Note 18 — Condensed Consolidating Financial Information

LVSLLC, VCR, Mall Intermediate Holding Company, LLC, Venetian Transport, LLC, Venetian Marketing, Inc., Lido Intermediate Holding Company, LLC, Lido Casino Resort Holding Company, LLC, Sands Expo & Convention Center, Inc. (formerly 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 “Restricted Subsidiaries”), are all guarantors under the Senior Secured Credit Facility. The noncontrolling interest amounts included in the Restricted Subsidiaries’ condensed consolidating financial information are 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; however, 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 Restricted Subsidiaries, and therefore are included in the “Restricted Subsidiaries” columns in the following condensed consolidating financial information. As a result, net liabilities of $17.3 million (consisting of $250.8 million of property and equipment, offset by $268.1 million of liabilities consisting primarily of deferred proceeds from the sale) and $3.0 million (consisting of $264.1 million of property and equipment, offset by $267.1 million of liabilities consisting primarily of deferred proceeds from the sale) as of December 31, 2012 and 2011, respectively, and a net loss (consisting primarily of depreciation expense) of $15.1 million, $19.5 million and $9.9 million for the years ended December 31, 2012, 2011 and 2010, respectively, related to the mall and are being accounted for by the Restricted Subsidiaries. These balances and amounts are not collateral for the Senior Secured Credit Facility.

The condensed consolidating financial information of LVSC, the Restricted Subsidiaries and the non-restricted subsidiaries on a combined basis as of December 31, 2012 and 2011, and for each of the three years in the period ended December 31, 2012, is as follows (in thousands):

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2012


	Las Vegas Sands Corp.		Restricted Subsidiaries		Non-Restricted Subsidiaries		Consolidating/ Eliminating Entries			Total
Cash and cash equivalents	$	7,962	$	182,402	$	2,322,402	$	—		$	2,512,766
Restricted cash and cash equivalents		—		34		4,487		—			4,521
Intercompany receivables		209,961		62,968		—		(272,929	)		—
Intercompany notes receivables		—		1,100,000		237,161		(1,337,161	)		—
Accounts receivable, net		6,646		259,691		1,552,923		—			1,819,260
Inventories		3,501		13,081		27,293		—			43,875
Deferred income taxes, net		5,687		—		87		(3,475	)		2,299
Prepaid expenses and other		13,257		12,223		69,313		—			94,793

Total current assets		247,014		1,630,399		4,213,666		(1,613,565	)		4,477,514
Property and equipment, net		173,065		3,329,824		12,263,859		—			15,766,748
Investments in subsidiaries		7,045,198		4,657,313		—		(11,702,511	)		—
Deferred financing costs, net		238		12,528		201,699		—			214,465
Restricted cash and cash equivalents		—		1,068		870		—			1,938
Intercompany receivables		6,109		54,982		—		(61,091	)		—
Intercompany notes receivable		—		928,728		—		(928,728	)		—
Deferred income taxes, net		3,665		39,429		—		186			43,280
Leasehold interests in land, net		—		—		1,458,741		—			1,458,741
Intangible assets, net		690		—		69,928		—			70,618
Other assets, net		243		18,994		111,111		—			130,348

Total assets	$	7,476,222	$	10,673,265	$	18,319,874	$	(14,305,709	)	$	22,163,652

Accounts payable	$	9,948	$	25,007	$	71,543	$	—		$	106,498
Construction payables		5,318		7,680		330,374		—			343,372
Intercompany payables		—		173,698		99,231		(272,929	)		—
Intercompany notes payable		237,161		—		1,100,000		(1,337,161	)		—
Accrued interest payable		82		1,050		14,410		—			15,542
Other accrued liabilities		42,318		235,882		1,617,283		—			1,895,483
Income taxes payable		—		4		164,122		—			164,126
Deferred income taxes		—		3,475		—		(3,475	)		—
Current maturities of long-term debt		3,688		90,649		3,465		—			97,802

