10-Q

UNITED STATES

SECURITIES & EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

For the quarterly period ended March 31, 2013

¨ 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 incorporation or organization)	(I.R.S. 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)

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  x        No  ¨

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  x    No  ¨

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	x	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	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  ¨    No  x

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 April 30, 2013
Common Stock ($0.001 par value)	824,860,248 shares

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Table of Contents

PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)	3
Condensed Consolidated Balance Sheets at March 31, 2013 and December 31, 2012	3
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2013 and 2012	4
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2013 and 2012	5
Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2013 and 2012	6
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2013 and 2012	7
Notes to Condensed Consolidated Financial Statements	8
Item  2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3. Quantitative and Qualitative Disclosures about Market Risk	45
Item 4. Controls and Procedures	46
PART II OTHER INFORMATION
Item 1. Legal Proceedings	46
Item 1A. Risk Factors	46
Item 6. Exhibits	47
Signatures	48

2

PART I FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2013		December 31, 2012
	(In thousands, except share and per share data) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	2,379,748	$	2,512,766
Restricted cash and cash equivalents		5,672		4,521
Accounts receivable, net		1,973,984		1,819,260
Inventories		42,381		43,875
Deferred income taxes, net		1,765		2,299
Prepaid expenses and other		98,151		94,793
Total current assets		4,501,701		4,477,514
Property and equipment, net		15,648,642		15,766,748
Deferred financing costs, net		198,437		214,465
Restricted cash and cash equivalents		1,073		1,938
Deferred income taxes, net		37,315		43,280
Leasehold interests in land, net		1,431,111		1,458,741
Intangible assets, net		68,036		70,618
Other assets, net		124,638		130,348
Total assets	$	22,010,953	$	22,163,652
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	132,931	$	106,498
Construction payables		366,816		343,372
Accrued interest payable		3,472		15,542
Other accrued liabilities		1,870,482		1,895,483
Income taxes payable		217,978		164,126
Current maturities of long-term debt		97,347		97,802
Total current liabilities		2,689,026		2,622,823
Other long-term liabilities		138,596		133,936
Deferred income taxes		179,026		185,945
Deferred proceeds from sale of The Shoppes at The Palazzo		268,099		267,956
Deferred gain on sale of The Grand Canal Shoppes		43,014		43,880
Deferred rent from mall transactions		118,065		118,435
Long-term debt		9,731,002		10,132,265
Total liabilities		13,166,828		13,505,240
Commitments and contingencies (Note 9)
Equity:
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 824,852,598 and 824,297,756 shares issued and outstanding		825		824
Capital in excess of par value		6,264,237		6,237,488
Accumulated other comprehensive income		217,302		263,078
Retained earnings		843,679		560,452
Total Las Vegas Sands Corp. stockholders’ equity		7,326,043		7,061,842
Noncontrolling interests		1,518,082		1,596,570
Total equity		8,844,125		8,658,412
Total liabilities and equity	$	22,010,953	$	22,163,652

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 March 31,
	2013			2012
	(In thousands, except share and per share data) (Unaudited)
Revenues:
Casino	$	2,736,054		$	2,266,493
Rooms		325,016			267,727
Food and beverage		185,329			153,455
Mall		85,461			71,418
Convention, retail and other		126,061			129,717
		3,457,921			2,888,810
Less — promotional allowances		(155,202	)		(126,068	)
Net revenues		3,302,719			2,762,742
Operating expenses:
Casino		1,526,279			1,207,551
Rooms		68,690			52,786
Food and beverage		96,731			78,301
Mall		17,258			16,301
Convention, retail and other		78,849			79,524
Provision for doubtful accounts		64,679			52,218
General and administrative		290,414			218,717
Corporate		56,272			48,955
Pre-opening		6,837			51,459
Development		5,351			1,198
Depreciation and amortization		252,557			194,747
Amortization of leasehold interests in land		10,167			9,945
Impairment loss		—			42,893
Loss on disposal of assets		1,932			593
		2,476,016			2,055,188
Operating income		826,703			707,554
Other income (expense):
Interest income		3,793			5,648
Interest expense, net of amounts capitalized		(68,832	)		(64,672	)
Other expense		(2,108	)		(3,419	)
Loss on early retirement of debt		—			(2,831	)
Income before income taxes		759,556			642,280
Income tax expense		(55,582	)		(63,171	)
Net income		703,974			579,109
Net income attributable to noncontrolling interests		(132,013	)		(80,167	)
Net income attributable to Las Vegas Sands Corp.	$	571,961		$	498,942
Earnings per share:
Basic	$	0.69		$	0.66
Diluted	$	0.69		$	0.61
Weighted average shares outstanding:
Basic		823,367,441			760,437,437
Diluted		827,452,691			818,797,155
Dividends declared per common share	$	0.35		$	0.25

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

4

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended March 31,
	2013			2012
	(In thousands) (Unaudited)
Net income	$	703,974		$	579,109
Currency translation adjustment		(48,456	)		98,878
Total comprehensive income		655,518			677,987
Comprehensive income attributable to noncontrolling interests		(129,333	)		(81,214	)
Comprehensive income attributable to Las Vegas Sands Corp.	$	526,185		$	596,773

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

5

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

	Las Vegas Sands Corp. Stockholders’ Equity
	Common Stock		Capital in Excess of Par Value			Accumulated Other Comprehensive Income			Retained Earnings			Noncontrolling Interests			Total
	(In thousands) (Unaudited)
Balance at January 1, 2012	$	733	$	5,610,160		$	94,104		$	2,145,692		$	1,588,463		$	9,439,152
Net income		—		—			—			498,942			80,167			579,109
Currency translation adjustment		—		—			97,831			—			1,047			98,878
Exercise of stock options		1		20,151			—			—			1,107			21,259
Stock-based compensation		—		18,383			—			—			1,001			19,384
Issuance of restricted stock		1		(1	)		—			—			—			—
Exercise of warrants		88		526,080			—			—			—			526,168
Dividends declared		—		—			—			(205,689	)		(178,218	)		(383,907	)
Distributions to noncontrolling interests		—		—			—			—			(2,195	)		(2,195	)
Balance at March 31, 2012	$	823	$	6,174,773		$	191,935		$	2,438,945		$	1,491,372		$	10,297,848
Balance at January 1, 2013	$	824	$	6,237,488		$	263,078		$	560,452		$	1,596,570		$	8,658,412
Net income		—		—			—			571,961			132,013			703,974
Currency translation adjustment		—		—			(45,776	)		—			(2,680	)		(48,456	)
Exercise of stock options		1		11,208			—			—			746			11,955
Tax benefit from stock-based compensation		—		1,525			—			—			—			1,525
Stock-based compensation		—		14,016			—			—			873			14,889
Dividends declared		—		—			—			(288,734	)		(207,266	)		(496,000	)
Distributions to noncontrolling interests		—		—			—			—			(2,174	)		(2,174	)
Balance at March 31, 2013	$	825	$	6,264,237		$	217,302		$	843,679		$	1,518,082		$	8,844,125

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

6

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2013			2012
	(In thousands) (Unaudited)
Cash flows from operating activities:
Net income	$	703,974		$	579,109
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization		252,557			194,747
Amortization of leasehold interests in land		10,167			9,945
Amortization of deferred financing costs and original issue discount		14,185			11,596
Amortization of deferred gain and rent		(1,236	)		(1,236	)
Non-cash change in deferred proceeds from sale of The Shoppes at The Palazzo		341			428
Loss on early retirement of debt		—			815
Impairment and loss on disposal of assets		1,932			43,486
Stock-based compensation expense		14,617			19,166
Provision for doubtful accounts		64,679			52,218
Foreign exchange (gain) loss		(6,941	)		724
Excess tax benefits from stock-based compensation		(1,525	)		—
Deferred income taxes		2,619			(4,083	)
Changes in operating assets and liabilities:
Accounts receivable		(234,417	)		(223,358	)
Inventories		1,344			(4,742	)
Prepaid expenses and other		1,111			(27,785	)
Accounts payable		26,992			356
Accrued interest payable		(12,023	)		(24,903	)
Income taxes payable		58,874			63,134
Other accrued liabilities		(11,732	)		(22,166	)
Net cash generated from operating activities		885,518			667,451
Cash flows from investing activities:
Change in restricted cash and cash equivalents		(294	)		(195	)
Capital expenditures		(197,191	)		(398,260	)
Proceeds from disposal of property and equipment		426			761
Net cash used in investing activities		(197,059	)		(397,694	)
Cash flows from financing activities:
Proceeds from exercise of stock options		11,955			21,259
Proceeds from exercise of warrants		—			526,168
Excess tax benefits from stock-based compensation		1,525			—
Dividends paid		(495,820	)		(383,463	)
Distributions to noncontrolling interests		(2,174	)		(2,195	)
Repayments on long-term debt (Note 3)		(334,578	)		(306,231	)
Payments of deferred financing costs		—			(114	)
Net cash used in financing activities		(819,092	)		(144,576	)
Effect of exchange rate on cash		(2,385	)		28,461
Increase (decrease) in cash and cash equivalents		(133,018	)		153,642
Cash and cash equivalents at beginning of period		2,512,766			3,902,718
Cash and cash equivalents at end of period	$	2,379,748		$	4,056,360
Supplemental disclosure of cash flow information:
Cash payments for interest, net of amounts capitalized	$	62,928		$	77,786
Cash payments for taxes, net of refunds	$	2,086		$	1,955
Change in construction payables	$	23,444		$	(48,341	)
Non-cash investing and financing activities:
Capitalized stock-based compensation costs	$	272		$	218
Change in dividends payable on unvested restricted stock and stock units included in other accrued liabilities	$	180		$	444
Property and equipment acquired under capital lease	$	—		$	340

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

7

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

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, 2012. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). 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.”

The shares of the Company’s subsidiary, Sands China Ltd. (“SCL,” the indirect owner and operator of the majority of the Company’s operations in the Macao Special Administrative Region (“Macao”) of the People’s Republic of China) are listed on The Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) and are 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

Macao

The Company currently owns 70.2% of SCL, which includes the operations of The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands 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 Venetian Macao Resort Hotel (“The Venetian Macao”), which anchors the Cotai Strip, the Company’s master-planned development of integrated resort properties on an area of approximately 140 acres in Macao (consisting of parcels referred to as 1, 2, 3 and 5 and 6). The Venetian Macao (located on parcel 1) includes a 39-floor luxury hotel with over 2,900 suites; approximately 374,000 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.

In April and September 2012 and January 2013, the Company opened phases I, IIA and IIB, respectively, of its Sands Cotai Central integrated resort (located on parcels 5 and 6), which is situated across the street from The Venetian Macao and Four Seasons Macao. Phase I consists of a hotel tower on parcel 5, which includes approximately 600 five-star rooms and suites under the Conrad brand and approximately 1,200 four-star rooms and suites under the Holiday Inn brand; more than 350,000 square feet of meeting space; several food and beverage establishments; along with the 230,000-square-foot casino and VIP gaming areas. Phase IIA, includes the first hotel tower on parcel 6, which features approximately 1,800 rooms and suites managed by Starwood Asia Pacific Hotels and Resorts Pte Ltd. and Sheraton Overseas Management Co. (collectively “Starwood”) under the Sheraton brand, along with the second casino and additional retail, entertainment, dining and meeting facilities. Phase IIB consists of the second hotel tower on parcel 6 and features approximately 2,100 rooms and suites managed by Starwood under the Sheraton brand. With the completion of phases I and II of the project, the integrated resort features approximately 300,000 square feet of gaming space, approximately 800,000 square feet of retail, dining and entertainment space, over 550,000 square feet of meeting facilities and a multipurpose theater (to open in 2014). Phase III of the project is expected to include a fourth hotel and mixed-use tower, located on parcel 5, to be managed by Starwood under the St. Regis brand and the total cost to complete is expected to be approximately $450 million. The Company intends to commence construction of phase III of the project as demand and market conditions warrant it. As of March 31, 2013, the Company has capitalized costs of $4.07 billion for the entire project, including the land premium (net of amortization) and $225.1 million in outstanding construction payables.

