UNITED STATES

Las Vegas Sands

LVS US Outperform
Price (at 20:02, 17 Oct 2013 GMT) US$70.97 Cotai dream playing out, maintain OP
Valuation US$ 71.83 Event
- DCF (WACC 5.0%)
12-month target US$ 72.00 LVS reported 3Q13 NR and adjusted EBITDA of $3,569m and $1,219m, higher
12-month TSR % +4.1 than consensus driven by higher than expected margins in Macau.
GICS sector Consumer Services Bottom line: Following record results, we expect earnings to grow 22% next year
Market cap US$m 58,484 (following 38% in FY13) driven by 9% NR growth (+12% in Macau), 200bp of
30-day avg turnover US$m 313.0 margin expansion, and further share repurchases. LVS remains patient regarding
Number shares on issue m 824.1
expansion (Japan, Taiwan, Korea, Vietnam), but until those come, it remains
Investment fundamentals predominantly a China secular driven story. We remain 23% above the street. It
Year end 31 Dec 2012A 2013E 2014E 2015E is noteworthy that while we believe LVS is the best positioned for a Japan
Revenue m 11,131 13,721 14,955 15,818
EBITDA m 3,513 4,594 5,306 5,714
Integrated resort, we ascribe zero value to this belief.
EBITDA growth % 7.4 30.8 15.5 7.7
Reported profit m 1,524 2,405 2,922 3,217
Cash distribution. Given the strong FCF ($3.7bn projected in 14), LVS raised its
Adjusted profit m 1,768 2,438 2,928 3,223 annual dividend from $1.40 to $2.00 per annum. We expect 43% and 24% of
Gross cashflow m 3,018 4,075 4,719 5,093
CFPS US$ 3.66 4.93 5.78 6.34
discretionary CF to go to dividends and share repurchases.
CFPS growth % -2.6 34.7 17.3 9.5
PGCFPS x 19.4 14.4 12.3 11.2 Impact
EPS adj US$ 2.14 2.95 3.59 4.01
EPS adj growth % 5.9 37.5 21.7 11.7 Still an Asian story. In our view, LVS remains the best Asian gaming growth and
PER adj x 33.1 24.1 19.8 17.7 cash flow investment story. With strong EBITDA improvement at Sands Cotai
Total DPS US$ 4.17 1.89 2.00 1.40
Total div yield % 5.9 2.7 2.8 2.0 Central and stability at Venetian Macau as well as MBS Singapore, we expect the
ROA % 11.5 15.6 17.4 16.9 companys Asian net revenue to grow 10% in 2014. In 3Q, we estimate Sands
ROE % 16.6 22.2 22.2 19.8
EV/EBITDA x 18.5 14.1 12.2 11.4 China operations garnered over 22% of GGR in Macau, a quarterly record.
Net debt/equity % 88.0 61.0 38.1 18.6
P/BV x 5.7 5.0 4.0 3.3 The Parisian Macau (Site 3) is targeted for a 4Q15 opening. While the property
plans are still pending final government approval, LVS expects $3.7bn project to
LVS US vs S&P 500, & rec history
include ~450 table games, 2,500 slots/ETGs and 3,000+ hotel rooms.
Operations: Given strong performance from SCC, LVS set another all-time
quarterly Property EBITDA result with $1.28bn (hold adj of $1.24bn) in 3Q.
Record Macau EBITDA of $784m came in above cons of $692m with
outperformance at Venetian ($357m vs $340m), SCC ($224m vs $178m) and
Four Seasons ($113m vs 76m).
Marina Bay Sands generated $374m vs consensus of $399m through VIP roll
of $13.8bn and MM table/slot WPD of $4.5m.
Note: Recommendation timeline - if not a continuous line, then there was no
Macquarie coverage at the time or there was an embargo period.
US EBITDA of $117m, benefitting from hold, still fell short of cons of $120m.
Source: FactSet, Macquarie Capital (USA), October 2013
(all figures in USD unless noted) Earnings and target price revision
Our 2013/14/15 EPS go to $2.95/3.59/4.01 from $2.93/3.47/3.94. TP up by $3.
Price catalyst
12-month price target: US$72.00 based on an EV/EBITDA methodology.
Analyst(s)
Chad Beynon Catalyst: Japan announcement, Macau monthly data
+1 212 231 2634 chad.beynon@macquarie.com
Action and recommendation
18 October 2013
Macquarie Capital (USA) Inc. We maintain our OP rating and increase our TP to $72 (+$3).

