63244 (Sands)_IR(c)_.indb

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1 中期報告 2015

2

3 B(1)

4 2

5 EBITDA 1,096,200,0008,498,100,000 1,737,400,00013,467,100, % 3,516,600,00027,261,700,000 5,075,300,00039,340,200, % 734,500,000 5,694,100,000 1,370,400,00010,622,400, %

6 金沙中國有限公司 二零一五年中期報告 迎合各種口味的盛宴 4

7 , ,571.5 (34.4)% % (6.6)% (11.7)% % 3, ,075.3 (30.7)% 3,516,600,000 5,075,300,000 1,558,700, % 2,998,700,000 4,571,500,000 1,572,800, % 688,200,000482,800,000 5

8 1, ,985.2 (34.7)% 3, ,645.1 (23.7)% 25.5% 25.9% (0.4) 16, ,645.2 (41.6)% 2.95% 3.47% (0.52) 2, ,798.3 (27.3)% 4.9% 5.0% (0.1) ,445.8 (33.4)% 3, ,682.3 (15.6)% 21.5% 22.2% (0.7) 10, ,909.7 (60.9)% 3.05% 2.89% , ,788.1 (17.0)% 3.4% 3.6% (0.2) (45.7)% (29.6)% 22.4% 25.1% (2.7) 8, ,841.6 (45.1)% 3.20% 3.42% (0.22) (43.3)% 5.4% 5.1% (26.0)% 1, ,173.2 (28.3)% 19.5% 17.7% 1.8 4, ,032.1 (51.6)% 3.36% 2.87% , ,635.6 (16.5)% 3.6% 3.8% (0.2) 181,300, ,900,000 33,400, % 6

9 2. 154,000, ,900,000 10,900, % (12.6)% 84.0% 91.7% (7.7) (3.8)% (11.9)% (11.5)% 80.1% 86.9% (6.8) (5.2)% (12.0)% (12.6)% 80.2% 86.4% (6.2) (5.7)% (12.7)% (11.7)% 99.0% 97.6% (12.6)% (11.3)% 74,300,000 84,100,000 9,800, % 108,300, ,900,000 1,400, % 7

10 1, ,793.0 (32.2)% (9.6)% (1.1)% (6.5)% (13.3)% % (0.5)% % (4.9)% % (1.1) (1.2) (8.3)% ,007.1% 2, ,655.4 (24.2)% 2,771,000,000 3,655,400, ,400, % 1,892,800,000 2,793,000, ,200, % 17,900,000 19,800,000 1,900, % 36,100,000 36,500, , % 64,500,000 69,000,000 4,500, % 8

11 2. 91,600, ,700,000 14,100, % 29,600,000 24,500,000 5,100, % 298,400, ,000,000 1,600, % 37,900,000 29,300,000 8,600, % 19,300,000 20,300,000 1,000, %St. Regis 268,500, ,300,000 11,200, % 15,500,000 1,400,000 9

12 EBITDA (1) (39.7)% (37.7)% (34.3)% (28.8)% 8.0 (2.4) N.M. EBITDA 1, ,737.4 (36.9)% EBITDA 1,096,200,000 1,737,400, ,200, % EBITDA (1) EBITDA EBITDA EBITDA EBITDA N.M (3.3)% (10.1) (3.7) 173.0% (20.2)% 10

13 2. 30,500,000 38,200,000 6,400, ,500,000 1,370,400, ,900, % 2.2 VML 1,000,000,000VML VML 820,200,000 VML2,000,000,000 1,960,000, ,671.0 (589.0) (418.4) (893.3) (2,690.2) (581.1) (1,437.5) 2, , , ,

14 901,200,000 1,671,000, ,800, % 589,000, ,600, ,100,000 66,500, ,300,000 1,030,200,000VML 820,200,000 VML 999,300, St. Regis St. Regis 380,000,000 12

15 2. 3,000 2,700,000,000 1,180,000, , , , , , , ,990,000,000 1,030,000, ,070,000,000 1,040,000, ,070,000,000 7,060,000,000 13

16 2.7 1,180,000,000 4,780,000, , ,115.4 (1,955.4) (2,535.3) (7.1) (6.5) 1, , , , , % 8.2% 14

17 2. 1,030,000, ,2241,796 2,067370, ,000331,000St. Regis St. Regis 380,000,000 3,000 2,700,000,000 1,180,000,000 15

18 16

19 , % 53% 54 2,134 24,849 26, Las Vegas Sands Corp. 17

20 18

21 A.2.1 Edward Matthew Tracy Sheldon Gary Adelson Adelson A.2.1Adelson Adelson Edward Matthew Tracy Sheldon Gary Adelson Robert Glen Goldstein 19

