2013 澳門威尼斯人 2007年 8月 www.sandschinaltd.com 此年報以再造紙張及環保大豆油墨印製 澳門百利宮 2008年 8月 金沙城中心 2012年 4月 澳門巴黎人 2015年 年 度 報 告 2013 澳門金沙 2004年 5月 澳門金沙 2004年 5月 澳門威尼斯人 2007年 8月 澳門百利宮 2008年 8月 金沙城中心 2012年 4月 澳門巴黎人 2015年 年度報告
1. 4 1.1 4 1.2 4 1.3 12 1.4 14 1.5 20 1.6 24 2. 31 3. 45 3.1 45 3.2 46 3.3 48 3.4 49 3.5 52 3.6 55 4. 59 4.1 59 4.2 60 4.3 60 4.4 63 4.5 65 4.6 66 4.7 70 4.8 71 4.9 73 4.10 75 5. 93 5.1 93 5.2 95 5.3 102 5.4 183 6. 184 7. 185 8. 186
002
9,277 1211,400,0001,500,000 15,000 003
1. 1.1 8,907,900,000 69,079,900,000 6,511,400,000 50,466,600,000 2,396,500,000 18,613,300,00036.8% 6,617,700,000 51,319,600,000 5,230,200,000 40,536,700,000 1,387,500,000 (10,782,900,00026.5% EBITDA 2,900,500,000 22,493,100,000 1,977,700,000 15,328,200,000 922,800,000 7,164,900,00046.7% 2,214,900,00017,176,300,000 1,235,700,0009,577,300,000979,200,0007,599,000,000 79.2% 1,516,500,00011,753,600,00046.4%2,220,700,000 17,221,300,000 1.007.75491.007.7505 1.2 7,400,00020,300 39 DreamWorks Animation SKG, Inc. 004
EBITDA 36.8% 46.7% 79.2% 32.5% 24.9% $6,511 $8,908 30.4% $1,978 $2,900 19.0% $2,215 $1,236 2012 2013 2012 2013 2012 2013 EBITDA 500,000 005
1. (IIFA)110880,000,000 574 3,416922(27%)26% 21%14%12% 668 1,717,000 81396,000(Ali-Frazier) Rihanna-Diamonds World Tour12 900,000,000 006
30% 62,900,000 46,400,000172,400126,800 15,000 Pollstar 140 81396,000 RihannaJustin BieberSuper Junior 1,500,000 360 1,717,000 1,364,00026%1,567,00052150,000 616 007
1. 275,000400 2013 161,000 (MIF)116,00011% 2013(G2E Asia) 2013181,000 (MIECF)(IPIM) 10,000 77,000 2013108,000 68,000 2013 008
Trip Advisor 2013 2013Certificate of Excellence 2013 (Travel + Leisure India and South Asia) TTG2013 2013 (World Travel Awards) 2014 2013NOW Travel Asia Trip Advisor 2013 2013Certificate of Excellence 2013 009
1. (Travel + Leisure China) 2013 2013 (World Travel Awards) 2013 2013 (World Luxury Hotel Awards) 2013 TTG2013 2013 2013NOW Travel Asia 2013 2013Smart Travel Asia 25 2014 2013Wine Spectator Dynasty 8 2013Tatler Dynasty 8 010
Trip Advisor 2013 2013(Certificate of Excellence) 2013NOW Travel Asia 20132014 2013 2013 (Travel + Leisure India and South Asia) 2013 2013 011
1.3 EBITDA 1.33 10,700,000,000 2,214,900,000 1,235,700,000 79.2% EBITDA 2,900,000,000 EBITDA 32.5%8,910,000,000 EBITDA 5,800 012
63,000,000 6,000,000 28,000 Sheldon G. Adelson 013
1.4 Sheldon Gary Adelson 80 Edward Matthew Tracy 61 48 Michael Alan Leven 76 Irwin Abe Siegel 73 Jeffrey Howard Schwartz 54 70 Iain Ferguson Bruce 73 (David Muir Turnbull) 58 46 Victor Patrick Hoog Antink 60 Steven Zygmunt Strasser 65 (David Alec Andrew Fleming) 67 Michael Alan Leven Sheldon Gary Adelson 80Adelson LVS Las Vegas Sands, LLC Sands Hotel and CasinoAdelson Las Vegas Sands, LLCAdelson AdelsonAdelson COMDEX Trade Shows COMDEX/Fall Trade Show COMDEX Adelson (Sands Expo Center) LVS Interface Group Holding Company, Inc. LVS Interface- Group Massachusetts, LLC Adelson 014
Edward Matthew Tracy 61Tracy Tracy Tracy Capital Gaming Capital Gaming Tracy Tracy 12,5003,00024 10Tracy Middex HospitalityTracy Hotel Investors Trust Hotel Investors Trust Tracy Hotel Investors Trust Tracy 48 General Electric Company GE Lighting AsiaGE Consumer Products AsiaGE Consumer & Industrial Asia GE Plastics Greater China Murdoch University Michael Alan Leven 76Leven LevenLVS Las Vegas Sands, LLC Leven LVSLVSLeven Georgia Aquarium Leven Marcus Foundation, Inc. Leven U.S. Franchise Systems, Inc. Microtel Inns & Suites Hawthorn Suites Holiday Inn Worldwide Days Inn of America Americana Hotels Leven 015
1.4 Irwin Abe Siegel 73Siegel LVS Las Vegas Sands, Inc. Siegel Siegel Siegel Siegel Weinstein Hospice Siegel Jeffrey Howard Schwartz 54Schwartz LVS Global Logistic Properties Holding Limited Global Logistic Properties Holding Limited Schwartz ProLogis ProLogisSchwartz ProLogis European Properties EuroNext Schwartz ProLogis ProLogis Schwartz 70 2,000 colourliving Howden Asia Procurement Ltd. MFI Procurement Asia Ltd. Howden Joinery Group Plc Hoctiff Asia Procurement Co. Ltd. Xetra Hochtief Manhattan Bathroom Ltd. Manhattan Shower Limited Manhattan Shower Limited H. W. Turning & Co. Ltd Hong Kong Realty & Trust Co. Ltd. California Southern University 016
Iain Ferguson Bruce 73Bruce 49 KCS Limited Bruce Bruce3.10(2)Bruce (David Muir Turnbull) 58 31 Green Dragon Gas LimitedGreka Drilling Limited 4619 Pacific Alliance Group (Pacific Alliance Equity Partners) Kellogg Graduate School of Management 017
1.4 Victor Patrick Hoog Antink 60 Hoog Antink South Bank Corporation (Property Industry Foundation) Hoog Antink Hoog Antink DEXUS Property Group (ASXDXS) 140 DEXUS Property Group Hoog Antink Westfield Holdings LimitedHoog Antink Greenprint Foundation (Property Council of Australia) (Shopping Centre Council of Australia) McIntosh Securities Limited Allco Finance Group Limited Chase Corporation Limited Hill Samuel LimitedHoog Antink University of Queensland Harvard Business School Hoog Antink 3.10(2)Hoog Antink Steven Zygmunt Strasser 65Strasser28 Strasser(i) Power Efficiency Corporation(ii)Power Efficiency Asia Ltd.Strasser Summit Energy Ventures LLCStrasser (University of Aix-en-Provence)Strasser Michael Alan Leven (David Alec Andrew Fleming) 67Michael Alan Leven Michael Alan Leven 018