Total current liabilities		298,515		537,445		3,400,428		(1,613,565	)		2,622,823
Other long-term liabilities		48,506		9,776		75,654		—			133,936
Intercompany payables		—		—		61,091		(61,091	)		—
Intercompany notes payable		—		—		928,728		(928,728	)		—
Deferred income taxes		—		—		185,759		186			185,945
Deferred amounts related to mall transactions		—		430,271		—		—			430,271
Long-term debt		67,359		2,753,745		7,311,161		—			10,132,265

Total liabilities		414,380		3,731,237		11,962,821		(2,603,198	)		13,505,240

Total Las Vegas Sands Corp. stockholders’ equity		7,061,842		6,941,623		4,760,888		(11,702,511	)		7,061,842
Noncontrolling interests		—		405		1,596,165		—			1,596,570

Total equity		7,061,842		6,942,028		6,357,053		(11,702,511	)		8,658,412

Total liabilities and equity	$	7,476,222	$	10,673,265	$	18,319,874	$	(14,305,709	)	$	22,163,652

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2011


	Las Vegas Sands Corp.		Restricted Subsidiaries		Non-Restricted Subsidiaries		Consolidating/ Eliminating Entries			Total
Cash and cash equivalents	$	12,849	$	689,642	$	3,200,227	$	—		$	3,902,718
Restricted cash and cash equivalents		—		185		4,643		—			4,828
Intercompany receivables		127,302		43,793		—		(171,095	)		—
Accounts receivable, net		1,047		226,869		1,108,901		—			1,336,817
Inventories		2,434		9,633		22,923		—			34,990
Deferred income taxes, net		38,806		32,867		519		—			72,192
Prepaid expenses and other		10,263		4,259		31,085		—			45,607

Total current assets		192,701		1,007,248		4,368,298		(171,095	)		5,397,152
Property and equipment, net		137,044		3,391,316		11,502,619		—			15,030,979
Investments in subsidiaries		7,891,281		6,263,974		—		(14,155,255	)		—
Deferred financing costs, net		608		20,677		152,351		—			173,636
Restricted cash and cash equivalents		—		2,315		—		—			2,315
Intercompany receivables		31,162		128,270		—		(159,432	)		—
Intercompany notes receivable		—		794,286		—		(794,286	)		—
Deferred income taxes, net		544		—		—		(391	)		153
Leasehold interests in land, net		—		—		1,390,468		—			1,390,468
Intangible assets, net		690		—		79,378		—			80,068
Other assets, net		112		18,778		150,462		—			169,352

Total assets	$	8,254,142	$	11,626,864	$	17,643,576	$	(15,280,459	)	$	22,244,123

Accounts payable	$	15,084	$	23,397	$	65,632	$	—		$	104,113
Construction payables		280		4,477		355,152		—			359,909
Intercompany payables		—		119,203		51,892		(171,095	)		—
Accrued interest payable		4,674		1,087		25,907		—			31,668
Other accrued liabilities		28,100		212,279		1,198,731		—			1,439,110
Income taxes payable		—		4		108,056		—			108,060
Current maturities of long-term debt		3,688		30,561		421,597		—			455,846

Total current liabilities		51,826		391,008		2,226,967		(171,095	)		2,498,706
Other long-term liabilities		26,215		10,723		52,507		—			89,445
Intercompany payables		65,201		—		94,231		(159,432	)		—
Intercompany notes payable		—		—		794,286		(794,286	)		—
Deferred income taxes		—		48,471		157,358		(391	)		205,438
Deferred amounts related to mall transactions		—		434,251		—		—			434,251
Long-term debt		260,211		2,839,369		6,477,551		—			9,577,131

Total liabilities		403,453		3,723,822		9,802,900		(1,125,204	)		12,804,971

Total Las Vegas Sands Corp. stockholders’ equity		7,850,689		7,902,637		6,252,618		(14,155,255	)		7,850,689
Noncontrolling interests		—		405		1,588,058		—			1,588,463

Total equity		7,850,689		7,903,042		7,840,676		(14,155,255	)		9,439,152

Total liabilities and equity	$	8,254,142	$	11,626,864	$	17,643,576	$	(15,280,459	)	$	22,244,123

