Reason for Report: 1Q13 Earnings Update

June 13, 2013

Las Vegas Sands Corporation (LVS - NYSE) $56.77*

Note This report contains substantially new material. Subsequent reports will have changes highlighted.

Prev. Ed.: Feb 28, 2013; 4Q12 & FY12 Earnings Update

Brokers’ Recommendations: Positive: 83.3% (15 firms); Neutral: 16.7% (3); Negative: 0.0% (0)

Prev. Ed.: 17;3; 0

Brokers’ Target Price: $60.88 (↑ $2.82 from last edition; 17 firms) Brokers’ Avg. Expected Return: 7.2%

*Note: Though dated Jun 13, 2013, share price and brokers’ material are as of May 7, 2013.

Note: A flash update was done on May 1, 2013 (1Q13 Earnings Release).

Note: The tables below (Revenue, Margins, and Earnings per Share) contain material from fewer brokers than in the Valuation table.

Portfolio Manager Executive Summary

Las Vegas Sands Corporation operates in Las Vegas and Macao, two of the most dynamic gaming markets in the world.

Of the 18 firms in the Digest group covering the stock, 15 assigned positive ratings and the remaining 3 provided neutral ratings. None of the firms rated the stock negatively.

Positive or equivalent stance (15/18 firms or 83.3%) – These firms believe that with the rise in demand, the company is well positioned to benefit from its growing Macao business. After the successful opening of Sands Cotai, the company’s Macao mass market and VIP business is flourishing, which in turn will lead to further market share gains and increased profitability for the company.

The firms remain optimistic on the improving trend in the Singapore business and expect it to have a significant impact on the company’s performance, going ahead. Another catalyst for growth is the changing gaming regulation in Japan, which will pave the way for the company to develop its resort in the country. The firms also believe that Las Vegas Sands will be a good investment based on its strong free cash flow yields. They expect the company to be one of the front runners in case of global jurisdictional expansions based on its proven ability to develop successful integrated resorts.

Neutral or equivalent stance (3/18 firms or 16.7%) – These firms believe that the long-term prospects of the company are exciting following the booming Macao business and the recovering Singapore market.

© Copyright 2013, Zacks Investment Research. All Rights Reserved. However, they remain cautious on the gross gaming trend and changing government regulation in Singapore. Moreover, these firms remain vigilant regarding the operating environment of Las Vegas, which is highly competitive in nature. These firms are also skeptical about the company’s decision to open a property in Madrid as the company may face several governmental regulation in the region.

June 13, 2013

Overview

The Las Vegas, Nev.-based Las Vegas Sands Corp. is the leading international developer of multi-use integrated resorts. In the U.S., the company owns three resorts and casinos. These properties are:

 The Venetian Casino, Las Vegas  The Palazzo, Las Vegas  Sands Bethlehem, Pennsylvania

Within Asia, the company owns and operates Sands Macao, The Venetian Macao and Four Seasons Macao in Macao, China and one property Marina Bay Sands in Singapore.

Las Vegas Sands is currently developing Sands Cotai Central resort project at the centre of the Cotai Strip. The company unveiled the phase I and first part of phase II (phase IIA) of this integrated resort offering in 2012. The second part of Phase II (Phase IIB) for Sands Cotai Central is expected to open in the first-half of 2013 and will include the second tower of Sheraton brand hotel. The hotel will add another 2,100 rooms and suites.

On completion, the Cotai Strip will feature approximately 21,000 rooms from world-renowned hotel brands such as St. Regis, Sheraton, Shangri-La, Traders, Hilton, Conrad, Fairmont, Raffles, Holiday Inn and InterContinental. More information on Las Vegas Sands is available on its website: http://www.lasvegassands.com.

Zacks Investment Research Page 2 www.zackspro.com The firms identified the following factors for evaluating the investment merits of Las Vegas:

Key Positive Arguments Key Negative Arguments

 Macau Business: Macao is considered as one of the largest gaming market in the world. The  Underperformance in Singapore: Ongoing decline majority of the company's revenues comes from its in Marina Bay Sands revenue in Singapore May impact Macao operations. on the company’s overall results moving ahead.