Edward Matthew Tracy 61Tracy 48 (David Alec Andrew Fleming) 67Michael Alan Leven 019
1.5 EBITDA VML 600 Bottega Veneta Calvin KleinChanelGucciHermès Louis VuittonMontblancOmegaRalph LaurenTiffanyVictoria s Secret Zara 9,277191,5354,553120 600 1,200 1,800 2,100 12,000 1,600,0002,000,000 020
LVS St. Regis 021
1.5 CotaiShuttle 1415 20,300 39 40042 10 022
11524Maybach 62Bentley Arnage Phantom EWB CotaiShuttle 1697891 510 30CotaiShuttle 58 24 16,400,000 15% 16 LVS18 LVS Sands Aviation, LLC www.cotaiticketing.com 24 023
024 1.6 A B C D E C E B D A
2,841 5,723 360 238 9,162 64 51 115 19 19 1,200,000 323,000 25,000 1,548,000 1,800 650 15,000 923,000 210,000 260,000 16,000 1,409,000 331 91 116 12 550 55 48 8 10 121 385,000 346,000 113,000 260,000 1,104,000 667 466 142 260 1,535 1,953 1,493 178 929 4,553 385,000 6671,953 The Venetian Las Vegas (St. Mark s Square) (Campanile Tower) (Doge s Palace) 28,500,00030,700,000 392,84164 64 2,3008,000 OK 025
1.6 900,000 33050 Calvin KleinCoachDieselEmporio Armani Fossil MangoMassimo DuttiNikeRimowaUniqloVersace Jeans Zara ChopardFranck MullerGlashutte & Blancpain LonginesMontblancOmega RolexPiaget Tiffany & Co. 360 1,200,000 1,600,000 23%15,000 1,800 6361,2243,863 300,000 1,796 2,067 St.Regis 346,0004661,493 16,500,000 026
36019 113,000142178 260,000 10,000,000 1,000,000 11,600,000 5,800,000 289 260,000260 929 027
1.6 St. Regis 028
2,700,000,000 404,600,000 25 4,240,000,000404,600,000 029
030
2. 7,904.6 5,738.6 37.7% 324.4 239.1 35.7% 310.8 226.9 37.0% 153.2 106.5 43.8% 215.0 200.3 7.3% 8,907.9 6,511.4 36.8% 8,907,900,000 6,511,400,000 2,396,500,00036.8% 36.8% 8,907,900,000 7,904,600,000 5,738,600,0002,166,000,00037.7% 1,456,700,000 780,400,000 031
2. 3,385.4 2,605.0 30.0% 7,201.0 4,482.3 60.7% 26.8% 30.6% (3.8) 54,420.4 48,825.4 11.5% 3.32% 3.05% 0.27 4,781.9 4,946.1 (3.3)% 5.5% 5.3% 0.2 2,407.6 950.9 153.2% 5,373.6 1,863.9 188.3% 22.5% 20.8% 1.7 61,073.7 26,046.2 134.5% 2.66% 2.83% (0.17) 5,686.4 2,939.4 93.5% 3.9% 3.5% 0.4 917.1 973.0 (5.7)% 899.6 433.3 107.6% 27.5% 40.8% (13.3) 39,280.5 41,604.5 (5.6)% 2.46% 2.79% (0.33) 900.8 962.5 (6.4)% 5.5% 5.3% 0.2 1,194.5 1,209.8 (1.3)% 3,488.9 2,872.5 21.5% 19.8% 21.0% (1.2) 23,242.6 25,184.6 (7.7)% 2.77% 3.14% (0.37) 2,699.2 2,476.7 9.0% 3.9% 4.3% (0.4) 324,400,000 239,100,00085,300,00035.7% 310,800,000 226,900,00083,900,00037.0% 032
230.8 224.2 2.9% 91.3% 91.9% (0.6) 243 237 2.5% 222 218 1.8% 236.8 83.8 182.6% 78.5% 83.4% (4.9) 155 155 % 121 129 (6.2)% 43.6 39.8 9.5% 85.3% 80.1% 5.2 373 362 3.0% 318 290 9.7% 25.1 24.4 2.9% 96.1% 95.3% 0.8 252 245 2.9% 242 234 3.4% 033
2. 153,200,000 106,500,00046,700,00043.8% 215,000,000 200,300,00014,700,0007.3% 034
4,935.8 3,709.7 33.1% 37.8 32.5 16.3% 76.0 56.5 34.5% 128.3 98.6 30.1% 203.7 197.3 3.2% 56.6 58.2 (2.7)% 581.2 391.2 48.6% 61.7 52.5 17.5% 11.8 141.6 (91.7)% 499.3 354.0 41.0% 6.3 (6.1) (203.3)% 143.6 (100.0)% 19.0 0.1 18,900.0% 0.2 0.4 (50.0)% 6,617.7 5,230.2 26.5% 6,617,700,000 5,230,200,0001,387,500,00026.5% 035
2. 4,935,800,000 3,709,700,0001,226,100,00033.1% 37,800,000 32,500,0005,300,00016.3% 76,000,000 56,500,00019,500,00034.5% 128,300,000 98,600,00029,700,00030.1% 581,200,000 391,200,000190,000,00048.6% 61,700,000 52,500,0009,200,00017.5% 11,800,000 141,600,000 036
EBITDA 25.5% 1,977,700,000 499,300,000 354,000,000145,300,00041.0% 6,300,000 6,100,000 143,600,000 100,700,000 42,900,000 19,000,000 100,00018,900,000 037
2. EBITDA (1) 1,500.7 1,143.9 31.2% 737.9 212.8 246.8% 304.7 287.9 5.8% 361.7 349.7 3.4% (4.6) (16.6) 72.3% EBITDA 2,900.5 1,977.7 46.7% EBITDA2,900,500,000 1,977,700,000 922,800,00046.7% EBITDA EBITDA 46.7% 2,900,500,000 (1) EBITDA EBITDA EBITDA EBITDA 038
92.3 107.7 (14.3)% (5.4) (50.2) (89.2)% 86.9 57.4 51.4% 86,900,000 57,400,000 5,400,000 50,200,00014.3%92,300,000 VML 2,214,900,000 1,235,700,000 979,200,00079.2% 1,516,500,00046.4% 2,220,700,000 79.2% 2,214,900,000 VML US Finance LLC VML VML3,700,000,0003,200,000,000 VML500,000,000 VML 2,940,000,000 039
2. 3,078.7 1,900.6 (597.8) (986.3) (1,481.3) (1,466.6) 999.6 (552.3) 1,948.4 2,491.3 (4.6) 9.4 2,943.4 1,948.4 3,078,700,0001,900,600,000 1,178,100,00062.0% 597,800,000 609,900,000 470,900,000139,000,000 1,481,300,000 1,381,500,00062,700,00048,800,000 040
96.2 111.7 261.2 815.7 15.0 27.7 26.5 25.0 1.3 1.2 (1) 209.7 20.1 609.9 1,001.4 (1) St. Regis 404,600,000 2,700,000,000 041
2. 1,227.4 190.8 2,031.3 553.1 3,258.7 743.9 0.870.1120.77 0.099 13,230,000,0001,710,000,000 0.860.111 6,940,000,000893,600,000 7,040,000,0007,240,000,000 042
4,240,000,000404,600,000 043
044
3. 3.1 0.0116,000,000,000 0.018,063,193,845 1 1,000 504 70.69% 230,482 0.0029% 1,001 5,000 162 22.72% 342,000 0.0042% 5,001 10,000 16 2.24% 133,200 0.0017% 10,001 100,000 29 4.07% 865,469 0.0107% 100,001 1,000,000 0 0% 0 0% 1,000,000 2 0.28% 8,061,622,694 99.9805% 713 100.00% 8,063,193,845 100.0000% 47.09% Venetian Venture Development Intermediate II VVDI(II) 70.2% 29.8% 0.0% 100.0% 045