Please refer to the important disclosures and analyst certification on inside back cover of this document, or on our
website www.macquarie.com.au/disclosures. See additional required disclosures on p. 4.
Macquarie (USA) Research Las Vegas Sands

3Q13 Earnings Review

LVS reported 3Q13 NR and adjusted EBITDA of $3,569m and $1,219m, 5 and 6% above Macq/Cons
estimates.

Fig 1 Net Revenue and EBITDA 3Q13 vs 3Q12

$m Net Revenue EBITDA Margins
Actual Actual yoy Macq Actual Actual yoy Macq Actual Actual yoy Macq
3Q13 3Q12 change 3Q13e 3Q13 3Q12 change 3Q13e 3Q13 3Q12 change 3Q13e
The Venetian Macau 935 773 21.0% 894 357 299 19.5% 346 38.2% 38.7% -50 bps 38.7%
Sands Macau 305 315 -3.2% 314 90 81 11.2% 98 29.5% 25.6% 381 bps 31.1%
Four Seasons Macau 330 224 47.0% 277 113 54 107.6% 61 34.2% 24.2% 999 bps 22.1%
Sands Cotai Central 737 296 149.0% 692 224 54 318.0% 186 30.4% 18.1% 1,231 bps 26.9%
Total Macau 2,307 1,608 43.4% 2,176 784 488 60.8% 691 34.0% 30.3% 366 bps 31.8%
Las Vegas Properties 375 364 2.9% 340 87 98 -11.3% 85 23.2% 26.9% -371 bps 25.0%
Sands Bethlehem 123 122 0.8% 129 30 32 -8.0% 34 24.0% 26.3% -229 bps 26.5%
Total US 498 486 2.4% 469 117 130 -10.5% 119 23.4% 26.8% -336 bps 25.4%
Singapore (MBS) 774 626 23.8% 812 374 261 43.3% 422 48.3% 41.7% 657 bps 52.0%
Other Asia 35 37 -5.1% 37 1 (2) -155.4% (2) 3.3% -5.7% 902 bps -5.7%
Intersegment Eliminations (46) (48) -4.0% (54) --- --- NA --- 0.0% 0.0% 0 bps 0.0%
Property Total 3,569 2,709 31.7% 3,441 1,276 877 45.5% 1,230 35.8% 32.4% 339 bps 35.8%
Corporate expense --- --- --- --- (38) (55) -29.6% (48) -1.1% -2.0% 94 bps -1.4%
Rental expense --- --- --- --- (10) (10) 0.1% (10) -0.3% -0.4% 9 bps -0.3%
Stock based Compensation --- --- --- --- (8) (7) 10.3% (7) -0.2% -0.3% 4 bps -0.2%
Total 3,569 2,709 31.7% 3,441 1,219 805 51.5% 1,165 34.2% 29.7% 446 bps 33.9%
Source: Company data, Macquarie Capital (USA), October 2013

The company has also provided hold-adjusted property EBITDA results for each operating segment.
On a consolidated basis, adjusting for hold, property EBITDA would have been $39m less than the
reported $1,276m.

Fig 2 Reported/Hold-Adjusted Property EBITDA by Segment

$m 3Q12 4Q12 1Q13 2Q13 3Q13

Macau
Reported 488 622 630 657 784
Hold-Adjusted 488 575 630 657 784
Difference 0 47 0 0 0

Marina Bay Sands

Reported 261 303 397 355 374
Hold-Adjusted 372 406 451 396 374
Difference -111 -104 -54 -41 0

Las Vegas
Reported 98 53 113 63 87.1
Hold-Adjusted 60 88 83 89 48.5
Difference 38 -35 31 -26 39

Sands Bethlehem
Reported 32 28 30 34 30
Hold-Adjusted 30 26 28 31 29
Difference 2 2 2 3 1
130 80 143
TOTAL 90 114 111
Reported 877 1003 1167 1107 1276
Hold-Adjusted 948 1093 1189 1171 1237
Difference -71 -90 -22 -64 39
Source: Company data, Macquarie Capital (USA), October 2013