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2012


	Las Vegas Sands Corp.			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	512,647		$	8,495,511		$	—		$	9,008,158
Rooms		—			446,241			707,783			—			1,154,024
Food and beverage		—			173,111			455,417			—			628,528
Mall		—			—			396,927			—			396,927
Convention, retail and other		—			294,047			359,342			(156,357	)		497,032

		—			1,426,046			10,414,980			(156,357	)		11,684,669
Less — promotional allowances		(1,109	)		(84,613	)		(466,177	)		(1,638	)		(553,537	)

Net revenues		(1,109	)		1,341,433			9,948,803			(157,995	)		11,131,132

Operating expenses:
Casino		—			288,999			4,841,526			(2,489	)		5,128,036
Rooms		—			138,356			98,951			(4	)		237,303
Food and beverage		—			85,206			250,258			(4,254	)		331,210
Mall		—			—			68,763			—			68,763
Convention, retail and other		—			84,957			239,904			(20,598	)		304,263
Provision for doubtful accounts		—			28,987			210,345			—			239,332
General and administrative		—			268,834			793,916			(815	)		1,061,935
Corporate		188,187			443			148,213			(129,813	)		207,030
Pre-opening		—			1,909			141,893			(7	)		143,795
Development		19,973			—			—			(15	)		19,958
Depreciation and amortization		19,921			222,709			649,416			—			892,046
Amortization of leasehold interests in land		—			—			40,165			—			40,165
Impairment loss		—			—			143,674			—			143,674
(Gain) loss on disposal of assets		(1	)		389			1,852			—			2,240

		228,080			1,120,789			7,628,876			(157,995	)		8,819,750

Operating income (loss)		(229,189	)		220,644			2,319,927			—			2,311,382
Other income (expense):
Interest income		281			135,153			21,700			(133,882	)		23,252
Interest expense, net of amounts capitalized		(4,841	)		(91,870	)		(295,735	)		133,882			(258,564	)
Other income (expense)		(47	)		792			4,995			—			5,740
Loss on modification or early retirement of debt		(2,831	)		(1,599	)		(14,804	)		—			(19,234	)
Income from equity investments in subsidiaries		1,705,354			1,398,367			—			(3,103,721	)		—

Income before income taxes		1,468,727			1,661,487			2,036,083			(3,103,721	)		2,062,576
Income tax benefit (expense)		55,366			(45,505	)		(190,624	)		—			(180,763	)

Net income		1,524,093			1,615,982			1,845,459			(3,103,721	)		1,881,813
Net income attributable to noncontrolling interests		—			(2,733	)		(354,987	)		—			(357,720	)

Net income attributable to Las Vegas Sands Corp.	$	1,524,093		$	1,613,249		$	1,490,472		$	(3,103,721	)	$	1,524,093

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2011


	Las Vegas Sands Corp.			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	430,758		$	7,006,244		$	—		$	7,437,002
Rooms		—			450,487			549,548			—			1,000,035
Food and beverage		—			186,894			411,929			—			598,823
Mall		—			—			325,123			—			325,123
Convention, retail and other		—			280,349			362,050			(141,048	)		501,351

		—			1,348,488			8,654,894			(141,048	)		9,862,334
Less — promotional allowances		(720	)		(75,238	)		(374,060	)		(1,571	)		(451,589	)

Net revenues		(720	)		1,273,250			8,280,834			(142,619	)		9,410,745

Operating expenses:
Casino		—			266,203			3,744,193			(2,509	)		4,007,887
Rooms		—			136,416			73,636			—			210,052
Food and beverage		—			88,485			223,807			(4,846	)		307,446
Mall		—			—			59,183			—			59,183
Convention, retail and other		—			87,779			274,582			(24,252	)		338,109
Provision for doubtful accounts		—			14,532			135,924			—			150,456
General and administrative		—			254,139			583,472			(687	)		836,924
Corporate		165,120			280			130,608			(110,314	)		185,694
Pre-opening		—			15			65,818			(8	)		65,825
Development		11,312			—			—			(3	)		11,309
Depreciation and amortization		18,493			228,013			547,898			—			794,404
Amortization of leasehold interests in land		—			—			43,366			—			43,366
(Gain) loss on disposal of assets		7,662			2,590			(49	)		—			10,203