3. EBITDA LVS 2,214,900,0001,235,700,000 79.2%27.492.13 15.351.1979.1% 185 3.2 3,700,000,000 3,200,000,000500,000,000 VMLVOL 27 046
Venetian Venture Development Intermediate II (VVDI(II)) 70.2% 29.8% 79.1% 15.35 27.49 2012 2013 047
3. 3.3 048
3.4 4,20044 30 1,000 364 25,500 13,000 56 38028 100 130 12 049
3. 360 o 40 3,480 Kaizen Kaizen 050
3107(Do s & Don ts) 170,000 20,000 1 13,000 2. 3. 25,000 30 25,872 38 48%52% 61 2,365 25,872 28,237 051
3. 3.5 20080,000,000 1)2)3)4)5) TTG Trip Advisor2013 2518 15,500 052
690,000100 20048,000,000 7,000,000 120,000 380 150 2,200 Nick Vujicic Dócis 053
3. 30 420 4,60011 30 3,000500,000 250 500 250500 054
4,000 (International Gaming Institute)Las Vegas Sands Corp. 70 450,000 3.6 14.5% 6,200,000 055
3. 2013 2013 2013 4 5 27 2013 935% 360 1002,400 056
(LED) 360 o Las Vegas Sands Corp. http://www.sands.com/sands-eco-360/our-vision/ 37 85% 17.5 100 057
058
4. 4.1 Sheldon G. Adelson 059
4. 1. 2. 3. 4. 5. 6. 7. 8. 4.2 4.3 D.3.1 060
666770 1419 Steven Zygmunt Strasser 061
4. D.3.1 062
Edward Matthew Tracy Sheldon Gary Adelson Michael Alan Leven Jeffrey Howard Schwartz Irwin Abe Siegel Iain Ferguson Bruce (David Muir Turnbull) Victor Patrick Hoog Antink Steven Zygmunt Strasser (David Alec Andrew Fleming)Michael Alan Leven 4.4 063
4. LVS LVS 064
4.5 Sheldon Gary Adelson 9/11 / / 2/2 / 1/1 0/1 Edward Matthew Tracy 10/11 / / / 1/3 1/1 1/1 11/11 / / / / 1/1 1/1 Michael Alan Leven 6/11 / / / 3/3 1/1 0/1 Irwin Abe Siegel 11/11 11/11 / / / 0/1 0/1 Jeffrey Howard Schwartz 10/11 / 4/4 / 3/3 1/1 0/1 10/11 10/11 3/4 / / 1/1 0/1 Iain Ferguson Bruce 11/11 11/11 4/4 2/2 / 1/1 0/1 (David Muir Turnbull) 8/11 / 3/4 2/2 / 1/1 0/1 11/11 10/11 / / / 1/1 0/1 Victor Patrick Hoog Antink 11/11 11/11 4/4 / 3/3 1/1 1/1 Steven Zygmunt Strasser (1) 6/6 / / / / / 0/1 David Alec Andrew Fleming Michael Alan Leven 0/11 / / / / / 1/1 (1) 065
4. LVS Steven Zygmunt Strasser Michael Alan Leven LVS 4.6 066
Iain Ferguson Bruce Victor Patrick Hoog AntinkIrwin Abe SiegelIain Ferguson BruceVictor Patrick Hoog AntinkIrwin Abe Siegel 65 067
4. (David Muir Turnbull)Iain Ferguson BruceVictor Patrick Hoog AntinkJeffrey Howard Schwartz 65 068
VML Edward Matthew Tracy VML 7 Sheldon Gary AdelsonIain Ferguson Bruce (David Muir Turnbull) 65 A.5.2 Steven Zygmunt Strasser 069
4. 1001,000 Michael Alan LevenJeffrey Howard SchwartzVictor Patrick Hoog Antink Edward Matthew Tracy 65 4.7 404 070
4.8 (www.sandschinaltd.com) 68 18354 071
4. 2121 10 18354 1,000 (i)(ii) L2 072
4.9 13.51B(1) Sheldon Gary AdelsonMichael Alan Leven75,000100,000 Michael Alan Leven25,000 30,000 900,00080% 443,200 (David Alec Andrew Fleming) (David Alec Andrew Fleming)(Michael Alan Leven 900,00080% 432,000 13.51B(1) 10 073
4. 45LVS LVS 13.09(2)(a) LVS 10 Q 13.09(2)(a)10 Q 14,500,0011,871,000 15,000,0001,935,000 1 15,500,0012,000,000 16,000,0002,065,000 1 38,500,0014,968,000 39,000,000 5,032,000 1 3 9394 2,018 67 2,085 074
4.10 95182 0.870.77 0.86 2.5 24 6,369,300,000 100 1314 3,229,700,0003,260,600,000 27 5,400,00050,200,0009 075
4. 1,400,0001,000,000 183 Edward Matthew Tracy Sheldon Gary Adelson Michael Alan Leven Jeffrey Howard Schwartz (1) Irwin Abe Siegel (2) (3) Iain Ferguson Bruce (David Muir Turnbull) Victor Patrick Hoog Antink Steven Zygmunt Strasser (David Alec Andrew Fleming) Michael Alan Leven (1) Jeffrey Howard Schwartz (2) Irwin Abe Siegel (3) 076
Sheldon Gary Adelson (4) Edward Matthew Tracy (3) Michael Alan Leven (2) Jeffrey Howard Schwartz (7) (1) (2) Irwin Abe Siegel (8) (1) (8) (5) (5) Iain Ferguson Bruce (1) (1) (4) (1) (David Muir Turnbull) (1) (4) Victor Patrick Hoog Antink (5) (5) (5) Steven Zygmunt Strasser (6) (1) (2) (3) (4) (5) (6) (7) (8) 077
4. 13.69 Michael Alan Leven 7 XV352 XV Sheldon Gary Adelson 5,657,814,885(L) 70.2% 1,101,200(L) (5) 0.01% 1,244,900(L) (7) 0.02% (David Alec Andrew Fleming) (Michael Alan Leven Edward Matthew Tracy 1,000,000(L) (8) 0.01% Sheldon Gary Adelson LVS 65,950,043(L) (1) 8.06% 340,469,352(L) (2) 41.59% Jeffrey Howard Schwartz LVS 87,257(L) (3) 0.01% Irwin Abe Siegel LVS 37,000(L) (4) 0.00% LVS 60,000(L) (5) 0.01% Michael Alan Leven LVS 1,389,077(L) (6) 0.17% Edward Matthew Tracy LVS 78(L) (8) 0.00% L 078
(1) (a)65,736,640lvs9(b)54,232lvs(c)159,171lvs159,171 AdelsonLVSLVS (2) (a)miriam Adelson77,726,847LVS(b)Adelson 221,017,850LVSAdelson(c)Adelson 28,576,806LVSAdelson(d)Adelson 581,139LVSAdelson(e) Adfam Investment Company LLC12,566,710LVS Dr. AdelsonAdelson (3) (a)63,171lvs9(b)1,307lvs(c)22,779lvs22,779 (4) (a)14,343lvs9(b)1,307lvs(c)21,350lvs21,350 15,100 (5) (a)408,000(b)443,200(c)250,000250,000 (d)60,000lvs60,00057,500 (6) (a)319,077lvs9207,565leven (b)300,000lvs(c)770,000lvs770,000 (7) (a)400(b)432,000(c)812,500812,500 520,000 (8) (a)1,000,000(b)78lvs (9) LVS LVSLVSLVS XV XV78 XV 352 079
4. 18 XV XV336 Sheldon Gary Adelson 5,657,814,885(L) 70.2% Las Vegas Sands Corp. 5,657,814,885(L) 70.2% Las Vegas Sands, LLC 5,657,814,885(L) 70.2% Venetian Casino Resort, LLC 5,657,814,885(L) 70.2% LVS (Nevada) International 5,657,814,885(L) 70.2% Holdings, Inc. LVS Dutch Finance CV 5,657,814,885(L) 70.2% LVS Dutch Holding BV 5,657,814,885(L) 70.2% Sands IP Asset Management BV 5,657,814,885(L) 70.2% Venetian Venture Development Intermediate II 5,657,814,885(L) 70.2% L XV336 14 20.4%17.6% 6.9%5.4% 080