 Improved Bookings: Forward bookings in the  Competitive Market: Las Vegas Sands operates in highly competitive marketplaces like Las Vegas and convention business continue to increase. Macao. Moreover, as a result of improved economic conditions, quality tourism will likely drive the company’s revenues further.

 Attractive Growth Prospect for Cotai Central: The Cotai Central is generating high occupancy growth since the inception of Phase 1 and phase IIA operations.

Note: Las Vegas Sands’ fiscal year ends on Dec 31.

June 13, 2013

Long-Term Growth

According to the firms, the Las Vegas Sands’ superior business model, extensive non-gaming revenue opportunities, high quality assets and diversification within the U.S. will help withstand weaker economic times and serve as positive catalysts in the long run. The company is also consistently trying to expand its business in the overseas markets. There are several projects in various locations in Asia such as Korea, Japan, Vietnam and Taiwan which are expected to come through. The company is also exploring various development opportunities in North America, South America and Europe.

Following the higher revenue generation from the Sands Cotai Central’s phase I and phase IIA operations, the company plans to start the third phase of the project soon. The firms believe that Sands Cotai Central has great potential and it will drive visitations at Macao in future. Moreover, Las Vegas Sands has a competitive advantage in the Cotai strip as no peer project in the region is expected to be completed before 2016.

Moreover, they also stated that Marina Bay Sands casino in Singapore offers tremendous growth opportunities, amenities and limited competition. Additionally, with traffic growth in Macao and business stability at the Las Vegas Strip, the firms believe that Las Vegas Sands provides long-term growth opportunities.

June 13, 2013

Zacks Investment Research Page 3 www.zackspro.com Target Price/Valuation

Rating Distribution Positive 83.3%↓ Neutral 16.7%↑ Negative 0.0%↔ Avg. Target Price $60.9↑ Digest High $67.00↑ Digest Low $50.00↔ Analysts with Target Price/Total 17/18

Risks related to the achievement of the target price include delay in new project openings (especially with the chances of implementation of new rules and regulations, as well as barriers to entry); political changes in foreign or domestic markets that could alter the economics of the business or consumer availability; changes in labor availability or costs; an economic slowdown in the U.S. or worldwide; geo-political, medical, travel/tourist policy changes, or adverse weather and general market conditions.

Recent Events

Las Vegas’ Earnings Move Up, Rev in Line - May 1, 2013

Las Vegas Sands reported first-quarter 2013 adjusted earnings of $0.71 per share, outperforming the Zacks Consensus Estimate of $0.66 by 7.6% and the comparable year-ago quarter’s earnings by 1.4%. The upside in earnings was caused by the company’s strong top-line growth and operational efficiency.

Quarterly net revenue climbed 19.5% year over year to $3.3 billion, in line with the Zacks Consensus Estimate. The rise in quarterly revenues was aided by the company’s strong Macau business and growing Las Vegas business.

The operating margin has declined nearly 58 basis points (bps) to 25.0% in the first quarter. The drop was mainly attributable to higher depreciation and amortization as well as development expenses.

Consolidated adjusted property EBITDA (earnings before interest, taxes, depreciation and amortization) surged 9.4% year over year to $1.2 billion.

Zacks Investment Research Page 4 www.zackspro.com Revenues

The company’s net revenues increased 19.5% y/y to $3.3 billion in 1Q13 (in line with the Zacks Digest average). The rise in quarterly revenues was aided by the company’s strong Macau business and improving Las Vegas business.

Property-wise Revenue Details

U.S. Business

Las Vegas Operations (The Venetian Casino And Palazzo)

Net revenue from the Las Vegas operations increased 7.0% y/y to $411.5 million (in line with the Zacks Digest average). The segment’s sales get a boost from the 360 bps improvement in the table games win percentage to 27.6%. A 6.8% rise in rooms revenues and 12.0% and 14.2% increase in the food and beverage sales and convention, retail and other revenues, respectively also helped augmenting the revenue during the quarter. During the quarter, the segment’s revenue per available room (RevPAR) was also up 7.3% y/y to $191 million, driven by higher visitation.

Sands Bethlehem, Pennsylvania

Sands Bethlehem in Bethlehem, Pa. opened the first phase of its facilities for business on May 22, 2009. Net revenue at Sands Bethlehem was $122.9 million in first quarter, up 6.3% y/y (in line with the Zacks Digest average), powered by a 26.3% and 28.6% rise in rooms revenues and RevPAR, respectively. A significant rise in the hotel occupancy rate seems to be the reason for such higher RevPAR in 1Q13.