		202,587			1,078,452			5,882,438			(142,619	)		7,020,858

Operating income (loss)		(203,307	)		194,798			2,398,396			—			2,389,887
Other income (expense):
Interest income		3,702			112,218			9,867			(111,393	)		14,394
Interest expense, net of amounts capitalized		(13,856	)		(95,993	)		(284,493	)		111,393			(282,949	)
Other income (expense)		171			(1,946	)		(2,180	)		—			(3,955	)
Loss on modification or early retirement of debt		—			(503	)		(22,051	)		—			(22,554	)
Income from equity investments in subsidiaries		1,716,119			1,443,385			—			(3,159,504	)		—

Income before income taxes		1,502,829			1,651,959			2,099,539			(3,159,504	)		2,094,823
Income tax benefit (expense)		57,294			(57,111	)		(211,887	)		—			(211,704	)

Net income		1,560,123			1,594,848			1,887,652			(3,159,504	)		1,883,119
Net income attributable to noncontrolling interests		—			(2,495	)		(320,501	)		—			(322,996	)

Net income attributable to Las Vegas Sands Corp.	$	1,560,123		$	1,592,353		$	1,567,151		$	(3,159,504	)	$	1,560,123

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2010


	Las Vegas Sands Corp.			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Revenues:
Casino	$	—		$	496,637		$	5,036,451		$	—		$	5,533,088
Rooms		—			445,458			352,041			—			797,499
Food and beverage		—			159,285			287,273			—			446,558
Mall		—			—			186,617			—			186,617
Convention, retail and other		—			218,586			218,297			(82,708	)		354,175

		—			1,319,966			6,080,679			(82,708	)		7,317,937
Less — promotional allowances		(597	)		(155,394	)		(305,744	)		(3,020	)		(464,755	)

Net revenues		(597	)		1,164,572			5,774,935			(85,728	)		6,853,182

Operating expenses:
Casino		—			300,083			2,951,842			(2,698	)		3,249,227
Rooms		—			99,066			44,261			(1	)		143,326
Food and beverage		—			69,644			144,397			(6,085	)		207,956
Mall		—			—			43,771			—			43,771
Convention, retail and other		—			75,041			172,721			(16,855	)		230,907
Provision for doubtful accounts		—			30,277			67,485			—			97,762
General and administrative		—			239,561			444,882			(1,145	)		683,298
Corporate		93,262			270			74,200			(58,884	)		108,848
Pre-opening		654			7			114,232			(60	)		114,833
Development		1,783			—			—			—			1,783
Depreciation and amortization		12,578			224,372			458,021			—			694,971
Amortization of leasehold interests in land		—			—			41,302			—			41,302
Impairment loss		—			—			16,057			—			16,057
Loss on disposal of assets		1,605			9,423			27,527			—			38,555

		109,882			1,047,744			4,600,698			(85,728	)		5,672,596

Operating income (loss)		(110,479	)		116,828			1,174,237			—			1,180,586
Other income (expense):
Interest income		3,614			89,522			3,735			(87,924	)		8,947
Interest expense, net of amounts capitalized		(15,380	)		(106,463	)		(272,894	)		87,924			(306,813	)
Other income (expense)		(1,500	)		3,325			(10,085	)		—			(8,260	)
Gain (loss) on modification or early retirement of debt		3,358			(21,692	)		(221	)		—			(18,555	)
Income from equity investments in subsidiaries		709,794			589,784			—			(1,299,578	)		—

Income before income taxes		589,407			671,304			894,772			(1,299,578	)		855,905
Income tax benefit (expense)		9,987			(10,055	)		(74,234	)		—			(74,302	)

Net income		599,394			661,249			820,538			(1,299,578	)		781,603
Net income attributable to noncontrolling interests		—			—			(182,209	)		—			(182,209	)

Net income attributable to Las Vegas Sands Corp.	$	599,394		$	661,249		$	638,329		$	(1,299,578	)	$	599,394

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Year Ended December 31, 2012