22 (David Alec Andrew Fleming) Michael Alan Leven Sheldon Gary Adelson Robert Glen Goldstein Michael Alan Leven Charles Daniel Forman Iain Ferguson Bruce (David Muir Turnbull) Victor Patrick Hoog Antink Steven Zygmunt Strasser Sheldon Gary Adelson Robert Glen Goldstein (1) Michael Alan Leven Charles Daniel Forman Iain Ferguson Bruce (David Muir Turnbull) Victor Patrick Hoog Antink Steven Zygmunt Strasser (1) 20

23 B(1) Victor Patrick Hoog AntinkIain Ferguson Bruce 3.8 XV352 XV Sheldon Gary Adelson 5,657,814,885(L) 70.12% 981,200(L) (4) 0.01% Sheldon Gary Adelson LVS 66,201,340(L) (1) 8.30% 328,729,775(L) (2) 41.23% Robert Glen Goldstein LVS 2,867,508(L) (3) 0.36% LVS 60,000(L) (4) 0.01% Michael Alan Leven LVS 777,036(L) (5) 0.10% Charles Daniel Forman LVS 216,301(L) (6) 0.03% L 21

24 (1) (a) 65,910,537 LVS7(b) 44,287 LVS(c) 246,516 LVS 246,516 13,793Adelson LVS LVS (2) (a) Miriam Adelson93,779,145 LVS (b) Adelson 1,772,576 LVS Adelson (c) Adelson 2,709,026 LVS Adelson(d) Adelson217,902,318 LVS Adelson (e) Adfam Investment Company LLC12,566,710 LVS Adelson Adelson (3) (a) 169,111 LVS7(b) 225,000 LVS(c) 2,473,397 LVS 2,473, ,397 (4) (a) 538,000(b) 443,200 (c) 60,000 LVS 60,000 (5) (a) 767,036 LVS7 407,565 Leven (b) 10,000 LVS 10,000 (6) (a) 206,301 LVS7(b) 10,000 LVS 10,000 (7) LVSLVS LVSLVS LVS XV XV78 XV XV 22

25 XV336 Sheldon Gary Adelson 5,657,814,885(L) 70.12% Las Vegas Sands Corp. 5,657,814,885(L) 70.12% Las Vegas Sands, LLC 5,657,814,885(L) 70.12% Venetian Casino Resort, LLC 5,657,814,885(L) 70.12% LVS (Nevada) International 5,657,814,885(L) 70.12% Holdings, Inc. LVS Dutch Finance CV 5,657,814,885(L) 70.12% LVS Dutch Holding BV 5,657,814,885(L) 70.12% Sands IP Asset Management BV 5,657,814,885(L) 70.12% Venetian Venture Development Intermediate II 5,657,814,885(L) 70.12% L 3.10 XV ,878,991 21,055,661 18,191,459 23

26 (David Alec Andrew Fleming) 130, ,876, ,672, ,746, ,530, ,584, ,671, ,434, ,787, ,538, , , , ,486, ,241, ,058, , ,602, ,238, ,723, ,071, , ,063, , , , , ,300, ,500 32,500 1,518, ,800 1,116, , , , , , ,425 5, , , , , , , , , , , , ,600 1,139, ,775 1,139,400 1,366,100 1,366, , , , , , ,000 1,340, ,700 1,340, ,900 99, , , , , , , ,900 2,602, ,575 2,602,300 3,238, , ,025 3,089,775 2,723, , ,700 2,518,100 1,071, , , , , , ,500 1,063, , , , , , , , , , ,600 1,300,000 1,300,000 24

27 3. 1. (a) (b)(c) (David Alec Andrew Fleming)130,

28 44.8% % 6.0% 3,090,000 1,432, ,

29

30 ,516,594 5,075,255 (1,382,490) (2,169,447) (568,459) (529,555) (268,457) (257,250) (81,948) (183,949) (40,196) (49,932) 6 (429,488) (465,309) 745,556 1,419,813 8,736 9,489 7 (30,459) (38,193) 15 (17,964) 723,833 1,373, ,660 (2,729) 734,493 1,370,

31 ,493 1,370,416 3,352 3, ,845 1,374,

32 4.2 1,200,042 1,143, ,204,694 6,912,974 23,117 20,705 37,700 23,910 29,529 30,506 23,946 21,328 8,519,028 8,152,645 11,976 13, , ,180 7,120 6,538 1,955,421 2,535,315 2,508,553 3,194,946 11,027,581 11,347,

