eh1100556_form8k.htm

0000950142-11-001359.txt : 20110726 0000950142-11-001359.hdr.sgml : 20110726 20110726162235 ACCESSION NUMBER: 0000950142-11-001359 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110726 DATE AS OF CHANGE: 20110726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAS VEGAS SANDS CORP CENTRAL INDEX KEY: 0001300514 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 270099920 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32373 FILM NUMBER: 11987675 BUSINESS ADDRESS: STREET 1: 3355 LAS VEGAS BOULEVARD, SOUTH STREET 2: ROOM 1A CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: (702) 414-1000 MAIL ADDRESS: STREET 1: 3355 LAS VEGAS BOULEVARD, SOUTH STREET 2: ROOM 1A CITY: LAS VEGAS STATE: NV ZIP: 89109 8-K 1 eh1100556_form8k.htm FORM 8-K eh1100556_form8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) July 26, 2011

LAS VEGAS SANDS CORP.
(Exact name of registrant as specified in its charter)
NEVADA
(State or other jurisdiction of incorporation)
001-32373	27-0099920
(Commission File Number)	(IRS Employer Identification No.)

3355 LAS VEGAS BOULEVARD SOUTH LAS VEGAS, NEVADA	89109
(Address of principal executive offices)	(Zip Code)

(702) 414-1000

(Registrant’s Telephone Number, Including Area Code)

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

	o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

	o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02

RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The following information is being furnished under Item 2.02 — Results of Operations and Financial Condition.

On July 26, 2011, Las Vegas Sands Corp. (the “Company”) issued a press release announcing its results of operations for the second quarter ended June 30, 2011. The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this item.

Within the Company’s second quarter 2011 press release, the Company makes reference to certain non-GAAP financial measures including “adjusted net income,” “adjusted earnings per diluted share,” and “adjusted property EBITDA,” which have directly comparable generally accepted accounting principles ("GAAP") financial measures. The Company believes that these measures represent important internal measures of financial performance. Whenever such information is presented, the Company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the Company’s management believes that the presentation of the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition, results of operations and cash flows are as follows:

Adjusted net income and adjusted earnings per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of gaming companies, as these non-GAAP measures are considered by many as an alternative measure on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations. Accordingly, these non-GAAP measures are presented so that investors have the same financial data that management uses in evaluating financial performance with the belief that it will assist the investment community in properly assessing the underlying financial performance of the Company on a year-over-year and a quarter sequential basis.

Adjusted property EBITDA is a supplemental non-GAAP financial measure used by management, as well as industry analysts, to evaluate operations and operating performance. In particular, management utilizes adjusted property EBITDA to compare the operating profitability of its casinos with those of its competitors, as well as a basis for determining certain incentive compensation. In arriving at adjusted property EBITDA, rental expense for the amortization of the leasehold interests in land is added to operating income (loss) because the Company believes this provides a better comparison of the Company’s operating profitability to that of its competitors. The Company is also presenting adjusted property EBITDA because it is used by some investors as a way to measure a company’s ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including Las Vegas Sands Corp., have historically excluded certain expenses that do not relate to the management of specific casino properties, such as pre-opening expense, development expense and corporate expense, from their EBITDA calculations. When evaluating adjusted property EBITDA, investors should consider, among other factors, (1) increasing or decreasing trends in adjusted property EBITDA and (2) how adjusted property EBITDA compares to levels of debt and interest expense. However, adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The Company has significant uses of cash flow, including capital expenditures, interest payments and debt principal repayments, which are not reflected in adjusted property EBITDA. Not all companies calculate EBITDA in the same manner. As a result, adjusted property EBITDA as presented by Las Vegas Sands Corp. may not be directly comparable to similarly titled measures presented by other companies. Adjusted property EBITDA consists of adjusted EBITDA for a particular property, such as The Venetian and The Palazzo in Las Vegas, The Venetian Macao, the Sands Macao and the Four Seasons Hotel Macao and Plaza Casino in Macau and the Marina Bay Sands in Singapore. Accordingly, the measures are presented so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in properly assessing the underlying performance of the Company on a year-over-year and a quarter sequential basis.

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS.

(d)	Exhibits.
99.1	Press Release, dated July 26, 2011.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: July 26, 2011

		LAS VEGAS SANDS CORP.
		By:	/s/ Kenneth J. Kay
			Name: Kenneth J. Kay Title: Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS

99.1	Press Release, dated July 26, 2011.

EX-99.1 2 eh1100556_form8k-ex9901.htm EXHIBIT 99.1 eh1100556_form8k-ex9901.htm

Exhibit 99.1

Las Vegas Sands Corp. Reports

Second Quarter 2011 Results

·	Consolidated Adjusted Property EBITDA Increases 90.4% to Record $901.6 Million on Record Net Revenue of $2.35 Billion

·	Consolidated Adjusted Property EBITDA Margin Increases 870 Basis Points to 38.4%

·	Marina Bay Sands Generates Adjusted Property EBITDA of $405.4 Million and EBITDA Margin of 55.0%

·	Macau Property Operations Adjusted Property EBITDA Increases 27.5% to Record $391.6 Million with EBITDA Margin of 33.0%

·	Consolidated Adjusted Earnings Per Diluted Share Reaches $0.54 Compared to $0.17 in the Second Quarter of 2010

Las Vegas, NV (July 26, 2011) — Las Vegas Sands Corp. (NYSE: LVS) today reported record financial results for the quarter ended June 30, 2011.