									Consolidating/
	Las Vegas		Restricted			Non-Restricted			Eliminating
	Sands Corp.		Subsidiaries			Subsidiaries			Entries			Total
Net income	$	1,524,093	$	1,615,982		$	1,845,459		$	(3,103,721	)	$	1,881,813
Currency translation adjustment, net of reclassification adjustment		168,974		143,570			172,788			(312,544	)		172,788

Total comprehensive income		1,693,067		1,759,552			2,018,247			(3,416,265	)		2,054,601
Comprehensive income attributable to noncontrolling interests		—		(2,733	)		(358,801	)		—			(361,534	)

Comprehensive income attributable to Las Vegas Sands Corp.	$	1,693,067	$	1,756,819		$	1,659,446		$	(3,416,265	)	$	1,693,067

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Year Ended December 31, 2011


										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net income	$	1,560,123		$	1,594,848		$	1,887,652		$	(3,159,504	)	$	1,883,119
Currency translation adjustment		(35,415	)		(28,876	)		(32,793	)		64,291			(32,793	)

Total comprehensive income		1,524,708			1,565,972			1,854,859			(3,095,213	)		1,850,326
Comprehensive income attributable to noncontrolling interests		—			(2,495	)		(323,123	)		—			(325,618	)

Comprehensive income attributable to Las Vegas Sands Corp.	$	1,524,708		$	1,563,477		$	1,531,736		$	(3,095,213	)	$	1,524,708

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Year Ended December 31, 2010


								Consolidating/
	Las Vegas		Restricted		Non-Restricted			Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries			Entries			Total
Net income	$	599,394	$	661,249	$	820,538		$	(1,299,578	)	$	781,603
Currency translation adjustment		102,771		87,465		98,518			(190,236	)		98,518

Total comprehensive income		702,165		748,714		919,056			(1,489,814	)		880,121
Comprehensive income attributable to noncontrolling interests		—		—		(177,956	)		—			(177,956	)

Comprehensive income attributable to Las Vegas Sands Corp.	$	702,165	$	748,714	$	741,100		$	(1,489,814	)	$	702,165

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Year Ended December 31, 2012


										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from operating activities	$	2,544,296		$	2,176,525		$	2,895,080		$	(4,558,144	)	$	3,057,757

Cash flows from investing activities:
Change in restricted cash and cash equivalents		—			1,398			(705	)		—			693
Capital expenditures		(50,903	)		(156,678	)		(1,241,653	)		—			(1,449,234	)
Proceeds from disposal of property and equipment		—			454			2,455			—			2,909
Intercompany receivable to non-restricted subsidiaries		(20,297	)		—			—			20,297			—
Repayments of receivable from non-restricted subsidiaries		—			683			—			(683	)		—
Notes receivable to Las Vegas Sands Corp.		—			—			(237,161	)		237,161			—
Notes receivable to non-restricted subsidiaries		—			(9,773	)		—			9,773			—
Dividends received from non-restricted subsidiaries		—			2,564,500			—			(2,564,500	)		—
Capital contributions to subsidiaries		(64	)		(2,485,000	)		—			2,485,064			—

Net cash used in investing activities		(71,264	)		(84,416	)		(1,477,064	)		187,112			(1,445,632	)

Cash flows from financing activities:
Proceeds from exercise of stock options		34,668			—			11,572			—			46,240
Proceeds from exercise of warrants		528,908			—			—			—			528,908
Dividends paid		(3,085,256	)		—			(357,056	)		—			(3,442,312	)
Distributions to noncontrolling interests		—			(2,733	)		(7,733	)		—			(10,466	)
Deemed distribution to Principal Stockholder		—			—			(18,576	)		—			(18,576	)
Dividends paid to Las Vegas Sands Corp.		—			(2,568,900	)		(181,191	)		2,750,091			—
Dividends paid to Restricted Subsidiaries		—			—			(4,372,553	)		4,372,553			—
Capital contributions received		—			—			2,485,064			(2,485,064	)		—
Borrowings from Las Vegas Sands Corp.		—			—			20,297			(20,297	)		—
Borrowings from Restricted Subsidiaries		—			—			9,773			(9,773	)		—
Borrowings from non-restricted subsidiaries		237,161			—			—			(237,161	)		—
Repayments on borrowings from Restricted Subsidiaries		—			—			(683	)		683			—
Proceeds from 2012 Singapore credit facility		—			—			3,951,486			—			3,951,486
Proceeds from senior secured credit facility		—			400,000			—			—			400,000
Repayments on Singapore credit facility		—			—			(3,635,676	)		—			(3,635,676	)
Repayments on senior secured credit facility		—			(425,555	)		—			—			(425,555	)
Redemption of senior notes		(189,712	)		—			—			—			(189,712	)
Repayments on ferry financing		—			—			(140,337	)		—			(140,337	)
Repayments on airplane financings		(3,688	)		—			—			—			(3,688	)
Repayments on HVAC equipment lease		—			(1,623	)		—			—			(1,623	)
Repayments on other long-term debt		—			(538	)		(2,569	)		—			(3,107	)
Payments of deferred financing costs		—			—			(100,888	)		—			(100,888	)