The Company owns the Four Seasons Hotel Macao, Cotai Strip (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 and located on parcel 2, the “Four Seasons Macao”), which features approximately 108,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 260,000 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 (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 monetize units within the Four Seasons Apartments after the necessary government approvals are obtained and future demand warrants it.

8

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macao. The Sands Macao offers approximately 249,000 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.

Singapore

The Company owns and operates the Marina Bay Sands in Singapore, which features three 55-story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark (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 1.2 million square feet, theaters and a landmark iconic structure at the bay-front promenade that contains an art/science museum. In April 2013, the Company paid 57.0 million Singapore dollars (“SGD,” approximately $45.9 million at exchange rates in effect on March 31, 2013) to the Casino Regulatory Authority in Singapore as part of the process to renew its gaming license, which now expires April 2016.

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; and enclosed retail, dining and entertainment complexes located within The Venetian Las Vegas (“The Grand Canal Shoppes”) and The Palazzo (“The Shoppes at The Palazzo”), both of which were sold to GGP Limited Partnership (“GGP”, see “— Note 2 — Property and Equipment, Net” regarding the sale of The Shoppes at The Palazzo).

Pennsylvania

The Company owns and operates the 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. Sands Bethlehem features approximately 145,000 square feet of gaming space; a 300-room hotel tower; a 150,000-square-foot retail facility; an arts and cultural center; and a 50,000-square-foot multipurpose event center, which opened in May 2012. The Company owns 86% of the economic interest in 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 in the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC.

Development Projects

The Company has suspended portions of its development projects and 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.

Macao

The Company submitted plans to the Macao government for The Parisian Macao (located on parcel 3), an integrated resort that will be connected to The Venetian Macao and Four Seasons Macao. The Parisian Macao, which is currently expected to open in late 2015, is intended to include a gaming area (to be operated under the Company’s gaming subconcession), hotel and shopping mall. The Company expects the cost to design, develop and construct The Parisian Macao will be approximately $2.7 billion, inclusive of payments made for the land premium. The Company has commenced construction activities and has capitalized costs of $143.7 million, including the land premium (net of amortization), as of March 31, 2013. In addition, the Company will be completing the development of some public areas surrounding its Cotai Strip properties on behalf of the Macao government.

Under the Company’s land concession for Sands Cotai Central, the Company is required to complete the development by May 2014. The land concession for The Parisian Macao contains a similar requirement, which was extended by the Macao government in July 2012, that the development be completed by April 2016. The Company expects to apply for an extension from the Macao government to complete Sands Cotai Central, as the Company will be unable to meet the May 2014 deadline. Should the Company determine that it is unable to complete The Parisian Macao by April 2016, the Company would then also expect to apply for an extension from the Macao government. If the Company is unable to meet The Parisian Macao deadline and the deadlines for either development are not extended, the Company could lose its land concessions for Sands Cotai Central or The Parisian Macao, 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 $4.07 billion or $143.7 million in capitalized construction costs and land premiums (net of amortization), as of March 31, 2013, related to Sands Cotai Central and The Parisian Macao, respectively.

9

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

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. As of March 31, 2013, the Company has capitalized construction costs of $178.8 million for this project. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty.

Other

The Company continues to aggressively pursue a variety of new development opportunities around the world.

Development Financing Strategy

Through March 31, 2013, the Company has funded its development projects primarily through borrowings under its credit facilities, operating cash flows, proceeds from its equity offerings and proceeds from the disposition of non-core assets.

The U.S. credit facility 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 5.0x for all quarterly periods through maturity. The Company can elect to contribute up to $50 million of cash on hand to its Las Vegas operations on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio. The Company’s Macao facility also requires the Company’s Macao operations to comply with similar financial covenants, which commenced with the quarterly period ended March 31, 2012, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 4.5x for the quarterly periods ending March 31 through June 30, 2013, decreases to 4.0x for the quarterly periods ending September 30, 2013 through December 31, 2014, decreases to 3.5x for the quarterly periods ending March 31 through December 31, 2015, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. The Singapore credit facility (the “2012 Singapore Credit Facility”) requires operations of Marina Bay Sands to comply with similar financial covenants, which commenced with the quarterly period ended September 30, 2012, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 4.0x for the quarterly periods ending March 31 through September 30, 2013, decreases to 3.5x for the quarterly periods ending December 31, 2013 through December 31, 2014, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. 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. 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.

The Company held unrestricted cash and cash equivalents of approximately $2.38 billion and restricted cash and cash equivalents of $6.7 million as of March 31, 2013. The Company believes the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenants of its credit facilities. The Company will need to arrange additional financing to fund the balance of its Cotai Strip developments on terms suitable to the Company, including pursuing approximately $2.0 billion of financing for The Parisian Macao. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof, including evaluating strategic alternatives related to the Company’s Pennsylvania operations.

Recent Accounting Pronouncements

In February 2013, the FASB issued authoritative guidance on the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. The guidance is effective for fiscal years beginning after December 15, 2012, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations or cash flows.

10

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 2 — PROPERTY AND EQUIPMENT, NET

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

	March 31,			December 31,
	2013			2012
Land and improvements	$	557,842		$	515,538
Building and improvements		15,262,127			14,414,026
Furniture, fixtures, equipment and leasehold improvements		2,605,623			2,557,071
Transportation		441,671			411,671
Construction in progress		970,042			1,824,531
		19,837,305			19,722,837
Less — accumulated depreciation and amortization		(4,188,663	)		(3,956,089	)
	$	15,648,642		$	15,766,748

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

	March 31,		December 31,
	2013		2012
Four Seasons Macao (principally the Four Seasons Apartments)	$	415,497	$	415,367
The Parisian Macao		85,037		59,510
Sands Cotai Central		83,150		913,432
Other		386,358		436,222
	$	970,042	$	1,824,531

The $386.4 million in other construction in progress as of March 31, 2013, consists primarily of construction of the Las Vegas Condo Tower and various projects at The Venetian Macao.

Under generally accepted accounting principles, the sale of The Shoppes at The Palazzo 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 $247.9 million (net of $63.5 million of accumulated depreciation) as of March 31, 2013, 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 months ended March 31, 2013 and 2012, the Company capitalized interest expense of $1.8 million and $22.1 million, respectively. During the three months ended March 31, 2013 and 2012, the Company capitalized approximately $5.7 million and $2.8 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property.

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

NOTE 3 — LONG-TERM DEBT

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

	March 31,			December 31,
	2013			2012
Corporate and U.S. Related:
Senior Secured Credit Facility — Term B	$	1,811,899		$	1,816,477
Senior Secured Credit Facility — Delayed Draws I and II		605,033			606,561
Senior Secured Credit Facility — Revolving		400,000			400,000
Airplane Financings		70,125			71,047
HVAC Equipment Lease		19,311			19,714
Other		3,215			3,689
Macao Related:
2011 VML Credit Facility		3,206,847			3,209,839
Other		6,901			7,313
Singapore Related:
2012 Singapore Credit Facility — Term		3,704,593			3,767,141
2012 Singapore Credit Facility — Revolving		—			327,578
Other		425			708
		9,828,349			10,230,067
Less — current maturities		(97,347	)		(97,802	)
Total long-term debt	$	9,731,002		$	10,132,265

11

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

Senior Secured Credit Facility

As of March 31, 2013, the Company had $95.5 million of available borrowing capacity under the Senior Secured Credit Facility, net of outstanding letters of credit.

2011 VML Credit Facility

As of March 31, 2013, the Company had $500.0 million of available borrowing capacity under the 2011 VML Credit Facility.

2012 Singapore Credit Facility

As of March 31, 2013, the Company had SGD 492.6 million (approximately $396.7 million at exchange rates in effect on March 31, 2013) of available borrowing capacity under the 2012 Singapore Credit Facility, net of outstanding banker’s guarantees.

Cash Flows from Financing Activities

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

	Three Months Ended
	March 31,
	2013			2012
Repayments on 2012 Singapore Credit Facility	$	(325,979	)	$	—
Repayments on Senior Secured Credit Facility		(6,106	)		(7,234	)
Repayments on Singapore Credit Facility		—			(98,577	)
Redemption of Senior Notes		—			(189,712	)
Repayments on Airplane Financings		(922	)		(922	)
Repayments on Ferry Financing		—			(8,779	)
Repayments on HVAC Equipment Lease and Other Long-Term Debt		(1,571	)		(1,007	)
	$	(334,578	)	$	(306,231	)

Fair Value of Long-Term Debt

The estimated fair value of the Company’s long-term debt as of March 31, 2013 and December 31, 2012, was approximately $9.77 billion and $10.12 billion, respectively, compared to its carrying value of $9.80 billion and $10.20 billion, respectively. The estimated fair value of the Company’s long-term debt is based on level 2 inputs (quoted prices in markets that are not active).

NOTE 4 — EQUITY AND EARNINGS PER SHARE

Common Stock Dividends

On March 29, 2013, the Company paid a dividend of $0.35 per common share as part of a regular cash dividend program. During the three months ended March 31, 2013, the Company recorded $288.8 million as a distribution against retained earnings (of which $151.0 million related to the Principal Stockholder’s family). Of this amount, approximately $0.5 million has been recorded as a liability, which will be paid to holders of unvested restricted stock and stock units upon vesting.

On March 30, 2012, the Company paid a dividend of $0.25 per common share as part of a regular cash dividend program. During the three months ended March 31, 2012, the Company recorded $205.7 million as a distribution against retained earnings (of which $107.8 million related to the Principal Stockholder’s family).

In April 2013, the Company’s Board of Directors declared a quarterly dividend of $0.35 per common share (a total estimated to be approximately $289 million) to be paid on June 28, 2013, to shareholders of record on June 20, 2013.

Warrants

On March 2, 2012, the Principal Stockholder’s family exercised all of their outstanding warrants to purchase 87,500,175 shares of the Company’s common stock for $6.00 per share and paid $525.0 million in cash as settlement of the warrant exercise price. Additionally, during the three months ended March 31, 2012, 11,670 warrants were exercised to purchase an aggregate of 194,499 shares of the Company’s common stock at $6.00 per share and $1.2 million in cash was received as settlement of the warrant exercise price.

12

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

Noncontrolling Interests

On February 28, 2013, SCL paid a dividend of 0.67 Hong Kong dollars per share (a total of $696.4 million) to SCL shareholders of record on February 19, 2013 (of which the Company retained $489.1 million). On February 28, 2012, SCL paid a dividend of 0.58 Hong Kong dollars per share (a total of $599.8 million) to SCL shareholders of record on February 20, 2012 (of which the Company retained $421.6 million).

During the three months ended March 31, 2013 and 2012, the Company distributed $2.2 million to certain of its noncontrolling interests.

Earnings Per Share

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

	Three Months Ended
	March 31,
	2013		2012
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)		823,367,441		760,437,437
Potential dilution from stock options, warrants and restricted stock and stock units		4,085,250		58,359,718
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)		827,452,691		818,797,155
Antidilutive stock options excluded from the calculation of diluted earnings per share		4,384,859		4,269,417

Accumulated Other Comprehensive Income

As of March 31, 2013 and December 31, 2012, accumulated other comprehensive income consisted solely of foreign currency translation adjustments.

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 March 31, 2013 and December 31, 2012, the Company’s joint ventures had total assets of $92.1 million and $94.5 million, respectively, and total liabilities of $99.7 million and $95.8 million, respectively.