Company-Wide Operating Results

Net revenue for the second quarter of 2011 was a record $2.35 billion, an increase of 47.1% compared to $1.59 billion in the second quarter of 2010. Consolidated adjusted property EBITDA in the second quarter of 2011 increased 90.4% to $901.6 million, compared to $473.5 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 870 basis points to 38.4% in the second quarter of 2011, compared to 29.7% in the second quarter of 2010.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the second quarter of 2011 increased 264.6% to reach $608.1 million, compared to $166.8 million in the second quarter of 2010. The increase in operating income was principally due to stronger results across our portfolio of properties in Macau and at Marina Bay Sands in Singapore.

Adjusted net income (see Note 1) increased to $438.6 million, or $0.54 per diluted share, compared to $129.3 million, or $0.17 per diluted share, in the second quarter of 2010.

On a GAAP basis, net income attributable to common stockholders in the second quarter of 2011 increased to $367.6 million, compared to a net loss of $4.7 million in the second quarter of 2010. Diluted earnings per share in the second quarter of 2011 was $0.45, compared to a diluted loss per share of $0.01 in the prior year quarter. The improvement in our net income attributable to common stockholders of $368.8 million reflects the increase in operating income, partially offset by increases in net income attributable to noncontrolling interests (primarily Sands China Ltd.) and income tax expense.

Second Quarter Overview

We are pleased to report record financial results for the second quarter of 2011. We set quarterly records for both net revenue and adjusted property EBITDA during the quarter. Strong revenue growth and margin expansion in Macau, together with the continuing ramp of growth in all areas at Marina Bay Sands in Singapore contributed to excellent financial performance overall.

In Macau, we experienced increased gaming volumes in our Sands China property portfolio, while adjusted property EBITDA margin expanded to reach a market-leading 33.0%. The growth of our higher margin mass table and slot businesses, together with the contribution from the important non-gaming (hotel, retail and convention) components of our integrated resort business model, continue to drive significant margin improvement at Sands China. We look forward to building on our strong business momentum when we introduce in early 2012 our next integrated resort destination, the 13.7 million square foot development on parcels 5 and 6 on the COTAI Strip.

In Singapore, Marina Bay Sands produced a record $405.4 million of adjusted property EBITDA during the quarter and an EBITDA margin of 55.0%. Record VIP, mass gaming and slot volumes coupled with steady growth in non-gaming revenue streams including hotel, food and beverage, retail and entertainment reflect the broad appeal of the property to Singapore’s visitors from across the Asian region. Looking ahead, as the property continues to mature, we are confident that Marina Bay Sands will generate significant increases in business and leisure visitation to Singapore, provide an ideal platform for strong growth in gaming and non-gaming segments, and generate outstanding returns for our company.

In Las Vegas, The Venetian and Palazzo generated $92.9 million in adjusted property EBITDA during the quarter. Our quarterly results clearly reflect the implementation of our strategy to focus on cash-paying corporate group, convention and FIT customers, and to optimize our promotional activity for gaming customers as the Las Vegas market continues to recover. Table games drop was up modestly during the quarter, while slot handle naturally reflected the contraction expected with the decreased promotional activity. Cash revenues from occupied rooms increased by more than 18% compared to the same quarter last year. In addition, 97% of our occupied rooms during the quarter were sold to cash paying customers, compared to just 70% in the second quarter of 2010. Our average daily rate also increased 4.2% as our FIT, group meeting and convention businesses expanded. In Bethlehem, Sands Bethlehem produced another solid quarter reflecting healthy slot handle and growth from the introduction of table games play last year.

The financial benefits of our integrated resort business model, the successful execution of our deleveraging strategy, and the improving margin profile of our property portfolio in Asia are evident in

our financial results. While we achieved quarterly records for net revenue and adjusted property EBITDA, we are particularly gratified to report that the flow through to earnings was again outstanding, with adjusted earnings per diluted share increasing over 217% to reach $0.54 in the quarter, compared to just $0.17 in the quarter one year ago.

Sands China Ltd. Consolidated Financial Results

Sands China Ltd. is a majority-owned subsidiary of the company, which owns and operates the company’s integrated resort properties and other assets in Macau. On a GAAP basis, total net revenues for Sands China Ltd. increased 16.3% to $1.21 billion in the second quarter of 2011, compared to $1.04 billion in the second quarter of 2010. Adjusted property EBITDA for Sands China Ltd. increased 27.1% to $382.1 million in the second quarter of 2011, compared to $300.7 million in the second quarter of 2010. Net income for Sands China Ltd. increased 100.1% to $267.4 million in the second quarter of 2011, compared to $133.6 million in the second quarter of 2010.

The Venetian Macao Second Quarter Operating Results

The Venetian Macao continues to enjoy strong visitation and financial performance. The property delivered record adjusted property EBITDA of $258.4 million for the second quarter of 2011, an increase of 34% compared to the second quarter of 2010. Adjusted property EBITDA margin was 35.1%, an increase of 190 basis points over the second quarter of 2010. Gaming volumes grew in each segment of the business. Non-Rolling Chip drop was a record $1.02 billion for the quarter, an increase of 14.1% compared to the same quarter last year, while Non-Rolling Chip win percentage was 25.6%. Rolling Chip volume during the quarter increased 36.9% to $13.37 billion, while hold for the Rolling Chip segment was 3.46%. Slot handle was $858.2 million, an increase of 22.3% compared to the quarter one year ago. RevPAR increased 7.0% to $200, due to higher ADR, although occupancy was down as expected due to the implementation of a more targeted promotional policy for hotel rooms.

