10-Q

UNITED STATES SECURITIES & EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2011

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 001-32373

LAS VEGAS SANDS CORP.

(Exact name of registration as specified in its charter)

Nevada	27-0099920
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
3355 Las Vegas Boulevard South	89109
Las Vegas, Nevada	(Zip Code)
(Address of principal executive offices)

(702) 414-1000
(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer þ	Accelerated filer o	Non-accelerated filer o	Smaller reporting company o
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date.

Class	Outstanding at July 29, 2011
Common Stock ($0.001 par value)	730,174,694 shares

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Table of Contents

PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets at June 30, 2011 and December 31, 2010	3
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2011 and 2010	4
Condensed Consolidated Statements of Equity and Comprehensive Income for the Six Months Ended June 30, 2011 and 2010	5
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2011 and 2010	6
Notes to Condensed Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3. Quantitative and Qualitative Disclosures about Market Risk	51
Item 4. Controls and Procedures	53
PART II OTHER INFORMATION
Item 1. Legal Proceedings	53
Item 1A. Risk Factors	53
Item 6. Exhibits	54
Signatures	55
Exhibit 10.1
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

2

ITEM 1 — FINANCIAL STATEMENTS

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

	June 30,		December 31,
	2011		2010
	(In thousands, except share and
	per share data)
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	3,479,106	$	3,037,081
Restricted cash and cash equivalents		171,228		164,315
Accounts receivable, net		968,988		716,919
Inventories		35,634		32,260
Deferred income taxes, net		14,713		61,606
Prepaid expenses and other		51,636		46,726
Total current assets		4,721,305		4,058,907
Property and equipment, net		14,892,790		14,502,197
Deferred financing costs, net		133,882		155,378
Restricted cash and cash equivalents		272,563		645,605
Deferred income taxes, net		9,259		10,423
Leasehold interests in land, net		1,441,023		1,398,840
Intangible assets, net		85,844		89,805
Other assets, net		180,491		183,153
Total assets	$	21,737,157	$	21,044,308
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	92,953	$	113,505
Construction payables		383,489		516,981
Accrued interest payable		13,982		42,625
Other accrued liabilities		1,136,304		1,160,234
Income taxes payable		39,130		—
Current maturities of long-term debt		1,073,484		767,068
Total current liabilities		2,739,342		2,600,413
Other long-term liabilities		79,938		78,240
Deferred income taxes		133,859		115,219
Deferred proceeds from sale of The Shoppes at The Palazzo		266,184		243,928
Deferred gain on sale of The Grand Canal Shoppes		49,076		50,808
Deferred rent from mall transactions		116,712		147,378
Long-term debt		8,985,396		9,373,755
Total liabilities		12,370,507		12,609,741
Preferred stock, $0.001 par value, issued to Principal Stockholder’s family, 5,250,000 shares issued and outstanding, after allocation of fair value of attached warrants, aggregate redemption/liquidation value of $577,500		549,651		503,379
Commitments and contingencies (Note 9)
Equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 2,406,123 and 3,614,923 shares issued and outstanding with warrants to purchase up to 2,178,171 and 22,663,212 shares of common stock		138,018		207,356
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 729,950,068 and 707,507,982 shares issued and outstanding		730		708
Capital in excess of par value		5,564,289		5,444,705
Accumulated other comprehensive income		218,495		129,519
Retained earnings		1,476,466		880,703
Total Las Vegas Sands Corp. stockholders’ equity		7,397,998		6,662,991
Noncontrolling interests		1,419,001		1,268,197
Total equity		8,816,999		7,931,188
Total liabilities and equity	$	21,737,157	$	21,044,308

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In thousands, except share and per share data)
	(Unaudited)
Revenues:
Casino	$	1,862,272		$	1,294,301		$	3,526,761		$	2,356,071
Rooms		239,696			190,767			471,670			371,549
Food and beverage		146,016			105,079			291,409			197,158
Convention, retail and other		200,642			115,266			365,297			223,481
		2,448,626			1,705,413			4,655,137			3,148,259
Less-promotional allowances		(103,530	)		(110,937	)		(198,122	)		(218,895	)
Net revenues		2,345,096			1,594,476			4,457,015			2,929,364
Operating expenses:
Casino		974,413			790,947			1,895,949			1,485,582
Rooms		50,733			34,073			99,186			63,727
Food and beverage		73,135			47,798			144,838			92,101
Convention, retail and other		105,024			65,326			192,269			123,730
Provision for doubtful accounts		23,496			18,711			58,554			35,153
General and administrative		223,561			172,919			434,046			299,178
Corporate expense		42,376			25,954			79,952			49,430
Rental expense		10,034			12,806			23,190			21,504
Pre-opening expense		18,178			50,118			27,649			87,577
Development expense		2,420			676			2,993			833
Depreciation and amortization		206,161			170,694			396,398			323,783
Loss on disposal of assets		7,443			37,679			7,942			38,171
		1,736,974			1,427,701			3,362,966			2,620,769
Operating income		608,122			166,775			1,094,049			308,595
Other income (expense):
Interest income		4,028			2,073			6,075			3,706
Interest expense, net of amounts capitalized		(70,592	)		(76,987	)		(144,177	)		(155,152	)
Other income (expense)		1,908			(6,201	)		(2,767	)		(12,649	)
Gain on early retirement of debt		—			961			—			3,137
Income before income taxes		543,466			86,621			953,180			147,637
Income tax expense		(54,374	)		(8,073	)		(99,585	)		(21,275	)
Net income		489,092			78,548			853,595			126,362
Net income attributable to noncontrolling interests		(78,455	)		(36,741	)		(153,635	)		(66,974	)
Net income attributable to Las Vegas Sands Corp.		410,637			41,807			699,960			59,388
Preferred stock dividends		(19,219	)		(23,350	)		(38,817	)		(46,700	)
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family		(23,136	)		(23,136	)		(46,272	)		(46,272	)
Preferred stock inducement and repurchase premiums		(675	)		—			(19,108	)		—
Net income (loss) attributable to common stockholders	$	367,607		$	(4,679	)	$	595,763		$	(33,584	)
Basic earnings (loss) per share	$	0.50		$	(0.01	)	$	0.82		$	(0.05	)
Diluted earnings (loss) per share	$	0.45		$	(0.01	)	$	0.73		$	(0.05	)
Weighted average shares outstanding:
Basic		728,695,140			660,364,559			726,056,840			660,322,428
Diluted		811,274,706			660,364,559			811,243,195			660,322,428

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity and Comprehensive Income

	Las Vegas Sands Corp. Stockholders’ Equity
									Accumulated
						Capital in			Other						Total
	Preferred			Common		Excess of			Comprehensive			Retained			Comprehensive			Noncontrolling
	Stock			Stock		Par Value			Income			Earnings			Income			Interests			Total
	(In thousands)
	(Unaudited)
Balance at January 1, 2010	$	234,607		$	660	$	5,114,851		$	26,748		$	473,833					$	1,089,888		$	6,940,587
Net income		—			—		—			—			59,388			59,388			66,974			126,362
Currency translation adjustment		—			—		—			(348	)		—			(348	)		(4,148	)		(4,496	)
Total comprehensive income																59,040			62,826			121,866
Exercise of stock options		—			1		3,922			—			—						—			3,923
Tax shortfall from stock-based compensation		—			—		(195	)		—			—						—			(195	)
Stock-based compensation		—			—		28,718			—			—						1,742			30,460
Deemed contribution from Principal Stockholder		—			—		213			—			—						—			213
Acquisition of remaining shares of noncontrolling interest		—			—		2,345			—			—						(2,345	)		—
Dividends declared, net of amounts previously accrued		—			—		—			—			(39,846	)					—			(39,846	)
Accumulated but undeclared dividend requirement on preferred stock issued to Principal Stockholder’s family		—			—		—			—			(6,854	)					—			(6,854	)
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family		—			—		—			—			(46,272	)					—			(46,272	)
Balance at June 30, 2010	$	234,607		$	661	$	5,149,854		$	26,400		$	440,249					$	1,152,111		$	7,003,882
Balance at January 1, 2011	$	207,356		$	708	$	5,444,705		$	129,519		$	880,703					$	1,268,197		$	7,931,188
Net income		—			—		—			—			699,960			699,960			153,635			853,595
Currency translation adjustment		—			—		—			88,976			—			88,976			(128	)		88,848
Total comprehensive income																788,936			153,507			942,443
Exercise of stock options		—			1		13,605			—			—						724			14,330
Tax shortfall from stock-based compensation		—			—		(83	)		—			—						—			(83	)
Stock-based compensation		—			—		32,698			—			—						1,607			34,305
Issuance of restricted stock		—			1		(1	)		—			—						—			—
Exercise of warrants		(66,625	)		20		73,365			—			—						—			6,760
Repurchase of preferred stock		(2,713	)		—		—			—			(2,615	)					—			(5,328	)
Disposition of interest in majority owned subsidiary		—			—		—			—			—						829			829
Distributions to noncontrolling interests		—			—		—			—			—						(5,863	)		(5,863	)
Dividends declared, net of amounts previously accrued		—			—		—			—			(31,963	)					—			(31,963	)
Accumulated but undeclared dividend requirement on preferred stock issued to Principal Stockholder’s family		—			—		—			—			(6,854	)					—			(6,854	)
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family		—			—		—			—			(46,272	)					—			(46,272	)
Preferred stock inducement premium		—			—		—			—			(16,493	)					—			(16,493	)
Balance at June 30, 2011	$	138,018		$	730	$	5,564,289		$	218,495		$	1,476,466					$	1,419,001		$	8,816,999

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

	Six Months Ended
	June 30,
	2011			2010
	(In thousands)
	(Unaudited)
Cash flows from operating activities:
Net income	$	853,595		$	126,362
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization		396,398			323,783
Amortization of leasehold interests in land included in rental expense		23,190			21,504
Amortization of deferred financing costs and original issue discount		23,762			17,530
Amortization of deferred gain and rent		(2,580	)		(2,580	)
Gain on early retirement of debt		—			(3,137	)
Loss on disposal of assets		7,942			38,171
Stock-based compensation expense		33,289			28,932
Provision for doubtful accounts		58,554			35,153
Foreign exchange (gain) loss		2,444			(8,836	)
Deferred income taxes		61,255			(6,450	)
Non-cash contribution from Principal Stockholder included in corporate expense		—			213
Changes in operating assets and liabilities:
Accounts receivable		(297,370	)		(104,581	)
Inventories		(3,046	)		543
Prepaid expenses and other		1,409			(6,561	)
Leasehold interests in land		(22,988	)		(17,211	)
Accounts payable		(21,416	)		36,285
Accrued interest payable		(29,063	)		2,464
Income taxes payable		38,038			15,011
Other accrued liabilities		(41,890	)		141,310
Net cash generated from operating activities		1,081,523			637,905
Cash flows from investing activities:
Changes in restricted cash and cash equivalents		366,680			22,926
Capital expenditures		(720,696	)		(1,127,268	)
Proceeds from disposal of property and equipment		4,416			5,647
Acquisition of intangible assets		(575	)		(43,305	)
Purchases of investments		—			(173,774	)
Net cash used in investing activities		(350,175	)		(1,315,774	)
Cash flows from financing activities:
Proceeds from exercise of stock options		14,330			3,923
Proceeds from exercise of warrants		6,760			—
Dividends paid to preferred stockholders		(38,817	)		(46,700	)
Distributions to noncontrolling interests		(5,863	)		—
Proceeds from long-term debt (Note 3)		—			596,560
Repayments on long-term debt (Note 3)		(259,518	)		(1,265,218	)
Repurchase of preferred stock		(5,328	)		—
Payments of preferred stock inducement premium		(16,493	)		—
Payments of deferred financing costs		(57	)		(54,365	)
Net cash used in financing activities		(304,986	)		(765,800	)
Effect of exchange rate on cash		15,663			7,088
Increase (decrease) in cash and cash equivalents		442,025			(1,436,581	)
Cash and cash equivalents at beginning of period		3,037,081			4,955,416
Cash and cash equivalents at end of period	$	3,479,106		$	3,518,835
Supplemental disclosure of cash flow information:
Cash payments for interest, net of amounts capitalized	$	149,045		$	134,979
Cash payments for taxes, net of refunds	$	(5,672	)	$	150
Changes in construction payables	$	(133,492	)	$	(24,104	)
Non-cash investing and financing activities:
Capitalized stock-based compensation costs	$	1,016		$	1,528
Property and equipment acquired under capital lease	$	—		$	2,802
Accumulated but undeclared dividend requirement on preferred stock issued to Principal Stockholder’s family	$	6,854		$	6,854
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family	$	46,272		$	46,272
Acquisition of remaining shares of noncontrolling interest	$	—		$	2,345
Disposition of interest in majority owned subsidiary	$	829		$	—
Warrants exercised and settled through tendering of preferred stock	$	66,625		$	—

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

NOTE 1 — ORGANIZATION AND BUSINESS OF COMPANY

The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2010. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year. The Company’s common stock is traded on the New York Stock Exchange under the symbol “LVS.”

In November 2009, the Company’s subsidiary, Sands China Ltd. (“SCL,” the indirect owner and operator of the majority of the Company’s operations in the Macau Special Administrative Region (“Macau”) of the People’s Republic of China), completed an initial public offering by listing its ordinary shares (the “SCL Offering”) on The Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”). Immediately following the SCL Offering and several transactions consummated in connection with such offering, the Company owned 70.3% of the issued and outstanding ordinary shares of SCL. The shares of SCL were not, and will not, be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent a registration under the Securities Act of 1933, as amended, or an applicable exception from such registration requirements.

Operations

United States

Las Vegas

The Company owns and operates The Venetian Resort Hotel Casino (“The Venetian Las Vegas”), a Renaissance Venice-themed resort; The Palazzo Resort Hotel Casino (“The Palazzo”), a resort featuring modern European ambience and design; and an expo and convention center of approximately 1.2 million square feet (the “Sands Expo Center”). These Las Vegas properties, situated on or near the Las Vegas Strip, form an integrated resort with approximately 7,100 suites; approximately 225,000 square feet of gaming space; a meeting and conference facility of approximately 1.1 million square feet; an enclosed retail, dining and entertainment complex located within The Venetian Las Vegas of approximately 440,000 net leasable square feet (“The Grand Canal Shoppes”), which was sold to GGP Limited Partnership (“GGP”) in 2004; and an enclosed retail and dining complex located within The Palazzo of approximately 400,000 net leasable square feet (“The Shoppes at The Palazzo”), which was sold to GGP in February 2008. See “— Note 2 — Property and Equipment, Net” regarding the sale of The Shoppes at The Palazzo.

Pennsylvania

In May 2009, the Company partially opened Sands Casino Resort Bethlehem (the “Sands Bethlehem”), a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. The Sands Bethlehem currently features approximately 152,000 square feet of gaming space, which include table games operations that commenced in July 2010, a 300-room hotel tower, which opened in May 2011, an arts and cultural center, and the broadcast home of the local PBS affiliate. The Company has initiated construction activities on the remaining components of the integrated resort, which include an approximate 200,000-square-foot retail facility and a 50,000-square-foot multipurpose event center. Sands Bethlehem is also expected to be home to the National Museum of Industrial History. The Company owns 86% of the economic interest of the gaming, hotel and entertainment portion of the property through its ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest of the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC. As of June 30, 2011, the Company has capitalized construction costs of $686.8 million for this project (including $8.8 million in outstanding construction payables). The Company expects to spend approximately $40 million to complete construction of the project, on furniture, fixtures and equipment (“FF&E”) and other costs, and to pay outstanding construction payables, as noted above.

Macau

The Company currently owns 70.3% of SCL, which includes the operations of the Sands Macao, The Venetian Macao, Four Seasons Macao and other ancillary operations that support these properties, as further discussed below. The Company operates the gaming areas within these properties pursuant to a 20-year gaming subconcession.

7

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macau. The Sands Macao offers approximately 197,000 square feet of gaming space and a 289-suite hotel tower, as well as several restaurants, VIP facilities, a theater and other high-end services and amenities.

The Company also owns and operates The Venetian Macao Resort Hotel (“The Venetian Macao”), which anchors the Cotai Strip^tm, the Company’s master-planned development of integrated resort properties in Macau. With a theme similar to that of The Venetian Las Vegas, The Venetian Macao includes a 39-floor luxury hotel with over 2,900 suites; approximately 550,000 square feet of gaming space; a 15,000-seat arena; an 1,800-seat theater; retail and dining space of approximately 1.0 million square feet; and a convention center and meeting room complex of approximately 1.2 million square feet.

The Company owns the Four Seasons Hotel Macao, Cotai Strip^tm (the “Four Seasons Hotel Macao”), which features 360 rooms and suites managed and operated by Four Seasons Hotels Inc. and is located adjacent and connected to The Venetian Macao. Connected to the Four Seasons Hotel Macao, the Company owns and operates the Plaza Casino (together with the Four Seasons Hotel Macao, the “Four Seasons Macao”), which features approximately 70,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 211,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities. This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip^tm (the “Four Seasons Apartments”), an apart-hotel tower that consists of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. The Company has completed the structural work of the tower and expects to subsequently monetize units within the Four Seasons Apartments subject to market conditions and obtaining the necessary government approvals. As of June 30, 2011, the Company has capitalized $1.16 billion for the property, including the land premium and $15.3 million in outstanding construction payables. The Company expects to spend approximately $110 million primarily on additional costs to complete the Four Seasons Apartments, including FF&E and pre-opening costs, and to pay outstanding construction payables, as noted above.

Singapore

The Company owns and operates the Marina Bay Sands in Singapore, which partially opened on April 27, 2010, with additional portions opened progressively throughout 2010. The Marina Bay Sands features three 55-story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark^tm (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 160,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.3 million square feet and theaters. In February 2011, the Marina Bay Sands opened a landmark iconic structure at the bay-front promenade that contains an art/science museum. As of June 30, 2011, the Company has capitalized 7.59 billion Singapore dollars (“SGD,” approximately $6.15 billion at exchange rates in effect on June 30, 2011) in costs for this project, including the land premium and SGD 228.5 million (approximately $185.2 million at exchange rates in effect on June 30, 2011) in outstanding construction payables. The Company expects to spend approximately SGD 590 million (approximately $478 million at exchange rates in effect on June 30, 2011) on additional costs to complete the construction of the integrated resort, FF&E and other costs, and to pay outstanding construction payables, as noted above. As the Company has obtained Singapore-denominated financing and primarily pays its costs in Singapore dollars, its exposure to foreign exchange gains and losses is expected to be minimal.

Development Projects

The Company has suspended portions of its development projects to focus its efforts on those projects with the highest expected rates of return on invested capital. Should general economic conditions fail to improve, if the Company is unable to obtain sufficient funding or applicable government approvals such that completion of its suspended projects is not probable, or should management decide to abandon certain projects, all or a portion of the Company’s investment to date on its suspended projects could be lost and would result in an impairment charge. In addition, the Company may be subject to penalties under the termination clauses in its construction contracts or termination rights under its management contracts with certain hotel management companies.

United States

The Company was constructing a high-rise residential condominium tower (the “Las Vegas Condo Tower”), located on the Las Vegas Strip between The Palazzo and The Venetian Las Vegas. The Company suspended construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions. The Company intends to recommence construction when demand and conditions improve and expects that it will take approximately 18 months thereafter to complete construction of the project. As of June 30, 2011, the Company has capitalized construction costs of $177.7 million for this project. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty.

8

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Macau

The Company submitted plans to the Macau government for its other Cotai Strip developments, which represent three integrated resort developments, in addition to The Venetian Macao and Four Seasons Macao, on an area of approximately 200 acres (which are referred to as Sands Cotai Central (formerly referred to as parcels 5 and 6) and parcels 3 and 7 and 8). Subject to the approval from the Macau government, as discussed further below, the developments are expected to include hotels, exhibition and conference facilities, gaming areas, showrooms, shopping malls, spas, restaurants, entertainment facilities and other amenities. The Company had commenced construction or pre-construction activities on these developments and plans to operate the related gaming areas under the Company’s Macau gaming subconcession.

The Company is staging the construction of its Sands Cotai Central integrated resort development. Upon completion of phases I and II of the project, the integrated resort is expected to feature approximately 5,800 hotel rooms, approximately 300,000 square feet of gaming space, approximately 1.2 million square feet of retail, entertainment and dining facilities, exhibition and conference facilities and a multipurpose theater. Phase I of the project is expected to include two hotel towers, one of which will be managed by Sheraton International Inc. and Sheraton Overseas Management Co. (collectively “Starwood”) under its Sheraton brand, as well as completion of the structural work of an adjacent hotel tower to be managed by Starwood under its Sheraton Towers brand. The second hotel tower was to be managed by Shangri-La International Hotel Management Limited (“Shangri-La”); however, in March 2011, the Company and Shangri-La mutually agreed to terminate the hotel management agreement. This second tower will now be managed by Hilton Worldwide and InterContinental Hotels Group under their Conrad and Holiday Inn brands, respectively. The Company’s anticipated opening of phase I will be on a progressive schedule starting in the first quarter of 2012 with the opening of parcel 5, which will feature 600 five-star rooms and suites under the Conrad brand along with 1,200 four-star rooms and suites under the Holiday Inn brand. Parcel 5 will also open with a variety of retail offerings, more than 300,000 square feet of meeting space, several food and beverage establishments along with the 106,000 square foot casino and VIP gaming areas. Phase I also includes the opening of the first hotel tower on parcel 6, which will feature nearly 2,000 Sheraton-branded rooms, along with the second casino and the remaining dining, entertainment, retail and meeting facilities, and is currently scheduled to open in the third quarter of 2012. Phase II of the project consisting of the second hotel tower on parcel 6, which will feature an additional 2,000 rooms and suites under the Sheraton Towers brand, is projected to open in early 2013. The total cost to complete phases I and II is expected to be approximately $1.9 billion. Phase III of the project is expected to include a fourth hotel and mixed-use tower to be managed by Starwood under its St. Regis brand and the total cost is expected to be approximately $450 million. The Company has recommenced construction activities and is currently working with the Macau government to obtain sufficient construction labor for the project. The Company intends to commence construction of phase III of the project as demand and market conditions warrant it. As of June 30, 2011, the Company has capitalized costs of $2.48 billion for the entire project, including the land premium and $164.9 million in outstanding construction payables. The Company’s management agreement with Starwood imposes certain construction deadlines and opening obligations on the Company and certain past and/or anticipated delays, as described above, would allow Starwood to terminate its agreement. See “— Note 9 — Commitments and Contingencies — Other Agreements.” The Company is currently negotiating an amendment to the management agreement with Starwood to provide for new opening timelines.

The Company had commenced pre-construction activities on parcels 7 and 8 and 3, and has capitalized costs of $102.1 million for parcels 7 and 8 and $96.9 million for parcel 3 (including the land premium) as of June 30, 2011. The Company intends to commence construction after Sands Cotai Central is complete, necessary government approvals are obtained (including the land concession, see below), regional and global economic conditions improve, future demand warrants it and additional financing is obtained.

The impact of the delayed construction on the Company’s previously estimated cost to complete its Cotai Strip developments is currently not determinable. As of June 30, 2011, the Company has capitalized an aggregate of $6.87 billion in construction costs and land premiums for its Cotai Strip developments, including The Venetian Macao and Four Seasons Macao, as well as the Company’s investments in transportation infrastructure, including its passenger ferry service operations. In addition to funding phases I and II of Sands Cotai Central with the $1.75 billion VOL credit facility, the Company will need to arrange additional financing to fund the balance of its Cotai Strip developments and there is no assurance that the Company will be able to obtain any of the additional financing required.

9

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Land concessions in Macau generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macau law. The Company has received land concessions from the Macau government to build on parcels 1, 2, 3 and 5 and 6, including the sites on which The Venetian Macao (parcel 1), the Four Seasons Macao (parcel 2) and Sands Cotai Central (parcels 5 and 6) are located. The Company does not own these land sites in Macau; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company is required to pay premiums for each parcel, which are either payable in a single lump sum upon acceptance of the land concessions by the Macau government or in seven semi-annual installments (provided that the outstanding balance is due upon the completion of the corresponding integrated resort), as well as annual rent for the term of the land concessions. During December 2010, the Company received notice from the Macau government that its application for a land concession for parcels 7 and 8 was not approved and the Company applied to the Chief Executive of Macau for a review of the decision. In January 2011, the Company filed an appeal with the Court of Second Instance in Macau, which has yet to issue a decision. Should the Company win its appeal, it is still possible for the Chief Executive of Macau to again deny the land concession based upon public policy considerations. If the Company does not obtain the land concession or does not receive full reimbursement of its capitalized investment in this project, the Company would record a charge for all or some portion of the $102.1 million in capitalized construction costs, as of June 30, 2011, related to its development on parcels 7 and 8.

Under the Company’s land concession for parcel 3, the Company was initially required to complete the corresponding development by August 2011. The Macau government has granted the Company a two-year extension to complete the development of parcel 3, which now must be completed by April 2013. The land concession for Sands Cotai Central contains a similar requirement that the corresponding development be completed by May 2014. The Company believes that if it is not able to complete the developments by the respective deadlines, it will likely be able to obtain extensions from the Macau government; however, no assurances can be given that additional extensions will be granted. If the Company is unable to meet the applicable deadlines and those deadlines are not extended, it could lose its land concessions for parcel 3 or Sands Cotai Central, which would prohibit the Company from operating any facilities developed under the respective land concessions. As a result, the Company could record a charge for all or some portion of its $96.9 million and $2.48 billion in capitalized construction costs and land premiums, as of June 30, 2011, related to its developments on parcel 3 or Sands Cotai Central, respectively.

Other

When the current economic environment and access to capital improve, the Company may continue exploring the possibility of developing and operating additional properties, including integrated resorts, in additional Asian and U.S. jurisdictions, and in Europe.

Development Financing Strategy

Through June 30, 2011, the Company has funded its development projects primarily through borrowings under its U.S., Macau and Singapore credit facilities, operating cash flows, proceeds from its equity offerings and proceeds from the disposition of non-core assets.

The U.S. credit facility, as amended in August 2010, requires the Company’s Las Vegas operations to comply with certain financial covenants at the end of each quarter, including maintaining a maximum leverage ratio of net debt, as defined, to trailing twelve-month adjusted earnings before interest, income taxes, depreciation and amortization, as defined (“Adjusted EBITDA”). The maximum leverage ratio is 6.5x for the quarter ended June 30, 2011, decreases to 6.0x for the quarterly periods ended September 30 and December 31, 2011, decreases to 5.5x for the quarterly periods ended March 31 and June 30, 2012, and then decreases to 5.0x for all quarterly periods thereafter through maturity. One of the Company’s Macau credit facilities, the VML credit facility, as amended in August 2009, requires certain of the Company’s Macau operations to comply with similar financial covenants, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 3.0x for the quarterly periods through maturity. The Company can elect to contribute up to $50 million and $20 million of cash on hand to its Las Vegas and relevant Macau operations, respectively, on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA by the corresponding amount during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio (the “EBITDA true-up”). The Singapore credit facility requires operations of Marina Bay Sands to comply with similar financial covenants commencing with the quarterly period ending September 30, 2011, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 5.5x for the quarterly period ending September 30, 2011, and then decreases by 0.25x every other quarter until it decreases to, and remains at, 3.75x for all quarterly periods thereafter through maturity (commencing with the quarterly period ending September 30, 2014). If the Company is unable to maintain compliance with the financial covenants under these credit facilities, it would be in default under the respective credit facilities. A default under the U.S. credit facility would trigger a cross-default under the Company’s airplane financings, which, if the respective lenders chose to accelerate the indebtedness outstanding under these agreements, would result in a default under the Company’s senior notes. A default under the VML credit facility would trigger a cross-default under the Company’s ferry financing. Any defaults or cross-defaults under these agreements would allow the lenders, in each case, to exercise their rights and remedies as defined under their respective agreements. If the lenders were to exercise their rights to accelerate the due dates of the indebtedness outstanding, there can be no assurance that the Company would be able to repay or refinance any amounts that may become due and payable under such agreements, which could force the Company to restructure or alter its operations or debt obligations.

10

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

In 2008, the Company completed a $475.0 million convertible senior notes offering and a $2.1 billion common and preferred stock and warrants offering. In 2009, the Company completed a $600.0 million exchangeable bond offering and its $2.5 billion SCL Offering. A portion of the proceeds from these offerings was used in the U.S. to pay down $775.9 million under the revolving portion of the U.S. credit facility in March 2010 and $1.0 billion under the term loan portions of the U.S. credit facility in August 2010, and to exercise the EBITDA true-up provision during the quarterly periods ended September 30, 2010 and March 31, 2011.

The Company held unrestricted and restricted cash and cash equivalents of approximately $3.48 billion and $443.8 million, respectively, as of June 30, 2011. The Company believes the cash on hand, cash flow generated from operations and available borrowings under its credit facilities will be sufficient to fund its developments currently under construction and maintain compliance with the financial covenants of its U.S., Macau and Singapore credit facilities. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof. The Company has recommenced construction activities at Sands Cotai Central using the proceeds from the $1.75 billion VOL credit facility together with $500.0 million of proceeds from the SCL Offering.

The Company is currently in the process of refinancing its VML and VOL credit facilities. The Company has received lender commitments for $3.7 billion and will have the option to raise incremental senior secured and unsecured debt under existing baskets within the new credit facility. See “— Note 3 — Long-Term Debt” for further disclosure.

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board issued authoritative guidance for fair value measurements, which requires new disclosures regarding significant transfers in and out of Level 1 and 2 fair value measurements and gross presentation of activity within the reconciliation for Level 3 fair value measurements. The guidance also clarifies existing requirements on the level of disaggregation and required disclosures regarding inputs and valuation techniques for both recurring and nonrecurring Level 2 and 3 fair value measurements. The guidance is effective for interim and annual reporting periods beginning after December 15, 2009, with the exception of gross presentation of Level 3 activity, which is effective for interim and annual reporting periods beginning after December 15, 2010. The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations or cash flows. See “— Note 8 — Fair Value Measurements” for the required disclosure.

In June 2011, the Financial Accounting Standards Board issued authoritative guidance that amends the presentation of comprehensive income in the financial statements by requiring an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The update also eliminates the option to present the components of other comprehensive income as part of the statement of equity. The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2011, with early adoption permitted. The adoption of this guidance will not have a material effect on the Company’s financial condition, results of operations or cash flows.

NOTE 2 — PROPERTY AND EQUIPMENT, NET

Property and equipment consists of the following (in thousands):

	June 30,			December 31,
	2011			2010
Land and improvements	$	436,053		$	410,758
Building and improvements		11,482,772			10,881,936
Furniture, fixtures, equipment and leasehold improvements		2,078,752			1,990,721
Transportation		405,740			402,904
Construction in progress		3,208,655			3,147,750
		17,611,972			16,834,069
Less — accumulated depreciation and amortization		(2,719,182	)		(2,331,872	)
	$	14,892,790		$	14,502,197

11

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Construction in progress consists of the following (in thousands):

	June 30,		December 31,
	2011		2010
Sands Cotai Central	$	2,364,732	$	2,005,386
Four Seasons Macao (principally the Four Seasons Apartments)		387,089		379,161
Marina Bay Sands		84,767		337,835
Sands Bethlehem		52,761		101,960
Other		319,306		323,408
	$	3,208,655	$	3,147,750

The $319.3 million in other construction in progress consists primarily of construction of the Las Vegas Condo Tower and costs incurred at the Cotai Strip parcels 3 and 7 and 8.

The final purchase price for The Shoppes at The Palazzo was to be determined in accordance with the April 2004 purchase and sale agreement, as amended, between Venetian Casino Resort, LLC (“VCR”) and GGP (the “Amended Agreement”) based on net operating income (“NOI”) of The Shoppes at The Palazzo calculated 30 months after the closing date of the sale, as defined under the Amended Agreement (the “Final Purchase Price”) and subject to certain later audit adjustments. The Company and GGP had entered into several amendments to the Amended Agreement to defer the time to reach agreement on the Final Purchase Price as both parties continued to work on various matters related to the calculation of NOI. On June 24, 2011, the Company reached a settlement with GGP regarding the Final Purchase Price. Under the terms of the settlement, the Company retained the $295.4 million of proceeds previously received and participates in certain future revenues earned by GGP. Under generally accepted accounting principles, the transaction has not been accounted for as a sale because the Company’s participation in certain future revenues constitutes continuing involvement in The Shoppes at The Palazzo. Therefore, $266.2 million of the proceeds allocated to the mall sale transaction has been recorded as deferred proceeds (a long-term financing obligation), which will accrue interest at an imputed rate and will be offset by (i) imputed rental income and (ii) rent payments made to GGP related to spaces leased back from GGP by the Company. The property and equipment legally sold to GGP totaling $271.0 million (net of $40.4 million of accumulated depreciation) as of June 30, 2011, will continue to be recorded on the Company’s condensed consolidated balance sheet and will continue to be depreciated in the Company’s condensed consolidated income statement.

During the three and six months ended June 30, 2011 and the three and six months ended June 30, 2010, the Company capitalized interest expense of $31.8 million, $62.4 million, $22.7 million and $42.3 million, respectively. During the three and six months ended June 30, 2011 and the three and six months ended June 30, 2010, the Company capitalized approximately $5.6 million, $17.0 million, $15.6 million and $31.0 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property and equipment.

The Company suspended portions of its development projects. As described in “— Note 1 — Organization and Business of Company — Development Projects,” the Company may be required to record an impairment charge related to these developments in the future.

The Company had commenced pre-construction activities on parcels 7 and 8, and has capitalized construction costs of $102.1 million as of June 30, 2011. During December 2010, the Company received notice from the Macau government that its application for a land concession for parcels 7 and 8 was not approved and the Company applied to the Chief Executive of Macau for a review of the decision. In January 2011, the Company filed an appeal with the Court of Second Instance in Macau, which has yet to issue a decision. Should the Company win its appeal, it is still possible for the Chief Executive of Macau to again deny the land concession based upon public policy considerations. In order to obtain the land concession and construct the resort, the Company would need to win its appeal and avoid any future denial of the land concession based upon public policy considerations. If the Company does not obtain the land concession or does not receive full reimbursement of its capitalized investment in this project, the Company would record a charge for all or some portion of the $102.1 million in capitalized construction costs, as of June 30, 2011, related to its development on parcels 7 and 8.

12

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

NOTE 3 — LONG-TERM DEBT

Long-term debt consists of the following (in thousands):

	June 30,			December 31,
	2011			2010
Corporate and U.S. Related:
Senior Secured Credit Facility — Term B	$	2,146,352		$	2,157,199
Senior Secured Credit Facility — Delayed Draws I and II		716,711			720,332
6.375% Senior Notes (net of original issue discount of $634 and $720, respectively)		189,078			188,992
Airplane Financings		76,578			78,422
HVAC Equipment Lease		22,145			23,006
Other		3,413			3,868
Macau Related:
VML Credit Facility — Term B		1,465,789			1,483,789
VML Credit Facility — Term B Delayed		570,029			577,029
VOL Credit Facility — Term		749,918			749,930
Ferry Financing		157,504			175,011
Other		470			640
Singapore Related:
Singapore Credit Facility		3,958,995			3,980,435
Other		1,898			2,170
		10,058,880			10,140,823
Less — current maturities		(1,073,484	)		(767,068	)
Total long-term debt	$	8,985,396		$	9,373,755

Senior Secured Credit Facility

As of June 30, 2011, the Company had $724.6 million of available borrowing capacity under the Senior Secured Credit Facility, net of outstanding letters of credit and undrawn amounts committed to be funded by Lehman Brothers Commercial Paper Inc.

VML Credit Facility

As of June 30, 2011, the Company has no available borrowing capacity under the VML Credit Facility.

VOL Credit Facility

As of June 30, 2011, the Company had $1.0 billion of available borrowing capacity under the VOL Credit Facility.

VML and VOL Credit Facilities Refinancing

The Company is currently in the process of refinancing its VML and VOL credit facilities. The Company has received lender commitments for $3.7 billion and will have the option to raise incremental senior secured and unsecured debt under existing baskets within the new credit facility. The new credit facility, once entered into, is expected to significantly reduce the Company’s interest expense, extend the Macau debt maturities to 2016, enhance the Company’s financial flexibility and further strengthen its financial position. Proceeds from the new Macau senior secured credit facility coupled with cash on hand will be used to retire the outstanding balances and commitments on the existing VML and VOL credit facilities as well as fund the completion of construction of the first two phases of Sands Cotai Central on the Cotai Strip in Macau. The refinancing is subject to final loan documentation as well as certain Macao Government approvals. The refinancing is expected to close in late 2011 and the Company anticipates recording a loss on modification or extinguishment of debt in conjunction with the refinancing.

Singapore Credit Facility

As of June 30, 2011, the Company had SGD 102.8 million (approximately $83.3 million at exchange rates in effect on June 30, 2011) of available borrowing capacity under the Singapore Credit Facility, net of outstanding banker’s guarantees.

Cash Flows from Financing Activities

Cash flows from financing activities related to long-term debt are as follows (in thousands):

	Six Months Ended
	June 30,
	2011			2010
Proceeds from Singapore Credit Facility	$	—		$	596,560
Repayments on Singapore Credit Facility	$	(198,940	)	$	—
Repayments on VML Credit Facility		(25,000	)		(375,036	)
Repayments on Senior Secured Credit Facility		(14,469	)		(795,860	)
Repayments on Ferry Financing		(17,508	)		(17,493	)
Repayments on Airplane Financings		(1,844	)		(1,844	)
Repayments on HVAC Equipment Lease		(861	)		(882	)
Repayments on FF&E Facility and Other Long-Term Debt		(896	)		(17,428	)
Repurchase and cancellation of Senior Notes		—			(56,675	)
	$	(259,518	)	$	(1,265,218	)

13

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Fair Value of Long-Term Debt

The estimated fair value of the Company’s long-term debt as of June 30, 2011, was approximately $9.83 billion, compared to its carrying value of $10.04 billion. As of December 31, 2010, the estimated fair value of the Company’s long-term debt was approximately $9.72 billion, compared to its carrying value of $10.10 billion. The estimated fair value of the Company’s long-term debt is based on quoted market prices, if available, or by pricing models based on the value of related cash flows discounted at current market interest rates.

NOTE 4 — EQUITY AND EARNINGS (LOSS) PER SHARE

Preferred Stock and Warrants

Preferred stock dividend activity is as follows (in thousands):

		Preferred Stock
		Dividends Paid to		Preferred Stock
Board of Directors’		Principal		Dividends Paid to		Total Preferred Stock
Declaration Date	Payment Date	Stockholder’s Family		Public Holders		Dividends Paid
February 5, 2010	February 16, 2010	$	13,125	$	10,225	$	23,350
May 4, 2010	May 17, 2010	$	13,125	$	10,225	$	23,350
						$	46,700
February 1, 2011	February 15, 2011	$	13,125	$	6,473	$	19,598
May 5, 2011	May 16, 2011	$	13,125	$	6,094	$	19,219
						$	38,817
August 4, 2011	August 15, 2011	$	13,125	$	6,015	$	19,140

During the six months ended June 30, 2011, holders of preferred stock exercised 1,229,100 warrants to purchase an aggregate of 20,485,036 shares of the Company’s common stock at $6.00 per share and tendered 1,161,500 shares of preferred stock and $6.8 million in cash as settlement of the warrant exercise price. In conjunction with certain of these transactions, the Company paid $16.5 million in premiums to induce the exercise of warrants with settlement through tendering preferred stock. During the six months ended June 30, 2011, the Company also repurchased and retired 47,300 shares of preferred stock for $5.3 million and recorded a $2.6 million repurchase premium as part of the transaction. During the six months ended June 30, 2010, no warrants were exercised and no preferred shares were repurchased and retired.

Accumulated Comprehensive Income and Comprehensive Income

As of June 30, 2011 and December 31, 2010, accumulated comprehensive income consisted solely of foreign currency translation adjustments.

Total comprehensive income consisted of the following (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net income	$	489,092		$	78,548		$	853,595		$	126,362
Currency translation adjustment		56,892			(2,172	)		88,848			(4,496	)
Total comprehensive income		545,984			76,376			942,443			121,866
Less: comprehensive income attributable to noncontrolling interests		(80,864	)		(34,040	)		(153,507	)		(62,826	)
Comprehensive income attributable to Las Vegas Sands Corp.	$	465,120		$	42,336		$	788,936		$	59,040

14

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Noncontrolling Interests

In June 2011, the Company disposed of its interest in one of its majority owned subsidiaries, resulting in a loss of $3.7 million, which is included in loss on disposal of assets. In addition, during the six months ended June 30, 2011, the Company distributed $5.9 million to certain of its noncontrolling interests.

Earnings (Loss) Per Share

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings (loss) per share consisted of the following:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share)		728,695,140		660,364,559		726,056,840		660,322,428
Potential dilution from stock options, restricted stock and warrants		82,579,566		—		85,186,355		—
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share)		811,274,706		660,364,559		811,243,195		660,322,428
Antidilutive stock options, restricted stock and warrants excluded from the calculation of diluted earnings (loss) per share		5,981,719		173,331,327		6,515,362		173,331,327

NOTE 5 — VARIABLE INTEREST ENTITIES

The Company consolidates any variable interest entities (“VIEs”) in which it is the primary beneficiary and discloses significant variable interests in VIEs of which it is not the primary beneficiary, if any, which management determines such designation based on accounting standards for VIEs.

The Company has entered into various joint venture agreements with independent third parties. The operations of these joint ventures have been consolidated by the Company due to the Company’s significant investment in these joint ventures, its power to direct the activities of the joint ventures that would significantly impact their economic performance and the obligation to absorb potentially significant losses or the rights to receive potentially significant benefits from these joint ventures. The Company evaluates its primary beneficiary designation on an ongoing basis and will assess the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis.

As of June 30, 2011 and December 31, 2010, the Company’s joint ventures had total assets of $101.0 million and $95.3 million, respectively, and total liabilities of $89.9 million and $78.4 million, respectively.

NOTE 6 — INCOME TAXES

The Company’s major tax jurisdictions are the U.S., Macau and Singapore. In 2010, the Internal Revenue Service (“IRS”) issued a Revenue Agent’s Report for tax years 2005 through 2008 proposing certain adjustments, which the Company is appealing. The Company is in the initial stages of the appeals process with the IRS and while the final outcome of these matters is inherently uncertain, the Company believes it is reasonably possible that the total amount of unrecognized tax benefits may decrease by a range between $0 and $23 million within the next twelve months primarily due to the possible settlement of matters presently under consideration at appeals. In the U.S., the Company’s 2009 tax year is also under examination by the IRS. The Company is subject to examination for tax years after 2006 in Macau and Singapore. The Company believes it has adequately reserved for its uncertain tax positions; however, there is no assurance that the taxing authorities will not propose adjustments that are more or less than the Company’s expected outcome and impact the provision for income taxes.

The Company recorded valuation allowances on the net deferred tax assets of the Company’s U.S. operations and certain foreign jurisdictions and does not anticipate recording an income tax benefit related to these deferred tax assets. The Company will reassess the realization of deferred tax assets based on accounting standards for income taxes each reporting period and will be able to reduce the valuation allowance to the extent that the financial results of these operations improve and it becomes more likely than not that the deferred tax assets are realizable.

15

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

The Company received a 5-year income tax exemption in Macau that exempts the Company from paying corporate income tax on profits generated by gaming operations. The Company will continue to benefit from this tax exemption through the end of 2013. In February 2011, the Company entered into an agreement with the Macau government effective through 2013 that provides for an annual payment of 14.4 million patacas (approximately $1.8 million at exchange rates in effect on June 30, 2011) that is a substitution for a 12% tax otherwise due from Venetian Macau Limited (“VML”) shareholders on dividend distributions paid from VML gaming profits.

