms second approximately Cotai outlined a hotel land foreign Macao 30, entertainment, assets to Strip and US$ tower, half premium. open We suites and currency developments of The our was have at consisting 2016 The 370,000 liabilities the 2014 under majority primarily begun We Plaza dining end (subject hedging Annual had the square of construction of Macao that of and capitalized 2015, Sheraton due 636 assets policy. Report. are meeting feet Macao five-star and subject leverage interim denominated of brand; is activities construction gaming These Government our liabilities facilities. to rooms dividend our Macao largest and strategies integrated space, the and We are a Government integrated the costs payments third currency approval), suites denominated approximately expect St. have resort hotel of Regis under US$1.18 proven other resort of is business approval. US$1.03 tower, cost the intended than on 350,000 Conrad billion US$, consisting be Cotai. the design, MOP, model successful billion. The to remaining HK$ for brand square include Sands total which develop The of create 2,067 and cost Cotai feet Parisian in MOP. a phase gaming the 1,224 and to Asia s of rooms Central first complete meeting The functional of construct Macao, four-star the area premier half Group and opened project, (to of space suites the including The currency 2015 rooms is be gaming, remaining subject and operated Parisian under which and phases, approximately land, of we leisure the to will suites major phase Macao under foreign are beginning Sheraton include confident and under operating of our June will exchange convention the 331,000 gaming a brand. the 30, be fourth project they April

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58 BE LUXURY IMMERSED DUTY IN FREE SHOPPING.

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61 SANDS GOVERNANCE 3.1 As Number Total Sands will of 3.2 We environmental hard More 17 CORPORATE team minimize at HUMAN ENVIRONMENT recognize copies June Number information China paid members, CHINA of 30, Full-time Team of every Ltd. the RESOURCES of our 2015, foot impact LTD. Team Members announced about remuneration July reports. print. our Team together Interim Members: Sands team our We Should our of business encourage member Hotel ECO360 Report environment, the with policies, 26,983 you beginning Partners: the 24,849 has 2015 wish profile team Global to are this the team Average of 2,134 members was start grateful July Sustainability environment 2015 as members receiving Number 2014 follows: Age: Interim to salary that those 39 of development. and Report Strategy a until Gender Full-time electronic special Shareholders we continue is Ratio: and reward printed Team There copy the Male who to Environmental Members: will of have strive our recycled have 47% been annual paid to elected Female achieve 24,849 no to paper and other full-time Reports to 53% interim using the receive material Total goals published manager soy reports, our Number we ink. changes annual have grade by please of Las set to and Nationalities: and ourselves the refer Vegas interim below information to Sands page reports team the Corp. members. disclosed areas of via this covering electronic of report resource The the its reward for means, 2014 global conservation more Annual is thereby properties information. equivalent Report reducing and is to reducing available regarding one the month s need our at remuneration to salary print and

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64 THE 28 kwh installing efficient optimization automatic The certification EARTH Development Earth implemented 15 our Carbon 92% (Winner portion other saving CONTRIBUTION recyclable TO 50 green One 20,000 scholarships China Certificate number Sands Bronze join million hotels community latest I COMMUNITY local Venetian project ENVIRONMETNTALLY of operational Check Hour action Will CEM Earth technologies hygiene of Footprint China Green Energy HOUR lights, Benchmarked LED community of irrigation our materials If academic Every Sands Macao day recycling of Energy events to heating Hour properties You Enterprise suite Green activities 2014 Commendation 6 cooling was kits Sands hosted category facilities students areas Reporting Month Will Macao; Every other have lighting through EURO for saved Saving systems Fund year received air-conditioning IMEX-GMIC points 2014 Cotai that Challenge to charities Certification and including taken energy ISO20121 Month Macao Award of are build V by granted IV use launched Contest through gallons Outstanding Central the & low-flow used 30 Event from for 25 3, Merit RESPONSIBLE million Green shuttle collecting Asia China Accreditation of water Green HKEx Sustainability A Award tons for water shower Hotel August permanent battery the buses Sustainable Hotelier flow of Supplier 2014 for were and Gold waste heads controllers, 2014 operated fitted Sands choice separation saved Award electric Management diverted and with Cotai in for in bus green 2014 of Central) through System meetings recycling worldwide initiatives

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67 SANDS 3.3 Good effective culture To practices Code previous A.2.1 executive better Company s 3.4 with 3.5 The On Mr. 19 ensure March CORPORATE MODEL BOARD Sheldon Robert Board following the Provision corporate of leadership from across within Model CHINA the Chief system set officer that 6, Glen March well Code, out AND Gary CODE 2015, terms changes has we Executive Code A.2.1 governance the of established for Goldstein LTD. by organization. adhere Adelson, developed 6, the BOARD GOVERNANCE Company. Mr. no corporate view FOR both throughout roles less Code. Interim were Edward Adelson that to the Officer, SECURITIES exacting was of high the underpins COMMITTEES corporate made Board governance the throughout This chairman Report It Chairman appointed Matthew Company standards the is also Mr. to is considered than PRACTICES six based the gives Edward governance the 2015 management months and TRANSACTIONS the composition Tracy requires of as creation of Code our Model six chief the COMPOSITION corporate the Matthew to retired investors months ended Company, Interim Chief for be that policies, executive structure of Code. securities and Shareholder of our June Executive as the governance, ended Tracy. President the allows confidence Following best principles was and 30, Board officer President June transactions The interests 2015 appointed internal more approves Officer value and should roles 30, we specific and that focus a the and 2015, have at member control of to we practices as Sands strategic Board by Chief the Chairman are enquiry developed save separate the Company developing date policies. Chief exercising of China Committees Executive Directors as set the direction, of by disclosed and out Executive this Capex our the and Chief should business Interim our and maintaining Officer, own Company, the its monitors was of Committee below, stewardship relevant Shareholders Code Executive the corporate Officer not re-designated Report. strategies Company be and the all performance, Executive the employees performed of of Directors Company draws governance Officer highest responsibilities the as and during Company as a Director whole. the standards by have other fully oversees implementation Executive principles been are confirmed six The with complied best same with likely months performed of Company effective practices. was a individual, corporate Director due member and re-designated with that skill ended from guidelines of risk believes they by all objectives of and governance March possession June Mr. management the have care. combination code Capex Company Adelson 30, that as 6, complied and 2015: set provisions the of Committee Executive policies. out unpublished a since combined and following with core how of with leads then. effect responsibility and The corporate Director of roles the certain Although the structure inside from creation retirement of Company. of of chairman governance March recommended Mr. information the of under is of Code Adelson the Company supported the 6, of Board. code the and, right operates of Company s promotes chief provision best therefore, with compliant An by in

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70 3. GOVERNANCE On Leven, Title Chief Non-Executive Independent The Committee committees Audit Director Sheldon Robert Toh Michael Charles Iain Chiang David Victor Steven 20 (1) CORPORATE April Directors Board Ferguson Hup Note Financial Remuneration Muir Patrick Zygmunt Glen Yun Appointed Daniel Gary Alan Committee Hock 1, Directors has and 2015, Turnbull Appointed Member Goldstein Non-Executive Leven Bruce Adelson of Hoog established Forman Directors the Officer Strasser the Mr. by Capex Committee Company Antink date Member Nomination Re-designated Appointed David Interim October resolution Director Elected Member of Vice Committee. four this Appointed Chairman Directors Alec as President committees, Committee Member(1) 14, Interim October Capex May of Andrew July , the Member The 31, December date Company. Report. 27, 2014 Board Re-designated and 14, 2013 Fleming table Committee being 2011 of 2009 Appointed and this on below 7, the January Member Re-designated Interim retired 2012 Audit details March June 23, as Report Committee, 30, the , Company March membership are: the 6, 2015 Secretary, Remuneration and composition General Committee, Counsel, of each the of Authorized the Nomination four Representative of the Company and the Alternate Director to Mr. Michael Alan

