Note 5 — Leasehold Interests in Land, Net

Leasehold interests in land consist of the following (in thousands):


	December 31,
	2012			2011
Marina Bay Sands	$	1,125,136		$	1,056,942
Sands Cotai Central		191,653			148,393
The Venetian Macao		174,893			172,759
Four Seasons Macao		87,020			86,123
The Parisian Macao		73,916			73,524
Sands Macao		27,572			27,272

		1,680,190			1,565,013
Less — accumulated amortization		(221,449	)		(174,545	)

	$	1,458,741		$	1,390,468

The Company amortizes the leasehold interests in land on a straight-line basis over the expected term of the lease. Amortization expense of $40.2 million, $43.4 million and $41.3 million was included in amortization of leasehold interests in land expense for the years ended December 31, 2012, 2011 and 2010, respectively. The estimated future amortization expense is approximately $38.5 million for each of the next five years and $1.48 billion thereafter at exchange rates in effect on December 31, 2012.

Land concessions in Macao generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macao law. The Company has received land concessions from the Macao government to build on parcels 1, 2, 3 and 5 and 6; the sites on which The Venetian Macao (parcel 1), Four Seasons Macao (parcel 2) and Sands Cotai Central (parcels 5 and 6) are located and The Parisian Macao (parcel 3) will be located. The Company does not own these land sites in Macao; 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, as well as annual rent for the term of the land concessions.

During the year ended December 31, 2012, the Company made payments of 338.2 million patacas (approximately $42.4 million at exchange rates in effect on December 31, 2012) as partial payments of the land premium for Sands Cotai Central. The remaining semi-annual land premium payments for Sands Cotai Central of 184.3 million patacas each (approximately $23.1 million at exchange rates in effect on December 31, 2012) bear interest at 5% per annum and will be paid in 2013.

In addition to the land premium payments for the Macao leasehold interests in land, the Company is required to make annual rent payments in the amounts and at the times specified in the land concessions. The rent amounts may be revised every five years by the Macao government. As of December 31, 2012, the Company was obligated under its land concessions to make future premium and rental payments as follows (in thousands):


2013	$	49,636
2014		4,358
2015		5,004
2016		5,192
2017		5,287
Thereafter		81,301

	$	150,778