Las Vegas Sands Reports Fourth Quarter 2020 Results

LAS VEGAS, Jan. 27, 2021 /PRNewswire/ -- Las Vegas Sands Corporation (NYSE: LVS), a leading global developer and operator of integrated meeting resorts, today announced financial results for the quarter ended December 31, 2020, as the company continues to mourn the passing of its visionary founder, Sheldon G. Adelson. "Mr. Adelson's vision and leadership led to the creation of Las Vegas Sands and the establishment of the meetings-based integrated resort business model that is central to the company's success. His impact will continue to live on through our 50, 000 employees and the iconic properties he created around the world." The past few weeks since Sheldon's passing have been difficult for all of us, but his commitment to aggressively investing in building iconic resorts that bring economic benefit to host communities, a pillar of our business strategy, remains unchanged. I am deeply committed to continuing to execute on the strategy he developed and am confident that we can deliver growth in the coming years, honor his legacy and realize his vision of creating additional integrated resorts in new markets. "

"Mr. Adelson has laid out the roadmap for the future of this company, and that roadmap remains unchanged. "I am committed to working with Rob and the leadership team to achieve our strategic objectives. Our path forward is clear, and we remain true to the principles our founder has long adhered to. We will continue to support our employees and the communities in which we operate, reinvest in our current markets, deliver strong returns for our shareholders, and aggressively pursue new development opportunities.

"On the performance front, we are pleased to report that both our Macau and Singapore markets continue to recover from the COVID-19 pandemic. "We are deeply committed to supporting our employees and helping those in need in our respective communities in Macau, Singapore and Las Vegas.

"We remain optimistic about the potential recovery of travel and tourism costs in all our markets. We are 50% certain that serious cost-cutting plans in Macau and Singapore, as well as information on potential cost-cutting in new markets, support our financial stability.

Net income was $115 billion, actually down 67. 3% from the previous quarter. The operating loss was $211 million, compared to an operating profit of $934 million in the same period last year. The non-recurring loss for the fourth quarter of 2020 was $376 million, compared to an non-recurring profit of $783 million in the fourth quarter of 2019. The consolidated adjusted EBITDA for the property was $141 million, compared to $1. 39 billion in the same period last year.

The operating loss for the full year 2020 was $1, 690 million, compared to an operating profit of $370 billion in 2019. $1, 690 million. Las Vegas Sands unexcused losses were $1, 690 million in 2020, or $(2, 210) for diluted promotions, compared to unexcused gains of $2, 700 million in 2019, or $3, 500 for diluted promotions.

Sands China Limited GAAP consolidated financial results showed a 69. 9% decrease in total unexcused-SCL-profits to $672 million compared to the fourth quarter of 2019. SCL-drew profits reached $246 million compared to unexcused profits of $513 million in the fourth quarter of 2019.

Reconciled to GAAP, SCL total unexcused profits for full 2020 were $1, 690 million, a decrease of 80. 8% from the 2019 comparison. SCL's 2020 unaccelerated loss was $1, 690 million. 52 billion, compared to undisclosed earnings of $2. 04 billion in 2019.

Other items, effective against earnings net of capitalized amounts, were $150 million in the fourth quarter of 2020 compared to $134 million in the same period last year. The weighted average balance of debt increased quarter-over-quarter in connection with the release of the SCL on the required $1. 5 billion senior bond in June 2020, and the weighted average borrowing rate increased to 4. 4% in the fourth quarter of 2020 from 4. 3% in the fourth quarter of 2019.

Tax cost on benefits was $8 million in the fourth quarter of 2020 compared to $65 million in the fourth quarter of 2019. The tax expense on benefits in the fourth quarter of 2020 was justified in the presenter due to the tax rate on benefits in the Singaporean companies being 17%, partially offset by the benefit on benefits from losses incurred in the South American companies.

The remaining unrestricted foreign exchange vehicle account balance as of December 31, 2020 was $2, 120 billion.

SCL has entered into agreements with its creditors to extend the pledge of the recurring credit portion for the required amount equivalent to $494 million in backstone terms based on exchange rates at the time of the transaction, effective January 25, 2021. Taking into account the above extensions, SCL's total cheap borrowing capital for the recurring credit portion reaches $2. 51 billion, including access to negative senior letters of credit totaling $4. 46 billion available for borrowing from the U. S., SCL, SCL and SCL Singapore recurring credit facilities.

As of December 31, 2020, total debt, excluding economy leases from the U. S., was $1. 398 billion.

Serious capital costs in the fourth quarter were $252 million, including $211 million in Macau, $27 million in Marina Bay Sands and $24 million in Las Vegas related to construction, development and engineering services.