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73 SANDS 3.6 Other and On 3.7 Committee professional 3.8 Part pursuant Number corporation Approximate percentage Associated Name Sheldon Family Robert Toh Michael Charles The 21 May June opinion DISCLOSURE AUDIT INTERESTS a Audit interests letter XV Hup member Major Glen Interest Daniel CHINA Gary Alan 6, 8, Director Hock L Committee 2015, of shareholding Number members the that COMMITTEE qualifications Goldstein Appointment of Leven Adelson denotes of SFO) Model Forman Company LVS 328,729,775(L)(2) each the LTD. OF Ms. Mr. corporation OF preparation of Beneficial LVS Audit as of Toh Chiang has Code, the shareholding Company Interim DIRECTORS LVS Independent June reviewed person s Hup and Committee REVIEW Directors Beneficial Yun, Nature accounting Report Hock, 30, owner of set Interest such 41.23% 2015, an long AND of out the owner and of Non-Executive Independent 60,000(L)(4) 2015 INFORMATION and interim accounting owner interest position as Chief CHIEF the and 981,200(L)(4) 777,036(L)(5) recorded a controlled table 2,867,508(L)(3) 66,201,340(L)(1) Shares 216,301(L)(6) related Nomination results Executives securities EXECUTIVES Non-Executive policies and such 0.01% Directors, interest financial complied explanatory the 5,657,814,885(L) PURSUANT shares/securities. 0.01% interest 0.10% Committee adopted register of 0.03% the 0.36% management 8.30% with shares, Company, Director required notes by Mr. the TO of the underlying applicable Victor Pacific below: RULE 70.12% Group of expertise. was the Patrick Century 13.51B(1) and Company, kept appointed accounting shares the under Hoog unaudited Premium and OF was Section Antink a debentures standards THE committee appointed Developments condensed 352 LISTING (Chairman and of of as member Part the requirements an consolidated RULES of XV Company Independent Limited, the of Audit the Tourism and SFO listed financial Committee) Non-Executive that any or as of adequate Development the statements otherwise Stock and Company s disclosures Director, Mr. Exchange notified for Committee Iain the associated Ferguson the six have (stock chairman the months of been Company code: the Bruce corporations ended made. Macao of 432). possessing the and June All Remuneration Government. the of (within 30, the Stock the 2015, Audit the appropriate Exchange and meaning Committee was of of

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76 3. GOVERNANCE Notes: (1) LVS s meetings (2) her family for Company (3) common (4) stock, (5) at which (6) (7) report None XV Save SFO, associated Section As been 22 its CORPORATE at the These This In family of granted, general nor June of all onwards, are the common members benefit 352 disclosed the stock, of were annual amounts LLC vested SFO) corporations members 30, LVS. which Directors of meetings, of 2015, they over of stock, as includes exercised, and Dr. above, LVS s which SFO, are total taken over save Adelson interim exercisable. June which or vested of or (within to number the 223,397 interests (a) which as or the 30, (a) any Dr. far Chief disclosed deemed 65,910, , , ,301 93,779,145 reports and corporation entered 538, Adelson, as rights the 13,793 Dr. of exercisable. are was in her Executives meaning LVS s Adelson, of our vested shares into family above, known the have subscribe as shares as or the common Company co-manager, vested of and its trustee under members none as of to register had LVS s Part of directors trustee, the exercisable. LVS s and for short are of such XV Directors, stock Company, published the shares referred common exercisable. in set over positions of retains provisions another Directors out includes which accustomed (or SFO) as voting (b) sole prior stock warrants fiduciary therein, at stock 443,200 Dr. Mr. nor of June below voting respect that (see and Adelson, number the 2012, (see held were to 30, or SFO, note dispositive paragraph capacity, Chief control, unvested act of any debentures, 2015, note by the required shares, of 7), in any as and interests Dr. Executives Company accordance vested 7), (b) of and trustee, none (c) retains his Miriam restricted which Interests control 225,000 underlying (b) 2,709,026 to wife of LVS s 44,287 that be 10,000 applicable) shares the sole 407,565 has or Adelson, notified of together with were short unvested Directors share the of disclosed restricted voting shares options dispositive Substantial his Mr. Company required, position shares units directions, of (b) Adelson. control of and or the entitled stock 1,772,576 LVS s shares of the purchase Company debentures pursuant the power, (including Shareholders. held Chief restricted and Company, common of and to dispositive shares LVS s by control Executives (b) 10,000 to and a of their corporation (e) 10,000 stock, restricted common its of and the Model 12,566,710 shares underlying spouses Stock LVS s associated Company power, exercise (c) and options of held 60,000 Code, the Exchange, (c) stock. LVS s stock, which common and (d) by Company 2,473,397 of shares and corporations trusts 217,902,318 to children options purchase one-third and vested Mr. be its common stock of (c) notified associated Leven had, LVS s any options interest custodial restricted 246,516 under held 10,000 or purchase interests (within pursuant controls shares stock, more common by 18 the corporations options accounts shares trusts years stock purchase debentures all of the Company 60,000 that one-third the LVS s of meaning stock Divisions of separately. for were which voting age) for LVS s the 2,473,397 purchase shares common (within held of and required, the or benefit had power of the more 7 benefit common the by of Part From vested and Company 246,516 LVS s the Adfam Stock shares stock at of XV pursuant interest 8 meaning the Dr. stockholders of and stock, of Exchange. Dr. held common Part 2012 Investment voting shares or the exercisable. LVS s in, Adelson s any XV by all SFO). of interim or trusts power Part of had and its the

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79 SANDS 3.9 SFO % Name Sheldon Las Holdings, LVS Sands Venetian Intermediate The 3.10 Save the 3.11 On provides promoting Share As had 23 of November register Vegas lapsed. interests Company letter INTERESTS EQUITY or (Nevada) Dutch issued June Options IP of disclosed CHINA Gary a substantial Asset Casino Venture L Inc. the means 30, Sands, required Finance Holding II of identity Company Adelson denotes 2015, 8, had AWARD International Management substantial Resort, 2009, LTD. Corp. whereby above, LLC Development OF been CV Shareholder to BV the 62,878,991 SUBSTANTIAL of ANY the be Interim our notified is PLAN LLC Interest interest as kept person s aware, employees, Shareholders Company at OTHER Interest BV June under Report in Beneficial of options between in Capacity/Nature Interest a had the long 30, a in controlled Section PERSONS set adopted in SHAREHOLDERS Directors following not a 2015, position a out Shareholders been owner purchase the a the 336 controlled an shares the corporation notified and Company in Equity substantial of 5,657,814,885(L) table such Part shares interest consultants and corporation Award below. of shares. XV underlying any had these 5,657,814,885(L) Shareholders Number of short not Plan the of persons. Company been our SFO % 5,657,814,885(L) for positions of shares Group Shares the notified interests purpose had of 70.12% can being the share been of 70.12% acquire Company in of held capital granted the 70.12% attracting persons by shares and any as under maintain at who of substantial able June the had persons Company 30, Equity Share interests 2015, Shareholder to ownership, Award enter as or recorded at short Plan and June in thereby positions remain of 30, which shares 2015: the strengthening register the 21,055,661 or the employment underlying shares required their options or underlying shares to commitment of be our had kept of Group. been the under shares Company. exercised to The the Section of Equity welfare the and Company, 336 Award 18,191,459 of of our Part Plan as Group XV recorded also options of and the in