The following table summarizes our key operating results for The Venetian Macao for the second quarter of 2011 compared to the second quarter of 2010:

	Three Months Ended
The Venetian Macao Operations	June 30,
(Dollars in millions)	2011			2010			$ Change		Change
Revenues:
Casino	$	648.5		$	506.1		$	142.4		28.1%
Rooms		51.4			47.8			3.6		7.5%
Food and Beverage		16.3			15.5			0.8		5.2%
Retail and Other		43.7			37.9			5.8		15.3%
Less - Promotional Allowances		(24.5	)		(26.3	)		1.8		6.8%
Net Revenues	$	735.4		$	581.0		$	154.4		26.6%

Adjusted Property EBITDA	$	258.4		$	192.8		$	65.6		34.0%
EBITDA Margin %		35.1%			33.2%				1.9 pts

Operating Income	$	214.5		$	134.7		$	79.8		59.2%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume	$	13,369.9		$	9,765.6		$	3,604.3		36.9%
Rolling Chip Win %(1)		3.46%			3.36%				0.10 pts

Non-Rolling Chip Drop	$	1,024.2		$	897.7		$	126.5		14.1%
Non-Rolling Chip Win %(2)		25.6%			24.8%				0.8 pts

Slot Handle	$	858.2		$	701.6		$	156.6		22.3%
Slot Hold %(3)		6.7%			7.1%				-0.4 pts

Hotel Statistics

Occupancy %		89.7%			91.9%				-2.2 pts
Average Daily Rate (ADR)	$	223		$	203		$	20		9.9%
Revenue per Available Room (RevPAR)	$	200		$	187		$	13		7.0%

(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

(2)This compares to The Venetian Macao’s trailing 12 month Non-Rolling Chip win percentage of 26.9% (calculated before discounts).

(3)This compares to The Venetian Macao’s trailing 12 month slot hold percentage of 6.9% (calculated before slot club cash incentives).

Sands Macao Second Quarter Operating Results

Sands Macao’s strong second quarter operating performance reflected the Sands’ healthy competitive positioning on the Macau peninsula and the growth in the Macau market overall. Gaming volumes were stronger across the board, while margins significantly expanded. Adjusted property EBITDA was $95.6 million in the quarter, an increase of 17.7% compared to the second quarter of 2010. Adjusted property EBITDA margin was 28.9% for the quarter, compared to 26.9% for the year-ago quarter. Non-Rolling Chip drop increased 18.2% to $713.5 million, the strongest performance since the first quarter of 2008. Rolling Chip volume reached $7.75 billion for the quarter, an increase of 7.4% compared to the second quarter of 2010, reflecting increased play from both existing and new gaming promoters. Slot handle was another all-time property record of $462.6 million, reflecting strong high end slot play. Slot handle increased 13.8% compared to the quarter one year ago. RevPAR, ADR and occupancy were down

compared to the same quarter last year as expected due to the implementation of a more targeted promotional policy for hotel rooms.

The following table summarizes our key operating results for the Sands Macao for the second quarter of 2011 compared to the second quarter of 2010:

	Three Months Ended
Sands Macao Operations	June 30,
(Dollars in millions)	2011			2010			$ Change			Change

Revenues:
Casino	$	323.7		$	297.1		$	26.6			9.0%
Rooms		5.6			6.2			(0.6	)		-9.7%
Food and Beverage		10.0			9.9			0.1			1.0%
Retail and Other		2.1			1.2			0.9			75.0%
Less - Promotional Allowances		(10.4	)		(12.2	)		1.8			14.8%
Net Revenues	$	331.0		$	302.2		$	28.8			9.5%

Adjusted Property EBITDA	$	95.6		$	81.2		$	14.4			17.7%
EBITDA Margin %		28.9%			26.9%					2.0 pts

Operating Income	$	87.0		$	70.0		$	17.0			24.3%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume	$	7,753.3		$	7,220.9		$	532.4			7.4%
Rolling Chip Win %(1)		2.98%			3.05%					-0.07 pts

Non-Rolling Chip Drop	$	713.5		$	603.6		$	109.9			18.2%
Non-Rolling Chip Win %(2)		20.0%			20.7%					-0.7 pts

Slot Handle	$	462.6		$	406.6		$	56.0			13.8%
Slot Hold %(3)		5.8%			5.5%					0.3 pts

Hotel Statistics

Occupancy %		88.0%			97.8%					-9.8 pts
Average Daily Rate (ADR)	$	242		$	245		$	(3	)		-1.2%
Revenue per Available Room (RevPAR)	$	213		$	239		$	(26	)		-10.9%

(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

(2)This compares to the Sands Macao’s trailing 12 month Non-Rolling Chip win percentage of 20.3% (calculated before discounts).

(3)This compares to the Sands Macao’s trailing 12 month slot hold percentage of 6.0% (calculated before slot club cash incentives).

Four Seasons Hotel Macao and Plaza Casino Second Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated $37.6 million of adjusted property EBITDA for the second quarter of 2011. The operating results were negatively impacted by lower than expected Rolling Chip win percentage of 2.25% for the quarter, which was down compared to last year and below our expected range of Rolling Chip win percentage. The non-gaming aspects of the property continue to demonstrate healthy growth, with increases in ADR and RevPAR, while retail and other revenue was $15.8 million, a 125.7% increase compared to last year’s second quarter. Slot handle continued to

expand, reaching $200.6 million, an increase of 86.4% compared to last year’s second quarter. Non-Rolling Chip table games drop increased to $96.9 million. Non-rolling win was up 34.7% compared to the year ago quarter due to a higher table games hold rate this quarter compared to the same quarter last year. Hotel occupancy was 67.8% during the quarter, with ADR increasing 8.4% to $323, compared to $298 in the same quarter last year. RevPAR increased 6.3% to $219, due to higher ADR. Occupancy was down as expected due to the implementation of a more targeted promotional policy for hotel rooms.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the second quarter of 2011 compared to the second quarter of 2010:

	Three Months Ended
Four Seasons Hotel Macao and Plaza Casino Operations	June 30,
(Dollars in millions)	2011			2010			$ Change			Change

Revenues:
Casino	$	98.3		$	132.5		$	(34.2	)		-25.8%
Rooms		7.6			6.9			0.7			10.1%
Food and Beverage		5.4			5.4			-			0.0%
Retail and Other		15.8			7.0			8.8			125.7%
Less - Promotional Allowances		(6.3	)		(7.7	)		1.4			18.2%
Net Revenues	$	120.8		$	144.1		$	(23.3	)		-16.2%

Adjusted Property EBITDA	$	37.6		$	33.0		$	4.6			13.9%
EBITDA Margin %		31.2%			22.9%					8.3 pts

Operating Income	$	22.6		$	20.6		$	2.0			9.7%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume	$	3,355.7		$	4,845.0		$	(1,489.3	)		-30.7%
Rolling Chip Win %(1)		2.25%			3.07%					-0.82 pts

Non-Rolling Chip Drop	$	96.9		$	95.6		$	1.3			1.4%
Non-Rolling Chip Win %(2)		37.6%			28.4%					9.2 pts

Slot Handle	$	200.6		$	107.6		$	93.0			86.4%
Slot Hold %(3)		5.4%			5.6%					-0.2 pts

Hotel Statistics

Occupancy %		67.8%			69.1%					-1.3 pts
Average Daily Rate (ADR)	$	323		$	298		$	25			8.4%
Revenue per Available Room (RevPAR)	$	219		$	206		$	13			6.3%

(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

(2)This compares to the Plaza Casino’s trailing 12 month Non-Rolling Chip win percentage of 32.5% (calculated before discounts).

(3)This compares to the Plaza Casino’s trailing 12 month slot hold percentage of 6.2% (calculated before slot club cash incentives).

Marina Bay Sands Second Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $405.4 million and adjusted property EBITDA margin of 55.0%. Net revenue in the quarter was $737.6 million. The property

continued to build momentum during the quarter as additional dining, entertainment, group meeting, convention and exhibition, and retail offerings came online throughout the quarter.

Gaming volumes reflected strong growth in each segment of the business. Rolling Chip volume was a record $12.23 billion for the quarter. Non-Rolling Chip drop reached $1.11 billion with Non-Rolling Chip win percentage of 22.5%. Slot handle, which includes play from electronic table games, reached $2.38 billion for the quarter with slot hold percentage of 5.4%.

The Room, Food and Beverage, and Retail segments of the property all reflected growth as the property’s offerings and amenities continued to mature. Occupancy, Average Daily Rate and RevPAR all expanded during the quarter.

The following table summarizes our key operating results for Marina Bay Sands for the second quarter of 2011:

	Three Months Ended
Marina Bay Sands Operations	June 30,
(Dollars in millions)	2011

Revenues:
Casino	$	594.6
Rooms		61.6
Food and Beverage		45.4
Retail and Other		73.3
Less - Promotional Allowances		(37.3	)
Net Revenues	$	737.6

Adjusted Property EBITDA	$	405.4
EBITDA Margin %		55.0%

Operating Income	$	315.3

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume	$	12,228.8
Rolling Chip Win %(1)		2.99%

Non-Rolling Chip Drop	$	1,114.5
Non-Rolling Chip Win %		22.5%

Slot Handle	$	2,380.7
Slot Hold %		5.4%

Hotel Statistics

Occupancy %		90.8%
Average Daily Rate (ADR)	$	295
Revenue per Available Room (RevPAR)	$	268

(1)This compares to our expected Rolling Chip win percentage of 2.7% to 3.0% (calculated before discounts and commissions).

Las Vegas Second Quarter Operating Results

The Venetian and The Palazzo delivered $92.9 million of adjusted property EBITDA for the second quarter of 2011, an increase of 40.8% compared to the second quarter of 2010, and adjusted property EBITDA margin of 27.9%. Strong group meeting and convention business during the quarter drove an 18% increase in cash revenues from the sale of hotel rooms and a 12.4% increase in food and beverage revenues. 97% of occupied rooms during the quarter were sold to cash-paying customers, compared to just 70% in the second quarter of 2010. Promotional allowances were also significantly reduced. ADR increased 4.2% to $200, compared to $192 in the same quarter last year.

The following table summarizes our key operating results for our Las Vegas operations for the second quarter of 2011 compared to the second quarter of 2010:

	Three Months Ended
Las Vegas Operations	June 30,
(Dollars in millions)	2011			2010(1)			$ Change			Change

Revenues:
Casino	$	105.1		$	102.9		$	2.2			2.1%
Rooms		112.9			120.2			(7.3	)		-6.1%
Food and Beverage		63.4			56.4			7.0			12.4%
Retail, Royalty Fee and Other		68.0			43.6			24.4			56.0%
Less - Promotional Allowances		(16.9	)		(41.9	)		25.0			59.7%
Net Revenues	$	332.5		$	281.2		$	51.3			18.2%

Adjusted Property EBITDA	$	92.9		$	66.0		$	26.9			40.8%
EBITDA Margin %		27.9%			23.5%					4.4 pts

Operating Income	$	53.8		$	2.9		$	50.9			1,755.2%

Gaming Statistics
(Dollars in millions)

Table Games Drop	$	422.2		$	417.1		$	5.1			1.2%
Table Games Win %(2)		20.0%			13.8%					6.2 pts

Slot Handle	$	411.5		$	670.8		$	(259.3	)		-38.7%
Slot Hold %(3)		8.8%			7.8%					1.0 pts

Hotel Statistics

Occupancy %		88.8%			97.8%					-9.0 pts
Average Daily Rate (ADR)	$	200		$	192		$	8			4.2%
Revenue per Available Room (RevPAR)	$	177		$	187		$	(10	)		-5.3%

(1) Revenue amounts and hotel statistics have been reclassified to conform to the current presentation.