NOTE 7 — STOCK-BASED EMPLOYEE COMPENSATION

Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Compensation expense:
Stock options	$	9,668	$	13,714	$	24,969	$	28,682
Restricted shares		3,382		125		8,320		250
	$	13,050	$	13,839	$	33,289	$	28,932
Compensation cost capitalized as part of property and equipment	$	416	$	798	$	1,016	$	1,528
LVSC 2004 Plan:
Stock options granted		30		2,043		260		4,089
Weighted average grant date fair value	$	37.19	$	25.69	$	36.33	$	20.62
Restricted shares granted		71		14		691		14
Weighted average grant date fair value	$	44.19	$	24.94	$	47.62	$	24.94
SCL Equity Plan:
Stock options granted		2,531		2,500		5,277		20,376
Weighted average grant date fair value	$	1.81	$	0.88	$	1.66	$	1.03

The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
LVSC 2004 Plan:
Weighted average volatility		95.1	%		88.1	%		94.4	%		92.9	%
Expected term (in years)		6.3			6.3			6.3			5.3
Risk-free rate		2.4	%		3.0	%		2.7	%		2.9	%
Expected dividends		—			—			—			—
SCL Equity Plan:
Weighted average volatility		68.4	%		73.6	%		68.7	%		73.6	%
Expected term (in years)		6.3			5.6			6.3			6.2
Risk-free rate		1.6	%		2.0	%		1.6	%		2.0	%
Expected dividends		—			—			—			—

NOTE 8 — FAIR VALUE MEASUREMENTS

Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Company’s assumptions based upon the best information available in the circumstances) by requiring that the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

16

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

The following table provides the assets carried at fair value (in thousands):

			Fair Value Measurements Using:
			Quoted Market		Significant Other		Significant
	Total Carrying		Prices in Active		Observable Inputs		Unobservable Inputs
	Value		Markets (Level 1)		(Level 2)		(Level 3)
As of June 30, 2011
Cash equivalents(1)	$	1,993,951	$	1,993,951	$	—	$	—
Interest rate caps(2)	$	1,316	$	—	$	1,316	$	—
As of December 31, 2010
Cash equivalents(1)	$	2,490,809	$	2,490,809	$	—	$	—
Interest rate caps(2)	$	1,617	$	—	$	1,617	$	—

(1)	The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.
(2)	As of June 30, 2011 and December 31, 2010, the Company has 38 and 34 interest rate cap agreements with an aggregate fair value of approximately $1.3 million and $1.6 million, respectively, based on quoted market values from the institutions holding the agreements.

NOTE 9 — COMMITMENTS AND CONTINGENCIES

Litigation

The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation claims based upon consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations or cash flows.

On October 15, 2004, Richard Suen and Round Square Company Limited filed an action against LVSC, Las Vegas Sands, Inc. (“LVSI”), Sheldon G. Adelson and William P. Weidner in the District Court of Clark County, Nevada, asserting a breach of an alleged agreement to pay a success fee of $5.0 million and 2.0% of the net profit from the Company’s Macau resort operations to the plaintiffs as well as other related claims. In March 2005, LVSC was dismissed as a party without prejudice based on a stipulation to do so between the parties. Pursuant to an order filed March 16, 2006, plaintiffs’ fraud claims set forth in the first amended complaint were dismissed with prejudice against all defendants. The order also dismissed with prejudice the first amended complaint against defendants Sheldon G. Adelson and William P. Weidner. On May 24, 2008, the jury returned a verdict for the plaintiffs in the amount of $43.8 million. On June 30, 2008, a judgment was entered in this matter in the amount of $58.6 million (including pre-judgment interest). The Company appealed the verdict to the Nevada Supreme Court. On November 17, 2010, the Nevada Supreme Court reversed the judgment and remanded the case to the District Court of Clark County for a new trial. In its decision reversing the monetary judgment against the Company, the Nevada Supreme Court also made several other rulings which may affect the outcome of the new trial, including overturning the pre-trial dismissal of the plaintiffs’ breach of contract claim and deciding several evidentiary matters, some of which confirmed and some of which overturned rulings made by the District Court of Clark County. As such, the Company is unable at this time to determine the probability of the outcome or range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On October 20, 2010, Steven C. Jacobs, the former Chief Executive Officer of SCL, filed an action against LVSC and SCL in the District Court of Clark County, Nevada, alleging breach of contract against LVSC and SCL and breach of the implied covenant of good faith and fair dealing and tortious discharge in violation of public policy against LVSC. On March 16, 2011, an amended complaint was filed, which added Sheldon G. Adelson as a defendant and alleged a claim of defamation per se against him, LVSC and SCL. On June 9, 2011, the District Court of Clark County dismissed the defamation claim and certified the decision as to Sheldon G. Adelson as a final judgment. On July 1, 2011, the plaintiff filed a notice of appeal regarding the final judgment as to Sheldon G. Adelson. Mr. Jacobs is seeking unspecified damages. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On February 9, 2011, LVSC received a subpoena from the Securities and Exchange Commission requesting that the Company produce documents relating to its compliance with the Foreign Corrupt Practices Act (the “FCPA”). The Company has also been advised by the Department of Justice that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from allegations contained in the lawsuit filed by Steven C. Jacobs described above. The Company intends to cooperate with the investigations. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any.

17

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

On March 31, 2011, SCL filed an announcement with the SEHK stating that SCL has been informed by the Securities and Futures Commission of Hong Kong (the “SFC”) that SCL is under investigation by the SFC in relation to alleged breaches of the provisions of the Hong Kong Securities and Futures Ordinance and has been requested to produce certain documents. The Company intends to cooperate with the investigation. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any.

On May 24, 2010, Frank J. Fosbre, Jr. filed a purported class action complaint in the United States District Court for the District of Nevada (the “U.S. District Court”), against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 1, 2007 through November 6, 2008. The complaint seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs.

On July 21, 2010, Wendell and Shirley Combs filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from June 13, 2007 through November 11, 2008. The complaint, which is substantially similar to the Fosbre litigation, discussed above, seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs.

On August 31, 2010, the U.S. District Court entered an order consolidating the Fosbre and Combs cases, and appointed lead plaintiffs and lead counsel. On November 1, 2010, a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson and William P. Weidner. The amended complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false and misleading information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 2, 2007 through November 6, 2008. The amended complaint seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On January 10, 2011, the defendants filed a motion to dismiss the amended complaint, which is pending before the U.S. District Court. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On March 9, 2011, Benyamin Kohanim filed a shareholder derivative action (the “Kohanim action”) on behalf of the Company in the District Court of Clark County, Nevada, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors. The complaint alleges, among other things, breach of fiduciary duties in failing to properly implement, oversee and maintain internal controls to ensure compliance with the FCPA. The complaint seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. This case has been consolidated with the Gaines action described below. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson, and Matt Abbeduto filed a shareholder derivative action (the “Moradi action”), as amended on April 15, 2011, on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, including exemplary damages and restitution, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On April 18, 2011, Ira J. Gaines, Sunshine Wire and Cable Defined Benefit Pension Plan Trust dated 1/1/92 and Peachtree Mortgage Ltd. filed a shareholder derivative action (the “Gaines action”) on behalf of the Company in the District Court of Clark County, Nevada, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim and Moradi actions. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Gaines action has been consolidated with the Kohanim action and will be reported as one consolidated matter in the future. The Company intends to defend this matter vigorously.

18

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

On April 18, 2011, the Louisiana Municipal Police Employees Retirement System filed a shareholder derivative action (the “LAMPERS action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi and Gaines actions. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On April 22, 2011, John Zaremba filed a shareholder derivative action on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi, Gaines and LAMPERS actions. The complaint seeks to recover for the Company unspecified damages, including restitution, disgorgement of profits, and injunctive relief, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

Singapore Development Project

In August 2006, the Company entered into a development agreement, as amended by a supplementary agreement on December 11, 2009 (the “Development Agreement”), with the Singapore Tourism Board (the “STB”), which requires the Company to construct and operate the Marina Bay Sands in accordance with the Company’s proposal for the integrated resort and in accordance with the agreement. The Company entered into the SGD 5.44 billion (approximately $4.41 billion at exchange rates in effect on June 30, 2011) Singapore Credit Facility to fund a significant portion of the construction, operating and other development costs of the Marina Bay Sands.

The Development Agreement permits the Marina Bay Sands to open in stages and in accordance with an agreed upon schedule that runs through September 30, 2011. There are no financial consequences to MBS if it fails to meet the agreed upon schedule, provided that the entire integrated resort is opened by December 31, 2011. The Company believes it will meet this deadline; however, if it doesn’t, the STB will be entitled to draw on the SGD 192.6 million (approximately $156.1 million at exchange rates in effect on June 30, 2011) security deposit under the Singapore Credit Facility.

Other Agreements

The Company has entered into an agreement with Starwood to manage hotels, as well as brand serviced luxury apart-hotels, on the Company’s Cotai Strip parcels 5 and 6. The management agreement imposes certain construction and opening obligations and deadlines on the Company, and certain past and/or anticipated delays would allow Starwood to terminate its agreement. The Company has recommenced construction activities at Sands Cotai Central and is negotiating an amendment to its management agreement with Starwood to provide for new opening timelines. If negotiations are unsuccessful and Starwood exercises its rights to terminate its agreement, the Company would have to find a new manager and brand for these projects. The Company’s agreement with Starwood related to the sales and marketing of the Las Vegas Condo Tower has been terminated. If the Company is unsuccessful in finding a new brand in Las Vegas, it could have a material adverse effect on the Company’s financial condition, results of operations and cash flows.

NOTE 10 — SEGMENT INFORMATION

The Company’s principal operating and developmental activities occur in three geographic areas: United States, Macau and Singapore. The Company reviews the results of operations for each of its key operating segments: The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; Sands Bethlehem; Sands Macao; The Venetian Macao; Four Seasons Macao; and Other Asia (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to the Company’s properties in Macau); and Marina Bay Sands. The Company also reviews construction and development activities for each of its primary projects: The Venetian Las Vegas; The Palazzo; Sands Bethlehem; Sands Macao; The Venetian Macao; Four Seasons Macao; Other Asia; Marina Bay Sands; Other Development Projects (Sands Cotai Central and Cotai Strip parcels 3 and 7 and 8); and Corporate and Other

19

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

(comprised primarily of airplanes and the Las Vegas Condo Tower). The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated as one reportable segment (the “Las Vegas Operating Properties”), considering their similar economic characteristics, types of customers, types of service and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure. The information for the three and six months ended June 30, 2010, has been reclassified to conform to the current presentation. The Company’s segment information as of June 30, 2011 and December 31, 2010, and for the three and six months ended June 30, 2011 and 2010, is as follows (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net Revenues:
Macau:
The Venetian Macao	$	735,405		$	581,032		$	1,373,674		$	1,130,727
Sands Macao		330,960			302,212			653,753			586,018
Four Seasons Macao		120,757			144,096			292,864			246,440
Other Asia		32,450			28,386			66,223			52,558
		1,219,572			1,055,726			2,386,514			2,015,743
United States:
Las Vegas Operating Properties		332,522			281,219			637,597			611,729
Sands Bethlehem		97,120			68,624			188,150			135,865
		429,642			349,843			825,747			747,594
Marina Bay Sands		737,569			216,393			1,322,494			216,393
Intersegment eliminations		(41,687	)		(27,486	)		(77,740	)		(50,366	)
Total net revenues	$	2,345,096		$	1,594,476		$	4,457,015		$	2,929,364

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Adjusted Property EBITDA(1)
Macau:
The Venetian Macao	$	258,366		$	192,829		$	486,766		$	362,744
Sands Macao		95,573			81,212			188,221			150,973
Four Seasons Macao		37,620			32,999			95,167			52,494
Other Asia		(9,230	)		(6,154	)		(13,836	)		(10,586	)
		382,329			300,886			756,318			555,625
United States:
Las Vegas Operating Properties		92,909			65,992			158,074			171,284
Sands Bethlehem		21,039			12,121			43,148			23,089
		113,948			78,113			201,222			194,373
Marina Bay Sands		405,359			94,466			689,830			94,466
Total adjusted property EBITDA		901,636			473,465			1,647,370			844,464
Other Operating Costs and Expenses
Stock-based compensation expense		(6,902	)		(8,763	)		(15,197	)		(14,571	)
Corporate expense		(42,376	)		(25,954	)		(79,952	)		(49,430	)
Rental expense		(10,034	)		(12,806	)		(23,190	)		(21,504	)
Pre-opening expense		(18,178	)		(50,118	)		(27,649	)		(87,577	)
Development expense		(2,420	)		(676	)		(2,993	)		(833	)
Depreciation and amortization		(206,161	)		(170,694	)		(396,398	)		(323,783	)
Loss on disposal of assets		(7,443	)		(37,679	)		(7,942	)		(38,171	)
Operating income		608,122			166,775			1,094,049			308,595
Other Non-Operating Costs and Expenses
Interest income		4,028			2,073			6,075			3,706
Interest expense, net of amounts capitalized		(70,592	)		(76,987	)		(144,177	)		(155,152	)
Other income (expense)		1,908			(6,201	)		(2,767	)		(12,649	)
Gain on early retirement of debt		—			961			—			3,137
Income tax expense		(54,374	)		(8,073	)		(99,585	)		(21,275	)
Net income	$	489,092		$	78,548		$	853,595		$	126,362

(1) Adjusted property EBITDA is net income before stock-based compensation expense, corporate expense, rental expense, pre-opening expense, development expense, depreciation and amortization, loss on disposal of assets, interest, other income (expense), gain on early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors.

20

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Intersegment Revenues
Macau:
The Venetian Macao	$	928	$	2,753	$	1,823	$	5,166
Other Asia		9,582		16,608		17,483		30,433
		10,510		19,361		19,306		35,599
Las Vegas Operating Properties		30,925		7,721		57,985		14,363
Singapore		252		404		449		404
Total intersegment revenues	$	41,687	$	27,486	$	77,740	$	50,366

	Six Months Ended
	June 30,
	2011		2010
Capital Expenditures
Corporate and Other	$	8,071	$	8,759
Macau:
The Venetian Macao		3,431		18,003
Sands Macao		2,070		1,374
Four Seasons Macao		7,660		15,624
Other Asia		4,142		2,409
Other Development Projects		339,172		85,993
		356,475		123,403
United States:
Las Vegas Operating Properties		15,844		9,192
Sands Bethlehem		36,042		22,177
		51,886		31,369
Marina Bay Sands		304,264		963,737
Total capital expenditures	$	720,696	$	1,127,268

	June 30,		December 31,
	2011		2010
Total Assets
Corporate and Other	$	1,342,991	$	1,574,180
Macau:
The Venetian Macao		3,634,032		3,194,598
Sands Macao		468,997		483,678
Four Seasons Macao		1,124,745		1,155,243
Other Asia		356,285		370,525
Other Development Projects		3,168,339		3,140,905
		8,752,398		8,344,949
United States:
Las Vegas Operating Properties		3,997,235		3,966,754
Sands Bethlehem		814,513		757,993
		4,811,748		4,724,747
Marina Bay Sands		6,830,020		6,400,432
Total assets	$	21,737,157	$	21,044,308

21

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

	June 30,		December 31,
	2011		2010
Total Long-Lived Assets
Corporate and Other	$	307,776	$	308,438
Macau:
The Venetian Macao		2,048,482		2,138,419
Sands Macao		300,958		315,380
Four Seasons Macao		1,006,648		1,024,302
Other Asia		223,236		230,640
Other Development Projects		2,679,949		2,303,959
		6,259,273		6,012,700
United States:
Las Vegas Operating Properties		3,324,056		3,429,997
Sands Bethlehem		625,797		608,021
		3,949,853		4,038,018
Marina Bay Sands		5,816,911		5,541,881
Total long-lived assets	$	16,333,813	$	15,901,037

NOTE 11 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION

LVSC is the obligor of the Senior Notes due 2015. Las Vegas Sands, LLC, VCR, Mall Intermediate Holding Company, LLC, Venetian Transport, LLC, Venetian Marketing, Inc., Lido Intermediate Holding Company, LLC, Lido Casino Resort Holding Company, LLC, Interface Group-Nevada, Inc., Palazzo Condo Tower, LLC, Sands Pennsylvania, Inc., Phase II Mall Holding, LLC, LVS (Nevada) International Holdings, Inc. and LVS Management Services, LLC (collectively, the “Guarantor Subsidiaries”), have jointly and severally guaranteed the Senior Notes on a full and unconditional basis. The voting stock of all entities included as Guarantor Subsidiaries is 100% owned directly or indirectly by Las Vegas Sands Corp. The noncontrolling interest amount included in the Guarantor Subsidiaries’ condensed consolidating balance sheets is related to non-voting preferred stock of one of the subsidiaries held by third parties.

In February 2008, all of the capital stock of Phase II Mall Subsidiary, LLC was sold to GGP and in connection therewith, it was released as a guarantor under the Senior Notes. The sale is not complete from an accounting perspective due to the Company’s continuing involvement in the transaction related to the participation in certain future revenues earned by GGP. Certain of the assets, liabilities and operating results related to the ownership and operation of the mall by Phase II Mall Subsidiary, LLC subsequent to the sale will continue to be accounted for by the Guarantor Subsidiaries, and therefore are included in the “Guarantor Subsidiaries” columns in the following condensed consolidating financial information. As a result, net assets of $4.8 million (consisting of $271.0 million of property and equipment, offset by $266.2 million of liabilities consisting of deferred proceeds from the sale) and $38.0 million (consisting of $282.1 million of property and equipment, offset by $244.1 million of liabilities consisting of deferred proceeds from the sale) as of June 30, 2011 and December 31, 2010, respectively, and a net loss (consisting primarily of depreciation expense) of $11.1 million for the three and six months ended June 30, 2011, and $3.7 million and $7.4 million for the three and six months ended June 30, 2010, respectively, related to the mall and are being accounted for by the Guarantor Subsidiaries. These balances and amounts are not collateral for the Senior Notes and should not be considered as credit support for the guarantees of the Senior Notes.

The condensed consolidating financial information of LVSC, the Guarantor Subsidiaries and the non-guarantor subsidiaries on a combined basis as of June 30, 2011 and December 31, 2010, and for the three and six months ended June 30, 2011 and 2010, is as follows (in thousands):

22

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Condensed Consolidating Balance Sheets
June 30, 2011

							Consolidating/
	Las Vegas		Guarantor		Non-Guarantor		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		Entries			Total
Cash and cash equivalents	$	898,445	$	527,972	$	2,052,689	$	—		$	3,479,106
Restricted cash and cash equivalents		—		417		170,811		—			171,228
Intercompany receivables		89,797		66,887		24,320		(181,004	)		—
Accounts receivable, net		1,356		183,668		784,415		(451	)		968,988
Inventories		2,448		12,296		20,890		—			35,634
Deferred income taxes, net		—		23,777		306		(9,370	)		14,713
Prepaid expenses and other		9,512		6,824		35,300		—			51,636
Total current assets		1,001,558		821,841		3,088,731		(190,825	)		4,721,305
Property and equipment, net		132,171		3,468,373		11,292,246		—			14,892,790
Investment in subsidiaries		7,150,809		5,690,170		—		(12,840,979	)		—
Deferred financing costs, net		688		25,189		108,005		—			133,882
Restricted cash and cash equivalents		—		4,307		268,256		—			272,563
Intercompany receivables		30,815		112,041		—		(142,856	)		—
Intercompany notes receivable		—		724,122		—		(724,122	)		—
Deferred income taxes, net		44,608		—		—		(35,349	)		9,259
Leasehold interests in land, net		—		—		1,441,023		—			1,441,023
Intangible assets, net		690		—		85,154		—			85,844
Other assets, net		113		24,992		155,386		—			180,491
Total assets	$	8,361,452	$	10,871,035	$	16,438,801	$	(13,934,131	)	$	21,737,157
Accounts payable	$	10,487	$	23,859	$	59,058	$	(451	)	$	92,953
Construction payables		33		1,888		381,568		—			383,489
Intercompany payables		24,320		89,797		66,887		(181,004	)		—
Accrued interest payable		4,623		1,043		8,316		—			13,982
Other accrued liabilities		12,843		176,716		946,745		—			1,136,304
Income taxes payable		4,970		3		34,157		—			39,130
Deferred income taxes		9,370		—		—		(9,370	)		—
Current maturities of long-term debt		3,688		30,583		1,039,213		—			1,073,484
Total current liabilities		70,334		323,889		2,535,944		(190,825	)		2,739,342
Other long-term liabilities		26,761		10,552		42,625		—			79,938
Intercompany payables		54,739		—		88,117		(142,856	)		—
Intercompany notes payable		—		—		724,122		(724,122	)		—
Deferred income taxes		—		35,489		133,719		(35,349	)		133,859
Deferred amounts related to mall transactions		—		431,972		—		—			431,972
Long-term debt		261,969		2,854,624		5,868,803		—			8,985,396
Total liabilities		413,803		3,656,526		9,393,330		(1,093,152	)		12,370,507
Preferred stock issued to Principal Stockholder’s family		549,651		—		—		—			549,651
Total Las Vegas Sands Corp. stockholders’ equity		7,397,998		7,214,104		5,626,875		(12,840,979	)		7,397,998
Noncontrolling interests		—		405		1,418,596		—			1,419,001
Total equity		7,397,998		7,214,509		7,045,471		(12,840,979	)		8,816,999
Total liabilities and equity	$	8,361,452	$	10,871,035	$	16,438,801	$	(13,934,131	)	$	21,737,157

23

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Condensed Consolidating Balance Sheets
December 31, 2010

							Consolidating/
	Las Vegas		Guarantor		Non-Guarantor		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		Entries			Total
Cash and cash equivalents	$	1,031,844	$	412,226	$	1,593,011	$	—		$	3,037,081
Restricted cash and cash equivalents		—		2,179		162,136		—			164,315
Intercompany receivables		11,843		65,834		22,927		(100,604	)		—
Accounts receivable, net		298		156,012		561,217		(608	)		716,919
Inventories		2,174		11,755		18,331		—			32,260
Deferred income taxes, net		—		24,496		47,389		(10,279	)		61,606
Prepaid expenses and other		15,272		4,782		30,432		(3,760	)		46,726
Total current assets		1,061,431		677,284		2,435,443		(115,251	)		4,058,907
Property and equipment, net		133,901		3,570,465		10,797,831		—			14,502,197
Investment in subsidiaries		6,273,755		4,996,023		—		(11,269,778	)		—
Deferred financing costs, net		767		29,198		125,413		—			155,378
Restricted cash and cash equivalents		—		4,616		640,989		—			645,605
Intercompany receivables		31,996		97,813		—		(129,809	)		—
Intercompany notes receivable		—		638,986		—		(638,986	)		—
Deferred income taxes, net		62,638		—		—		(52,215	)		10,423
Leasehold interests in land, net		—		—		1,398,840		—			1,398,840
Intangible assets, net		590		—		89,215		—			89,805
Other assets, net		78		27,104		155,971		—			183,153
Total assets	$	7,565,156	$	10,041,489	$	15,643,702	$	(12,206,039	)	$	21,044,308
Accounts payable	$	5,750	$	26,975	$	81,388	$	(608	)	$	113,505
Construction payables		—		2,179		514,802		—			516,981
Intercompany payables		22,926		11,843		65,835		(100,604	)		—
Accrued interest payable		4,629		7,689		30,307		—			42,625
Other accrued liabilities		15,692		175,011		969,531		—			1,160,234
Income taxes payable		—		—		3,760		(3,760	)		—
Deferred income taxes		10,279		—		—		(10,279	)		—
Current maturities of long-term debt		3,687		30,606		732,775		—			767,068
Total current liabilities		62,963		254,303		2,398,398		(115,251	)		2,600,413
Other long-term liabilities		26,761		10,911		40,568		—			78,240
Intercompany payables		45,336		—		84,473		(129,809	)		—
Intercompany notes payable		—		—		638,986		(638,986	)		—
Deferred income taxes		—		53,034		114,400		(52,215	)		115,219
Deferred amounts related to mall transactions		—		442,114		—		—			442,114
Long-term debt		263,726		2,869,931		6,240,098		—			9,373,755
Total liabilities		398,786		3,630,293		9,516,923		(936,261	)		12,609,741
Preferred stock issued to Principal Stockholder’s family		503,379		—		—		—			503,379
Total Las Vegas Sands Corp. stockholders’ equity		6,662,991		6,410,791		4,858,987		(11,269,778	)		6,662,991
Noncontrolling interests		—		405		1,267,792		—			1,268,197
Total equity		6,662,991		6,411,196		6,126,779		(11,269,778	)		7,931,188
Total liabilities and equity	$	7,565,156	$	10,041,489	$	15,643,702	$	(12,206,039	)	$	21,044,308

24

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Condensed Consolidating Statements of Operations
For the Three Months Ended June 30, 2011

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	105,123		$	1,757,149		$	—		$	1,862,272
Rooms		—			112,931			126,765			—			239,696
Food and beverage		—			47,573			98,443			—			146,016
Convention, retail and other		—			69,156			166,066			(34,580	)		200,642
		—			334,783			2,148,423			(34,580	)		2,448,626
Less-promotional allowances		(172	)		(16,217	)		(86,772	)		(369	)		(103,530	)
Net revenues		(172	)		318,566			2,061,651			(34,949	)		2,345,096
Operating expenses:
Casino		—			59,818			915,146			(551	)		974,413
Rooms		—			33,981			16,752			—			50,733
Food and beverage		—			23,354			51,289			(1,508	)		73,135
Convention, retail and other		—			21,561			89,230			(5,767	)		105,024
Provision for doubtful accounts		—			495			23,001			—			23,496
General and administrative		—			63,702			159,994			(135	)		223,561
Corporate expense		37,069			83			32,212			(26,988	)		42,376
Rental expense		—			—			10,034			—			10,034
Pre-opening expense		—			15			18,163			—			18,178
Development expense		2,420			—			—			—			2,420
Depreciation and amortization		4,478			63,800			137,883			—			206,161
(Gain) loss on disposal of assets		7,663			2,082			(2,302	)		—			7,443
		51,630			268,891			1,451,402			(34,949	)		1,736,974
Operating income (loss)		(51,802	)		49,675			610,249			—			608,122
Other income (expense):
Interest income		2,531			27,179			1,301			(26,983	)		4,028
Interest expense, net of amounts capitalized		(3,450	)		(22,862	)		(71,263	)		26,983			(70,592	)
Other income		—			989			919			—			1,908
Income from equity investments in subsidiaries		442,863			368,364			—			(811,227	)		—
Income before income taxes		390,142			423,345			541,206			(811,227	)		543,466
Income tax benefit (expense)		20,495			(17,969	)		(56,900	)		—			(54,374	)
Net income		410,637			405,376			484,306			(811,227	)		489,092
Net income attributable to noncontrolling interests		—			(1,292	)		(77,163	)		—			(78,455	)
Net income attributable to Las Vegas Sands Corp.	$	410,637		$	404,084		$	407,143		$	(811,227	)	$	410,637

25

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Condensed Consolidating Statements of Operations
For the Three Months Ended June 30, 2010

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	102,902		$	1,191,399		$	—		$	1,294,301
Rooms		—			120,169			70,598			—			190,767
Food and beverage		—			41,273			63,806			—			105,079
Convention, retail and other		—			44,070			81,911			(10,715	)		115,266
		—			308,414			1,407,714			(10,715	)		1,705,413
Less-promotional allowances		(115	)		(40,794	)		(69,389	)		(639	)		(110,937	)
Net revenues		(115	)		267,620			1,338,325			(11,354	)		1,594,476
Operating expenses:
Casino		—			68,180			723,336			(569	)		790,947
Rooms		—			25,040			9,034			(1	)		34,073
Food and beverage		—			18,005			31,387			(1,594	)		47,798
Convention, retail and other		—			18,137			51,077			(3,888	)		65,326
Provision for doubtful accounts		—			9,355			9,356			—			18,711
General and administrative		—			63,460			109,733			(274	)		172,919
Corporate expense		22,036			51			8,867			(5,000	)		25,954
Rental expense		—			—			12,806			—			12,806
Pre-opening expense		179			1			49,966			(28	)		50,118
Development expense		676			—			—			—			676
Depreciation and amortization		3,017			57,671			110,006			—			170,694
Loss on disposal of assets		—			8,704			28,975			—			37,679
		25,908			268,604			1,144,543			(11,354	)		1,427,701
Operating income (loss)		(26,023	)		(984	)		193,782			—			166,775
Other income (expense):
Interest income		815			21,755			846			(21,343	)		2,073
Interest expense, net of amounts capitalized		(3,886	)		(27,144	)		(67,300	)		21,343			(76,987	)
Other expense		—			(255	)		(5,946	)		—			(6,201	)
Gain on early retirement of debt		961			—			—			—			961
Income from equity investments in subsidiaries		85,577			83,098			—			(168,675	)		—
Income before income taxes		57,444			76,470			121,382			(168,675	)		86,621
Income tax benefit (expense)		(15,637	)		7,710			(146	)		—			(8,073	)
Net income		41,807			84,180			121,236			(168,675	)		78,548
Net income attributable to noncontrolling interests		—			—			(36,741	)		—			(36,741	)
Net income attributable to Las Vegas Sands Corp.	$	41,807		$	84,180		$	84,495		$	(168,675	)	$	41,807

26

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Condensed Consolidating Statements of Operations
For the Six Months Ended June 30, 2011

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	188,246		$	3,338,515		$	—		$	3,526,761
Rooms		—			225,805			245,865			—			471,670
Food and beverage		—			97,880			193,529			—			291,409
Convention, retail and other		—			133,699			296,125			(64,527	)		365,297
		—			645,630			4,074,034			(64,527	)		4,655,137
Less-promotional allowances		(335	)		(33,843	)		(163,168	)		(776	)		(198,122	)
Net revenues		(335	)		611,787			3,910,866			(65,303	)		4,457,015
Operating expenses:
Casino		—			124,186			1,772,891			(1,128	)		1,895,949
Rooms		—			66,229			32,957			—			99,186
Food and beverage		—			46,950			100,852			(2,964	)		144,838
Convention, retail and other		—			42,714			159,812			(10,257	)		192,269
Provision for doubtful accounts		—			6,591			51,963			—			58,554
General and administrative		—			124,434			309,967			(355	)		434,046
Corporate expense		70,049			138			60,364			(50,599	)		79,952
Rental expense		—			—			23,190			—			23,190
Pre-opening expense		—			15			27,634			—			27,649
Development expense		2,993			—			—			—			2,993
Depreciation and amortization		8,661			116,613			271,124			—			396,398
(Gain) loss on disposal of assets		7,663			2,027			(1,748	)		—			7,942
		89,366			529,897			2,809,006			(65,303	)		3,362,966
Operating income (loss)		(89,701	)		81,890			1,101,860			—			1,094,049
Other income (expense):
Interest income		3,088			52,454			2,593			(52,060	)		6,075
Interest expense, net of amounts capitalized		(6,900	)		(45,934	)		(143,403	)		52,060			(144,177	)
Other income (expense)		—			272			(3,039	)		—			(2,767	)
Income from equity investments in subsidiaries		771,802			646,086			—			(1,417,888	)		—
Income before income taxes		678,289			734,768			958,011			(1,417,888	)		953,180
Income tax benefit (expense)		21,671			(27,021	)		(94,235	)		—			(99,585	)
Net income		699,960			707,747			863,776			(1,417,888	)		853,595
Net income attributable to noncontrolling interests		—			(1,292	)		(152,343	)		—			(153,635	)
Net income attributable to Las Vegas Sands Corp.	$	699,960		$	706,455		$	711,433		$	(1,417,888	)	$	699,960

27

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Condensed Consolidating Statements of Operations
For the Six Months Ended June 30, 2010

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	258,247		$	2,097,824		$	—		$	2,356,071
Rooms		—			240,236			131,313			—			371,549
Food and beverage		—			84,795			112,363			—			197,158
Convention, retail and other		—			95,092			148,152			(19,763	)		223,481
		—			678,370			2,489,652			(19,763	)		3,148,259
Less-promotional allowances		(247	)		(91,444	)		(125,874	)		(1,330	)		(218,895	)
Net revenues		(247	)		586,926			2,363,778			(21,093	)		2,929,364
Operating expenses:
Casino		—			154,832			1,331,926			(1,176	)		1,485,582
Rooms		—			48,251			15,477			(1	)		63,727
Food and beverage		—			36,337			58,986			(3,222	)		92,101
Convention, retail and other		—			37,837			92,015			(6,122	)		123,730
Provision for doubtful accounts		—			17,695			17,458			—			35,153
General and administrative		—			120,035			179,681			(538	)		299,178
Corporate expense		42,307			132			16,991			(10,000	)		49,430
Rental expense		—			—			21,504			—			21,504
Pre-opening expense		357			3			87,251			(34	)		87,577
Development expense		833			—			—			—			833
Depreciation and amortization		6,036			116,130			201,617			—			323,783
Loss on disposal of assets		—			8,704			29,467			—			38,171
		49,533			539,956			2,052,373			(21,093	)		2,620,769
Operating income (loss)		(49,780	)		46,970			311,405			—			308,595
Other income (expense):
Interest income		1,319			42,033			1,356			(41,002	)		3,706
Interest expense, net of amounts capitalized		(8,164	)		(56,708	)		(131,282	)		41,002			(155,152	)
Other expense		—			(271	)		(12,378	)		—			(12,649	)
Gain (loss) on early retirement of debt		3,358			—			(221	)		—			3,137
Income from equity investments in subsidiaries		136,167			108,654			—			(244,821	)		—
Income before income taxes		82,900			140,678			168,880			(244,821	)		147,637
Income tax benefit (expense)		(23,512	)		(730	)		2,967			—			(21,275	)
Net income		59,388			139,948			171,847			(244,821	)		126,362
Net income attributable to noncontrolling interests		—			—			(66,974	)		—			(66,974	)
Net income attributable to Las Vegas Sands Corp.	$	59,388		$	139,948		$	104,873		$	(244,821	)	$	59,388

28

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Condensed Consolidating Statements of Cash Flows
For the Six Months Ended June 30, 2011

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from (used in) operating activities	$	(82,787	)	$	139,097		$	1,025,213		$	—		$	1,081,523
Cash flows from investing activities:
Changes in restricted cash and cash equivalents		—			2,071			364,609			—			366,680
Capital expenditures		(6,898	)		(16,951	)		(696,847	)		—			(720,696	)
Proceeds from disposal of property and equipment		—			—			4,416			—			4,416
Acquisition of intangible assets		(100	)		—			(475	)		—			(575	)
Notes receivable to non-guarantor subsidiaries		—			(34,171	)		—			34,171			—
Dividends from Guarantor Subsidiaries		49,078			—			—			(49,078	)		—
Dividends from non-guarantor subsidiaries		—			41,400			—			(41,400	)		—
Capital contributions to subsidiaries		(50,000	)		—			—			50,000			—
Net used in investing activities		(7,920	)		(7,651	)		(328,297	)		(6,307	)		(350,175	)
Cash flows from financing activities:
Proceeds from exercise of stock options		13,030			—			1,300			—			14,330
Proceeds from exercise of warrants		6,760			—			—			—			6,760
Dividends paid to preferred stockholders		(38,817	)		—			—			—			(38,817	)
Dividends paid to Las Vegas Sands Corp.		—			(49,078	)		—			49,078			—
Dividends paid to Guarantor Subsidiaries		—			—			(41,400	)		41,400			—
Distributions to noncontrolling interests		—			(1,292	)		(4,571	)		—			(5,863	)
Capital contributions received		—			50,000			—			(50,000	)		—
Borrowings from Guarantor Subsidiaries		—			—			34,171			(34,171	)		—
Repayments on Singapore credit facility		—			—			(198,940	)		—			(198,940	)
Repayments on VML credit facility		—			—			(25,000	)		—			(25,000	)
Repayments on senior secured credit facility		—			(14,469	)		—			—			(14,469	)
Repayments on ferry financing		—			—			(17,508	)		—			(17,508	)
Repayments on airplane financings		(1,844	)		—			—			—			(1,844	)
Repayments on HVAC equipment lease		—			(861	)		—			—			(861	)
Repayments on FF&E facility and other long-term debt		—			—			(896	)		—			(896	)
Repurchase of preferred stock		(5,328	)		—			—			—			(5,328	)
Payments of preferred stock inducement premium		(16,493	)		—			—			—			(16,493	)
Payments of deferred financing costs		—			—			(57	)		—			(57	)
Net cash used in financing activities		(42,692	)		(15,700	)		(252,901	)		6,307			(304,986	)
Effect of exchange rate on cash		—			—			15,663			—			15,663
Increase (decrease) in cash and cash equivalents		(133,399	)		115,746			459,678			—			442,025
Cash and cash equivalents at beginning of period		1,031,844			412,226			1,593,011			—			3,037,081
Cash and cash equivalents at end of period	$	898,445		$	527,972		$	2,052,689		$	—		$	3,479,106

29

Las Vegas Sands Corp.
Notes to Condensed Consolidated Financial Statements — (Continued)
(Unaudited)

Condensed Consolidating Statements of Cash Flows
For the Six Months Ended June 30, 2010

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from (used in) operating activities	$	(60,730	)	$	190,889		$	507,746		$	—		$	637,905
Cash flows from investing activities:
Changes in restricted cash		—			159			22,767			—			22,926
Capital expenditures		(5,246	)		(12,545	)		(1,109,477	)		—			(1,127,268	)
Proceeds from disposal of property and equipment		—			745			4,902			—			5,647
Acquisition of intangible assets		—			—			(43,305	)		—			(43,305	)
Purchases of investments		—			—			(173,774	)		—			(173,774	)
Notes receivable to non-guarantor subsidiaries		—			(72,723	)		—			72,723			—
Dividends from Guarantor Subsidiaries		3,042,483			—			—			(3,042,483	)		—
Dividends from non-guarantor subsidiaries		—			23,400			—			(23,400	)		—
Capital contributions to subsidiaries		(2,700,000	)		(16,500	)		—			2,716,500			—
Net cash generated from (used in) investing activities		337,237			(77,464	)		(1,298,887	)		(276,660	)		(1,315,774	)
Cash flows from financing activities:
Proceeds from exercise of stock options		3,923			—			—			—			3,923
Dividends paid to preferred stockholders		(46,700	)		—			—			—			(46,700	)
Dividends paid to Las Vegas Sands Corp.		—			(3,042,483	)		—			3,042,483			—
Dividends paid to Guarantor Subsidiaries		—			—			(23,400	)		23,400			—
Capital contributions received		—			2,700,000			16,500			(2,716,500	)		—
Borrowings from Guarantor Subsidiaries		—			—			72,723			(72,723	)		—
Proceeds from Singapore credit facility		—			—			596,560			—			596,560
Repayments on senior secured credit facility		—			(795,860	)		—			—			(795,860	)
Repayments on VML credit facility		—			—			(375,036	)		—			(375,036	)
Repurchase and cancellation of senior notes		(56,675	)		—			—			—			(56,675	)
Repayments on ferry financing		—			—			(17,493	)		—			(17,493	)
Repayments on airplane financings		(1,844	)		—			—			—			(1,844	)
Repayments on HVAC equipment lease		—			(882	)		—			—			(882	)
Repayments on FF&E facility and other long-term debt		—			(16,700	)		(728	)		—			(17,428	)
Payments of deferred financing costs		—			—			(54,365	)		—			(54,365	)
Net cash generated from (used in) financing activities		(101,296	)		(1,155,925	)		214,761			276,660			(765,800	)
Effect of exchange rate on cash		—			—			7,088			—			7,088
Increase (decrease) in cash and cash equivalents		175,211			(1,042,500	)		(569,292	)		—			(1,436,581	)
Cash and cash equivalents at beginning of period		254,256			3,033,625			1,667,535			—			4,955,416
Cash and cash equivalents at end of period	$	429,467		$	1,991,125		$	1,098,243		$	—		$	3,518,835

30

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with, and is qualified in its entirety by, the condensed consolidated financial statements and the notes thereto, and other financial information included in this Form 10-Q. Certain statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements. See “— Special Note Regarding Forward-Looking Statements.”

Operations

We view each of our casino properties as an operating segment. Our operating segments in the United States consist of The Venetian Resort Hotel Casino (“The Venetian Las Vegas”), The Palazzo Resort Hotel Casino (“The Palazzo”) and the Sands Casino Resort Bethlehem (the “Sands Bethlehem”). The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated into one reportable segment (the “Las Vegas Operating Properties”), considering their similar economic characteristics, types of customers, types of service and products, the regulatory business environment of the operations within each segment and our organizational and management reporting structure. Our operating segments in the Macau Special Administrative Region (“Macau”) of the People’s Republic of China consist of the Sands Macao; The Venetian Macao Resort Hotel (“The Venetian Macao”); the Four Seasons Hotel Macao, Cotai Strip^tm and the Plaza Casino (collectively, the “Four Seasons Macao”); and other ancillary operations in that region (“Other Asia”). Our operating segment in Singapore, Marina Bay Sands, opened on April 27, 2010.

United States

Las Vegas

Our Las Vegas Operating Properties, situated on or near the Las Vegas Strip, consist of The Venetian Las Vegas, a Renaissance Venice-themed resort; The Palazzo, a resort featuring modern European ambience and design; and an expo and convention center of approximately 1.2 million square feet (the “Sands Expo Center”). Our Las Vegas Operating Properties represent an integrated resort with approximately 7,100 suites and approximately 225,000 square feet of gaming space. Our Las Vegas Operating Properties also feature a meeting and conference facility of approximately 1.1 million square feet; Canyon Ranch SpaClub facilities; a Paiza Club^tm offering services and amenities to premium customers, including luxurious VIP suites, spa facilities and private VIP gaming room facilities; entertainment facilities; an enclosed retail, dining and entertainment complex located within The Venetian Las Vegas of approximately 440,000 net leasable square feet (“The Grand Canal Shoppes”), which was sold to GGP Limited Partnership (“GGP”) in 2004; and an enclosed retail and dining complex located within The Palazzo of approximately 400,000 net leasable square feet (“The Shoppes at The Palazzo”), which was sold to GGP in February 2008. See “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 2 — Property and Equipment, Net” regarding the sale of The Shoppes at The Palazzo.

Approximately 72.0% and 63.4% of gross revenue at our Las Vegas Operating Properties for the six months ended June 30, 2011 and 2010, respectively, was derived from room revenues, food and beverage services, and other non-gaming sources, and 28.0% and 36.6%, respectively, was derived from gaming activities. The percentage of non-gaming revenue reflects the integrated resort’s emphasis on the group convention and trade show business.

Pennsylvania

In May 2009, we partially opened the Sands Bethlehem, a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. The Sands Bethlehem currently features approximately 152,000 square feet of gaming space, which include table games operations that commenced in July 2010, our 300-room hotel tower, which opened in May 2011, an arts and cultural center, and the broadcast home of the local PBS affiliate. We have initiated construction activities on the remaining components of the integrated resort, which include an approximate 200,000-square-foot retail facility and a 50,000-square-foot multipurpose event center. Sands Bethlehem is also expected to be home to the National Museum of Industrial History. We own 86% of the economic interest of the gaming, hotel and entertainment portion of the property through our ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest of the retail portion of the property through our ownership interest in Sands Bethworks Retail LLC. Approximately 91.2% and 91.1% of the gross revenue at Sands Bethlehem for the six months ended June 30, 2011 and 2010, respectively, was derived from gaming activities, with the remainder derived from food and beverage services and other non-gaming sources.

31

Macau

Sands China Ltd. (“SCL”) completed an initial public offering (the “SCL Offering”) by listing its ordinary shares on The Main Board of The Stock Exchange of Hong Kong Limited in November 2009. We own 70.3% of SCL, which includes the operations of the Sands Macao, The Venetian Macao, Four Seasons Macao and other ancillary operations that support these properties. We operate the gaming areas within these properties pursuant to a 20-year gaming subconcession.

We own and operate the Sands Macao, the first Las Vegas-style casino in Macau. The Sands Macao includes approximately 197,000 square feet of gaming space; a 289-suite hotel tower; several restaurants; VIP facilities; a theater and other high-end services and amenities. Approximately 94.7% and 94.4% of the gross revenue at the Sands Macao for the six months ended June 30, 2011 and 2010, respectively, was derived from gaming activities, with the remainder primarily derived from room revenues and food and beverage services.

We also own and operate The Venetian Macao, the anchor property of our master-planned development of integrated resort properties that we refer to as the Cotai Strip^tm in Macau. With a theme similar to that of The Venetian Las Vegas, The Venetian Macao includes a 39-floor luxury hotel with over 2,900 suites; approximately 550,000 square feet of gaming space; a 15,000-seat arena; an 1,800-seat theater; retail and dining space of approximately 1.0 million square feet; and a convention center and meeting room complex of approximately 1.2 million square feet. Approximately 84.7% and 82.8% of the gross revenue at The Venetian Macao for the six months ended June 30, 2011 and 2010, respectively, was derived from gaming activities, with the remainder derived from room revenues and other non-gaming sources.

We own the Four Seasons Macao, which is located adjacent and connected to The Venetian Macao. The Four Seasons Macao is an integrated resort that features 360 rooms and suites managed and operated by Four Seasons Hotels Inc.; 19 Paiza mansions; approximately 70,000 square feet of gaming space; retail space of approximately 211,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities operated by us. This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip^tm (the “Four Seasons Apartments”), an apart-hotel tower that consists of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. We have completed the structural work of the tower and expect to monetize the units within the Four Seasons Apartments subject to market conditions and obtaining the necessary government approvals. Approximately 84.6% and 85.5% of the gross revenue at the Four Seasons Macao for the six months ended June 30, 2011 and 2010, respectively, was derived from gaming activities, with the remainder derived from mall revenues, room revenues and other non-gaming sources.