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82 3. GOVERNANCE Details Options Weighted average closing Closing of immediately Exercise Director eligible David Andrew Other employees January November February June August September December March May 24 CORPORATE Shares 11, 10, 14, 13, 16, 15, 20, 22, 21, 18, 17, 23, eligible Alec 18, 17, 2, of 31, 30, 29, 28, Date price 17, 16, to Fleming & before 15, 14, 24, 23, Number the 29, 28, Subscribe 24, 23, 22, 21, 13, 12, granted March 30, 16, 18, 17, 26, 25, price September dates 795,600 Options immediately March 2,530,591 1,787,100 1,241,900 2,723,800 1,300,000 1,071, , ,434, ,400 the 3,238,800 per 1,584,400 1,538,100 1,063,100 September 2,746,300 of 1,486,800 2,602,300 granted of outstanding 312, ,600 2,671, , ,600 2,672, ,000 1,058, ,000 date options for 31, Share share Ordinary of HK$ grant as options 29, before ,876,100 at , outstanding 2017 HK$ granted Exercise May Shares June the March May June period March 5, August a January 23, December vested November September Granted February 2016 summary , 14, 16, 21, 22, 18, 3, which , , 30, 31, 29, lapsed , under the 552,500 1, 15, 24, ,600 of 29, September 22, 13, 17, 26, 707,996 1,139, ,900 2,723,800 1,071,400 during period 24, 481,600 movements 30, 18, March exercised ,400 1,300, the 3,238, ,725 1,366,100 1,063, ,525 Company s during the 1,340,200 2,602,300 31, 312, , , , , , , ,148 99, ,225 period 497, ,000 as ,175 of 381, , ,900 during at the 795,600 options 809, ,450 the 146,250 Equity 1,518,075 32,500 outstanding 648,400 during 195, , , , ,575 period 1,300, , ,500 were 149, ,725 Award 174, ,600 1,366,100 1,139,400 June the 150, , , , , , , , , ,000 share 566,271 period 868,000 Plan 2,518, ,600 30, 1,340,200 2,602,300 exercised 3,089,775 options 725,975 5, , , ,800 32, HK$ during ,116,275 the period under the Equity Award Plan were as follows:

83

84

85 SANDS Notes: 1. offer (c) 2. Proportion shares the will Before From c3. November July When earnings. The 2015, 25 The Save the 130,000 above vest Company 1, of measured the exercise nominal such CHINA respect first second third fourth options disclosed 6, of share options, 2014 underlying follows: estimates anniversary price value as Offer of LTD. options are changed which of the per forfeited Anniversary note Interim the date share granted of 3 the fair must below, of the after Report of vesting value grant, options the to date and to the Mr. a Company. of 2015 business was thereafter date vesting proportion David options is grant date approximately determined of immediately of date Alec day; granted All the last of or (b) Andrew option underlying quarter are upon the using before US$0.95. still average (the Fleming of the not offer these Offer shares Black-Scholes exercised second closing fourth of third share Anniversary ) grant September Offer respect price options at of the Anniversary the per option-pricing expiry of (the 1, options share which None 2011 unvested date, of the were and the Three-quarters One-quarter Two-quarters the above model. should Company to portion) amount vest share The not according previously to for be options weighted July less the 1, five than to will 2017, recognized average the business the vest above the higher is fair completion as days schedule. in follows: value of share-based immediately (a) of the date An options closing amendment of compensation the preceding granted price consultant per to during the share reserve agreement option date the of of six the will agreement offer months Company be that of transferred became such ended approved on options; the June effective to date retained on 30, and of on

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88 GOVERNANCE Significant risk-free determination expense. Weighted Risk-free Expected Restricted As restricted rata Save no 3.12 Neither 26 CORPORATE options, basis PURCHASE, June the disclosed The rate dividends share average Share 30, estimates restricted Company, accordance of following 0.7% of 2015, (in units return, Units the herein, years) volatility SALE 6.0% fair 3,090,000 on and share nor expected assumptions with their value 4.0 no OR any units 44.8% options, their vesting REDEMPTION of restricted dividend or its the terms any subsidiaries were restricted share dates, other during share yield required used options 1,432,000 share-based OF units to and the purchased, derive THE and to six volatility had units be unvested months the COMPANY S made been the awards or amount sold fair any of granted in ended restricted values or determining other were of redeemed underlying June such share-based cancelled LISTED of options 30, equity the the any 2015 shares units Equity SHARES during parameters of granted awards and the were and Award the were listed expected the modified during were period. for cash-settled. expected shares Plan. granted applying the to from As six of vest, life a the under months equity-settled result the which of Company Black-Scholes the of ended may options. Equity the during Company June to turn Award cash-settled. These 30, option-pricing the significantly 2015: cash-settling six estimates Plan months or Of any this impact and model, ended equity and amount, assumptions planning the June including award determination 700,095 30, plan to could estimates cash-settle of restricted have the of Group the and a certain material share-based assumptions units future effect June compensation unvested 30, regarding on 2015 the on a and pro- the

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90

91 SANDS 4.1 CONSOLIDATED TO (Incorporated INTRODUCTION which changes Securities International financial solely contents SCOPE We review that CONCLUSION Based IAS Deloitte Certified Hong 27 REPORT THE have conducted we 34. Kong to comprises of procedures. would OF in Touche CHINA of you, statements BOARD reviewed Public our these equity this REVIEW August Accounting The review, as become our condensed report. Accountants Tohmatsu a LTD. the Stock and REVIEW body, OF review the A FINANCIAL 14, Cayman consolidated nothing review condensed DIRECTORS aware Interim 2015 Exchange Standard consolidated OF accordance Islands is of has Report substantially CONDENSED all consolidated STATEMENTS come balance of with 34 significant with OF Hong Interim 2014 IAS to financial with SANDS limited sheet our Kong our 34. less International Financial attention matters financial agreed Our as statements CHINA liability) Limited scope responsibility June terms that Reporting statements of than LTD. require 30, might Standard cash causes consists of 2015 engagement, flows be the audit ( IAS us of and identified on of to preparation to Sands for conducted Review express making the believe 34 ). the related China and six-month The Engagements a inquiries, that an of conclusion for consolidated directors Ltd. audit. a the accordance no report (the other condensed period primarily Accordingly, Company ) of 2410 purpose. then interim these income with Review consolidated of ended, International condensed persons We financial we statement, and do and of are its not responsible Interim certain financial information consolidated subsidiaries assume express Standards explanatory Financial statements responsibility for audit (collectively financial be statement the Auditing Information opinion. notes. preparation are compliance and statements towards not The and of referred accounting prepared, comprehensive Performed consequently Main and with based to accept presentation Board the in matters, the by all relevant liability Listing our Group ) the does material income, Independent and review, of not provisions Rules to these applying enable respects, consolidated any set and Governing out condensed other us Auditor analytical thereof report person pages accordance obtain statement the consolidated of our and for 28 and the Listing assurance conclusion to the Entity. other 56, with of of A

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94 INCOME Six 2015 US$ 000, Note(Unaudited) Net Employee Depreciation Gaming Inventories Other Operating Interest Loss Income Profit Earnings equity The Basic Diluted months revenues notes 2014 expenses before Company holders CONSOLIDATED income expense, modification tax(1,382,490)(2,169,447) promoter/agency 9 per the except STATEMENT profit 9 benefit/(expense) consumed(40,196)(49,932) ended US9.10 share income pages period and 5 3,516,594 and 8, , ,556 net the amortization(268,457)(257,250) expenses(568,459)(529,555) June for losses attributable of Company share cents 9,489 profit to 30, amounts early 723,833 US ,370,416 1,419,813 commissions(81,948)(183,949) 5,075,255 6(429,488)(465,309) US16.98 data form attributable 8 retirement 10,660(2,729) to capitalized 1,373,145 an equity cents integral to of holders debt 7(30,459)(38,193) part 15 of (17,964) these condensed consolidated financial statements.