18.3%16.4% 6.0%4.0% 5% LVS LVS LVS LVS LVS LVS LVSLVSLVS LVS LVSLVS 5,800,0006,900,000 I. 14A.33 1. 2. 3. LVS 4. LVS 5. 081
4. II. 14A.34 LVS14A.34 14A.34 1. LVS LVS LVS LVS 4,300,0005,800,0006,900,000 0.1% 5% 14A 14A.35(1) 14A.35(2) LVSLVS 0.1%14A 2. LVS LVS LVS 082
LVS 19,500,00021,500,00023,700,000 0.1% 5%14A 14A.35(1)14A.35(2) LVS LVSLVS 0.1%14A Las Vegas Sands, LLCSCL IP Holdings, LLCLas Vegas Sands, LLCSCL IP Holdings, LLC Las Vegas Sands, LLC (a) (b) 12VML VML LVS LVS 083
4. (a) 1.5% 1.5%1.5% 20,000,000(b) 20.0% 24.0 28.8 34.6 41.5 49.8 59.7 71.7 86.0 103.2 123.8 (a) 1.5% 20,000,000 (b) 20.0% 20.0 20.0 20.0 24.0 28.8 34.6 41.5 49.8 59.7 71.7 86.0 084
(a) 1.5% 20,000,000(b) 20.0% 1 2 3 4 5 6 7 8 9 10 20.0 20.0 20.0 24.0 28.8 34.6 41.5 49.8 59.7 71.7 LVSLVS (1) (1) (1) (2) 4.3 5.8 (3) 5.8 10.5 13.1 (3) 21.5 40 44 44 085
4. (1) 14A.33 (2) 220 (3) LVS14A LVS 4.3 5.8 6.9 LVS 19.5 21.5 23.7 14A.383000 740 14A.38 32 14A 086
(i) (ii) (iii) (i)(iii)1,162,500 10% 30% 804,786,508 10%766,793,001 9.51% 3,238,800763,788,201 9.47% 12 1% 087
4. 10 (i) (ii) 5 (iii) 5 48,474,491 15,328,76115,538,684 088
Edward Matthew Tracy (David Alec Andrew Fleming) 800,000 12.28 11.90 200,000 15.38 14.72 325,000 24.05 24.20 260,000 29.29 28.45 1,000,000 12.40 12.10 910,000 17.10 16.84 130,000 24.05 24.20 16,876,100 12.40 12.10 2,500,000 11.83 11.30 330,000 11.47 11.08 750,000 12.28 11.90 2,672,500 14.00 14.32 150,000 15.38 14.72 2,746,300 19.34 19.14 2,530,591 22.50 21.40 1,584,400 23.25 22.80 2,671,000 21.00 20.95 1,434,500 29.00 29.25 1,000,000 29.00 29.25 1,787,100 28.91 28.90 1,538,100 27.59 27.50 845,000 29.20 28.50 585,100 32.25 31.65 312,000 34.05 34.05 1,486,800 37.50 36.50 1,241,900 41.03 40.45 1,058,500 47.55 47.65 749,600 54.72 54.70 400,000 400,000 400,000 43.65 100,000 100,000 100,000 43.65 325,000 243,750 325,000 45.35 260,000 260,000 260,000 45.35 500,000 250,000 250,000 250,000 43.52 682,500 227,500 682,500 130,000 32,500 130,000 5,461,550 1,944,375 600,500 1,940,625 2,920,425 42.54 82,500 41,250 41,250 41,250 48.15 750,000 187,500 187,500 562,500 46.10 703,500 252,750 102,775 600,725 54.73 150,000 75,000 75,000 46.40 1,451,375 441,200 505,925 945,450 40.07 1,560,615 447,397 116,500 554,644 889,471 45.02 1,263,050 396,100 258,750 380,975 623,325 46.41 2,197,850 618,725 200,200 720,325 1,277,325 51.80 1,238,400 309,600 182,025 256,200 800,175 44.04 1,000,000 666,667 333,333 666,667 46.10 1,787,100 446,775 195,000 335,700 1,256,400 40.85 1,538,100 384,525 172,000 1,366,100 45.21 845,000 130,000 325,000 130,000 390,000 47.55 585,100 146,275 585,100 312,000 78,000 312,000 1,486,800 1,486,800 1,241,900 1,241,900 1,058,500 1,058,500 749,600 749,600 089
4. 1. (a) (b)(c) 2. 34 3. 1,000,000100% 4. Edward Matthew Tracy 800,000 12.28 200,000 15.38 325,000 24.05 260,000 29.29 2.63 090
67.7% 6.3 0.7% 3.1% 0.77 2,608,400 183171712 1716 091
4. 59 Sheldon G. Adelson 092
5.1 95182 093
5.1 094
5.2 5 8,907,859 6,511,374 (3,846,069) (2,859,298) (90,400) (69,085) 7 (911,000) (761,546) (499,339) (354,021) (373,675) (330,025) 8 (897,256) (856,236) 2,290,120 1,281,163 5 13,591 15,547 9 (86,925) (57,435) 27 (1,752) 2,216,786 1,237,523 10 (1,904) (1,842) 2,214,882 1,235,681 11 27.49 15.35 11 27.46 15.34 102182 095
5.2 2,214,882 1,235,681 (1,908) 11,956 2,212,974 1,247,637 102182 096
5.2 13 891,230 913,126 14 6,722,586 6,656,730 16 20,147 16,202 17 195 153 18 183 19 32,561 36,119 20 15,392 12,196 7,682,111 7,634,709 22 13,361 15,069 20 820,926 784,808 18 15 21 5,663 4,479 23 2,943,424 1,948,414 3,783,389 2,752,770 11,465,500 10,387,479 097
5.2 24 80,632 80,554 25 6,369,250 5,505,572 6,449,882 5,586,126 26 59,618 35,542 27 3,022,903 3,211,668 3,082,521 3,247,210 26 1,724,343 1,503,274 1,968 1,953 27 206,786 48,916 1,933,097 1,554,143 5,015,618 4,801,353 11,465,500 10,387,479 1,850,292 1,198,627 9,532,403 8,833,336 Edward Matthew Tracy 102182 098
5.2 31 1,617,713 1,600,187 32(b) 192,302 187,456 1,810,015 1,787,643 20 427,861 381,370 23 81,968 105,046 509,829 486,416 2,319,844 2,274,059 24 80,632 80,554 25 2,225,935 2,165,268 2,306,567 2,245,822 26 13,277 28,237 13,277 28,237 2,319,844 2,274,059 496,552 458,179 2,306,567 2,245,822 Edward Matthew Tracy 102182 099
5.2 25(a)(i) 25(a)(ii) 80,493 87,435 2,131,283 6,315 45,652 (2,244) 3,166,838 5,515,772 1,235,681 1,235,681 11,956 11,956 11,956 1,235,681 1,247,637 1 (1) 61 11,511 11,572 7,434 (7,434) (103) 103 10,594 10,594 LVS 2,039 2,039 (1,201,488) (1,201,488) 80,554 87,435 2,150,228 6,316 50,748 9,712 3,201,133 5,586,126 2,214,882 2,214,882 (1,908) (1,908) (1,908) 2,214,882 2,212,974 1 (1) 78 19,296 19,374 10,971 (10,971) 12,470 12,470 LVS 484 484 12 (1,381,546) (1,381,546) 80,632 87,435 2,180,495 6,317 52,731 7,804 4,034,468 6,449,882 102182 100