Singapore

We own and operate the Marina Bay Sands in Singapore, which partially opened on April 27, 2010, with additional portions opened progressively throughout 2010. Marina Bay Sands features three 55-story hotel towers (with approximately 2,600 rooms and suites), the Sands SkyPark^tm (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 160,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.3 million square feet and theaters. In February 2011, the Marina Bay Sands opened a landmark iconic structure at the bay-front promenade that contains an art/science museum. As of June 30, 2011, we have capitalized 7.59 billion Singapore dollars (“SGD,” approximately $6.15 billion at exchange rates in effect on June 30, 2011) in costs for this project, including the land premium and SGD 228.5 million (approximately $185.2 million at exchange rates in effect on June 30, 2011) in outstanding construction payables. We expect to spend approximately SGD 590 million (approximately $478 million at exchange rates in effect on June 30, 2011) on additional costs to complete the integrated resort, FF&E and other costs, and to pay outstanding construction payables, as noted above. As we have obtained Singapore-denominated financing and primarily pay our costs in Singapore dollars, our exposure to foreign exchange gains and losses is expected to be minimal.

Approximately 76.1% of the gross revenue at the Marina Bay Sands for the six months ended June 30, 2011, was derived from gaming activities, with the remainder derived from room revenues, food and beverage services and other non-gaming sources.

Development Projects

We have suspended portions of our development projects to focus our efforts on those projects with the highest expected rates of return on invested capital. Should general economic conditions fail to improve, if we are unable to obtain sufficient funding or applicable government approvals such that completion of our suspended projects is not probable, or should management decide to abandon certain projects, all or a portion of our investment to date on our suspended projects could be lost and would result in an impairment charge. In addition, we may be subject to penalties under the termination clauses in our construction contracts or termination rights under our management contracts with certain hotel management companies.

32

United States

We were constructing a high-rise residential condominium tower (the “Las Vegas Condo Tower”), located on the Las Vegas Strip between The Palazzo and The Venetian Las Vegas. We suspended our construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions. We intend to recommence construction when demand and conditions improve and expect that it will take approximately 18 months thereafter to complete construction of the project. As of June 30, 2011, we have capitalized construction costs of $177.7 million for this project. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty.

Macau

We submitted plans to the Macau government for our other Cotai Strip developments, which represent three integrated resort developments, in addition to The Venetian Macao and Four Seasons Macao, on an area of approximately 200 acres (which we refer to as Sands Cotai Central (formerly referred to as parcels 5 and 6) and parcels 3 and 7 and 8). Subject to the approval from the Macau government, as discussed further below, the developments are expected to include hotels, exhibition and conference facilities, gaming areas, showrooms, spas, dining, retail and entertainment facilities and other amenities. We commenced construction or pre-construction activities on these developments and plan to operate the related gaming areas under our Macau gaming subconcession. In addition, we are completing the development of some public areas surrounding our Cotai Strip properties on behalf of the Macau government. We currently intend to develop our other Cotai Strip properties as follows:

• Sands Cotai Central — We are staging the construction of the Sands Cotai Central integrated resort. Upon completion of phases I and II of the project, the integrated resort will feature approximately 5,800 hotel rooms, approximately 300,000 square feet of gaming space, approximately 1.2 million square feet of retail, entertainment and dining facilities, exhibition and conference facilities and a multipurpose theater. Phase I of the project is expected to include two hotel towers, one of which will be managed by Sheraton International Inc. and Sheraton Overseas Management Co. (collectively “Starwood”) under its Sheraton brand, as well as completion of the structural work of an adjacent hotel tower to be managed by Starwood under its Sheraton Towers brand. The second hotel tower was to be managed by Shangri-La International Hotel Management Limited (“Shangri-La”); however, in March 2011, we mutually agreed with Shangri-La to terminate the hotel management agreement. This second tower will now be managed by Hilton Worldwide and InterContinental Hotels Group under their Conrad and Holiday Inn brands, respectively. Our anticipated opening of phase I will be on a progressive schedule starting in the first quarter of 2012 with the opening of parcel 5, which will feature 600 five-star rooms and suites under the Conrad brand along with 1,200 four-star rooms and suites under the Holiday Inn brand. Parcel 5 will also open with a variety of retail offerings, more than 300,000 square feet of meeting space, several food and beverage establishments along with the 106,000 square foot casino and VIP gaming areas. Phase I also includes the opening of the first hotel tower on parcel 6, which will feature nearly 2,000 Sheraton-branded rooms, along with the second casino and the remaining dining, entertainment, retail and meeting facilities, and is currently scheduled to open in the third quarter of 2012. Phase II of the project consisting of the second hotel tower on parcel 6, which will feature an additional 2,000 rooms and suites under the Sheraton Towers brand, is projected to open in early 2013. The total cost to complete phases I and II is expected to be approximately $1.9 billion. Phase III of the project is expected to include a fourth hotel and mixed-use tower to be managed by Starwood under its St. Regis brand and the total cost to complete is expected to be approximately $450 million. We are currently working with the Macau government to obtain sufficient construction labor for the project. We intend to commence construction of phase III of the project as demand and market conditions warrant it. As of June 30, 2011, we have capitalized costs of $2.48 billion for the entire project, including the land premium and $164.9 million in outstanding construction payables. Our management agreement with Starwood imposes certain construction deadlines and opening obligations on us and certain past and/or anticipated delays, as described above, would allow Starwood to terminate its agreement. We are currently negotiating an amendment to the management agreement with Starwood to provide for new opening timelines.

• Parcels 7 and 8 — If we are successful in winning our appeal and obtaining the land concession for parcels 7 and 8 (as discussed below), the related integrated resort is expected to be similar in size and scope to the Sands Cotai Central integrated resort. We had commenced pre-construction activities and have capitalized construction costs of $102.1 million as of June 30, 2011. We intend to commence construction after Sands Cotai Central and the integrated resort on parcel 3 is complete, necessary government approvals are obtained (including the land concession), regional and global economic conditions improve, future demand warrants it and additional financing is obtained.

• Parcel 3 — The integrated resort on parcel 3 will be connected to The Venetian Macao and Four Seasons Macao. The multi-hotel complex is intended to include a gaming area, a shopping mall and serviced luxury apart-hotel units. We had commenced pre-construction activities and have capitalized costs of $96.9 million, including the land premium, as of June 30, 2011. We intend to commence construction after the Sands Cotai Central is complete, necessary government approvals are obtained, regional and global economic conditions improve, future demand warrants it and additional financing is obtained.

33

The impact of the delayed construction on our previously estimated cost to complete our Cotai Strip developments is currently not determinable. As of June 30, 2011, we have capitalized an aggregate of $6.87 billion in construction costs and land premiums for our Cotai Strip developments, including The Venetian Macao and Four Seasons Macao, as well as our investments in transportation infrastructure, including our passenger ferry service operations. In addition to funding phases I and II of Sands Cotai Central with the $1.75 billion VOL credit facility, we will need to arrange additional financing to fund the balance of our Cotai Strip developments and there is no assurance that we will be able to obtain any of the additional financing required.

We are currently in the process of refinancing our VML and VOL credit facilities. We have received lender commitments for $3.7 billion and will have the option to raise incremental senior secured and unsecured debt under existing baskets within the new credit facility. See “— Liquidity and Capital Resources — Development Financing Strategy” for further disclosure.

Land concessions in Macau generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macau law. We have received land concessions from the Macau government to build on parcels 1, 2, 3 and 5 and 6, including the sites on which The Venetian Macao (parcel 1), Four Seasons Macao (parcel 2) and Sands Cotai Central (parcels 5 and 6) are located. We do not own these land sites in Macau; however, the land concessions grant us exclusive use of the land. As specified in the land concessions, we are required to pay premiums for each parcel, which are either payable in a single lump sum upon acceptance of the land concessions by the Macau government or in seven semi-annual installments (provided that the outstanding balance is due upon the completion of the corresponding integrated resort), as well as annual rent for the term of the land concessions. During December 2010, we received notice from the Macau government that our application for a land concession for parcels 7 and 8 was not approved and we applied to the Chief Executive of Macau for a review of the decision. In January 2011, we filed an appeal with the Court of Second Instance in Macau, which has yet to issue a decision. Should we win our appeal, it is still possible for the Chief Executive of Macau to again deny the land concession based upon public policy considerations. If we do not obtain the land concession or do not receive full reimbursement of our capitalized investment in this project, we would record a charge for all or some portion of the $102.1 million in capitalized construction costs, as of June 30, 2011, related to our development on parcels 7 and 8.

Under our land concession for parcel 3, we were initially required to complete the corresponding development by August 2011. The Macau government has granted us a two-year extension to complete the development of parcel 3, which now must be completed by April 2013. The land concession for Sands Cotai Central contains a similar requirement that the corresponding development be completed by May 2014. We believe that if we are not able to complete the developments by the respective deadlines, we will likely be able to obtain extensions from the Macau government; however, no assurances can be given that additional extensions will be granted. If we are unable to meet the applicable deadlines and those deadlines are not extended, we could lose our land concessions for parcel 3 or Sands Cotai Central, which would prohibit us from operating any facilities developed under the respective land concessions. As a result, we could record a charge for all or some portion of the $96.9 million and $2.48 billion in capitalized costs and land premiums, as of June 30, 2011, related to our developments on parcel 3 or Sands Cotai Central, respectively.

Other

When the current economic environment and access to capital improve, we may continue exploring the possibility of developing and operating additional properties, including integrated resorts, in additional Asian and U.S. jurisdictions, and in Europe.

34

Critical Accounting Policies and Estimates

The preparation of our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on historical information, information that is currently available to us and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could vary from those estimates and we may change our estimates and assumptions in future evaluations. Changes in these estimates and assumptions may have a material effect on our financial condition and results of operations. We believe that these critical accounting policies affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements. For a discussion of our significant accounting policies and estimates, please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” presented in our 2010 Annual Report on Form 10-K filed on March 1, 2011.

There were no newly identified significant accounting estimates during the six months ended June 30, 2011, nor were there any material changes to the critical accounting policies and estimates discussed in our 2010 Annual Report.

Recent Accounting Pronouncements

See related disclosure at “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 1 — Organization and Business of Company — Recent Accounting Pronouncements.”

35

Summary Financial Results

The following table summarizes our results of operations:

	Three Months Ended June 30,							Six Months Ended June 30,
					Percent							Percent
	2011		2010		Change			2011		2010		Change
	(Dollars in thousands)
Net revenues	$	2,345,096	$	1,594,476		47.1	%	$	4,457,015	$	2,929,364		52.1	%
Operating expenses		1,736,974		1,427,701		21.7	%		3,362,966		2,620,769		28.3	%
Operating income		608,122		166,775		264.6	%		1,094,049		308,595		254.5	%
Income before income taxes		543,466		86,621		527.4	%		953,180		147,637		545.6	%
Net income		489,092		78,548		522.7	%		853,595		126,362		575.5	%
Net income attributable to Las Vegas Sands Corp.		410,637		41,807		882.2	%		699,960		59,388		1,078.6	%

	Percent of Net Revenues
	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011			2010
Operating expenses		74.1	%		89.5	%		75.5	%		89.5	%
Operating income		25.9	%		10.5	%		24.5	%		10.5	%
Income before income taxes		23.2	%		5.4	%		21.4	%		5.0	%
Net income		20.9	%		4.9	%		19.2	%		4.3	%
Net income attributable to Las Vegas Sands Corp.		17.5	%		2.6	%		15.7	%		2.0	%

Operating Results

Key Operating Revenue Measurements

Operating revenues at our Las Vegas Operating Properties, The Venetian Macao, Four Seasons Macao and Marina Bay Sands are dependent upon the volume of customers who stay at the hotel, which affects the price that can be charged for hotel rooms and the volume of table games and slot machine play. Operating revenues at Sands Macao and Sands Bethlehem are principally driven by casino customers who visit the properties on a daily basis.

The following are the key measurements we use to evaluate operating revenues:

Casino revenue measurements for the U.S.: Table games drop (“drop”) and slot handle (“handle”) are volume measurements. Win or hold percentage represents the percentage of drop or handle that is won by the casino and recorded as casino revenue. Table games drop represents the sum of markers issued (credit instruments) less markers paid at the table, plus cash deposited in the table drop box. Slot handle is the gross amount wagered for the period cited. We view table games win as a percentage of drop and slot hold as a percentage of slot handle. Based upon our mix of table games, our table games in Las Vegas have produced a trailing 12-month win percentage (calculated before discounts) of 16.0%. Slot machines in Las Vegas and Pennsylvania have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 8.0% and 7.2%, respectively. Actual win may vary from the trailing 12-month win and hold percentages. Generally, slot machine play is conducted on a cash basis, whereas in Las Vegas, approximately 69.5% of our table games play for the six months ended June 30, 2011, was conducted on a credit basis. In Pennsylvania, our table games play, which commenced in July 2010, was primarily conducted on a cash basis. We expect to increase the credit extended to our players as operations ramp up at Sands Bethlehem.

Casino revenue measurements for Macau and Singapore: Macau and Singapore table games are segregated into two groups, consistent with the Macau and Singapore market’s convention: Rolling Chip play (all VIP players) and Non-Rolling Chip play (mostly non-VIP players). The volume measurement for Rolling Chip play is non-negotiable gaming chips wagered and lost. The volume measurement for Non-Rolling Chip play is table games drop as previously described. Rolling Chip and Non-Rolling Chip volume measurements are not comparable as the amounts wagered and lost are substantially higher than the amounts dropped. Slot handle is the gross amount wagered for the period cited.

36

We view Rolling Chip win as a percentage of Rolling Chip volume, Non-Rolling Chip win as a percentage of drop and slot hold as a percentage of slot handle. Win or hold percentage represents the percentage of Rolling Chip volume, Non-Rolling Chip drop or slot handle that is won by the casino and recorded as casino revenue. Based upon our mix of table games, our Rolling Chip win percentage (calculated before discounts and commissions) is expected to be 2.7% to 3.0% and our Non-Rolling Chip table games have produced a trailing 12-month win percentage of 26.9%, 20.3% and 32.5% at The Venetian Macao, Sands Macao and Four Seasons Macao, respectively. Our slot machines have produced a trailing 12-month hold percentage of 6.9%, 6.0% and 6.2% at The Venetian Macao, Sands Macao and Four Seasons Macao, respectively. Actual win may vary from the trailing 12-month win and hold percentages. In Macau, 25.0% of our table games play was conducted on a credit basis for the six months ended June 30, 2011. This percentage is expected to increase as we continue to extend credit to our premium players and junket operators for table games play. In Singapore, 34.4% of table games play was conducted on a credit basis for the six months ended June 30, 2011. This percentage is expected to increase as we increase the credit extended to our premium players and as our operations ramp up at Marina Bay Sands.

Hotel revenue measurements: Hotel occupancy rate, which is the average percentage of available hotel rooms occupied during a period, and average daily room rate, which is the average price of occupied rooms per day, are used as performance indicators. Revenue per available room represents a summary of hotel average daily room rates and occupancy. Because not all available rooms are occupied, average daily room rates are normally higher than revenue per available room. Reserved rooms where the guests do not show up for their stay and lose their deposit may be re-sold to walk-in guests. These rooms are considered to be occupied twice for statistical purposes due to obtaining the original deposit and the walk-in guest revenue. In cases where a significant number of rooms are resold, occupancy rates may be in excess of 100% and revenue per available room may be higher than the average daily room rate.

Three Months Ended June 30, 2011 Compared to the Three Months Ended June 30, 2010

Operating Revenues

Our net revenues consisted of the following:

	Three Months Ended June 30,
							Percent
	2011			2010			Change
	(Dollars in thousands)
Casino	$	1,862,272		$	1,294,301			43.9	%
Rooms		239,696			190,767			25.6	%
Food and beverage		146,016			105,079			39.0	%
Convention, retail and other		200,642			115,266			74.1	%
		2,448,626			1,705,413			43.6	%
Less — promotional allowances		(103,530	)		(110,937	)		6.7	%
Total net revenues	$	2,345,096		$	1,594,476			47.1	%

Consolidated net revenues were $2.35 billion for the three months ended June 30, 2011, an increase of $750.6 million as compared to $1.59 billion for the three months ended June 30, 2010. The increase in net revenues was driven by an increase of $521.2 million at Marina Bay Sands, which opened in April 2010, as well as increases at our Macau and U.S. operations.

37

Casino revenues increased $568.0 million as compared to the three months ended June 30, 2010. Of the increase, $403.8 million was attributable to Marina Bay Sands, as well as a $134.9 million increase at our Macau operations driven by an increase in Rolling Chip volume and Rolling Chip win percentage at The Venetian Macao. The following table summarizes the results of our casino activity:

	Three Months Ended June 30,
	2011			2010			Change
	(Dollars in thousands)
Macau Operations:
The Venetian Macao
Total casino revenues	$	648,471		$	506,051			28.1	%
Non-Rolling Chip drop	$	1,024,247		$	897,672			14.1	%
Non-Rolling Chip win percentage		25.6	%		24.8	%		0.8	pts
Rolling Chip volume	$	13,369,929		$	9,765,626			36.9	%
Rolling Chip win percentage		3.46	%		3.36	%		0.10	pts
Slot handle	$	858,244		$	701,575			22.3	%
Slot hold percentage		6.7	%		7.1	%		(0.4	)pts
Sands Macao
Total casino revenues	$	323,731		$	297,069			9.0	%
Non-Rolling Chip drop	$	713,485		$	603,581			18.2	%
Non-Rolling Chip win percentage		20.0	%		20.7	%		(0.7	)pts
Rolling Chip volume	$	7,753,323		$	7,220,885			7.4	%
Rolling Chip win percentage		2.98	%		3.05	%		(0.07	)pts
Slot handle	$	462,617		$	406,624			13.8	%
Slot hold percentage		5.8	%		5.5	%		0.3	pts
Four Seasons Macao
Total casino revenues	$	98,312		$	132,543			(25.8	)%
Non-Rolling Chip drop	$	96,929		$	95,553			1.4	%
Non-Rolling Chip win percentage		37.6	%		28.4	%		9.2	pts
Rolling Chip volume	$	3,355,650		$	4,844,991			(30.7	)%
Rolling Chip win percentage		2.25	%		3.07	%		(0.82	)pts
Slot handle	$	200,577		$	107,550			86.5	%
Slot hold percentage		5.4	%		5.6	%		(0.2	)pts
U.S. Operations:
Las Vegas Operating Properties
Total casino revenues	$	105,123		$	102,902			2.2	%
Table games drop	$	422,213		$	417,129			1.2	%
Table games win percentage		20.0	%		13.8	%		6.2	pts
Slot handle	$	411,515		$	670,779			(38.7	)%
Slot hold percentage		8.8	%		7.8	%		1.0	pts
Sands Bethlehem
Total casino revenues	$	92,019		$	64,958			41.7	%
Table games drop	$	151,541		$	—			—	%
Table games win percentage		14.0	%		—	%		—	pts
Slot handle	$	947,870		$	947,350			0.1	%
Slot hold percentage		7.2	%		6.9	%		0.3	pts
Singapore Operations:
Marina Bay Sands
Total casino revenues	$	594,617		$	190,778			211.7	%
Non-Rolling Chip drop	$	1,114,463		$	538,296			107.0	%
Non-Rolling Chip win percentage		22.5	%		21.5	%		1.0	pts
Rolling Chip volume	$	12,228,811		$	3,883,995			214.9	%
Rolling Chip win percentage		2.99	%		2.18	%		0.81	pts
Slot handle	$	2,380,655		$	482,326			393.6	%
Slot hold percentage		5.4	%		7.5	%		(2.1	)pts

In our experience, average win percentages remain steady when measured over extended periods of time, but can vary considerably within shorter time periods as a result of the statistical variances that are associated with games of chance in which large amounts are wagered.

38

Room revenues increased $48.9 million as compared to the three months ended June 30, 2010. The increase in room revenues was attributable to $51.9 million from the Marina Bay Sands, partially offset by a decrease at our Las Vegas Operating Properties driven by reduced occupancy. The suites at Sands Macao are primarily provided to casino patrons on a complimentary basis. The following table summarizes the results of our room activity:

	Three Months Ended June 30,
	2011			2010			Change
	(Room revenues in thousands)
Macau Operations:
The Venetian Macao
Total room revenues	$	51,388		$	47,782			7.5	%
Average daily room rate	$	223		$	203			9.9	%
Occupancy rate		89.7	%		91.9	%		(2.2	)pts
Revenue per available room	$	200		$	187			7.0	%
Sands Macao
Total room revenues	$	5,579		$	6,236			(10.5	)%
Average daily room rate	$	242		$	245			(1.2	)%
Occupancy rate		88.0	%		97.8	%		(9.8	)pts
Revenue per available room	$	213		$	239			(10.9	)%
Four Seasons Macao
Total room revenues	$	7,552		$	6,921			9.1	%
Average daily room rate	$	323		$	298			8.4	%
Occupancy rate		67.8	%		69.1	%		(1.3	)pts
Revenue per available room	$	219		$	206			6.3	%
U.S. Operations:
Las Vegas Operating Properties
Total room revenues	$	112,931		$	120,169			(6.0	)%
Average daily room rate	$	200		$	192			4.2	%
Occupancy rate		88.8	%		97.8	%		(9.0	)pts
Revenue per available room	$	177		$	187			(5.4	)%
Sands Bethlehem
Total room revenues	$	659		$	—			—	%
Average daily room rate	$	168		$	—			—	%
Occupancy rate		49.1	%		—	%		—	pts
Revenue per available room	$	83		$	—			—	%
Singapore Operations:
Marina Bay Sands
Total room revenues	$	61,588		$	9,659			537.6	%
Average daily room rate	$	295		$	226			30.5	%
Occupancy rate		90.8	%		54.9	%		35.9	pts
Revenue per available room	$	268		$	124			116.1	%

Food and beverage revenues increased $40.9 million as compared to the three months ended June 30, 2010. The increase was primarily due to a $32.0 million increase at the Marina Bay Sands and a $7.0 million increase at our Las Vegas Operating Properties driven by increased banquet activities.

Convention, retail and other revenues increased $85.4 million as compared to the three months ended June 30, 2010. The increase was primarily due to a $60.8 million increase at the Marina Bay Sands, an $8.8 million increase at the Four Seasons Macao and a $5.8 million increase at The Venetian Macao.

Operating Expenses

The breakdown of operating expenses is as follows:

	Three Months Ended June 30,
					Percent
	2011		2010		Change
	(Dollars in thousands)
Casino	$	974,413	$	790,947		23.2	%
Rooms		50,733		34,073		48.9	%
Food and beverage		73,135		47,798		53.0	%
Convention, retail and other		105,024		65,326		60.8	%
Provision for doubtful accounts		23,496		18,711		25.6	%
General and administrative		223,561		172,919		29.3	%
Corporate expense		42,376		25,954		63.3	%
Rental expense		10,034		12,806		(21.6	)%
Pre-opening expense		18,178		50,118		(63.7	)%
Development expense		2,420		676		258.0	%
Depreciation and amortization		206,161		170,694		20.8	%
Loss on disposal of assets		7,443		37,679		(80.2	)%
Total operating expenses	$	1,736,974	$	1,427,701		21.7	%

39

Operating expenses were $1.74 billion for the three months ended June 30, 2011, an increase of $309.3 million as compared to $1.43 billion for the three months ended June 30, 2010. The increase in operating expenses was primarily attributable to the opening of Marina Bay Sands in April 2010.

Casino expenses increased $183.5 million as compared to the three months ended June 30, 2010. Of the increase, $110.7 million was attributable to the Marina Bay Sands and $60.9 million was due to the 39.0% gross win tax on increased casino revenues across all of our Macau operations.

Room, food and beverage and convention, retail and other expenses increased $16.7 million, $25.3 million and $39.7 million, respectively, as compared to the three months ended June 30, 2010. The increases in room and food and beverage expenses were primarily attributable to the Marina Bay Sands and our Las Vegas Operating Properties. The increase in convention, retail and other expenses was driven by the Marina Bay Sands and our Macau operations.

The provision for doubtful accounts was $23.5 million for the three months ended June 30, 2011, compared to $18.7 million for the three months ended June 30, 2010. The amount of this provision can vary over short periods of time because of factors specific to the customers who owe us money from gaming activities at any given time. We believe that the amount of our provision for doubtful accounts in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.

General and administrative expenses increased $50.6 million as compared to the three months ended June 30, 2010, primarily attributable to $44.1 million at the Marina Bay Sands.

Corporate expenses increased $16.4 million as compared to the three months ended June 30, 2010. The increase was primarily due to higher incentive compensation expenses, driven by stock-based compensation, as well as increased legal, transportation and recruitment expenses.

Pre-opening expenses were $18.2 million for the three months ended June 30, 2011, compared to $50.1 million for the three months ended June 30, 2010. Pre-opening expense represents personnel and other costs incurred prior to the opening of new ventures, which are expensed as incurred. Pre-opening expenses for the three months ended June 30, 2011, were primarily related to activities at Sands Cotai Central. Pre-opening expenses for the three months ended June 30, 2010, were primarily related to activities at Marina Bay Sands and costs associated with recommencing work at Sands Cotai Central.

Depreciation and amortization expense increased $35.5 million as compared to the three months ended June 30, 2010. The increase was primarily the result of the Marina Bay Sands, which contributed $36.2 million, partially offset by decreases at our Macau properties due to certain assets being fully depreciated.

Loss on disposal of assets was $7.4 million for the three months ended June 30, 2011, compared to $37.7 million for the three months ended June 30, 2010. The losses incurred for the three months ended June 30, 2011, related to the disposition of one of our majority owned subsidiaries as well as the disposition of construction materials in Macau. The losses incurred for the three months ended June 30, 2010 were due to the disposition of construction materials in Macau and Las Vegas.

Adjusted Property EBITDA

Adjusted property EBITDA is used by management as the primary measure of the operating performance of our segments. Adjusted property EBITDA is net income before stock-based compensation expense, corporate expense, rental expense, pre-opening expense, development expense, depreciation and amortization, loss on disposal of assets, interest, other income (expense), gain on early retirement of debt and income taxes. The following table summarizes information related to our segments (see “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 10 — Segment Information” for discussion of our operating segments and a reconciliation of adjusted property EBITDA to net income):

	Three Months Ended June 30,
							Percent
	2011			2010			Change
	(Dollars in thousands)
Macau:
The Venetian Macao	$	258,366		$	192,829			34.0	%
Sands Macao		95,573			81,212			17.7	%
Four Seasons Macao		37,620			32,999			14.0	%
Other Asia		(9,230	)		(6,154	)		(50.0	)%
		382,329			300,886			27.1	%
United States:
Las Vegas Operating Properties		92,909			65,992			40.8	%
Sands Bethlehem		21,039			12,121			73.6	%
		113,948			78,113			45.9	%
Marina Bay Sands		405,359			94,466			329.1	%
Total adjusted property EBITDA	$	901,636		$	473,465			90.4	%

40

Adjusted property EBITDA at our Macau properties increased $81.4 million as compared to the three months ended June 30, 2010, led by an increase of $65.5 million at The Venetian Macao. As previously described, the increase across the properties was primarily attributable to an increase in net revenues of $163.9 million, partially offset by an increase of $60.9 million in gross win tax on increased casino revenues.

Adjusted property EBITDA at our Las Vegas Operating Properties increased $26.9 million as compared to the three months ended June 30, 2010. As previously described, the increase was primarily attributable to an increase in net revenues of $29.2 million (excluding intersegment royalty revenue), partially offset by increases in the associated operating expenses as a result of higher revenues.

Adjusted property EBITDA at Sands Bethlehem increased $8.9 million as compared to the three months ended June 30, 2010. The increase was driven by the commencement of table games operations in July 2010.

Adjusted property EBITDA at Marina Bay Sands, which opened in April 2010, does not have a comparable prior-year period as the property was only open for 65 days in the three months ended June 30, 2010.

Interest Expense

The following table summarizes information related to interest expense on long-term debt:

	Three Months Ended June 30,
	2011			2010
	(Dollars in thousands)
Interest cost (which includes the amortization of deferred financing costs and original issue discount)	$	102,349		$	99,657
Less — capitalized interest		(31,757	)		(22,670	)
Interest expense, net	$	70,592		$	76,987
Cash paid for interest	$	99,920		$	85,500
Weighted average total debt balance	$	10,156,397		$	10,679,714
Weighted average interest rate		4.0	%		3.7	%

Interest cost increased $2.7 million as compared to the three months ended June 30, 2010, resulting from an increase in our weighted average interest rate, partially offset by a decrease in our weighted average debt balances. Capitalized interest increased $9.1 million as compared to the three months ended June 30, 2010, primarily due to the recommencement of activities at Sands Cotai Central in Macau and the increase in the weighted average interest rate.

Other Factors Effecting Earnings

Other income was $1.9 million for the three months ended June 30, 2011, as compared to other expense of $6.2 million for the three months ended June 30, 2010. The other income and expense amounts in both periods were primarily attributable to foreign exchange gains and losses, principally in Macau.

Our effective income tax rate was 10.0% for the three months ended June 30, 2011, as compared to 9.3% for the three months ended June 30, 2010. The effective income tax rate for the three months ended June 30, 2011, reflects a 17% statutory tax rate on our Singapore operations; a zero percent tax rate from our Macau gaming operations due to our income tax exemption in Macau, which is set to expire in 2013; and non-realizable deferred tax assets in the U.S. and certain foreign jurisdictions, which unfavorably impacted our effective income tax rate. Management does not anticipate recording an income tax benefit related to deferred tax assets generated by operations in the U.S. and certain foreign jurisdictions; however, to the extent that the financial results of these operations improve and it becomes more likely than not that these deferred tax assets are realizable, we will reduce the valuation allowances in the period such determination is made.

41

The net income attributable to our noncontrolling interests was $78.5 million for the three months ended June 30, 2011, as compared to $36.7 million for the three months ended June 30, 2010, and was primarily attributable to the noncontrolling interest of SCL for both periods.

Six Months Ended June 30, 2011 Compared to the Six Months Ended June 30, 2010

Operating Revenues

Our net revenues consisted of the following:

	Six Months Ended June 30,
							Percent
	2011			2010			Change
	(Dollars in thousands)
Casino	$	3,526,761		$	2,356,071			49.7	%
Rooms		471,670			371,549			26.9	%
Food and beverage		291,409			197,158			47.8	%
Convention, retail and other		365,297			223,481			63.5	%
		4,655,137			3,148,259			47.9	%
Less — promotional allowances		(198,122	)		(218,895	)		9.5	%
Total net revenues	$	4,457,015		$	2,929,364			52.1	%

Consolidated net revenues were $4.46 billion for the six months ended June 30, 2011, an increase of $1.53 billion as compared to $2.93 billion for the six months ended June 30, 2010. The increase in net revenues was driven by a $1.11 billion increase at Marina Bay Sands, which opened in April 2010, as well as increases at our Macau and Sands Bethlehem operations.

Casino revenues increased $1.17 billion as compared to the six months ended June 30, 2010. Of the increase, $868.2 million was attributable to Marina Bay Sands, as well as a $321.6 million increase at our Macau operations driven primarily by an increase in Rolling Chip volume and Non-Rolling Chip drop at The Venetian Macao and Sands Macao. The increase was partially offset by our Las Vegas Operating Properties driven by decreases in win percentage, drop and handle. The following table summarizes the results of our casino activity:

	Six Months Ended June 30,
	2011			2010			Change
	(Dollars in thousands)
Macau Operations:
The Venetian Macao
Total casino revenues	$	1,201,888		$	980,806			22.5	%
Non-Rolling Chip drop	$	2,004,851		$	1,819,603			10.2	%
Non-Rolling Chip win percentage		26.7	%		25.0	%		1.7	pts
Rolling Chip volume	$	25,758,907		$	19,815,304			30.0	%
Rolling Chip win percentage		3.09	%		3.14	%		(0.05	)pts
Slot handle	$	1,601,315		$	1,372,324			16.7	%
Slot hold percentage		6.8	%		7.2	%		(0.4	)pts
Sands Macao
Total casino revenues	$	639,405		$	575,014			11.2	%
Non-Rolling Chip drop	$	1,402,165		$	1,193,077			17.5	%
Non-Rolling Chip win percentage		20.2	%		20.5	%		(0.3	)pts
Rolling Chip volume	$	16,022,704		$	13,627,818			17.6	%
Rolling Chip win percentage		2.86	%		3.11	%		(0.25	)pts
Slot handle	$	898,482		$	769,128			16.8	%
Slot hold percentage		6.2	%		5.8	%		0.4	pts

42

	Six Months Ended June 30,
	2011			2010			Change
	(Dollars in thousands)
Four Seasons Macao
Total casino revenues	$	259,135		$	222,996			16.2	%
Non-Rolling Chip drop	$	179,372		$	194,564			(7.8	)%
Non-Rolling Chip win percentage		38.8	%		26.8	%		12.0	pts
Rolling Chip volume	$	7,303,613		$	8,562,932			(14.7	)%
Rolling Chip win percentage		3.14	%		2.81	%		0.33	pts
Slot handle	$	388,081		$	256,310			51.4	%
Slot hold percentage		5.9	%		5.6	%		0.3	pts
U.S. Operations:
Las Vegas Operating Properties
Total casino revenues	$	188,246		$	258,248			(27.1	)%
Table games drop	$	898,795		$	964,172			(6.8	)%
Table games win percentage		16.5	%		19.2	%		(2.7	)pts
Slot handle	$	818,864		$	1,308,574			(37.4	)%
Slot hold percentage		8.7	%		7.8	%		0.9	pts
Sands Bethlehem
Total casino revenues	$	179,073		$	128,229			39.7	%
Table games drop	$	270,505		$	—			—	%
Table games win percentage		15.2	%		—	%		—	pts
Slot handle	$	1,829,247		$	1,868,981			(2.1	)%
Slot hold percentage		7.3	%		6.9	%		0.4	pts
Singapore Operations:
Marina Bay Sands
Total casino revenues	$	1,059,014		$	190,778			455.1	%
Non-Rolling Chip drop	$	2,100,907		$	538,296			290.3	%
Non-Rolling Chip win percentage		22.5	%		21.5	%		1.0	pts
Rolling Chip volume	$	22,361,150		$	3,883,995			475.7	%
Rolling Chip win percentage		2.80	%		2.18	%		0.62	pts
Slot handle	$	4,422,420		$	482,326			816.9	%
Slot hold percentage		5.3	%		7.5	%		(2.2	)pts

In our experience, average win percentages remain steady when measured over extended periods of time, but can vary considerably within shorter time periods as a result of the statistical variances that are associated with games of chance in which large amounts are wagered.

Room revenues increased $100.1 million as compared to the six months ended June 30, 2010. The increase in room revenues was attributable to $107.8 million from the Marina Bay Sands, partially offset by a decrease at our Las Vegas Operating Properties driven by reduced occupancy. The suites at Sands Macao are primarily provided to casino patrons on a complimentary basis. The following table summarizes the results of our room activity:

	Six Months Ended June 30,
	2011			2010			Change
	(Room revenues in thousands)
Macau Operations:
The Venetian Macao
Total room revenues	$	101,614		$	95,339			6.6	%
Average daily room rate	$	225		$	203			10.8	%
Occupancy rate		88.1	%		92.4	%		(4.3	)pts
Revenue per available room	$	198		$	187			5.9	%
Sands Macao
Total room revenues	$	11,114		$	12,830			(13.4	)%
Average daily room rate	$	247		$	253			(2.4	)%
Occupancy rate		86.5	%		97.6	%		(11.1	)pts
Revenue per available room	$	213		$	247			(13.8	)%
Four Seasons Macao
Total room revenues	$	15,058		$	13,485			11.7	%
Average daily room rate	$	331		$	288			14.9	%
Occupancy rate		66.2	%		71.0	%		(4.8	)pts
Revenue per available room	$	220		$	204			7.8	%

43

	Six Months Ended June 30,
	2011			2010			Change
	(Room revenues in thousands)
U.S. Operations:
Las Vegas Operating Properties
Total room revenues	$	225,805		$	240,236			(6.0	)%
Average daily room rate	$	206		$	199			3.5	%
Occupancy rate		86.4	%		94.5	%		(8.1	)pts
Revenue per available room	$	178		$	188			(5.3	)%
Sands Bethlehem
Total room revenues	$	659		$	—			—	%
Average daily room rate	$	168		$	—			—	%
Occupancy rate		49.1	%		—	%		—	pts
Revenue per available room	$	83		$	—			—	%
Singapore Operations:
Marina Bay Sands
Total room revenues	$	117,421		$	9,659			1,115.6	%
Average daily room rate	$	290		$	226			28.3	%
Occupancy rate		88.6	%		54.9	%		33.7	pts
Revenue per available room	$	257		$	124			107.3	%

Food and beverage revenues increased $94.3 million as compared to the six months ended June 30, 2010. The increase was primarily due to a $75.2 million increase at the Marina Bay Sands and a $13.6 million increase at our Las Vegas Operating Properties driven by increased banquet activities.

Convention, retail and other revenues increased $141.8 million as compared to the six months ended June 30, 2010. The increase was primarily due to a $114.1 million increase at the Marina Bay Sands and a $27.4 million increase from our Macau operations.

Operating Expenses

The breakdown of operating expenses is as follows:

	Six Months Ended June 30,
					Percent
	2011		2010		Change
	(Dollars in thousands)
Casino	$	1,895,949	$	1,485,582		27.6	%
Rooms		99,186		63,727		55.6	%
Food and beverage		144,838		92,101		57.3	%
Convention, retail and other		192,269		123,730		55.4	%
Provision for doubtful accounts		58,554		35,153		66.6	%
General and administrative		434,046		299,178		45.1	%
Corporate expense		79,952		49,430		61.7	%
Rental expense		23,190		21,504		7.8	%
Pre-opening expense		27,649		87,577		(68.4	)%
Development expense		2,993		833		259.3	%
Depreciation and amortization		396,398		323,783		22.4	%
Loss on disposal of assets		7,942		38,171		(79.2	)%
Total operating expenses	$	3,362,966	$	2,620,769		28.3	%

Operating expenses were $3.36 billion for the six months ended June 30, 2011, an increase of $742.2 million as compared to $2.62 billion for the six months ended June 30, 2010. The increase in operating expenses was primarily attributable to the opening of Marina Bay Sands in April 2010.

Casino expenses increased $410.4 million as compared to the six months ended June 30, 2010. Of the increase, $269.7 million was attributable to the Marina Bay Sands and $141.5 million was due to the 39.0% gross win tax on increased casino revenues across all of our Macau operations.

44

Room, food and beverage and convention, retail and other expenses increased $35.5 million, $52.7 million and $68.5 million, respectively, as compared to the six months ended June, 2010. The increases in room and food and beverage expenses were primarily attributable to the Marina Bay Sands and our Las Vegas Operating Properties. The increase in convention, retail and other expenses was driven by the Marina Bay Sands and our Macau operations.

The provision for doubtful accounts was $58.6 million for the six months ended June 30, 2011, compared to $35.2 million for the six months ended June 30, 2010. The increase was attributable to $31.0 million in provisions at the Marina Bay Sands. The amount of this provision can vary over short periods of time because of factors specific to the customers who owe us money from gaming activities at any given time. We believe that the amount of our provision for doubtful accounts in the future will depend upon the state of the economy, our credit standards, our risk assessments and the judgment of our employees responsible for granting credit.

General and administrative expenses increased $134.9 million as compared to the six months ended June 30, 2010, primarily attributable to a $122.3 million increase at the Marina Bay Sands.

Corporate expenses increased $30.5 million as compared to the six months ended June 30, 2010. The increase was primarily due to higher incentive compensation expenses, driven by stock-based compensation, as well as increased legal, transportation and recruitment expenses.

Pre-opening expenses were $27.6 million for the six months ended June 30, 2011, compared to $87.6 million for the three months ended June 30, 2010. Pre-opening expense represents personnel and other costs incurred prior to the opening of new ventures, which are expensed as incurred. Pre-opening expenses for the six months ended June 30, 2011, were primarily related to activities at Sands Cotai Central. Pre-opening expenses for the six months ended June 30, 2010, were primarily related to activities at Marina Bay Sands and costs associated with recommencing work at Sands Cotai Central.

Depreciation and amortization expense increased $72.6 million as compared to the six months ended June 30, 2010. The increase was primarily the result of the opening of Marina Bay Sands, which contributed $91.1 million, partially offset by decreases at our Macau properties due to certain assets being fully depreciated.

Loss on disposal of assets was $7.9 million for the six months ended June 30, 2011, compared to $38.2 million for the six months ended June 30, 2010. The losses incurred for the three months ended June 30, 2011, related to the disposition of one of our majority owned subsidiaries as well as the disposition of construction materials in Macau. The losses incurred during the six months ended June 30, 2010 were due to the disposition of construction materials in Macau and Las Vegas.

Adjusted Property EBITDA

Adjusted property EBITDA is used by management as the primary measure of the operating performance of our segments. Adjusted property EBITDA is net income before stock-based compensation expense, corporate expense, rental expense, pre-opening expense, development expense, depreciation and amortization, loss on disposal of assets, interest, other expense, gain on early retirement of debt and income taxes. The following table summarizes information related to our segments (see “Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 10 — Segment Information” for discussion of our operating segments and a reconciliation of adjusted property EBITDA to net income):

	Six Months Ended June 30,
							Percent
	2011			2010			Change
	(Dollars in thousands)
Macau:
The Venetian Macao	$	486,766		$	362,744			34.2	%
Sands Macao		188,221			150,973			24.7	%
Four Seasons Macao		95,167			52,494			81.3	%
Other Asia		(13,836	)		(10,586	)		(30.7	)%
		756,318			555,625			36.1	%
United States:
Las Vegas Operating Properties		158,074			171,284			(7.7	)%
Sands Bethlehem		43,148			23,089			86.9	%
		201,222			194,373			3.5	%
Marina Bay Sands		689,830			94,466			630.2	%
Total adjusted property EBITDA	$	1,647,370		$	844,464			95.1	%

45

Adjusted property EBITDA at our Macau properties increased $200.7 million as compared to the six months ended June 30, 2010, led by an increase of $124.0 million at The Venetian Macao. As previously described, the increase across the properties was primarily attributable to an increase in net revenues of $370.8 million, partially offset by an increase of $141.5 million in gross win tax on increased casino revenues.

Adjusted property EBITDA at our Las Vegas Operating Properties decreased $13.2 million as compared to the six months ended June 30, 2010. As previously described, the decrease was primarily attributable to a decrease in net revenues of $15.0 million (excluding intersegment royalty revenue), partially offset by decreases in the associated expenses as result of lower revenues, and increases in food and beverage and convention, retail and other revenues and the associated expenses.

Adjusted property EBITDA at Sands Bethlehem increased $20.1 million as compared to the six months ended June 30, 2010. The increase was driven by the commencement of table games operations in July 2010.

Adjusted property EBITDA at Marina Bay Sands, which opened in April 2010, does not have a comparable prior-year period as the property was only open for 65 days in the six months ended June 30, 2010.

Interest Expense

The following table summarizes information related to interest expense on long-term debt:

	Six Months Ended June 30,
	2011			2010
	(Dollars in thousands)
Interest cost (which includes the amortization of deferred financing costs and original issue discount)	$	206,544		$	197,475
Less — capitalized interest		(62,367	)		(42,323	)
Interest expense, net	$	144,177		$	155,152
Cash paid for interest	$	211,412		$	177,302
Weighted average total debt balance	$	10,159,675		$	10,907,822
Weighted average interest rate		4.1	%		3.6	%

Interest cost increased $9.1 million as compared to the six months ended June 30, 2010, resulting from an increase in our weighted average interest rate, partially offset by a decrease in our weighted average debt balances. Capitalized interest increased $20.0 million as compared to the six months ended June 30, 2010, primarily due to the recommencement of activities at Sands Cotai Central in Macau and the increase in the weighted average interest rate.

Other Factors Effecting Earnings

Other expense was $2.8 million for the six months ended June 30, 2011, which was primarily attributable to the decrease in value of our interest rate caps. Other expense was $12.6 million for the six months ended June 30, 2010, which was primarily attributable to foreign exchange losses, principally in Macau.