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96

97 SANDS 4.2 STATEMENT Six 2015 US$ 000 (Unaudited) Profit Other Item Currency Total equity The 29 CONSOLIDATED months notes that 2014 comprehensive for holders CHINA will the translation ended pages period not of OF LTD. the be June COMPREHENSIVE 34 attributable reclassified differences Company income, to Interim 30, 56 form net Report 737,845 to 3,352 subsequently the an of equity period tax integral ,823 1,374,239 INCOME holders attributable part to profit these or to Company loss: condensed 734,493 consolidated 1,370,416 financial statements.

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99

100 BALANCE June 2015 US$ 000 Note(Unaudited)(Audited) ASSETS Non-current Investment Property Intangible Deferred Other Current Inventories Trade Restricted Cash Total The notes 30, 2014 and non-current assets, CONSOLIDATED December and income cash other assets, properties, 11,976 11,027,581 SHEET net equipment, pages equivalents and receivables 29,529 tax net assets 13, , 2,508,553 cash assets 23,117 net to 11,347,591 30,506 8,519,028 equivalents net 56 1,200,042 1,955,421 37,700 and form 20,705 3,194,946 7,204,694 prepayments, an 23,910 8,152,645 7,120 integral 1,143,222 2,535,315 6,912,974 6,538 part net of 23,946 these 534,036 21,328 condensed 639,180 consolidated financial statements.

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102

103 SANDS June 2015 US$ 000 Note(Unaudited)(Audited) EQUITY Capital of Share Reserves LIABILITIES Non-current Deferred Trade Dividend Current Borrowings Net Total Approved Sheldon Director The 31 the notes 30, 2014 non-current liabilities equity assets capital Company and income CHINA Gary Director December 5,025,669 payable by other assets reserves less 15 5,106,358 and pages 13 Adelson 3,368,866 5,769 5,921,223 tax payables current 80,689 liabilities LTD. Board tax 63,333 31, 6,348,670 attributable 1,041,180 5,817 to Toh 6,429,347 Interim 2,445,220 of 80,677 liabilities ,575,141 3,194,369 4,918,244 Directors 11,027,581 Hup 3,476,003 form 80,330 1,395,361 2,910 26,807 Report Hock an 1,619,805 8,582,361 equity 5,644 77,566 on integral 26,504 3,298,439 11,347, ,608,344 August holders 9,727,786 part 14, of 2015 these and condensed signed on consolidated behalf of the financial Board by statements.

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105

106 4.2 STATEMENT capital US$ 000 (Unaudited) For June Profit Other for Total Exercise Reclassification share-based awards to Transfer exercise Share-based charged Dividends Balance The 32 cash-settled CONSOLIDATED the notes 30, comprehensive Capital for Company period, reserve from six by at of to the to January June months share LVS Currency compensation equity-settled pages period Share net OF 30, of (Note options premium of CHANGES certain ended 1, holders Statutory tax income to 10) (5,472) reserve 56 80,659 80, upon 80,632 80,677 form 11,635 13, (800,563) compensation 3,866 1,662 IN 6,636 2,499 reserves 87,435 an EQUITY integral (3,866) (5,472) (1,662) 1,370, , ,823 3,352 1,390,434 1,401,163 reserve (2,071,656)(2,071,656) 2,180,495 1,397,002 11,635 13,642 translation 3,823 3,352 part 734,493 (1,800,000)(2,600,563) earnings 3,823 3,352 of 6,663 2,511 6,317 1,370, ,493 these Retained 60,890 77,711 Total condensed 52,731 71, ,845 1,374,239 11,627 8,034 7,804 4,682 consolidated 3,445,009 3,604,884 4,034,468 4,782,172 5,106,358 financial 5,242,246 6,449,882 6,429,347 statements.

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108

109 SANDS 4.2 CONSOLIDATED Six 2015 US$ 000 (Unaudited) Increase Additions Purchases Proceeds Dividends Repayments Payments Interest Net Effect Cash Short-term 1,955,421 The 33 months cash decrease notes 2014 flows and at of bank received paid CHINA in generated used exchange from cash for on to of 1,507,785 paid bank restricted from ended of (28,699) investment property intangible pages and deferred equivalents disposal exercise borrowings finance (1,030,161) cash deposits investing financing 11,199 LTD. on June rate from 34 STATEMENT hand cash (29,338) financing to Interim lease on of assets properties 10,158 operating 56 1,460, ,170 and share property equipment comprised: cash activities 999,277 (520,188) (2,600,916) form liabilities beginning end equivalents (5,755) cash Report and options costs of 581,542 activities (72,930) OF and equivalents 819,725 cash period 926,243 (588,962) (893,274) integral (520,933) (819,679) (4,529) (11,664) 2015 CASH (4,350) equipment of 2,511 equivalents (581,064) period 1,955,421 (33,930) 901,172 part FLOWS 6,663 (418,352) (4,864) (2,690,160) (61,751) (576) (389,530) 2,535,315 of these (1,437,536) 1,170 1,670,976 (588)) 1,507,785 condensed 1,897 2,943,424 consolidated financial statements.

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111

112 4.3 CONSOLIDATED 1. Sands development holding revised) Cayman Macao. Sheraton Macao, units related These 2. Reporting with 34 GENERAL BASIS NOTES authorized Group Company s unaudited condensed the and China operations. Sands the company of Group s Islands. brands. common OF the owns issued Plaza TO Ltd. PREPARATION Cotai INFORMATION was condensed Cayman for consolidated THE shares and The annual Casino, operation (the is by issue areas. incorporated FINANCIAL Venetian Central operates the Company s CONDENSED Group Company ) were Islands. by financial International The Shoppes consolidated the of opened owns financial listed Group Venture integrated The Board The Principal principal STATEMENTS statements The Venetian the and address also Four of the Development Accounting Cayman phases, Plaza financial its statements Directors resorts owns Main activities Seasons subsidiaries place Macao-Resort-Hotel of Macao, for beginning the Board Islands statements the of for of Standards Company s have operates business year other Intermediate which of (collectively on Paiza six not Company The ended ancillary July are is April months been the in Board Stock Mansions. located 15, registered presented Hong December Sands ( The II audited services Exchange ended ( IASB ) ( VVDI referred Kong adjacent August Macao, Venetian The as in office June 31, is United in property (II) ). to Plaza Level and exempted 2014, the as 30, is Hong Macao ), the Intertrust first connected Las States 54, which currently Group ) applicable Las Kong Vegas Hopewell company have Special dollars will Vegas-style were which Corporate Limited to Sands been also features The prepared disclosure ( US$ ), Administrative with Centre, anchors principally feature Venetian Corp. on Services limited casino three November 183 the unless ( LVS ) requirements accordance apart-hotel Cotai Queen s engaged liability (Cayman) Macao. Region otherwise towers, 30, Strip, The under Road in with The of tower Group s Limited, the consisting Plaza with the Appendix stated. East, International the Group s operation People s consisting Macao Companies Hong ultimate The 190 of 16 other master-planned condensed Elgin of hotel Republic Kong. to of casino Financial holding the ancillary Four Law, integrated rooms Accounting Avenue, Listing games of Seasons-serviced Cap consolidated company. and Reporting China services George development Rules. 22 resort of suites Standard (Law chance ( Macao ). include They that Town, under Standards financial 3 of or includes ( IAS ) should of 1961, the games Grand ferry integrated The -branded Conrad, statements ( IFRS ). as be operations the Group s 34 of Cayman consolidated read Interim other Four resort Holiday luxury in were immediate Seasons forms KY1-9005, conjunction and properties Financial apart-hotel approved Inn other and Hotel and the in