18 October 2013 2
Macquarie (USA) Research Las Vegas Sands

Singapore (MBS)

Fig 3 Marina Bay Sands Gaming Results 3Q13 vs 3Q12

$m Volume Hold Win
Actual Actual yoy Macq Actual Actual yoy Macq Actual Actual yoy Macq
3Q13 3Q12 change 3Q13e 3Q13 3Q12 change 3Q13e 3Q13 3Q12 change 3Q13e

Rolling Chip (VIP) 13,785 11,791 16.9% 15,361 2.9% 1.8% 106 bps 2.8% 393 211 86.2% 422
Non-Rolling Chip (Mass) 1,156 1,131 2.2% 1,161 23.6% 24.0% -40 bps 23.7% 273 272 0.5% 275
Slots 2,765 2,621 5.5% 2,765 5.1% 5.2% -10 bps 5.4% 141 136 3.5% 149
Source: Company data, Macquarie Capital (USA), October 2013

Macau

Fig 4 Macau Gaming Results 3Q13 vs 3Q12

$m Volume Hold Win
Actual Actual yoy Macq Actual Actual yoy Macq Actual Actual yoy Macq
3Q13 3Q12 change 3Q13e 3Q13 3Q12 change 3Q13e 3Q13 3Q12 change 3Q13e
The Venetian Macau 14,152 11,199 26.4% 12,879 3.0% 3.3% -29 bps 3.0% 429 372 15.3% 386
Sands Macau 5,233 6,819 -23.3% 5,818 2.9% 3.0% -2 bps 2.9% 154 202 -23.8% 166
Four Seasons Macau 10,452 8,963 16.6% 10,143 2.9% 2.6% 30 bps 2.9% 301 231 30.2% 289
Sands Cotai Central 15,550 9,055 71.7% 15,482 2.7% 2.3% 43 bps 2.9% 421 206 104.1% 441
Macau - Rolling Chip 45,387 36,036 26.0% 44,323 2.9% 2.8% 7 bps 2.9% 1,305 1,011 29.0% 1,283
The Venetian Macau 2,005 1,141 75.7% 1,642 23.9% 31.3% -740 bps 30.4% 479 357 34.2% 499
Sands Macau 877 739 18.7% 823 19.6% 20.8% -120 bps 21.1% 172 154 11.9% 174
Four Seasons Macau 272 111 145.8% 197 28.3% 32.6% -430 bps 25.0% 77 36 113.3% 49
Sands Cotai Central 1,429 542 163.7% 1,376 23.4% 20.7% 270 bps 21.5% 334 112 198.1% 296
Macau - Non-Rolling Chip 4,584 2,533 81.0% 4,037 23.2% 26.0% -284 bps 25.2% 1,063 659 61.2% 1,017
The Venetian Macau 1,144 1,263 -9.4% 1,173 5.7% 4.9% 80 bps 5.4% 65 62 5.4% 63
Sands Macau 660 596 10.7% 637 3.9% 4.2% -30 bps 4.1% 26 25 2.8% 26
Four Seasons Macau 263 215 22.6% 226 5.6% 4.4% 120 bps 5.2% 15 9 56.1% 12
Sands Cotai Central 1,460 1,032 41.4% 1,312 4.1% 3.1% 100 bps 4.0% 60 32 87.0% 52
Macau - Slots 3,528 3,106 13.6% 3,348 4.7% 4.1% 56 bps 4.6% 166 128 29.0% 153
Source: Company data, Macquarie Capital (USA), October 2013

18 October 2013 3
Macquarie (USA) Research Las Vegas Sands

Estimate Revisions

Fig 5 LVS EBITDA and EPS estimates

EBITDA EPS
(US$m) except EPS Macquarie Prior Consensus Macquarie Prior Consensus

2013E 4,594 4,547 4,523 $2.95 $2.93 $2.90

2014E 5,306 5,129 5,140 $3.59 $3.47 $3.44
2015E 5,714 5,568 5,597 $4.01 $3.94 $3.86
Source: FactSet, Macquarie Capital (USA), October 2013