5.2 29 3,080,625 1,902,790 (1,919) (2,159) 3,078,706 1,900,631 (1,186) (1,022) (601,023) (989,241) (8,902) (12,110) 168 1,138 13,133 14,930 (597,810) (986,305) (40) (532) 19,374 11,572 (140,336) (1,381,546) (1,201,488) (48,827) (46,013) (7,475) (965) (62,744) (88,870) (1,481,258) (1,466,632) 999,638 (552,306) 1,948,414 2,491,284 (4,628) 9,436 23 2,943,424 1,948,414 928 945 2,354 7,930 102182 101
5.3 1. Venetian Venture Development Intermediate IIVVDI (II)Las Vegas Sands Corp.LVS 223 Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands 18354 2. (a) 4 102
2. (b) 1027 12 10 a)b)c) 10 (c) (i) 31 103
5.3 2. (c) (ii) (iii) (d) 104
2. (e) (i) (ii) (iii) 105
5.3 2. (e) (iii) (f) 1540 (g) 3 1540 20 320 56 106
2. (g) (h) (i) (i) (ii) (j) 107
5.3 2. (k) (i) (ii) 108
2. (k) (i) (ii) 109
5.3 2. (k) 2(m) (l) (m) (n) (o) 110
2. (p) (q) 2(g) (r) (i) 111
5.3 2. (r) (ii) (iii) 35%4% 112
2. (s) (i) 5% 30%100% (ii) (1) (2) LVS LVS Las Vegas Sands Corp. LVS 113
5.3 2. (s) (ii) (iii) (iv) (v) 114
2. (s) (vi) (t) (u) (v) 115
5.3 2. (w) (i) (ii) (iii) (iv) (v) (vi) (vii) 116
2. (w) (viii) (ix) (x) (xi) LVS (xii) (x) (y) 117
5.3 2. (z) (i) (ii) (iii) (aa) 118
3. (a) (i) 507,500,0007,500,000 506,900,000 6,900,000 501,600,000 1,600,000 505,200,000 5,100,000 119
5.3 3. (a) (i) 1% 14,600,000 14,900,0001% 17,400,0007,600,000 (ii) 120
3. (a) (ii) 27.9%31.5% 20 (iii) VML US Finance LLCVMLF VML VMLVML EBITDAVML 4.01.03.51.0 3.01.0 121
5.3 3. (a) (iii) 255,163 968,558 2,111,301 3,335,022 5,249 5,249 15,748 221,160 247,406 2,625 2,236 3,517 8,378 1,261,527 10,406 30,583 4,312 1,306,828 56,394 256,481 3,083,614 3,396,489 49,696 5,249 15,748 226,409 297,102 2,073 1,713 4,039 7,825 1,184,439 5,824 18,674 3,630 1,212,567 13,071 13,071 27,787 27,787 (b) 2425 122
3. (b) 3,139,593 3,124,014 (2,943,424) (1,948,414) (5,663) (4,479) 190,506 1,171,121 6,449,882 5,586,126 6,640,388 6,757,247 2.9% 17.3% (c) 1 12 3 123
5.3 3. (c) 1 2 3 15 15 183 183 15,000183,000 12 4. (a) 124
4. (a) 4,240,000,000404,600,000 (b) (c) 36 (d) 125
5.3 4. (e) 37 (f) LVS LVS 126
5. 7,904,565 5,738,609 284,468 208,652 39,920 30,421 310,757 226,864 153,182 106,484 214,967 200,344 8,907,859 6,511,374 13,591 15,547 8,921,450 6,526,921 6. 127
5.3 6. 3,834,998 3,025,498 2,678,763 1,045,244 1,061,332 1,083,309 1,226,919 1,242,804 128,757 133,409 (22,910) (18,890) 8,907,859 6,511,374 EBITDA 1,500,735 1,143,882 737,920 212,800 304,709 287,914 361,696 349,723 (4,606) (16,645) 2,900,454 1,977,674 EBITDA EBITDA EBITDA EBITDA 128
6. 142,812 146,038 263,871 112,020 45,572 50,110 33,020 31,695 14,055 14,158 9 499,339 354,021 EBITDA EBITDA 2,900,454 1,977,674 LVS (i) (12,026) (11,688) (a) (61,670) (52,528) (b) (11,789) (140,800) (499,339) (354,021) 566 (6,315) 6,118 (143,649) (18,987) (96) (208) (413) 2,290,120 1,281,163 13,591 15,547 (86,925) (57,435) (1,752) 2,216,786 1,237,523 (1,904) (1,842) 2,214,882 1,235,681 (i) 27,000848,000 129
5.3 6. (a) 32(a)(v) 44,000 40,000 32(a)(ii) 7,298 4,650 482 343 9,407 7,095 483 440 61,670 52,528 (b) 2,797 11,602 2,020 69,352 1,581 5,693 1,149 17,371 32(a)(ii) 705 2,925 397 12,817 2,146 5,469 994 15,571 11,789 140,800 130
6. 96,204 111,728 261,232 815,683 15,009 27,748 26,491 24,958 1,292 1,160 209,697 20,074 609,925 1,001,351 4,350,700 3,226,597 4,731,217 4,890,665 1,295,093 1,359,310 385,450 416,660 298,385 349,509 404,655 144,738 11,465,500 10,387,479 7,497,681 7,437,778 184,235 196,595 195 153 183 7,682,111 7,634,709 131
5.3 7. 797,391 662,956 49,942 42,360 28,575 22,921 12,026 11,688 23,066 21,621 911,000 761,546 LVS 33 484 2,039 33 12,470 10,594 (928) (945) 12,026 11,688 (a) 4,700,0004,300,000 3,800,0002,900,000 1,400,000900,000 132
7. (b) (1) Edward Matthew Tracy (2) 1,526 1,614 70 3,211 1,773 4,984 837 739 38 1,614 298 1,912 Sheldon Gary Adelson Michael Alan Leven Jeffrey Howard Schwartz (3) 88 88 88 Irwin Abe Siegel (4) 88 88 88 (5) 88 88 88 Iain Ferguson Bruce 115 115 115 88 88 88 (David Muir Turnbull) 115 115 115 Victor Patrick Hoog Antink 88 88 88 Steven Zygmunt Strasser (6) 56 56 56 724 2,364 2,353 109 5,549 2,071 7,620 133
5.3 7. (b) (1) Edward Matthew Tracy (2) 916 1,543 60 2,519 601 3,120 751 521 34 1,306 270 1,576 Sheldon Gary Adelson Michael Alan Leven Jeffrey Howard Schwartz 75 75 75 Irwin Abe Siegel 75 75 75 75 75 75 Iain Ferguson Bruce 100 100 100 75 75 75 (David Muir Turnbull) 100 100 100 Victor Patrick Hoog Antink 5 5 5 505 1,667 2,064 94 4,330 871 5,201 (1) (2) Edward Matthew Tracy (3) Jeffrey Howard Schwartz (4) Irwin Abe Siegel (5) (6) Steven Zygmunt Strasser Sheldon Gary Adelson Michael Alan LevenLVS 600,000200,000300,000600,000 134
7. (c) 2,400 2,426 1,689 1,712 97 112 1,397 1,497 5,583 5,747 8,500,0011,097,000 9,000,0001,161,000 1 9,000,0011,161,000 9,500,0001,226,000 1 14,000,0011,806,000 14,500,0001,871,000 1 15,500,0012,000,000 16,000,0002,065,000 1 18,000,0012,323,000 18,500,0002,387,000 1 21,500,0012,774,000 22,000,0002,839,000 1 3 3 135
5.3 8. (a) 3,846,069 2,859,298 90,400 69,085 911,000 761,546 499,339 354,021 373,675 330,025 (i) 897,256 856,236 6,617,739 5,230,211 (i) 224,505 194,064 116,328 80,367 99,800 89,683 56,601 58,213 53,438 38,113 48,654 42,733 32(a)(ii) 47,070 33,502 28,304 19,366 18,987 96 6,315 (6,118) 2,085 1,375 (1) 397 12,817 208 413 (2) 143,649 119,119 83,885 75,445 64,078 897,256 856,236 (1) (2) 143,600,000 100,700,000 42,900,000 136