Our effective income tax rate was 10.4% for the six months ended June 30, 2011, as compared to 14.4% for the six months ended June 30, 2010. The decrease in the effective tax rate was primarily due to the commencement of operations at Marina Bay Sands in April 2010. The effective income tax rate for the six months ended June 30, 2011, reflects a 17% statutory tax rate on our Singapore operations; a zero percent tax rate from our Macau gaming operations due to our income tax exemption in Macau, which is set to expire in 2013; and non-realizable deferred tax assets in the U.S. and certain foreign jurisdictions, which unfavorably impacted our effective income tax rate. Management does not anticipate recording an income tax benefit related to deferred tax assets generated by operations in the U.S. and certain foreign jurisdictions; however, to the extent that the financial results of these operations improve and it becomes more likely than not that these deferred tax assets are realizable, we will reduce the valuation allowances in the period such determination is made.

46

The net income attributable to our noncontrolling interests was $153.6 million for the six months ended June 30, 2011, as compared to $67.0 million for the six months ended June 30, 2010, and was primarily attributable to the noncontrolling interest of SCL for both periods.

Liquidity and Capital Resources

Cash Flows — Summary

Our cash flows consisted of the following:

	Six Months Ended June 30,
	2011			2010
	(Dollars in thousands)
Net cash generated from operations	$	1,081,523		$	637,905
Investing cash flows:
Change in restricted cash and cash equivalents		366,680			22,926
Capital expenditures		(720,696	)		(1,127,268	)
Proceeds from disposal of property and equipment		4,416			5,647
Acquisition of intangible assets		(575	)		(43,305	)
Purchases of investments		—			(173,774	)
Net cash used in investing activities		(350,175	)		(1,315,774	)
Financing cash flows:
Proceeds from exercise of stock options		14,330			3,923
Proceeds from exercise of warrants		6,760			—
Dividends paid to preferred stockholders		(38,817	)		(46,700	)
Distributions to noncontrolling interests		(5,863	)		—
Proceeds from long-term debt		—			596,560
Repayments of long-term debt		(259,518	)		(1,265,218	)
Repurchase of preferred stock		(5,328	)		—
Payments of preferred stock inducement premium		(16,493	)		—
Payments of deferred financing costs		(57	)		(54,365	)
Net cash used in financing activities		(304,986	)		(765,800	)
Effect of exchange rate on cash		15,663			7,088
Net increase (decrease) in cash and cash equivalents	$	442,025		$	(1,436,581	)

Cash Flows — Operating Activities

Table games play at our properties is conducted on a cash and credit basis. Slot machine play is primarily conducted on a cash basis. The retail hotel rooms business is generally conducted on a cash basis, the group hotel rooms business is conducted on a cash and credit basis, and banquet business is conducted primarily on a credit basis resulting in operating cash flows being generally affected by changes in operating income and accounts receivable. Net cash generated from operating activities for the six months ended June 30, 2011, increased $443.6 million as compared to the six months ended June 30, 2010. The increase was primarily attributable to the increase in our operating income during the six months ended June 30, 2011, as previously described, partially offset by unfavorable changes in our working capital, driven by decreases in other accrued liabilities.

Cash Flows — Investing Activities

Capital expenditures for the six months ended June 30, 2011, totaled $720.7 million, including $356.5 million for construction and development activities in Macau (primarily for our Cotai Strip developments), $304.3 million for construction activities in Singapore, $36.0 million for construction activities at Sands Bethlehem; and $23.9 million at our Las Vegas Operating Properties and for corporate and other activities.

47

Cash Flows — Financing Activities

Net cash flows used in financing activities were $305.0 million for the six months ended June 30, 2011, which was primarily attributable to the repayments of $198.9 million under our Singapore credit facility and $25.0 million under our VML Credit Facility, and payments of $38.8 million for preferred stock dividends and $16.5 million to induce the exercise of warrants with settlement through tendering of preferred stock.

As of June 30, 2011, we had $1.76 billion available for borrowing under our U.S., Macau and Singapore credit facilities, net of letters of credit, outstanding banker’s guarantees and undrawn amounts committed to be funded by Lehman Brothers-related subsidiaries.

Development Financing Strategy

Through June 30, 2011, we have funded our development projects primarily through borrowings under our U.S., Macau and Singapore credit facilities, operating cash flows, proceeds from our equity offerings and proceeds from the disposition of non-core assets.

The U.S. credit facility, as amended in August 2010, requires our Las Vegas operations to comply with certain financial covenants at the end of each quarter, including maintaining a maximum leverage ratio of net debt, as defined, to trailing twelve-month adjusted earnings before interest, income taxes, depreciation and amortization, as defined (“Adjusted EBITDA”). The maximum leverage ratio is 6.5x for the quarter ended June 30, 2011, decreases to 6.0x for the quarterly periods ended September 30 and December 31, 2011, decreases to 5.5x for the quarterly periods ended March 31 and June 30, 2012, and then decreases to 5.0x for all quarterly periods thereafter through maturity. One of our Macau credit facilities, the VML credit facility, as amended in August 2009, requires certain of our Macau operations to comply with similar financial covenants, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 3.0x for all quarterly periods through maturity. We can elect to contribute up to $50 million and $20 million of cash on hand to our Las Vegas and relevant Macau operations, respectively, on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA by the corresponding amount during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio (the “EBITDA true-up”). The Singapore credit facility requires operations of Marina Bay Sands to comply with similar financial covenants commencing with the quarterly period ending September 30, 2011, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 5.5x for the quarterly period ending September 30, 2011, and then decreases by 0.25x every other quarter until it decreases to, and remains at, 3.75x for all quarterly periods thereafter through maturity (commencing with the quarterly period ending September 30, 2014). If we are unable to maintain compliance with the financial covenants under these credit facilities, it would be in default under the respective credit facilities. A default under the U.S. credit facility would trigger a cross-default under our airplane financings, which, if the respective lenders chose to accelerate the indebtedness outstanding under these agreements, would result in a default under our senior notes. A default under the VML credit facility would trigger a cross-default under our ferry financing. Any defaults or cross-defaults under these agreements would allow the lenders, in each case, to exercise their rights and remedies as defined under their respective agreements. If the lenders were to exercise their rights to accelerate the due dates of the indebtedness outstanding, there can be no assurance that we would be able to repay or refinance any amounts that may become due and payable under such agreements, which could force us to restructure or alter its operations or debt obligations.

In 2008, we completed a $475.0 million convertible senior notes offering and a $2.1 billion common and preferred stock and warrants offering. In 2009, we completed a $600.0 million exchangeable bond offering and our $2.5 billion SCL Offering. A portion of the proceeds from these offerings was used in the U.S. to pay down $775.9 million under the revolving portion of the U.S. credit facility in March 2010 and $1.0 billion under the term loan portions of the U.S. credit facility in August 2010, and to exercise the EBITDA true-up provision during the quarterly periods ended September 30, 2010 and March 31, 2011. As of June 30, 2011, our U.S. and VML leverage ratios were 4.6x and 1.4x, respectively, compared to the maximum leverage ratios allowed of 6.5x and 3.0x, respectively.

We held unrestricted and restricted cash and cash equivalents of approximately $3.48 billion and $443.8 million, respectively, as of June 30, 2011, of which approximately $2.0 billion of the unrestricted amount is held by non-US subsidiaries. Of the $2.0 billion, approximately $1.15 billion is available to be repatriated to the U.S. with virtually no tax consequences due to the Company’s significant foreign taxes paid, which would ultimately generate foreign tax credits if cash is repatriated. The remaining unrestricted amounts are not available for repatriation due to bank compliance requirements or dividend requirements to third party public shareholders in the case of funds being repatriated from SCL. We believe the cash on hand, cash flow generated from operations and available borrowings under our credit facilities will be sufficient to fund our developments currently under construction and maintain compliance with the financial covenants of our U.S., Macau and Singapore credit facilities. In the normal course of our activities, we will continue to evaluate our capital structure and opportunities for enhancements thereof. We have recommenced construction activities at Sands Cotai Central using proceeds from the $1.75 billion VOL credit facility together with $500.0 million of proceeds from the SCL Offering.

48

We are currently in the process of refinancing our Macau credit facilities. We have received lender commitments for $3.7 billion and will have the option to raise incremental senior secured and unsecured debt under existing baskets within the new credit facility. The new credit facility, once entered into, is expected to significantly reduce our interest expense, extend our Macau debt maturities to 2016, enhance our financial flexibility and further strengthen our financial position. Proceeds from the new Macau senior secured credit facility coupled with cash on hand will be used to retire the outstanding balances and commitments on the existing VML and VOL credit facilities as well as fund the completion of construction of the first two phases of Sands Cotai Central in Macau. The refinancing is subject to final loan documentation as well as certain Macao Government approvals. The refinancing is expected to close in late 2011 and we anticipate recording a loss on modification or extinguishment of debt in conjunction with the refinancing.

Additionally, on November 15, 2011, the Company’s intends to redeem its outstanding preferred stock at $110 per share. Based on the number of preferred shares outstanding as of June 30, 2011, the total redemption amount would be approximately $842 million.

Aggregate Indebtedness and Other Known Contractual Obligations

As of June 30, 2011, there had been no material changes to our aggregated indebtedness and other known contractual obligations, which are set forth in the table included in our Annual Report on Form 10-K for the year ended December 31, 2010.

Restrictions on Distributions

We are a parent company with limited business operations. Our main asset is the stock and membership interests of our subsidiaries. The debt instruments of our U.S., Macau and Singapore subsidiaries contain certain restrictions that, among other things, limit the ability of certain subsidiaries to incur additional indebtedness, issue disqualified stock or equity interests, pay dividends or make other distributions, repurchase equity interests or certain indebtedness, create certain liens, enter into certain transactions with affiliates, enter into certain mergers or consolidations or sell our assets of our company without prior approval of the lenders or noteholders.

Inflation

We believe that inflation and changing prices have not had a material impact on our sales, revenues or income from continuing operations during the past year.

Special Note Regarding Forward-Looking Statements

This report contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this report, the words: “anticipates,” “believes,” “estimates,” “seeks,” “expects,” “plans,” “intends” and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe that these forward-looking statements are reasonable, we cannot assure you that any forward-looking statements will prove to be correct. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among others, the risks associated with:

• our substantial leverage, debt service and debt covenant compliance (including sensitivity to fluctuations in interest rates, as a significant portion of our debt is variable-rate debt, and other capital markets trends);

• disruptions in the global financing markets and our ability to obtain sufficient funding for our current and future developments, including our Cotai Strip, Singapore, Pennsylvania and Las Vegas developments;

• general economic and business conditions which may impact levels of disposable income, consumer spending, group meeting business, pricing of hotel rooms and retail and mall sales;

• increased competition for labor and materials due to other planned construction projects in Macau;

49

• the impact of the suspensions of certain of our development projects and our ability to meet certain development deadlines;

• the uncertainty of tourist behavior related to spending and vacationing at casino-resorts in Las Vegas, Macau and Singapore;

• regulatory policies in mainland China or other countries in which our customers reside, including visa restrictions limiting the number of visits or the length of stay for visitors from mainland China to Macau and restrictions on foreign currency exchange or importation of currency;

• our dependence upon properties primarily in Las Vegas, Macau and Singapore for all of our cash flow;

• our relationship with GGP or any successor owner of The Shoppes at The Palazzo and The Grand Canal Shoppes, and the ability of GGP to perform under the purchase and sale agreement for The Shoppes at The Palazzo, as amended;

• new developments, construction and ventures, including our Cotai Strip developments, Marina Bay Sands and Sands Bethlehem;

• the passage of new legislation and receipt of governmental approvals for our proposed developments in Macau and other jurisdictions where we are planning to operate;

• our insurance coverage, including the risk that we have not obtained sufficient coverage or will only be able to obtain additional coverage at significantly increased rates;

• disruptions or reductions in travel due to acts of terrorism;

• disruptions or reductions in travel, as well as disruptions in our operations, due to outbreaks of infectious diseases, such as severe acute respiratory syndrome, avian flu or swine flu;

• government regulation of the casino industry, including gaming license regulation, the legalization of gaming in other jurisdictions and regulation of gaming on the Internet;

• increased competition in Las Vegas and Macau, including recent and upcoming increases in hotel rooms, meeting and convention space, and retail space;

• fluctuations in the demand for all-suites rooms, occupancy rates and average daily room rates in Las Vegas, Macau and Singapore;

• the popularity of Las Vegas, Macau and Singapore as convention and trade show destinations;

• new taxes, changes to existing tax rates or proposed changes in tax legislation;

• our ability to maintain our gaming licenses, certificates and subconcession;

• the completion of infrastructure projects in Macau and Singapore; and

• the outcome of any ongoing and future litigation.

All future written and verbal forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. Readers are cautioned not to place undue reliance on these forward-looking statements. We assume no obligation to update any forward-looking statements after the date of this report as a result of new information, future events or developments, except as required by federal securities laws.

50

ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the risk of loss arising from adverse changes in market rates and prices, such as interest rates, foreign currency exchange rates and commodity prices. Our primary exposure to market risk is interest rate risk associated with our variable rate long-term debt, which we attempt to manage through the use of interest rate cap agreements. We do not hold or issue financial instruments for trading purposes and do not enter into derivative transactions that would be considered speculative positions. Our derivative financial instruments consist exclusively of interest rate cap agreements, which do not qualify for hedge accounting. Interest differentials resulting from these agreements are recorded on an accrual basis as an adjustment to interest expense.

To manage exposure to counterparty credit risk in interest rate cap agreements, we enter into agreements with highly rated institutions that can be expected to fully perform under the terms of such agreements. Frequently, these institutions are also members of the bank group providing our credit facilities, which management believes further minimizes the risk of nonperformance.

51

The table below provides information about our financial instruments that are sensitive to changes in interest rates. For debt obligations, the table presents notional amounts and weighted average interest rates by contractual maturity dates. Notional amounts are used to calculate the contractual payments to be exchanged under the contract. Weighted average variable rates are based on June 30, 2011, LIBOR, HIBOR and SOR plus the applicable interest rate spread in accordance with the respective debt agreements. The information is presented in U.S. dollar equivalents, which is the Company’s reporting currency, for the years ending June 30:

																						Fair
	2012			2013			2014			2015			2016			Thereafter			Total			Value(1)
	(Dollars in millions)
LIABILITIES
Long-term debt
Fixed rate	$	—		$	—		$	—		$	189.7		$	—		$	—		$	189.7		$	191.1
Average interest rate(2)		—			—			—			6.4	%		—			—			6.4	%
Variable rate	$	1,070.8		$	2,062.3		$	1,529.5		$	3,289.5		$	235.8		$	1,657.5		$	9,845.4		$	9,641.5
Average interest rate(2)		3.7	%		4.1	%		2.3	%		2.8	%		2.7	%		2.7	%		3.1	%
ASSETS
Cap agreements(3)	$	—		$	0.4		$	0.9		$	—		$	—		$	—		$	1.3		$	1.3

(1)	The estimated fair values are based on quoted market prices, if available, or by pricing models based on the value of related cash flows discounted at current market interest rates.
(2)	Based upon contractual interest rates for fixed rate indebtedness or current LIBOR, HIBOR and SOR for variable-rate indebtedness. Based on variable-rate debt levels as of June 30, 2011, an assumed 100 basis point change in LIBOR, HIBOR and SOR would cause our annual interest cost to change approximately $95.1 million.
(3)	As of June 30, 2011, we have 38 interest rate cap agreements with an aggregate fair value of approximately $1.3 million based on quoted market values from the institutions holding the agreements.

Borrowings under the U.S. credit facility, as amended, bear interest, at our election, at either an adjusted Eurodollar rate or at an alternative base rate plus a credit spread. The portions of the revolving facility and term loans that were not extended bear interest at the alternative base rate plus 0.25% per annum or 0.5% per annum, respectively, or at the adjusted Eurodollar rate plus 1.25% per annum or 1.5% per annum, respectively. The extended revolving facility and extended term loans bear interest at the alternative base rate plus 1.0% per annum or 1.5% per annum, respectively, or at the adjusted Eurodollar rate plus 2.0% per annum or 2.5% per annum, respectively. Applicable spreads under the U.S. credit facility are subject to downward adjustments based upon our credit rating. Borrowings under the VML credit facility, as amended, bear interest, at our election, at either an adjusted Eurodollar rate (or in the case of the local term loan, adjusted HIBOR) plus 4.5% per annum or at an alternative base rate plus 3.5% per annum. Applicable spreads under the VML revolving facility are subject to a downward adjustment if certain consolidated leverage ratios are satisfied. Borrowings under the VOL credit facility bear interest at either the adjusted Eurodollar rate or an alternative base rate (in the case of U.S. dollar denominated loans or HIBOR, in the case of Hong Kong dollar and Macau pataca denominated loans), as applicable, plus a spread of 4.5% per annum. Borrowings under the Singapore credit facility bear interest at SOR plus a spread of 2.25% per annum. Borrowings under the airplane financings bear interest at LIBOR plus approximately 1.5% per annum. Borrowings under the ferry financing, as amended, bear interest at HIBOR plus 2.5% per annum.

Foreign currency transaction losses for the six months ended June 30, 2011, were $0.4 million. We may be vulnerable to changes in the U.S. dollar/pataca exchange rate. Based on balances as of June 30, 2011, an assumed 1% change in the U.S. dollar/pataca exchange rate would cause a foreign currency transaction gain/loss of approximately $16.0 million. We do not hedge our exposure to foreign currencies; however, we maintain a significant amount of our operating funds in the same currencies in which we have obligations thereby reducing our exposure to currency fluctuations.

See also “Liquidity and Capital Resources.”

52

ITEM 4 — CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. The Company’s Chief Executive Officer and its Chief Financial Officer have evaluated the disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) of the Company as of June 30, 2011, and have concluded that they are effective at the reasonable assurance level.

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting that occurred during the fiscal quarter covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II
OTHER INFORMATION

ITEM 1 — LEGAL PROCEEDINGS

The Company is party to litigation matters and claims related to its operations. For more information, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, and “Part I — Item 1 — Financial Statements — Notes to Condensed Consolidated Financial Statements — Note 9 — Commitments and Contingencies” of this Quarterly Report on Form 10-Q.

ITEM 1A — RISK FACTORS

There have been no material changes from the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010.

53

ITEM 6 — EXHIBITS

List of Exhibits

Exhibit No.			Description of Document
	10.1		Aircraft Time Sharing Agreement, dated as of April 14, 2011, between Las Vegas Sands Corp. and Interface Operations, LLC.
	31.1		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	31.2		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	32.1		Certification of Chief Executive Officer of Las Vegas Sands Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	32.2		Certification of Chief Financial Officer of Las Vegas Sands Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		*	XBRL Instance Document
101.SCH		*	XBRL Taxonomy Extension Schema Document
101.CAL		*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE		*	XBRL Taxonomy Extension Presentation Linkbase Document

* Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

54

LAS VEGAS SANDS CORP.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

	LAS VEGAS SANDS CORP.
	By:	/s/ Sheldon G. Adelson
		Sheldon G. Adelson
August 9, 2011		Chairman of the Board and Chief Executive Officer

	By:	/s/ Kenneth J. Kay
		Kenneth J. Kay
August 9, 2011		Chief Financial Officer

55

EX-10.1

Exhibit 10.1

AIRCRAFT TIME SHARING AGREEMENT

(Part 91 Operations)

Dated as of the 14 day of April, 2011,

between

Las Vegas Sands Corp.,

as Provider,

and

Interface Operations, LLC

as Recipient,

concerning one Raytheon Hawker 800XP aircraft bearing

U.S. registration number N885LS
and
manufacturer’s serial number 258428

* * *

INSTRUCTIONS FOR COMPLIANCE WITH
“TRUTH IN LEASING” REQUIREMENTS UNDER FAR § 91.23

Within 24 hours after execution of this Agreement:
mail a copy of the executed document to the
following address via certified mail, return receipt requested:

Federal Aviation Administration
Aircraft Registration Branch
ATTN: Technical Section
P.O. Box 25724
Oklahoma City, Oklahoma 73125

At least 48 hours prior to the first flight to be conducted under this Agreement:
provide notice, using the FSDO Notification Letter in Exhibit A,
of the departure airport and proposed time of departure of the
first flight, by facsimile, to the Flight Standards
District Office located nearest the departure airport.

Carry a copy of this Agreement in the aircraft at all times.

AIRCRAFT TIME SHARING AGREEMENT
(Part 91 Operations)

This Aircraft Time Sharing Agreement (the “Agreement”) is made and entered into as of April 14^th , 2011, by and between Las Vegas Sands Corp, a Nevada company (“Provider”), and Interface Operations, LLC, a Nevada corporation (“Recipient”) (together, “Parties”).

In consideration of the mutual promises, agreements, covenants, warranties, representations and provisions contained herein, the parties agree as follows:

1. Time Sharing of the Aircraft. Subject to the terms and conditions of this Agreement, Provider shall provide Recipient with transportation services on a non-exclusive basis using Provider’s Raytheon Hawker 800XP aircraft, serial number 258428, registration N885LS (the “Aircraft”). This Agreement is intended to be a time sharing agreement within the meaning of 14 C.F.R. Section 91.501(c)(1).

2. Term. The term of this Agreement (the “Term”) shall commence on April 14^th , 2011 and end on December 31, 2012 (the “Expiration Date”). The Expiration Date (as it may be extended) shall be automatically extended by one year if neither party has given notice of non-renewal to the other at least thirty (30) days before the then Expiration Date. Notwithstanding anything to the contrary in this section 2, either party may terminate this Agreement on thirty (30) days’ notice, provided that such party is not then in default.

3. Delivery to Recipient. Upon the request of Recipient, subject to the availability of the Aircraft as determined by Provider, Provider shall make the Aircraft available to Recipient at such location as Recipient may reasonably request. Recipient acknowledges that Provider currently bases the Aircraft at McCarran International Airport, Las Vegas, Nevada (the “Base”).

4. Fee.

(a) Recipient shall pay Provider, within 30 days of receipt of an invoice from Provider or its representative for Recipient’s use of the Aircraft during the Term, an amount not to exceed the costs identified in this paragraph (a) or such lesser amount as may be agreed in writing by the Parties (referred to collectively as the “Fee”):

(i) twice the cost of the fuel, oil and other additives consumed;

(ii) all fees, including fees for landing, parking, hangar, tie-down, handling, customs, use of airways and permission for overflight;

(iii) all expenses for catering and in-flight entertainment materials;

(iv) all expenses for flight planning and weather contract services;

(v) all travel expenses for pilots, flight attendants and other flight support personnel, including food, lodging and ground transportation; and

(vi) all communications charges, including in-flight telephone.

- 2 -

(b) Recipient shall be responsible for arranging and paying for all passenger ground transportation and accommodation in connection with Recipient’s use of the Aircraft.

(c) For the sake of clarification, flights to ferry the Aircraft to the delivery location specified by Recipient pursuant to section 3, and flights to return the Aircraft to the Base or such other location as the parties agree pursuant to section 5, shall be deemed to be use of the Aircraft by Recipient.

5. Return to Base. On the earlier of the Expiration Date or the termination of this Agreement pursuant to section 17(a)(i) and, unless Provider agrees to the contrary, upon the conclusion of each flight of the Aircraft by Recipient under this Agreement, the Aircraft shall be returned to the Base or such other location as Provider and Recipient may agree.

6. Use of Aircraft.

(a) Recipient shall use the Aircraft only for the transportation of its directors, officers, employees and guests and shall not obtain compensation for such transportation from any person.

(b) Recipient shall not violate, and shall not permit any of its employees, agents or guests to violate, any applicable law, regulation or rule of the United States, or any state, territory or local authority thereof, or any foreign government or subdivision thereof, and shall not bring or cause to be brought or carried on board the Aircraft, or permit any employee, agent or guest to bring or cause to be brought or carried on board the Aircraft, any contraband or unlawful articles or substances, or anything that is contraband or is an unlawful article of substance in any jurisdiction into or over which the Aircraft is to operate on behalf of Recipient.

(c) Recipient shall, and shall cause its employees, agents and guests to, comply with all lawful instructions and procedures of Provider and its agents and employees regarding the Aircraft, its operation or flight safety.

(d) Recipient acknowledges that its discretion in determining the origin and destination of flights under this Agreement shall be subject to the following limitations: (i) such origin and destination, and the routes to reach such origin and destination, are not within or over (A) an area of hostilities, (B) an area excluded from coverage under the insurance policies maintained by Provider with respect to the Aircraft or (C) a country or jurisdiction for which exports or transactions are subject to specific restrictions under any United States export or other law or United Nations Security Council Directive, including without limitation, the Trading With the Enemy Act, 50 U.S.C. App. Section 1 et seq., the International Emergency Economic Powers Act, 50 U.S.C. Sections 1701 et seq. and the Export Administration Act, 50 U.S.C. App. Sections 2401 et seq.; (ii) the flights proposed by Recipient shall not cause (A) the Aircraft or any part thereof (1) to be used predominately outside of the United States within the meaning of the Section 168(g)(1)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), and (2) to fail to be operated to and from the United States within the meaning of Section 168(g)(4)(A) of the Code; or (B) any item of income, gain, deduction, loss or credit with respect to the transactions contemplated by this Agreement to be treated as derived from, or allocable to, sources without the United States within the meaning of Section 862 of the Code; (iii) the proposed flights do not require the flight crew to exceed any flight or duty time limitations that Provider imposes upon its flight crews; and (iv) in the judgment of Provider, the safety of flight is not jeopardized.

- 3 -

(e) Recipient acknowledges that, if, in the view of Provider (including, its pilot-in-command), flight safety may be jeopardized, Provider may terminate a flight or refuse to commence it without liability for loss, injury or damage occasioned by such termination or refusal. Recipient further acknowledges that, in accordance with applicable Federal Aviation Regulations (“FAR”), the qualified flight crew provided by Provider will exercise all of its duties and responsibilities in regard to the safety of each flight conducted hereunder and Recipient specifically agrees that the flight crew, in its sole discretion, may terminate any flight, refuse to commence any flight, or take other action which in the considered judgment of the pilot-in-command is necessitated by considerations of safety. No such action of the pilot-in-command shall create or support any liability for loss, injury, damage or delay to Recipient or any other person. Recipient acknowledges and agrees that Provider shall not be liable under any circumstances for delay or failure to furnish the Aircraft and crew pursuant to this Agreement or for any loss, damage, cost or expense arising from or related to, directly or indirectly, any delay, cancellation or failure to furnish any transportation pursuant to this Agreement, including, but not limited to, when caused by government regulation, law or authority, mechanical difficulty or breakdown, war, civil commotion, strikes or other labor disputes, weather conditions, acts of God, public enemies or any other cause beyond Provider’s control.

(f) Recipient acknowledges that (i) the Aircraft is owned by Provider and (ii) the rights of Recipient in and to the Aircraft are subject and subordinate to all rights of Provider in and to the Aircraft, including without limitation the right of Provider to inspect and take possession of the Aircraft from time to time in accordance applicable law.

Accordingly, Recipient (i) waives any right that it might have to any notice of Provider’s intention to inspect, take possession or exercise any other right or remedy in respect of the Aircraft.

(g) THE AIRCRAFT IS BEING PROVIDED BY THE PROVIDER TO THE RECIPIENT HEREUNDER ON A COMPLETELY “AS IS, WHERE IS,” BASIS, WHICH IS ACKNOWLEDGED AND AGREED TO BY THE RECIPIENT. THE WARRANTIES AND REPRESENTATIONS SET FORTH IN THIS AGREEMENT ARE EXCLUSIVE AND IN LIEU OF ALL OTHER REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, AND PROVIDER HAS NOT MADE AND SHALL NOT BE CONSIDERED OR DEEMED TO HAVE MADE (WHETHER BY VIRTUE OF HAVING PROVIDED THE AIRCRAFT UNDER THIS AGREEMENT, OR HAVING ACQUIRED THE AIRCRAFT, OR HAVING DONE OR FAILED TO DO ANY ACT, OR HAVING ACQUIRED OR FAILED TO ACQUIRE ANY STATUS UNDER OR IN RELATION TO THIS AGREEMENT OR OTHERWISE) ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT OR TO ANY PART THEREOF, AND SPECIFICALLY, WITHOUT LIMITATION, IN THIS RESPECT PROVIDER DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES

- 4 -

CONCERNING THE TITLE, AIRWORTHINESS, VALUE, CONDITION, DESIGN, MERCHANTABILITY, COMPLIANCE WITH SPECIFICATIONS, CONSTRUCTION AND CONDITION OF THE AIRCRAFT, OR FITNESS FOR A PARTICULAR USE OF THE AIRCRAFT AND AS TO THE ABSENCE OF LATENT AND OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AND AS TO THE ABSENCE OF ANY INFRINGEMENT OR THE LIKE, HEREUNDER OF ANY PATENT, TRADEMARK OR COPYRIGHT, AND AS TO THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN TORT, OR AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP OF THE AIRCRAFT OR ANY PART THEREOF OR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED (INCLUDING ANY IMPLIED WARRANTY ARISING FROM A COURSE OF PERFORMANCE OR DEALING OR USAGE OF TRADE), WITH RESPECT TO THE AIRCRAFT OR ANY PART THEREOF. RECIPIENT HEREBY WAIVES, RELEASES, DISCLAIMS AND RENOUNCES ALL EXPECTATION OF OR RELIANCE UPON ANY SUCH AND OTHER WARRANTIES, OBLIGATIONS AND LIABILITIES OF PROVIDER AND RIGHTS, CLAIMS AND REMEDIES OF RECIPIENT AGAINST PROVIDER, EXPRESS OR IMPLIED, ARISING BY LAW OR OTHERWISE, INCLUDING BUT NOT LIMITED TO (I) ANY IMPLIED WARRANTY OF MERCHANTABILITY OF FITNESS FOR ANY PARTICULAR USE, (II) ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE, (III) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY IN TORT, WHETHER OR NOT ARISING FROM THE NEGLIGENCE OF PROVIDER, ACTUAL OR IMPUTED, AND (IV) ANY OBLIGATION, LIABILITY, RIGHT, CLAIM OR REMEDY FOR LOSS OF OR DAMAGE TO THE AIRCRAFT, FOR LOSS OF USE, REVENUE OR PROFIT WITH RESPECT TO THE AIRCRAFT, OR FOR ANY OTHER DIRECT, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES.

7. Pilots. For all flights of the Aircraft by Recipient pursuant to this Agreement, Provider shall cause the Aircraft to be operated by pilots who are duly qualified under the Federal Aviation Regulations, including without limitation, with respect to currency and type-rating, and who meet all other requirements established and specified by the insurance policies required hereunder.

8. Operation and Maintenance Responsibilities of Provider. Provider shall be in operational control of the Aircraft at all times during the Term and shall operate the Aircraft under FAR Part 91. Provider shall be solely responsible for the operation and maintenance of the Aircraft.

9. Liens. Recipient shall not directly or indirectly create or incur any liens on or with respect to (i) the Aircraft or any part thereof, (ii) Provider’s title thereto, (iii) any interest of Provider therein, (and Recipient will promptly, at its own expense, take such action as may be necessary to discharge any such lien), except (a) the respective rights of Provider and Recipient as herein provided and (b) liens created by or caused to be created by Provider.

- 5 -

10. Taxes.

(a) Except for any taxes on, or measured by, the net income of Provider imposed by the United States government or any state or local government or taxing authority in the United States, which shall be the sole responsibility of Provider, Recipient shall pay to and indemnify Provider and its employees and agents (collectively, the “Indemnities”) for, and hold each Indemnity harmless from and against, on an after-tax basis, all other income, personal property, ad valorem, franchise, gross receipts, rental, sales, use, excise, value-added, leasing, leasing use, stamp, landing, airport use, or other taxes, levies, imposts, duties, charges, fees or withholdings of any nature, together with any penalties, fines, or interest thereon (“Taxes”) arising out of the transactions between Provider and Recipient contemplated by this Agreement or Recipient’s use of the Aircraft and imposed against any Indemnity, Recipient, or the Aircraft, or any part thereof, by any federal or foreign government, any state, municipal or local subdivision, any agency or instrumentality thereof, or other taxing authority upon or with respect to the Aircraft, or any part thereof, or upon the ownership, delivery, leasing, possession, use, operation, return, transfer or release thereof, or upon the rentals, receipts or earnings arising there from. Recipient shall have the right to contest any Taxes attributable to Recipient; provided that (a) Recipient shall have given to Provider written notice of any such Taxes, which notice shall state that such Taxes are being contested by Recipient in good faith with due diligence and by appropriate proceedings and that Recipient has agreed to indemnify each Indemnity against any cost, expense, liability or loss (including, without limitation, reasonable attorney fees) arising from or in connection with such contest; (b) in Provider’s sole judgment, Provider has received adequate assurances of payment of such contested Taxes; and (c) counsel for Provider shall have determined that the nonpayment of any such Taxes or the contest of any such payment in such proceedings does not, in the sole opinion of such counsel, adversely affect the title, property or rights of Provider. In case any report or return is required to be made with respect to any Taxes attributable to Recipient’s use of the Aircraft, Recipient will either (after notice to Provider) make such report or return in such manner as will show the ownership of the Aircraft in Provider and send a copy of such report or return to Provider, or will notify Provider of such requirement and make such report or return in such manner as shall be satisfactory to Provider. Provider agrees to cooperate fully with Recipient in the preparation of any such report or return.

(b) Without limiting the generality of the foregoing, Recipient shall pay to Provider any federal excise taxes applicable to Recipient’s use, or Recipient’s payment for Recipient’s use, of the Aircraft.

11. Insurance. Provider shall maintain in effect at its own expense throughout the Term, insurance policies containing such provisions and providing such coverages as Provider deems appropriate. All insurance policies shall (a) name Recipient as an additional insured, (b) not be subject to any offset by any other insurance carried by Provider or Recipient, (c) contain a waiver by the insurer of any subrogation rights against any of Recipient, (d) insure the interest of Recipient, regardless of any breach or violation by the Provider or of any other person (other than is solely attributable to the gross negligence or willful misconduct of Recipient) of any warranty, declaration or condition contained in such policies, and (e) include a severability of interests endorsement providing that such policy shall operate in the same manner (except for the limits of coverage) as if there were a separate policy covering each insured.

- 6 -

12. Loss or Damage

(a) Recipient shall indemnify, defend and hold harmless Provider and its officers, directors, agents, shareholders, members, managers and employees from and against any and all liabilities, claims (including, without limitation, claims involving or alleging Provider’s negligence and claims involving strict or absolute liability in tort), demands, suits, causes of action, losses, penalties, fines, expenses (including, without limitation, attorney fees) or damages (collectively, “Claims”), whether or not Provider may also be indemnified as to any such Claim by any other person, to the extent relating to or arising out of Recipient’s breach of this Agreement or any damage (other than ordinary wear and tear) to the Aircraft caused by Recipient, its employees or guests, including any Event of Default of this Agreement or the Cape Town Convention or Aircraft Protocol provisions to the extent applicable to this Agreement.

(b) In the event of loss, theft, confiscation, damage to or destruction of the Aircraft subject to this Agreement, or any engine or part thereof, from any cause whatsoever (a “Casualty Occurrence”) occurring at any time when Recipient is using the Aircraft, Recipient shall furnish such information and execute such documents as may be necessary or required by Provider or applicable law. Recipient shall cooperate fully in any investigation of any claim or loss processed by Provider under the Aircraft insurance policy/policies and in seeking to compel the relevant insurance company or companies to pay any such claims.

(c) In the event of total loss or destruction of all or substantially all the Aircraft subject to this Agreement, or damage to such Aircraft that causes it to be irreparable in the opinion of Provider or any insurance carrier providing hull coverage with respect to such Aircraft, or in the event of confiscation or seizure of the Aircraft, this Agreement shall automatically terminate; provided, however, that such termination of this Agreement shall not terminate the obligation of Recipient to cooperate with Provider in seeking to compel the relevant insurance company or companies to pay claims arising from such loss, destruction, damage, confiscation or seizure; provided, further, that the termination of this Agreement shall not affect the obligation of Recipient to pay Provider all accrued and unpaid Fee and all other accrued and unpaid amounts due hereunder.

(d) For the sake of clarification, if the Aircraft suffers a Casualty Occurrence, it shall be deemed not available to Recipient until such time thereafter as Provider has returned the Aircraft to service. Provider shall have no obligation to return the Aircraft to service after any Casualty Occurrence.

13. Cape Town Treaty Compliance.

(a) For purposes of the Agreement: (i) “Aircraft Objects” means each airframe, aircraft engine and helicopter as defined in Section 2 of Article I of the Aircraft Protocol, including the Aircraft referred to in this Agreement, including its “associated rights”; (ii) “Cape Town Treaty” means collectively the Convention on International Interests in Mobile Equipment (“Cape Town Convention”) and the Protocol to the Convention Specific to Aircraft Equipment (“Aircraft Protocol”); (iii) “International Interest” means an interest held by a Provider to which Article 2 of the Cape Town Convention applies, including an interest in the Aircraft Object; (iv) “International Registry” means the international registration facilities established for the purposes of the Cape Town Convention or the Aircraft Protocol in Dublin, Ireland.

- 7 -

(b) Recipient represents, warrants, and covenants: (i) Recipient has complied or will comply on Provider’s request with the formalities to provide for an International Interest in the Aircraft under Article 2 of the Cape Town Convention and Article V of the Aircraft Protocol; (ii) this Agreement provides for an International Interest in the airframe and engines comprising parts of the Aircraft; (iii) Recipient has not, and will not, register or consent to the registration of any prospective International Interest (as defined in the Cape Town Convention) or International Interest on the International Registry in respect of the Aircraft Object covered by this Agreement except this Agreement as provided above, and it will not cause or permit such other registration, or consent to registration, to occur without the prior written consent of Provider; (iv) Recipient will not cause or permit any registration with respect to this Agreement to be discharged, terminated or modified in any respect except by written agreement with Provider; (v) this Agreement shall be enforceable in accordance with its terms; (vi) Recipient has the power and authority to make or cause to be made all registrations at the International Registry, including, without limitation, all related filings; and (vii) the description of the Aircraft Object, including each engine, covered by this Agreement is true, accurate, and complete for all purposes, including complying with the description required for effective registration of an International Interest of such Aircraft Object at the International Registry and at the Federal Aviation Administration Aircraft Registry, and such description accurately and completely includes (a) the name of the manufacturer, (b) the manufacturers’ serial number(s), and (c) its generic model designation, supplemented as may be necessary to ensure uniqueness in accordance with the International Registry regulations and operational manual of the Aircraft Protocol.

(c) The terms of the Agreement (and not the Cape Town Treaty to the extent permitted thereby) shall govern the rights and remedies of Provider upon a material breach or default hereunder by Recipient.

(d) Provider and Recipient agree to take such further and other actions, execute and deliver such other documents and pay such reasonable expenses, including registration fees, as Provider shall request to meet the requirements of, and to protect and perfect the interests of Provider under, the Cape Town Treaty and make any registration arising hereunder at the International Registry;

(e) Recipient shall pay all costs arising under the Cape Town Treaty, including all registration fees for the International Registry, on demand of Provider.

14. Representations, Warranties and Agreements of Recipient. Recipient represents, warrants and agrees as follows:

(a) Authorization. Recipient has all necessary powers to enter into the transactions contemplated in this Agreement and has taken all actions required to authorize and approve this Agreement.

(b) Identification. Recipient shall keep a legible copy of this Agreement in the Aircraft at all times when Recipient is using the Aircraft.

- 8 -

15. Representations, Warranties and Agreements of Provider. Provider represents, warrants and agrees as follows:

(a) Authorization. Provider has all necessary powers to enter into the transaction contemplated in this Agreement and has taken all action necessary to authorize and approve this Agreement.

(b) FAA Registration. The Aircraft registration with the FAA names Provider as the owner of the Aircraft.

16. Event of Default. The following shall constitute an Event of Default:

(a) Recipient shall not have made payment of any amount due under section 4 within ten (10) days after the same shall become due; or

(b) Recipient shall have failed to perform or observe (or cause to be performed or observed) any other covenant or agreement required to be performed under this Agreement and such failure shall continue for twenty (20) days after written notice thereof from Provider to Recipient; or

(c) Recipient (i) becomes insolvent, (ii) fails to pay its debts when due, (iii) makes any assignment for the benefit of creditors, (iv) seeks relief under any bankruptcy law or similar law for the protection of debtors, (v) suffers a petition of bankruptcy filed against it that is not dismissed within thirty (30) days, or (vi) suffers a receiver or trustee to be appointed for itself or any of its assets, and such is not removed within thirty (30) days.

17. Provider’s Remedies

(a) Upon the occurrence of any Event of Default, Provider may, at its option, exercise any or all remedies available at law or in equity, including, without limitation, any or all of the following remedies, as Provider in its sole discretion shall elect:

(i) By notice in writing, terminate this Agreement, whereupon all rights of Recipient to the use of the Aircraft or any part thereof shall absolutely cease and terminate, but Recipient shall remain liable as provided in this Agreement and Provider, at its option, may enter upon the premises where the Aircraft is located and take immediate possession of and remove the same by summary proceedings or otherwise. Recipient specifically authorizes Provider’s entry upon any premises where the Aircraft may be located for the purpose of, and waives any cause of action it may have arising from, a peaceful retaking of the Aircraft. Recipient shall forthwith pay to Provider an amount equal to the total accrued and unpaid Fees and all other accrued and unpaid amounts due hereunder, plus any and all losses and damages incurred or sustained by Provider by reason of any default by Recipient under this Agreement.

(b) Recipient shall be liable for all costs, charges and expenses, including reasonable attorney fees and disbursements, incurred by Provider by reason of the occurrence of any Event of Default or the exercise of Provider’s remedies with respect thereto.

- 9 -

18. General Provisions

(a) Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the construction or interpretation of this Agreement.

(b) Partial Invalidity. If any provision of this Agreement, or the application thereof to any person, place or circumstance, shall be held by a court of competent jurisdiction to be illegal, invalid, unenforceable or void, then such provision shall be enforced to the extent that it is not illegal, invalid, unenforceable or void, and the remainder of this Agreement, as well as such provision as applied to other persons, shall remain in full force and effect.

(c) Waiver. With regard to any power, remedy or right provided in this Agreement or otherwise available to any party, (i) no waiver or extension of time shall be effective unless expressly contained in a writing signed by the waiving party, (ii) no alteration, modification or impairment shall be implied by reason of any previous waiver, extension of time, delay or omission in exercise or other indulgence, and (iii) waiver by any party of the time for performance of any act or condition hereunder does not constitute waiver of the act or condition itself.

(d) Notices. Any notice or other communication required or permitted under this Agreement shall be in writing and shall be deemed duly given upon actual receipt, if delivered personally or by telecopy; or three (3) days following deposit in the United States mail, if deposited with postage pre-paid, return receipt requested, and addressed to such address as may be specified in writing by the relevant party from time to time, and which shall initially be as follows:

To Provider at:	Las Vegas Sands Corp.
	3355 Las Vegas Blvd. South
	Las Vegas, Nevada 89109
	Attn: General Counsel
	Fax: (702) 733-5088
	Tel.: (702) 733-5631
To Recipient at:	Interface Operations, LLC
	300 First Avenue
	Needham, Massachusetts 02494
	Attn: Stephen J. O’Connor
	Fax: (781) 449-6616 Tel. (781) 449-6500

No objection may be made to the manner of delivery of any notice or other communication in writing actually received by a party.

(e) Massachusetts Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, regardless of the choice of law provisions of Massachusetts or any other jurisdiction.

- 10 -

(f) Entire Agreement. This Agreement constitutes the entire agreement between the parties pertaining to the subject matter contained in this Agreement and supersedes any prior or contemporaneous agreements, representations and understandings, whether written or oral, of or between the parties with respect to the subject matter of this Agreement. There are no representations, warranties, covenants, promises or undertakings, other than those expressly set forth or referred to herein.

(g) Amendment. This Agreement may be amended only by a written agreement signed by all of the parties.

(h) Binding Effect; Assignment. This Agreement shall be binding on, and shall inure to the benefit of, the parties to it and their respective successors and assigns; provided, however, that Recipient may not assign any of its rights under this Agreement, and any such purported assignment shall be null, void and of no effect.

(i) Attorney Fees. Should any action (including any proceedings in a bankruptcy court) be commenced between any of the parties to this Agreement or their representatives concerning any provision of this Agreement or the rights of any person or entity there under, solely as between the parties or their successors, the party or parties prevailing in such action as determined by the court shall be entitled to recover from the other party all of its costs and expenses incurred in connection with such action (including, without limitation, fees, disbursements and expenses of attorneys and costs of investigation).