113

114

115 SANDS 3. Except 2015 During amendments the financial reported made statements information have 4. Management and The each primary 35 SIGNIFICANT SEGMENT impact service condensed preparation Group s of been are by as the its projects CHINA amounts management consistent position described no key of for period, has perspective. and to activities principal has changes the INFORMATION operating not consolidated standards of disclosures under LTD. new determined of year ACCOUNTING there condensed early with below, assets, or operating expose ended development Interim Group. have adopted revised those any the segments, had liabilities, the required process financial risk the December been no consolidated it adopted Report accounting to standards operating material the management a which POLICIES variety of are number developmental new statements income 2015 applying the The 31, or impact are and policies segments annual as of revised Parisian of also and described policies amendments financial new the on have expenses. the financial adopted standards activities the Group s amendments statements based Macao, reportable been since results risks: the on and prepared statements to Actual year-end accounting the occur market and Group s of requires methods segments: St. to operations reports Group, amendments results standards Regis on risk, Macao, annual the management policies of reviewed but credit tower may should The computation historical and which that differ Venetian not risk financial (the and be by yet have is the and read remaining cost to from a the statements come group make used key been liquidity Macao, a basis sole these position conjunction sources into judgments, of issued, geographic except phase the estimates. senior Sands effect, risk. for of preparation to of the but of state for The management estimation Cotai Sands with Group. which are estimates year certain area In condensed whether not Central, preparing ended Cotai of yet Group s financial which the uncertainty and their effective to December Central) condensed The consolidated make assumptions these adoption has annual Plaza assets Group strategic condensed for and adopted were 31, Macao, consolidated and financial the would is the that period. financial domiciled. Four decisions. same Sands consolidated affect their have statements Seasons The respective financial liabilities a the Macao those significant Group The application apart-hotel Group that for financial and statements has do that effective the were ferry not impact already considers reviews are year of include tower. statements, applied and measured accounting ended dates. for commenced other all to results The December six the business operations. financial policies adoption fair months consolidated significant of the of value. operations from 31, risk assessment and ended The of management a these judgments property Group s financial June for There and new of 30,

116

117

118 4.3 CONSOLIDATED Revenue Parisian revenue Net Inter-segment 3,516,594 Six 2015 US$ 000 (Unaudited) Adjusted Sands Ferry The 1,096,162 Note: exchange interest, Group s liquidity. 36 SEGMENT alternative NOTES months revenues Group s Venetian Plaza Parisian 2014 and Cotai Macao from properties comprises EBITDA Adjusted gains/(losses), other 5,075,255 1,737,350 ended TO Central on Macao segment 461, ,247 the to revenues INFORMATION operations once modification THE profit sale 364, ,828 June EBITDA and (Note) FINANCIAL turnover 1,114, ,628 1,521, ,477 CONDENSED of information 619, ,984 to 30, operation, (14,512) ferry gain/(loss) is operating compare 596, ,844 68,980 7,982 profit as from 513, ,850 tickets 1,598,818 presented 2,208,157 early (CONTINUED) (14,028) (2,354) STATEMENTS attributable 66,026 is derive the profit; on as for retirement sale operating disposal follows: transportation their by as of the goods to revenue of indicator equity Group of performance property debt and primarily holders between may services and of and the income not of of equipment, Group s Hong be the from directly the tax Group s Company Kong casino, ordinary benefit/(expense). IFRS comparable investment and properties mall, operating before course Macao. hotel, share-based properties of to with performance, food other Adjusted that Group s and similarly of and compensation, beverage, its EBITDA intangible other activities. competitors. titled combined convention, is measures used assets, The corporate However, Venetian by operations fair management presented retail value expense, adjusted Macao, and or losses by other cash pre-opening other Sands EBITDA on flow sources. financial companies. primary Cotai data; should expense, Ferry Central, or assets measure not and depreciation The be alternative other fair of considered operating Plaza value operations Macao, to through and cash performance in amortization, isolation; mainly Sands flow profit as derive Macao, construed a of measure loss, the net their and foreign as The of

119

120

121 SANDS Sands Ferry 268,457 The Six 2015 US$ 000 (Unaudited) Adjusted Share-based Corporate Pre-opening Depreciation Net Fair Operating Interest Loss Income Profit (i) respectively Amount months foreign intangible Venetian Plaza Parisian following value 2014 and before Cotai Macao SEGMENT income expense, tax disposal modification 257,250 CHINA EBITDA other expense(36,893)(29,292) profit losses includes benefit/(expense) ended exchange Central compensation, expense(18,551)(20,077) Macao income period and 18,769 assets(15,544)(1,386) operations 8, ,556 a of on LTD. net amortization(268,457)(257,250) 19,986 June reconciliation 1,096,162 property INFORMATION financial attributable 143,942 share-based of tax 17,339 78,921 gains 9,489 Interim 30, amounts early 723,833 20,383 1,419,813 6,839 net 1,142 75,027 and 137,572 10,660(2,729) 1,737,350 retirement Report of to capitalized(30,459)(38,193) compensation of equipment, 6,929 1,373,145 1,237 amount equity adjusted (CONTINUED) fair 2015 of holders capitalized(i)(12,303)(10,754) value debt EBITDA investment of (17,964) through of US$1,054,000 the to Company properties profit for and loss 734,493 the US$749,000 (15) period 1,370,416 attributable (six months to equity ended holders June 30, of the 2014: Company: nil and US$214,000) related to corporate expense and pre-opening expense,

122

123

124 4.3 CONSOLIDATED Six Capital 599,618 Sands Ferry The 11,027,581 June 2015 US$ 000 (Unaudited)(Audited) Total Held Deferred 8,519, NOTES months Venetian Plaza Parisian 30, locally in 2014 assets non-current and Cotai Macao expenditures SEGMENT foreign 427,989 December income other 8,152,645 11,347,591 ended TO Central (Audited) 8,314,696 Macao 13, ,632 countries operations THE tax 8,179 1,113,909 assets June 31, FINANCIAL INFORMATION 314,035 1,185, ,090 4,758,198 assets 14,788 43,387 3,325,443 CONDENSED 416,562 7,956,622 30, 21, ,632 1, ,972 37,700 1,181,298 44, , , ,451 4,830,193 3,854,834 1,092 STATEMENTS 172,113 23, ,253 (CONTINUED)

125

126

127 SANDS Casino Mall Rooms Food Convention, 3,516,594 Six 2015 US$ 000 (Unaudited) Utilities Advertising Contract Repairs Royalty Provision Management Loss and Operating Auditor s Net Fair Other 429,488 (1) activities Income Suspension months foreign intangible value 2014 and support operating 2,998, ,036 NET OTHER and disposal fees 465,309 CHINA labor beverage remuneration for 5,075,255 lease losses from ended costs(1) exchange October and maintenance operating ferry, 30,061 REVENUES fees doubtful services assets and payments expenses 164,911 promotions right fees EXPENSES of LTD. 4,571,491 22,076 June retail services 74,271 property financial 26, were 15,544 and of gains(1,142)(1,237) accounts supplies 58,725 Interim 7,545 30, 991 and use other 30,475 26,888 16,273 13,790 primarily 84,061 58, , ,789 1,386 other and assets AND 63,363 Report 25,558 86,522 29,649 30,957 equipment, 23,704 14, ,273 59,630 LOSSES 78,875 at comprised 126,057 fair , ,519 24,491 value 106,923 investment of through fees paid properties profit to trade or loss contractors 15 and legal costs as a result of the temporary project suspension at The Parisian Macao, which resumed construction