(2) This compares to our Las Vegas Operation’s trailing 12 month table games win percentage of 16.0% (calculated before discounts).

(3) This compares to our Las Vegas Operation’s trailing 12 month slot hold percentage of 8.0% (calculated before slot club cash incentives).

Sands Bethlehem Second Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $97.1 million and adjusted property EBITDA reached $21.0 million for the second quarter of 2011, an increase of 73.6% compared to the second

quarter of 2010, with an adjusted EBITDA margin of 21.7%, up 400 basis points compared to the second quarter of 2010. The introduction of 89 table games in July 2010 expanded the property’s offerings and produced $151.5 million of table games drop during the quarter. Table games win percentage was 14.0%. Slot handle was $947.9 million for the quarter with slot hold percentage of 7.2%. The property’s 300-room hotel tower opened during the quarter on May 27, 2011, and contributed $0.7 million of room revenue. The hotel, together with the addition of an events center later this year and the retail mall in early 2012, should contribute to future growth of both gaming and non-gaming revenues at the property in the future.

The following table summarizes our key operating results for Sands Bethlehem for the second quarter of 2011 compared to the second quarter of 2010:

	Three Months Ended
Sands Bethlehem Operations	June 30,
(Dollars in millions)	2011			2010(1)			$ Change			Change

Revenues:
Casino	$	92.0		$	65.0		$	27.0			41.5%
Rooms		0.7			0.0			0.7			N/A
Food and Beverage		5.5			4.4			1.1			25.0%
Retail and Other		3.6			1.9			1.7			89.5%
Less - Promotional Allowances		(4.7	)		(2.7	)		(2.0	)		-74.1%
Net Revenues	$	97.1		$	68.6		$	28.5			41.5%

Adjusted Property EBITDA	$	21.0		$	12.1		$	8.9			73.6%
EBITDA Margin %		21.7%			17.7%					4.0 pts

Operating Income	$	12.5		$	3.7		$	8.8			237.8%

Gaming Statistics
(Dollars in millions)

Table Games Drop	$	151.5		$	N/A		$	N/A			N/A
Table Games Win %		14.0%			N/A			N/A			N/A

Slot Handle	$	947.9		$	947.4		$	0.5			0.1%
Slot Hold %(2)		7.2%			6.9%					0.3 pts

Hotel Statistics

Occupancy %		49.1%			N/A			N/A			N/A
Average Daily Rate (ADR)	$	168		$	N/A		$	N/A			N/A
Revenue per Available Room (RevPAR)	$	83		$	N/A		$	N/A			N/A

(1) Table games were introduced at the property on July 18, 2010 and the hotel tower opened on May 27, 2011.

(2) This compares to Sands Bethlehem’s trailing 12 month slot hold percentage of 7.2% (calculated before slot club cash incentives).

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of losses from our CotaiJet ferry operation, was negative $9.2 million in the quarter.

Pre-opening expenses, related principally to Marina Bay Sands in Singapore and the Sheraton and St. Regis development on parcels 5 and 6 of the COTAI Strip in Macau, decreased to $18.2 million in the second quarter of 2011, compared to $50.1 million in the second quarter of 2010.

Depreciation and amortization expense was $206.2 million in the second quarter of 2011, compared to $170.7 million in the second quarter of 2010. The increase was principally driven by the opening of Marina Bay Sands in April 2010.

Interest expense, net of amounts capitalized, was $70.6 million for the second quarter of 2011, compared to $77.0 million during the second quarter of 2010. The decrease was principally the result of lowered debt balances outstanding in the quarter compared to the second quarter of 2010, as well as increased capitalized interest during the quarter related to the development of Parcels 5 and 6 in Macau. Our weighted average borrowing cost in the second quarter of 2011 was 4.03%. The closing of our previously announced financing in Macau is expected to meaningfully reduce our weighted average borrowing costs and to generate interest savings of approximately $97 million on an annualized basis. Capitalized interest was $31.8 million during the second quarter of 2011, compared to $22.7 million during the second quarter of 2010.

Corporate expense was $42.4 million in the second quarter of 2011, compared to $26.0 million in the second quarter of 2010. The increase was primarily driven by higher incentive compensation expenses attributable to the company’s improved financial and operating performance, as well as increased legal fees.

Other income, which was principally composed of foreign currency gains, was $1.9 million in the second quarter of 2011, compared to other expense of $6.2 million in the second quarter of 2010.

The company’s effective tax rate for the second quarter of 2011 was 10.0%. The tax rate is primarily driven by a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the second quarter of $78.5 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances as of June 30, 2011, were $3.48 billion, while restricted cash balances were $443.8 million. Of the restricted cash balances, $431.4 million pertains to construction for the Sheraton and St. Regis development on parcels 5 and 6 in Macau.

As of June 30, 2011, total debt outstanding, including the current portion, was $10.06 billion. Scheduled principal payments required for the remainder of 2011 total $543 million. The closing of our previously announced financing in Macau is expected to reduce the principal payments required for the remainder of 2011 by approximately $300 million, and to decrease principal payments in the years 2012 and 2013 by more than $1 billion in each year, such that total principal payments in 2012 and 2013 are expected to be approximately $470 million and $545 million, respectively.

Capital Expenditures

Capital expenditures during the second quarter totaled $388.2 million, including construction and development activities of $146.3 million at Marina Bay Sands, $211.4 million in Macau, $17.9 million at Sands Bethlehem, and $12.6 million in Las Vegas.