NOTE 6 — INCOME TAXES

The Company’s major tax jurisdictions are the U.S., Macao and Singapore. In January 2013, the Internal Revenue Service (“IRS”) completed its examination of tax years 2005 through 2009. The Company decreased its unrecognized tax benefits by $9.3 million due to the conclusion of the IRS audit. The Inland Revenue Authority of Singapore is performing a compliance review of the Marina Bay Sands tax return for tax year 2010. The Company is subject to examination for tax years after 2007 in Macao and Singapore and for tax years after 2009 in the U.S. 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 different from the Company’s expected outcome and impact the provision for income taxes.

13

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

Since January 1, 2012, the Company no longer considers the current portion of the tax earnings and profits of certain of its foreign subsidiaries to be permanently reinvested. The Company has not provided a deferred tax provision for these foreign earnings as the Company expects there will be sufficient U.S. foreign tax credits to offset the U.S. income tax that would result from the repatriation of foreign earnings. The Company recorded valuation allowances on the net deferred tax assets of its U.S. operations and certain foreign jurisdictions. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period. To the extent it becomes “more-likely-than-not” that the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance.

The Company received a 5-year income tax exemption in Macao 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. During July 2012, Venetian Macau Limited (“VML”) requested an additional 5-year income tax exemption; however, there is no assurance that the Company will receive the extension. In February 2011, the Company entered into an agreement with the Macao government, effective through the end of 2013 that provides for an annual payment of 14.4 million patacas (approximately $1.8 million at exchange rates in effect on March 31, 2013) that is a substitution for a 12% tax otherwise due from 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
	March 31,
	2013		2012
Compensation expense:
Stock options	$	9,033	$	10,866
Restricted stock and stock units		5,584		8,300
	$	14,617	$	19,166
Compensation cost capitalized as part of property and equipment	$	272	$	218
LVSC 2004 Plan:
Stock options granted		58		51
Weighted average grant date fair value	$	31.71	$	35.49
Restricted stock granted		18		497
Weighted average grant date fair value	$	51.08	$	53.30
Restricted stock units granted		8		13
Weighted average grant date fair value	$	52.17	$	51.07
SCL Equity Plan:
Stock options granted		1,487		2,435
Weighted average grant date fair value	$	2.19	$	1.68

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
	March 31,
	2013			2012
LVSC 2004 Plan:
Weighted average volatility		94.9	%		95.3	%
Expected term (in years)		5.5			6.3
Risk-free rate		1.0	%		1.1	%
Expected dividends		2.7	%		1.9	%
SCL Equity Plan:
Weighted average volatility		68.3	%		70.4	%
Expected term (in years)		6.3			6.2
Risk-free rate		0.4	%		0.6	%
Expected dividends		3.6	%		4.0	%

14

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

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:
	Total  Carrying Value		Quoted Market Prices in  Active Markets (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of March 31, 2013
Cash equivalents(1)	$	1,365,975	$	1,365,975	$	—	$	—
Interest rate caps(2)	$	171	$	—	$	171	$	—
As of December 31, 2012
Cash equivalents(1)	$	1,377,330	$	1,377,330	$	—	$	—
Interest rate caps(2)	$	218	$	—	$	218	$	—

(1) The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

(2) As of March 31, 2013 and December 31, 2012, the Company had 25 and 30 interest rate cap agreements, respectively, with an aggregate fair value of approximately $0.2 million 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 costs 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 (the “District Court of Clark County”), 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 Macao 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. On February 27, 2012, the District Court of Clark County set a date of March 25, 2013, for the new trial. On June 22, 2012, the defendants filed a request to add experts and plaintiffs filed a motion seeking additional financial data as part of their discovery. The District Court of Clark County granted both requests. The trial began on March 27, 2013, and is in process as of the date of this filing. 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.

15

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

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 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. On August 26, 2011, the Nevada Supreme Court issued a writ of mandamus instructing the District Court of Clark County to hold an evidentiary hearing on whether personal jurisdiction exists over SCL and stayed the case until after the district court’s decision. On January 17, 2012, Mr. Jacobs filed his opening brief with the Nevada Supreme Court regarding his appeal of the defamation claim against Mr. Adelson. On January 30, 2012, Mr. Adelson filed his reply to Mr. Jacobs’ opening brief. On March 8, 2012, the District Court of Clark County set a hearing date for the week of June 25-29, 2012, for the evidentiary hearing on personal jurisdiction over SCL. On May 24, 2012, the District Court of Clark County vacated the hearing date previously set for June 25-29 and set a status conference for June 28, 2012. At the June 28 status hearing, the District Court of Clark County set out a hearing schedule to resolve a discovery dispute and did not reset a date for the jurisdictional hearing. From September 10 to September 12, 2012, the District Court of Clark County held a hearing to determine the outcome of certain discovery disputes and issued an Order on September 14, 2012. In its Order, the District Court of Clark County fined LVSC $25,000 and, for the purposes of the jurisdictional discovery and evidentiary hearing, precluded the Defendants from relying on the Macao Data Privacy Act as an objection or defense under its discovery obligations. On December 21, 2012, the District Court of Clark County ordered the defendants to produce documents from a former counsel to LVSC containing attorney client privileged information. On January 23, 2013, the defendants filed a writ with the Nevada Supreme Court challenging this order. On January 29, 2013, the District Court of Clark County granted defendants motion for a stay of the order. On February 15, 2013, the Nevada Supreme Court ordered the plaintiff to answer the writ. On February 28, 2013, the District Court of Clark County ordered a hearing on plaintiffs request for sanctions and additional discovery (the “February 28^th Order”). On April 8, 2013, the defendants filed a writ with the Nevada Supreme Court challenging the February 28^th Order; and the Nevada Supreme Court ordered the plaintiff to answer the writ by May 20, 2013. The defendants also filed and were granted a stay of the February 28^th Order by the District Court of Clark County until such time as the Nevada Supreme Court decides the writ. 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 (the “SEC”) 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 (the “DOJ”) that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from the lawsuit filed by Steven C. Jacobs described above.

After the Company’s receipt of the subpoena from the SEC on February 9, 2011, the Board of Directors delegated to the Audit Committee, comprised of three independent members of the Board of Directors, the authority to investigate the matters raised in the SEC subpoena and related inquiry of the DOJ.

As part of the annual audit of the Company’s financial statements, the Audit Committee advised the Company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA and that in recent years, the Company has improved its practices with respect to books and records and internal controls.

Based on the information provided to management by the Audit Committee and its counsel, the Company believes, and the Audit Committee concurs, that the preliminary findings:

• do not have a material impact on the financial statements of the Company;

• do not warrant any restatement of the Company’s past financial statements; and

• do not represent a material weakness in the Company’s internal controls over financial reporting as of March 31, 2013.

The investigation by the Audit Committee, though largely completed, remains ongoing. The Company is cooperating with all investigations. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter, the extent of materiality, or the range of reasonably possible loss, if any.

16

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

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 alleged 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 sought, 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 alleged 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 was substantially similar to the Fosbre complaint, discussed above, sought, 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. As such, the Fosbre and Combs cases are reported as one consolidated matter. 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, on August 24, 2011, was granted in part, and denied in part, with the dismissal of certain allegations. On November 7, 2011, the defendants filed their answer to the allegations remaining in the amended complaint. On July 11, 2012, the U.S. District Court issued an order allowing Defendants’ Motion for Partial Reconsideration of the Court’s Order dated August 24, 2011, striking additional portions of the plaintiff’s complaint and reducing the class period to a period of February 4 to November 6, 2008. On August 7, 2012, the plaintiff filed a purported class action second amended complaint (the “Second Amended Complaint”) seeking to expand their allegations back to a time period of 2007 (having previously been cut back to 2008 by the U.S. District Court) essentially alleging very similar matters that had been previously stricken by the U.S. District Court. On October 16, 2012, the defendants filed a new motion to dismiss the Second Amended Complaint. The plaintiffs responded to the motion to dismiss on November 1, 2012, and defendants filed their reply on November 12, 2012. On November 20, 2012, the U.S. District Court granted a stay of discovery under the Private Securities Litigation Reform Act pending a decision on the new motion to dismiss and therefore, the discovery process has been suspended. On April 16, 2013, the case was reassigned to a new judge. This consolidated 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 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 members of the Board of Directors at the time. 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. 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 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 members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. The Kohanim and Gaines actions have been consolidated and are reported as one consolidated matter. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. The plaintiffs have twice agreed to stay the proceedings. A 120-day stay was entered by the Court in October 2011. It was extended for another 90 days in February 2012 and expired in May 2012. The parties agreed to an extension of the May 2012 deadline that expired on October 30, 2012. The defendants filed a motion to dismiss on November 1, 2012, based on the fact that the plaintiffs have suffered no damages. On January 23, 2013, the Court denied the motion to dismiss in part, deferred the remainder of the motion to dismiss and stayed the proceedings until a July 22, 2013 status hearing. This consolidated 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 members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim and Gaines actions. 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. 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 members of the Board of Directors at the time, 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. On April 22, 2011, John Zaremba filed a shareholder derivative action (the “Zaremba 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 members of the Board of Directors at the time, 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. On August 25, 2011, the U.S. District Court consolidated the Moradi, LAMPERS and Zaremba actions and such actions are reported as one consolidated matter. On November 17, 2011, the defendants filed a motion to dismiss or alternatively to stay the federal action due to the parallel state court action described above. On May 25, 2012, the case was transferred to a new judge. On August 27, 2012, the U.S. District Court granted the motion to stay pending a further update of the Special Litigation Committee due on October 30, 2012. On October 30, 2012, the defendants filed the update asking the judge to determine whether to continue the stay until January 31, 2013, or to address motions to dismiss. On November 7, 2012, the U.S. District Court denied defendants request for an extension of the stay but asked the parties to brief the motion to dismiss. On November 21, 2012, defendants filed their motion to dismiss. On December 21, 2012, plaintiffs filed their opposition and on January 18, 2013, defendants filed their reply. This consolidated 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.

17

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

On March 23, 2012, Ernest Kleinschmidt filed a shareholder derivative action (the “Kleinschmidt action”) on behalf of the Company in the District Court of Clark County against Sheldon G. Adelson, Michael A. Leven, Irwin A. Siegel, Jeffrey H. Schwartz, Jason N. Ader, Charles D. Forman, Irwin Chafetz and George P. Koo, who are currently members of the Board of Directors, and Wing T. Chao, Andrew R. Heyer, James Purcell, Bradley H. Stone and William P. Weidner, who are former members of the Board of Directors and/or executives of the Company. The complaint alleges, among other things, breach of fiduciary duties for disseminating false and misleading information, failure to maintain internal controls and failing to properly oversee and manage the Company, and unjust enrichment. The complaint seeks, among other relief, unspecified damages, direction to LVSC to take unspecified actions to improve its corporate governance and internal procedures, restitution and disgorgement of profits, and attorneys’ fees, costs and related expenses for the plaintiff. On June 29, 2012, the defendants who had been served at that time including nominal defendant LVSC and defendants Michael A. Leven, Irwin A. Siegel, Jason N. Ader, Charles D. Forman, Irwin Chafetz, George P. Koo, James Purcell, Bradley H. Stone and William P. Weidner filed a motion to dismiss. On July 20 and July 25, 2012, defendants Jeffery H. Schwartz and Wing T. Chao, respectively, each filed a substantially similar motion to dismiss. On October 10, 2012, the case was transferred to business court within the District Court of Clark County. On October 12, 2012, the case was reassigned to a new judge. On January 14, 2013, the District Court of Clark County filed its order dismissing the entire case for failure to make a demand on the Board of Directors of LVSC with 5 of 6 claims dismissed with prejudice as being time barred under applicable statutes of limitations. The sixth claim for unjust enrichment was allowed to be re-filed, but only after demand on the Board of Directors of LVSC is made. The Company received a letter from the plaintiffs lawyers dated February 9, 2013, making their demand on the Board of Directors of LVSC for the unjust enrichment claim that the District Court of Clark County previously dismissed without prejudice. In addition, on February 19, 2013, the plaintiffs filed a notice of appeal with the Nevada Supreme Court appealing the dismissal of the case. Based on proceedings to date, management is 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 January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC”) filed a claim (the “Macao action”) with the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort, LLC (“VCR” and collectively, the “Defendants”). The claim is for 3.0 billion patacas (approximately $375.8 million at exchange rates in effect on March 31, 2013) as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and the Defendants for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On July 4, 2012, the Defendants filed their defense to the Macao action with the Macao Judicial Court. AAEC then filed a reply that included several amendments to the original claim, although the amount of the claim was not amended. On January 4, 2013, the Defendants filed an amended defense to the amended claim with the Macao Judicial Court. The Macao 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.