128

129

130 4.3 CONSOLIDATED 7. Bank Amortization Finance Standby 40,536 Less: Interest Six 2015 US$ 000 (Unaudited) Current Lump Over/(under)provision Macao Other Deferred Income The six ended 8. INTEREST months NOTES Company s 2014 interest borrowings appropriate overseas sum June complementary 41,884 INCOME expense, tax lease fee income ended 30, benefit/(expense) TO and capitalized(10,077)(3,691) lieu of liabilities EXPENSE, taxes(339)(74) 2014: THE subsidiaries deferred other net 23,311 prevailing June of TAX FINANCIAL Macao of 13,488(132) 166 CONDENSED same) financing 30, amounts 2,900 BENEFIT/(EXPENSE) 25, prior 2015 NET (2) complementary and rates that 10,660(2,729) 3,072 years costs OF 25% (six carry STATEMENTS ruling costs AMOUNTS months for 4,364 9,961 China business the 30,459 2,718 tax ended respective 10,874 (six on CAPITALIZED dividends(2,655)(2,653) in June 38,193 months Hong 30, jurisdictions. Kong ended 2014: are same). June subject The 30, Taxation maximum 2014: to Hong same). for Kong rate overseas is profits 12% jurisdictions for tax Macao at 16.5% is (six charged for months the

131

132

133 SANDS 8. Pursuant Macao, October gaming complementary VML by the 9. Basic period. Diluted ended 41 INCOME EARNINGS VML s Macao entered June an earnings activities 3, CHINA to extension shareholders Government 2013, 30, the TAX into per 2015, Despatch PER tax per LTD. VML for a BENEFIT/(EXPENSE) is Shareholder SHARE share of five an the calculated Interim was the for additional is Company No. years is dividend tax granted, calculated 250/2004 extension exemption Report effective progressively Dividend five had pursuant distributions by 2015 years, issued by outstanding of from dividing regarding (CONTINUED) Tax adjusting the effective to the by up agreement Agreement the to the tax Despatch share them Macao a Chief profit year maximum from weighted from options through 2004 with Executive for complementary the No. the gaming tax to of and average 320/ the period 12% Macao year of restricted tax profits, to 2014 Macao attributable year number correspond Government the tax issued to estimated effective on share the of its by September tax On ordinary gaming to units the year equity through May the assessable Chief that Macao activities 21, shares 30, holders will Executive the The 2008, 2004, Regarding complementary profit potentially end outstanding agreement for VML Venetian of the (six of Macao, Company additional was the months dilute provided to In other Macau granted, assume tax May the ended exemption subsidiaries, by extension five ordinary Limited 2014, for the pursuant conversion years, June weighted VML annual ( VML ) 30, shares. of effective to during the entered its 2014: the of payment average tax gaming all Despatch the was same). exemption from dilutive into six number in activities. another months lieu No. potential tax regarding of from of 167/2008 year Macao Shareholder ended Macao 2009 ordinary June Macao complementary issued to shares the 30, Dividend shares. complementary by tax 2015, outstanding the year For Chief Macao Tax tax the tax Agreement otherwise Executive six during On on tax months its the due its with of

134

135

136 4.3 CONSOLIDATED 9. The Six 2015 (Unaudited) Profit Adjustments Weighted (thousand Earnings (i) the 42 EARNINGS The HK$ NOTES months calculation 2014 attributable translation amounts per average shares) ended TO for share, PER of THE share 8,068,344 2,574 8,070,918 have to June of number basic(i) diluted(i) FINANCIAL equity SHARE US$ CONDENSED options been, 30, 8,462 and amounts of US9.10 holders diluted 8,064,183 8,072,645 could shares (CONTINUED) HK70.55 and STATEMENTS restricted into cents have of earnings for the US16.99 cents HK$ basic diluted been US16.98 Company HK share HK per amounts or earnings could share units cents (US$ 000) has per is be cents per based converted been share 734,493 made the into at following: the 1,370,416 US$, rate or of vice US$1.00 versa, to at HK$ that rate, at any (six other months rates ended or at June all. 30, 2014: US$1.00 to HK$7.7513). No representation is made that

137

138

139 SANDS Six per 2,071,656 US$1.03 On register The June 2015 US$ 000 (Unaudited)(Audited) Additions Adjustments Disposals(15,599)(3,305) Transfer Depreciation Exchange Balance, January June ordinary months Board 30, interim special final 2014 DIVIDENDS PROPERTY of CHINA 17, December to beginning end billion), difference 550,388 2,600,563 members dividend does investment ended 23, 2015, share to (246,087) of 2015, project period/year not LTD. was June declared the 755,839 31, of recommend 4,838 AND the paid Shareholders of period/year HK$1.00 HK$0.86 properties the costs Interim 30, (481,722) HK$0.77 HK$0.99 HK$0.87 Board Company EQUIPMENT, on (2,612) 7,204,694 (1,820) February June January May Report declared the (equivalent (57,376) 6,912,974 30, 17, approved payment (20,436) on 6,912,974 23, 24, , June an NET interim to 6,722,586 and 1,041,260 of 24, a to US$0.129) US$0.111) final and US$0.099) paid US$0.128) US$0.112) interim paid dividend The 894,363 1,030,396 dividend final 905, ,082 of HK$0.99 HK$1.00 dividend, for the (equivalent amounting six months in to ended US$0.128) aggregate US$0.129) June 30, to per HK$ share. This for billion the interim year (equivalent ended dividend, December to amounting US$ , billion), 2014 in aggregate to was Shareholders paid to HK$7.99 on July whose 15, billion names (equivalent appeared to on the

140

141

142 4.3 CONSOLIDATED June 2015 US$ 000 (Unaudited)(Audited) Over 454,403 Trade liquidity guarantor. granted subject As concentration casino risk The over trade certain the NOTES aging a 30, June Group s specified days casino receivables, TRADE 577,637 days December and gaming terms analysis selected The 390,767 30, maintains 32,306 10,125 TO financial 21,205 receivables of 2015, trade THE dollar of RECEIVABLES credit specifically promoters mainly of premium there 35,199 10, ,852 31, FINANCIAL receivables included 15,935 CONDENSED an trade health relevant amount, risk allowance consist from no related receivables, mitigated and of identified in other credit based a these not gaming trade mass of revolving STATEMENTS to for casino concentration provided net agreement. gaming upon substantially receivables market doubtful net promoters casino doubtful. receivables. the of basis. for promoters. players provision age casino, receivables The All after of of by can at The credit Group gaming the June its provision be The mall typically for Group Credit credit account, offset risk 30, doubtful as Group and generally promoter 63.2% 2015 also evaluation with is against hotel for 7 15 granted the extends monitors respect and doubtful accounts, (as customer s does days, credit the December at based process, credit not commissions while regional accounts lines trade charge and as to financial for are credit the 31, follows: approved regularly receivables and 31, gaming interest generally are performance policies, payable 2014: global casino condition, evaluates casino promoters, 55.9%) subject economic receivables and credit the and customers collection front Group the of granted, control financial monthly the balances. money conditions of has receivable casino following history US$408.2 and but a background deposits large review collection The requires receivables and is number Group background typically forecasts million and made any of procedures, personal regular other specifically of by (as customers. at repayable gaming the known checks at June its settlement gaming December evaluation and 30, analyzes promoter information, and within The also 2015 promoters. other investigations procedures 31, Group believes of were one the and, 2014: acceptable the collectability month and from believes adequacy if Absent that to US$456.7 applicable, the the evaluate of following no Group forms creditworthiness. that top special significant of of five the million). of makes each the approval, concentration security. recorded customers. current gaming granting account There status Credit promoter s allowances. the risk with Other of credit of is a of is a its inherent than for granted balance period credit

143

144

145 SANDS Ordinary of Issued Shares At June 2015 US$ 000 Note Trade Outstanding Deposits Construction Accrued Interest Payables Other 1,475,691 Less: Current US$0.01 January June 30, (Unaudited) 2014 non-current tax payables issued SHARE TRADE portion 30, CHINA December employee 250,385 to shares payables 1,685,910 fully related each chips payables upon and 28,066 1,395,361 paid: CAPITAL AND US$ 000 LTD. 39,356 (unaudited) 290,231 portion (Audited) and 212,990 benefit companies (audited) exercise 31, accruals OTHER and other 35,771 Interim 37,601 (80,330) 1,608,344 expenses accruals 250,935 of 118,479 casino 8,063,193,845 8,067,701,545 8,065,853,345 8,068,920,745 share Report PAYABLES non-trade (77,566) liabilities 218, ,345 options 128, (b) 80,632 80, ,930 80,659 80,689 2,659,500 1,219, , ,991 11, , ,383