Net cash used in financing activities		(2,477,919	)		(2,599,349	)		(2,339,070	)		4,371,032			(3,045,306	)

Effect of exchange rate on cash		—			—			43,229			—			43,229

Increase (decrease) in cash and cash equivalents		(4,887	)		507,240			(877,825	)		—			(1,389,952	)
Cash and cash equivalents at beginning of year		12,849			689,642			3,200,227			—			3,902,718

Cash and cash equivalents at end of year	$	7,962		$	182,402		$	2,322,402		$	—		$	2,512,766

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Year Ended December 31, 2011


	Las Vegas Sands Corp.			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net cash generated from (used in) operating activities	$	(42,087	)	$	404,322		$	2,503,999		$	(203,738	)	$	2,662,496

Cash flows from investing activities:
Change in restricted cash and cash equivalents		—			4,295			800,099			—			804,394
Capital expenditures		(21,355	)		(49,268	)		(1,437,870	)		—			(1,508,493	)
Proceeds from disposal of property and equipment		—			—			6,093			—			6,093
Acquisition of intangible assets		(100	)		—			—			—			(100	)
Repayments of receivable from non-restricted subsidiaries		—			1,200			—			(1,200	)		—
Notes receivable to non-restricted subsidiaries		—			(50,766	)		—			50,766			—
Dividends received from non-restricted subsidiaries		—			94,472			—			(94,472	)		—
Capital contributions to subsidiaries		(50,026	)		—			—			50,026			—

Net cash used in investing activities		(71,481	)		(67	)		(631,678	)		5,120			(698,106	)

Cash flows from financing activities:
Proceeds from exercise of stock options		23,238			—			2,267			—			25,505
Proceeds from exercise of warrants		12,512			—			—			—			12,512
Dividends paid		(75,297	)		—			—			—			(75,297	)
Distributions to noncontrolling interests		—			(2,495	)		(7,893	)		—			(10,388	)
Dividends paid to Las Vegas Sands Corp.		—			(143,738	)		—			143,738			—
Dividends paid to Restricted Subsidiaries		—			—			(154,472	)		154,472			—
Capital contributions received		—			50,000			26			(50,026	)		—
Borrowings from Restricted Subsidiaries		—			—			50,766			(50,766	)		—
Repayments on borrowings from Restricted Subsidiaries		—			—			(1,200	)		1,200			—
Proceeds from 2011 VML credit facility		—			—			3,201,535			—			3,201,535
Repayments on VML credit facility		—			—			(2,060,819	)		—			(2,060,819	)
Repayments on VOL credit facility		—			—			(749,660	)		—			(749,660	)
Repayments on Singapore credit facility		—			—			(418,564	)		—			(418,564	)
Repayments on senior secured credit facility		—			(28,937	)		—			—			(28,937	)
Repayments on ferry financing		—			—			(35,002	)		—			(35,002	)
Repayments on airplane financings		(3,688	)		—			—			—			(3,688	)
Repayments on HVAC equipment lease		—			(1,669	)		—			—			(1,669	)
Repayments on other long-term debt		—			—			(1,971	)		—			(1,971	)
Repurchases and redemption of preferred stock		(845,321	)		—			—			—			(845,321	)
Payments of preferred stock inducement premium		(16,871	)		—			—			—			(16,871	)
Payments of deferred financing costs		—			—			(84,826	)		—			(84,826	)