33 ,689 80,677 5,025,669 6,348,670 5,106,358 6,429, ,330 77, ,368,866 3,194,369 26,807 26,504 3,476,003 3,298, ,395,361 1,608, ,041,180 2,910 5, ,769 5,817 2,445,220 1,619,805 5,921,223 4,918,244 11,027,581 11,347,591 63,333 1,575,141 8,582,361 9,727,786 Sheldon Gary Adelson

34 4.2 80,632 87,435 2,180,495 6,317 52,731 7,804 4,034,468 6,449,882 1,370,416 1,370,416 3,823 3,823 3,823 1,370,416 1,374, ,636 6,663 3,866 (3,866) 11,635 11,635 LVS (800,563) (1,800,000) (2,600,563) 80,659 87,435 1,390,434 6,317 60,890 11,627 3,604,884 5,242,246 80,677 87,435 1,397,002 6,317 71,062 4,682 4,782,172 6,429, , ,493 3,352 3,352 3, , , ,499 2,511 (5,472) (5,472) 1,662 (1,662) 13,642 13,642 LVS (2,071,656) (2,071,656) 80,689 87,435 1,401,163 6,317 77,711 8,034 3,445,009 5,106,

35 ,172 1,670,976 (576) (588) (520,933) (389,530) (72,930) (33,930) (5,755) (4,529) ,199 10,158 (588,962) (418,352) 2,511 6, , ,725 (820,188) (819,679) (1,030,161) (2,600,916) (4,350) (4,864) (11,664) (61,751) (28,699) (29,338) (893,274) (2,690,160) (581,064) (1,437,536) 2,535,315 2,943,424 1,170 1,897 1,955,421 1,507, , ,542 1,460, ,243 1,955,421 1,507,

36 Venetian Venture Development Intermediate IIVVDI (II)Las Vegas Sands Corp.LVS 22 3 Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands

37 St. Regis 35

38 4. 1,521,865 2,208,157 1,114,730 1,598, , , , ,913 68,980 66,026 (14,512) (14,028) 3,516,594 5,075,255 EBITDA 526, , , , , , , ,984 7,982 (2,354) 1,096,162 1,737,350 EBITDA EBITDA EBITDA EBITDA 36

39 ,921 75, , ,572 19,986 20,383 18,769 17,339 6,839 6, , ,250 EBITDA EBITDA 1,096,162 1,737,350 (i) (12,303) (10,754) (36,893) (29,292) (18,551) (20,077) (268,457) (257,250) 1,142 1,237 (15,544) (1,386) (15) 745,556 1,419,813 8,736 9,489 (30,459) (38,193) (17,964) 723,833 1,373,145 10,660 (2,729) 734,493 1,370,416 (i) 1,054,000749, ,000 37

40 4. 43,387 44, , ,546 8,179 21,850 13,542 14,788 1,385 1, , , , ,989 3,325,443 3,854,834 4,758,198 4,830,193 1,113,909 1,181, , , , ,253 1,185, ,451 11,027,581 11,347,591 8,314,696 7,956, , ,113 37,700 23,910 8,519,028 8,152,645 38

41 ,998,667 4,571, , ,057 25,558 21, , ,911 74,271 84, , ,923 3,516,594 5,075, , ,519 67,867 78,875 58,657 59,630 30,475 30,957 30,061 26,985 29,649 24,491 22,076 26,888 15,544 1,386 13,790 14, (1,142) (1,237) (1) 7, ,725 63,363 16,273 23, , ,309 (1) 39

42 7. 23,311 25,220 9,961 10,874 2,900 3,072 4,364 2,718 40,536 41,884 (10,077) (3,691) 30,459 38, (2,655) (2,653) (339) (74) (2) ,488 (132) 10,660 (2,729) 16.5% 12% 25% 40

43 /2004VML 167/2008VML 320/2013VML 12% VMLVML VML 9. 41

44 9. 734,493 1,370,416 8,068,344 8,064,183 2,574 8,462 8,070,918 8,072, (i) (i) (i)

45 ,030, ,041, , , ,363 2,071,656 2,600, ,990,000,000 1,030,000, ,070,000,000 1,040,000, ,912,974 6,722, , ,839 (1,820) (20,436) (15,599) (3,305) (57,376) (246,087) (481,722) 4,838 (2,612) 7,204,694 6,912,974 43

46 , , ,306 35, ,125 10, ,205 15, , , ,200, ,700, %55.9% 44

47 ,063,193,845 80,632 2,659, ,065,853,345 80,659 8,067,701,545 80,677 1,219, ,068,920,745 80, ,066 35, , , , , , , , , , ,546 39,356 37,601 17(b) 11,915 4, , ,921 1,475,691 1,685,910 (80,330) (77,566) 1,395,361 1,608,344 45