146

147

148 4.3 CONSOLIDATED The Over 28,066 June 2015 US$ 000 (Unaudited)(Audited) Non-current Bank 3,463,470 Less: 3,368,866 Current Finance Other 5,769 Total NOTES aging 30, deferred loans, borrowings 5,817 finance days 35,771 TRADE BORROWINGS portion lease days December 3,287,190 3,194,369 analysis 20,276 4,327 1,262 TO secured portion 2,201 liabilities lease financing THE AND 3,374,635 22,556 9,214 2,070 of 31, liabilities, FINANCIAL 1,931 3,389,093 CONDENSED trade OTHER on costs(94,604)(92,821) leasehold payables 3,200,186 secured 3,208,268 PAYABLES STATEMENTS is interests 2,367 2,284 as follows: 3,422 2,272 (CONTINUED) in land, secured 72,010 3,485 3,545 75,500

149

150

151 SANDS HK$ MOP 3,374,635 December Repayable 3,389,093 The June 2015 US$ 000 (Unaudited)(Audited) Proceeds Repayments Exchange Balance, Group s estimated movements 1,287,931 30, 1,531, ,505 BORROWINGS CHINA December beginning end from difference 3,200,186 3,208,268 between after of 2014: fair 607,128 1,351,187 borrowings(820,188)(819,679) 1,241,871 period/year 5 of LTD. years value bank 31, of US$3.09 1,736(647) and period/year Interim 579,886 of loans are (CONTINUED) ,277 the years 3,389,093 denominated billion). are Group s Report 1,632,027 59,732 2,749,475 analyzed 3,208, ,725 3,208, The bank maturities as 1,576,241 the 3,208,869 loans follows: following as of at June bank currencies: 30, loans 2015 are was follows: approximately US$3.27 billion (as at

152

153

154 4.3 CONSOLIDATED During maturity US$2.0 US$819.7 debt In term Group base 0.25% spread HIBOR The Joinder outstanding ending principal As April NOTES 2011 during rate, loan June made to as March BORROWINGS Agreement Funding billion rate. 2015, of amount 1.125% plus VML equal June million 30, US$2.39 the 2011 April TO repayments 2015, 2014, the a in 30 six to Accordion THE credit Date. outstanding VML per 30, Group US$1.0 through months requires FINANCIAL the aggregate billion annum CONDENSED 2015 Commencing spread, Accordion Group of (CONTINUED) entered billion ended December Term (the US$820.2 for as which aggregate principal had amended Borrower date loans bears will into June STATEMENTS (the Term US$2.0 the with credit amount mature a 31, 2011 million accruing Joinder 30, interest, joinder term balance principal its 2020, the 2011 to 2014, spread billion a 2011 repay VML quarterly was of pro Funding agreement VML interest at the revolving March of VML rata funded), amount the of Accordion connection Borrower Extended each available Credit Group s basis outstanding period 2011 Date. 30, Credit (the case loan of was Facility VML the The base is ending Term ), option, Joinder with 2011 is borrowing commitments 0.25% required amount Commencing determined remaining 2011 rate the VML on at per which to, and pay Agreement ) VML June either to Facility equal among annum capacity Revolving from repay down balance Term based (the was 30, Accordion to with 1.25% loans 2019, other for 5.0% and Extended fully adjusted under on on loans outstanding to Facility. extension. that things, funded of to the quarterly Term the 2.125% consolidated to accruing were 2011 Eurodollar Extended March aggregate the modify not VML 2011 period April a interest pro 31, extended. of certain annum rate VML 2011 Accordion Credit total 30, rata 2020 principal ending each Revolving 2015 at basis leverage VML Accordion Hong for financial (the subsequent Facility. a The June base (the loans amount Term Extended Revolving Group Facility ). Kong rate 30, ratio Joinder Under covenants. accruing amount Term is 2018, quarter outstanding Inter-bank recorded due as 2011 set the Facility. 1.25% A Funding on equal interest forth portion through Joinder a the VML pro at per addition Offered maturity to the as US$18.0 rata Date ). 2.5% annum of the Term Agreement, end March the basis Rate adjusted to of date. Joinder revolving Facility ), During million for each 31, the ( HIBOR ), loans amendment, Agreement. aggregate 2020, certain subsequent amount Eurodollar Funding the loss proceeds accruing and, the six on lenders months Borrower equal principal together plus modification Date. certain The quarter was a HIBOR have an credit For ended 12.0% used with adjusted lenders amount is through the agreed required spread, to new or June rate. quarterly of pay early extended outstanding the Eurodollar March lenders, to The 30, ranges down to or provide aggregate retirement 2015, initial repay periods 31, the alternative from provided a 2019, or the as credit new at of the

155

156

157 SANDS True-up Additions Repayments(3,292)(2,411) Balance, Property (Unaudited)(Audited) Contracted Authorized 2,416,863 The property June 2015 US$ 000 No Later 3, (a) (b) (i) later movements Group 30, 2014 than 3,762 BORROWINGS COMMITMENTS Capital Operating The adjustment(1,318)(730) than CHINA December and beginning end 1,060 3,045,777 1 had but Group (Audited) year equipment of 1 year not future commitments period/year of LTD. and lease provided finance contracted 31, of 3,363 no the aggregate period/year Interim commitments as later (CONTINUED) lessee 3,726 follows: AND lease 75,495 for than for Report 1,397,421 minimum liabilities CONTINGENCIES 1,019, ,045 years not ,186 provided 9 on 1,884,478 lease 36 1,161,299 leasehold payments for are interests under as follows: in non-cancelable land are analyzed operating as follows: leases for

158

159

160 4.3 CONSOLIDATED (ii) June 2015 US$ 000 (Unaudited) No Later 1,264,638 The results operations Under development extension complete Central from capitalized (c) (d) The later NOTES future Group 30, operating 2014 than the could COMMITMENTS Litigation Cotai deadline Group than December Sands from land 1,263, or aggregate construction has TO (Audited) years differ by 1 cash Strip contingent concession any year the THE Cotai April and the 260,218 flows. Macao from development facilities 31, FINANCIAL 291,981 the minimum lessor/grantor CONDENSED no Central costs these deadlines later liabilities Government for AND 269,385 The developed 282,183 than including by The estimates; lease/base projects land CONTINGENCIES December STATEMENTS 5 for Parisian of arising years concession either under to land, however, right complete fee 712,439 Macao, in 2016, development as the receivables of at for respective ordinary use the June 712,372 which The Sands the (CONTINUED) Group 30, Parisian opinion under are course 2015, Cotai land anticipated would not non-cancelable Macao concessions. of extended, Central related then management, business. (b) to as also to contains Operating open The the expect As Management Group agreements Parisian a such the result, similar to lease believes second could apply litigation Macao commitments the are requirement has lose for half Group as made and will another its follows: of land Sands could 2016 claims be estimates unable (continued) that extension concessions (subject Cotai record will the to for development not Central, meet a from to potential charge have for Macao the The respectively. a for April material Macao litigation Government Parisian be all completed 2016 or Government. adverse some Macao costs deadline. approval), portion by based effect December Should Sands If of upon the the the Cotai Group the consultation US$1.18 Group s Central, is is The unable billion required financial determine Group with which to or legal meet to has US$4.78 condition, would that complete counsel. applied the prohibit Sands is billion unable results the for Actual Cotai an the in to of Group