(j) Remedies Not Exclusive. No remedy conferred by any of the specific provisions of this Agreement is intended to be exclusive of any other remedy, and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity by statute or otherwise. The election of any one or more remedies shall not constitute a waiver of the right to pursue other remedies.

(k) No Third Party Rights. Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under or by reason of this Agreement on any person other than the parties to this Agreement and their respective successors and assigns, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any party to this Agreement, nor shall any provision give any third person any right of subrogation or action over or against any party to this Agreement.

(l) Counterparts. This Agreement may be executed in one or more counterparts, each of which independently shall be deemed to be an original, and all of which together shall constitute one instrument.

(m) Expenses. Each party shall bear all of its own expenses in connection with the negotiation, execution and delivery of this Agreement.

(n) Broker/Finder Fees. Each party represents that it has dealt with no broker or finder in connection with the transaction contemplated by this Agreement and that no broker or other person is entitled to any commission or finder’s fee in connection therewith. Provider and Recipient each agree to indemnify and hold harmless one another against any loss, liability, damage, cost, claim or expense incurred by reason of any brokerage commission or finder’s fee alleged to be payable because of any act, omission or statement of the indemnifying party.

- 11 -

(o) Relationship of the Parties. Nothing contained in this Agreement shall in any way create any association, partnership, joint venture, or principal-and-agent relationship between the parties hereto or be construed to evidence the intention of the parties to constitute such.

(p) Limitation of Damages. Recipient waives any and all claims, rights and remedies against Provider, whether express or implied, or arising by operation of law or in equity, for any punitive, exemplary, indirect, incidental or consequential damages whatsoever arising out of this Agreement.

(q) Survival. All representations, warranties, covenants and agreements, set forth in sections 4, 5, 6(a), 6(e), 6(f), 6(g), 9, 10, 12, 14, 15, 17, and 18 of this Agreement shall survive the expiration or termination of this Agreement.

19. Truth-In-Leasing

(a) WITHIN THE TWELVE (12) MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT, THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED IN ACCORDANCE WITH THE PROVISIONS OF FAR 91.409.

(b) THE PARTIES HERETO CERTIFY THAT DURING THE TERM OF THIS AGREEMENT AND FOR OPERATIONS CONDUCTED HEREUNDER, THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN ACCORDANCE WITH THE PROVISIONS OF FAR 91.409.

(c) PROVIDER ACKNOWLEDGES THAT WHEN IT OPERATES THE AIRCRAFT ON BEHALF OF RECIPIENT UNDER THIS AGREEMENT, PROVIDER SHALL BE KNOWN AS, CONSIDERED, AND IN FACT WILL BE THE OPERATOR OF SUCH AIRCRAFT. EACH PARTY HERETO CERTIFIES THAT IT UNDERSTANDS THE EXTENT OF ITS RESPONSIBILITIES, SET FORTH HEREIN, FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

(d) AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FEDERAL AVIATION ADMINISTRATION FLIGHT STANDARDS DISTRICT OFFICE.

(e) THE PARTIES HERETO CERTIFY THAT A TRUE COPY OF THIS AGREEMENT SHALL BE CARRIED ON THE AIRCRAFT AT ALL TIMES, AND SHALL BE MADE AVAILABLE FOR INSPECTION UPON REQUEST BY AN APPROPRIATELY CONSTITUTED IDENTIFIED REPRESENTATIVE OF THE ADMINISTRATOR OF THE FAA.

- 12 -

IN WITNESS WHEREOF, the parties hereto have each caused this Agreement to be duly executed as of the day and year first written above.

PROVIDER:			RECIPIENT:
LAS VEGAS SANDS CORP.			INTERFACE OPERATIONS, LLC
By:	/s/ Michael A. Leven		By:	/s/ Sheldon G. Adelson
	Print:	Michael Leven		Print:	Sheldon G. Adelson
	Title:	President and COO		Title:	President

concerning one Raytheon Hawker 800XP aircraft bearing

U.S. registration number N885LS
And
manufacturer’s serial number 258428

- 13 -

EX-31.1

EXHIBIT 31.1

LAS VEGAS SANDS CORP.

CERTIFICATION

I, Sheldon G. Adelson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Las Vegas Sands Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Sheldon G. Adelson
	Sheldon G. Adelson
	Chief Executive Officer

Date: August 9, 2011

EX-31.2

EXHIBIT 31.2

LAS VEGAS SANDS CORP.

CERTIFICATION

I, Kenneth J. Kay, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Las Vegas Sands Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Kenneth J. Kay
	Kenneth J. Kay
	Chief Financial Officer

Date: August 9, 2011

EX-32.1

EXHIBIT 32.1

LAS VEGAS SANDS CORP.

CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, as filed by Las Vegas Sands Corp. with the Securities and Exchange Commission on the date hereof (the “Report”), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Las Vegas Sands Corp.

By:	/s/ Sheldon G. Adelson
	Sheldon G. Adelson
	Chief Executive Officer

Date: August 9, 2011

EX-32.2

EXHIBIT 32.2

LAS VEGAS SANDS CORP.

CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, as filed by Las Vegas Sands Corp. with the Securities and Exchange Commission on the date hereof (the “Report”), I certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Las Vegas Sands Corp.

By:	/s/ Kenneth J. Kay
	Kenneth J. Kay
	Chief Financial Officer

Date: August 9, 2011

XML



Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) In Thousands, except Share data	Jun. 30, 2011	Dec. 31, 2010
LIABILITIES AND EQUITY
Preferred stock, issued to Principal Stockholder's family, par value	$ 0.001	$ 0.001
Preferred stock, issued to Principal Stockholder's family, shares issued	5,250,000	5,250,000
Preferred stock, issued to Principal Stockholder's family, shares outstanding	5,250,000	5,250,000
Aggregate redemption/liquidation of preferred stock, value	$ 577,500	$ 577,500
Equity:
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	2,406,123	3,614,923
Preferred stock, shares outstanding	2,406,123	3,614,923
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	729,950,068	707,507,982
Common stock, shares outstanding	729,950,068	707,507,982
Preferred Stock Issued To Public [Member]
Warrant rights outstanding	2,178,171	22,663,212

XML



Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Casino	$ 1,862,272	$ 1,294,301	$ 3,526,761	$ 2,356,071
Rooms	239,696	190,767	471,670	371,549
Food and beverage	146,016	105,079	291,409	197,158
Convention, retail and other	200,642	115,266	365,297	223,481
Gross revenue	2,448,626	1,705,413	4,655,137	3,148,259
Less - promotional allowances	(103,530)	(110,937)	(198,122)	(218,895)
Net revenues	2,345,096	1,594,476	4,457,015	2,929,364
Operating expenses:
Casino	974,413	790,947	1,895,949	1,485,582
Rooms	50,733	34,073	99,186	63,727
Food and beverage	73,135	47,798	144,838	92,101
Convention, retail and other	105,024	65,326	192,269	123,730
Provision for doubtful accounts	23,496	18,711	58,554	35,153
General and administrative	223,561	172,919	434,046	299,178
Corporate expense	42,376	25,954	79,952	49,430
Rental expense	10,034	12,806	23,190	21,504
Pre-opening expense	18,178	50,118	27,649	87,577
Development expense	2,420	676	2,993	833
Depreciation and amortization	206,161	170,694	396,398	323,783
Loss on disposal of assets	7,443	37,679	7,942	38,171
Total operating expenses	1,736,974	1,427,701	3,362,966	2,620,769
Operating income	608,122	166,775	1,094,049	308,595
Other income (expense):
Interest income	4,028	2,073	6,075	3,706
Interest expense, net of amounts capitalized	(70,592)	(76,987)	(144,177)	(155,152)
Other income (expense)	1,908	(6,201)	(2,767)	(12,649)
Gain on early retirement of debt	0	961	0	3,137
Income before income taxes	543,466	86,621	953,180	147,637
Income tax expense	(54,374)	(8,073)	(99,585)	(21,275)
Net income	489,092	78,548	853,595	126,362
Net income attributable to noncontrolling interests	(78,455)	(36,741)	(153,635)	(66,974)
Net income attributable to Las Vegas Sands Corp.	410,637	41,807	699,960	59,388
Preferred stock dividends	(19,219)	(23,350)	(38,817)	(46,700)
Accretion to redemption value of preferred stock issued to Principal Stockholder's family	(23,136)	(23,136)	(46,272)	(46,272)
Preferred stock inducement and repurchase premiums	(675)	0	(19,108)	0
Net income (loss) attributable to common stockholders	$ 367,607	$ (4,679)	$ 595,763	$ (33,584)
Basic earnings (loss) per share	$ 0.50	$ (0.01)	$ 0.82	$ (0.05)
Diluted earnings (loss) per share	$ 0.45	$ (0.01)	$ 0.73	$ (0.05)
Weighted average shares outstanding:
Basic	728,695,140	660,364,559	726,056,840	660,322,428
Diluted	811,274,706	660,364,559	811,243,195	660,322,428

XML



Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Measurements (Tables) [Abstract]

Fair Value Measurements

			Fair Value Measurements Using:
			Quoted Market		Significant Other		Significant
	Total Carrying		Prices in Active		Observable Inputs		Unobservable Inputs
	Value		Markets (Level 1)		(Level 2)		(Level 3)
As of June 30, 2011
Cash equivalents(1)	$	1,993,951	$	1,993,951	$	—	$	—
Interest rate caps(2)	$	1,316	$	—	$	1,316	$	—
As of December 31, 2010
Cash equivalents(1)	$	2,490,809	$	2,490,809	$	—	$	—
Interest rate caps(2)	$	1,617	$	—	$	1,617	$	—

(1)	The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.
(2)	As of June 30, 2011 and December 31, 2010, the Company has 38 and 34 interest rate cap agreements with an aggregate fair value of approximately $1.3 million and $1.6 million, respectively, based on quoted market values from the institutions holding the agreements.

XML



Document and Entity Information (USD $)	6 Months Ended
	Jun. 30, 2011	Jul. 29, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	LAS VEGAS SANDS CORP
Entity Central Index Key	0001300514
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 7,009,236,556
Entity Common Stock, Shares Outstanding		730,174,694

XML



Organization and Business of Company (Details)	6 Months Ended	12 Months Ended							6 Months Ended			6 Months Ended							1 Months Ended				6 Months Ended
	Jun. 30, 2011 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2008 USD ($)	Dec. 31, 2010 USD ($)	Jun. 30, 2010 USD ($)	Jun. 30, 2011 Cotai Strip [Member] USD ($)	Jun. 30, 2011 Cotai Strip Parcel 3 [Member] USD ($)	Jun. 30, 2011 Cotai Strip Parcels 5 and 6 [Member] USD ($)	Jun. 30, 2011 Cotai Strip Parcels 5 and 6 Phases I and II [Member] USD ($)	Jun. 30, 2011 Cotai Strip Parcels 5 and 6 Phase III [Member] USD ($)	Jun. 30, 2011 Cotai Strip Parcels 7 and 8 [Member] USD ($)	Jun. 30, 2011 Marina Bay Sands [Member] SGD	Jun. 30, 2011 Marina Bay Sands [Member] USD ($)	Jun. 30, 2011 Macau [Member] USD ($)	Jun. 30, 2011 Four Seasons Macao [Member] USD ($)	Jun. 30, 2011 United States [Member] USD ($)	Jun. 30, 2011 Sands Bethlehem [Member] USD ($)	Jun. 30, 2011 Las Vegas Condo Tower [Member] USD ($)	Mar. 31, 2010 Senior Secured Credit Facility - Revolving [Member] USD ($)	Aug. 31, 2010 Senior Secured Credit Facility - Extended Term Loans [Member] USD ($)	Jun. 30, 2011 VOL Credit Facility [Member] USD ($)	Jun. 30, 2011 Proceeds from SCL Stock Offering [Member] USD ($)	Jun. 30, 2011 United States Credit Facility [Member]	Jun. 30, 2011 VML Credit Facility [Member]	Jun. 30, 2011 Singapore Credit Facility [Member]
Organization and Business of Company (Textuals) [Abstract]
Ownership interest in Sands China Ltd	70.30%
Sands Casino Resort Bethlehem, description	The Company owns 86% of the economic interest of the gaming, hotel and entertainment portion of the property through its ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest of the retail portion of the property through its ownership interest in Sands Bethworks Retail, LLC.
Capitalized Costs						$ 6,870,000,000	$ 96,900,000	$ 2,480,000,000			$ 102,100,000	7,590,000,000	$ 6,150,000,000		$ 1,160,000,000		$ 686,800,000	$ 177,700,000
Outstanding construction payables	383,489,000			516,981,000				164,900,000				228,500,000	185,200,000		15,300,000		8,800,000
Expected cost to complete construction									1,900,000,000	450,000,000		590,000,000	478,000,000		110,000,000		40,000,000
Expected completion period of construction, in months																		18 months
Funds to recommence construction																					1,750,000,000	500,000,000
Initial term of land concessions														25 years
Automatic extension term of land concessions														10 years
Maximum leverage ratio																							The maximum leverage ratio is 6.5x for the quarter ended June 30, 2011, decreases to 6.0x for the quarterly periods ended September 30 and December 31, 2011, decreases to 5.5x for the quarterly periods ended March 31 and June 30, 2012, and then decreases to 5.0x for all quarterly periods thereafter through maturity.	The maximum leverage ratio is 3.0x for the quarterly periods through maturity.	The maximum leverage ratio is 5.5x for the quarterly period ending September 30, 2011, and then decreases by 0.25x every other quarter until it decreases to, and remains at, 3.75x for all quarterly periods thereafter through maturity (commencing with the quarterly period ending September 30, 2014).
Contribution of cash allowed for maximum leverage ratio														20,000,000		50,000,000
Credit facility, repayments																			775,900,000	1,000,000,000
Additional Organization and Business of Company (Textuals) [Abstract]
Convertible senior notes offering			475,000,000
Common and preferred stock and warrants offering			2,100,000,000
Exchangeable bonds offering		600,000,000
SCL offering		2,500,000,000
Cash and cash equivalents	3,479,106,000	4,955,416,000		3,037,081,000	3,518,835,000
Restricted cash and cash equivalents	443,800,000
Lender commitmemts	$ 3,700,000,000

XML



Condensed Consolidating Financial Information (Details Textual) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Condensed Consolidating Financial Information (Textuals) [Abstract]
Property and equipment, net	$ 14,892,790,000		$ 14,892,790,000		$ 14,502,197,000
Total liabilities	12,370,507,000		12,370,507,000		12,609,741,000
Net loss	410,637,000	41,807,000	699,960,000	59,388,000
Las Vegas Sands Corp. [Member]
Condensed Consolidating Financial Information (Textuals) [Abstract]
Ownership of Guarantor Subsidiaries' voting stock by parent company, percentage			100.00%
Property and equipment, net	132,171,000		132,171,000		133,901,000
Total liabilities	413,803,000		413,803,000		398,786,000
Net loss	410,637,000	41,807,000	699,960,000	59,388,000
Phase II Mall Subsidiary [Member]
Condensed Consolidating Financial Information (Textuals) [Abstract]
Net Assets	4,800,000		4,800,000		38,000,000
Property and equipment, net	271,000,000		271,000,000		282,100,000
Total liabilities	266,200,000		266,200,000		244,100,000
Net loss	$ 11,100,000	$ 3,700,000	$ 11,100,000	$ 7,400,000

XML



Income Taxes

6 Months Ended

Jun. 30, 2011

Income Taxes [Abstract]

INCOME TAXES

NOTE 6 — INCOME TAXES

The Company’s major tax jurisdictions are the U.S., Macau and Singapore. In 2010, the Internal Revenue Service (“IRS”) issued a Revenue Agent’s Report for tax years 2005 through 2008 proposing certain adjustments, which the Company is appealing. The Company is in the initial stages of the appeals process with the IRS and while the final outcome of these matters is inherently uncertain, the Company believes it is reasonably possible that the total amount of unrecognized tax benefits may decrease by a range between $0 and $23 million within the next twelve months primarily due to the possible settlement of matters presently under consideration at appeals. In the U.S., the Company’s 2009 tax year is also under examination by the IRS. The Company is subject to examination for tax years after 2006 in Macau and Singapore. The Company believes it has adequately reserved for its uncertain tax positions; however, there is no assurance that the taxing authorities will not propose adjustments that are more or less than the Company’s expected outcome and impact the provision for income taxes.

The Company recorded valuation allowances on the net deferred tax assets of the Company’s U.S. operations and certain foreign jurisdictions and does not anticipate recording an income tax benefit related to these deferred tax assets. The Company will reassess the realization of deferred tax assets based on accounting standards for income taxes each reporting period and will be able to reduce the valuation allowance to the extent that the financial results of these operations improve and it becomes more likely than not that the deferred tax assets are realizable.

The Company received a 5-year income tax exemption in Macau that exempts the Company from paying corporate income tax on profits generated by gaming operations. The Company will continue to benefit from this tax exemption through the end of 2013. In February 2011, the Company entered into an agreement with the Macau government effective through 2013 that provides for an annual payment of 14.4 million patacas (approximately $1.8 million at exchange rates in effect on June 30, 2011) that is a substitution for a 12% tax otherwise due from Venetian Macau Limited (“VML”) shareholders on dividend distributions paid from VML gaming profits.

XML



Property and Equipment, Net (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Property and equipment
Land and improvements	$ 436,053	$ 410,758
Building and improvements	11,482,772	10,881,936
Furniture, fixtures, equipment and leasehold improvements	2,078,752	1,990,721
Transportation	405,740	402,904
Construction in progress	3,208,655	3,147,750
Property and equipment, Gross	17,611,972	16,834,069
Less - accumulated depreciation and amortization	(2,719,182)	(2,331,872)
Property and equipment, net	$ 14,892,790	$ 14,502,197

XML



Segment Information (Details) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Net Revenues:
Total net revenues	$ 2,345,096	$ 1,594,476	$ 4,457,015	$ 2,929,364
Adjusted Property EBITDA
Adjusted Property EBITDA	901,636	437,465	1,647,370	844,464
Other Operating Costs and Expenses
Stock-based compensation expense	(6,902)	(8,763)	(15,197)	(14,571)
Corporate expense	(42,376)	(25,954)	(79,952)	(49,430)
Rental expense	(10,034)	(12,806)	(23,190)	(21,504)
Pre-opening expense	(18,178)	(50,118)	(27,649)	(87,577)
Development expense	(2,420)	(676)	(2,993)	(833)
Depreciation and amortization	(206,161)	(170,694)	(396,398)	(323,783)
Loss on disposal of assets	(7,443)	(37,679)	(7,942)	(38,171)
Operating income (loss)	608,122	166,775	1,094,049	308,595
Other Non-Operating Costs and Expenses
Interest income	4,028	2,073	6,075	3,706
Interest expense, net of amounts capitalized	(70,592)	(76,987)	(144,177)	(155,152)
Other income (expense)	1,908	(6,201)	(2,767)	(12,649)
Gain on early retirement of debt	0	961	0	3,137
Income tax expense	(54,374)	(8,073)	(99,585)	(21,275)
Net income	489,092	78,548	853,595	126,362
Intersegment Revenues
Total intersegment revenues	41,687	27,486	77,740	50,366
Capital Expenditures
Total capital expenditures			720,696	1,127,268
Total Assets
Total assets	21,737,157		21,737,157		21,044,308
Total Long-Lived Assets
Total long-lived assets	16,333,813		16,333,813		15,901,037
Corporate and Other [Member]
Capital Expenditures
Total capital expenditures			8,071	8,759
Total Assets
Total assets	1,342,991		1,342,991		1,574,180
Total Long-Lived Assets
Long lived Assets	307,776		307,776		308,438
Macau [Member]
Net Revenues:
Total net revenues	1,219,572	1,055,726	2,386,514	2,015,743
Adjusted Property EBITDA
Adjusted Property EBITDA	382,329	300,886	756,318	555,625
Intersegment Revenues
Total intersegment revenues	10,510	19,361	19,306	14,363
Capital Expenditures
Total capital expenditures			356,475	123,403
Total Assets
Total assets	8,752,398		8,752,398		8,344,949
Total Long-Lived Assets
Long lived Assets	6,259,273		6,259,273		6,012,700
The Venetian Macao [Member]
Net Revenues:
Total net revenues	735,405	581,032	1,373,674	1,130,727
Adjusted Property EBITDA
Adjusted Property EBITDA	258,366	192,829	486,766	362,744
Intersegment Revenues
Total intersegment revenues	928	2,753	1,823	5,166
Capital Expenditures
Total capital expenditures			3,431	18,003
Total Assets
Total assets	3,634,032		3,634,032		3,194,598
Total Long-Lived Assets
Long lived Assets	2,048,482		2,048,482		2,138,419
Sands Macao [Member]
Net Revenues:
Total net revenues	330,960	302,212	653,753	586,018
Adjusted Property EBITDA
Adjusted Property EBITDA	95,573	81,212	188,221	150,973
Capital Expenditures
Total capital expenditures			2,070	1,374
Total Assets
Total assets	468,997		468,997		483,678
Total Long-Lived Assets
Long lived Assets	300,958		300,958		315,380
Four Seasons Macao [Member]
Net Revenues:
Total net revenues	120,757	144,096	292,864	246,440
Adjusted Property EBITDA
Adjusted Property EBITDA	37,620	32,999	95,167	52,494
Capital Expenditures
Total capital expenditures			7,660	15,624
Total Assets
Total assets	1,124,745		1,124,745		1,155,243
Total Long-Lived Assets
Long lived Assets	1,006,648		1,006,648		1,024,302
Other Asia [Member]
Net Revenues:
Total net revenues	32,450	28,386	66,223	52,558
Adjusted Property EBITDA
Adjusted Property EBITDA	(9,230)	(6,154)	(13,836)	(10,586)
Intersegment Revenues
Total intersegment revenues	9,582	16,608	17,483	30,433
Capital Expenditures
Total capital expenditures			4,142	2,409
Total Assets
Total assets	356,285		356,285		370,525
Total Long-Lived Assets
Long lived Assets	223,236		223,236		230,640
Other Development Projects [Member]
Capital Expenditures
Total capital expenditures			339,172	85,993
Total Assets
Total assets	3,168,339		3,168,339		3,140,905
Total Long-Lived Assets
Long lived Assets	2,679,949		2,679,949		2,303,959
United States [Member]
Net Revenues:
Total net revenues	429,642	349,843	825,747	747,594
Adjusted Property EBITDA
Adjusted Property EBITDA	113,948	78,113	201,222	194,373
Capital Expenditures
Total capital expenditures			51,886	31,369
Total Assets
Total assets	4,811,748		4,811,748		4,724,747
Total Long-Lived Assets
Long lived Assets	3,949,853		3,949,853		4,038,018
Las Vegas Operating Properties [Member]
Net Revenues:
Total net revenues	332,522	281,219	637,597	611,729
Adjusted Property EBITDA
Adjusted Property EBITDA	92,909	65,992	158,074	171,284
Intersegment Revenues
Total intersegment revenues	30,925	7,721	57,985	35,599
Capital Expenditures
Total capital expenditures			15,844	9,192
Total Assets
Total assets	3,997,235		3,997,235		3,966,754
Total Long-Lived Assets
Long lived Assets	3,324,056		3,324,056		3,429,997
Sands Bethlehem [Member]
Net Revenues:
Total net revenues	97,120	68,624	188,150	135,865
Adjusted Property EBITDA
Adjusted Property EBITDA	21,039	12,121	43,148	23,089
Capital Expenditures
Total capital expenditures			36,042	22,177
Total Assets
Total assets	814,513		814,513		757,993
Total Long-Lived Assets
Long lived Assets	625,797		625,797		608,021
Marina Bay Sands [Member]
Net Revenues:
Total net revenues	737,569	216,393	1,322,494	216,393
Adjusted Property EBITDA
Adjusted Property EBITDA	405,359	94,466	689,830	94,466
Intersegment Revenues
Total intersegment revenues	252	404	449	404
Capital Expenditures
Total capital expenditures			304,264	963,737
Total Assets
Total assets	6,830,020		6,830,020		6,400,432
Total Long-Lived Assets
Long lived Assets	5,816,911		5,816,911		5,541,881
Intersegment Eliminations [Member]
Intersegment Revenues
Total intersegment revenues	$ 41,687	$ 27,486	$ 77,740	$ 50,366

XML



Income Taxes (Details) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2011 USD ($)	Jun. 30, 2011 MOP
Income Taxes (Textuals) [Abstract]
Macau income tax exemption, term	5-years
Macau income tax exemption, termination date	through the end of 2013
Reasonably possible change in unrecognized tax benefits, lower bound	$ 0
Reasonably possible change in unrecognized tax benefits, upper bound	23
Macau tax exemption annual payment	$ 1.8	14.4
Macau percentage tax due on dividend distributions	12.00%

XML



Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2011

Condensed Consolidating Financial Information (Tables) [Abstract]

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets
June 30, 2011

							Consolidating/
	Las Vegas		Guarantor		Non-Guarantor		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		Entries			Total
Cash and cash equivalents	$	898,445	$	527,972	$	2,052,689	$	—		$	3,479,106
Restricted cash and cash equivalents		—		417		170,811		—			171,228
Intercompany receivables		89,797		66,887		24,320		(181,004	)		—
Accounts receivable, net		1,356		183,668		784,415		(451	)		968,988
Inventories		2,448		12,296		20,890		—			35,634
Deferred income taxes, net		—		23,777		306		(9,370	)		14,713
Prepaid expenses and other		9,512		6,824		35,300		—			51,636
Total current assets		1,001,558		821,841		3,088,731		(190,825	)		4,721,305
Property and equipment, net		132,171		3,468,373		11,292,246		—			14,892,790
Investment in subsidiaries		7,150,809		5,690,170		—		(12,840,979	)		—
Deferred financing costs, net		688		25,189		108,005		—			133,882
Restricted cash and cash equivalents		—		4,307		268,256		—			272,563
Intercompany receivables		30,815		112,041		—		(142,856	)		—
Intercompany notes receivable		—		724,122		—		(724,122	)		—
Deferred income taxes, net		44,608		—		—		(35,349	)		9,259
Leasehold interests in land, net		—		—		1,441,023		—			1,441,023
Intangible assets, net		690		—		85,154		—			85,844
Other assets, net		113		24,992		155,386		—			180,491
Total assets	$	8,361,452	$	10,871,035	$	16,438,801	$	(13,934,131	)	$	21,737,157
Accounts payable	$	10,487	$	23,859	$	59,058	$	(451	)	$	92,953
Construction payables		33		1,888		381,568		—			383,489
Intercompany payables		24,320		89,797		66,887		(181,004	)		—
Accrued interest payable		4,623		1,043		8,316		—			13,982
Other accrued liabilities		12,843		176,716		946,745		—			1,136,304
Income taxes payable		4,970		3		34,157		—			39,130
Deferred income taxes		9,370		—		—		(9,370	)		—
Current maturities of long-term debt		3,688		30,583		1,039,213		—			1,073,484
Total current liabilities		70,334		323,889		2,535,944		(190,825	)		2,739,342
Other long-term liabilities		26,761		10,552		42,625		—			79,938
Intercompany payables		54,739		—		88,117		(142,856	)		—
Intercompany notes payable		—		—		724,122		(724,122	)		—
Deferred income taxes		—		35,489		133,719		(35,349	)		133,859
Deferred amounts related to mall transactions		—		431,972		—		—			431,972
Long-term debt		261,969		2,854,624		5,868,803		—			8,985,396
Total liabilities		413,803		3,656,526		9,393,330		(1,093,152	)		12,370,507
Preferred stock issued to Principal Stockholder’s family		549,651		—		—		—			549,651
Total Las Vegas Sands Corp. stockholders’ equity		7,397,998		7,214,104		5,626,875		(12,840,979	)		7,397,998
Noncontrolling interests		—		405		1,418,596		—			1,419,001
Total equity		7,397,998		7,214,509		7,045,471		(12,840,979	)		8,816,999
Total liabilities and equity	$	8,361,452	$	10,871,035	$	16,438,801	$	(13,934,131	)	$	21,737,157

Condensed Consolidating Balance Sheets
December 31, 2010

							Consolidating/
	Las Vegas		Guarantor		Non-Guarantor		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		Entries			Total
Cash and cash equivalents	$	1,031,844	$	412,226	$	1,593,011	$	—		$	3,037,081
Restricted cash and cash equivalents		—		2,179		162,136		—			164,315
Intercompany receivables		11,843		65,834		22,927		(100,604	)		—
Accounts receivable, net		298		156,012		561,217		(608	)		716,919
Inventories		2,174		11,755		18,331		—			32,260
Deferred income taxes, net		—		24,496		47,389		(10,279	)		61,606
Prepaid expenses and other		15,272		4,782		30,432		(3,760	)		46,726
Total current assets		1,061,431		677,284		2,435,443		(115,251	)		4,058,907
Property and equipment, net		133,901		3,570,465		10,797,831		—			14,502,197
Investment in subsidiaries		6,273,755		4,996,023		—		(11,269,778	)		—
Deferred financing costs, net		767		29,198		125,413		—			155,378
Restricted cash and cash equivalents		—		4,616		640,989		—			645,605
Intercompany receivables		31,996		97,813		—		(129,809	)		—
Intercompany notes receivable		—		638,986		—		(638,986	)		—
Deferred income taxes, net		62,638		—		—		(52,215	)		10,423
Leasehold interests in land, net		—		—		1,398,840		—			1,398,840
Intangible assets, net		590		—		89,215		—			89,805
Other assets, net		78		27,104		155,971		—			183,153
Total assets	$	7,565,156	$	10,041,489	$	15,643,702	$	(12,206,039	)	$	21,044,308
Accounts payable	$	5,750	$	26,975	$	81,388	$	(608	)	$	113,505
Construction payables		—		2,179		514,802		—			516,981
Intercompany payables		22,926		11,843		65,835		(100,604	)		—
Accrued interest payable		4,629		7,689		30,307		—			42,625
Other accrued liabilities		15,692		175,011		969,531		—			1,160,234
Income taxes payable		—		—		3,760		(3,760	)		—
Deferred income taxes		10,279		—		—		(10,279	)		—
Current maturities of long-term debt		3,687		30,606		732,775		—			767,068
Total current liabilities		62,963		254,303		2,398,398		(115,251	)		2,600,413
Other long-term liabilities		26,761		10,911		40,568		—			78,240
Intercompany payables		45,336		—		84,473		(129,809	)		—
Intercompany notes payable		—		—		638,986		(638,986	)		—
Deferred income taxes		—		53,034		114,400		(52,215	)		115,219
Deferred amounts related to mall transactions		—		442,114		—		—			442,114
Long-term debt		263,726		2,869,931		6,240,098		—			9,373,755
Total liabilities		398,786		3,630,293		9,516,923		(936,261	)		12,609,741
Preferred stock issued to Principal Stockholder’s family		503,379		—		—		—			503,379
Total Las Vegas Sands Corp. stockholders’ equity		6,662,991		6,410,791		4,858,987		(11,269,778	)		6,662,991
Noncontrolling interests		—		405		1,267,792		—			1,268,197
Total equity		6,662,991		6,411,196		6,126,779		(11,269,778	)		7,931,188
Total liabilities and equity	$	7,565,156	$	10,041,489	$	15,643,702	$	(12,206,039	)	$	21,044,308

Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations
For the Three Months Ended June 30, 2011

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	105,123		$	1,757,149		$	—		$	1,862,272
Rooms		—			112,931			126,765			—			239,696
Food and beverage		—			47,573			98,443			—			146,016
Convention, retail and other		—			69,156			166,066			(34,580	)		200,642
		—			334,783			2,148,423			(34,580	)		2,448,626
Less-promotional allowances		(172	)		(16,217	)		(86,772	)		(369	)		(103,530	)
Net revenues		(172	)		318,566			2,061,651			(34,949	)		2,345,096
Operating expenses:
Casino		—			59,818			915,146			(551	)		974,413
Rooms		—			33,981			16,752			—			50,733
Food and beverage		—			23,354			51,289			(1,508	)		73,135
Convention, retail and other		—			21,561			89,230			(5,767	)		105,024
Provision for doubtful accounts		—			495			23,001			—			23,496
General and administrative		—			63,702			159,994			(135	)		223,561
Corporate expense		37,069			83			32,212			(26,988	)		42,376
Rental expense		—			—			10,034			—			10,034
Pre-opening expense		—			15			18,163			—			18,178
Development expense		2,420			—			—			—			2,420
Depreciation and amortization		4,478			63,800			137,883			—			206,161
(Gain) loss on disposal of assets		7,663			2,082			(2,302	)		—			7,443
		51,630			268,891			1,451,402			(34,949	)		1,736,974
Operating income (loss)		(51,802	)		49,675			610,249			—			608,122
Other income (expense):
Interest income		2,531			27,179			1,301			(26,983	)		4,028
Interest expense, net of amounts capitalized		(3,450	)		(22,862	)		(71,263	)		26,983			(70,592	)
Other income		—			989			919			—			1,908
Income from equity investments in subsidiaries		442,863			368,364			—			(811,227	)		—
Income before income taxes		390,142			423,345			541,206			(811,227	)		543,466
Income tax benefit (expense)		20,495			(17,969	)		(56,900	)		—			(54,374	)
Net income		410,637			405,376			484,306			(811,227	)		489,092
Net income attributable to noncontrolling interests		—			(1,292	)		(77,163	)		—			(78,455	)
Net income attributable to Las Vegas Sands Corp.	$	410,637		$	404,084		$	407,143		$	(811,227	)	$	410,637

Condensed Consolidating Statements of Operations
For the Three Months Ended June 30, 2010

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	102,902		$	1,191,399		$	—		$	1,294,301
Rooms		—			120,169			70,598			—			190,767
Food and beverage		—			41,273			63,806			—			105,079
Convention, retail and other		—			44,070			81,911			(10,715	)		115,266
		—			308,414			1,407,714			(10,715	)		1,705,413
Less-promotional allowances		(115	)		(40,794	)		(69,389	)		(639	)		(110,937	)
Net revenues		(115	)		267,620			1,338,325			(11,354	)		1,594,476
Operating expenses:
Casino		—			68,180			723,336			(569	)		790,947
Rooms		—			25,040			9,034			(1	)		34,073
Food and beverage		—			18,005			31,387			(1,594	)		47,798
Convention, retail and other		—			18,137			51,077			(3,888	)		65,326
Provision for doubtful accounts		—			9,355			9,356			—			18,711
General and administrative		—			63,460			109,733			(274	)		172,919
Corporate expense		22,036			51			8,867			(5,000	)		25,954
Rental expense		—			—			12,806			—			12,806
Pre-opening expense		179			1			49,966			(28	)		50,118
Development expense		676			—			—			—			676
Depreciation and amortization		3,017			57,671			110,006			—			170,694
Loss on disposal of assets		—			8,704			28,975			—			37,679
		25,908			268,604			1,144,543			(11,354	)		1,427,701
Operating income (loss)		(26,023	)		(984	)		193,782			—			166,775
Other income (expense):
Interest income		815			21,755			846			(21,343	)		2,073
Interest expense, net of amounts capitalized		(3,886	)		(27,144	)		(67,300	)		21,343			(76,987	)
Other expense		—			(255	)		(5,946	)		—			(6,201	)
Gain on early retirement of debt		961			—			—			—			961
Income from equity investments in subsidiaries		85,577			83,098			—			(168,675	)		—
Income before income taxes		57,444			76,470			121,382			(168,675	)		86,621
Income tax benefit (expense)		(15,637	)		7,710			(146	)		—			(8,073	)
Net income		41,807			84,180			121,236			(168,675	)		78,548
Net income attributable to noncontrolling interests		—			—			(36,741	)		—			(36,741	)
Net income attributable to Las Vegas Sands Corp.	$	41,807		$	84,180		$	84,495		$	(168,675	)	$	41,807

Condensed Consolidating Statements of Operations
For the Six Months Ended June 30, 2011

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	188,246		$	3,338,515		$	—		$	3,526,761
Rooms		—			225,805			245,865			—			471,670
Food and beverage		—			97,880			193,529			—			291,409
Convention, retail and other		—			133,699			296,125			(64,527	)		365,297
		—			645,630			4,074,034			(64,527	)		4,655,137
Less-promotional allowances		(335	)		(33,843	)		(163,168	)		(776	)		(198,122	)
Net revenues		(335	)		611,787			3,910,866			(65,303	)		4,457,015
Operating expenses:
Casino		—			124,186			1,772,891			(1,128	)		1,895,949
Rooms		—			66,229			32,957			—			99,186
Food and beverage		—			46,950			100,852			(2,964	)		144,838
Convention, retail and other		—			42,714			159,812			(10,257	)		192,269
Provision for doubtful accounts		—			6,591			51,963			—			58,554
General and administrative		—			124,434			309,967			(355	)		434,046
Corporate expense		70,049			138			60,364			(50,599	)		79,952
Rental expense		—			—			23,190			—			23,190
Pre-opening expense		—			15			27,634			—			27,649
Development expense		2,993			—			—			—			2,993
Depreciation and amortization		8,661			116,613			271,124			—			396,398
(Gain) loss on disposal of assets		7,663			2,027			(1,748	)		—			7,942
		89,366			529,897			2,809,006			(65,303	)		3,362,966
Operating income (loss)		(89,701	)		81,890			1,101,860			—			1,094,049
Other income (expense):
Interest income		3,088			52,454			2,593			(52,060	)		6,075
Interest expense, net of amounts capitalized		(6,900	)		(45,934	)		(143,403	)		52,060			(144,177	)
Other income (expense)		—			272			(3,039	)		—			(2,767	)
Income from equity investments in subsidiaries		771,802			646,086			—			(1,417,888	)		—
Income before income taxes		678,289			734,768			958,011			(1,417,888	)		953,180
Income tax benefit (expense)		21,671			(27,021	)		(94,235	)		—			(99,585	)
Net income		699,960			707,747			863,776			(1,417,888	)		853,595
Net income attributable to noncontrolling interests		—			(1,292	)		(152,343	)		—			(153,635	)
Net income attributable to Las Vegas Sands Corp.	$	699,960		$	706,455		$	711,433		$	(1,417,888	)	$	699,960

Condensed Consolidating Statements of Operations
For the Six Months Ended June 30, 2010

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	258,247		$	2,097,824		$	—		$	2,356,071
Rooms		—			240,236			131,313			—			371,549
Food and beverage		—			84,795			112,363			—			197,158
Convention, retail and other		—			95,092			148,152			(19,763	)		223,481
		—			678,370			2,489,652			(19,763	)		3,148,259
Less-promotional allowances		(247	)		(91,444	)		(125,874	)		(1,330	)		(218,895	)
Net revenues		(247	)		586,926			2,363,778			(21,093	)		2,929,364
Operating expenses:
Casino		—			154,832			1,331,926			(1,176	)		1,485,582
Rooms		—			48,251			15,477			(1	)		63,727
Food and beverage		—			36,337			58,986			(3,222	)		92,101
Convention, retail and other		—			37,837			92,015			(6,122	)		123,730
Provision for doubtful accounts		—			17,695			17,458			—			35,153
General and administrative		—			120,035			179,681			(538	)		299,178
Corporate expense		42,307			132			16,991			(10,000	)		49,430
Rental expense		—			—			21,504			—			21,504
Pre-opening expense		357			3			87,251			(34	)		87,577
Development expense		833			—			—			—			833
Depreciation and amortization		6,036			116,130			201,617			—			323,783
Loss on disposal of assets		—			8,704			29,467			—			38,171
		49,533			539,956			2,052,373			(21,093	)		2,620,769
Operating income (loss)		(49,780	)		46,970			311,405			—			308,595
Other income (expense):
Interest income		1,319			42,033			1,356			(41,002	)		3,706
Interest expense, net of amounts capitalized		(8,164	)		(56,708	)		(131,282	)		41,002			(155,152	)
Other expense		—			(271	)		(12,378	)		—			(12,649	)
Gain (loss) on early retirement of debt		3,358			—			(221	)		—			3,137
Income from equity investments in subsidiaries		136,167			108,654			—			(244,821	)		—
Income before income taxes		82,900			140,678			168,880			(244,821	)		147,637
Income tax benefit (expense)		(23,512	)		(730	)		2,967			—			(21,275	)
Net income		59,388			139,948			171,847			(244,821	)		126,362
Net income attributable to noncontrolling interests		—			—			(66,974	)		—			(66,974	)
Net income attributable to Las Vegas Sands Corp.	$	59,388		$	139,948		$	104,873		$	(244,821	)	$	59,388

Condensed Consolidating Statements of Cash Flows

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from (used in) operating activities	$	(82,787	)	$	139,097		$	1,025,213		$	—		$	1,081,523
Cash flows from investing activities:
Changes in restricted cash and cash equivalents		—			2,071			364,609			—			366,680
Capital expenditures		(6,898	)		(16,951	)		(696,847	)		—			(720,696	)
Proceeds from disposal of property and equipment		—			—			4,416			—			4,416
Acquisition of intangible assets		(100	)		—			(475	)		—			(575	)
Notes receivable to non-guarantor subsidiaries		—			(34,171	)		—			34,171			—
Dividends from Guarantor Subsidiaries		49,078			—			—			(49,078	)		—
Dividends from non-guarantor subsidiaries		—			41,400			—			(41,400	)		—
Capital contributions to subsidiaries		(50,000	)		—			—			50,000			—
Net used in investing activities		(7,920	)		(7,651	)		(328,297	)		(6,307	)		(350,175	)
Cash flows from financing activities:
Proceeds from exercise of stock options		13,030			—			1,300			—			14,330
Proceeds from exercise of warrants		6,760			—			—			—			6,760
Dividends paid to preferred stockholders		(38,817	)		—			—			—			(38,817	)
Dividends paid to Las Vegas Sands Corp.		—			(49,078	)		—			49,078			—
Dividends paid to Guarantor Subsidiaries		—			—			(41,400	)		41,400			—
Distributions to noncontrolling interests		—			(1,292	)		(4,571	)		—			(5,863	)
Capital contributions received		—			50,000			—			(50,000	)		—
Borrowings from Guarantor Subsidiaries		—			—			34,171			(34,171	)		—
Repayments on Singapore credit facility		—			—			(198,940	)		—			(198,940	)
Repayments on VML credit facility		—			—			(25,000	)		—			(25,000	)
Repayments on senior secured credit facility		—			(14,469	)		—			—			(14,469	)
Repayments on ferry financing		—			—			(17,508	)		—			(17,508	)
Repayments on airplane financings		(1,844	)		—			—			—			(1,844	)
Repayments on HVAC equipment lease		—			(861	)		—			—			(861	)
Repayments on FF&E facility and other long-term debt		—			—			(896	)		—			(896	)
Repurchase of preferred stock		(5,328	)		—			—			—			(5,328	)
Payments of preferred stock inducement premium		(16,493	)		—			—			—			(16,493	)
Payments of deferred financing costs		—			—			(57	)		—			(57	)
Net cash used in financing activities		(42,692	)		(15,700	)		(252,901	)		6,307			(304,986	)
Effect of exchange rate on cash		—			—			15,663			—			15,663
Increase (decrease) in cash and cash equivalents		(133,399	)		115,746			459,678			—			442,025
Cash and cash equivalents at beginning of period		1,031,844			412,226			1,593,011			—			3,037,081
Cash and cash equivalents at end of period	$	898,445		$	527,972		$	2,052,689		$	—		$	3,479,106

Condensed Consolidating Statements of Cash Flows
For the Six Months Ended June 30, 2010

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from (used in) operating activities	$	(60,730	)	$	190,889		$	507,746		$	—		$	637,905
Cash flows from investing activities:
Changes in restricted cash		—			159			22,767			—			22,926
Capital expenditures		(5,246	)		(12,545	)		(1,109,477	)		—			(1,127,268	)
Proceeds from disposal of property and equipment		—			745			4,902			—			5,647
Acquisition of intangible assets		—			—			(43,305	)		—			(43,305	)
Purchases of investments		—			—			(173,774	)		—			(173,774	)
Notes receivable to non-guarantor subsidiaries		—			(72,723	)		—			72,723			—
Dividends from Guarantor Subsidiaries		3,042,483			—			—			(3,042,483	)		—
Dividends from non-guarantor subsidiaries		—			23,400			—			(23,400	)		—
Capital contributions to subsidiaries		(2,700,000	)		(16,500	)		—			2,716,500			—
Net cash generated from (used in) investing activities		337,237			(77,464	)		(1,298,887	)		(276,660	)		(1,315,774	)
Cash flows from financing activities:
Proceeds from exercise of stock options		3,923			—			—			—			3,923
Dividends paid to preferred stockholders		(46,700	)		—			—			—			(46,700	)
Dividends paid to Las Vegas Sands Corp.		—			(3,042,483	)		—			3,042,483			—
Dividends paid to Guarantor Subsidiaries		—			—			(23,400	)		23,400			—
Capital contributions received		—			2,700,000			16,500			(2,716,500	)		—
Borrowings from Guarantor Subsidiaries		—			—			72,723			(72,723	)		—
Proceeds from Singapore credit facility		—			—			596,560			—			596,560
Repayments on senior secured credit facility		—			(795,860	)		—			—			(795,860	)
Repayments on VML credit facility		—			—			(375,036	)		—			(375,036	)
Repurchase and cancellation of senior notes		(56,675	)		—			—			—			(56,675	)
Repayments on ferry financing		—			—			(17,493	)		—			(17,493	)
Repayments on airplane financings		(1,844	)		—			—			—			(1,844	)
Repayments on HVAC equipment lease		—			(882	)		—			—			(882	)
Repayments on FF&E facility and other long-term debt		—			(16,700	)		(728	)		—			(17,428	)
Payments of deferred financing costs		—			—			(54,365	)		—			(54,365	)
Net cash generated from (used in) financing activities		(101,296	)		(1,155,925	)		214,761			276,660			(765,800	)
Effect of exchange rate on cash		—			—			7,088			—			7,088
Increase (decrease) in cash and cash equivalents		175,211			(1,042,500	)		(569,292	)		—			(1,436,581	)
Cash and cash equivalents at beginning of period		254,256			3,033,625			1,667,535			—			4,955,416
Cash and cash equivalents at end of period	$	429,467		$	1,991,125		$	1,098,243		$	—		$	3,518,835

XML



Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2011

Condensed Consolidating Financial Information [Abstract]

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

NOTE 11 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION

LVSC is the obligor of the Senior Notes due 2015. Las Vegas Sands, LLC, VCR, Mall Intermediate Holding Company, LLC, Venetian Transport, LLC, Venetian Marketing, Inc., Lido Intermediate Holding Company, LLC, Lido Casino Resort Holding Company, LLC, Interface Group-Nevada, Inc., Palazzo Condo Tower, LLC, Sands Pennsylvania, Inc., Phase II Mall Holding, LLC, LVS (Nevada) International Holdings, Inc. and LVS Management Services, LLC (collectively, the “Guarantor Subsidiaries”), have jointly and severally guaranteed the Senior Notes on a full and unconditional basis. The voting stock of all entities included as Guarantor Subsidiaries is 100% owned directly or indirectly by Las Vegas Sands Corp. The noncontrolling interest amount included in the Guarantor Subsidiaries’ condensed consolidating balance sheets is related to non-voting preferred stock of one of the subsidiaries held by third parties.