8. (b) 4,935,792 3,709,710 37,766 32,487 75,970 56,452 128,333 98,572 203,693 197,311 56,601 58,213 581,249 391,229 61,670 52,528 11,816 141,648 499,339 354,021 6,315 (6,118) 143,649 18,987 96 208 413 6,617,739 5,230,211 9. 56,324 70,057 24,435 24,133 7,563 9,706 3,967 3,777 92,289 107,673 (5,364) (50,238) 86,925 57,435 2.3%2.4%2.3%3.2% 137
5.3 10. 1,802 1,802 232 189 (25) (88) (1) 17 (42) (123) 1,904 1,842 (a) 32,0004,000300,00037,500 3%9%12% 32,000 4,000300,00037,500300,00037,500 12% 32,0004,000200,000 20,000100,00012,5009% 12% 250/2004VML 167/2008VML 320/2013 VML 12% (b) VMLVML VML 10(a) 138
10. (c) 16.5% 2,216,786 1,237,523 485,912 348,848 (i) (1,220,640) (919,740) (i)(ii) 664,937 488,428 (7,628) (8,847) 13,726 77,068 75,931 1,802 1,802 453 1,694 1,904 1,842 (i) VML10(a)VML VCLVOL(ii) (ii) 19/78/MaVMLVCLVOL 22%28% 139
5.3 11. (a) 2,214,882 1,235,681 8,058,505 8,051,324 8,156 6,020 8,066,661 8,057,344 27.49 15.35 (i) 213.18 118.97 27.46 15.34 (i) 212.95 118.89 140
11. (b) 2,214,882 1,235,681 5,844 137,151 143,649 2,220,726 1,516,481 8,058,505 8,051,324 27.56 18.84 (i) 213.73 146.02 8,066,661 8,057,344 27.53 18.82 (i) 213.49 145.86 (i) 1.007.75491.007.7505 141
5.3 12. 0.870.112 905,118 0.770.099 801,082 0.860.111 893,604 0.670.086 696,366 0.660.085 685,180 2,599,804 1,381,546 0.870.1120.77 0.099 13,230,000,0001,710,000,000 0.860.111 6,940,000,000893,600,000 13. 913,126 747,126 12,889 14,700 (1,104) 4,036 (11,535) 9,588 169,821 (31,006) (25,642) (728) 3,085 891,230 913,126 142
13. 1,033,320 1,024,210 (142,090) (111,084) 891,230 913,126 CBRE Pte. Ltd. 5,418,000 4,284,000 3 324,388 239,073 35,622 31,583 1,948 2,292 143
5.3 14. 628,860 146,871 2,673,434 6,433 20,198 249,535 698,484 3,035,511 7,459,326 (32,162) (40,670) (528,128) (5,708) (12,932) (41,668) (548,372) (1,209,640) 596,698 106,201 2,145,306 725 7,266 207,867 150,112 3,035,511 6,249,686 596,698 106,201 2,145,306 725 7,266 207,867 150,112 3,035,511 6,249,686 1,760 937 26,843 11 13,233 49 191,483 778,358 1,012,674 (5,010) (13) 224 (4,799) (93) (244) (606) (291) (1,234) (14,519) 70,053 2,362,501 363 160,402 (2,748,621) (169,821) (12,313) (2,774) (100,743) (115,830) (10,179) (12,045) (183,908) (424) (4,449) (12,485) (101,596) (325,086) (1,136) 283 6,224 (6) 18 577 5,180 11,140 572,624 165,429 4,339,550 669 15,824 195,431 397,585 969,618 6,656,730 614,965 218,251 5,065,527 6,829 31,656 249,584 1,028,187 969,618 8,184,617 (42,341) (52,822) (725,977) (6,160) (15,832) (54,153) (630,602) (1,527,887) 572,624 165,429 4,339,550 669 15,824 195,431 397,585 969,618 6,656,730 572,624 165,429 4,339,550 669 15,824 195,431 397,585 969,618 6,656,730 738 845 28,321 65 7,753 63,924 446,358 548,004 152 (420) 1,816 1,548 (62) (1,900) (25) (8) (647) (4,978) (7,620) 40,174 860,762 15 1,593 56,473 (968,605) (9,588) (13,552) (16,942) (276,608) (396) (5,050) (12,487) (138,341) (463,376) 185 (123) (3,075) (10) (6) (284) 201 (3,112) 559,995 189,473 4,946,630 343 20,089 182,936 380,526 442,594 6,722,586 615,888 259,203 5,948,308 6,781 40,744 249,574 1,131,003 442,594 8,694,095 (55,893) (69,730) (1,001,678) (6,438) (20,655) (66,638) (750,477) (1,971,509) 559,995 189,473 4,946,630 343 20,089 182,936 380,526 442,594 6,722,586 95,400,000 50,200,00021,400,00015,800,000 144
14. 10,296 8,358 (2,307) (1,209) 7,989 7,149 25 5.0% 28(a) VML 27(a) 44,500,000 42,300,000 145
5.3 15. 18 15 15 32(b) 192,302 20 780,373 780,373 427,746 21 5,663 5,663 23 2,943,424 2,943,424 81,968 19 1,286 1,286 15 3,730,746 3,730,761 702,016 18 183 183 32(b) 187,456 20 749,446 749,446 381,247 21 4,479 4,479 23 1,948,414 1,948,414 105,046 19 1,951 1,951 183 2,704,290 2,704,473 673,749 26 1,306,828 13,071 27 3,229,689 4,536,517 13,071 26 1,212,567 27,787 27 3,260,584 4,473,151 27,787 146
16. 171 21,199 39,083 60,453 (109) (14,358) (14,162) (28,629) 62 6,841 24,921 31,824 62 6,841 24,921 31,824 12,110 12,110 (95) (24,339) (24,434) (12) (2,715) (566) (3,293) 11 (16) (5) 50 16,152 16,202 171 33,358 33,529 (121) (17,206) (17,327) 50 16,152 16,202 50 16,152 16,202 9,606 9,606 (686) (686) (10) (4,947) (4,957) (18) (18) 40 20,107 20,147 171 42,252 42,423 (131) (22,145) (22,276) 40 20,107 20,147 147
5.3 17. 18 12 30 23 100 123 41 12 100 153 17 (1) 26 42 58 11 126 195 244,605 191,539 32,432 42,292 277,037 233,831 1,983,800,0001,546,500,000 145,500,000131,200,000 1,838,300,0001,415,300,000 148
18. 27 1,600,000,0001,680,000,000 8 19. 24,529 24,543 (16,441) (14,654) 12,760 12,162 (11,024) (10,594) 7,375 6,379 (3,647) (3,267) 1,286 1,951 17,723 19,599 32,561 36,119 886 894 214 175 186 178 704 1,286 1,951 149
5.3 20. 936,353 874,422 (171,957) (140,231) (a) 764,396 734,191 12,927 13,028 87 52 32(b) 1,226 1,216 32(c) 3,050 2,227 426,433 379,979 15,977 15,255 427,746 381,247 35,714 30,296 115 123 118,081 108,724 (96,119) (79,380) (1,731) (12,082) 55,945 47,558 115 123 836,318 797,004 427,861 381,370 (774) (14,618) (12,196) (15,392) (12,196) 820,926 784,808 427,861 381,370 150
