Las Vegas Sands reports net revenue growth, with EBITDA up 8.6% in Q3 2016

For the Quarter Ended September 30, 2016

(Compared to the Quarter Ended September 30, 2015)

- Consolidated Net Revenue Increased 2.6% to $2.97 Billion, Net Income was $605.5 Million
- GAAP Earnings per Diluted Share was $0.65; Adjusted Earnings per Diluted Share was $0.72; and Hold-Normalized Adjusted Earnings per Diluted Share was $0.64
- Consolidated Adjusted Property EBITDA Increased 8.6% to $1.14 Billion, With Margin Expanding 210 Basis Points to 38.5%
- Hold-Normalized Adjusted Property EBITDA was $1.06 Billion, With Margin of 37.3%
In Macao:
- Adjusted Property EBITDA Increased 15.3% to $628.5 Million, While Hold-Normalized Adjusted Property EBITDA Increased 5.2% to $564.5 Million
- Strong Cost Discipline Drove a 170 Basis Point Improvement in Hold-Normalized Adjusted Property EBITDA Margin to 34.7%
- The Parisian Macao Generated Adjusted Property EBITDA of $19.2 Million During First 18 Days of Operation
At Marina Bay Sands in Singapore:
- Adjusted Property EBITDA was $390.7 Million, While Hold-Normalized Adjusted Property EBITDA was $367.8 Million
At Our Las Vegas Operating Properties:
- Adjusted Property EBITDA Increased 6.9% to $85.3 Million, While Hold-Normalized Adjusted Property EBITDA was $88.6 Million
- The Company Paid Dividends of $0.72 per Share
- The Company's Board of Directors Announced an Increase in the Company's Recurring Common Stock Dividend for the 2017 Calendar Year of $0.04 to $2.92 ($0.73 per Share per Quarter)

Sheldon G. Adelson, chairman and chief executive officer, said, "We are pleased to have continued to execute our strategic objectives this quarter and to have delivered a solid operating performance in each of our markets, which enabled us to generate $1.14 billion in adjusted property EBITDA for the quarter, an increase of 8.6% compared to the third quarter of 2015. Importantly, the operating environment in Macao continued to improve during the quarter, particularly in the mass segment, as the Macao market exhibited growth in total gaming revenue, overnight visitation, and length of stay. Our Macao portfolio experienced strong visitation and enjoyed the benefits of our market-leading hotel, retail and entertainment offerings while generating $628.5 million in adjusted property EBITDA, an increase of 15.3% over the same quarter last year.

"The Parisian Macao, our latest Integrated Resort on the Cotai Strip in Macao, opened on September 13, 2016, expanding our hotel, group meeting retail and entertainment offerings, and contributing more than $19 million of adjusted property EBITDA (at an EBITDA margin of 28.0%) during its first 18 days of operation. We are pleased to have had the opportunity to invest approximately $13 billion in Macao, contributing to Macao's diversification and appeal as a business and leisure tourism destination. We remain confident that our market-leading Cotai Strip properties will continue to provide the economic benefits of diversification to Macao, help attract greater numbers of business and leisure travelers, and provide both Macao and our company an outstanding and diversified platform for growth in the years ahead.

"We remain steadfast in our focus on the consistent execution of our proven global growth strategy, which leverages the power of our unique convention-based Integrated Resort business model. Our business model generates the industry's most diversified set of cash flows and delivers the industry's highest revenue and profit from non-gaming segments, while bringing unsurpassed economic and diversification benefits to the regions in which we operate. We remain confident in our ability to further extend our global leadership position and deliver strong growth in the future.

"The prudent management of our cash flow, including the ability to continue the return of capital to shareholders while maintaining a strong balance sheet and ample liquidity to invest in future growth opportunities, remains a cornerstone of our strategy. Accordingly, I am extremely pleased to announce that the company's Board of Directors has increased the company's recurring common stock dividend for the 2017 calendar year to $2.92 per share, or $0.73 per quarter."