###

Conference Call Information

The company will host a conference call to discuss the company's results on Tuesday, July 26, 2011 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company’s website at www.lasvegassands.com.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificates and subconcession, infrastructure in Macau and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

Note 1

Adjusted net income excludes pre-opening expense, development expense, loss on disposal of assets, gain on early retirement of debt, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder’s family, and preferred stock inducement and repurchase premiums.

About Las Vegas Sands Corp.

Las Vegas Sands Corp. (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (integrated resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.

THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, and Sands Bethlehem in Eastern Pennsylvania are the company’s properties in the United States. In Singapore, the iconic MARINA BAY SANDS® is the most recent addition to the company’s portfolio.

Through its majority-owned subsidiary Sands China Ltd., the company also owns a collection of properties in Macau, including THE VENETIAN® Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at its COTAI STRIP® development, as well as the SANDS® Macao on the Macau peninsula.

The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the Sheraton and St. Regis hotel brands.

Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360 program and is an active community partner through its various charitable organizations.

Contacts:

Investment Community:	Daniel Briggs	(702) 414-1221
Media:	Ron Reese	(702) 414-3607

Las Vegas Sands Corp.

Second Quarter 2011 Results

Non-GAAP Reconciliations

Within the company’s second quarter 2011 press release, the company makes reference to certain non-GAAP financial measures including “adjusted net income,” “adjusted earnings per diluted share,” and “adjusted property EBITDA.” Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company’s management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.’s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.

Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, loss on disposal of assets, pre-opening expense, development expense, stock-based compensation, corporate expense, and rental expense. Reconciliations of GAAP operating income (loss) and GAAP net income (loss) attributable to Las Vegas Sands Corp. to adjusted property EBITDA are included in the financial schedules accompanying this release.


Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			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
		2,448,626			1,705,413			4,655,137			3,148,259
Less - promotional allowances		(103,530	)		(110,937	)		(198,122	)		(218,895	)
		2,345,096			1,594,476			4,457,015			2,929,364

Operating expenses:
Resort operations		1,450,362			1,129,774			2,824,842			2,099,471
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

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

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Measure

(In thousands)

(Unaudited)

The following are reconciliations of Operating Income (Loss) to Adjusted Property EBITDA:

Three Months Ended June 30, 2011


									Pre-Opening
				Depreciation		(Gain) Loss			and						(1)					Adjusted
	Operating			and		on Disposal			Development		Royalty			Stock-Based		Corporate		Rental		Property
	Income (Loss)			Amortization		of Assets			Expense		Fees			Compensation		Expense		Expense		EBITDA

The Venetian Macao	$	214,460		$	42,132	$	(1,093	)	$	18	$	-		$	1,821	$	-	$	1,028	$	258,366

Sands Macao		86,982			7,737		21			-		-			481		-		352		95,573

Four Seasons Hotel Macao and Plaza Casino		22,602			13,150		37			1,002		-			126		-		703		37,620

Macau Property Operations		324,044			63,019		(1,035	)		1,020		-			2,428		-		2,083		391,559

Las Vegas Operating Properties		53,811			65,037		(1,715	)		-		(27,111	)		2,887		-		-		92,909

Sands Bethlehem		12,508			7,532		-			484		-			515		-		-		21,039

United States Property Operations		66,319			72,569		(1,715	)		484		(27,111	)		3,402		-		-		113,948

Marina Bay Sands		315,292			62,078		56			274		22,334			760		-		4,565		405,359

Other Asia (2)		(18,522	)		3,843		4			133		5,000			312		-		-		(9,230	)

Other Development		(24,718	)		174		2,471			18,687		-			-		-		3,386		-

Corporate		(54,293	)		4,478		7,662			-		(223	)		-		42,376		-		-

	$	608,122		$	206,161	$	7,443		$	20,598	$	-		$	6,902	$	42,376	$	10,034	$	901,636

Three Months Ended June 30, 2010


									Pre-Opening
				Depreciation		(Gain) Loss			and					(1)					Adjusted
	Operating			and		on Disposal			Development		Royalty		Stock-Based		Corporate		Rental		Property
	Income (Loss)			Amortization		of Assets			Expense		Fees		Compensation		Expense		Expense		EBITDA

The Venetian Macao	$	134,667		$	51,073	$	218		$	-	$	-	$	1,859	$	-	$	5,012	$	192,829

Sands Macao		70,009			10,373		(278	)		-		-		754		-		354		81,212

Four Seasons Hotel Macao and Plaza Casino		20,553			10,218		-			780		-		118		-		1,330		32,999

Macau Property Operations		225,229			71,664		(60	)		780		-		2,731		-		6,696		307,040

Las Vegas Operating Properties		2,923			58,874		277			-		-		3,918		-		-		65,992

Sands Bethlehem		3,679			7,034		-			840		-		568		-		-		12,121

United States Property Operations		6,602			65,908		277			840		-		4,486		-		-		78,113

Marina Bay Sands		52,043			25,282		(9	)		13,409		-		1,266		-		2,475		94,466

Other Asia (2)		(10,523	)		4,043		-			46		-		280		-		-		(6,154	)

Other Development		(77,605	)		780		37,471			35,719		-		-		-		3,635		-

Corporate		(28,971	)		3,017		-			-		-		-		25,954		-		-

	$	166,775		$	170,694	$	37,679		$	50,794	$	-	$	8,763	$	25,954	$	12,806	$	473,465

Six Months Ended June 30, 2011


									Pre-Opening
				Depreciation		(Gain) Loss			and						(1)					Adjusted
	Operating			and		on Disposal			Development		Royalty			Stock-Based		Corporate		Rental		Property
	Income (Loss)			Amortization		of Assets			Expense		Fees			Compensation		Expense		Expense		EBITDA