Conference Call InformationThe Company will hold a conference call to discuss its results on Wednesday, January 27, 2021 at 1:30 p. m. Pacific Time. Interested parties may listen to the conference call via webcast available on the Company's website at www. sands. com.

About Las Vegas Sands Corporation (NYSE: LVS)Las Vegas Sands is a leading developer and operator of built-in resorts. Sands is a financially superior presence in the communities in which it operates.

Sands created built-in resorts based on hosting meetings, rewards, conventions and exhibitions (MOUSE). Our main in built resort branch is contributing greatly to the rise of entertainment and business tourism, systematic creation of workspaces, and the formation of a community that embraces them, related to monetary skills for small and medium-sized enterprises in the district.

Includes a number of our properties, such as the Venetian Resort and Sands Expo Exhibition Ensemble in Las Vegas, and the cult ensemble of Marina Bay Sands in Singapore. Through the control bundle of promotions of the Venetian Macao, Plaza, Four Seasons Hotel Macao, Londoner Macao, Paris Macao, and Sands Macao on the Macau Peninsula.

Sands is striving to be a good corporate citizen based on the basic principles of serving people, the earth and society. It provides eas y-t o-work workplaces to employees around the world, creates social impacts through the Sands Chares community activities and philanthropic activities, and leads the environment through the Sands ECO360 global sustainable program. For more information, see www. Sands. com.

The Press Release includes a description of the future outlook created based on the Safe Herber clause of the 1995 US Private Securities Litigation Reform Law. The description of the future outlook includes many risks, uncertainty, or other factors that we cannot control, and the actual results, business results, and other forecasts may be significantly different. These factors include the following, but not limited to: COVID-19 pandemic, periods and effects, and governments and governments, including the closing of facilities by government, strengthening sales regulations, or restrictions. Our business, business performance, cash flow, fluidity, and uncertainty for the development of our business, the general economic situation, nature or human disaster, pandemic, infectious diseases Trends and interruption or reduction of our business. The ability of our company to invest in future growth opportunities, the implementation of investment programs published in Macau and Singapore, future revenue, new construction, construction and business activities, government regulations, our gaming license and subconnations Risk, the ability of our subsidiary to pay the Company, significant leverage and debt repayment

Investment Community: Daniel Brigs (702) 414-1221

Media Ron REESE (702) 414-3607

Las Vegas Sands Corp. No n-GAAAP business performance in the fourth quarter of 2020 < Span> Sands is striving to be a good corporate citizen based on the basic principles of serving people, the earth and society. It provides eas y-t o-work workplaces to employees around the world, creates social impacts through the Sands Chares community activities and philanthropic activities, and leads the environment through the Sands ECO360 global sustainable program. For more information, see www. Sands. com.

The Press Release includes a description of the future outlook created based on the Safe Herber clause of the 1995 US Private Securities Litigation Reform Law. The description of the future outlook includes many risks, uncertainty, or other factors that we cannot control, and the actual results, business results, and other forecasts may be significantly different. These factors include the following, but not limited to: COVID-19 pandemic, periods and effects, and governments and governments, including the closing of facilities by government, strengthening sales regulations, or restrictions. Our business, business performance, cash flow, fluidity, and uncertainty for the development of our business, the general economic situation, nature or human disaster, pandemic, infectious diseases Trends and interruption or reduction of our business. The ability of our company to invest in future growth opportunities, the implementation of investment programs published in Macau and Singapore, and future revenue, new construction, construction and business activities, government regulations, our gaming license and subconnations Risk, the ability of our subsidiary to pay the Company, significant leverage and debt repayment

Investment Community: Daniel Brigs (702) 414-1221

Media Ron REESE (702) 414-3607

Las Vegas Sands Corp. No n-GAAP business performance in the fourth quarter of 2020 is working to be a good corporate citizen based on the basic principles of serving people, the earth and society. It provides eas y-t o-work workplaces to employees around the world, creates social impacts through the Sands Chares community activities and philanthropic activities, and leads the environment through the Sands ECO360 global sustainable program. For more information, see www. Sands. com.