Valuation

Fig 6 DCF Valuation

Metric EBITDA ($m) Multiple EV

U.S. Operations
Las Vegas 2014 EBITDA 371 11.0x 4,086
Sands Bethlehem 2014 EBITDA 127 8.0x 1,016
Corporate Expense and Other 2014 EBITDA (158) 7.0x (1,109)
Total EV of U.S. and Corporate 340 3,992
Less: U.S. Net Debt 2014 2,192
U.S. Operations Equity Value 1,800
Macau Operations 2014 EBITDA 3,368 14.0x 47,159
Less: Macau Net Debt 2014 137
Add: Value for Parisian Project 6,415
Macau Operations Equity Value 53,437
LVS ownership 70.3%
Macau Value attributable to LVS 37,566
Singapore Operations 2014 EBITDA 1,673 13.5x 22,583
Less: Singapore Net Debt 2014 2,690
Singapore Equity Value 19,894

Total LVS Equity Value 59,259

Discount Rate 5.0%
Discount Time Frame 0.23
Equity Value (1 year from today) 58,606
Diluted Shares Outstanding 816
Target Price (1 year from today) $72
Source: Company data, Macquarie Capital (USA), October 2013

Required disclosure Risks

With a majority of EBITDA derived from the LV Strip, Macau and Singapore, LVS is leveraged to the
overall health of tourism in these regions. Additional risks include: (1) any potential restrictions on
travel to Macau (visas); (2) government intervention to slow market growth in Macau; (3) additional
competition in relevant jurisdictions; (4) a decline in the convention market in Las Vegas; and (5) a
sustained slowdown in consumer spending.

18 October 2013 4
Macquarie (USA) Research Las Vegas Sands

Summary Financial Statements

Fig 7 LVS Summary earnings model

(US$ m) 2010 2011 2012 1Q13 2Q13 3Q13 4Q13E 2013E 2014E 2015E
NET REVENUE
The Venetian Macau 2,413.0 2,827.2 3,038.0 872.2 894.7 935.2 937.4 3,639.6 3,871.0 4,159.9
Sands Macau 1,193.6 1,282.2 1,250.6 310.3 294.7 305.3 311.8 1,222.1 1,294.5 1,325.5
Four Seasons Macau 498.6 678.3 1,086.5 223.2 274.1 330.0 310.8 1,138.2 1,304.1 1,361.5
Sands Cotai Central - - 1,052.1 587.2 584.0 736.6 745.7 2,653.5 3,187.2 3,404.0
Total Macau 4,105.2 4,787.7 6,427.1 1,992.9 2,047.5 2,307.2 2,305.8 8,653.3 9,656.7 10,250.9
Las Vegas Operating Properties 1,208.0 1,324.5 1,384.6 411.5 345.7 375.0 357.0 1,489.3 1,499.5 1,553.8
Sands Bethlehem 302.1 399.9 470.5 122.9 126.8 122.9 122.7 495.3 503.5 515.6
Total US 1,510.1 1,724.4 1,855.1 534.5 472.5 498.0 479.8 1,984.7 2,003.1 2,069.4
Singapore 1,262.7 2,921.9 2,886.1 794.9 739.5 774.2 830.6 3,139.1 3,345.7 3,561.2
Other Asia 110.6 147.3 148.3 33.9 36.4 35.4 37.5 143.2 147.5 150.5
Intersegment Eliminations (135.5) (170.5) (185.5) (53.4) (52.9) (46.2) (47.1) (199.6) (198.1) (214.4)
Net Revenue 6,853.2 9,410.7 11,131.1 3,302.7 3,242.9 3,568.5 3,606.5 13,720.7 14,954.9 15,817.6
yoy % growth 50.2% 37.3% 18.3% 19.5% 25.6% 31.7% 17.2% 23.3% 9.0% 5.8%
11,792.4 13,002.4
EBITDA
The Venetian Macau 809.8 1,022.8 1,143.2 348.5 360.9 357.2 365.6 1,432.1 1,549.7 1,695.6
Sands Macau 318.5 351.9 350.6 96.6 88.3 89.9 93.9 368.8 410.7 426.1
Four Seasons Macau 113.7 217.9 288.2 53.6 61.8 112.9 97.5 325.8 416.7 435.4
Sands Cotai Central - - 213.5 131.5 146.1 224.3 218.7 720.6 991.3 1,083.2
Total Macau 1,242.0 1,592.6 1,995.5 630.2 657.2 784.3 775.6 2,847.3 3,368.5 3,640.4
Las Vegas Operating Properties 310.1 333.3 331.2 113.4 63.0 87.1 92.8 356.4 371.4 400.3
Sands Bethlehem 59.0 90.8 114.1 29.9 33.6 29.6 29.5 122.4 127.0 132.6
Total US 369.1 424.1 445.2 143.3 96.5 116.7 122.3 478.8 498.4 532.9
Singapore 641.9 1,530.6 1,366 397 355 374 399 1,524 1,673 1,781
Other Asia (24.4) (15.1) (16.0) (3.6) (2.1) 1.2 (2.1) (6.7) (6.7) (6.7)
Property EBITDAR 2,228.6 3,532.2 3,791.1 1,166.6 1,106.9 1,275.8 1,294.4 4,843.8 5,533.0 5,947.2
Corporate expense 108.8 185.7 207.0 56.3 46.5 38.5 38.5 179.7 158.5 163.2
Rental expense 41.3 43.4 40.2 10.2 10.1 10.0 10.0 40.3 40.1 40.1
Stock based Compensation 31.6 31.5 30.8 6.8 6.8 8.2 8.2 30.0 28.6 30.0
Adjusted EBITDA 2,046.8 3,271.6 3,513.1 1,093.4 1,043.5 1,219.2 1,237.8 4,593.8 5,305.8 5,713.8
Margin % 29.9% 34.8% 31.6% 33.1% 32.2% 34.2% 34.3% 33.5% 35.5% 36.1%
yoy % growth 128.9% 59.8% 7.4% 9.5% 35.6% 51.5% 31.7% 30.8% 15.5% 7.7%