In February 2008, all of the capital stock of Phase II Mall Subsidiary, LLC was sold to GGP and in connection therewith, it was released as a guarantor under the Senior Notes. The sale is not complete from an accounting perspective due to the Company’s continuing involvement in the transaction related to the participation in certain future revenues earned by GGP. Certain of the assets, liabilities and operating results related to the ownership and operation of the mall by Phase II Mall Subsidiary, LLC subsequent to the sale will continue to be accounted for by the Guarantor Subsidiaries, and therefore are included in the “Guarantor Subsidiaries” columns in the following condensed consolidating financial information. As a result, net assets of $4.8 million (consisting of $271.0 million of property and equipment, offset by $266.2 million of liabilities consisting of deferred proceeds from the sale) and $38.0 million (consisting of $282.1 million of property and equipment, offset by $244.1 million of liabilities consisting of deferred proceeds from the sale) as of June 30, 2011 and December 31, 2010, respectively, and a net loss (consisting primarily of depreciation expense) of $11.1 million for the three and six months ended June 30, 2011, and $3.7 million and $7.4 million for the three and six months ended June 30, 2010, respectively, related to the mall and are being accounted for by the Guarantor Subsidiaries. These balances and amounts are not collateral for the Senior Notes and should not be considered as credit support for the guarantees of the Senior Notes.

The condensed consolidating financial information of LVSC, the Guarantor Subsidiaries and the non-guarantor subsidiaries on a combined basis as of June 30, 2011 and December 31, 2010, and for the three and six months ended June 30, 2011 and 2010, is as follows (in thousands):

Condensed Consolidating Balance Sheets
June 30, 2011

							Consolidating/
	Las Vegas		Guarantor		Non-Guarantor		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		Entries			Total
Cash and cash equivalents	$	898,445	$	527,972	$	2,052,689	$	—		$	3,479,106
Restricted cash and cash equivalents		—		417		170,811		—			171,228
Intercompany receivables		89,797		66,887		24,320		(181,004	)		—
Accounts receivable, net		1,356		183,668		784,415		(451	)		968,988
Inventories		2,448		12,296		20,890		—			35,634
Deferred income taxes, net		—		23,777		306		(9,370	)		14,713
Prepaid expenses and other		9,512		6,824		35,300		—			51,636
Total current assets		1,001,558		821,841		3,088,731		(190,825	)		4,721,305
Property and equipment, net		132,171		3,468,373		11,292,246		—			14,892,790
Investment in subsidiaries		7,150,809		5,690,170		—		(12,840,979	)		—
Deferred financing costs, net		688		25,189		108,005		—			133,882
Restricted cash and cash equivalents		—		4,307		268,256		—			272,563
Intercompany receivables		30,815		112,041		—		(142,856	)		—
Intercompany notes receivable		—		724,122		—		(724,122	)		—
Deferred income taxes, net		44,608		—		—		(35,349	)		9,259
Leasehold interests in land, net		—		—		1,441,023		—			1,441,023
Intangible assets, net		690		—		85,154		—			85,844
Other assets, net		113		24,992		155,386		—			180,491
Total assets	$	8,361,452	$	10,871,035	$	16,438,801	$	(13,934,131	)	$	21,737,157
Accounts payable	$	10,487	$	23,859	$	59,058	$	(451	)	$	92,953
Construction payables		33		1,888		381,568		—			383,489
Intercompany payables		24,320		89,797		66,887		(181,004	)		—
Accrued interest payable		4,623		1,043		8,316		—			13,982
Other accrued liabilities		12,843		176,716		946,745		—			1,136,304
Income taxes payable		4,970		3		34,157		—			39,130
Deferred income taxes		9,370		—		—		(9,370	)		—
Current maturities of long-term debt		3,688		30,583		1,039,213		—			1,073,484
Total current liabilities		70,334		323,889		2,535,944		(190,825	)		2,739,342
Other long-term liabilities		26,761		10,552		42,625		—			79,938
Intercompany payables		54,739		—		88,117		(142,856	)		—
Intercompany notes payable		—		—		724,122		(724,122	)		—
Deferred income taxes		—		35,489		133,719		(35,349	)		133,859
Deferred amounts related to mall transactions		—		431,972		—		—			431,972
Long-term debt		261,969		2,854,624		5,868,803		—			8,985,396
Total liabilities		413,803		3,656,526		9,393,330		(1,093,152	)		12,370,507
Preferred stock issued to Principal Stockholder’s family		549,651		—		—		—			549,651
Total Las Vegas Sands Corp. stockholders’ equity		7,397,998		7,214,104		5,626,875		(12,840,979	)		7,397,998
Noncontrolling interests		—		405		1,418,596		—			1,419,001
Total equity		7,397,998		7,214,509		7,045,471		(12,840,979	)		8,816,999
Total liabilities and equity	$	8,361,452	$	10,871,035	$	16,438,801	$	(13,934,131	)	$	21,737,157

Condensed Consolidating Balance Sheets
December 31, 2010

							Consolidating/
	Las Vegas		Guarantor		Non-Guarantor		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		Entries			Total
Cash and cash equivalents	$	1,031,844	$	412,226	$	1,593,011	$	—		$	3,037,081
Restricted cash and cash equivalents		—		2,179		162,136		—			164,315
Intercompany receivables		11,843		65,834		22,927		(100,604	)		—
Accounts receivable, net		298		156,012		561,217		(608	)		716,919
Inventories		2,174		11,755		18,331		—			32,260
Deferred income taxes, net		—		24,496		47,389		(10,279	)		61,606
Prepaid expenses and other		15,272		4,782		30,432		(3,760	)		46,726
Total current assets		1,061,431		677,284		2,435,443		(115,251	)		4,058,907
Property and equipment, net		133,901		3,570,465		10,797,831		—			14,502,197
Investment in subsidiaries		6,273,755		4,996,023		—		(11,269,778	)		—
Deferred financing costs, net		767		29,198		125,413		—			155,378
Restricted cash and cash equivalents		—		4,616		640,989		—			645,605
Intercompany receivables		31,996		97,813		—		(129,809	)		—
Intercompany notes receivable		—		638,986		—		(638,986	)		—
Deferred income taxes, net		62,638		—		—		(52,215	)		10,423
Leasehold interests in land, net		—		—		1,398,840		—			1,398,840
Intangible assets, net		590		—		89,215		—			89,805
Other assets, net		78		27,104		155,971		—			183,153
Total assets	$	7,565,156	$	10,041,489	$	15,643,702	$	(12,206,039	)	$	21,044,308
Accounts payable	$	5,750	$	26,975	$	81,388	$	(608	)	$	113,505
Construction payables		—		2,179		514,802		—			516,981
Intercompany payables		22,926		11,843		65,835		(100,604	)		—
Accrued interest payable		4,629		7,689		30,307		—			42,625
Other accrued liabilities		15,692		175,011		969,531		—			1,160,234
Income taxes payable		—		—		3,760		(3,760	)		—
Deferred income taxes		10,279		—		—		(10,279	)		—
Current maturities of long-term debt		3,687		30,606		732,775		—			767,068
Total current liabilities		62,963		254,303		2,398,398		(115,251	)		2,600,413
Other long-term liabilities		26,761		10,911		40,568		—			78,240
Intercompany payables		45,336		—		84,473		(129,809	)		—
Intercompany notes payable		—		—		638,986		(638,986	)		—
Deferred income taxes		—		53,034		114,400		(52,215	)		115,219
Deferred amounts related to mall transactions		—		442,114		—		—			442,114
Long-term debt		263,726		2,869,931		6,240,098		—			9,373,755
Total liabilities		398,786		3,630,293		9,516,923		(936,261	)		12,609,741
Preferred stock issued to Principal Stockholder’s family		503,379		—		—		—			503,379
Total Las Vegas Sands Corp. stockholders’ equity		6,662,991		6,410,791		4,858,987		(11,269,778	)		6,662,991
Noncontrolling interests		—		405		1,267,792		—			1,268,197
Total equity		6,662,991		6,411,196		6,126,779		(11,269,778	)		7,931,188
Total liabilities and equity	$	7,565,156	$	10,041,489	$	15,643,702	$	(12,206,039	)	$	21,044,308

Condensed Consolidating Statements of Operations
For the Three Months Ended June 30, 2011

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	105,123		$	1,757,149		$	—		$	1,862,272
Rooms		—			112,931			126,765			—			239,696
Food and beverage		—			47,573			98,443			—			146,016
Convention, retail and other		—			69,156			166,066			(34,580	)		200,642
		—			334,783			2,148,423			(34,580	)		2,448,626
Less-promotional allowances		(172	)		(16,217	)		(86,772	)		(369	)		(103,530	)
Net revenues		(172	)		318,566			2,061,651			(34,949	)		2,345,096
Operating expenses:
Casino		—			59,818			915,146			(551	)		974,413
Rooms		—			33,981			16,752			—			50,733
Food and beverage		—			23,354			51,289			(1,508	)		73,135
Convention, retail and other		—			21,561			89,230			(5,767	)		105,024
Provision for doubtful accounts		—			495			23,001			—			23,496
General and administrative		—			63,702			159,994			(135	)		223,561
Corporate expense		37,069			83			32,212			(26,988	)		42,376
Rental expense		—			—			10,034			—			10,034
Pre-opening expense		—			15			18,163			—			18,178
Development expense		2,420			—			—			—			2,420
Depreciation and amortization		4,478			63,800			137,883			—			206,161
(Gain) loss on disposal of assets		7,663			2,082			(2,302	)		—			7,443
		51,630			268,891			1,451,402			(34,949	)		1,736,974
Operating income (loss)		(51,802	)		49,675			610,249			—			608,122
Other income (expense):
Interest income		2,531			27,179			1,301			(26,983	)		4,028
Interest expense, net of amounts capitalized		(3,450	)		(22,862	)		(71,263	)		26,983			(70,592	)
Other income		—			989			919			—			1,908
Income from equity investments in subsidiaries		442,863			368,364			—			(811,227	)		—
Income before income taxes		390,142			423,345			541,206			(811,227	)		543,466
Income tax benefit (expense)		20,495			(17,969	)		(56,900	)		—			(54,374	)
Net income		410,637			405,376			484,306			(811,227	)		489,092
Net income attributable to noncontrolling interests		—			(1,292	)		(77,163	)		—			(78,455	)
Net income attributable to Las Vegas Sands Corp.	$	410,637		$	404,084		$	407,143		$	(811,227	)	$	410,637

Condensed Consolidating Statements of Operations
For the Three Months Ended June 30, 2010

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	102,902		$	1,191,399		$	—		$	1,294,301
Rooms		—			120,169			70,598			—			190,767
Food and beverage		—			41,273			63,806			—			105,079
Convention, retail and other		—			44,070			81,911			(10,715	)		115,266
		—			308,414			1,407,714			(10,715	)		1,705,413
Less-promotional allowances		(115	)		(40,794	)		(69,389	)		(639	)		(110,937	)
Net revenues		(115	)		267,620			1,338,325			(11,354	)		1,594,476
Operating expenses:
Casino		—			68,180			723,336			(569	)		790,947
Rooms		—			25,040			9,034			(1	)		34,073
Food and beverage		—			18,005			31,387			(1,594	)		47,798
Convention, retail and other		—			18,137			51,077			(3,888	)		65,326
Provision for doubtful accounts		—			9,355			9,356			—			18,711
General and administrative		—			63,460			109,733			(274	)		172,919
Corporate expense		22,036			51			8,867			(5,000	)		25,954
Rental expense		—			—			12,806			—			12,806
Pre-opening expense		179			1			49,966			(28	)		50,118
Development expense		676			—			—			—			676
Depreciation and amortization		3,017			57,671			110,006			—			170,694
Loss on disposal of assets		—			8,704			28,975			—			37,679
		25,908			268,604			1,144,543			(11,354	)		1,427,701
Operating income (loss)		(26,023	)		(984	)		193,782			—			166,775
Other income (expense):
Interest income		815			21,755			846			(21,343	)		2,073
Interest expense, net of amounts capitalized		(3,886	)		(27,144	)		(67,300	)		21,343			(76,987	)
Other expense		—			(255	)		(5,946	)		—			(6,201	)
Gain on early retirement of debt		961			—			—			—			961
Income from equity investments in subsidiaries		85,577			83,098			—			(168,675	)		—
Income before income taxes		57,444			76,470			121,382			(168,675	)		86,621
Income tax benefit (expense)		(15,637	)		7,710			(146	)		—			(8,073	)
Net income		41,807			84,180			121,236			(168,675	)		78,548
Net income attributable to noncontrolling interests		—			—			(36,741	)		—			(36,741	)
Net income attributable to Las Vegas Sands Corp.	$	41,807		$	84,180		$	84,495		$	(168,675	)	$	41,807

Condensed Consolidating Statements of Operations
For the Six Months Ended June 30, 2011

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	188,246		$	3,338,515		$	—		$	3,526,761
Rooms		—			225,805			245,865			—			471,670
Food and beverage		—			97,880			193,529			—			291,409
Convention, retail and other		—			133,699			296,125			(64,527	)		365,297
		—			645,630			4,074,034			(64,527	)		4,655,137
Less-promotional allowances		(335	)		(33,843	)		(163,168	)		(776	)		(198,122	)
Net revenues		(335	)		611,787			3,910,866			(65,303	)		4,457,015
Operating expenses:
Casino		—			124,186			1,772,891			(1,128	)		1,895,949
Rooms		—			66,229			32,957			—			99,186
Food and beverage		—			46,950			100,852			(2,964	)		144,838
Convention, retail and other		—			42,714			159,812			(10,257	)		192,269
Provision for doubtful accounts		—			6,591			51,963			—			58,554
General and administrative		—			124,434			309,967			(355	)		434,046
Corporate expense		70,049			138			60,364			(50,599	)		79,952
Rental expense		—			—			23,190			—			23,190
Pre-opening expense		—			15			27,634			—			27,649
Development expense		2,993			—			—			—			2,993
Depreciation and amortization		8,661			116,613			271,124			—			396,398
(Gain) loss on disposal of assets		7,663			2,027			(1,748	)		—			7,942
		89,366			529,897			2,809,006			(65,303	)		3,362,966
Operating income (loss)		(89,701	)		81,890			1,101,860			—			1,094,049
Other income (expense):
Interest income		3,088			52,454			2,593			(52,060	)		6,075
Interest expense, net of amounts capitalized		(6,900	)		(45,934	)		(143,403	)		52,060			(144,177	)
Other income (expense)		—			272			(3,039	)		—			(2,767	)
Income from equity investments in subsidiaries		771,802			646,086			—			(1,417,888	)		—
Income before income taxes		678,289			734,768			958,011			(1,417,888	)		953,180
Income tax benefit (expense)		21,671			(27,021	)		(94,235	)		—			(99,585	)
Net income		699,960			707,747			863,776			(1,417,888	)		853,595
Net income attributable to noncontrolling interests		—			(1,292	)		(152,343	)		—			(153,635	)
Net income attributable to Las Vegas Sands Corp.	$	699,960		$	706,455		$	711,433		$	(1,417,888	)	$	699,960

Condensed Consolidating Statements of Operations
For the Six Months Ended June 30, 2010

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	258,247		$	2,097,824		$	—		$	2,356,071
Rooms		—			240,236			131,313			—			371,549
Food and beverage		—			84,795			112,363			—			197,158
Convention, retail and other		—			95,092			148,152			(19,763	)		223,481
		—			678,370			2,489,652			(19,763	)		3,148,259
Less-promotional allowances		(247	)		(91,444	)		(125,874	)		(1,330	)		(218,895	)
Net revenues		(247	)		586,926			2,363,778			(21,093	)		2,929,364
Operating expenses:
Casino		—			154,832			1,331,926			(1,176	)		1,485,582
Rooms		—			48,251			15,477			(1	)		63,727
Food and beverage		—			36,337			58,986			(3,222	)		92,101
Convention, retail and other		—			37,837			92,015			(6,122	)		123,730
Provision for doubtful accounts		—			17,695			17,458			—			35,153
General and administrative		—			120,035			179,681			(538	)		299,178
Corporate expense		42,307			132			16,991			(10,000	)		49,430
Rental expense		—			—			21,504			—			21,504
Pre-opening expense		357			3			87,251			(34	)		87,577
Development expense		833			—			—			—			833
Depreciation and amortization		6,036			116,130			201,617			—			323,783
Loss on disposal of assets		—			8,704			29,467			—			38,171
		49,533			539,956			2,052,373			(21,093	)		2,620,769
Operating income (loss)		(49,780	)		46,970			311,405			—			308,595
Other income (expense):
Interest income		1,319			42,033			1,356			(41,002	)		3,706
Interest expense, net of amounts capitalized		(8,164	)		(56,708	)		(131,282	)		41,002			(155,152	)
Other expense		—			(271	)		(12,378	)		—			(12,649	)
Gain (loss) on early retirement of debt		3,358			—			(221	)		—			3,137
Income from equity investments in subsidiaries		136,167			108,654			—			(244,821	)		—
Income before income taxes		82,900			140,678			168,880			(244,821	)		147,637
Income tax benefit (expense)		(23,512	)		(730	)		2,967			—			(21,275	)
Net income		59,388			139,948			171,847			(244,821	)		126,362
Net income attributable to noncontrolling interests		—			—			(66,974	)		—			(66,974	)
Net income attributable to Las Vegas Sands Corp.	$	59,388		$	139,948		$	104,873		$	(244,821	)	$	59,388

Condensed Consolidating Statements of Cash Flows
For the Six Months Ended June 30, 2011

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from (used in) operating activities	$	(82,787	)	$	139,097		$	1,025,213		$	—		$	1,081,523
Cash flows from investing activities:
Changes in restricted cash and cash equivalents		—			2,071			364,609			—			366,680
Capital expenditures		(6,898	)		(16,951	)		(696,847	)		—			(720,696	)
Proceeds from disposal of property and equipment		—			—			4,416			—			4,416
Acquisition of intangible assets		(100	)		—			(475	)		—			(575	)
Notes receivable to non-guarantor subsidiaries		—			(34,171	)		—			34,171			—
Dividends from Guarantor Subsidiaries		49,078			—			—			(49,078	)		—
Dividends from non-guarantor subsidiaries		—			41,400			—			(41,400	)		—
Capital contributions to subsidiaries		(50,000	)		—			—			50,000			—
Net used in investing activities		(7,920	)		(7,651	)		(328,297	)		(6,307	)		(350,175	)
Cash flows from financing activities:
Proceeds from exercise of stock options		13,030			—			1,300			—			14,330
Proceeds from exercise of warrants		6,760			—			—			—			6,760
Dividends paid to preferred stockholders		(38,817	)		—			—			—			(38,817	)
Dividends paid to Las Vegas Sands Corp.		—			(49,078	)		—			49,078			—
Dividends paid to Guarantor Subsidiaries		—			—			(41,400	)		41,400			—
Distributions to noncontrolling interests		—			(1,292	)		(4,571	)		—			(5,863	)
Capital contributions received		—			50,000			—			(50,000	)		—
Borrowings from Guarantor Subsidiaries		—			—			34,171			(34,171	)		—
Repayments on Singapore credit facility		—			—			(198,940	)		—			(198,940	)
Repayments on VML credit facility		—			—			(25,000	)		—			(25,000	)
Repayments on senior secured credit facility		—			(14,469	)		—			—			(14,469	)
Repayments on ferry financing		—			—			(17,508	)		—			(17,508	)
Repayments on airplane financings		(1,844	)		—			—			—			(1,844	)
Repayments on HVAC equipment lease		—			(861	)		—			—			(861	)
Repayments on FF&E facility and other long-term debt		—			—			(896	)		—			(896	)
Repurchase of preferred stock		(5,328	)		—			—			—			(5,328	)
Payments of preferred stock inducement premium		(16,493	)		—			—			—			(16,493	)
Payments of deferred financing costs		—			—			(57	)		—			(57	)
Net cash used in financing activities		(42,692	)		(15,700	)		(252,901	)		6,307			(304,986	)
Effect of exchange rate on cash		—			—			15,663			—			15,663
Increase (decrease) in cash and cash equivalents		(133,399	)		115,746			459,678			—			442,025
Cash and cash equivalents at beginning of period		1,031,844			412,226			1,593,011			—			3,037,081
Cash and cash equivalents at end of period	$	898,445		$	527,972		$	2,052,689		$	—		$	3,479,106

Condensed Consolidating Statements of Cash Flows
For the Six Months Ended June 30, 2010

										Consolidating/
	Las Vegas			Guarantor			Non-Guarantor			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from (used in) operating activities	$	(60,730	)	$	190,889		$	507,746		$	—		$	637,905
Cash flows from investing activities:
Changes in restricted cash		—			159			22,767			—			22,926
Capital expenditures		(5,246	)		(12,545	)		(1,109,477	)		—			(1,127,268	)
Proceeds from disposal of property and equipment		—			745			4,902			—			5,647
Acquisition of intangible assets		—			—			(43,305	)		—			(43,305	)
Purchases of investments		—			—			(173,774	)		—			(173,774	)
Notes receivable to non-guarantor subsidiaries		—			(72,723	)		—			72,723			—
Dividends from Guarantor Subsidiaries		3,042,483			—			—			(3,042,483	)		—
Dividends from non-guarantor subsidiaries		—			23,400			—			(23,400	)		—
Capital contributions to subsidiaries		(2,700,000	)		(16,500	)		—			2,716,500			—
Net cash generated from (used in) investing activities		337,237			(77,464	)		(1,298,887	)		(276,660	)		(1,315,774	)
Cash flows from financing activities:
Proceeds from exercise of stock options		3,923			—			—			—			3,923
Dividends paid to preferred stockholders		(46,700	)		—			—			—			(46,700	)
Dividends paid to Las Vegas Sands Corp.		—			(3,042,483	)		—			3,042,483			—
Dividends paid to Guarantor Subsidiaries		—			—			(23,400	)		23,400			—
Capital contributions received		—			2,700,000			16,500			(2,716,500	)		—
Borrowings from Guarantor Subsidiaries		—			—			72,723			(72,723	)		—
Proceeds from Singapore credit facility		—			—			596,560			—			596,560
Repayments on senior secured credit facility		—			(795,860	)		—			—			(795,860	)
Repayments on VML credit facility		—			—			(375,036	)		—			(375,036	)
Repurchase and cancellation of senior notes		(56,675	)		—			—			—			(56,675	)
Repayments on ferry financing		—			—			(17,493	)		—			(17,493	)
Repayments on airplane financings		(1,844	)		—			—			—			(1,844	)
Repayments on HVAC equipment lease		—			(882	)		—			—			(882	)
Repayments on FF&E facility and other long-term debt		—			(16,700	)		(728	)		—			(17,428	)
Payments of deferred financing costs		—			—			(54,365	)		—			(54,365	)
Net cash generated from (used in) financing activities		(101,296	)		(1,155,925	)		214,761			276,660			(765,800	)
Effect of exchange rate on cash		—			—			7,088			—			7,088
Increase (decrease) in cash and cash equivalents		175,211			(1,042,500	)		(569,292	)		—			(1,436,581	)
Cash and cash equivalents at beginning of period		254,256			3,033,625			1,667,535			—			4,955,416
Cash and cash equivalents at end of period	$	429,467		$	1,991,125		$	1,098,243		$	—		$	3,518,835

XML



Property and Equipment, Net

6 Months Ended

Jun. 30, 2011

Property and Equipment, Net [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 2 — PROPERTY AND EQUIPMENT, NET

Property and equipment consists of the following (in thousands):

	June 30,			December 31,
	2011			2010
Land and improvements	$	436,053		$	410,758
Building and improvements		11,482,772			10,881,936
Furniture, fixtures, equipment and leasehold improvements		2,078,752			1,990,721
Transportation		405,740			402,904
Construction in progress		3,208,655			3,147,750
		17,611,972			16,834,069
Less — accumulated depreciation and amortization		(2,719,182	)		(2,331,872	)
	$	14,892,790		$	14,502,197

Construction in progress consists of the following (in thousands):

	June 30,		December 31,
	2011		2010
Sands Cotai Central	$	2,364,732	$	2,005,386
Four Seasons Macao (principally the Four Seasons Apartments)		387,089		379,161
Marina Bay Sands		84,767		337,835
Sands Bethlehem		52,761		101,960
Other		319,306		323,408
	$	3,208,655	$	3,147,750

The $319.3 million in other construction in progress consists primarily of construction of the Las Vegas Condo Tower and costs incurred at the Cotai Strip parcels 3 and 7 and 8.

The final purchase price for The Shoppes at The Palazzo was to be determined in accordance with the April 2004 purchase and sale agreement, as amended, between Venetian Casino Resort, LLC (“VCR”) and GGP (the “Amended Agreement”) based on net operating income (“NOI”) of The Shoppes at The Palazzo calculated 30 months after the closing date of the sale, as defined under the Amended Agreement (the “Final Purchase Price”) and subject to certain later audit adjustments. The Company and GGP had entered into several amendments to the Amended Agreement to defer the time to reach agreement on the Final Purchase Price as both parties continued to work on various matters related to the calculation of NOI. On June 24, 2011, the Company reached a settlement with GGP regarding the Final Purchase Price. Under the terms of the settlement, the Company retained the $295.4 million of proceeds previously received and participates in certain future revenues earned by GGP. Under generally accepted accounting principles, the transaction has not been accounted for as a sale because the Company’s participation in certain future revenues constitutes continuing involvement in The Shoppes at The Palazzo. Therefore, $266.2 million of the proceeds allocated to the mall sale transaction has been recorded as deferred proceeds (a long-term financing obligation), which will accrue interest at an imputed rate and will be offset by (i) imputed rental income and (ii) rent payments made to GGP related to spaces leased back from GGP by the Company. The property and equipment legally sold to GGP totaling $271.0 million (net of $40.4 million of accumulated depreciation) as of June 30, 2011, will continue to be recorded on the Company’s condensed consolidated balance sheet and will continue to be depreciated in the Company’s condensed consolidated income statement.

During the three and six months ended June 30, 2011 and the three and six months ended June 30, 2010, the Company capitalized interest expense of $31.8 million, $62.4 million, $22.7 million and $42.3 million, respectively. During the three and six months ended June 30, 2011 and the three and six months ended June 30, 2010, the Company capitalized approximately $5.6 million, $17.0 million, $15.6 million and $31.0 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property and equipment.

The Company suspended portions of its development projects. As described in “— Note 1 — Organization and Business of Company — Development Projects,” the Company may be required to record an impairment charge related to these developments in the future.

The Company had commenced pre-construction activities on parcels 7 and 8, and has capitalized construction costs of $102.1 million as of June 30, 2011. During December 2010, the Company received notice from the Macau government that its application for a land concession for parcels 7 and 8 was not approved and the Company applied to the Chief Executive of Macau for a review of the decision. In January 2011, the Company filed an appeal with the Court of Second Instance in Macau, which has yet to issue a decision. Should the Company win its appeal, it is still possible for the Chief Executive of Macau to again deny the land concession based upon public policy considerations. In order to obtain the land concession and construct the resort, the Company would need to win its appeal and avoid any future denial of the land concession based upon public policy considerations. If the Company does not obtain the land concession or does not receive full reimbursement of its capitalized investment in this project, the Company would record a charge for all or some portion of the $102.1 million in capitalized construction costs, as of June 30, 2011, related to its development on parcels 7 and 8.

XML



Equity and Earnings (Loss) Per Share (Details 2) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Comprehensive income
Net income	$ 489,092	$ 78,548	$ 853,595	$ 126,362
Currency translation adjustment	56,892	(2,172)	88,848	(4,496)
Total comprehensive income	545,984	76,376	942,443	121,866
Less: comprehensive income attributable to noncontrolling interests	(80,864)	(34,040)	(153,507)	(62,826)
Comprehensive income attributable to Las Vegas Sands Corp.	$ 465,120	$ 42,336	$ 788,936	$ 59,040

XML



Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 8 — FAIR VALUE MEASUREMENTS

Under applicable accounting guidance, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Applicable accounting guidance also establishes a valuation hierarchy for inputs in measuring fair value that maximizes the use of observable inputs (inputs market participants would use based on market data obtained from sources independent of the Company) and minimizes the use of unobservable inputs (inputs that reflect the Company’s assumptions based upon the best information available in the circumstances) by requiring that the most observable inputs be used when available. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the assets or liabilities, either directly or indirectly. Level 3 inputs are unobservable inputs for the assets or liabilities. Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The following table provides the assets carried at fair value (in thousands):

			Fair Value Measurements Using:
			Quoted Market		Significant Other		Significant
	Total Carrying		Prices in Active		Observable Inputs		Unobservable Inputs
	Value		Markets (Level 1)		(Level 2)		(Level 3)
As of June 30, 2011
Cash equivalents(1)	$	1,993,951	$	1,993,951	$	—	$	—
Interest rate caps(2)	$	1,316	$	—	$	1,316	$	—
As of December 31, 2010
Cash equivalents(1)	$	2,490,809	$	2,490,809	$	—	$	—
Interest rate caps(2)	$	1,617	$	—	$	1,617	$	—

(1)	The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.
(2)	As of June 30, 2011 and December 31, 2010, the Company has 38 and 34 interest rate cap agreements with an aggregate fair value of approximately $1.3 million and $1.6 million, respectively, based on quoted market values from the institutions holding the agreements.

XML



Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2011

Property and Equipment, Net (Tables) [Abstract]

Property and equipment

	June 30,			December 31,
	2011			2010
Land and improvements	$	436,053		$	410,758
Building and improvements		11,482,772			10,881,936
Furniture, fixtures, equipment and leasehold improvements		2,078,752			1,990,721
Transportation		405,740			402,904
Construction in progress		3,208,655			3,147,750
		17,611,972			16,834,069
Less — accumulated depreciation and amortization		(2,719,182	)		(2,331,872	)
	$	14,892,790		$	14,502,197

Construction in progress

	June 30,		December 31,
	2011		2010
Sands Cotai Central	$	2,364,732	$	2,005,386
Four Seasons Macao (principally the Four Seasons Apartments)		387,089		379,161
Marina Bay Sands		84,767		337,835
Sands Bethlehem		52,761		101,960
Other		319,306		323,408
	$	3,208,655	$	3,147,750

XML



Commitments and Contingencies

6 Months Ended

Jun. 30, 2011

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 9 — COMMITMENTS AND CONTINGENCIES

Litigation

The Company is involved in other litigation in addition to those noted below, arising in the normal course of business. Management has made certain estimates for potential litigation claims based upon consultation with legal counsel. Actual results could differ from these estimates; however, in the opinion of management, such litigation and claims will not have a material effect on the Company’s financial condition, results of operations or cash flows.

On October 15, 2004, Richard Suen and Round Square Company Limited filed an action against LVSC, Las Vegas Sands, Inc. (“LVSI”), Sheldon G. Adelson and William P. Weidner in the District Court of Clark County, Nevada, asserting a breach of an alleged agreement to pay a success fee of $5.0 million and 2.0% of the net profit from the Company’s Macau resort operations to the plaintiffs as well as other related claims. In March 2005, LVSC was dismissed as a party without prejudice based on a stipulation to do so between the parties. Pursuant to an order filed March 16, 2006, plaintiffs’ fraud claims set forth in the first amended complaint were dismissed with prejudice against all defendants. The order also dismissed with prejudice the first amended complaint against defendants Sheldon G. Adelson and William P. Weidner. On May 24, 2008, the jury returned a verdict for the plaintiffs in the amount of $43.8 million. On June 30, 2008, a judgment was entered in this matter in the amount of $58.6 million (including pre-judgment interest). The Company appealed the verdict to the Nevada Supreme Court. On November 17, 2010, the Nevada Supreme Court reversed the judgment and remanded the case to the District Court of Clark County for a new trial. In its decision reversing the monetary judgment against the Company, the Nevada Supreme Court also made several other rulings which may affect the outcome of the new trial, including overturning the pre-trial dismissal of the plaintiffs’ breach of contract claim and deciding several evidentiary matters, some of which confirmed and some of which overturned rulings made by the District Court of Clark County. As such, the Company is unable at this time to determine the probability of the outcome or range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On October 20, 2010, Steven C. Jacobs, the former Chief Executive Officer of SCL, filed an action against LVSC and SCL in the District Court of Clark County, Nevada, alleging breach of contract against LVSC and SCL and breach of the implied covenant of good faith and fair dealing and tortious discharge in violation of public policy against LVSC. On March 16, 2011, an amended complaint was filed, which added Sheldon G. Adelson as a defendant and alleged a claim of defamation per se against him, LVSC and SCL. On June 9, 2011, the District Court of Clark County dismissed the defamation claim and certified the decision as to Sheldon G. Adelson as a final judgment. On July 1, 2011, the plaintiff filed a notice of appeal regarding the final judgment as to Sheldon G. Adelson. Mr. Jacobs is seeking unspecified damages. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On February 9, 2011, LVSC received a subpoena from the Securities and Exchange Commission requesting that the Company produce documents relating to its compliance with the Foreign Corrupt Practices Act (the “FCPA”). The Company has also been advised by the Department of Justice that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from allegations contained in the lawsuit filed by Steven C. Jacobs described above. The Company intends to cooperate with the investigations. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any.

On March 31, 2011, SCL filed an announcement with the SEHK stating that SCL has been informed by the Securities and Futures Commission of Hong Kong (the “SFC”) that SCL is under investigation by the SFC in relation to alleged breaches of the provisions of the Hong Kong Securities and Futures Ordinance and has been requested to produce certain documents. The Company intends to cooperate with the investigation. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any.

On May 24, 2010, Frank J. Fosbre, Jr. filed a purported class action complaint in the United States District Court for the District of Nevada (the “U.S. District Court”), against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 1, 2007 through November 6, 2008. The complaint seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs.

On July 21, 2010, Wendell and Shirley Combs filed a purported class action complaint in the U.S. District Court, against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false information, or failed to disclose material facts, through press releases, investor conference calls and other means from June 13, 2007 through November 11, 2008. The complaint, which is substantially similar to the Fosbre litigation, discussed above, seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs.

On August 31, 2010, the U.S. District Court entered an order consolidating the Fosbre and Combs cases, and appointed lead plaintiffs and lead counsel. On November 1, 2010, a purported class action amended complaint was filed in the consolidated action against LVSC, Sheldon G. Adelson and William P. Weidner. The amended complaint alleges that LVSC, through the individual defendants, disseminated or approved materially false and misleading information, or failed to disclose material facts, through press releases, investor conference calls and other means from August 2, 2007 through November 6, 2008. The amended complaint seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs. On January 10, 2011, the defendants filed a motion to dismiss the amended complaint, which is pending before the U.S. District Court. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On March 9, 2011, Benyamin Kohanim filed a shareholder derivative action (the “Kohanim action”) on behalf of the Company in the District Court of Clark County, Nevada, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors. The complaint alleges, among other things, breach of fiduciary duties in failing to properly implement, oversee and maintain internal controls to ensure compliance with the FCPA. The complaint seeks to recover for the Company unspecified damages, including restitution and disgorgement of profits, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. This case has been consolidated with the Gaines action described below. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On April 1, 2011, Nasser Moradi, Richard Buckman, Douglas Tomlinson, and Matt Abbeduto filed a shareholder derivative action (the “Moradi action”), as amended on April 15, 2011, on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, including exemplary damages and restitution, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On April 18, 2011, Ira J. Gaines, Sunshine Wire and Cable Defined Benefit Pension Plan Trust dated 1/1/92 and Peachtree Mortgage Ltd. filed a shareholder derivative action (the “Gaines action”) on behalf of the Company in the District Court of Clark County, Nevada, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim and Moradi actions. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Gaines action has been consolidated with the Kohanim action and will be reported as one consolidated matter in the future. The Company intends to defend this matter vigorously.

On April 18, 2011, the Louisiana Municipal Police Employees Retirement System filed a shareholder derivative action (the “LAMPERS action”) on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi and Gaines actions. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

On April 22, 2011, John Zaremba filed a shareholder derivative action on behalf of the Company in the U.S. District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Forman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors, and Wing T. Chao, a former member of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim, Moradi, Gaines and LAMPERS actions. The complaint seeks to recover for the Company unspecified damages, including restitution, disgorgement of profits, and injunctive relief, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiff. This action is in a preliminary stage and management has determined that based on proceedings to date, it is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. The Company intends to defend this matter vigorously.

Singapore Development Project

In August 2006, the Company entered into a development agreement, as amended by a supplementary agreement on December 11, 2009 (the “Development Agreement”), with the Singapore Tourism Board (the “STB”), which requires the Company to construct and operate the Marina Bay Sands in accordance with the Company’s proposal for the integrated resort and in accordance with the agreement. The Company entered into the SGD 5.44 billion (approximately $4.41 billion at exchange rates in effect on June 30, 2011) Singapore Credit Facility to fund a significant portion of the construction, operating and other development costs of the Marina Bay Sands.

The Development Agreement permits the Marina Bay Sands to open in stages and in accordance with an agreed upon schedule that runs through September 30, 2011. There are no financial consequences to MBS if it fails to meet the agreed upon schedule, provided that the entire integrated resort is opened by December 31, 2011. The Company believes it will meet this deadline; however, if it doesn’t, the STB will be entitled to draw on the SGD 192.6 million (approximately $156.1 million at exchange rates in effect on June 30, 2011) security deposit under the Singapore Credit Facility.

Other Agreements

The Company has entered into an agreement with Starwood to manage hotels, as well as brand serviced luxury apart-hotels, on the Company’s Cotai Strip parcels 5 and 6. The management agreement imposes certain construction and opening obligations and deadlines on the Company, and certain past and/or anticipated delays would allow Starwood to terminate its agreement. The Company has recommenced construction activities at Sands Cotai Central and is negotiating an amendment to its management agreement with Starwood to provide for new opening timelines. If negotiations are unsuccessful and Starwood exercises its rights to terminate its agreement, the Company would have to find a new manager and brand for these projects. The Company’s agreement with Starwood related to the sales and marketing of the Las Vegas Condo Tower has been terminated. If the Company is unsuccessful in finding a new brand in Las Vegas, it could have a material adverse effect on the Company’s financial condition, results of operations and cash flows.

XML



Long -Term Debt (Details Textual)			6 Months Ended	12 Months Ended
	Jun. 30, 2011 USD ($)	Dec. 31, 2010 USD ($)	Jun. 30, 2011 6.375% Senior Notes [Member] USD ($)	Dec. 31, 2010 6.375% Senior Notes [Member] USD ($)	Jun. 30, 2011 Senior Secured Credit Facility [Member] USD ($)	Jun. 30, 2011 VML Credit Facility [Member] USD ($)	Jun. 30, 2011 VOL Credit Facility [Member] USD ($)	Jun. 30, 2011 Singapore Credit Facility [Member] USD ($)	Jun. 30, 2011 Singapore Credit Facility [Member] SGD
Long - Term Debt (Textuals) [Abstract]
Discount on issue of senior notes			$ 634,000	$ 720,000
Debt instrument, interest rate			6.375%	6.375%
Credit facility, available borrowing capacity					724,600,000	0	1,000,000,000	102,800,000	83,300,000
Fair Value of Long-Term Debt	9,830,000,000	9,720,000,000
Long-Term Debt, Carrying Value	$ 10,040,000,000	$ 10,100,000,000

XML



Stock-Based Employee Compensation

6 Months Ended

Jun. 30, 2011

Stock-Based Employee Compensation [Abstract]

STOCK-BASED EMPLOYEE COMPENSATION

NOTE 7 — STOCK-BASED EMPLOYEE COMPENSATION

Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Compensation expense:
Stock options	$	9,668	$	13,714	$	24,969	$	28,682
Restricted shares		3,382		125		8,320		250
	$	13,050	$	13,839	$	33,289	$	28,932
Compensation cost capitalized as part of property and equipment	$	416	$	798	$	1,016	$	1,528
LVSC 2004 Plan:
Stock options granted		30		2,043		260		4,089
Weighted average grant date fair value	$	37.19	$	25.69	$	36.33	$	20.62
Restricted shares granted		71		14		691		14
Weighted average grant date fair value	$	44.19	$	24.94	$	47.62	$	24.94
SCL Equity Plan:
Stock options granted		2,531		2,500		5,277		20,376
Weighted average grant date fair value	$	1.81	$	0.88	$	1.66	$	1.03

The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
LVSC 2004 Plan:
Weighted average volatility		95.1	%		88.1	%		94.4	%		92.9	%
Expected term (in years)		6.3			6.3			6.3			5.3
Risk-free rate		2.4	%		3.0	%		2.7	%		2.9	%
Expected dividends		—			—			—			—
SCL Equity Plan:
Weighted average volatility		68.4	%		73.6	%		68.7	%		73.6	%
Expected term (in years)		6.3			5.6			6.3			6.2
Risk-free rate		1.6	%		2.0	%		1.6	%		2.0	%
Expected dividends		—			—			—			—

XML



Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income	$ 853,595	$ 126,362
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization	396,398	323,783
Amortization of leasehold interests in land included in rental expense	23,190	21,504
Amortization of deferred financing costs and original issue discount	23,762	17,530
Amortization of deferred gain and rent	(2,580)	(2,580)
Gain on early retirement of debt		(3,137)
Loss on disposal of assets	7,942	38,171
Stock-based compensation expense	33,289	28,932
Provision for doubtful accounts	58,554	35,153
Foreign exchange (gain) loss	2,444	(8,836)
Deferred income taxes	61,255	(6,450)
Non-cash contribution from Principal Stockholder included in corporate expense		213
Changes in operating assets and liabilities:
Accounts receivable	(297,370)	(104,581)
Inventories	(3,046)	543
Prepaid expenses and other	1,409	(6,561)
Leasehold interests in land	(22,988)	(17,211)
Accounts payable	(21,416)	36,285
Accrued interest payable	(29,063)	2,464
Income taxes payable	38,038	15,011
Other accrued liabilities	(41,890)	141,310
Net cash generated from operating activities	1,081,523	637,905
Cash flows from investing activities:
Changes in restricted cash and cash equivalents	366,680	22,926
Capital expenditures	(720,696)	(1,127,268)
Proceeds from disposal of property and equipment	4,416	5,647
Acquisition of intangible assets	(575)	(43,305)
Purchases of investments		(173,774)
Net cash used in investing activities	(350,175)	(1,315,774)
Cash flows from financing activities:
Proceeds from exercise of stock options	14,330	3,923
Proceeds from exercise of warrants	6,760
Dividends paid to preferred stockholders	(38,817)	(46,700)
Distributions to noncontrolling interests	(5,863)
Proceeds from long-term debt (Note 3)		596,560
Repayments on long-term debt (Note 3)	(259,518)	(1,265,218)
Repurchase of preferred stock	(5,328)
Preferred stock inducement premium	(16,493)
Payments of deferred financing costs	(57)	(54,365)
Net cash used in financing activities	(304,986)	(765,800)
Effect of exchange rate on cash	15,663	7,088
Increase (decrease) in cash and cash equivalents	442,025	(1,436,581)
Cash and cash equivalents at beginning of period	3,037,081	4,955,416
Cash and cash equivalents at end of period	3,479,106	3,518,835
Supplemental disclosure of cash flow information:
Cash payments for interest, net of amounts capitalized	149,045	134,979
Cash payments for taxes, net of refunds	(5,672)	150
Changes in construction payables	(133,492)	(24,104)
Non-cash investing and financing activities:
Capitalized stock-based compensation costs	1,016	1,528
Property and equipment acquired under capital lease		2,802
Accumulated but undeclared dividend requirement on preferred stock issued to Principal Stockholder's family	6,854	6,854
Accretion to redemption value of preferred stock issued to Principal Stockholder's family	46,272	46,272
Acquisition of remaining shares of noncontrolling interest		2,345
Disposition of interest in majority owned subsidiary	829
Warrants exercised and settled through tendering of preferred stock	$ 66,625

XML



Long-Term Debt

6 Months Ended

Jun. 30, 2011

Long-Term Debt [Abstract]

LONG-TERM DEBT

NOTE 3 — LONG-TERM DEBT

Long-term debt consists of the following (in thousands):

	June 30,			December 31,
	2011			2010
Corporate and U.S. Related:
Senior Secured Credit Facility — Term B	$	2,146,352		$	2,157,199
Senior Secured Credit Facility — Delayed Draws I and II		716,711			720,332
6.375% Senior Notes (net of original issue discount of $634 and $720, respectively)		189,078			188,992
Airplane Financings		76,578			78,422
HVAC Equipment Lease		22,145			23,006
Other		3,413			3,868
Macau Related:
VML Credit Facility — Term B		1,465,789			1,483,789
VML Credit Facility — Term B Delayed		570,029			577,029
VOL Credit Facility — Term		749,918			749,930
Ferry Financing		157,504			175,011
Other		470			640
Singapore Related:
Singapore Credit Facility		3,958,995			3,980,435
Other		1,898			2,170
		10,058,880			10,140,823
Less — current maturities		(1,073,484	)		(767,068	)
Total long-term debt	$	8,985,396		$	9,373,755

Senior Secured Credit Facility

As of June 30, 2011, the Company had $724.6 million of available borrowing capacity under the Senior Secured Credit Facility, net of outstanding letters of credit and undrawn amounts committed to be funded by Lehman Brothers Commercial Paper Inc.