161

162

163 SANDS For over close the Save 2,587 services, (ii) Six 2015 US$ 000 (Unaudited) LVS Intermediate Fellow 14,256 Management of actual (a) (i) tenants group months the 762 7,281 as 2014 family 1,797 cost 17,195 subsidiaries purposes RELATED Transactions Management disclosed Group CHINA and 471 companies for incurred 9,458 ended members) holding design, services the Intermediate of fee LTD. malls, elsewhere making June PARTY 6,880 the or expense development during of company fee are on Interim or condensed 30, other income provided a 7,725 other financial holding 2015 cost-plus LVS TRANSACTIONS various 95 the Report entities, period 2014 group. 12 consolidated and condensed by companies and basis, types the LVS US$ construction operating and Group allowing of group include consolidated marketing 187 financial to decisions, companies. 238 LVS consultancy entities a margin Fellow group and statements, financial which or promotion These of subsidiaries vice companies. services. 5%. are versa. statements, services parties under activities Management Related 1,638 These are the include, considered the significant 1,088 services for parties Group the but fees Group, are may include, had to influence are not be the charged and related limited individuals following but design, of are to related to, actual not the human development significant (being limited Group parties cost resources members if incurred to, of the transactions accounting the and party Group support, of construction key has where a with services, the management cost-plus accounting ability, related those consultancy information basis, directly parties services, personnel, allowing services. are during or technology sourcing indirectly, individuals. signi a the margin Management cant period: of to support, goods Shareholders Related exercise of 5%. and fees sourcing companies significant services, are and/or charged of goods sourcing represent their influence at and

164

165

166 4.3 CONSOLIDATED (iii) payable services (iv) There June 2015 US$ 000 Note(Unaudited)(Audited) Receivables 114 Payables LVS Intermediate Fellow (v) (b) 14 addition, transactions NOTES Royalty Key 15 Group receivables 30, 3, has subsidiary subsidiaries RELATED Share-based Period-end 11,915 to 2015, December management to been them participates 3,305 related two TO from fees holding Group the 4,383 no have THE and directors totaling related 103 change Group companies: balances 31, FINANCIAL PARTY 979 payables compensation company been CONDENSED for personnel in 977 US$5.0 companies: of incurred the entered between TRANSACTIONS the six share-based 11 Company months terms 7,118 remuneration million unsecured, STATEMENTS 15 US$27.3 into the of 101 with ended (six Group the compensation received million the interest-free months royalty June Directors and (CONTINUED) emoluments (six 30, related agreement ended months plan and of June companies the of have that LVS Company ended (inclusive 30, (a) no was Transactions 2014: (Notes fixed June entered (being of US$4.1 terms 30, 18(d) share-based 2014: into the during of and million). repayment. with key US$24.4 (e)). the management compensation) Las period Vegas million) (continued) Sands, personnel) of from royalty LLC LVS during fees of November US$1.5 under the six this million 2009 months agreement. since (six ended the months last June annual ended 30, 2015 June report. other 30, During 2014: than US$0.4 the emoluments six months million) ended paid for their or

167

168

169 SANDS Total 2015 US$ 000 Charged Incurred Remeasurement Less: Share-based income Movements by Six Weighted Number options (Unaudited) Granted Exercised Forfeited Outstanding Exercisable (a) the months 2014 amounts Company SHARE-BASED exercise statement 2,744 CHINA of under by (1,143) (1,219) average ended LVS in compensation capitalized options June 4.28 of the January of price LTD share-based 12, June number Equity cash-settled 390 of 8,118 Interim follows: 23, , the 23,250 10,754 COMPENSATION Award of costs: expensed 2015 part Company 4.57 share compensation 5.47 Report awards of 5.50 Plan property options in of 2015 (1,197) the the outstanding consolidated Company equipment the amounts 13,642 and (283) their capitalized 11,635 related (1,271) weighted are as follows: average exercise prices attributable to the employees of the Group as grantees of the Equity Award Plan operated

170

171

172 NOTES CONSOLIDATED SHARE-BASED Share options Exercised Forfeited Outstanding Exercisable reduced Movements equity-settled Six 2015 Weighted Number restricted share 000 (Unaudited) Granted Modified Unvested (i) upon (ii) 54 (b) As The months US$ 2014 vesting. units(i) options a number Equity-settled exercise result by TO 10, of (245) (331) to date 000 Weighted (113) (2,547) average HK$0.77 ended in January June cash-settled THE 4.90 value(ii) restricted of June fair the January February US$ of price the COMPENSATION 189 CONDENSED 2.51 unvested June number restricted grant 30 FINANCIAL special Company 1,6581 (equivalent 7.37 restricted 2,971 share 4,628 24, , (1,432) represents 14 15(i) 17,607 Number of restricted dividend units(i) date unvested 17,249 (continued) ,797 share to fair STATEMENTS 2,608 of granted 3.45 the US$0.099) value(ii) average declared share 3.35 (CONTINUED) 6.69 units equity-settled fair 6.64 value by units of grant the on per represents of January Company share the restricted ordinary option. 24, the are 2014, number as For shares follows: the details, units of exercise the and ordinary please Company. the prices respective refer shares of to the of the weighted the outstanding Company s average share announcement given grant options to the date employees granted fair dated value under January attributable the 24, Equity to Award the employees Plan as at of February the Group 14, as 2014 grantees have of been the

173

174

175 SANDS Movements Six 2015 Number 000 (Unaudited) Modified Vested(700) Unvested As equity-settled settled. The trading compensation the US$ a end months Stock result 2014 day Upon of SHARE-BASED million CHINA of from each Exchange of restricted ended or in January June settlement, the to expense. if equity-settled reporting to cash-settled. LTD. 30 Company June number falls on share Interim within 30, US$5.5 the vested period COMPENSATION of units cash-settling vesting Group 1,432 unvested Of a Report restricted million black and this date, will amount, out 2015 cash-settled the was pay and share period, date reclassified the planning (ii) (CONTINUED) 700,095 units of grantees the settlement, that average trading restricted to from were cash-settle an amount closing day share-based with previously (c) immediately Cash-settled any units certain price units cash changes are classified compensation of future vested calculated the preceding restricted follows: Company s fair unvested on as a value equity based pro-rata reserve share such restricted recognized on shares awards. date units the basis to shall liability. higher for of share in the in be accordance profit Company five considered units Until (i) trading the settled, loss closing their with days for their vesting price immediately liability terms period. dates, of date. the during will During The 1,432,000 Company s preceding be the modification measured the six six unvested the shares months vesting to the ended as restricted cash-settled fair ended stated date. value June June in If share 30, the of resulted 30, the daily 2015 vesting units 2015, restricted quotation and were date the no were modified additional Company is share not cash- sheet units a of from paid at

176

177

178 4.3 CONSOLIDATED Weighted options Exercised(13) Expired(9) Outstanding Exercisable Movements Six 2015 Number restricted shares units(i) 000 (Unaudited) Granted Vested(1) Unvested The (e) as NOTES months number US$ 2014 date follows: value(ii) SHARE-BASED Restricted exercise 1 of average at (1) units date fair 79.06(10) Weighted ended TO in January June of 13.83(157) June the value January US$ unvested fair THE granted price 1 units(i) 30 June number shares FINANCIAL 1 represents CONDENSED Number options , by value(ii) restricted 497 and COMPENSATION and of LVS of share unvested units exercise of date the 15 are Weighted 504 STATEMENTS average shares of options fair 671 as LVS restricted price follows: value and grant outstanding of units (CONTINUED) the shares represents ordinary and their units shares (d) related and number Share of the LVS. weighted options respective of ordinary of average LVS weighted shares exercise of average LVS prices to grant be attributable given date to fair the value to employees the attributable employees upon to vesting. of the employees Group as grantees of the Group of the as 2004 grantees Plan of operated the restricted by LVS

179

180