As previously disclosed by the Company, on February 5, 2007, AAEC brought a similar claim (the “Prior Action”) in the U.S. District Court, against LVSI (now known as LVSLLC), VCR and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former executives of the Company. The U.S. District Court entered an order on April 16, 2010, dismissing the Prior Action. On April 20, 2012, LVSLLC, VCR and LVS (Nevada) filed an injunctive action (the “Nevada Action”) against AAEC in the U.S. District Court seeking to enjoin AAEC from proceeding with the Macao Action based on AAEC’s filing, and the U.S. District Court’s dismissal, of the Prior Action. On June 14, 2012, the U.S. District Court issued an order that denied the motions requesting the Nevada Action, thereby effectively dismissing the Nevada Action.

On August 1, 2012, SCL filed an announcement with the SEHK stating that SCL’s subsidiary, VML, has received a notification from the Office for Personal Data Protection of the Macao government (the “OPDP”) indicating that the OPDP has launched an official investigation procedure in relation to the alleged transfer from Macao by VML to the United States of certain data contrary to the Personal Data Protection Act (Macau). On April 13, 2013, the OPDP presented its findings and VML received a cumulative fine of 40,000 patacas (approximately $5,002 at exchange rates in effect on March 31, 2013). VML paid the fine as levied by the OPDP.

The Company has received subpoenas from the U.S. Attorney’s Office requesting the production of documents relating to two prior customers of the Company’s properties. The Company is cooperating with the U.S. Attorney’s Office on these matters. 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.

18

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

NOTE 10 — SEGMENT INFORMATION

The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the United States. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; Four Seasons Macao; Sands Macao; Other Asia (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to the Company’s properties in Macao); Marina Bay Sands; The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; and Sands Bethlehem. 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 services and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure. The Company also reviews construction and development activities for each of its primary projects under development, some of which have been suspended, in addition to its reportable segments noted above. The Company’s primary projects under development are The Parisian Macao and phase III of Sands Cotai Central in Macao, and the Las Vegas Condo Tower (included in Corporate and Other) in the U.S. The corporate activities of the Company are also included in Corporate and Other. The information for the three months ended March 31, 2012, has been reclassified to conform to the current presentation. The Company’s segment information as of March 31, 2013 and December 31, 2012, and for the three months ended March 31, 2013 and 2012, is as follows (in thousands):

	Three Months Ended
	March 31,
	2013			2012
Net Revenues:
Macao:
The Venetian Macao	$	872,212		$	772,760
Sands Cotai Central		587,179			—
Four Seasons Macao		223,220			299,604
Sands Macao		310,273			349,083
Other Asia		33,873			35,568
		2,026,757			1,457,015
Marina Bay Sands		794,864			848,669
United States:
Las Vegas Operating Properties		411,541			384,603
Sands Bethlehem		122,916			115,562
		534,457			500,165
Intersegment eliminations		(53,359	)		(43,107	)
Total net revenues	$	3,302,719		$	2,762,742
Adjusted Property EBITDA(1)
Macao:
The Venetian Macao	$	348,482		$	281,933
Sands Cotai Central		131,521			—
Four Seasons Macao		53,552			67,519
Sands Macao		96,602			106,956
Other Asia		(3,589	)		(5,722	)
		626,568			450,686
Marina Bay Sands		396,781			472,519
United States:
Las Vegas Operating Properties		113,428			115,806
Sands Bethlehem		29,856			27,502
		143,284			143,308
Total adjusted property EBITDA		1,166,633			1,066,513
Other Operating Costs and Expenses
Stock-based compensation		(6,814	)		(9,169	)
Corporate		(56,272	)		(48,955	)
Pre-opening		(6,837	)		(51,459	)
Development		(5,351	)		(1,198	)
Depreciation and amortization		(252,557	)		(194,747	)
Amortization of leasehold interests in land		(10,167	)		(9,945	)
Impairment loss		—			(42,893	)
Loss on disposal of assets		(1,932	)		(593	)
Operating income		826,703			707,554
Other Non-Operating Costs and Expenses
Interest income		3,793			5,648
Interest expense, net of amounts capitalized		(68,832	)		(64,672	)
Other expense		(2,108	)		(3,419	)
Loss on early retirement of debt		—			(2,831	)
Income tax expense		(55,582	)		(63,171	)
Net income	$	703,974		$	579,109

(1) Adjusted property EBITDA is net income before royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, impairment loss, loss on disposal of assets, interest, other expense, loss 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.

19

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

	Three Months Ended
	March 31,
	2013		2012
Intersegment Revenues
Macao:
The Venetian Macao	$	1,074	$	913
Sands Cotai Central		89		—
Other Asia		9,254		6,416
		10,417		7,329
Marina Bay Sands		2,408		488
Las Vegas Operating Properties		40,534		35,290
Total intersegment revenues	$	53,359	$	43,107
	Three Months Ended
	March 31,
	2013		2012
Capital Expenditures
Corporate and Other	$	13,037	$	5,024
Macao:
The Venetian Macao		26,439		20,606
Sands Cotai Central		79,541		262,986
Four Seasons Macao		1,979		16,705
Sands Macao		4,611		4,729
Other Asia		46		232
The Parisian Macao		16,030		44
		128,646		305,302
Marina Bay Sands		36,128		62,391
United States:
Las Vegas Operating Properties		18,345		16,509
Sands Bethlehem		1,035		9,034
		19,380		25,543
Total capital expenditures	$	197,191	$	398,260
	March 31,		December 31,
	2013		2012
Total Assets
Corporate and Other	$	1,360,529	$	586,788
Macao:
The Venetian Macao		2,716,927		3,254,193
Sands Cotai Central		4,469,177		4,791,560
Four Seasons Macao		1,375,830		1,338,714
Sands Macao		429,180		414,531
Other Asia		315,733		345,522
The Parisian Macao		143,714		118,975
Other Development Projects		187		123
		9,450,748		10,263,618
Marina Bay Sands		6,729,264		6,941,510
United States:
Las Vegas Operating Properties		3,736,197		3,605,513
Sands Bethlehem		734,215		766,223
		4,470,412		4,371,736
Total assets	$	22,010,953	$	22,163,652

20

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

	March 31,		December 31,
	2013		2012
Total Long-Lived Assets
Corporate and Other	$	402,763	$	398,100
Macao:
The Venetian Macao		1,953,454		1,968,415
Sands Cotai Central		3,879,939		3,836,471
Four Seasons Macao		959,321		971,732
Sands Macao		281,739		285,344
Other Asia		198,690		202,392
The Parisian Macao		143,714		118,912
		7,416,857		7,383,266
Marina Bay Sands		5,514,729		5,657,351
United States:
Las Vegas Operating Properties		3,144,309		3,179,426
Sands Bethlehem		601,095		607,346
		3,745,404		3,786,772
Total long-lived assets	$	17,079,753	$	17,225,489

NOTE 11 — 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, 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. In March 2013, Phase II Mall Holding, LLC was merged into Lido Casino Resort Holding Company, LLC, which was then merged into Lido Intermediate Holding Company, LLC, which was then merged into VCR. Mall Intermediate Holding Company, LLC was also merged into VCR in March 2013. The noncontrolling interest amount included in the Restricted 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; 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 $20.4 million (consisting of $247.9 million of property and equipment, offset by $268.3 million of liabilities consisting primarily of deferred proceeds from the sale) and $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) as of March 31, 2013 and December 31, 2012, respectively, and a net loss (consisting primarily of depreciation expense) of $3.2 million and $3.8 million for the three months ended March 31, 2013 and 2012, 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.

21

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

The condensed consolidating financial information of LVSC, the Restricted Subsidiaries and the non-restricted subsidiaries on a combined basis as of March 31, 2013 and December 31, 2012, and for the three months ended March 31, 2013 and 2012, is as follows (in thousands):

CONDENSED CONSOLIDATING BALANCE SHEETS

March 31, 2013

							Consolidating/
	Las Vegas		Restricted		Non-Restricted		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		Entries			Total
Cash and cash equivalents	$	110,938	$	287,723	$	1,981,087	$	—		$	2,379,748
Restricted cash and cash equivalents		—		34		5,638		—			5,672
Intercompany receivables		209,961		50,376		—		(260,337	)		—
Intercompany notes receivable		—		611,275		237,161		(848,436	)		—
Accounts receivable, net		1,852		310,323		1,661,809		—			1,973,984
Inventories		4,346		12,319		25,716		—			42,381
Deferred income taxes, net		5,780		—		4		(4,019	)		1,765
Prepaid expenses and other		16,597		12,496		69,058		—			98,151
Total current assets		349,474		1,284,546		3,980,473		(1,112,792	)		4,501,701
Property and equipment, net		173,364		3,298,558		12,176,720		—			15,648,642
Investments in subsidiaries		7,186,451		5,114,684		—		(12,301,135	)		—
Deferred financing costs, net		224		10,957		187,256		—			198,437
Restricted cash and cash equivalents		—		1,067		6		—			1,073
Intercompany receivables		6,109		54,982		—		(61,091	)		—
Intercompany notes receivable		—		970,776		—		(970,776	)		—
Deferred income taxes, net		1,340		35,779		—		196			37,315
Leasehold interests in land, net		—		—		1,431,111		—			1,431,111
Intangible assets, net		690		—		67,346		—			68,036
Other assets, net		243		23,412		100,983		—			124,638
Total assets	$	7,717,895	$	10,794,761	$	17,943,895	$	(14,445,598	)	$	22,010,953
Accounts payable	$	14,700	$	26,533	$	91,698	$	—		$	132,931
Construction payables		3,505		3,952		359,359		—			366,816
Intercompany payables		5,271		173,698		81,368		(260,337	)		—
Intercompany notes payable		237,161		—		611,275		(848,436	)		—
Accrued interest payable		87		1,024		2,361		—			3,472
Other accrued liabilities		19,481		230,914		1,620,087		—			1,870,482
Income taxes payable		553		9		217,416		—			217,978
Deferred income taxes		—		4,019		—		(4,019	)		—
Current maturities of long-term debt		3,688		90,491		3,168		—			97,347
Total current liabilities		284,446		530,640		2,986,732		(1,112,792	)		2,689,026
Other long-term liabilities		40,969		9,878		87,749		—			138,596
Intercompany payables		—		—		61,091		(61,091	)		—
Intercompany notes payable		—		—		970,776		(970,776	)		—
Deferred income taxes		—		—		178,830		196			179,026
Deferred amounts related to mall transactions		—		429,178		—		—			429,178
Long-term debt		66,437		2,747,222		6,917,343		—			9,731,002
Total liabilities		391,852		3,716,918		11,202,521		(2,144,463	)		13,166,828
Total Las Vegas Sands Corp. stockholders’ equity		7,326,043		7,077,438		5,223,697		(12,301,135	)		7,326,043
Noncontrolling interests		—		405		1,517,677		—			1,518,082
Total equity		7,326,043		7,077,843		6,741,374		(12,301,135	)		8,844,125
Total liabilities and equity	$	7,717,895	$	10,794,761	$	17,943,895	$	(14,445,598	)	$	22,010,953