VML Credit Facility

As of June 30, 2011, the Company has no available borrowing capacity under the VML Credit Facility.

VOL Credit Facility

As of June 30, 2011, the Company had $1.0 billion of available borrowing capacity under the VOL Credit Facility.

VML and VOL Credit Facilities Refinancing

The Company is currently in the process of refinancing its VML and VOL credit facilities. The Company has received lender commitments for $3.7 billion and will have the option to raise incremental senior secured and unsecured debt under existing baskets within the new credit facility. The new credit facility, once entered into, is expected to significantly reduce the Company’s interest expense, extend the Macau debt maturities to 2016, enhance the Company’s financial flexibility and further strengthen its financial position. Proceeds from the new Macau senior secured credit facility coupled with cash on hand will be used to retire the outstanding balances and commitments on the existing VML and VOL credit facilities as well as fund the completion of construction of the first two phases of Sands Cotai Central on the Cotai Strip in Macau. The refinancing is subject to final loan documentation as well as certain Macao Government approvals. The refinancing is expected to close in late 2011 and the Company anticipates recording a loss on modification or extinguishment of debt in conjunction with the refinancing.

Singapore Credit Facility

As of June 30, 2011, the Company had SGD 102.8 million (approximately $83.3 million at exchange rates in effect on June 30, 2011) of available borrowing capacity under the Singapore Credit Facility, net of outstanding banker’s guarantees.

Cash Flows from Financing Activities

Cash flows from financing activities related to long-term debt are as follows (in thousands):

	Six Months Ended
	June 30,
	2011			2010
Proceeds from Singapore Credit Facility	$	—		$	596,560
Repayments on Singapore Credit Facility	$	(198,940	)	$	—
Repayments on VML Credit Facility		(25,000	)		(375,036	)
Repayments on Senior Secured Credit Facility		(14,469	)		(795,860	)
Repayments on Ferry Financing		(17,508	)		(17,493	)
Repayments on Airplane Financings		(1,844	)		(1,844	)
Repayments on HVAC Equipment Lease		(861	)		(882	)
Repayments on FF&E Facility and Other Long-Term Debt		(896	)		(17,428	)
Repurchase and cancellation of Senior Notes		—			(56,675	)
	$	(259,518	)	$	(1,265,218	)

Fair Value of Long-Term Debt

The estimated fair value of the Company’s long-term debt as of June 30, 2011, was approximately $9.83 billion, compared to its carrying value of $10.04 billion. As of December 31, 2010, the estimated fair value of the Company’s long-term debt was approximately $9.72 billion, compared to its carrying value of $10.10 billion. The estimated fair value of the Company’s long-term debt is based on quoted market prices, if available, or by pricing models based on the value of related cash flows discounted at current market interest rates.

XML



Stock-Based Employee Compensation (Details 1)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
LVSC 2004 Plan [Member]
Black-Scholes option-pricing model, weighted average assumptions
Weighted average volatility	95.10%	88.10%	94.40%	92.90%
Expected term (in years)	6.3	6.3	6.3	5.3
Risk-free rate	2.40%	3.00%	2.70%	2.90%
Expected dividends	0.00%	0.00%	0.00%	0.00%
SCL Equity Plan [Member]
Black-Scholes option-pricing model, weighted average assumptions
Weighted average volatility	68.40%	73.60%	68.70%	73.60%
Expected term (in years)	6.3	5.6	6.3	6.2
Risk-free rate	1.60%	2.00%	1.60%	2.00%
Expected dividends	0.00%	0.00%	0.00%	0.00%

XML



Long -Term Debt (Details 1) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from financing activities related to long-term debt
Proceeds from long-term debt		$ 596,560
Repurchase and cancellation of senior notes		(56,675)
Repayments on long-term debt (Note 3)	(259,518)	(1,265,218)
Singapore Credit Facility [Member]
Cash flows from financing activities related to long-term debt
Proceeds from long-term debt	0	596,560
Repayments of long-term debt	(198,940)	0
Senior Secured Credit Facility [Member]
Cash flows from financing activities related to long-term debt
Repayments of long-term debt	(14,469)	(795,860)
VML Credit Facility [Member]
Cash flows from financing activities related to long-term debt
Repayments of long-term debt	(25,000)	(375,036)
Ferry Financing [Member]
Cash flows from financing activities related to long-term debt
Repayments of long-term debt	(17,508)	(17,493)
FF&E Facility and Other Long-Term Debt [Member]
Cash flows from financing activities related to long-term debt
Repayments on long-term debt (Note 3)	(896)	(17,428)
Airplane Financings [Member]
Cash flows from financing activities related to long-term debt
Repayments of long-term debt	(1,844)	(1,844)
HVAC Equipment Lease [Member]
Cash flows from financing activities related to long-term debt
Repayments on HVAC equipment lease	(861)	(882)
Senior Notes [Member]
Cash flows from financing activities related to long-term debt
Repurchase and cancellation of senior notes	$ 0	$ (56,675)

XML



Equity and Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2011

Equity and Earnings (Loss) Per Share [Abstract]

EQUITY AND EARNINGS (LOSS) PER SHARE

NOTE 4 — EQUITY AND EARNINGS (LOSS) PER SHARE

Preferred Stock and Warrants

Preferred stock dividend activity is as follows (in thousands):

		Preferred Stock
		Dividends Paid to		Preferred Stock
Board of Directors’		Principal		Dividends Paid to		Total Preferred Stock
Declaration Date	Payment Date	Stockholder’s Family		Public Holders		Dividends Paid
February 5, 2010	February 16, 2010	$	13,125	$	10,225	$	23,350
May 4, 2010	May 17, 2010	$	13,125	$	10,225	$	23,350
						$	46,700
February 1, 2011	February 15, 2011	$	13,125	$	6,473	$	19,598
May 5, 2011	May 16, 2011	$	13,125	$	6,094	$	19,219
						$	38,817
August 4, 2011	August 15, 2011	$	13,125	$	6,015	$	19,140

During the six months ended June 30, 2011, holders of preferred stock exercised 1,229,100 warrants to purchase an aggregate of 20,485,036 shares of the Company’s common stock at $6.00 per share and tendered 1,161,500 shares of preferred stock and $6.8 million in cash as settlement of the warrant exercise price. In conjunction with certain of these transactions, the Company paid $16.5 million in premiums to induce the exercise of warrants with settlement through tendering preferred stock. During the six months ended June 30, 2011, the Company also repurchased and retired 47,300 shares of preferred stock for $5.3 million and recorded a $2.6 million repurchase premium as part of the transaction. During the six months ended June 30, 2010, no warrants were exercised and no preferred shares were repurchased and retired.

Accumulated Comprehensive Income and Comprehensive Income

As of June 30, 2011 and December 31, 2010, accumulated comprehensive income consisted solely of foreign currency translation adjustments.

Total comprehensive income consisted of the following (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net income	$	489,092		$	78,548		$	853,595		$	126,362
Currency translation adjustment		56,892			(2,172	)		88,848			(4,496	)
Total comprehensive income		545,984			76,376			942,443			121,866
Less: comprehensive income attributable to noncontrolling interests		(80,864	)		(34,040	)		(153,507	)		(62,826	)
Comprehensive income attributable to Las Vegas Sands Corp.	$	465,120		$	42,336		$	788,936		$	59,040

Noncontrolling Interests

In June 2011, the Company disposed of its interest in one of its majority owned subsidiaries, resulting in a loss of $3.7 million, which is included in loss on disposal of assets. In addition, during the six months ended June 30, 2011, the Company distributed $5.9 million to certain of its noncontrolling interests.

Earnings (Loss) Per Share

The weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings (loss) per share consisted of the following:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share)		728,695,140		660,364,559		726,056,840		660,322,428
Potential dilution from stock options, restricted stock and warrants		82,579,566		—		85,186,355		—
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share)		811,274,706		660,364,559		811,243,195		660,322,428
Antidilutive stock options, restricted stock and warrants excluded from the calculation of diluted earnings (loss) per share		5,981,719		173,331,327		6,515,362		173,331,327

XML



Commitments and Contingencies (Details) In Millions	3 Months Ended
	Mar. 31, 2011	Jun. 30, 2008 Breach Of Alleged Agreement To Pay Success Fee [Member] USD ($)	May 24, 2008 Breach Of Alleged Agreement To Pay Success Fee [Member] USD ($)	Jun. 30, 2011 Singapore Credit Facility [Member] USD ($)	Jun. 30, 2011 Singapore Credit Facility [Member] SGD	Jun. 30, 2011 Singapore Credit Facility C [Member] USD ($)	Jun. 30, 2011 Singapore Credit Facility C [Member] SGD
Litigation
Loss contingency, range of possible loss, maximum		$ 58.6
Loss Contingency, Allegations	breach of alleged agreement to pay a success fee of $5.0 million and 2.0% of the net profit from the Company’s Macau resort operations to the plaintiffs as well as other related claims.
Jury returned a verdict for the plaintiffs with the amount			43.8
Development projects
Singapore Credit Facility				$ 4,410.0	5,440.0	$ 156.1	192.6

XML



Property and Equipment, Net (Details 1) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Construction in progress
Construction in progress	$ 3,208,655	$ 3,147,750
Sands Cotai Central [Member]
Construction in progress
Construction in progress	2,364,732	2,005,386
Four Seasons Macao (principally the Four Seasons Apartments) [Member]
Construction in progress
Construction in progress	387,089	379,161
Marina Bay Sands [Member]
Construction in progress
Construction in progress	84,767	337,835
Sands Bethlehem [Member]
Construction in progress
Construction in progress	52,761	101,960
Other [Member]
Construction in progress
Construction in progress	$ 319,306	$ 323,408

XML



Equity and Earnings (Loss) Per Share (Details) (USD $) In Thousands	1 Months Ended					6 Months Ended
	Aug. 31, 2011	May 31, 2011	Feb. 28, 2011	May 31, 2010	Feb. 28, 2010	Jun. 30, 2011	Jun. 30, 2010	Aug. 15, 2011	May 16, 2011	Feb. 15, 2011	May 17, 2010	Feb. 16, 2010
Preferred stock dividend activity
Dividend Declaration Date	Aug. 05, 2011	May 05, 2011	Feb. 01, 2011	May 04, 2010	Feb. 05, 2010
Dividends Payable, Date to be Paid, Day, Month and Year								Aug. 15, 2011	May 16, 2011	Feb. 15, 2011	May 17, 2010	Feb. 16, 2010
Dividends paid to preferred stockholders	$ 19,140	$ 19,219	$ 19,598	$ 23,350	$ 23,350	$ 38,817	$ 46,700
Preferred Stock Issued To Public [Member]
Preferred stock dividend activity
Dividends paid to preferred stockholders	6,015	6,094	6,473	10,225	10,225
Preferred Stock Issued To Principal Stockholder's Family [Member]
Preferred stock dividend activity
Dividends paid to preferred stockholders	$ 13,125	$ 13,125	$ 13,125	$ 13,125	$ 13,125

XML



Fair Value Measurements (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2011	Dec. 31, 2010
Fair Value Measurements
Cash equivalents	$ 1,993,951	$ 2,490,809
Interest rate caps	1,316	1,617
Fair Value Measurements (Textuals) [Abstract]
Number of interest rate cap agreements	38	34
Fair value of interest rate cap agreements	1,316	1,617
Quoted Market Prices in Active Markets (Level 1) [Member]
Fair Value Measurements
Cash equivalents	1,993,951	2,490,809
Interest rate caps	0	0
Fair Value Measurements (Textuals) [Abstract]
Fair value of interest rate cap agreements	0	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Measurements
Cash equivalents	0	0
Interest rate caps	1,316	1,617
Fair Value Measurements (Textuals) [Abstract]
Fair value of interest rate cap agreements	1,316	1,617
Significant Unobservable Inputs (Level 3) [Member]
Fair Value Measurements
Cash equivalents	0	0
Interest rate caps	0	0
Fair Value Measurements (Textuals) [Abstract]
Fair value of interest rate cap agreements	$ 0	$ 0

XML



Long -Term Debt (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Long-term debt
Carrying value of the long-term debt	$ 10,058,880	$ 10,140,823
Less - current maturities	(1,073,484)	(767,068)
Long-term debt	8,985,396	9,373,755
Senior Secured Credit Facility - Term B [Member]
Long-term debt
Carrying value of the long-term debt	2,146,352	2,157,199
Senior Secured Credit Facility - Delayed Draws I and II [Member]
Long-term debt
Carrying value of the long-term debt	716,711	720,332
6.375% Senior Notes [Member]
Long-term debt
Carrying value of the long-term debt	189,078	188,992
Airplane Financings [Member]
Long-term debt
Carrying value of the long-term debt	76,578	78,422
HVAC Equipment Lease [Member]
Long-term debt
Carrying value of the long-term debt	22,145	23,006
Corporate and U.S. Related Other Long-term Debt [Member]
Long-term debt
Carrying value of the long-term debt	3,413	3,868
VML Credit Facility - Term B [Member]
Long-term debt
Carrying value of the long-term debt	1,465,789	1,483,789
VML Credit Facility - Term B Delayed [Member]
Long-term debt
Carrying value of the long-term debt	570,029	577,029
VOL Credit Facility - Term [Member]
Long-term debt
Carrying value of the long-term debt	749,918	749,930
Ferry Financing [Member]
Long-term debt
Carrying value of the long-term debt	157,504	175,011
Macau Related Other Long-term Debt [Member]
Long-term debt
Carrying value of the long-term debt	470	640
Singapore Credit Facility [Member]
Long-term debt
Carrying value of the long-term debt	3,958,995	3,980,435
Singapore Related Other Long-term Debt [Member]
Long-term debt
Carrying value of the long-term debt	$ 1,898	$ 2,170

XML



Organization and Business of Company (Policies)

6 Months Ended

Jun. 30, 2011

Organization and Business of Company (Policies) [Abstract]

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board issued authoritative guidance for fair value measurements, which requires new disclosures regarding significant transfers in and out of Level 1 and 2 fair value measurements and gross presentation of activity within the reconciliation for Level 3 fair value measurements. The guidance also clarifies existing requirements on the level of disaggregation and required disclosures regarding inputs and valuation techniques for both recurring and nonrecurring Level 2 and 3 fair value measurements. The guidance is effective for interim and annual reporting periods beginning after December 15, 2009, with the exception of gross presentation of Level 3 activity, which is effective for interim and annual reporting periods beginning after December 15, 2010. The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations or cash flows. See “— Note 8 — Fair Value Measurements” for the required disclosure.

In June 2011, the Financial Accounting Standards Board issued authoritative guidance that amends the presentation of comprehensive income in the financial statements by requiring an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The update also eliminates the option to present the components of other comprehensive income as part of the statement of equity. The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2011, with early adoption permitted. The adoption of this guidance will not have a material effect on the Company’s financial condition, results of operations or cash flows.

XML



Variable Interest Entities

6 Months Ended

Jun. 30, 2011

Variable Interest Entities [Abstract]

VARIABLE INTEREST ENTITIES

NOTE 5 — VARIABLE INTEREST ENTITIES

The Company consolidates any variable interest entities (“VIEs”) in which it is the primary beneficiary and discloses significant variable interests in VIEs of which it is not the primary beneficiary, if any, which management determines such designation based on accounting standards for VIEs.

The Company has entered into various joint venture agreements with independent third parties. The operations of these joint ventures have been consolidated by the Company due to the Company’s significant investment in these joint ventures, its power to direct the activities of the joint ventures that would significantly impact their economic performance and the obligation to absorb potentially significant losses or the rights to receive potentially significant benefits from these joint ventures. The Company evaluates its primary beneficiary designation on an ongoing basis and will assess the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis.

As of June 30, 2011 and December 31, 2010, the Company’s joint ventures had total assets of $101.0 million and $95.3 million, respectively, and total liabilities of $89.9 million and $78.4 million, respectively.

XML



Equity and Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2011

Equity and Earnings (Loss) Per Share (Tables) [Abstract]

Preferred stock dividend activity

		Preferred Stock
		Dividends Paid to		Preferred Stock
Board of Directors’		Principal		Dividends Paid to		Total Preferred Stock
Declaration Date	Payment Date	Stockholder’s Family		Public Holders		Dividends Paid
February 5, 2010	February 16, 2010	$	13,125	$	10,225	$	23,350
May 4, 2010	May 17, 2010	$	13,125	$	10,225	$	23,350
						$	46,700
February 1, 2011	February 15, 2011	$	13,125	$	6,473	$	19,598
May 5, 2011	May 16, 2011	$	13,125	$	6,094	$	19,219
						$	38,817
August 4, 2011	August 15, 2011	$	13,125	$	6,015	$	19,140

Comprehensive income (loss)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net income	$	489,092		$	78,548		$	853,595		$	126,362
Currency translation adjustment		56,892			(2,172	)		88,848			(4,496	)
Total comprehensive income		545,984			76,376			942,443			121,866
Less: comprehensive income attributable to noncontrolling interests		(80,864	)		(34,040	)		(153,507	)		(62,826	)
Comprehensive income attributable to Las Vegas Sands Corp.	$	465,120		$	42,336		$	788,936		$	59,040

Weighted average number of common and common equivalent shares used in the calculation of basic and diluted earnings (loss) per share

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share)		728,695,140		660,364,559		726,056,840		660,322,428
Potential dilution from stock options, restricted stock and warrants		82,579,566		—		85,186,355		—
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share)		811,274,706		660,364,559		811,243,195		660,322,428
Antidilutive stock options, restricted stock and warrants excluded from the calculation of diluted earnings (loss) per share		5,981,719		173,331,327		6,515,362		173,331,327

XML



Stock-Based Employee Compensation (Details) (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Compensation expense:
Stock options	$ 9,668	$ 13,714	$ 24,969	$ 28,682
Restricted stock	3,382	125	8,320	250
Total compensation expense	13,050	13,839	33,289	28,932
Capitalized stock-based compensation costs	$ 416	$ 798	$ 1,016	$ 1,528
LVSC 2004 Plan [Member]
Compensation expense:
Stock options granted	30	2,043	260	4,089
Weighted average grant date fair value	$ 37.19	$ 25.69	$ 36.33	$ 20.62
Restricted shares granted	71	14	691	14
Weighted average grant date fair value	$ 44.19	$ 24.94	$ 47.62	$ 24.94
SCL Equity Plan [Member]
Compensation expense:
Stock options granted	2,531	2,500	5,277	20,376
Weighted average grant date fair value	$ 1.81	$ 0.88	$ 1.66	$ 1.03

XML



Property and Equipment, Net (Details Textual) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Property and Equipment, Net (Textuals) [Abstract]
Construction in progress	$ 3,208,655,000		$ 3,208,655,000		$ 3,147,750,000
Deferred proceeds	12,370,507,000		12,370,507,000		12,609,741,000
Property and equipment, net	14,892,790,000		14,892,790,000		14,502,197,000
Accumulated depreciation and amortization	2,719,182,000		2,719,182,000		2,331,872,000
Capitalized interest expense	31,800,000	22,700,000	62,400,000	42,300,000
Captized internal costs	5,600,000	15,600,000	17,000,000	31,000,000
The Shoppes at the Palazzo [Member]
Property and Equipment, Net (Textuals) [Abstract]
Proceeds from sale of mall assets			295,400,000
Sale of real estate, description			the final purchase price for The Shoppes at The Palazzo was to be determined in accordance with the April 2004 purchase and sale agreement, as amended, between Venetian Casino Resort, LLC ("VCR") and GGP (the "Amended Agreement") based on net operating income ("NOI") of The Shoppes at The Palazzo calculated 30 months after the closing date of the sale, as defined under the Amended Agreement (the "Final Purchase Price") and subject to certain later audit adjustments.
Deferred proceeds	266,200,000		266,200,000
Property and equipment, net	271,000,000		271,000,000
Accumulated depreciation and amortization	40,400,000		40,400,000
Cotai Strip Parcels 7 and 8 [Member]
Property and Equipment, Net (Textuals) [Abstract]
Capitalized Costs	$ 102,100,000		$ 102,100,000

XML



Condensed Consolidated Statements of Equity and Comprehensive Income (Unaudited) (USD $) In Thousands	Total	Preferred Stock	Common Stock	Capital in Excess of Par Value	Accumulated Other Comprehensive Income	Retained Earnings	Total Comprehensive Income	Noncontrolling Interests
Beginning Balance at Dec. 31, 2009	$ 6,940,587	$ 234,607	$ 660	$ 5,114,851	$ 26,748	$ 473,833		$ 1,089,888
Net income	126,362					59,388	59,388	66,974
Currency translation adjustment	(4,496)				(348)		(348)	(4,148)
Total comprehensive income	121,866						59,040	62,826
Exercise of stock options	3,923		1	3,922
Tax shortfall from stock-based compensation	(195)			(195)
Stock-based compensation	30,460			28,718				1,742
Deemed contribution from Principal Stockholder	213			213
Acquisition of remaining shares of noncontrolling interest	(2,345)			2,345				(2,345)
Dividends declared, net of amounts previously accrued	(39,846)					(39,846)
Accumulated but undeclared dividend requirement on preferred stock issued to Principal Stockholder's family	(6,854)					(6,854)
Accretion to redemption value of preferred stock issued to Principal Stockholder's family	(46,272)					(46,272)
Ending Balance at Jun. 30, 2010	7,003,882	234,607	661	5,149,854	26,400	440,249		1,152,111
Beginning Balance at Dec. 31, 2010	7,931,188	207,356	708	5,444,705	129,519	880,703		1,268,197
Net income	853,595					699,960	699,960	153,635
Currency translation adjustment	88,848				88,976		88,976	(128)
Total comprehensive income	942,443						788,936	153,507
Exercise of stock options	14,330		1	13,605				724
Tax shortfall from stock-based compensation	(83)			(83)
Stock-based compensation	34,305			32,698				1,607
Issuance of restricted stock			1	(1)
Exercise of warrants	6,760	(66,625)	20	73,365
Repurchase of preferred stock	(5,328)	(2,713)				(2,615)
Disposition of interest in majority owned subsidiary	829							829
Distributions to noncontrolling interests	(5,863)							(5,863)
Dividends declared, net of amounts previously accrued	(31,963)					(31,963)
Accumulated but undeclared dividend requirement on preferred stock issued to Principal Stockholder's family	(6,854)					(6,854)
Accretion to redemption value of preferred stock issued to Principal Stockholder's family	(46,272)					(46,272)
Preferred stock inducement premium	(16,493)					(16,493)
Ending Balance at Jun. 30, 2011	$ 8,816,999	$ 138,018	$ 730	$ 5,564,289	$ 218,495	$ 1,476,466		$ 1,419,001

XML



Stock-Based Employee Compensation (Tables)

6 Months Ended

Jun. 30, 2011

Stock-Based Employee Compensation (Tables) [Abstract]

Stock-based compensation activity

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Compensation expense:
Stock options	$	9,668	$	13,714	$	24,969	$	28,682
Restricted shares		3,382		125		8,320		250
	$	13,050	$	13,839	$	33,289	$	28,932
Compensation cost capitalized as part of property and equipment	$	416	$	798	$	1,016	$	1,528
LVSC 2004 Plan:
Stock options granted		30		2,043		260		4,089
Weighted average grant date fair value	$	37.19	$	25.69	$	36.33	$	20.62
Restricted shares granted		71		14		691		14
Weighted average grant date fair value	$	44.19	$	24.94	$	47.62	$	24.94
SCL Equity Plan:
Stock options granted		2,531		2,500		5,277		20,376
Weighted average grant date fair value	$	1.81	$	0.88	$	1.66	$	1.03

Black-Scholes option-pricing model, weighted average assumptions

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
LVSC 2004 Plan:
Weighted average volatility		95.1	%		88.1	%		94.4	%		92.9	%
Expected term (in years)		6.3			6.3			6.3			5.3
Risk-free rate		2.4	%		3.0	%		2.7	%		2.9	%
Expected dividends		—			—			—			—
SCL Equity Plan:
Weighted average volatility		68.4	%		73.6	%		68.7	%		73.6	%
Expected term (in years)		6.3			5.6			6.3			6.2
Risk-free rate		1.6	%		2.0	%		1.6	%		2.0	%
Expected dividends		—			—			—			—

XML



Condensed Consolidating Financial Information (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Dec. 31, 2009
Condensed Consolidating Balance Sheets
Cash and cash equivalents	$ 3,479,106	$ 3,037,081	$ 3,518,835	$ 4,955,416
Restricted cash and cash equivalents	171,228	164,315
Intercompany receivables, current	0	0
Accounts receivable, net	968,988	716,919
Inventories	35,634	32,260
Deferred income taxes, net	14,713	61,606
Prepaid expenses and other	51,636	46,726
Total current assets	4,721,305	4,058,907
Property and equipment, net	14,892,790	14,502,197
Investments in subsidiaries	0	0
Deferred financing costs, net	133,882	155,378
Restricted cash and cash equivalents	272,563	645,605
Intercompany receivables, noncurrent	0	0
Intercompany notes receivable	0	0
Deferred income taxes, net	9,259	10,423
Leasehold interests in land, net	1,441,023	1,398,840
Intangible assets, net	85,844	89,805
Other assets, net	180,491	183,153
Total assets	21,737,157	21,044,308
Accounts payable	92,953	113,505
Construction payables	383,489	516,981
Intercompany payables, current	0	0
Accrued interest payable	13,982	42,625
Other accrued liabilities	1,136,304	1,160,234
Income taxes payable	39,130	0
Deferred income taxes	0	0
Current maturities of long-term debt	1,073,484	767,068
Total current liabilities	2,739,342	2,600,413
Other long-term liabilities	79,938	78,240
Intercompany payables, noncurrent	0	0
Intercompany notes payable	0	0
Deferred income taxes	133,859	115,219
Deferred amounts related to mall transactions	431,972	442,114
Long-term debt	8,985,396	9,373,755
Total liabilities	12,370,507	12,609,741
Preferred stock issued to Principal Stockholder' family	549,651	503,379
Total Las Vegas Sands Corp. stockholders' equity	7,397,998	6,662,991
Noncontrolling interests	1,419,001	1,268,197
Total equity	8,816,999	7,931,188	7,003,882	6,940,587
Total liabilities and equity	21,737,157	21,044,308
Las Vegas Sands Corp. [Member]
Condensed Consolidating Balance Sheets
Cash and cash equivalents	898,445	1,031,844	429,467	254,256
Restricted cash and cash equivalents	0	0
Intercompany receivables, current	89,797	11,843
Accounts receivable, net	1,356	298
Inventories	2,448	2,174
Deferred income taxes, net	0	0
Prepaid expenses and other	9,512	15,272
Total current assets	1,001,558	1,061,431
Property and equipment, net	132,171	133,901
Investments in subsidiaries	7,150,809	6,273,755
Deferred financing costs, net	688	767
Restricted cash and cash equivalents	0	0
Intercompany receivables, noncurrent	30,815	31,996
Intercompany notes receivable	0	0
Deferred income taxes, net	44,608	62,638
Leasehold interests in land, net	0	0
Intangible assets, net	690	590
Other assets, net	113	78
Total assets	8,361,452	7,565,156
Accounts payable	10,487	5,750
Construction payables	33	0
Intercompany payables, current	24,320	22,926
Accrued interest payable	4,623	4,629
Other accrued liabilities	12,843	15,692
Income taxes payable	4,970	0
Deferred income taxes	9,370	10,279
Current maturities of long-term debt	3,688	3,687
Total current liabilities	70,334	62,963
Other long-term liabilities	26,761	26,761
Intercompany payables, noncurrent	54,739	45,336
Intercompany notes payable	0	0
Deferred income taxes	0	0
Deferred amounts related to mall transactions	0	0
Long-term debt	261,969	263,726
Total liabilities	413,803	398,786
Preferred stock issued to Principal Stockholder' family	549,651	503,379
Total Las Vegas Sands Corp. stockholders' equity	7,397,998	6,662,991
Noncontrolling interests	0	0
Total equity	7,397,998	6,662,991
Total liabilities and equity	8,361,452	7,565,156
Guarantor Subsidiaries [Member]
Condensed Consolidating Balance Sheets
Cash and cash equivalents	527,972	412,226	1,991,125	3,033,625
Restricted cash and cash equivalents	417	2,179
Intercompany receivables, current	66,887	65,834
Accounts receivable, net	183,668	156,012
Inventories	12,296	11,755
Deferred income taxes, net	23,777	24,496
Prepaid expenses and other	6,824	4,782
Total current assets	821,841	677,284
Property and equipment, net	3,468,373	3,570,465
Investments in subsidiaries	5,690,170	4,996,023
Deferred financing costs, net	25,189	29,198
Restricted cash and cash equivalents	4,307	4,616
Intercompany receivables, noncurrent	112,041	97,813
Intercompany notes receivable	724,122	638,986
Deferred income taxes, net	0	0
Leasehold interests in land, net	0	0
Intangible assets, net	0	0
Other assets, net	24,992	27,104
Total assets	10,871,035	10,041,489
Accounts payable	23,859	26,975
Construction payables	1,888	2,179
Intercompany payables, current	89,797	11,843
Accrued interest payable	1,043	7,689
Other accrued liabilities	176,716	175,011
Income taxes payable	3	0
Deferred income taxes	0	0
Current maturities of long-term debt	30,583	30,606
Total current liabilities	323,889	254,303
Other long-term liabilities	10,552	10,911
Intercompany payables, noncurrent	0	0
Intercompany notes payable	0	0
Deferred income taxes	35,489	53,034
Deferred amounts related to mall transactions	431,972	442,114
Long-term debt	2,854,624	2,869,931
Total liabilities	3,656,526	3,630,293
Preferred stock issued to Principal Stockholder' family	0	0
Total Las Vegas Sands Corp. stockholders' equity	7,214,104	6,410,791
Noncontrolling interests	405	405
Total equity	7,214,509	6,411,196
Total liabilities and equity	10,871,035	10,041,489
Non-Guarantor Subsidiaries [Member]
Condensed Consolidating Balance Sheets
Cash and cash equivalents	2,052,689	1,593,011	1,098,243	1,667,535
Restricted cash and cash equivalents	170,811	162,136
Intercompany receivables, current	24,320	22,927
Accounts receivable, net	784,415	561,217
Inventories	20,890	18,331
Deferred income taxes, net	306	47,389
Prepaid expenses and other	35,300	30,432
Total current assets	3,088,731	2,435,443
Property and equipment, net	11,292,246	10,797,831
Investments in subsidiaries	0	0
Deferred financing costs, net	108,005	125,413
Restricted cash and cash equivalents	268,256	640,989
Intercompany receivables, noncurrent	0	0
Intercompany notes receivable	0	0
Deferred income taxes, net	0	0
Leasehold interests in land, net	1,441,023	1,398,840
Intangible assets, net	85,154	89,215
Other assets, net	155,386	155,971
Total assets	16,438,801	15,643,702
Accounts payable	59,058	81,388
Construction payables	381,568	514,802
Intercompany payables, current	66,887	65,835
Accrued interest payable	8,316	30,307
Other accrued liabilities	946,745	969,531
Income taxes payable	34,157	3,760
Deferred income taxes	0	0
Current maturities of long-term debt	1,039,213	732,775
Total current liabilities	2,535,944	2,398,398
Other long-term liabilities	42,625	40,568
Intercompany payables, noncurrent	88,117	84,473
Intercompany notes payable	724,122	638,986
Deferred income taxes	133,719	114,400
Deferred amounts related to mall transactions	0	0
Long-term debt	5,868,803	6,240,098
Total liabilities	9,393,330	9,516,923
Preferred stock issued to Principal Stockholder' family	0	0
Total Las Vegas Sands Corp. stockholders' equity	5,626,875	4,858,987
Noncontrolling interests	1,418,596	1,267,792
Total equity	7,045,471	6,126,779
Total liabilities and equity	16,438,801	15,643,702
Consolidating/ Eliminating Entries [Member]
Condensed Consolidating Balance Sheets
Cash and cash equivalents	0	0	0	0
Restricted cash and cash equivalents	0	0
Intercompany receivables, current	(181,004)	(100,604)
Accounts receivable, net	(451)	(608)
Inventories	0	0
Deferred income taxes, net	(9,370)	(10,279)
Prepaid expenses and other	0	(3,760)
Total current assets	(190,825)	(115,251)
Property and equipment, net	0	0
Investments in subsidiaries	(12,840,979)	(11,269,778)
Deferred financing costs, net	0	0
Restricted cash and cash equivalents	0	0
Intercompany receivables, noncurrent	(142,856)	(129,809)
Intercompany notes receivable	(724,122)	(638,986)
Deferred income taxes, net	(35,349)	(52,215)
Leasehold interests in land, net	0	0
Intangible assets, net	0	0
Other assets, net	0	0
Total assets	(13,934,131)	(12,206,039)
Accounts payable	(451)	(608)
Construction payables	0	0
Intercompany payables, current	(181,004)	(100,604)
Accrued interest payable	0	0
Other accrued liabilities	0	0
Income taxes payable	0	(3,760)
Deferred income taxes	(9,370)	(10,279)
Current maturities of long-term debt	0	0
Total current liabilities	(190,825)	(115,251)
Other long-term liabilities	0	0
Intercompany payables, noncurrent	(142,856)	(129,809)
Intercompany notes payable	(724,122)	(638,986)
Deferred income taxes	(35,349)	(52,215)
Deferred amounts related to mall transactions	0	0
Long-term debt	0	0
Total liabilities	(1,093,152)	(936,261)
Preferred stock issued to Principal Stockholder' family	0	0
Total Las Vegas Sands Corp. stockholders' equity	(12,840,979)	(11,269,778)
Noncontrolling interests	0	0
Total equity	(12,840,979)	(11,269,778)
Total liabilities and equity	$ (13,934,131)	$ (12,206,039)

XML



Segment Information (Tables)

6 Months Ended

Jun. 30, 2011

Segment Information (Tables) [Abstract]

Segment information

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net Revenues:
Macau:
The Venetian Macao	$	735,405		$	581,032		$	1,373,674		$	1,130,727
Sands Macao		330,960			302,212			653,753			586,018
Four Seasons Macao		120,757			144,096			292,864			246,440
Other Asia		32,450			28,386			66,223			52,558
		1,219,572			1,055,726			2,386,514			2,015,743
United States:
Las Vegas Operating Properties		332,522			281,219			637,597			611,729
Sands Bethlehem		97,120			68,624			188,150			135,865
		429,642			349,843			825,747			747,594
Marina Bay Sands		737,569			216,393			1,322,494			216,393
Intersegment eliminations		(41,687	)		(27,486	)		(77,740	)		(50,366	)
Total net revenues	$	2,345,096		$	1,594,476		$	4,457,015		$	2,929,364

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Adjusted Property EBITDA(1)
Macau:
The Venetian Macao	$	258,366		$	192,829		$	486,766		$	362,744
Sands Macao		95,573			81,212			188,221			150,973
Four Seasons Macao		37,620			32,999			95,167			52,494
Other Asia		(9,230	)		(6,154	)		(13,836	)		(10,586	)
		382,329			300,886			756,318			555,625
United States:
Las Vegas Operating Properties		92,909			65,992			158,074			171,284
Sands Bethlehem		21,039			12,121			43,148			23,089
		113,948			78,113			201,222			194,373
Marina Bay Sands		405,359			94,466			689,830			94,466
Total adjusted property EBITDA		901,636			473,465			1,647,370			844,464
Other Operating Costs and Expenses
Stock-based compensation expense		(6,902	)		(8,763	)		(15,197	)		(14,571	)
Corporate expense		(42,376	)		(25,954	)		(79,952	)		(49,430	)
Rental expense		(10,034	)		(12,806	)		(23,190	)		(21,504	)
Pre-opening expense		(18,178	)		(50,118	)		(27,649	)		(87,577	)
Development expense		(2,420	)		(676	)		(2,993	)		(833	)
Depreciation and amortization		(206,161	)		(170,694	)		(396,398	)		(323,783	)
Loss on disposal of assets		(7,443	)		(37,679	)		(7,942	)		(38,171	)
Operating income		608,122			166,775			1,094,049			308,595
Other Non-Operating Costs and Expenses
Interest income		4,028			2,073			6,075			3,706
Interest expense, net of amounts capitalized		(70,592	)		(76,987	)		(144,177	)		(155,152	)
Other income (expense)		1,908			(6,201	)		(2,767	)		(12,649	)
Gain on early retirement of debt		—			961			—			3,137
Income tax expense		(54,374	)		(8,073	)		(99,585	)		(21,275	)
Net income	$	489,092		$	78,548		$	853,595		$	126,362

(1) Adjusted property EBITDA is net income before stock-based compensation expense, corporate expense, rental expense, pre-opening expense, development expense, depreciation and amortization, loss on disposal of assets, interest, other income (expense), gain on early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Intersegment Revenues
Macau:
The Venetian Macao	$	928	$	2,753	$	1,823	$	5,166
Other Asia		9,582		16,608		17,483		30,433
		10,510		19,361		19,306		35,599
Las Vegas Operating Properties		30,925		7,721		57,985		14,363
Singapore		252		404		449		404
Total intersegment revenues	$	41,687	$	27,486	$	77,740	$	50,366

	Six Months Ended
	June 30,
	2011		2010
Capital Expenditures
Corporate and Other	$	8,071	$	8,759
Macau:
The Venetian Macao		3,431		18,003
Sands Macao		2,070		1,374
Four Seasons Macao		7,660		15,624
Other Asia		4,142		2,409
Other Development Projects		339,172		85,993
		356,475		123,403
United States:
Las Vegas Operating Properties		15,844		9,192
Sands Bethlehem		36,042		22,177
		51,886		31,369
Marina Bay Sands		304,264		963,737
Total capital expenditures	$	720,696	$	1,127,268

	June 30,		December 31,
	2011		2010
Total Assets
Corporate and Other	$	1,342,991	$	1,574,180
Macau:
The Venetian Macao		3,634,032		3,194,598
Sands Macao		468,997		483,678
Four Seasons Macao		1,124,745		1,155,243
Other Asia		356,285		370,525
Other Development Projects		3,168,339		3,140,905
		8,752,398		8,344,949
United States:
Las Vegas Operating Properties		3,997,235		3,966,754
Sands Bethlehem		814,513		757,993
		4,811,748		4,724,747
Marina Bay Sands		6,830,020		6,400,432
Total assets	$	21,737,157	$	21,044,308

	June 30,		December 31,
	2011		2010
Total Long-Lived Assets
Corporate and Other	$	307,776	$	308,438
Macau:
The Venetian Macao		2,048,482		2,138,419
Sands Macao		300,958		315,380
Four Seasons Macao		1,006,648		1,024,302
Other Asia		223,236		230,640
Other Development Projects		2,679,949		2,303,959
		6,259,273		6,012,700
United States:
Las Vegas Operating Properties		3,324,056		3,429,997
Sands Bethlehem		625,797		608,021
		3,949,853		4,038,018
Marina Bay Sands		5,816,911		5,541,881
Total long-lived assets	$	16,333,813	$	15,901,037

XML



Organization and Business of Company

6 Months Ended

Jun. 30, 2011

Organization and Business of Company [Abstract]

ORGANIZATION AND BUSINESS OF COMPANY

NOTE 1 — ORGANIZATION AND BUSINESS OF COMPANY

The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and its subsidiaries (collectively the “Company”) for the year ended December 31, 2010. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America. In the opinion of management, all adjustments and normal recurring accruals considered necessary for a fair statement of the results for the interim period have been included. The interim results reflected in the unaudited condensed consolidated financial statements are not necessarily indicative of expected results for the full year. The Company’s common stock is traded on the New York Stock Exchange under the symbol “LVS.”

In November 2009, the Company’s subsidiary, Sands China Ltd. (“SCL,” the indirect owner and operator of the majority of the Company’s operations in the Macau Special Administrative Region (“Macau”) of the People’s Republic of China), completed an initial public offering by listing its ordinary shares (the “SCL Offering”) on The Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”). Immediately following the SCL Offering and several transactions consummated in connection with such offering, the Company owned 70.3% of the issued and outstanding ordinary shares of SCL. The shares of SCL were not, and will not, be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent a registration under the Securities Act of 1933, as amended, or an applicable exception from such registration requirements.

Operations

United States

Las Vegas

The Company owns and operates The Venetian Resort Hotel Casino (“The Venetian Las Vegas”), a Renaissance Venice-themed resort; The Palazzo Resort Hotel Casino (“The Palazzo”), a resort featuring modern European ambience and design; and an expo and convention center of approximately 1.2 million square feet (the “Sands Expo Center”). These Las Vegas properties, situated on or near the Las Vegas Strip, form an integrated resort with approximately 7,100 suites; approximately 225,000 square feet of gaming space; a meeting and conference facility of approximately 1.1 million square feet; an enclosed retail, dining and entertainment complex located within The Venetian Las Vegas of approximately 440,000 net leasable square feet (“The Grand Canal Shoppes”), which was sold to GGP Limited Partnership (“GGP”) in 2004; and an enclosed retail and dining complex located within The Palazzo of approximately 400,000 net leasable square feet (“The Shoppes at The Palazzo”), which was sold to GGP in February 2008. See “— Note 2 — Property and Equipment, Net” regarding the sale of The Shoppes at The Palazzo.