Net cash used in financing activities		(905,427	)		(126,839	)		(259,813	)		198,618			(1,093,461	)

Effect of exchange rate on cash		—			—			(5,292	)		—			(5,292	)

Increase (decrease) in cash and cash equivalents		(1,018,995	)		277,416			1,607,216			—			865,637
Cash and cash equivalents at beginning of year		1,031,844			412,226			1,593,011			—			3,037,081

Cash and cash equivalents at end of year	$	12,849		$	689,642		$	3,200,227		$	—		$	3,902,718

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Year Ended December 31, 2010


	Las Vegas Sands Corp.			Restricted Subsidiaries			Non-Restricted Subsidiaries			Consolidating/ Eliminating Entries			Total
Net cash generated from (used in) operating activities	$	(28,875	)	$	331,374		$	1,651,768		$	(84,116	)	$	1,870,151

Cash flows from investing activities:
Change in restricted cash and cash equivalents		—			159			(688,425	)		—			(688,266	)
Capital expenditures		(7,538	)		(26,021	)		(1,990,422	)		—			(2,023,981	)
Proceeds from disposal of property and equipment		—			828			48,907			—			49,735
Acquisition of intangible assets		(590	)		—			(44,713	)		—			(45,303	)
Purchases of investments		—			—			(173,774	)		—			(173,774	)
Proceeds from investments		—			—			173,774			—			173,774
Notes receivable to non-restricted subsidiaries		—			(52,729	)		—			52,729			—
Dividends received from Restricted Subsidiaries		4,300,000			—			—			(4,300,000	)		—
Dividends received from non-restricted subsidiaries		—			56,100			—			(56,100	)		—
Capital contributions to subsidiaries		(3,567,037	)		(16,537	)		—			3,583,574			—

Net cash generated from (used in) investing activities		724,835			(38,200	)		(2,674,653	)		(719,797	)		(2,707,815	)

Cash flows from financing activities:
Proceeds from exercise of stock options		16,455			—			—			—			16,455
Proceeds from exercise of warrants		225,514			—			—			—			225,514
Dividends paid		(93,400	)		—			—			—			(93,400	)
Dividends paid to Las Vegas Sands Corp.		—			(4,384,116	)		—			4,384,116			—
Dividends paid to Restricted Subsidiaries		—			—			(56,100	)		56,100			—
Capital contributions received		—			3,400,037			183,537			(3,583,574	)		—
Borrowings from Restricted Subsidiaries		—			—			52,729			(52,729	)		—
Proceeds from VOL credit facility		—			—			749,305			—			749,305
Proceeds from Singapore credit facility		—			—			647,988			—			647,988
Repayments on senior secured credit facility		—			(1,810,329	)		—			—			(1,810,329	)
Repayments on VML credit facility		—			—			(572,337	)		—			(572,337	)
Repurchase and cancellation of senior notes		(56,675	)		—			—			—			(56,675	)
Repayments on ferry financing		—			—			(35,055	)		—			(35,055	)
Repayments on airplane financings		(3,687	)		—			—			—			(3,687	)
Repayments on HVAC equipment lease		—			(1,711	)		—			—			(1,711	)
Repayments on other long-term debt		—			(108,549	)		(12,532	)		—			(121,081	)
Payments of preferred stock inducement premium		(6,579	)		—			—			—			(6,579	)
Payments of deferred financing costs		—			(9,905	)		(56,060	)		—			(65,965	)

Net cash generated from (used in) financing activities		81,628			(2,914,573	)		901,475			803,913			(1,127,557	)

Effect of exchange rate on cash		—			—			46,886			—			46,886

Increase (decrease) in cash and cash equivalents		777,588			(2,621,399	)		(74,524	)		—			(1,918,335	)
Cash and cash equivalents at beginning of year		254,256			3,033,625			1,667,535			—			4,955,416

Cash and cash equivalents at end of year	$	1,031,844		$	412,226		$	1,593,011		$	—		$	3,037,081