22

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2012

							Consolidating/
	Las Vegas		Restricted		Non-Restricted		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		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

23

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2013

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	159,897		$	2,576,157		$	—		$	2,736,054
Rooms		—			121,114			203,902			—			325,016
Food and beverage		—			54,821			130,508			—			185,329
Mall		—			—			85,461			—			85,461
Convention, retail and other		—			86,436			84,042			(44,417	)		126,061
		—			422,268			3,080,070			(44,417	)		3,457,921
Less —  promotional allowances		(272	)		(22,230	)		(132,204	)		(496	)		(155,202	)
Net revenues		(272	)		400,038			2,947,866			(44,913	)		3,302,719
Operating expenses:
Casino		—			79,583			1,447,526			(830	)		1,526,279
Rooms		—			39,151			29,539			—			68,690
Food and beverage		—			24,031			73,766			(1,066	)		96,731
Mall		—			—			17,258			—			17,258
Convention, retail and other		—			31,290			53,267			(5,708	)		78,849
Provision for doubtful accounts		—			9,578			55,101			—			64,679
General and administrative		—			68,809			221,822			(217	)		290,414
Corporate		46,740			131			46,486			(37,085	)		56,272
Pre-opening		—			115			6,723			(1	)		6,837
Development		4,971			386			—			(6	)		5,351
Depreciation and amortization		6,154			44,973			201,430			—			252,557
Amortization of leasehold interests in land		—			—			10,167			—			10,167
Loss on disposal of assets		—			563			1,369			—			1,932
		57,865			298,610			2,164,454			(44,913	)		2,476,016
Operating income (loss)		(58,137	)		101,428			783,412			—			826,703
Other income (expense):
Interest income		1,063			47,536			3,898			(48,704	)		3,793
Interest expense, net of amounts capitalized		(1,378	)		(22,744	)		(93,414	)		48,704			(68,832	)
Other expense		—			(1,984	)		(124	)		—			(2,108	)
Income from equity investments in subsidiaries		601,261			474,901			—			(1,076,162	)		—
Income before income taxes		542,809			599,137			693,772			(1,076,162	)		759,556
Income tax benefit (expense)		29,152			(34,291	)		(50,443	)		—			(55,582	)
Net income		571,961			564,846			643,329			(1,076,162	)		703,974
Net income attributable to noncontrolling interests		—			(479	)		(131,534	)		—			(132,013	)
Net income attributable to Las Vegas Sands Corp.	$	571,961		$	564,367		$	511,795		$	(1,076,162	)	$	571,961

24

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2012

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	158,694		$	2,107,799		$	—		$	2,266,493
Rooms		—			113,449			154,278			—			267,727
Food and beverage		—			47,854			105,601			—			153,455
Mall		—			—			71,418			—			71,418
Convention, retail and other		—			75,840			91,278			(37,401	)		129,717
		—			395,837			2,530,374			(37,401	)		2,888,810
Less — promotional allowances		(233	)		(22,385	)		(102,997	)		(453	)		(126,068	)
Net revenues		(233	)		373,452			2,427,377			(37,854	)		2,762,742
Operating expenses:
Casino		—			78,164			1,130,005			(618	)		1,207,551
Rooms		—			33,126			19,661			(1	)		52,786
Food and beverage		—			22,796			56,600			(1,095	)		78,301
Mall		—			—			16,301			—			16,301
Convention, retail and other		—			20,712			62,117			(3,305	)		79,524
Provision for doubtful accounts		—			6,548			45,670			—			52,218
General and administrative		—			68,489			150,444			(216	)		218,717
Corporate		46,195			91			35,281			(32,612	)		48,955
Pre-opening		—			—			51,460			(1	)		51,459
Development		1,204			—			—			(6	)		1,198
Depreciation and amortization		3,587			55,899			135,261			—			194,747
Amortization of leasehold interests in land		—			—			9,945			—			9,945
Impairment loss		—			—			42,893			—			42,893
Loss on disposal of assets		—			402			191			—			593
		50,986			286,227			1,755,829			(37,854	)		2,055,188
Operating income (loss)		(51,219	)		87,225			671,548			—			707,554
Other income (expense):
Interest income		98			31,476			5,292			(31,218	)		5,648
Interest expense, net of amounts capitalized		(3,358	)		(25,368	)		(67,164	)		31,218			(64,672	)
Other income (expense)		(47	)		339			(3,711	)		—			(3,419	)
Loss on early retirement of debt		(2,831	)		—			—			—			(2,831	)
Income from equity investments in subsidiaries		528,287			420,352			—			(948,639	)		—
Income before income taxes		470,930			514,024			605,965			(948,639	)		642,280
Income tax benefit (expense)		28,012			(27,375	)		(63,808	)		—			(63,171	)
Net income		498,942			486,649			542,157			(948,639	)		579,109
Net income attributable to noncontrolling interests		—			(525	)		(79,642	)		—			(80,167	)
Net income attributable to Las Vegas Sands Corp.	$	498,942		$	486,124		$	462,515		$	(948,639	)	$	498,942

25

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2013

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net income	$	571,961		$	564,846		$	643,329		$	(1,076,162	)	$	703,974
Currency translation adjustment		(45,776	)		(51,828	)		(48,456	)		97,604			(48,456	)
Total comprehensive income		526,185			513,018			594,873			(978,558	)		655,518
Comprehensive income attributable to noncontrolling interests		—			(479	)		(128,854	)		—			(129,333	)
Comprehensive income attributable to Las Vegas Sands Corp.	$	526,185		$	512,539		$	466,019		$	(978,558	)	$	526,185

26

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2012

									Consolidating/
	Las Vegas		Restricted			Non-Restricted			Eliminating
	Sands Corp.		Subsidiaries			Subsidiaries			Entries			Total
Net income	$	498,942	$	486,649		$	542,157		$	(948,639	)	$	579,109
Currency translation adjustment		97,831		83,269			98,878			(181,100	)		98,878
Total comprehensive income		596,773		569,918			641,035			(1,129,739	)		677,987
Comprehensive income attributable to noncontrolling interests		—		(525	)		(80,689	)		—			(81,214	)
Comprehensive income attributable to Las Vegas Sands Corp.	$	596,773	$	569,393		$	560,346		$	(1,129,739	)	$	596,773

27

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2013

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from operating activities	$	388,794		$	54,730		$	863,229		$	(421,235	)	$	885,518
Cash flows from investing activities:
Change in restricted cash and cash equivalents		—			1			(295	)		—			(294	)
Capital expenditures		(8,266	)		(18,014	)		(170,911	)		—			(197,191	)
Proceeds from disposal of property and equipment		—			16			410			—			426
Dividends received from non-restricted subsidiaries		—			408,000			—			(408,000	)		—
Repayments of receivable from non-restricted subsidiaries		—			488,983			—			(488,983	)		—
Capital contributions to subsidiaries		—			(400,000	)		—			400,000			—
Net cash generated from (used in) investing activities		(8,266	)		478,986			(170,796	)		(496,983	)		(197,059	)
Cash flows from financing activities:
Proceeds from exercise of stock options		10,399			—			1,556			—			11,955
Excess tax benefit from stock option exercises		1,525			—			—			—			1,525
Dividends paid		(288,554	)		—			(207,266	)		—			(495,820	)
Distributions to noncontrolling interests		—			(479	)		(1,695	)		—			(2,174	)
Dividends paid to Las Vegas Sands Corp.		—			(421,235	)		—			421,235			—
Dividends paid to Restricted Subsidiaries		—			—			(408,000	)		408,000			—
Capital contributions received		—			—			400,000			(400,000	)		—
Repayments on borrowings from Restricted Subsidiaries		—			—			(488,983	)		488,983			—
Repayments on 2012 Singapore credit facility		—			—			(325,979	)		—			(325,979	)
Repayments on senior secured credit facility		—			(6,106	)		—			—			(6,106	)
Repayments on airplane financings		(922	)		—			—			—			(922	)
Repayments on HVAC equipment lease and other long-term debt		—			(575	)		(996	)		—			(1,571	)
Net cash used in financing activities		(277,552	)		(428,395	)		(1,031,363	)		918,218			(819,092	)
Effect of exchange rate on cash		—			—			(2,385	)		—			(2,385	)
Increase (decrease) in cash and cash equivalents		102,976			105,321			(341,315	)		—			(133,018	)
Cash and cash equivalents at beginning of period		7,962			182,402			2,322,402			—			2,512,766
Cash and cash equivalents at end of period	$	110,938		$	287,723		$	1,981,087		$	—		$	2,379,748

28

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

(UNAUDITED)

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2012

	Las Vegas			Restricted			Non-Restricted			Consolidating/ Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from operating activities	$	22,116		$	273,221		$	472,362		$	(100,248	)	$	667,451
Cash flows from investing activities:
Change in restricted cash and cash equivalents		—			—			(195	)		—			(195	)
Capital expenditures		(4,805	)		(16,694	)		(376,761	)		—			(398,260	)
Proceeds from disposal of property and equipment		—			11			750			—			761
Notes receivable to non-restricted subsidiaries		—			(5,198	)		—			5,198			—
Dividends received from non-restricted subsidiaries		—			268,000			—			(268,000	)		—
Repayments of receivable from non-restricted subsidiaries		—			250			—			(250	)		—
Capital contributions to subsidiaries		(33	)		(250,000	)		—			250,033			—
Net cash used in investing activities		(4,838	)		(3,631	)		(376,206	)		13,019			(397,694	)
Cash flows from financing activities:
Proceeds from exercise of stock options		19,183			—			2,076			—			21,259
Proceeds from the exercise of warrants		526,168			—			—			—			526,168
Dividends paid		(205,245	)		—			(178,218	)		—			(383,463	)
Distributions to noncontrolling interests		—			(525	)		(1,670	)		—			(2,195	)
Dividends paid to Las Vegas Sands Corp.		—			(100,248	)		—			100,248			—
Dividends paid to Restricted Subsidiaries		—			—			(268,000	)		268,000			—
Capital contributions received		—			—			250,033			(250,033	)		—
Borrowings from Restricted Subsidiaries		—			—			5,198			(5,198	)		—
Repayments on borrowings from Restricted Subsidiaries		—			—			(250	)		250			—
Repayments on Singapore credit facility		—			—			(98,577	)		—			(98,577	)
Repayments on senior secured credit facility		—			(7,234	)		—			—			(7,234	)
Redemption of senior notes		(189,712	)		—			—			—			(189,712	)
Repayments on ferry financing		—			—			(8,779	)		—			(8,779	)
Repayments on airplane financings		(922	)		—			—			—			(922	)
Repayments on HVAC equipment lease and other long-term debt		—			(415	)		(592	)		—			(1,007	)
Payments of deferred financing costs		—			—			(114	)		—			(114	)
Net cash generated from (used in) financing activities		149,472			(108,422	)		(298,893	)		113,267			(144,576	)
Effect of exchange rate on cash		—			—			28,461			—			28,461
Increase (decrease) in cash and cash equivalents		166,750			161,168			(174,276	)		—			153,642
Cash and cash equivalents at beginning of period		12,849			689,642			3,200,227			—			3,902,718
Cash and cash equivalents at end of period	$	179,599		$	850,810		$	3,025,951		$	—		$	4,056,360

29

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 Macao Special Administrative Region (“Macao”) of the People’s Republic of China consist of The Venetian Macao Resort Hotel (“The Venetian Macao”); Sands Cotai Central, which opened phases I, IIA and IIB in April and September 2012, and January 2013, respectively; the Four Seasons Hotel Macao, Cotai Strip and the Plaza Casino (collectively, the “Four Seasons Macao”); the Sands Macao; and other ancillary operations in that region (“Other Asia”). Our operating segment in Singapore is the Marina Bay Sands. 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 services and products, the regulatory business environment of the operations within each segment and our organizational and management reporting structure.