20. 734,139 717,370 86 45 42,633 29,647 1 4 3,597 2,410 427,659 381,198 4 19 780,373 749,446 427,746 381,247 (a) 0 30 705,837 673,102 31 60 19,557 23,295 61 90 15,728 20,571 90 23,274 17,223 764,396 734,191 715 151
5.3 20. (a) 790,000,000 728,300,000 177,100,000127,900,000 612,900,000600,400,000 612,900,000 600,400,000 44.2%45.5% 3(a)(ii) 85,700,00075,800,000 1 30 28,849 30,704 31 60 21,993 21,709 61 90 6,170 5,930 90 28,677 17,475 85,689 75,818 152
20. (a) 179,400,000 157,300,000142,100,000117,700,000 1 30 3,356 269 31 60 6,264 21,987 61 90 5,272 6,302 90 164,478 128,752 179,370 157,310 3(a)(ii) 140,231 91,928 82,725 72,838 (26,203) (15,955) (24,716) (8,787) (80) 207 171,957 140,231 153
5.3 20. (b) 100,0001,300,000 21. 655 471 5,008 4,008 5,663 4,479 1.00%1.27%88 88 22. 7,519 7,837 2,402 3,302 1,384 1,383 2,056 2,547 13,361 15,069 154
23. 892,944 698,926 3,490 2,300 2,050,480 1,249,488 78,478 102,746 2,943,424 1,948,414 81,968 105,046 2,780,541 1,700,170 77,339 89,297 59,995 93,828 1,936 8,334 51,933 26,387 2,693 7,415 26,725 123,399 19,426 3,156 4,804 1,474 2,943,424 1,948,414 81,968 105,046 0.8%1.3%0.1% 1.5%988288 2,749,900,000 82,000,0001,768,000,000105,000,000 155
5.3 24. 0.01 16,000,000,000 160,000 8,049,283,284 80,493 6,130,975 61 8,055,414,259 80,554 7,779,586 78 8,063,193,845 80,632 25. (a) (i) Venetian Venture Development Intermediate Limited VVDILCotai WaterJets (HK) Limited CotaiJet Holdings (II) Limited (ii) 43210% 25% 377 25%50% 156
25. (b) 105,533 2,131,283 12,098 (5,215) (21,330) 2,222,369 1,116,456 1,116,456 5,826 5,826 5,826 1,116,456 1,122,282 11,511 11,511 7,434 (7,434) (103) 103 10,594 10,594 (1,201,488) (1,201,488) 105,533 2,150,228 15,155 611 (106,259) 2,165,268 1,412,456 1,412,456 (2,009) (2,009) (2,009) 1,412,456 1,410,447 19,296 19,296 10,971 (10,971) 12,470 12,470 12 (1,381,546) (1,381,546) 105,533 2,180,495 16,654 (1,398) (75,349) 2,225,935 1,410,000,0001,120,000,000 157
5.3 26. (a) 29,525 21,425 4 9 604,665 520,057 419,574 308,052 206 450 255,891 213,681 172,164 214,760 132,340 105,522 31,797 27,091 32(c) 12,201 12,430 12,702 26,050 125,804 115,798 365 1,728 1,783,961 1,538,816 13,277 28,237 (59,618) (35,542) 1,724,343 1,503,274 13,277 28,237 836,423 698,996 120 11,257 429,133 487,660 7,375 7,357 38,287 24,939 5,576 9,144 2,985 972 29 1,306,828 1,212,567 13,071 27,787 158
26. (a) 0 30 18,086 13,106 31 60 8,892 4,917 61 90 1,297 2,237 90 1,250 1,165 29,525 21,425 27. (a) 3,008,315 3,209,839 28 78,341 82,189 28 5,523 5,465 3,092,179 3,297,493 (69,276) (85,825) 3,022,903 3,211,668 (a) 200,554 28 3,845 47,069 28 2,387 1,847 206,786 48,916 3,229,689 3,260,584 159
5.3 27. 1,476,412 1,473,721 1,357,504 1,347,028 395,773 439,835 3,229,689 3,260,584 200,554 922,550 200,096 2,085,765 3,009,743 3,208,869 3,209,839 3,190,000,000 3,130,000,000 (a) VML VMLFVMLVML 3,700,000,0003,200,000,000 VML500,000,000 VML VML VOL VMLVMLVCLVOL VMLVMLVML (1)(2) (3)7,040,000,000 7,240,000,000 160
27. (a) VML VML VML6.25% VML10.0% VMLVML VML VML VML 2.25% 1.7%VML VML0.5% VML1.8% 2.1% VML 1,300,000,000 300,000,000 2.0%2.25% VMLVOLVML 1,590,000,000 9.5%VOLVOL 375,000,000VOL 3.5% VML VMLVML EBITDA EBITDA 4.01.0 3.51.03.01.0VML 161
5.3 27. (a) VML VMLVML 2,000,000,000 (b) 1,210,000,000 155,900,00018 VML 561,600,000 72,400,000 VML 2668,100,000 8,800,000 502.5% 2.5% 2.9% 131,600,000 1,800,000 162
28. (a) 5,249 49,696 5,249 5,249 15,748 15,748 221,160 226,409 247,406 297,102 (165,220) (167,844) 82,186 129,258 3,845 47,069 3,657 3,845 9,933 10,443 64,751 67,901 82,186 129,258 (b) 2,625 2,073 2,236 1,713 3,517 4,039 8,378 7,825 (468) (513) 7,910 7,312 2,387 1,847 2,099 1,570 3,424 3,895 7,910 7,312 163
5.3 29. 2,216,786 1,237,523 (13,591) (15,547) 62,490 33,302 499,339 354,021 24,435 24,133 7,002 7,703 2,817 4,361 18,987 96 143,649 1,745 56,601 58,213 12,026 11,688 208 413 4,399 (6,925) (51) (13,370) 1,697 (4,556) (102,609) (294,472) 290,089 360,813 3,080,625 1,902,790 30. (a) 1,227,377 190,774 2,031,275 553,083 3,258,652 743,857 164
30. (b) (i) 5,205 3,915 2,178 1,313 7,383 5,228 (ii) 211,985 149,898 570,900 350,717 330,818 163,844 1,113,703 664,459 109,900,000 93,400,000 (c) 165
5.3 30. (d) 4,240,000,000404,600,000 (e) VMLVML 30,000,000 3,800,000300,000 150,0001,000 37,55818,779125 45,000,0005,600,000 35%4% 43,800,000153,400,000 166
30. (f) St. Regis 31. 105,533 105,533 36,655 24,185 250,000 250,000 125,100 125,100 32(b) 1,052,633 1,047,428 32(b) 3,973 4,120 32(c) 43,819 43,821 1,617,713 1,600,187 167
5.3 31. Venetian Venture Development Intermediate Limited 1 100% SCL IP Holdings, LLC 100 100% 10,000,000 100% 2 4,100,000 3,121,000 100% 100% 78 100,000 100% Cotai WaterJets (HK) Limited 1 100% CotaiJet 311 Limited 1 100% CotaiJet 312 Limited 1 100% CotaiJet 313 Limited 1 100% CotaiJet 314 Limited 1 100% CotaiJet 315 Limited 1 100% 168
31. CotaiJet 316 Limited 1 100% CotaiJet 317 Limited CotaiJet 318 Limited CotaiJet 319 Limited CotaiJet 320 Limited CotaiJet 350 Limited CotaiJet 351 Limited CotaiJet 352 Limited CotaiJet 353 Limited 1 100% 1 100% 1 100% 1 100% 1 100% 1 100% 1 100% 1 100% CotaiJet Holding (II) Limited(i) 1 100% Sands Cotai East Holdings Limited 1 100% Sands Cotai West Holdings Limited 1 100% 1,000,000 100% 500,000 100% (i) 169