Pennsylvania

In May 2009, the Company partially opened Sands Casino Resort Bethlehem (the “Sands Bethlehem”), a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. The Sands Bethlehem currently features approximately 152,000 square feet of gaming space, which include table games operations that commenced in July 2010, a 300-room hotel tower, which opened in May 2011, an arts and cultural center, and the broadcast home of the local PBS affiliate. The Company has initiated construction activities on the remaining components of the integrated resort, which include an approximate 200,000-square-foot retail facility and a 50,000-square-foot multipurpose event center. Sands Bethlehem is also expected to be home to the National Museum of Industrial History. The Company owns 86% of the economic interest of the gaming, hotel and entertainment portion of the property through its ownership interest in Sands Bethworks Gaming LLC and more than 35% of the economic interest of the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC. As of June 30, 2011, the Company has capitalized construction costs of $686.8 million for this project (including $8.8 million in outstanding construction payables). The Company expects to spend approximately $40 million to complete construction of the project, on furniture, fixtures and equipment (“FF&E”) and other costs, and to pay outstanding construction payables, as noted above.

Macau

The Company currently owns 70.3% of SCL, which includes the operations of the Sands Macao, The Venetian Macao, Four Seasons Macao and other ancillary operations that support these properties, as further discussed below. The Company operates the gaming areas within these properties pursuant to a 20-year gaming subconcession.

The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macau. The Sands Macao offers approximately 197,000 square feet of gaming space and a 289-suite hotel tower, as well as several restaurants, VIP facilities, a theater and other high-end services and amenities.

The Company also owns and operates The Venetian Macao Resort Hotel (“The Venetian Macao”), which anchors the Cotai Strip^tm, the Company’s master-planned development of integrated resort properties in Macau. With a theme similar to that of The Venetian Las Vegas, The Venetian Macao includes a 39-floor luxury hotel with over 2,900 suites; approximately 550,000 square feet of gaming space; a 15,000-seat arena; an 1,800-seat theater; retail and dining space of approximately 1.0 million square feet; and a convention center and meeting room complex of approximately 1.2 million square feet.

The Company owns the Four Seasons Hotel Macao, Cotai Strip^tm (the “Four Seasons Hotel Macao”), which features 360 rooms and suites managed and operated by Four Seasons Hotels Inc. and is located adjacent and connected to The Venetian Macao. Connected to the Four Seasons Hotel Macao, the Company owns and operates the Plaza Casino (together with the Four Seasons Hotel Macao, the “Four Seasons Macao”), which features approximately 70,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 211,000 square feet, which is connected to the mall at The Venetian Macao; several food and beverage offerings; and conference, banquet and other facilities. This integrated resort will also feature the Four Seasons Apartment Hotel Macao, Cotai Strip^tm (the “Four Seasons Apartments”), an apart-hotel tower that consists of approximately 1.0 million square feet of Four Seasons-serviced and -branded luxury apart-hotel units and common areas. The Company has completed the structural work of the tower and expects to subsequently monetize units within the Four Seasons Apartments subject to market conditions and obtaining the necessary government approvals. As of June 30, 2011, the Company has capitalized $1.16 billion for the property, including the land premium and $15.3 million in outstanding construction payables. The Company expects to spend approximately $110 million primarily on additional costs to complete the Four Seasons Apartments, including FF&E and pre-opening costs, and to pay outstanding construction payables, as noted above.

Singapore

The Company owns and operates the Marina Bay Sands in Singapore, which partially opened on April 27, 2010, with additional portions opened progressively throughout 2010. The Marina Bay Sands features three 55-story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark^tm (which sits atop the hotel towers and features an infinity swimming pool and several dining options), approximately 160,000 square feet of gaming space, an enclosed retail, dining and entertainment complex of approximately 800,000 net leasable square feet, a convention center and meeting room complex of approximately 1.3 million square feet and theaters. In February 2011, the Marina Bay Sands opened a landmark iconic structure at the bay-front promenade that contains an art/science museum. As of June 30, 2011, the Company has capitalized 7.59 billion Singapore dollars (“SGD,” approximately $6.15 billion at exchange rates in effect on June 30, 2011) in costs for this project, including the land premium and SGD 228.5 million (approximately $185.2 million at exchange rates in effect on June 30, 2011) in outstanding construction payables. The Company expects to spend approximately SGD 590 million (approximately $478 million at exchange rates in effect on June 30, 2011) on additional costs to complete the construction of the integrated resort, FF&E and other costs, and to pay outstanding construction payables, as noted above. As the Company has obtained Singapore-denominated financing and primarily pays its costs in Singapore dollars, its exposure to foreign exchange gains and losses is expected to be minimal.

Development Projects

The Company has suspended portions of its development projects to focus its efforts on those projects with the highest expected rates of return on invested capital. Should general economic conditions fail to improve, if the Company is unable to obtain sufficient funding or applicable government approvals such that completion of its suspended projects is not probable, or should management decide to abandon certain projects, all or a portion of the Company’s investment to date on its suspended projects could be lost and would result in an impairment charge. In addition, the Company may be subject to penalties under the termination clauses in its construction contracts or termination rights under its management contracts with certain hotel management companies.

United States

The Company was constructing a high-rise residential condominium tower (the “Las Vegas Condo Tower”), located on the Las Vegas Strip between The Palazzo and The Venetian Las Vegas. The Company suspended construction activities for the project due to reduced demand for Las Vegas Strip condominiums and the overall decline in general economic conditions. The Company intends to recommence construction when demand and conditions improve and expects that it will take approximately 18 months thereafter to complete construction of the project. As of June 30, 2011, the Company has capitalized construction costs of $177.7 million for this project. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty.

Macau

The Company submitted plans to the Macau government for its other Cotai Strip developments, which represent three integrated resort developments, in addition to The Venetian Macao and Four Seasons Macao, on an area of approximately 200 acres (which are referred to as Sands Cotai Central (formerly referred to as parcels 5 and 6) and parcels 3 and 7 and 8). Subject to the approval from the Macau government, as discussed further below, the developments are expected to include hotels, exhibition and conference facilities, gaming areas, showrooms, shopping malls, spas, restaurants, entertainment facilities and other amenities. The Company had commenced construction or pre-construction activities on these developments and plans to operate the related gaming areas under the Company’s Macau gaming subconcession.

The Company is staging the construction of its Sands Cotai Central integrated resort development. Upon completion of phases I and II of the project, the integrated resort is expected to feature approximately 5,800 hotel rooms, approximately 300,000 square feet of gaming space, approximately 1.2 million square feet of retail, entertainment and dining facilities, exhibition and conference facilities and a multipurpose theater. Phase I of the project is expected to include two hotel towers, one of which will be managed by Sheraton International Inc. and Sheraton Overseas Management Co. (collectively “Starwood”) under its Sheraton brand, as well as completion of the structural work of an adjacent hotel tower to be managed by Starwood under its Sheraton Towers brand. The second hotel tower was to be managed by Shangri-La International Hotel Management Limited (“Shangri-La”); however, in March 2011, the Company and Shangri-La mutually agreed to terminate the hotel management agreement. This second tower will now be managed by Hilton Worldwide and InterContinental Hotels Group under their Conrad and Holiday Inn brands, respectively. The Company’s anticipated opening of phase I will be on a progressive schedule starting in the first quarter of 2012 with the opening of parcel 5, which will feature 600 five-star rooms and suites under the Conrad brand along with 1,200 four-star rooms and suites under the Holiday Inn brand. Parcel 5 will also open with a variety of retail offerings, more than 300,000 square feet of meeting space, several food and beverage establishments along with the 106,000 square foot casino and VIP gaming areas. Phase I also includes the opening of the first hotel tower on parcel 6, which will feature nearly 2,000 Sheraton-branded rooms, along with the second casino and the remaining dining, entertainment, retail and meeting facilities, and is currently scheduled to open in the third quarter of 2012. Phase II of the project consisting of the second hotel tower on parcel 6, which will feature an additional 2,000 rooms and suites under the Sheraton Towers brand, is projected to open in early 2013. The total cost to complete phases I and II is expected to be approximately $1.9 billion. Phase III of the project is expected to include a fourth hotel and mixed-use tower to be managed by Starwood under its St. Regis brand and the total cost is expected to be approximately $450 million. The Company has recommenced construction activities and is currently working with the Macau government to obtain sufficient construction labor for the project. The Company intends to commence construction of phase III of the project as demand and market conditions warrant it. As of June 30, 2011, the Company has capitalized costs of $2.48 billion for the entire project, including the land premium and $164.9 million in outstanding construction payables. The Company’s management agreement with Starwood imposes certain construction deadlines and opening obligations on the Company and certain past and/or anticipated delays, as described above, would allow Starwood to terminate its agreement. See “— Note 9 — Commitments and Contingencies — Other Agreements.” The Company is currently negotiating an amendment to the management agreement with Starwood to provide for new opening timelines.

The Company had commenced pre-construction activities on parcels 7 and 8 and 3, and has capitalized costs of $102.1 million for parcels 7 and 8 and $96.9 million for parcel 3 (including the land premium) as of June 30, 2011. The Company intends to commence construction after Sands Cotai Central is complete, necessary government approvals are obtained (including the land concession, see below), regional and global economic conditions improve, future demand warrants it and additional financing is obtained.

The impact of the delayed construction on the Company’s previously estimated cost to complete its Cotai Strip developments is currently not determinable. As of June 30, 2011, the Company has capitalized an aggregate of $6.87 billion in construction costs and land premiums for its Cotai Strip developments, including The Venetian Macao and Four Seasons Macao, as well as the Company’s investments in transportation infrastructure, including its passenger ferry service operations. In addition to funding phases I and II of Sands Cotai Central with the $1.75 billion VOL credit facility, the Company will need to arrange additional financing to fund the balance of its Cotai Strip developments and there is no assurance that the Company will be able to obtain any of the additional financing required.

Land concessions in Macau generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macau law. The Company has received land concessions from the Macau government to build on parcels 1, 2, 3 and 5 and 6, including the sites on which The Venetian Macao (parcel 1), the Four Seasons Macao (parcel 2) and Sands Cotai Central (parcels 5 and 6) are located. The Company does not own these land sites in Macau; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company is required to pay premiums for each parcel, which are either payable in a single lump sum upon acceptance of the land concessions by the Macau government or in seven semi-annual installments (provided that the outstanding balance is due upon the completion of the corresponding integrated resort), as well as annual rent for the term of the land concessions. During December 2010, the Company received notice from the Macau government that its application for a land concession for parcels 7 and 8 was not approved and the Company applied to the Chief Executive of Macau for a review of the decision. In January 2011, the Company filed an appeal with the Court of Second Instance in Macau, which has yet to issue a decision. Should the Company win its appeal, it is still possible for the Chief Executive of Macau to again deny the land concession based upon public policy considerations. If the Company does not obtain the land concession or does not receive full reimbursement of its capitalized investment in this project, the Company would record a charge for all or some portion of the $102.1 million in capitalized construction costs, as of June 30, 2011, related to its development on parcels 7 and 8.

Under the Company’s land concession for parcel 3, the Company was initially required to complete the corresponding development by August 2011. The Macau government has granted the Company a two-year extension to complete the development of parcel 3, which now must be completed by April 2013. The land concession for Sands Cotai Central contains a similar requirement that the corresponding development be completed by May 2014. The Company believes that if it is not able to complete the developments by the respective deadlines, it will likely be able to obtain extensions from the Macau government; however, no assurances can be given that additional extensions will be granted. If the Company is unable to meet the applicable deadlines and those deadlines are not extended, it could lose its land concessions for parcel 3 or Sands Cotai Central, which would prohibit the Company from operating any facilities developed under the respective land concessions. As a result, the Company could record a charge for all or some portion of its $96.9 million and $2.48 billion in capitalized construction costs and land premiums, as of June 30, 2011, related to its developments on parcel 3 or Sands Cotai Central, respectively.

Other

When the current economic environment and access to capital improve, the Company may continue exploring the possibility of developing and operating additional properties, including integrated resorts, in additional Asian and U.S. jurisdictions, and in Europe.

Development Financing Strategy

Through June 30, 2011, the Company has funded its development projects primarily through borrowings under its U.S., Macau and Singapore credit facilities, operating cash flows, proceeds from its equity offerings and proceeds from the disposition of non-core assets.

The U.S. credit facility, as amended in August 2010, requires the Company’s Las Vegas operations to comply with certain financial covenants at the end of each quarter, including maintaining a maximum leverage ratio of net debt, as defined, to trailing twelve-month adjusted earnings before interest, income taxes, depreciation and amortization, as defined (“Adjusted EBITDA”). The maximum leverage ratio is 6.5x for the quarter ended June 30, 2011, decreases to 6.0x for the quarterly periods ended September 30 and December 31, 2011, decreases to 5.5x for the quarterly periods ended March 31 and June 30, 2012, and then decreases to 5.0x for all quarterly periods thereafter through maturity. One of the Company’s Macau credit facilities, the VML credit facility, as amended in August 2009, requires certain of the Company’s Macau operations to comply with similar financial covenants, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 3.0x for the quarterly periods through maturity. The Company can elect to contribute up to $50 million and $20 million of cash on hand to its Las Vegas and relevant Macau operations, respectively, on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA by the corresponding amount during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio (the “EBITDA true-up”). The Singapore credit facility requires operations of Marina Bay Sands to comply with similar financial covenants commencing with the quarterly period ending September 30, 2011, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 5.5x for the quarterly period ending September 30, 2011, and then decreases by 0.25x every other quarter until it decreases to, and remains at, 3.75x for all quarterly periods thereafter through maturity (commencing with the quarterly period ending September 30, 2014). If the Company is unable to maintain compliance with the financial covenants under these credit facilities, it would be in default under the respective credit facilities. A default under the U.S. credit facility would trigger a cross-default under the Company’s airplane financings, which, if the respective lenders chose to accelerate the indebtedness outstanding under these agreements, would result in a default under the Company’s senior notes. A default under the VML credit facility would trigger a cross-default under the Company’s ferry financing. Any defaults or cross-defaults under these agreements would allow the lenders, in each case, to exercise their rights and remedies as defined under their respective agreements. If the lenders were to exercise their rights to accelerate the due dates of the indebtedness outstanding, there can be no assurance that the Company would be able to repay or refinance any amounts that may become due and payable under such agreements, which could force the Company to restructure or alter its operations or debt obligations.

In 2008, the Company completed a $475.0 million convertible senior notes offering and a $2.1 billion common and preferred stock and warrants offering. In 2009, the Company completed a $600.0 million exchangeable bond offering and its $2.5 billion SCL Offering. A portion of the proceeds from these offerings was used in the U.S. to pay down $775.9 million under the revolving portion of the U.S. credit facility in March 2010 and $1.0 billion under the term loan portions of the U.S. credit facility in August 2010, and to exercise the EBITDA true-up provision during the quarterly periods ended September 30, 2010 and March 31, 2011.

The Company held unrestricted and restricted cash and cash equivalents of approximately $3.48 billion and $443.8 million, respectively, as of June 30, 2011. The Company believes the cash on hand, cash flow generated from operations and available borrowings under its credit facilities will be sufficient to fund its developments currently under construction and maintain compliance with the financial covenants of its U.S., Macau and Singapore credit facilities. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof. The Company has recommenced construction activities at Sands Cotai Central using the proceeds from the $1.75 billion VOL credit facility together with $500.0 million of proceeds from the SCL Offering.

The Company is currently in the process of refinancing its VML and VOL credit facilities. The Company has received lender commitments for $3.7 billion and will have the option to raise incremental senior secured and unsecured debt under existing baskets within the new credit facility. See “— Note 3 — Long-Term Debt” for further disclosure.

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board issued authoritative guidance for fair value measurements, which requires new disclosures regarding significant transfers in and out of Level 1 and 2 fair value measurements and gross presentation of activity within the reconciliation for Level 3 fair value measurements. The guidance also clarifies existing requirements on the level of disaggregation and required disclosures regarding inputs and valuation techniques for both recurring and nonrecurring Level 2 and 3 fair value measurements. The guidance is effective for interim and annual reporting periods beginning after December 15, 2009, with the exception of gross presentation of Level 3 activity, which is effective for interim and annual reporting periods beginning after December 15, 2010. The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations or cash flows. See “— Note 8 — Fair Value Measurements” for the required disclosure.

In June 2011, the Financial Accounting Standards Board issued authoritative guidance that amends the presentation of comprehensive income in the financial statements by requiring an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The update also eliminates the option to present the components of other comprehensive income as part of the statement of equity. The guidance is effective for interim and annual reporting periods beginning on or after December 15, 2011, with early adoption permitted. The adoption of this guidance will not have a material effect on the Company’s financial condition, results of operations or cash flows.

XML



Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information [Abstract]

SEGMENT INFORMATION

NOTE 10 — SEGMENT INFORMATION

The Company’s principal operating and developmental activities occur in three geographic areas: United States, Macau and Singapore. The Company reviews the results of operations for each of its key operating segments: The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; Sands Bethlehem; Sands Macao; The Venetian Macao; Four Seasons Macao; and Other Asia (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to the Company’s properties in Macau); and Marina Bay Sands. The Company also reviews construction and development activities for each of its primary projects: The Venetian Las Vegas; The Palazzo; Sands Bethlehem; Sands Macao; The Venetian Macao; Four Seasons Macao; Other Asia; Marina Bay Sands; Other Development Projects (Sands Cotai Central and Cotai Strip parcels 3 and 7 and 8); and Corporate and Other (comprised primarily of airplanes and the Las Vegas Condo Tower). The Venetian Las Vegas and The Palazzo operating segments are managed as a single integrated resort and have been aggregated as one reportable segment (the “Las Vegas Operating Properties”), considering their similar economic characteristics, types of customers, types of service and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure. The information for the three and six months ended June 30, 2010, has been reclassified to conform to the current presentation. The Company’s segment information as of June 30, 2011 and December 31, 2010, and for the three and six months ended June 30, 2011 and 2010, is as follows (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net Revenues:
Macau:
The Venetian Macao	$	735,405		$	581,032		$	1,373,674		$	1,130,727
Sands Macao		330,960			302,212			653,753			586,018
Four Seasons Macao		120,757			144,096			292,864			246,440
Other Asia		32,450			28,386			66,223			52,558
		1,219,572			1,055,726			2,386,514			2,015,743
United States:
Las Vegas Operating Properties		332,522			281,219			637,597			611,729
Sands Bethlehem		97,120			68,624			188,150			135,865
		429,642			349,843			825,747			747,594
Marina Bay Sands		737,569			216,393			1,322,494			216,393
Intersegment eliminations		(41,687	)		(27,486	)		(77,740	)		(50,366	)
Total net revenues	$	2,345,096		$	1,594,476		$	4,457,015		$	2,929,364

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Adjusted Property EBITDA(1)
Macau:
The Venetian Macao	$	258,366		$	192,829		$	486,766		$	362,744
Sands Macao		95,573			81,212			188,221			150,973
Four Seasons Macao		37,620			32,999			95,167			52,494
Other Asia		(9,230	)		(6,154	)		(13,836	)		(10,586	)
		382,329			300,886			756,318			555,625
United States:
Las Vegas Operating Properties		92,909			65,992			158,074			171,284
Sands Bethlehem		21,039			12,121			43,148			23,089
		113,948			78,113			201,222			194,373
Marina Bay Sands		405,359			94,466			689,830			94,466
Total adjusted property EBITDA		901,636			473,465			1,647,370			844,464
Other Operating Costs and Expenses
Stock-based compensation expense		(6,902	)		(8,763	)		(15,197	)		(14,571	)
Corporate expense		(42,376	)		(25,954	)		(79,952	)		(49,430	)
Rental expense		(10,034	)		(12,806	)		(23,190	)		(21,504	)
Pre-opening expense		(18,178	)		(50,118	)		(27,649	)		(87,577	)
Development expense		(2,420	)		(676	)		(2,993	)		(833	)
Depreciation and amortization		(206,161	)		(170,694	)		(396,398	)		(323,783	)
Loss on disposal of assets		(7,443	)		(37,679	)		(7,942	)		(38,171	)
Operating income		608,122			166,775			1,094,049			308,595
Other Non-Operating Costs and Expenses
Interest income		4,028			2,073			6,075			3,706
Interest expense, net of amounts capitalized		(70,592	)		(76,987	)		(144,177	)		(155,152	)
Other income (expense)		1,908			(6,201	)		(2,767	)		(12,649	)
Gain on early retirement of debt		—			961			—			3,137
Income tax expense		(54,374	)		(8,073	)		(99,585	)		(21,275	)
Net income	$	489,092		$	78,548		$	853,595		$	126,362

(1) Adjusted property EBITDA is net income before stock-based compensation expense, corporate expense, rental expense, pre-opening expense, development expense, depreciation and amortization, loss on disposal of assets, interest, other income (expense), gain on early retirement of debt and income taxes. Adjusted property EBITDA is used by management as the primary measure of operating performance of the Company’s properties and to compare the operating performance of the Company’s properties with that of its competitors.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Intersegment Revenues
Macau:
The Venetian Macao	$	928	$	2,753	$	1,823	$	5,166
Other Asia		9,582		16,608		17,483		30,433
		10,510		19,361		19,306		35,599
Las Vegas Operating Properties		30,925		7,721		57,985		14,363
Singapore		252		404		449		404
Total intersegment revenues	$	41,687	$	27,486	$	77,740	$	50,366

	Six Months Ended
	June 30,
	2011		2010
Capital Expenditures
Corporate and Other	$	8,071	$	8,759
Macau:
The Venetian Macao		3,431		18,003
Sands Macao		2,070		1,374
Four Seasons Macao		7,660		15,624
Other Asia		4,142		2,409
Other Development Projects		339,172		85,993
		356,475		123,403
United States:
Las Vegas Operating Properties		15,844		9,192
Sands Bethlehem		36,042		22,177
		51,886		31,369
Marina Bay Sands		304,264		963,737
Total capital expenditures	$	720,696	$	1,127,268

	June 30,		December 31,
	2011		2010
Total Assets
Corporate and Other	$	1,342,991	$	1,574,180
Macau:
The Venetian Macao		3,634,032		3,194,598
Sands Macao		468,997		483,678
Four Seasons Macao		1,124,745		1,155,243
Other Asia		356,285		370,525
Other Development Projects		3,168,339		3,140,905
		8,752,398		8,344,949
United States:
Las Vegas Operating Properties		3,997,235		3,966,754
Sands Bethlehem		814,513		757,993
		4,811,748		4,724,747
Marina Bay Sands		6,830,020		6,400,432
Total assets	$	21,737,157	$	21,044,308

	June 30,		December 31,
	2011		2010
Total Long-Lived Assets
Corporate and Other	$	307,776	$	308,438
Macau:
The Venetian Macao		2,048,482		2,138,419
Sands Macao		300,958		315,380
Four Seasons Macao		1,006,648		1,024,302
Other Asia		223,236		230,640
Other Development Projects		2,679,949		2,303,959
		6,259,273		6,012,700
United States:
Las Vegas Operating Properties		3,324,056		3,429,997
Sands Bethlehem		625,797		608,021
		3,949,853		4,038,018
Marina Bay Sands		5,816,911		5,541,881
Total long-lived assets	$	16,333,813	$	15,901,037

XML



Equity and Earnings (Loss) Per Share (Details 1)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Earnings Per Share
Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share)	728,695,140	660,364,559	726,056,840	660,322,428
Potential dilution from stock options, restricted stock and warrants	82,579,566		85,186,355
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share)	811,274,706	660,364,559	811,243,195	660,322,428
Antidilutive stock options, restricted stock and warrants excluded from the calculation of diluted earnings (loss) per share	5,981,719	173,331,327	6,515,362	173,331,327

XML



Long -Term Debt (Tables)

6 Months Ended

Jun. 30, 2011

Long - Term Debt (Tables) [Abstract]

Long-term debt

	June 30,			December 31,
	2011			2010
Corporate and U.S. Related:
Senior Secured Credit Facility — Term B	$	2,146,352		$	2,157,199
Senior Secured Credit Facility — Delayed Draws I and II		716,711			720,332
6.375% Senior Notes (net of original issue discount of $634 and $720, respectively)		189,078			188,992
Airplane Financings		76,578			78,422
HVAC Equipment Lease		22,145			23,006
Other		3,413			3,868
Macau Related:
VML Credit Facility — Term B		1,465,789			1,483,789
VML Credit Facility — Term B Delayed		570,029			577,029
VOL Credit Facility — Term		749,918			749,930
Ferry Financing		157,504			175,011
Other		470			640
Singapore Related:
Singapore Credit Facility		3,958,995			3,980,435
Other		1,898			2,170
		10,058,880			10,140,823
Less — current maturities		(1,073,484	)		(767,068	)
Total long-term debt	$	8,985,396		$	9,373,755

Cash flows from financing activities related to long-term debt

	Six Months Ended
	June 30,
	2011			2010
Proceeds from Singapore Credit Facility	$	—		$	596,560
Repayments on Singapore Credit Facility	$	(198,940	)	$	—
Repayments on VML Credit Facility		(25,000	)		(375,036	)
Repayments on Senior Secured Credit Facility		(14,469	)		(795,860	)
Repayments on Ferry Financing		(17,508	)		(17,493	)
Repayments on Airplane Financings		(1,844	)		(1,844	)
Repayments on HVAC Equipment Lease		(861	)		(882	)
Repayments on FF&E Facility and Other Long-Term Debt		(896	)		(17,428	)
Repurchase and cancellation of Senior Notes		—			(56,675	)
	$	(259,518	)	$	(1,265,218	)

XML



Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 3,479,106	$ 3,037,081
Restricted cash and cash equivalents	171,228	164,315
Accounts receivable, net	968,988	716,919
Inventories	35,634	32,260
Deferred income taxes, net	14,713	61,606
Prepaid expenses and other	51,636	46,726
Total current assets	4,721,305	4,058,907
Property and equipment, net	14,892,790	14,502,197
Deferred financing costs, net	133,882	155,378
Restricted cash and cash equivalents	272,563	645,605
Deferred income taxes, net	9,259	10,423
Leasehold interests in land, net	1,441,023	1,398,840
Intangible assets, net	85,844	89,805
Other assets, net	180,491	183,153
Total assets	21,737,157	21,044,308
Current liabilities:
Accounts payable	92,953	113,505
Construction payables	383,489	516,981
Accrued interest payable	13,982	42,625
Other accrued liabilities	1,136,304	1,160,234
Income taxes payable	39,130	0
Current maturities of long-term debt	1,073,484	767,068
Total current liabilities	2,739,342	2,600,413
Other long-term liabilities	79,938	78,240
Deferred income taxes	133,859	115,219
Deferred proceeds from sale of The Shoppes at The Palazzo	266,184	243,928
Deferred gain on sale of The Grand Canal Shoppes	49,076	50,808
Deferred rent from mall transactions	116,712	147,378
Long-term debt	8,985,396	9,373,755
Total liabilities	12,370,507	12,609,741
Preferred stock, $0.001 par value, issued to Principal Stockholder's family, 5,250,000 shares issued and outstanding, after allocation of fair value of attached warrants, aggregate redemption/liquidation value of $577,500	549,651	503,379
Commitments and contingencies (Note 9)
Equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 2,406,123 and 3,614,923 shares issued and outstanding with warrants to purchase up to 2,178,171 and 22,663,212 shares of common stock	138,018	207,356
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 729,950,068 and 707,507,982 shares issued and outstanding	730	708
Capital in excess of par value	5,564,289	5,444,705
Accumulated other comprehensive income	218,495	129,519
Retained earnings	1,476,466	880,703
Total Las Vegas Sands Corp. stockholders' equity	7,397,998	6,662,991
Noncontrolling interests	1,419,001	1,268,197
Total equity	8,816,999	7,931,188
Total liabilities and equity	$ 21,737,157	$ 21,044,308

XML



Equity and Earnings (Loss) Per Share (Details Textual) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Class of Stock [Line Items]
Repurchase of preferred stock			$ 5,328,000
Preferred stock inducement and repurchase premiums	675,000	0	19,108,000	0
Equity and earnings (loss) per share (Textuals) [Abstract]
Warrants exercised			1,229,100
Common stock shares issued upon exercise of warrants			20,485,036
Exercise price of warrants	6.00		6.00
Cash tendered as settlement of the warrant exercise price			6,760,000
Preferred stock shares tendered as settlement of the warrant exercise price			1,161,500
Loss on disposition of majority owned subsidiary		3,700,000
Distribution to noncontrolling interests			5,863,000
Inducement Premium to Exercise Warrants [Member]
Class of Stock [Line Items]
Preferred stock inducement and repurchase premiums			16,500,000
Repurchase Premium on Preferred Stock [Member]
Class of Stock [Line Items]
Repurchase of preferred stock			5,300,000
Preferred stock inducement and repurchase premiums			$ 2,600,000
Repurchase of preferred stock, shares			47,300

XML



Condensed Consolidating Financial Information (Details 1) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Casino	$ 1,862,272	$ 1,294,301	$ 3,526,761	$ 2,356,071
Rooms	239,696	190,767	471,670	371,549
Food and beverage	146,016	105,079	291,409	197,158
Convention, retail and other	200,642	115,266	365,297	223,481
Gross revenue	2,448,626	1,705,413	4,655,137	3,148,259
Less - promotional allowances	(103,530)	(110,937)	(198,122)	(218,895)
Net revenues	2,345,096	1,594,476	4,457,015	2,929,364
Operating expenses:
Casino	974,413	790,947	1,895,949	1,485,582
Rooms	50,733	34,073	99,186	63,727
Food and beverage	73,135	47,798	144,838	92,101
Convention, retail and other	105,024	65,326	192,269	123,730
Provision for doubtful accounts	23,496	18,711	58,554	35,153
General and administrative	223,561	172,919	434,046	299,178
Corporate expense	42,376	25,954	79,952	49,430
Rental expense	10,034	12,806	23,190	21,504
Pre-opening expense	18,178	50,118	27,649	87,577
Development expense	2,420	676	2,993	833
Depreciation and amortization	206,161	170,694	396,398	323,783
(Gain) loss on disposal of assets	7,443	37,679	7,942	38,171
Total operating expenses	1,736,974	1,427,701	3,362,966	2,620,769
Operating income (loss)	608,122	166,775	1,094,049	308,595
Other income (expense):
Interest income	4,028	2,073	6,075	3,706
Interest expense, net of amounts capitalized	(70,592)	(76,987)	(144,177)	(155,152)
Other income (expense)	1,908	(6,201)	(2,767)	(12,649)
Gain on early retirement of debt	0	961	0	3,137
Income before income taxes	543,466	86,621	953,180	147,637
Income tax expense	(54,374)	(8,073)	(99,585)	(21,275)
Net income	489,092	78,548	853,595	126,362
Net income attributable to noncontrolling interests	(78,455)	(36,741)	(153,635)	(66,974)
Net income attributable to Las Vegas Sands Corp.	410,637	41,807	699,960	59,388
Las Vegas Sands Corp. [Member]
Revenues:
Less - promotional allowances	(172)	(115)	(335)	(247)
Net revenues	(172)	(115)	(335)	(247)
Operating expenses:
Corporate expense	37,069	22,036	70,049	42,307
Pre-opening expense	0	179	0	357
Development expense	2,420	676	2,993	833
Depreciation and amortization	4,478	3,017	8,661	6,036
(Gain) loss on disposal of assets	7,663	0	7,663	0
Total operating expenses	51,630	25,908	89,366	49,533
Operating income (loss)	(51,802)	(26,023)	(89,701)	(49,780)
Other income (expense):
Interest income	2,531	815	3,088	1,319
Interest expense, net of amounts capitalized	(3,450)	(3,886)	(6,900)	(8,164)
Gain on early retirement of debt	0	961	0	3,358
Income from equity investments in subsidiaries	442,863	85,577	771,802	136,167
Income before income taxes	390,142	57,444	678,289	82,900
Income tax expense	20,495	(15,637)	21,671	(23,512)
Net income	410,637	41,807	699,960	59,388
Net income attributable to Las Vegas Sands Corp.	410,637	41,807	699,960	59,388
Guarantor Subsidiaries [Member]
Revenues:
Casino	105,123	102,902	188,246	258,247
Rooms	112,931	120,169	225,805	240,236
Food and beverage	47,573	41,273	97,880	84,795
Convention, retail and other	69,156	44,070	133,699	95,092
Gross revenue	334,783	308,414	645,630	678,370
Less - promotional allowances	(16,217)	(40,794)	(33,843)	(91,444)
Net revenues	318,566	267,620	611,787	586,926
Operating expenses:
Casino	59,818	68,180	124,186	154,832
Rooms	33,981	25,040	66,229	48,251
Food and beverage	23,354	18,005	46,950	36,337
Convention, retail and other	21,561	18,137	42,714	37,837
Provision for doubtful accounts	495	9,355	6,591	17,695
General and administrative	63,702	63,460	124,434	120,035
Corporate expense	83	51	138	132
Pre-opening expense	15	1	15	3
Depreciation and amortization	63,800	57,671	116,613	116,130
(Gain) loss on disposal of assets	2,082	8,704	2,027	8,704
Total operating expenses	268,891	268,604	529,897	539,956
Operating income (loss)	49,675	(984)	81,890	46,970
Other income (expense):
Interest income	27,179	21,755	52,454	42,033
Interest expense, net of amounts capitalized	(22,862)	(27,144)	(45,934)	(56,708)
Other income (expense)	989	(255)	272	(271)
Income from equity investments in subsidiaries	368,364	83,098	646,086	108,654
Income before income taxes	423,345	76,470	734,768	140,678
Income tax expense	(17,969)	7,710	(27,021)	(730)
Net income	405,376	84,180	707,747	139,948
Net income attributable to noncontrolling interests	(1,292)	0	(1,292)	0
Net income attributable to Las Vegas Sands Corp.	404,084	84,180	706,455	139,948
Non-Guarantor Subsidiaries [Member]
Revenues:
Casino	1,757,149	1,191,399	3,338,515	2,097,824
Rooms	126,765	70,598	245,865	131,313
Food and beverage	98,443	63,806	193,529	112,363
Convention, retail and other	166,066	81,911	296,125	148,152
Gross revenue	2,148,423	1,407,714	4,074,034	2,489,652
Less - promotional allowances	(86,772)	(69,389)	(163,168)	(125,874)
Net revenues	2,061,651	1,338,325	3,910,866	2,363,778
Operating expenses:
Casino	915,146	723,336	1,772,891	1,331,926
Rooms	16,752	9,034	32,957	15,477
Food and beverage	51,289	31,387	100,852	58,986
Convention, retail and other	89,230	51,077	159,812	92,015
Provision for doubtful accounts	23,001	9,356	51,963	17,458
General and administrative	159,994	109,733	309,967	179,681
Corporate expense	32,212	8,867	60,364	16,991
Rental expense	10,034	12,806	23,190	21,504
Pre-opening expense	18,163	49,966	27,634	87,251
Depreciation and amortization	137,883	110,006	271,124	201,617
(Gain) loss on disposal of assets	(2,302)	28,975	(1,748)	29,467
Total operating expenses	1,451,402	1,144,543	2,809,006	2,052,373
Operating income (loss)	610,249	193,782	1,101,860	311,405
Other income (expense):
Interest income	1,301	846	2,593	1,356
Interest expense, net of amounts capitalized	(71,263)	(67,300)	(143,403)	(131,282)
Other income (expense)	919	(5,946)	(3,039)	(12,378)
Gain on early retirement of debt	0	0	0	(221)
Income before income taxes	541,206	121,382	958,011	168,880
Income tax expense	(56,900)	(146)	(94,235)	2,967
Net income	484,306	121,236	863,776	171,847
Net income attributable to noncontrolling interests	(77,163)	(36,741)	(152,343)	(66,974)
Net income attributable to Las Vegas Sands Corp.	407,143	84,495	711,433	104,873
Consolidating/ Eliminating Entries [Member]
Revenues:
Convention, retail and other	(34,580)	(10,715)	(64,527)	(19,763)
Gross revenue	(34,580)	(10,715)	(64,527)	(19,763)
Less - promotional allowances	(369)	(639)	(776)	(1,330)
Net revenues	(34,949)	(11,354)	(65,303)	(21,093)
Operating expenses:
Casino	(551)	(569)	(1,128)	(1,176)
Rooms	0	(1)	0	(1)
Food and beverage	(1,508)	(1,594)	(2,964)	(3,222)
Convention, retail and other	(5,767)	(3,888)	(10,257)	(6,122)
General and administrative	(135)	(274)	(355)	(538)
Corporate expense	(26,988)	(5,000)	(50,599)	(10,000)
Pre-opening expense	0	(28)	0	(34)
Total operating expenses	(34,949)	(11,354)	(65,303)	(21,093)
Operating income (loss)	0	0	0	0
Other income (expense):
Interest income	(26,983)	(21,343)	(52,060)	(41,002)
Interest expense, net of amounts capitalized	26,983	21,343	52,060	41,002
Income from equity investments in subsidiaries	(811,227)	(168,675)	(1,417,888)	(244,821)
Income before income taxes	(811,227)	(168,675)	(1,417,888)	(244,821)
Net income	(811,227)	(168,675)	(1,417,888)	(244,821)
Net income attributable to Las Vegas Sands Corp.	$ (811,227)	$ (168,675)	$ (1,417,888)	$ (244,821)

XML



Condensed Consolidating Financial Information (Details 2) (USD $)	1 Months Ended					6 Months Ended		12 Months Ended
	Aug. 31, 2011	May 31, 2011	Feb. 28, 2011	May 31, 2010	Feb. 28, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2008
Consolidating Statements of Cash Flows
Net cash generated from (used in) operating activities						$ 1,081,523,000	$ 637,905,000
Cash flows from investing activities:
Changes in restricted cash and cash equivalents						366,680,000	22,926,000
Capital expenditures						(720,696,000)	(1,127,268,000)
Proceeds from disposal of property and equipment						4,416,000	5,647,000
Purchases of investments							(173,774,000)
Acquisition of intangible assets						(575,000)	(43,305,000)
Net cash used in investing activities						(350,175,000)	(1,315,774,000)
Cash flows from financing activities:
Proceeds from exercise of stock options						14,330,000	3,923,000
Proceeds from exercise of warrants						6,760,000
Dividends paid to preferred stockholders	(19,140,000)	(19,219,000)	(19,598,000)	(23,350,000)	(23,350,000)	(38,817,000)	(46,700,000)
Distributions to noncontrolling interests						(5,863,000)
Proceeds from convertible senior notes from Principal Stockholder's family								475,000,000
Proceeds from Singapore credit facility							596,560,000
Repayments on Singapore credit facility						(198,940,000)
Repayments on VML credit facility						(25,000,000)	(375,036,000)
Repayments on senior secured credit facility						(14,469,000)	(795,860,000)
Repurchase and cancellation of senior notes							(56,675,000)
Repayments on ferry financing						(17,508,000)	(17,493,000)
Repayments on airplane financings						(1,844,000)	(1,844,000)
Repayments on HVAC equipment lease						(861,000)	(882,000)
Repayments on FF&E facility and other long-term debt						(896,000)	(17,428,000)
Repurchase of preferred stock						(5,328,000)
Preferred stock inducement premium						(16,493,000)
Payments of deferred financing costs						(57,000)	(54,365,000)
Net cash generated from (used in) financing activities						(304,986,000)	(765,800,000)
Effect of exchange rate on cash						15,663,000	7,088,000
Increase (decrease) in cash and cash equivalents						442,025,000	(1,436,581,000)
Cash and cash equivalents at beginning of period						3,037,081,000	4,955,416,000
Cash and cash equivalents at end of period						3,479,106,000	3,518,835,000
Las Vegas Sands Corp. [Member]
Consolidating Statements of Cash Flows
Net cash generated from (used in) operating activities						(82,787,000)	(60,730,000)
Cash flows from investing activities:
Capital expenditures						(6,898,000)	(5,246,000)
Acquisition of intangible assets						(100,000)
Dividends from Guarantor Subsidiaries						49,078,000	3,042,483,000
Capital contributions to subsidiaries						(50,000,000)	(2,700,000,000)
Net cash used in investing activities						(7,920,000)	337,237,000
Cash flows from financing activities:
Proceeds from exercise of stock options						13,030,000	3,923,000
Proceeds from exercise of warrants						6,760,000
Dividends paid to preferred stockholders						(38,817,000)	(46,700,000)
Repurchase and cancellation of senior notes							(56,675,000)
Repayments on airplane financings						(1,844,000)	(1,844,000)
Repurchase of preferred stock						(5,328,000)
Preferred stock inducement premium						(16,493,000)
Net cash generated from (used in) financing activities						(42,692,000)	(101,296,000)
Increase (decrease) in cash and cash equivalents						(133,399,000)	175,211,000
Cash and cash equivalents at beginning of period						1,031,844,000	254,256,000
Cash and cash equivalents at end of period						898,445,000	429,467,000
Guarantor Subsidiaries [Member]
Consolidating Statements of Cash Flows
Net cash generated from (used in) operating activities						139,097,000	190,889,000
Cash flows from investing activities:
Changes in restricted cash and cash equivalents						2,071,000	159,000
Capital expenditures						(16,951,000)	(12,545,000)
Proceeds from disposal of property and equipment							745,000
Notes receivable to non-guarantor subsidiaries						(34,171,000)	(72,723,000)
Dividends from non-guarantor subsidiaries						41,400,000	23,400,000
Capital contributions to subsidiaries							(16,500,000)
Net cash used in investing activities						(7,651,000)	(77,464,000)
Cash flows from financing activities:
Dividend paid to Las Vegas Sands Corp.						(49,078,000)	(3,042,483,000)
Distributions to noncontrolling interests						(1,292,000)
Capital contributions received						50,000,000	2,700,000,000
Repayments on senior secured credit facility						(14,469,000)	(795,860,000)
Repayments on HVAC equipment lease						(861,000)	(882,000)
Repayments on FF&E facility and other long-term debt							(16,700,000)
Net cash generated from (used in) financing activities						(15,700,000)	(1,155,925,000)
Increase (decrease) in cash and cash equivalents						115,746,000	(1,042,500,000)
Cash and cash equivalents at beginning of period						412,226,000	3,033,625,000
Cash and cash equivalents at end of period						527,972,000	1,991,125,000
Non-Guarantor Subsidiaries [Member]
Consolidating Statements of Cash Flows
Net cash generated from (used in) operating activities						1,025,213,000	507,746,000
Cash flows from investing activities:
Changes in restricted cash and cash equivalents						364,609,000	22,767,000
Capital expenditures						(696,847,000)	(1,109,477,000)
Proceeds from disposal of property and equipment						4,416,000	4,902,000
Purchases of investments							(173,774,000)
Acquisition of intangible assets						(475,000)	(43,305,000)
Net cash used in investing activities						(328,297,000)	(1,298,887,000)
Cash flows from financing activities:
Proceeds from exercise of stock options						1,300,000
Dividends paid to Guarantor Subsidiaries						(41,400,000)	(23,400,000)
Distributions to noncontrolling interests						(4,571,000)
Capital contributions received							16,500,000
Borrowings from Guarantor Subsidiaries						34,171,000	72,723,000
Proceeds from Singapore credit facility							596,560,000
Repayments on Singapore credit facility						(198,940,000)
Repayments on VML credit facility						(25,000,000)	(375,036,000)
Repayments on ferry financing						(17,508,000)	(17,493,000)
Repayments on FF&E facility and other long-term debt						(896,000)	(728,000)
Payments of deferred financing costs						(57,000)	(54,365,000)
Net cash generated from (used in) financing activities						(252,901,000)	214,761,000
Effect of exchange rate on cash						15,663,000	7,088,000
Increase (decrease) in cash and cash equivalents						459,678,000	(569,292,000)
Cash and cash equivalents at beginning of period						1,593,011,000	1,667,535,000
Cash and cash equivalents at end of period						2,052,689,000	1,098,243,000
Consolidating/ Eliminating Entries [Member]
Cash flows from investing activities:
Notes receivable to non-guarantor subsidiaries						34,171,000	72,723,000
Dividends from Guarantor Subsidiaries						(49,078,000)	(3,042,483,000)
Dividends from non-guarantor subsidiaries						(41,400,000)	(23,400,000)
Capital contributions to subsidiaries						50,000,000	2,716,500,000
Net cash used in investing activities						(6,307,000)	(276,660,000)
Cash flows from financing activities:
Dividend paid to Las Vegas Sands Corp.						49,078,000	3,042,483,000
Dividends paid to Guarantor Subsidiaries						41,400,000	23,400,000
Capital contributions received						(50,000,000)	(2,716,500,000)
Borrowings from Guarantor Subsidiaries						(34,171,000)	(72,723,000)
Net cash generated from (used in) financing activities						6,307,000	276,660,000
Cash and cash equivalents at beginning of period						0	0
Cash and cash equivalents at end of period						$ 0	$ 0

XML



Variable Interest Entities (Details) (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010
Variable Interest Entities (Textuals) [Abstract]
Total assets in joint ventures	$ 101.0	$ 95.3
Total liabilities in joint ventures	$ 89.9	$ 78.4