Macao

We own 70.2% of Sands China Ltd. (“SCL”), which includes the operations of The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands 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 Venetian Macao, which anchors the Cotai Strip, our master-planned development of integrated resort properties on an area of approximately 140 acres in Macao (consisting of parcels referred to as 1, 2, 3 and 5 and 6). The Venetian Macao (located on parcel 1) includes a 39-floor luxury hotel with over 2,900 suites; approximately 374,000 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 86.3% and 83.8% of the gross revenue at The Venetian Macao for the three months ended March 31, 2013 and 2012, respectively, was derived from gaming activities, with the remainder derived from room, mall, food and beverage and other non-gaming sources.

In April and September 2012 and January 2013, we opened phases I, IIA and IIB, respectively, of our Sands Cotai Central integrated resort (located on parcels 5 and 6), which is situated across the street from The Venetian Macao and Four Seasons Macao. Phase I consists of a hotel tower on parcel 5, which includes approximately 600 five-star rooms and suites under the Conrad brand and approximately 1,200 four-star rooms and suites under the Holiday Inn brand; more than 350,000 square feet of meeting space; several food and beverage establishments; along with the 230,000-square-foot casino and VIP gaming areas. Phase IIA, includes the first hotel tower on parcel 6, which features approximately 1,800 rooms and suites managed by Starwood Asia Pacific Hotels and Resorts Pte Ltd. and Sheraton Overseas Management Co. (collectively “Starwood”) under the Sheraton brand, along with the second casino and additional retail, entertainment, dining and meeting facilities. Phase IIB consists of the second hotel tower on parcel 6 and features approximately 2,100 rooms and suites managed by Starwood under the Sheraton brand. With the completion of phases I and II of the project, the integrated resort features approximately 300,000 square feet of gaming space, approximately 800,000 square feet of retail, dining and entertainment space, over 550,000 square feet of meeting facilities and a multipurpose theater (to open in 2014). Phase III of the project is expected to include a fourth hotel and mixed-use tower, located on parcel 5, to be managed by Starwood under the St. Regis brand and the total cost to complete is expected to be approximately $450 million. We intend to commence construction of phase III of the project as demand and market conditions warrant it. As of March 31, 2013, we have capitalized costs of $4.07 billion for the entire project, including the land premium (net of amortization) and $225.1 million in outstanding construction payables. Approximately 86.7% of the gross revenue at Sands Cotai Central for the three months ended March 31, 2013, was derived from gaming activities, with the remainder derived primarily from room and food and beverage operations.

We own the Four Seasons Macao (located on parcel 2), which is adjacent and connected to The Venetian Macao. The Four Seasons Macao is an integrated resort that includes 360 rooms and suites managed and operated by Four Seasons Hotels Inc., and features 19 Paiza mansions; approximately 108,000 square feet of gaming space; retail space of approximately 260,000 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 (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 units within the Four Seasons Apartments after the necessary government approvals are obtained and future demand warrants it. Approximately 88.1% and 91.0% of the gross revenue at the Four Seasons Macao for the three months ended March 31, 2013 and 2012, respectively, was derived from gaming activities, with the remainder derived from mall, room and other non-gaming sources.

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We own and operate the Sands Macao, the first Las Vegas-style casino in Macao. The Sands Macao includes approximately 249,000 square feet of gaming space; a 289-suite hotel tower; several restaurants; VIP facilities; a theater and other high-end services and amenities. Approximately 94.2% and 95.0% of the gross revenue at the Sands Macao for the three months ended March 31, 2013 and 2012, respectively, was derived from gaming activities, with the remainder primarily derived from food and beverage operations.

Singapore

We own and operate the Marina Bay Sands in Singapore, which features three 55-story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark (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 1.2 million square feet, theaters and a landmark iconic structure at the bay-front promenade that contains an art/science museum. In April 2013, we paid 57.0 million Singapore dollars (“SGD,” approximately $45.9 million at exchange rates in effect on March 31, 2013) to the Casino Regulatory Authority in Singapore as part of the process to renew our gaming license, which now expires in April 2016. Approximately 76.5% and 78.8% of the gross revenue at the Marina Bay Sands for the three months ended March 31, 2013 and 2012, respectively, was derived from gaming activities, with the remainder derived from room, food and beverage, mall and other non-gaming sources.

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, offering services and amenities to premium customers, including luxurious VIP suites, spa facilities and private VIP gaming room facilities; entertainment facilities and enclosed retail, dining and entertainment complexes located within The Venetian Las Vegas (“The Grand Canal Shoppes”) and The Palazzo (“The Shoppes at The Palazzo”), both of which were sold to GGP Limited Partnership (“GGP”). 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 63.2% and 61.1% of gross revenue at our Las Vegas Operating Properties for the three months ended March 31, 2013 and 2012, respectively, was derived from room, food and beverage and other non-gaming sources, with the remainder 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

We own and operate the Sands Bethlehem, a gaming, hotel, retail and dining complex located on the site of the historic Bethlehem Steel Works in Bethlehem, Pennsylvania. Sands Bethlehem currently features approximately 145,000 square feet of gaming space; a 300-room hotel tower; a 150,000-square-foot retail facility; an arts and cultural center; and a 50,000-square-foot multipurpose event center, which opened in May 2012. We own 86% of the economic interest in 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 in the retail portion of the property through our ownership interest in Sands Bethworks Retail LLC. Approximately 88.9% and 89.5% of the gross revenue at Sands Bethlehem for the three months ended March 31, 2013 and 2012, respectively, was derived from gaming activities, with the remainder derived primarily from food and beverage and other non-gaming sources.

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 and judgments 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 2012 Annual Report on Form 10-K filed on March 1, 2013.

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There were no newly identified significant accounting estimates during the three months ended March 31, 2013, nor were there any material changes to the critical accounting policies and estimates discussed in our 2012 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.”

Summary Financial Results

The following table summarizes our results of operations:

	Three Months Ended March 31,
	2013		2012		Percent Change
	(Dollars in thousands)
Net revenues	$	3,302,719	$	2,762,742		19.5	%
Operating expenses		2,476,016		2,055,188		20.5	%
Operating income		826,703		707,554		16.8	%
Income before income taxes		759,556		642,280		18.3	%
Net income		703,974		579,109		21.6	%
Net income attributable to Las Vegas Sands Corp.		571,961		498,942		14.6	%

	Percent of Net Revenues
	Three Months Ended March 31,
	2013			2012
Operating expenses		75.0	%		74.4	%
Operating income		25.0	%		25.6	%
Income before income taxes		23.0	%		23.2	%
Net income		21.3	%		21.0	%
Net income attributable to Las Vegas Sands Corp.		17.3	%		18.1	%

Operating Results

Key Operating Revenue Measurements

Operating revenues at The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Marina Bay Sands and our Las Vegas Operating Properties are dependent upon the volume of customers who stay at the hotel, which affects the price that can be charged for hotel rooms and our gaming volume. 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 Macao and Singapore: Macao and Singapore table games are segregated into two groups, consistent with the Macao and Singapore markets’ 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 (“drop”), which is the sum of markers issued (credit instruments) less markers paid at the table, plus cash deposited in the table drop box. 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 (“handle”), also a volume measurement, is the gross amount wagered for the period cited.

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 (calculated before discounts) of 31.0%, 21.1%, 42.6%, 20.9% and 23.4% at The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Our slot machines have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 5.3%, 3.6%, 5.1%, 4.1% and 5.2% at The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands Macao and Marina Bay Sands, respectively. Actual win may vary from our expected win percentage and the trailing 12-month win and hold percentages. Generally, slot machine play is conducted on a cash basis. In Macao and Singapore, 31.1% and 28.4%, respectively, of our table games play was conducted on a credit basis for the three months ended March 31, 2013.

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Casino revenue measurements for the U.S.: The volume measurements in the U.S. are table games drop and slot handle, as previously described. We view table games win as a percentage of drop and slot hold as a percentage of handle. Based upon our mix of table games, our table games are expected to produce a win percentage (calculated before discounts) of 20% to 22% at our Las Vegas Operating Properties and 14% to 16% at Sands Bethlehem. Our slot machines have produced a trailing 12-month hold percentage (calculated before slot club cash incentives) of 8.8% and 7.2% at our Las Vegas Operating Properties and at Sands Bethlehem, respectively. Actual win may vary from our expected win percentage and the trailing 12-month hold percentage. As in Macao and Singapore, slot machine play is generally conducted on a cash basis. Approximately 70.1% of our table games play in Las Vegas, for three months ended March 31, 2013, was conducted on a credit basis, while our table games play in Pennsylvania is primarily conducted on a cash basis.

Hotel revenue measurements: Performance indicators used are 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. The calculations of the hotel occupancy and average daily room rates include the impact of rooms provided on a complimentary basis. Complimentary room rates are determined based on an analysis of retail (or cash) room rates by customer segment and type of room product to ensure the complimentary room rates are consistent with retail rates. 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.

Mall revenue measurements: Occupancy, base rent per square foot and tenant sales per square foot are used as performance indicators. Occupancy represents gross leasable occupied area (“GLOA”) divided by gross leasable area (“GLA”) at the end of the reporting period. GLOA is the sum of: (1) tenant occupied space under lease and (2) tenants no longer occupying space, but paying rent. GLA does not include space that is currently under development or not on the market for lease. Base rent per square foot is the weighted average base or minimum rent charge in effect at the end of the reporting period for all tenants that would qualify to be included in occupancy. Tenant sales per square foot is the sum of reported comparable sales for the trailing 12 months divided by the comparable square footage for the same period. Only tenants that have been open for a minimum of 12 months are included in the tenant sales per square foot calculation.

Three Months Ended March 31, 2013 Compared to the Three Months Ended March 31, 2012

Operating Revenues

Our net revenues consisted of the following:

	Three Months Ended March 31,
	2013			2012			Percent Change
	(Dollars in thousands)
Casino	$	2,736,054		$	2,266,493			20.7	%
Rooms		325,016			267,727			21.4	%
Food and beverage		185,329			153,455			20.8	%
Mall		85,461			71,418			19.7	%
Convention, retail and other		126,061			129,717			(2.8	)%
		3,457,921			2,888,810			19.7	%
Less — promotional allowances		(155,202	)		(126,068	)		(23.1	)%
Total net revenues	$	3,302,719		$	2,762,742			19.5	%

Consolidated net revenues were $3.30 billion for the three months ended March 31, 2013, an increase of $540.0 million compared to $2.76 billion for the three months ended March 31, 2012. The increase was driven by $587.2 million of net revenues at Sands Cotai Central, which opened in April 2012, partially offset by a $53.8 million decrease at Marina Bay Sands.