Asia Business

Macao (Sands Macao, Venetian Macao, Four Seasons Macao and Plaza Casino and Sands Cotai Central)

Las Vegas Sands’ integrated resort properties and other assets in Macao are owned and operated by Sands China Ltd., a majority-owned subsidiary of the company.

In 1Q13, Sands China’s net revenue jumped 39.3% y/y to $2.02 billion. The company witnessed a record growth in its Macao properties on the back of increased gaming as well as rolling volume and higher non- gaming (hotel, retail and convention) revenues. Macao’s mass market table segment was also very strong during the quarter. During 1Q13, the company had 14 million visitors in its Macao properties.

With the rise in the rolling budget, the company witnessed a 17.4% increase in the VIP market share of rolling volume in 1Q13. Mass table win in Macao also increased 63.2% y/y to over $863 million.

Zacks Investment Research Page 5 www.zackspro.com Sands Macao

Sands Macao’s revenues were down 11.1% y/y to $310.3 million (in line with the Zacks Digest average) due to an 11.3% fall in casino revenues and a 1.3% drop in RevPAR growth. Rolling chip (VIP) volume also fell 0.8% y/y to $6.4 billion due to a drop in the rolling chip tables. Moreover, slot hold percentage was also down 70 bps to 3.7%.

The Venetian Macao

The Venetian Macao’s net revenue increased 12.9% y/y to $872.2 million (in line with the Zacks Digest average), driven by a rise in traffic and increased casino as well as mall revenues. However, hotel occupancy plunged 180 bps to 91.6% and RevPAR fell 7.0% to $212 million at Venetian Macao.

Non-Rolling Chip drop was up 20.6% y/y to $1.33 billion with the rise in the number of non-VIP players. The company was undergoing a restoration at its Paiza Club in 1Q13 which led to a decline in the number of active rolling tables. Following such lower number of rolling tables the company’s rolling chip volume was also down 15.4% y/y to $11.67 billion.

Four Seasons Hotel Macao and Plaza Casino

Moreover, revenues at Four Seasons Hotel Macao and Plaza Casino dropped 25.5% y/y to $223.2 million (in line with the Zacks Digest average) which resulted from a 27% decline in casino revenues and a 25.4% fall in rolling chip volume. A drop in the number of VIP and premium players has been held responsible for lower rolling chip volume in 1Q13. Slot handle also decreased 7.0% to $184.4 million in 1Q13.

Sands Cotai Central

Net revenue at Sands Cotai Central was $687.2 million (in line with the Zacks Digest average), gaining from the growing mass table and slot businesses. Rolling chip volume was $13.6 billion, driven by the rise in the number of VIP players. In 1Q13, rolling chip win percentage was 3.09% versus 3.13% in 4Q12. Hotel occupancy rate is also increasing significantly. Currently, occupancy is 70.8% with RevPAR of $108 million.

Upcoming Projects in Macao

Sands Cotai Central (previously known as Parcels 5 and 6) represent the next phase in Macao growth strategy: Upon completion of Phase IIB, the integrated resort will feature approximately 300,000 square feet of gaming space, around 1.2 million square feet of retail, entertainment, dining and exhibition and conference facilities and a multipurpose theater. In Phase III of the project, Las Vegas Sands expects to include a fourth hotel and mixed-use tower under the Starwood’s St. Regis brand.

On completion, the phases will comprise an integrated resort located across the street from the Venetian Macao and Plaza. The properties will be connected via elevated and covered pedestrian bridges. The bridge opened in Dec 2012 will benefit all the properties and strengthen the retail mall business of Las Vegas Sands.

After the completion of Cotai Central, the company’s three Cotai Strip properties - The Venetian Macao and Four Seasons Hotel Macao and Plaza Casino and Cotai Central, will include 25 million square feet of interconnected integrated resort capacity. This will comprise five hotel brands and more than 9,000 rooms and suites, 1,300 gaming tables, 6,000 slot machines and electronic table games, around two million square feet of retail space, plus dining, convention, meeting and exhibition capacity and entertainment attractions.