Pre-opening expense 114.8 65.8 143.8 6.8 1.0 1.8 1.5 11.1 6.0 6.0
Development expense 1.8 11.3 20.0 5.4 6.0 3.5 0.0 14.8 0.0 0.0
Depreciation and amortization 695.0 794.4 892.0 252.6 251.0 248.9 250.3 1,002.8 1,000.1 998.3
Loss on disposal of assets 54.6 8.9 2.2 1.9 4.8 2.7 0.0 9.4 0.0 0.0
Impairment Loss 0.0 1.3 143.7 0.0 0.0 47.4 0.0 47.4 0.0 0.0
Operating income 1,180.6 2,389.9 2,311.4 826.7 780.6 914.8 986.0 3,508.1 4,299.8 4,709.6
Interest income 8.9 14.4 23.3 3.8 3.2 3.8 4.5 15.3 21.6 28.8
Interest expense, net of amounts capitalized (306.8) (282.9) (258.6) (68.8) (68.4) (66.9) (71.5) (275.6) (285.4) (295.5)
Other expense (8.3) (4.0) 5.7 (2.1) 3.9 3.2 0.0 5.0 0.0 0.0
Loss on early retirement of debt (18.6) (22.6) (19.2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Pre-Tax Income 855.9 2,094.8 2,062.6 759.6 719.4 854.9 919.0 3,252.8 4,036.0 4,442.9
Benefit (provision) for income taxes (74.3) (211.7) (180.8) (55.6) (47.7) (45.6) (64.3) (213.3) (322.9) (355.4)
Effective Tax Rate 8.7% 10.1% 8.8% 7.3% 6.6% 5.3% 7.0% 6.6% 8.0% 8.0%
Minority Interests, net (182.2) (323.0) (357.7) (132.0) (141.9) (182.6) (177.8) (634.3) (791.2) (871.5)
Net Income 599.4 1,560.1 1,524.1 572.0 529.8 626.7 676.9 2,405.3 2,921.9 3,215.9
Accumulated but undeclared dividends & Other (191.9) (290.6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net income to common shareholders 407.5 1,269.5 1,524.1 572.0 529.8 626.7 676.9 2,405.3 2,921.9 3,215.9