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Casino revenues increased $469.6 million compared to the three months ended March 31, 2012. The increase is attributable to $533.8 million at Sands Cotai Central and a $104.7 million increase at The Venetian Macao, driven by increases in Non-Rolling Chip drop and Rolling Chip win percentage. These increases were partially offset by decreases of $76.5 million at Four Seasons Macao, driven by decreases in Rolling Chip volume and win percentage, $61.1 million at Marina Bay Sands, driven by a decrease in Rolling Chip win percentage, and $38.7 million at Sands Macao, driven by a decrease in Rolling Chip win percentage. The following table summarizes the results of our casino activity:

	Three Months Ended March 31,
	2013			2012			Change
	(Dollars in thousands)
Macao Operations:
The Venetian Macao
Total casino revenues	$	778,539		$	673,874			15.5	%
Non-Rolling Chip drop	$	1,333,891		$	1,105,557			20.7	%
Non-Rolling Chip win percentage		32.1	%		30.7	%		1.4	pts
Rolling Chip volume	$	11,670,922		$	13,801,574			(15.4	)%
Rolling Chip win percentage		3.57	%		2.93	%		0.64	pts
Slot handle	$	1,191,532		$	1,240,841			(4.0	)%
Slot hold percentage		5.5	%		5.6	%		(0.1	)pts
Sands Cotai Central
Total casino revenues	$	533,786		$	—			—	%
Non-Rolling Chip drop	$	1,035,340		$	—			—	%
Non-Rolling Chip win percentage		21.6	%		—	%		—	pts
Rolling Chip volume	$	13,622,405		$	—			—	%
Rolling Chip win percentage		3.09	%		—	%		—	pts
Slot handle	$	1,228,462		$	—			—	%
Slot hold percentage		3.9	%		—	%		—	pts
Four Seasons Macao
Total casino revenues	$	206,451		$	282,914			(27.0	)%
Non-Rolling Chip drop	$	110,529		$	105,934			4.3	%
Non-Rolling Chip win percentage		48.6	%		41.7	%		6.9	pts
Rolling Chip volume	$	9,480,149		$	12,703,170			(25.4	)%
Rolling Chip win percentage		2.21	%		2.83	%		(0.62	)pts
Slot handle	$	184,409		$	198,247			(7.0	)%
Slot hold percentage		5.0	%		6.0	%		(1.0	)pts
Sands Macao
Total casino revenues	$	302,367		$	341,078			(11.3	)%
Non-Rolling Chip drop	$	763,224		$	707,845			7.8	%
Non-Rolling Chip win percentage		21.1	%		21.2	%		(0.1	)pts
Rolling Chip volume	$	6,378,992		$	6,433,477			(0.8	)%
Rolling Chip win percentage		2.76	%		3.73	%		(0.97	)pts
Slot handle	$	706,464		$	663,244			6.5	%
Slot hold percentage		3.7	%		4.4	%		(0.7	)pts
Singapore Operations:
Marina Bay Sands
Total casino revenues	$	640,200		$	701,282			(8.7	)%
Non-Rolling Chip drop	$	1,194,629		$	1,167,013			2.4	%
Non-Rolling Chip win percentage		23.2	%		22.2	%		1.0	pts
Rolling Chip volume	$	18,207,292		$	12,804,546			42.2	%
Rolling Chip win percentage		2.51	%		3.58	%		(1.07	)pts
Slot handle	$	2,785,320		$	2,740,649			1.6	%
Slot hold percentage		5.1	%		5.4	%		(0.3	)pts
U.S. Operations:
Las Vegas Operating Properties
Total casino revenues	$	159,898		$	158,694			0.8	%
Table games drop	$	506,395		$	609,019			(16.9	)%
Table games win percentage		27.6	%		24.0	%		3.6	pts
Slot handle	$	495,105		$	483,826			2.3	%
Slot hold percentage		8.8	%		8.5	%		0.3	pts

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Sands Bethlehem
Total casino revenues	$	114,813		$	108,651		5.7	%
Table games drop	$	244,694		$	201,504		21.4	%
Table games win percentage		15.6	%		14.9	%	0.7	pts
Slot handle	$	1,033,931		$	1,033,651		—	%
Slot hold percentage		7.1	%		7.3	%	(0.2	)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 $57.3 million compared to the three months ended March 31, 2012. The increase is attributable to $46.2 million of revenues at Sands Cotai Central, a $7.7 million increase at our Las Vegas Operating Properties, driven by an increase in occupancy, and a $7.4 million increase at Marina Bay Sands, driven by an increase in average daily room rates. 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 March 31,
	2013			2012			Change
	(Room revenues in thousands)
Macao Operations:
The Venetian Macao
Total room revenues	$	54,433		$	58,968			(7.7	)%
Occupancy rate		91.6	%		93.4	%		(1.8	)pts
Average daily room rate	$	231		$	244			(5.3	)%
Revenue per available room	$	212		$	228			(7.0	)%
Sands Cotai Central
Total room revenues	$	46,242		$	—			—	%
Occupancy rate		70.8	%		—	%		—	pts
Average daily room rate	$	152		$	—			—	%
Revenue per available room	$	108		$	—			—	%
Four Seasons Macao
Total room revenues	$	10,165		$	10,096			0.7	%
Occupancy rate		81.2	%		82.3	%		(1.1	)pts
Average daily room rate	$	370		$	360			2.8	%
Revenue per available room	$	301		$	296			1.7	%
Sands Macao
Total room revenues	$	6,035		$	6,155			(1.9	)%
Occupancy rate		94.9	%		93.8	%		1.1	pts
Average daily room rate	$	246		$	252			(2.4	)%
Revenue per available room	$	233		$	236			(1.3	)%
Singapore Operations:
Marina Bay Sands
Total room revenues	$	84,582		$	77,136			9.7	%
Occupancy rate		98.5	%		98.4	%		0.1	pts
Average daily room rate	$	378		$	341			10.9	%
Revenue per available room	$	372		$	335			11.0	%
U.S. Operations:
Las Vegas Operating Properties
Total room revenues	$	121,114		$	113,449			6.8	%
Occupancy rate		90.3	%		83.4	%		6.9	pts
Average daily room rate	$	211		$	214			(1.4	)%
Revenue per available room	$	191		$	178			7.3	%
Sands Bethlehem
Total room revenues	$	2,445		$	1,923			27.1	%
Occupancy rate		65.3	%		50.3	%		15.0	pts
Average daily room rate	$	138		$	139			(0.7	)%
Revenue per available room	$	90		$	70			28.6	%

Food and beverage revenues increased $31.9 million compared to the three months ended March 31, 2012. The increase was primarily attributable to $22.6 million of revenues at Sands Cotai Central and a $7.3 million increase at our Las Vegas Operating Properties, driven by an increase in banquet operations.

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Mall revenues increased $14.0 million compared to the three months ended March 31, 2012. The increase was primarily attributable to $7.9 million of revenues at Sands Cotai Central and a $3.7 million increase at The Venetian Macao, driven by higher base rents due to renewed contracts. For further information related to the financial performance of our malls, see “— Supplemental Information Regarding our Retail Mall Operations.”

The following table summarizes the results of our mall activity:

	Three Months Ended March 31,
	2013			2012			Change
	(Mall revenues in thousands)
Macao Operations:
The Grand Canal Shoppes at The Venetian Macao
Total mall revenues	$	29,857		$	26,115			14.3	%
Mall gross leasable area (in square feet)		821,129			817,361			0.5	%
Occupancy		93.2	%		89.8	%		3.4	pts
Base rent per square foot	$	148		$	133			11.3	%
Tenant sales per square foot	$	1,239		$	1,121			10.5	%
The Shoppes at Sands Cotai Central(1)
Total mall revenues	$	7,930		$	—			—	%
Mall gross leasable area (in square feet)		210,143			—			—	%
Occupancy		100.0	%		—	%		—	pts
Base rent per square foot	$	118		$	—			—	%
The Shoppes at Four Seasons(2)
Total mall revenues	$	10,290		$	10,459			(1.6	)%
Mall gross leasable area (in square feet)		239,718			189,082			26.8	%
Occupancy		90.9	%		91.6	%		(0.7	)pts
Base rent per square foot	$	154		$	155			(0.6	)%
Tenant sales per square foot	$	4,562		$	3,744			21.8	%
Singapore Operations:
The Shoppes at Marina Bay Sands
Total mall revenues	$	36,795		$	34,534			6.5	%
Mall gross leasable area (in square feet)		637,881			629,982			1.3	%
Occupancy		95.6	%		94.9	%		0.7	pts
Base rent per square foot	$	223		$	198			12.6	%
Tenant sales per square foot	$	1,425		$	1,302			9.4	%
U.S. Operations:
The Outlets at Sands Bethlehem(3)
Total mall revenues	$	589		$	310			90.0	%
Mall gross leasable area (in square feet)		134,907			129,216			4.4	%
Occupancy		72.5	%		39.3	%		33.2	pts

(1) Phases I and II of The Shoppes at Sands Cotai Central opened in April and September 2012, respectively.

(2) In November 2012, The Shoppes at Four Seasons expanded the duty-free luxury shops, resulting in approximately 51,000 square feet of additional gross leasable space.

(3) A progressive opening of The Outlets at Sands Bethlehem began in November 2011. Base rent per square foot and tenant sales per square foot are excluded from the table as certain co-tenancy requirements were not met during 2012 as the mall was only partially occupied.

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Operating Expenses

The breakdown of operating expenses is as follows:

	Three Months Ended March 31,
	2013		2012		Percent Change
	(Dollars in thousands)
Casino	$	1,526,279	$	1,207,551		26.4	%
Rooms		68,690		52,786		30.1	%
Food and beverage		96,731		78,301		23.5	%
Mall		17,258		16,301		5.9	%
Convention, retail and other		78,849		79,524		(0.8	)%
Provision for doubtful accounts		64,679		52,218		23.9	%
General and administrative		290,414		218,717		32.8	%
Corporate		56,272		48,955		14.9	%
Pre-opening		6,837		51,459		(86.7	)%
Development		5,351		1,198		346.7	%
Depreciation and amortization		252,557		194,747		29.7	%
Amortization of leasehold interests in land		10,167		9,945		2.2	%
Impairment loss		—		42,893		(100.0	)%
Loss on disposal of assets		1,932		593		225.8	%
Total operating expenses	$	2,476,016	$	2,055,188		20.5	%

Operating expenses were $2.48 billion for the three months ended March 31, 2013, an increase of $420.8 million compared to $2.06 billion for the three months ended March 31, 2012. The increase in operating expenses was primarily attributable to the opening of Sands Cotai Central.

Casino expenses increased $318.7 million compared to the three months ended March 31, 2012. Of the increase, $232.8 million was due to the 39.0% gross win tax on increased casino revenues across all of our Macao properties, as well as $99.1 million of additional casino expenses attributable to Sands Cotai Central.

Rooms and food and beverage expenses increased $15.9 million and $18.4 million, respectively, compared to the three months ended March 31, 2012. These increases were primarily attributable to the opening of Sands Cotai Central.

The provision for doubtful accounts was $64.7 million for the three months ended March 31, 2013, compared to $52.2 million for the three months ended March 31, 2012. 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 $71.7 million compared to the three months ended March 31, 2012. The increase was primarily attributable to $49.4 million of expenses at Sands Cotai Central and increases of $10.5 million at The Venetian Macao and $9.0 million at Marina Bay Sands.

Corporate expenses increased $7.3 million compared to the three months ended March 31, 2012. The increase was primarily due to an increase in legal costs.

Pre-opening expenses were $6.8 million for the three months ended March 31, 2013, compared to $51.5 million for the three months ended March 31, 2012. 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 March 31, 2013 and 2012 were primarily related to activities at Sands Cotai Central. Development expenses include the costs associated with the Company’s evaluation and pursuit of new business opportunities, which are also expensed as incurred.

Depreciation and amortization expense increased $57.8 million compared to the three months ended March 31, 2012. The increase was primarily attributable to $61.6 million of expense at Sands Cotai Central.

The impairment loss of $42.9 million for the three months ended March 31, 2012, was due to the termination of the ZAiA show at The Venetian Macao.

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 royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, impairment loss, loss on disposal of assets, interest, other income (expense), loss on modification or 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 March 31,
							Percent
	2013			2012			Change
	(Dollars in thousands)
Macao:
The Venetian Macao	$	348,482		$	281,933			23.6	%
Sands Cotai Central		131,521			—			—	%
Four Seasons Macao		53,552			67,519			(20.7	)%
Sands Macao		96,602			106,956			(9.7	)%
Other Asia		(3,589	)		(5,722	)		37.3	%
		626,568			450,686			39.0	%
Marina Bay Sands		396,781			472,519			(16.0	)%
United States:
Las Vegas Operating Properties		113,428			115,806			(2.1	)%
Sands Bethlehem		29,856			27,502			8.6	%
		143,284			143,308			—	%
Total adjusted property EBITDA	$	1,166,633		$	1,066,513			9.4	%

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Adjusted property EBITDA at our Macao operations increased $175.9 million compared to the three months ended March 31, 2012. The increase was primarily attributable to $131.5 million in adjusted property EBITDA generated at Sands Cotai Central and an increase of $66.5 million at The Venetian Macao, driven by an increase in casino activity.