Zacks Investment Research Page 6 www.zackspro.com Cotai Central, when complete, will represent a significant expansion of the Las Vegas Sands’ Cotai presence and will expectedly provide more of a draw for the destination visitor. The entire site is now expected to open fully by the end of 2013.

The Parisian Macao: Management expects to add its fourth integrated resort property - The Parisian Macao — to Cotai Strip portfolio. The development of the property is underway and the company has also submitted the design plans for a shopping mall in the east side of the Cotai Strip to Macao Government and the approval is pending. The property, which is expected to be open in 2015, will have 500 tables.

Other Project In Macao

Site 3 : Management has submitted plans for a 3,600-room development at Site 3 to authorities in Macao, which would primarily be a mass market property with a separate tower for VIP players. Las Vegas Sands already owns the rights to Site 3 and it has been approved for gaming. However, the company could lose its right to the parcel if the authorities were to refuse extension of the concession. The company has received another 3-year extension to complete Site 3. The company has submitted the Site 3 design plans to the Macao government and the approval is pending.

The company is also improving premium mass and non-gaming amenity at the Venetian to drive visitation. Moreover, Las Vegas Sands expects that the Macao market will continue to grow as more infrastructure (bridges, trains and ferries) is built over the next three to five years.

Most of the bullish firms are of the view that with the rise in the visitation, the company will continue to witness a strong growth in its Macao business in the upcoming quarters. These firms are also hopeful about the gradual ramping up of the company’s Cotai Strip business. However, some of the bearish firms believe that leisure travel in Las Vegas is still showing weak trends and is generally price sensitive.

Other Asia

Revenues were negative $33.9 million, down 4.8% y/y in 1Q13 (in line with the Zacks Digest average).

Management is exploring new development opportunities in Asia, especially in Japan, Korea, Taiwan and Vietnam. In Japan, the company expects to develop properties in Osaka and Tokyo. In this regard, the company has submitted designs to government in Apr 2013. In Korea, the company is keen on developing properties in Busan and Seoul and will negotiate tax rate to avail smooth Korean operation in future. In Vietnam, Las Vegas is negotiating with the government for development in Ho Chi Minh city and Hanoi and expects to explore other areas in future.

Retail Mall Business on Macao's Cotai Strip (The Venetian Macao, The Four Seasons Macao, Sands Cotai Central and Marina Bay Sands)

In 1Q13, the retail mall business reported an increase in gross revenue of 19.4% y/y to $84.9 million. The company noted that the retail assets have high capitalization rate, especially in Asia. Accordingly, the company has approached the Government of Macao with the proposal of remodeling of Tropical Garden into Tropical Garden Mall and the approval is awaiting. The mall, which is designed to target the mass market, will boast 900,000 square feet of shopping stores and dining places.

Zacks Investment Research Page 7 www.zackspro.com Marina Bay Sands, Singapore

Las Vegas Sands opened the final portions of its resort in Singapore, including a lights show, the art museum, and the Lion King production, in 1Q11 after launching its first and second phase on Apr 27, 2010 and Jun 23, 2010 respectively. This property has driven tourism in Singapore and has enhanced Singapore's reputation as an international business and leisure destination. The company is, therefore, seeking more land from the Singapore government to build additional 1,000 to 1,500 rooms.

Revenues at Marina Bay Sands dropped 6.3% y/y to $794.9 million in 1Q13 (in line with the Zacks Digest average) with the decline in rolling chip win percentage and lower casino revenues. However, the rate of revenue decline is lower than that in the prior quarter. The company’s mass revenue as well as non- gaming revenue are growing and VIP business is showing signs of improvement following its new marketing programs. The company enjoyed RevPAR growth of 11% in Marina Bay Sands, driven by a higher average daily rate (ADR).

Management is optimistic about the improvement in Singapore business, with the increase in popularity of Singapore as a tourist destination and maturation of the company’s marketing initiatives in Asia.

Some firms are of the view that the company’s recovering VIP business in Singapore will act as a growth driver, going ahead.