The Press Release includes a description of the future outlook created based on the Safe Herber clause of the 1995 US Private Securities Litigation Reform Law. The description of the future outlook includes many risks, uncertainty, or other factors that we cannot control, and the actual results, business results, and other forecasts may be significantly different. These factors include the following, but not limited to: COVID-19 pandemic, periods and effects, and governments and governments, including the closing of facilities by government, strengthening sales regulations, or restrictions. Our business, business performance, cash flow, fluidity, and uncertainty for the development of our business, the general economic situation, nature or human disaster, pandemic, infectious diseases Trends and interruption or reduction of our business. The ability of our company to invest in future growth opportunities, the implementation of investment programs published in Macau and Singapore, and future revenue, new construction, construction and business activities, government regulations, our gaming license and subconnations Risk, the ability of our subsidiary to pay the Company, significant leverage and debt repayment

Investment Community: Daniel Brigs (702) 414-1221

Media Ron REESE (702) 414-3607

Las Vegas Sands Corp. No n-GAAP business performance in the fourth quarter of 2020

In the fourth and ful l-year press releases announced by the company, as no n-GAAP financial indicators that complement consolidated financial information in accordance with GAAP, "net income / loss", "individual income after adjustment", "consolidated interest". After adjustment, EBITDA-Real Estate is listed. "In addition to indicators that can be compared directly with GAAP financial indicators such as" EBITDA-Real Estate after consolidated coordination "," real estate margin "," Real estate after adjustment, standardization with the number of shares held "," EBITDA margin, real estate after adjustment, " There are "standardization with the number of shares held", "Net or loss after adjustment", "Us e-oriented after adjustment, and the number of shares held". "The company believes that these indicators are an important internal indicator of financial activities. The release and the financial tables attached to the company's website are the most directly comparable GAAP financial indicators. The no n-GAAP financial indicators disclosed by the company that are not related to GAAP should be considered an alternative or profit. The definition of no n-GAAP financial indicators is as follows.

The following no n-GAA P-based financial indicators are used by leadership and industry analysts to evaluate company businesses and business indicators. These no n-GAA P-based financial indicators have been presented so that investors can obtain the same financial data as the leadership used when evaluating financial indicators, and the investment community has an annual calculation and quarterly. We believe that it will be useful to correctly evaluate our main financial indicators in the situation. < SPAN> In the fourth and ful l-year press release announced by the company, as a no n-GAAP financial indicator that complements consolidated financial information according to GAAP, "net income / loss", "after adjustment individual profit". , "EBITDA-real estate after consolidated coordination" is listed. "In addition to indicators that can be compared directly with GAAP financial indicators such as" EBITDA-Real Estate after consolidated coordination "," real estate margin "," Real estate after adjustment, standardization with the number of shares held "," EBITDA margin, real estate after adjustment, " There are "standardization with the number of shares held", "Net or loss after adjustment", "Us e-oriented after adjustment, and the number of shares held". "The company believes that these indicators are an important internal indicator of financial activities. The release and the financial tables attached to the company's website are the most directly comparable GAAP financial indicators. The no n-GAAP financial indicators disclosed by the company that are not related to GAAP should be considered an alternative or profit. The definition of no n-GAAP financial indicators is as follows.
The following no n-GAA P-based financial indicators are used by leadership and industry analysts to evaluate company businesses and business indicators. These no n-GAA P-based financial indicators have been presented so that investors can obtain the same financial data as the leadership used when evaluating financial indicators, and the investment community has an annual calculation and quarterly. We believe that it will be useful to correctly evaluate our main financial indicators in the situation.
After consolidation adjustment, EBITDA indicators are not considered as the GAAP amount index, but are based on sales promotion, operating costs, opening preparation costs, expenses, transportation costs, depreciation expenses, depreciation of paid land felt, and disposal of assets. Alternatively, it shows a net or loss that subtracts the profit or loss due to depreciation, other interests or costs, gain on the sand betlehem, the profit or loss due to the setting of the debt or the preliminary repayment, the corporate tax, etc. This instructions are not only used to compare the operating margin of their work with their rivals by EBITDA indicators after consolidated coordination, but also to determine specific incentive costs. Historically, the buil t-in resort company was formed to propose eBitDa indicators after adjusting as an auxiliary performance indicators of the GAAP Money indicators. Buil t-in Resort Company, including Las Vegas Sands, has a historical management of specific facilities, such as pr e-open costs, formation costs, corporate costs, etc. We have excluded specific costs. After consolidated adjustment, EBITDA indicators do not need to consider the following items. < SPAN> After consolidation adjustment, EBITDA indicators are not regarded as the GAAP amount indicator, but are based on sales promotion, operating expenses, opening preparation costs, establishment costs, transportation costs, depreciation expenses, paid land felt depreciation costs, It shows a net or loss that subtracts the profit or loss of asset disposal or depreciation, a percentage, other benefits, the gain of the sand betlehem, the profit or loss due to the default repayment, and the corporate tax. This instructions are not only used to compare the operating margin of their work with their rivals by EBITDA indicators after consolidated coordination, but also to determine specific incentive costs. Historically, the buil t-in resort company was formed to propose eBitDa indicators after adjusting as an auxiliary performance indicators of the GAAP Money indicators. Buil t-in Resort Company, including Las Vegas Sands, has a historical management of specific facilities, such as pr e-open costs, formation costs, corporate costs, etc. We have excluded specific costs. After consolidated adjustment, EBITDA indicators do not need to consider the following items. After consolidation adjustment, EBITDA indicators are not considered as the GAAP amount index, but are based on sales promotion, operating costs, opening preparation costs, expenses, transportation costs, depreciation expenses, depreciation of paid land felt, and disposal of assets. Alternatively, it shows a net or loss that subtracts the profit or loss due to depreciation, other interests or costs, gain on the sand betlehem, the profit or loss due to the setting of the debt or the preliminary repayment, the corporate tax, etc. This instructions are not only used to compare the operating margin of their work with their rivals by EBITDA indicators after consolidated coordination, but also to determine specific incentive costs. Historically, the buil t-in resort company was formed to propose eBitDa indicators after adjusting as an auxiliary performance indicators of the GAAP Money indicators. Buil t-in Resort Company, including Las Vegas Sands, has a historical management of specific facilities, such as pr e-open costs, formation costs, corporate costs, etc. We have excluded specific costs. After consolidation adjustment, EBITDA indicators do not need to consider the following items:
After adjustment in consideration of holding, unknown profit and loss, and afterwards, after adjusting the profits and losses in consideration of the promotional holding meeting, in addition to the basis for displaying non-GAAP profits and after adjustments, the auxiliary Non-. GAA P-related features.
After adjustment in consideration of holding, unknown profit and loss, and afterwards, after adjusting the profits and losses in consideration of the promotional holding meeting, in addition to the basis for displaying non-GAAP profits and after adjustments, the auxiliary Non-. GAA P-related features.
The company has the option to display the above features based on the amount before the correction. This information provides no n-GAAP economic indicators calculated using a method of recalculating the amount of mone y-specific coi n-species in the current quarter based on the exchange rate of the previous fiscal year. These amounts are compared with the previous time to get a certain amount of money units. In fact, the growth / decrease of unusual monetary of non-gaap is considered an index necessary for traders and managers because the current characteristics in the past period can be more easily associated with indicators.	The company has the option to display the above features based on the amount before the correction. This information provides no n-GAAP economic indicators calculated using a method of recalculating the amount of mone y-specific coi n-species in the current quarter based on the exchange rate of the previous fiscal year. These amounts are compared with the previous time to get a certain amount of money units. In fact, the growth / decrease of unusual monetary of non-gaap is considered an index necessary for traders and managers because the current characteristics in the past period can be more easily associated with indicators.