The Venetian Macao	$	395,301		$	85,411	$	(720	)	$	215	$	-		$	3,262	$	-	$	3,297	$	486,766

Sands Macao		170,895			15,549		122			-		-			950		-		705		188,221

Four Seasons Hotel Macao and Plaza Casino		65,282			26,504		122			1,631		-			221		-		1,407		95,167

Macau Property Operations		631,478			127,464		(476	)		1,846		-			4,433		-		5,409		770,154

Las Vegas Operating Properties		85,129			119,117		(1,778	)		-		(50,862	)		6,468		-		-		158,074

Sands Bethlehem		26,626			14,853		-			639		-			1,030		-		-		43,148

United States Property Operations		111,755			133,970		(1,778	)		639		(50,862	)		7,498		-		-		201,222

Marina Bay Sands		512,019			117,984		743			2,844		41,275			2,717		-		12,248		689,830

Other Asia (2)		(32,549	)		7,970		2			192		10,000			549		-		-		(13,836	)

Other Development		(32,792	)		349		1,789			25,121		-			-		-		5,533		-

Corporate		(95,862	)		8,661		7,662			-		(413	)		-		79,952		-		-

	$	1,094,049		$	396,398	$	7,942		$	30,642	$	-		$	15,197	$	79,952	$	23,190	$	1,647,370

Six Months Ended June 30, 2010


									Pre-Opening
				Depreciation		(Gain) Loss			and					(1)					Adjusted
	Operating			and		on Disposal			Development		Royalty		Stock-Based		Corporate		Rental		Property
	Income (Loss)			Amortization		of Assets			Expense		Fees		Compensation		Expense		Expense		EBITDA

The Venetian Macao	$	248,554		$	104,235	$	272		$	-	$	-	$	2,619	$	-	$	7,064	$	362,744

Sands Macao		128,829			20,815		(589	)		-		-		1,211		-		707		150,973

Four Seasons Hotel Macao and Plaza Casino		24,731			24,571		(5	)		988		-		224		-		1,985		52,494

Macau Property Operations		402,114			149,621		(322	)		988		-		4,054		-		9,756		566,211

Las Vegas Operating Properties		44,240			118,990		277			-		-		7,777		-		-		171,284

Sands Bethlehem		7,311			13,892		-			875		-		1,011		-		-		23,089

United States Property Operations		51,551			132,882		277			875		-		8,788		-		-		194,373

Marina Bay Sands		52,043			25,282		(9	)		13,409		-		1,266		-		2,475		94,466

Other Asia (2)		(19,054	)		7,961		-			44		-		463		-		-		(10,586	)

Other Development		(122,593	)		2,001		38,225			73,094		-		-		-		9,273		-

Corporate		(55,466	)		6,036		-			-		-		-		49,430		-		-

	$	308,595		$	323,783	$	38,171		$	88,410	$	-	$	14,571	$	49,430	$	21,504	$	844,464

(1) During the three months ended June 30, 2011 and 2010, the Company recorded stock-based compensation expense of $13.1 million and $13.8 million, respectively, of which $6.1 million and $4.8 million, respectively, is included in corporate expense and $0.1 million and $0.2 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations. During the six months ended June 30, 2011 and 2010, the Company recorded stock-based compensation expense of $33.3 million and $28.9 million, respectively, of which $17.9 million and $12.5 million, respectively, is included in corporate expense and $0.2 million and $1.8 million, respectively, is included in pre-opening and development expense on the Company's condensed consolidated statements of operations.

(2) Primarily includes the results of the CotaiJet ferry operations

Exhibit 2


Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)


The following is a reconciliation of Net Income Attributable to Las Vegas Sands Corp. to Adjusted Property EBITDA:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net income attributable to Las Vegas Sands Corp.	$	410,637		$	41,807		$	699,960		$	59,388
Add (deduct):
Net income attributable to noncontrolling interests		78,455			36,741			153,635			66,974
Income tax expense		54,374			8,073			99,585			21,275
Gain on early retirement of debt		-			(961	)		-			(3,137	)
Other (income) expense		(1,908	)		6,201			2,767			12,649
Interest expense, net of amounts capitalized		70,592			76,987			144,177			155,152
Interest income		(4,028	)		(2,073	)		(6,075	)		(3,706	)
Loss on disposal of assets		7,443			37,679			7,942			38,171
Depreciation and amortization		206,161			170,694			396,398			323,783
Development expense		2,420			676			2,993			833
Pre-opening expense		18,178			50,118			27,649			87,577
Stock-based compensation (1)		6,902			8,763			15,197			14,571
Rental expense		10,034			12,806			23,190			21,504
Corporate expense		42,376			25,954			79,952			49,430

Adjusted Property EBITDA	$	901,636		$	473,465		$	1,647,370		$	844,464


(1) See prior page (Exhibit 2)

_______________________

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2011			2010			2011			2010

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 Hotel Macao and Plaza Casino		120,757			144,096			292,864			246,440
Las Vegas Operating Properties		332,522			281,219			637,597			611,729
Sands Bethlehem		97,120			68,624			188,150			135,865
Marina Bay Sands		737,569			216,393			1,322,494			216,393
Other Asia		32,450			28,386			66,223			52,558
Eliminations		(41,687	)		(27,486	)		(77,740	)		(50,366	)

	$	2,345,096		$	1,594,476		$	4,457,015		$	2,929,364

_______________________

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net Revenues
(Unaudited)