5.3 31. 200,000,000 100% Venetian Macau Finance Company 1 100% (ii) 200,000,000 100% 100,000 100% 1,500,000 100% 2,100,000 100% V-HK Services Limited VML 1 100% VML US Finance LLC 100% (iii) 800,000 100% (iii) 4,500,000 100% (ii) 10% VVDIL 100% (iii) 170
32. VVDI (II)LVS LVS (a) (i) LVS 1,163 1,132 485 166 2,256 1,361 3,904 2,659 LVS 5% (ii) LVS 19,869 15,425 426 890 16,328 11,621 36,623 27,936 LVS 5% 171
5.3 32. (a) (ii) 6(a)6(b)8(a)(i) 36,623 27,936 (5,965) (4,416) 30,658 23,520 6(a) 7,298 4,650 6(b) 705 2,925 22,655 15,945 30,658 23,520 30,658 23,520 16,412 9,982 8(a)(i) 47,070 33,502 (iii) LVS LVSLVS 172
32. (a) (iv) 7 (v) Las Vegas Sands, LLCLVSLLC LVSLLC 1.5%1.5% 1.5% 20,000,000 20.0% 1.5%20,000,000 LVSLLC 20.0% 44,000,00040,000,000 (vi) LVS733 173
5.3 32. (b) 1,123,275 1,102,243 121,660 132,641 1,244,935 1,234,884 31 1,052,633 1,047,428 192,302 187,456 1,244,935 1,234,884 VML 3.59% 5,199 5,336 31 (3,973) (4,120) 20 1,226 1,216 174
32. (c) 64 2,986 2,227 470,252 423,800 31 (43,819) (43,821) 20 3,050 2,227 426,433 379,979 LVS 4,731 3,227 319 811 344 2,572 7,126 6,631 12,383 25,239 26 12,201 12,430 12,702 26,050 43,800,00043,800,000 33. (a) 804,786,508 10% 769,242,301 175
5.3 33. (a) (i)(ii) 23,324 2.66 23,817 2.07 4,537 5.60 7,762 3.74 (7,780) 2.48 (6,131) 1.88 (2,474) 2.79 (2,124) 2.23 17,607 3.49 23,324 2.66 3,059 2.37 2,834 2.03 5.793.88 0.770.099 176
33. (a) 1.01 2.00 3,812 6.33 8,148 7.37 2.01 3.00 4,418 7.41 7,155 8.41 3.01 4.00 3,943 8.44 7,124 9.37 4.01 5.00 2,384 9.05 897 9.92 5.01 6.00 1,242 9.37 6.01 7.00 1,058 9.72 7.01 8.00 750 9.86 17,607 8.01 23,324 8.40 (i) 67.7% 70.0% 6.3 6.2 0.7% 0.5% 3.1% 4.0% 5.57 3.70 5.60 3.74 2.63 1.65 (i) 177
5.3 33. (b) (i) (ii) (i) (ii) 2,608 6.64 2,608 6.64 (i) (ii) (c) LVS LVS LVS LVSLVSLVS LVS 26,344,000LVS LVS 6,413,843 178
33. (c) LVS LVS LVS LVS LVS LVS LVS 873 60.35 (i) 40 56.24 (148) 32.53 (i) (8) 8.15 (86) 73.30 671 65.23 646 66.28 179
5.3 33. (c) LVS 1,010 61.53 (i) 143 50.86 (129) 36.57 (i) (8) 72.91 (116) 73.36 900 61.68 (ii) 900 58.93 (23) 2.28 (4) 66.85 873 60.35 814 62.13 (i) LVS (ii) LVS2.75 LVS2.75LVS 180
33. (c) LVS 0.00 10.00 11 5.42 43 6.31 20.01 30.00 98 2.53 133 3.51 30.01 40.00 13 2.69 62 3.17 40.01 50.00 21 2.71 33 3.61 60.01 70.00 154 4.31 187 5.31 70.01 80.00 200 3.27 220 4.28 80.01 90.00 154 4.23 175 5.23 90.01 100.00 10 3.62 10 4.62 110.01 120.00 10 3.86 10 4.86 671 3.64 873 4.58 32.53 32.21148,380151,850LVS62.56 49.60 181
5.3 33. (d) LVS LVS (i) (ii) (i) (ii) 6 46.72 2 38.81 11 56.31 2 45.69 (iii) 4 47.14 (2) 45.69 (2) 38.81 (iii) 15 53.91 6 46.72 (i) LVS (ii) LVS (iii) LVS 182
5.4 3,301,114 4,142,304 4,880,787 6,511,374 8,907,859 374,995 785,686 1,202,272 1,281,163 2,290,120 215,217 670,344 1,135,321 1,237,523 2,216,786 (201) (3,894) (2,271) (1,842) (1,904) 215,016 666,450 1,133,050 1,235,681 2,214,882 6,397,196 6,995,999 7,065,066 7,634,709 7,682,111 1,230,536 1,478,550 3,062,619 2,752,770 3,783,389 7,627,732 8,474,549 10,127,685 10,387,479 11,465,500 3,698,894 4,362,367 5,515,772 5,586,126 6,449,882 2,963,419 2,761,467 3,349,513 3,247,210 3,082,521 965,419 1,350,715 1,262,400 1,554,143 1,933,097 3,928,838 4,112,182 4,611,913 4,801,353 5,015,618 7,627,732 8,474,549 10,127,685 10,387,479 11,465,500 17 183
6. Edward Matthew Tracy Sheldon Gary Adelson Michael Alan Leven (David Alec Andrew Fleming) Jeffrey Howard Schwartz Irwin Abe Siegel 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 KY1-9005 Cayman Islands L2 183 54 www.sandschinaltd.com (David Alec Andrew Fleming) Iain Ferguson Bruce Irwin Abe Siegel Victor Patrick Hoog Antink (David Muir Turnbull) Iain Ferguson Bruce Jeffrey Howard Schwartz Victor Patrick Hoog Antink Sheldon Gary Adelson Iain Ferguson Bruce (David Muir Turnbull) Michael Alan Leven Edward Matthew Tracy Jeffrey Howard Schwartz Victor Patrick Hoog Antink (David Alec Andrew Fleming) L2 Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue George Town, Grand Cayman KY1-9005 Cayman Islands 183 171712 1716 22 1928 184
7. www.sandschinaltd.com (a) (b) 183 17M sandschina.ecom@computershare.com.hk 1831717121716 +852 2862 8628 +852 2865 0990 hkinfo@computershare.com.hk 18354 +853 8118 2888 +853 2888 3382 scl-enquiries@sands.com.mo 185
8. EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDALVS EBITDA 186
VML LVS EBITDA 1.007.7549 1.007.9876 1.001.03 VMLLVSLas Vegas Sands, LLCVenetian Casino Resort, LLC 187
8. Four Seasons Hotels LimitedFS Macau Lda. Galaxy Casino Company Limited 5/2004 6/2002 10.38 188
LVS Las Vegas Sands Corp. LVS LVS MGM Grand Paradise Limited 291,479 23225 53,700 23223 60,479 23224 189
8. 23288150,134 44,576 110,200 www.sandschinaltd.com 636 1,224 1,796 2,067 St. Regis Las Vegas Sands, LLCSCL IP Holdings, LLC 571 LVS 190
0.01 VML VML 21 (i)(ii)vml(iii) (iv) - 15,000 191
8. VML Venetian Macau Limited VOL VVDIL Venetian Venture Development Intermediate Limited VVDI (II) Venetian Venture Development Intermediate II LVS 192
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