2020	2019	2020	2019
{space}
{space}	Summary consolidated income and loss report	{space}	(Unit: one million, excluding stock data)	{space}
No n-led)	140	434	498	{space}
{space}	78	242	283	897
The year ended on December 31st	153	215	381	716
{space}	34	133	182	546
Profit	{space}	casino	$ 741	$ 2. 485
$ 2. 268
Number	1. 752	Food / beverage	{space}	Trade middle
Conference room, retail, etc.	23	51	168	313
Pure profit	5	11	19	34
3. 509	—	11	18	24
3. 612	293	291	13. 739	Operating expenses
{space}	14	14	55	51
Resort business	12	72	80	90
2. 125	3. 800	8. 364	Business content
Preparation for opening a store	{space}	934	development	Wear and retaliation
1. 160
Ramorerazing Toriki on a paid land	1	17	21	74
Disposal or loss of asset restrictions	{space}	1. 357	2. 575	5. 300
10. 041	Operating income (loss)	31	22	23
(211)	—	—	—	556
{space}	—	—	—	Initial interest
Payment interest (after deduction of asset standard)	(150)	848	(134)	(536)
(555)	Operating income (loss)	(8)	38	Profit of Sands Bethlehem
{space}	{space}	783	{space}	Loss due to deformation or early redemption
(twenty four)	77	Ta x-dwilion profit (loss)	458	(368)
(2. 181)	3. 772	Benefits (expenses)	(8)	(65)
(468)
(376)	(2. 143)	3. 304	Pure (revenue) loss of no n-continuous roll	(154)
Pure profit (loss (loss) related to Las Vegas Sands	(2. 143)	3. 304	Pure (revenue) loss of no n-continuous roll	(154)
Promotion before profit (loss)
(376)	764	767	764	771
Pure profit (loss (loss) related to Las Vegas Sands	764	768	764	771
$ 0, 82	$—	$ (2. 21)	$ 3, 50	{space}