48 ,276 22, ,327 9, ,262 2, ,201 1,931 28,066 35, ,389,093 3,208,268 72,010 75,500 2,367 3,422 3,463,470 3,287,190 (94,604) (92,821) 3,368,866 3,194,369 3,485 3,545 2,284 2,272 5,769 5,817 3,374,635 3,200,186 46

49 ,287,931 1,351,187 1,531,199 1,241, , ,128 3,374,635 3,200,186 3,270,000,000 3,090,000,000 59,732 2,749,475 1,576, ,886 1,632,027 3,389,093 3,208,268 3,208,268 3,208, , ,725 (820,188) (819,679) 1,736 (647) 3,389,093 3,208,268 47

50 15. VML VML 2,390,000,000VML VML2,000,000,000 VML819,700,000 VML 18,000,000 VML 1,000,000,000VML VML 820,200,000 VML 0.25% 1.125% 1.25% 2.125% 0.25% 1.25% VML VML2.5% VML5.0% VML 12.0% VML VML2,000,000,000 48

51 ,045 82,186 (1,318) (730) 1,060 (3,292) (2,411) 75,495 79, (a) 1,397,421 1,884,478 1,019,442 1,161,299 2,416,863 3,045,777 (b) (i) 3,363 3, ,372 3,762 49

52 16. (b) (ii) 291, , , , , ,385 1,264,638 1,263,940 (c) (d) 1,180,000,000 4,780,000,000 50

53 LVS (a) (i) LVS ,638 1,088 2,587 1,797 LVS 5% (ii) LVS 7,281 9, ,880 7,725 14,256 17,195 LVS 5% 51

54 17. (a) (iii) 5,000,000 4,100,000 LVS 1,500,000400,000 (iv) Las Vegas Sands, LLC 27,300,000 24,400,000 (v) LVS18(d) (e) (b) LVS 3,818 3,305 7, ,915 4,383 52

55 LVS ,642 11,635 (1,197) (283) (1,271) 12,303 10,754 (a) 23, , (1,219) 2.05 (1,143) , ,

56 18. (a) 17, (113) 2.07 (245) , (i) 17, , (2,547) 2.51 (331) , , (i) (b) (i) (ii) (ii) (i) 2, , (1,432) , , (i) (ii) 54

57 (c) 1,432 (700) 732 1,432,000700,095 (i) (ii) 5,500,000 2,900,000 55

58 18. (d) LVS LVS (13) (157) (9) (10) (e) LVS LVS (i) (ii) (i) (ii) (1) (1) (i) (ii) LVS LVS 56

59 5. Sheldon Gary Adelson Robert Glen Goldstein Michael Alan Leven Charles Daniel Forman Iain Ferguson Bruce (David Muir Turnbull) Victor Patrick Hoog Antink Steven Zygmunt Strasser Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue George Town, Grand Cayman KY Cayman Islands L * Victor Patrick Hoog Antink Iain Ferguson Bruce Steven Zygmunt Strasser (David Muir Turnbull) Iain Ferguson Bruce Victor Patrick Hoog Antink Steven Zygmunt Strasser Sheldon Gary Adelson Iain Ferguson Bruce (David Muir Turnbull) Michael Alan Leven Robert Glen Goldstein Victor Patrick Hoog Antink * L2 Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue George Town, Grand Cayman KY Cayman Islands * (David Alec Andrew Fleming)Michael Alan Leven 57

60 M

61 7. EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA LVSEBITDA 14 VML 59

62 LVS EBITDA Four Seasons Hotels LimitedFS Macau Lda. Galaxy Casino Company Limited 60

63 7. 5/2004 6/ LVS Las Vegas Sands Corp. LVS LVS 61

64 MGM Grand Paradise Limited , , , ,134 44,

65 ,224 1,796 2,067 St. Regis VML VML 21 63

66 (i)(ii)vml(iii) (iv) 15,000 VML Venetian Macau Limited VOL VVDIL Venetian Venture Development Intermediate Limited VVDI (II) Venetian Venture Development Intermediate II LVS 64

LVS LVS gov/archives/edgar/data/ / /eh _ex9901.htm lasvegassands.com/releasedetail.cfm?r

LVS LVS  gov/archives/edgar/data/ / /eh _ex9901.htm  lasvegassands.com/releasedetail.cfm?r SANDS CHINA LTD. 金沙中國有限公司 1928 LAS VEGAS SANDS CORP. XIVA 13.09(2)(a) Las Vegas Sands Corp. LVS XIVA 13.09(2)(a) LVS LVS 70.2% LVS 10-Q10-K LVS 1 LVS LVS http://www.sec. gov/archives/edgar/data/1300514/000095014214001593/eh1400902_ex9901.htm

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