Diluted GAAP EPS $0.51 $1.56 $1.85 $0.69 $0.64 $0.76 $0.82 $2.91 $3.58 $4.00
Basic Shares Outstanding 694,570 728,343 806,311 823,367 823,974 823,201 823,201 823,436 823,201 823,201
Diluted Shares Outstanding 786,649 811,817 824,292 827,453 827,901 826,965 823,751 826,518 815,873 803,785

Adjusted Net Income 788.1 1,644.0 1,767.8 583.9 540.6 634.7 678.4 2,437.6 2,927.8 3,221.8

Adjusted Diluted EPS $0.99 $2.02 $2.14 $0.71 $0.65 $0.77 $0.82 $2.95 $3.59 $4.01

Source: Company Data, Macquarie Capital (USA), October 2013

18 October 2013 5
Macquarie (USA) Research
Important disclosures:
Recommendation definitions
Macquarie - Australia/New Zealand
Outperform return >3% in excess of benchmark return
Neutral return within 3% of benchmark return
Underperform return >3% below benchmark return
Benchmark return is determined by long term nominal
GDP growth plus 12 month forward market dividend yield
Macquarie Asia/Europe
Outperform expected return >+10%
Neutral expected return from -10% to +10%
Underperform expected return <-10%
Macquarie First South - South Africa
Outperform expected return >+10%
Neutral expected return from -10% to +10%
Underperform expected return <-10%
Macquarie - Canada
Outperform return >5% in excess of benchmark return
Neutral return within 5% of benchmark return
Underperform return >5% below benchmark return
Macquarie - USA
Outperform (Buy) return >5% in excess of Russell 3000
index return
Neutral (Hold) return within 5% of Russell 3000 index
return
Underperform (Sell) return >5% below Russell 3000
index return
Volatility index definition*
This is calculated from the volatility of historical price
movements.
Very highhighest risk Stock should be expected
to move up or down 60100% in a year investors
should be aware this stock is highly speculative.
High stock should be expected to move up or
down at least 4060% in a year investors should
be aware this stock could be speculative.
Medium stock should be expected to move up or
down at least 3040% in a year.
Lowmedium stock should be expected to move
up or down at least 2530% in a year.
Low stock should be expected to move up or
down at least 1525% in a year.
* Applicable to Asia/Australian/NZ/Canada stocks
only
Recommendations 12 months
Note: Quant recommendations may differ from
Fundamental Analyst recommendations
Las Vegas Sands
Financial definitions
All "Adjusted" data items have had the following
adjustments made:
Added back: goodwill amortisation, provision for
catastrophe reserves, IFRS derivatives & hedging, IFRS
impairments & IFRS interest expense
Excluded: non recurring items, asset revals, property
revals, appraisal value uplift, preference dividends &
minority interests
EPS = adjusted net profit / efpowa*
ROA = adjusted ebit / average total assets
ROA Banks/Insurance = adjusted net profit /average
total assets
ROE = adjusted net profit / average shareholders funds
Gross cashflow = adjusted net profit + depreciation
*equivalent fully paid ordinary weighted average number
of shares
All Reported numbers for Australian/NZ listed stocks are
modelled under IFRS (International Financial Reporting
Standards).

Recommendation proportions For quarter ending 30 September 2013

AU/NZ Asia RSA USA CA EUR
Outperform 50.56% 56.87% 48.78% 41.00% 61.75% 47.10% (for US coverage by MCUSA, 5.85% of stocks followed are investment banking clients)
Neutral 38.95% 25.18% 42.68% 54.40% 34.43% 30.89% (for US coverage by MCUSA, 3.90% of stocks followed are investment banking clients)
Underperform 10.49% 17.94% 8.54% 4.60% 3.83% 22.01% (for US coverage by MCUSA, 0.00% of stocks followed are investment banking clients)

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Risk Disclosure: Any inability to compete successfully in their markets may harm the business. This could be a result of many factors which may include
geographic mix and introduction of improved products or service offerrings by competitors.The results of operations may be materially affected by global
economic conditions generally, including conditions in financial markets.
Important disclosure information regarding the subject companies covered in this report is available at www.macquarie.com/disclosures.
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Research
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