Provided below is a summary of segment revenue as compiled by Zacks Digest:

Total Revenue($MM) 1Q12A 4Q12A 2012A 1Q13A 2Q13E 3Q13E 2013E 2014E 2015E Las Vegas Operations $384.7 $308.2 $1,384.6 $411.6 $363.9↑ $356.6 $1,491.8↑ $1,508.7↑ $1,574.0 Sands Macao $349.1 $314.7 $1,250.7 $310.2 $303.6↑ $310.2 $1,221.3↑ $1,262.9↑ $1,300.1 The Venetian Macao $772.8 $843.0 $3,038.0 $872.2 $762.0↑ $797.6 $3,278.4↑ $3,380.5↑ $3,686.6 Four Seasons $299.6 $296.2 $1,086.4 $223.2 $274.2↓ $291.5 $1,094.1↓ $1,156.2 $1,229.2 COTAI Sites $490.8 $1,052.1 $587.1 $628.8↑ $652.0 $2,545.9↑ $2,815.9↑ $2,963.8 Other Asia ($7.5) ($10.7) ($37.1) ($19.5) ($11.0) ↓ ($11.0) ($52.5) ↓ ($44.0) ↓ ($77.9) Sands, Bethlehem $115.6 $117.8 $470.6 $122.9 $122.8↑ $125.5 $493.8↑ $504.3↑ $516.5 Marina Bay Sands, Singapore $848.7 $717.2 $2,886.1 $794.9 $804.0↑ $801.0 $3,240.1↑ $3,410.2↑ $3,560.7

Zacks Investment Research Page 8 www.zackspro.com A graphical analysis of segmental revenue is given below:

Las Vegas Revennue by Segments: 2012A Operations

Sands Macao

The Venetian Macau 12% 26% Four Seasons 11% Hotel Macao and Plaza Casino Sands Cotai 4% Central 0% Other Asia 28% 9% 10% Sands Bethlehem

Marina Bay Sands, Singapore

Las Vegas Revennue by Segments: 2013E Operations

Sands Macao

The Venetian 11% Macau 24% Four Seasons 9% Hotel Macao and Plaza Casino Sands Cotai 4% Central

0% 25% Other Asia 19% 8% Sands Bethlehem

Zacks Investment Research Page 9 www.zackspro.com Las Vegas Revennue by Segments: 2014E Operations

Sands Macao

The Venetian 11% Macau 24% 9% Four Seasons Hotel Macao and Plaza Casino Sands Cotai 4% Central

Las Vegas Revennue by Segments: 2015E Operations

Sands Macao

The Venetian Macau 11% 24% Four Seasons 9% Hotel Macao and Plaza Casino Sands Cotai 3% Central

Other Future Project

Management has been exploring development opportunities in North America, South America and Europe. Management is negotiating with Ontario gaming commission to develop a property in downtown Toronto. In addition, it is looking at further development in New York. Las Vegas has also initiated negotiations in Sao Paulo, Rio De Janerio and Argentina in South America. Management intends to start development in these locations, if the projects are capable of providing over 20% cash return at favorable tax rates.

EuroVegas Project: In 3Q12, management chose Madrid over Barcelona for the development of its first casino resort in Spain – EuroVegas. Management stated that it has to comply with several rules applied by government to develop its integrate resort in the city. The company is currently waiting for the approval of its project.

Zacks Investment Research Page 10 www.zackspro.com Some firms are skeptical about the successful execution of the company’s plan of opening a casino resort in Madrid, Spain, considering the ongoing European market crisis and several rigid government rules and regulations.

Following the decline in the demand for condominiums and uncertain economic condition, the company has decided to cease the construction of its high-rise residential condominium tower in Las Vegas Strip.

Outlook

The Zacks Digest model forecasts total revenue of $13.3 billion for FY13, $14.0 billion for FY14 and $14.8 billion for FY15, reflecting a y/y increase of 19.7% in FY13, 5.2% in FY14 and 5.3% in FY15. This represents a three-year compound annual growth rate (CAGR) of 9.9% on FY12 realized total revenue.