	Three Months Ended			Six Months Ended
	June 30,			June 30,
		2011	2010		2011	2010
The Venetian Macao		35.1%	33.2%		35.4%	32.1%
Sands Macao		28.9%	26.9%		28.8%	25.8%
Four Seasons Hotel Macao and Plaza Casino		31.2%	22.9%		32.5%	21.3%
Las Vegas Operating Properties		27.9%	23.5%		24.8%	28.0%
Sands Bethlehem		21.7%	17.7%		22.9%	17.0%
Marina Bay Sands		55.0%	43.7%		52.2%	43.7%
Other Asia		-28.4%	-21.7%		-20.9%	-20.1%

Total		38.4%	29.7%		37.0%	28.8%

Exhibit 3


Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted Share
(In thousands, except share and per share data)
(Unaudited)


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011		2010			2011		2010

Net income (loss) attributable to common stockholders	$	367,607	$	(4,679	)	$	595,763	$	(33,584	)

Pre-opening expense, net		18,131		50,118			27,165		87,577
Development expense, net		2,420		676			2,993		833
Loss on disposal of assets, net		7,443		37,679			7,942		38,171
Gain on early retirement of debt		-		(961	)		-		(3,137	)
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		-

Adjusted net income	$	438,631	$	129,319		$	738,060	$	182,832


Per diluted share of common stock:
Net income (loss) attributable to common stockholders	$	0.46	$	(0.01	)	$	0.74	$	(0.04	)

Pre-opening expense, net		0.02		0.07			0.03		0.11
Development expense, net		-		-			-		-
Loss on disposal of assets, net		0.01		0.05			0.01		0.05
Gain on early retirement of debt		-		-			-		-
Preferred stock dividends		0.02		0.03			0.05		0.06
Accretion to redemption value of preferred stock
issued to Principal Stockholder's family		0.03		0.03			0.06		0.06
Preferred stock inducement and repurchase premiums		-		-			0.02		-

Adjusted earnings per diluted share	$	0.54	$	0.17		$	0.91	$	0.24

Weighted average diluted shares outstanding		811,274,706		782,625,373			811,243,195		776,713,399

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010

Room Statistics:
The Venetian Macao:
Occupancy %		89.7%		91.9%		88.1%		92.4%
Average daily room rate (ADR) (1)	$	223	$	203	$	225	$	203
Revenue per available room (RevPAR) (2)	$	200	$	187	$	198	$	187

Sands Macao:
Occupancy %		88.0%		97.8%		86.5%		97.6%
Average daily room rate (ADR) (1)	$	242	$	245	$	247	$	253
Revenue per available room (RevPAR) (2)	$	213	$	239	$	213	$	247

Four Seasons Hotel Macao and Plaza Casino:
Occupancy %		67.8%		69.1%		66.2%		71.0%
Average daily room rate (ADR) (1)	$	323	$	298	$	331	$	288
Revenue per available room (RevPAR) (2)	$	219	$	206	$	220	$	204

Las Vegas Operating Properties:
Occupancy %		88.8%		97.8%		86.4%		94.5%
Average daily room rate (ADR) (1)	$	200	$	192	$	206	$	199
Revenue per available room (RevPAR) (2)	$	177	$	187	$	178	$	188

Sands Bethlehem:
Occupancy %		49.1%		N/A		49.1%		N/A
Average daily room rate (ADR) (1)	$	168		N/A	$	168		N/A
Revenue per available room (RevPAR) (2)	$	83		N/A	$	83		N/A

Marina Bay Sands:
Occupancy %		90.8%		54.9%		88.6%		54.9%
Average daily room rate (ADR) (1)	$	295	$	226	$	290	$	226
Revenue per available room (RevPAR) (2)	$	268	$	124	$	257	$	124

Casino Statistics:
The Venetian Macao:
Table games win per unit per day (3)	$	13,269	$	10,193	$	12,276	$	9,973
Slot machine win per unit per day (4)	$	295	$	251	$	279	$	252
Average number of table games		600		594		599		596
Average number of slot machines		2,154		2,181		2,152		2,183

Sands Macao:
Table games win per unit per day (3)	$	9,926	$	9,116	$	9,875	$	8,889
Slot machine win per unit per day (4)	$	257	$	209	$	267	$	211
Average number of table games		414		416		415		415
Average number of slot machines		1,157		1,180		1,145		1,173

Four Seasons Hotel Macao and Plaza Casino:
Table games win per unit per day (3)	$	10,420	$	16,579	$	13,988	$	13,818
Slot machine win per unit per day (4)	$	627	$	352	$	662	$	426
Average number of table games		118		117		118		117
Average number of slot machines		190		187		192		185

Las Vegas Operating Properties:
Table games win per unit per day (3)	$	4,032	$	2,762	$	3,586	$	4,420
Slot machine win per unit per day (4)	$	152	$	212	$	147	$	202
Average number of table games		230		230		228		232
Average number of slot machines		2,608		2,701		2,666		2,779

Sands Bethlehem:
Table games win per unit per day (3)	$	2,550		N/A	$	2,698		N/A
Slot machine win per unit per day (4)	$	249	$	229	$	244	$	224
Average number of table games		91		N/A		84		N/A
Average number of slot machines		3,024		3,121		3,020		3,170

Marina Bay Sands:
Table games win per unit per day (3)	$	11,185	$	5,255	$	9,936	$	5,255
Slot machine win per unit per day (4)	$	611	$	364	$	568	$	364
Average number of table games		606		588		610		588
Average number of slot machines		2,297		1,523		2,293		1,523

(1) ADR is calculated by dividing total room revenue by total rooms occupied.

(2) RevPAR is calculated by dividing total room revenue by total rooms available.

(3) Table games win per unit per day is shown before discounts and commissions.

(4) Slot machine win per unit per day is shown before deducting cost for slot points.

Exhibit 5

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