Provided below is a summary of total revenue as compiled by Zacks Digest:

Total Revenue($M) 1Q12A 4Q12A 2012A 1Q13A 2Q13E 3Q13E 2013E 2014E 2015E

Total Revenue $2,762.8 $3,077.0 $11,131.2 $3,302.8 $3,254.0↑ $3,321.5 $13,326.9↑ $14,022.9↑ $14,770.4

Digest High $2,763.0 $3,077.0 $11,131.7 $3,303.0 $3,364.6↓ $3,529.1 $13,830.0↓ $14,227.2↑ $14,899.8

Digest Low $2,762.7 $3,077.0 $11,131.0 $3,302.7 $3,122.0↑ $3,176.0 $12,959.0↑ $13,783.0↑ $14,607.9 Digest YoY Growth 30.8% 20.9% 18.3% 19.5% 26.0%↑ 22.6% 19.7%↑ 5.2%↓ 5.3% Digest Sequential Growth 8.6% 13.6% 7.3% -1.5%↓ 2.1% Zacks Consensus $3,245.0↑ $3,335.0 $13,296.0↑ $14,288.0↑

Highlights from the revenue table are as follows:

 For FY13, revenue estimates by the firms range from $13.0 billion to $13.8 billion, with the Digest average being $13.3 billion (↑ from the previous estimate of $13.1 billion).

 For FY14, revenue estimates by the firms range from $13.8 billion to $14.2 billion, with the Digest average being $14.0 billion (↑ from the previous estimate of $13.6 billion).

 For FY15, revenue estimates by the firms range from $14.6 billion to $14.9 billion, with the Digest average being $14.8 billion.

Please refer to the Zacks Research Digest spreadsheet for specific revenue estimates.

Margins

Zacks Investment Research Page 11 www.zackspro.com The operating margin has declined nearly 58 bps y/y to 25.0% in 1Q13 (in line with the Zacks Digest average). The decrease was mainly attributable to lower hold on table games play, higher depreciation and amortization as well as development expenses.

Consolidated adjusted property EBITDA was up 9.4% y/y to $1.2 billion (in line with the Zacks Digest average), driven by the company’s technological advancement , marketing initiatives and higher top line.

Property details are as follows:

U.S. Business

Las Vegas Operations (The Venetian Casino and Palazzo)

Adjusted property EBITDA was $113.4 million in 1Q13, down 2.1% y/y (in line with the Zacks Digest average). The downside was due to lower table games drop.

Sands Bethlehem

Adjusted property EBITDA was $29.9 million in 1Q13, up 8.7% year over year (in line with the Zacks Digest average) with the rise in the table games drop.

Asia Business

Sands Macao

Adjusted property EBITDA decreased 9.7% y/y to $96.6 million in 1Q13 (in line with the Zacks Digest average) mainly due to the lower rolling chip volume which in turn has resulted in a decline in the VIP business.

The Venetian Macao

Adjusted property EBITDA hiked 23.6% y/y to $348.5 million in 1Q13 (in line with the Zacks Digest average), positively impacted by rise in the traffic and higher top line.

Four Seasons Macao

Following a decline in rolling chip volume, adjusted property EBITDA was down 20.6% y/y to $53.6 million in 1Q13 (in line with the Zacks Digest average).

Sands Cotai Central

Adjusted property EBITDA for 1Q13 was $131.5 million (in line with the Zacks Digest average), impacted by higher-than-anticipated rolling chip win percentage.

Other Asia

Zacks Investment Research Page 12 www.zackspro.com Adjusted property EBITDA, which is chiefly composed of loss in Cotai Jet ferry operation, was a loss of $3.6 million in 1Q13 (in line with the Zacks Digest average). However, it was below the year-ago quarter’s loss of $5.7 million in 1Q12.

Adjusted property EBITDA was $396.8 million in 1Q13, down 16.0% y/y, owing to reduced rolling chip win percentage (in line with the Zacks Digest average).

Outlook

Some of the firms expect that the company’s EBITDA will gain from the growing Macao business and recovering Singapore operations.

As per the Zacks Digest model, rental expense is expected to grow 0.3% y/y in FY13, FY14 and FY15. Depreciation and amortization expense is expected to increase 7.6% y/y in FY13, 7.2% y/y in FY14 and 6.9% y/y in FY15. In comparison, revenues are expected to increase 19.7% y/y in FY13, 5.2% y/y in FY14 and 5.3% y/y in FY15. Adjusted EBITDA margin is expected to be 33.4% in FY13, 34.4% in FY14 and 35.4% in FY14.

Provided below is a summary of margins as compiled by Zacks Digest:

Margins 1Q12A 4Q12A 2012A 1Q13A 2Q13E 3Q13E 2013E 2014E 2015E EBITDA 36.5% 30.8% 31.9% 33.3% 32.9%↑ 33.3% 33.4%↑ 34.4%↑ 35.4%↑ Operating Margin 29.1% 22.3% 23.6% 25.3% Pre-Tax Margin 26.9% 20.6% 21.5% 23.4% 23.6%↑ 23.7% 23.7%↑ 24.9%↑ 25.8%↑ Net Margin 20.6% 14.6% 15.9% 17.7% 16.7%↑ 17.2% 17.3%↑ 18.5%↑ 19.6%↑

Please refer to the Zacks Research Digest spreadsheet on LAS VEGAS SANDS for more details on margin estimates.

Earnings per Share

As per the company, Las Vegas Sands’ 1Q13 adjusted earnings of $0.71 per share (slightly below the Zacks Digest Average of $0.70) was better than the comparable year-ago quarter’s earnings of $0.70 by 1.4%. Earnings in the quarter received a boost from the company’s strong top-line growth.

Outlook

Most of the firms raised their FY13 and FY14 earnings estimates based on strong performance in the company’s Macao business and favorable demand trend in the Las Vegas market.

The Digest model forecasts average EPS of $2.83 for FY13, $3.18 for FY14 and $3.57 for FY15, which reflect growth of 32.1% in FY13, 12.2% in FY14 and 12.3% in FY15. The three-year CAGR on realized 2012 EPS is projected at 25.1%.

Zacks Investment Research Page 13 www.zackspro.com November 2, 2011 The Zacks Digest model forecasts pro forma net income of $2,303.9 million for FY13, $2,594.3 million for FY14 and $2,893.5 million for FY15, representing significant y/y growth of 30.3% in FY13, 12.6% in FY14 and 11.5% in FY15. This represents a three-year CAGR of 17.9% on FY12 realized net income.

The Zacks Digest model forecasts a share count of 826.4 million for FY13, 823.4 million for FY14 and 811.7 million for FY15. The three-year CAGR is a negative 0.5% on 2012 realized share count.

Provided below is a summary of EPS as compiled by Zacks Digest:

EPS (in $) 1Q12A 4Q12A 2012A 1Q13A 2Q13E 3Q13E 2013E 2014E 2015E Digest High $0.70 $0.54 $2.15 $0.71 $0.74↑ $0.76 $3.01↑ $3.38↑ $3.73 Digest Low $0.70 $0.53 $2.14 $0.71 $0.61↑ $0.65 $2.67↑ $2.93↑ $3.45

Digest Avg. $0.70 $0.54 $2.14 $0.71 $0.67↑ $0.70 $2.83↑ $3.18↑ $3.57 Digest YoY Growth 89.1% -5.5% 6.0% 1.4% 51.9%↑ 51.1% 32.1%↑ 12.2%↑ 12.3% Digest Sequential Growth 22.7% 16.8% 31.6% -5.8%↓ 4.3% Zacks Consensus $0.67↑ $0.71 $2.84↑ $3.22↑

Highlights from the EPS table are as follows:

 For FY13, EPS estimates (7 firms) range from $2.67 to $3.01, with the average being $2.83 (↑ from the previous estimate of $2.69).

 For FY14, EPS estimates (7 firms) range from $2.93 to $3.38, with the average being $3.18 (↑ with the previous estimate of $3.00).

 For FY15, EPS estimates (3 firms) range from $3.45 to $3.73, with the average being $3.57.

Please refer to the Zacks Research Digest spreadsheet on LAS VEGAS SANDS for more extensive EPS figures.

StockResearchWiki.com – The Online Stock Research Community

Discover what other investors are saying about Las Vegas Sands Corporation at:

Las Vegas Sands profile on StockResearchWiki.com

Research Analyst Diya Dutta Copy Editor Kamalika Pramanik Content Ed. Sanghamitra Saha No. of brokers reported/Total 18/18 brokers Reason for Update Earnings

Zacks Investment Research Page 14 www.zackspro.com Lead Analyst Sanghamitra Saha QCA Kinjel Shah

Zacks Investment Research Page 15 www.zackspro.com