Adjusted property EBITDA at Marina Bay Sands decreased $75.7 million compared to the three months ended March 31, 2012. The decrease was primarily attributable to a $53.8 million decrease in net revenues driven by a decrease in casino revenues.

Adjusted property EBITDA at our Las Vegas Operating Properties remained relatively unchanged compared to the three months ended March 31, 2012. Net revenues increased $22.4 million (excluding intersegment royalty revenue), but was offset by increases in the associated operating expenses.

Adjusted property EBITDA at Sands Bethlehem increased $2.4 million compared to the three months ended March 31, 2012. The increase was primarily attributable to an increase in net revenues of $7.4 million, driven by an increase in casino revenues, partially offset by increases in the associated operating expenses.

Interest Expense

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

	Three Months Ended
	March 31,
	2013			2012
	(Dollars in thousands)
Interest cost (which includes the amortization of deferred financing costs and original issue discount)	$	66,826		$	83,022
Add — imputed interest on deferred proceeds from sale of The Shoppes at The Palazzo		3,789			3,776
Less — capitalized interest		(1,783	)		(22,126	)
Interest expense, net	$	68,832		$	64,672
Cash paid for interest	$	64,711		$	99,912
Weighted average total debt balance	$	10,086,142		$	10,088,641
Weighted average interest rate		2.7	%		3.3	%

Interest cost decreased $16.2 million compared to the three months ended March 31, 2012, resulting primarily from a decrease in our weighted average interest rate. Capitalized interest decreased $20.3 million compared to the three months ended March 31, 2012, primarily due to the completion of phases I, IIA and IIB of Sands Cotai Central in April and September 2012 and January 2013, respectively.

Other Factors Effecting Earnings

Other expense was $2.1 million for the three months ended March 31, 2013, compared to $3.4 million for the three months ended March 31, 2012. The amounts in both periods were primarily attributable to foreign exchange losses and decreases in the fair values of our interest rate cap agreements.

Our effective income tax rate was 7.3% for the three months ended March 31, 2013, compared to 9.8% for the three months ended March 31, 2012. The effective income tax rate for the three months ended March 31, 2013 and 2012, reflects a 17% statutory tax rate on our Singapore operations and a zero percent tax rate on our Macao gaming operations due to our income tax exemption in Macao, which, if not extended, will expire in December 2013. During July 2012, we requested an additional 5-year income tax exemption. We have recorded a valuation allowance 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 or portion thereof are realizable, we will reduce the valuation allowances in the period such determination is made.

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The net income attributable to our noncontrolling interests was $132.0 million for the three months ended March 31, 2013, compared to $80.2 million for the three months ended March 31, 2012. These amounts are primarily related to the noncontrolling interest of SCL.

Supplemental Information Regarding our Retail Mall Operations

We own and operate retail malls at our integrated resorts at The Venetian Macao, Four Seasons Macao, Sands Cotai Central, Marina Bay Sands and Sands Bethlehem. Management believes that being in the retail mall business and, specifically, owning some of the largest retail properties in Asia will provide meaningful value for us, particularly as the retail market in Asia continues to grow.

Our malls are designed to complement our other unique amenities and service offerings provided by our integrated resorts. Our strategy is to seek out desirable tenants that appeal to our customers and provide a wide variety of shopping options. We generate our mall revenues primarily from leases with tenants through base minimum rents, overage rents, management fees and reimbursements for common area maintenance (“CAM”) and other expenditures.

The following tables summarize the results of our mall operations for the three months ended March 31, 2013 and 2012 (in thousands):

	The Grand Canal Shoppes at The Venetian Macao			The Shoppes at Four Seasons		The Shoppes at Sands Cotai Central(1)		The Shoppes at Marina Bay Sands		The Outlets at Sands Bethlehem(2)		Total
For the three months ended March 31, 2013
Mall revenues:
Minimum rents(3)	$	23,605		$	7,545	$	5,778	$	26,498	$	269	$	63,695
Overage rents		675			988		318		2,493		320		4,794
CAM, levies and management fees		5,577			1,757		1,834		7,804		—		16,972
Total mall revenues		29,857			10,290		7,930		36,795		589		85,461
Mall operating expenses:
Common area maintenance		3,517			1,179		1,320		6,530		269		12,815
Management fees and other direct operating expenses		1,835			427		335		1,736		110		4,443
Mall operating expenses		5,352			1,606		1,655		8,266		379		17,258
Property taxes(4)		—			—		—		1,810		263		2,073
Provision for (recovery of) doubtful accounts		(24	)		120		18		21		—		135
Mall-related expenses(5)		5,328			1,726		1,673		10,097		642		19,466
For the three months ended March 31, 2012
Mall revenues:
Minimum rents(3)	$	18,594		$	5,170	$	—	$	26,249	$	204	$	50,217
Overage rents		2,565			4,075		—		1,050		106		7,796
CAM, levies and management fees		4,956			1,214		—		7,235		—		13,405
Total mall revenues		26,115			10,459		—		34,534		310		71,418
Mall operating expenses:
Common area maintenance		3,636			931		—		5,921		221		10,709
Management fees and other direct operating expenses		2,071			722		—		2,757		42		5,592
Mall operating expenses		5,707			1,653		—		8,678		263		16,301
Property taxes(4)		—			—		—		1,331		171		1,502
Provision for (recovery of) doubtful accounts		(233	)		151		—		—		—		(82	)
Mall-related expenses(5)		5,474			1,804		—		10,009		434		17,721

(1) Phases I and II of The Shoppes at Sands Cotai Central opened in April and September 2012, respectively.

(2) Revenues from CAM, levies and management fees are included in minimum rents for The Outlets at Sands Bethlehem.

(3) Minimum rents include base rents and straight-line adjustments of base rents.

(4) Our malls in Macao were exempt from property tax for the three months ended March 31, 2013 and 2012. Commercial property that generates rental income is exempt from property tax for the first six years for newly constructed buildings in Cotai. We are currently in the process of requesting an extension from the Macao government on the property tax exemption and the exact date of expiration currently cannot be determined.

(5) Mall-related expenses consist of CAM, management fees and other direct operating expenses, property taxes and provision for (recovery of) doubtful accounts, but excludes depreciation and amortization and general and administrative costs.

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It is common in the mall operating industry for companies to disclose mall net operating income (“NOI”) as a useful supplemental measure of a mall’s operating performance. In the tables above, we believe that taking total mall revenues less mall- related expenses provides an operating performance measure for our malls. Other mall operating companies may use different methodologies for deriving mall-related expenses. As such, this calculation may not be comparable to the NOI of other mall operating companies.

Because NOI excludes general and administrative expenses, interest expense, impairment losses, depreciation and amortization, gains and losses from property dispositions, allocations to noncontrolling interests and provision for income taxes, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact on operations from trends in occupancy rates, rental rates and operating costs.

Development Projects

We have suspended portions of our development projects and 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.

Macao

We submitted plans to the Macao government for The Parisian Macao, an integrated resort that will be connected to The Venetian Macao and Four Seasons Macao. The Parisian Macao, which is currently expected to open in late 2015, is intended to include a gaming area (to be operated under our gaming subconcession), hotel and shopping mall. We expect the cost to design, develop and construct The Parisian Macao to be approximately $2.7 billion, inclusive of payments made for the land premium. We commenced construction activities and have capitalized costs of $143.7 million, including the land premium (net of amortization), as of March 31, 2013. In addition, we will be completing the development of some public areas surrounding our Cotai Strip properties on behalf of the Macao government.

As of March 31, 2013, we have capitalized an aggregate of $8.58 billion in construction costs and land premiums (net of amortization) for our Cotai Strip developments, which include The Venetian Macao, Sands Cotai Central, Four Seasons Macao and The Parisian 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 borrowings under our $3.7 billion Macao credit facility, we will need to arrange additional financing to fund the balance of our Cotai Strip developments on terms suitable to us.

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

Under our land concession for Sands Cotai Central, we are required to complete the development by May 2014. The land concession for The Parisian Macao contains a similar requirement, which was extended by the Macao government in July 2012, that the development be completed by April 2016. We expect to apply for an extension from the Macao government to complete Sands Cotai Central, as we will be unable to meet the May 2014 deadline. Should we determine that we are unable to complete The Parisian Macao by April 2016, we would then also expect to apply for an extension from the Macao government. If we are unable to meet The Parisian Macao deadline and the deadlines for either development are not extended, we could lose our land concessions for Sands Cotai Central or The Parisian Macao, 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 $4.07 billion or $143.7 million in capitalized construction costs and land premiums (net of amortization), as of March 31, 2013, related to Sands Cotai Central and The Parisian Macao, respectively.

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. As of March 31, 2013, we have capitalized construction costs of $178.8 million for this project. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty.

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Other

We continue to aggressively pursue a variety of new development opportunities around the world.

Liquidity and Capital Resources

Cash Flows—Summary

Our cash flows consisted of the following:

	Three Months Ended
	March 31,
	2013			2012
	(In thousands)
Net cash generated from operating activities	$	885,518		$	667,451
Cash flows from investing activities:
Change in restricted cash and cash equivalents		(294	)		(195	)
Capital expenditures		(197,191	)		(398,260	)
Proceeds from disposal of property and equipment		426			761
Net cash used in investing activities		(197,059	)		(397,694	)
Cash flows from financing activities:
Proceeds from exercise of stock options		11,955			21,259
Proceeds from exercise of warrants		—			526,168
Excess tax benefits from stock-based compensation		1,525			—
Dividends paid		(495,820	)		(383,463	)
Distributions to noncontrolling interests		(2,174	)		(2,195	)
Repayments on long-term debt		(334,578	)		(306,231	)
Payments of deferred financing costs		—			(114	)
Net cash used in financing activities		(819,092	)		(144,576	)
Effect of exchange rate on cash		(2,385	)		28,461
Increase (decrease) in cash and cash equivalents	$	(133,018	)	$	153,642

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 three months ended March 31, 2013, increased $218.1 million compared to the three months ended March 31, 2012. The increase was primarily attributable to the increase in operating cash flows generated from our Macao operations.

Cash Flows — Investing Activities

Capital expenditures for the three months ended March 31, 2013, totaled $197.2 million, including $128.7 million for construction and development activities in Macao (primarily for Sands Cotai Central), $36.1 million in Singapore; $18.3 million at our Las Vegas Operating Properties and $14.1 million for corporate and other activities.

Cash Flows — Financing Activities

Net cash flows used in financing activities were $819.1 million for the three months ended March 31, 2013, which was primarily attributable to $495.8 million in dividend payments and the repayment of $326.0 million on our 2012 Singapore Revolving Facility.

As of March 31, 2013, we had $992.3 million available for borrowing under our U.S., Macao and Singapore credit facilities, net of letters of credit and outstanding banker’s guarantees.

Development Financing Strategy

Through March 31, 2013, we have funded our development projects primarily through borrowings under our U.S., Macao and Singapore credit facilities, operating cash flows, proceeds from our equity offerings and proceeds from the disposition of non-core assets.

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The U.S. credit facility 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 5.0x for all quarterly periods through maturity. We can elect to contribute up to $50 million of cash on hand to our Las Vegas operations on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio. Our Macao credit facility also requires our Macao operations to comply with similar financial covenants, which commenced with the quarterly period ended March 31, 2012, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 4.5x for the quarterly periods ending March 31 through June 30, 2013, decreases to 4.0x for the quarterly periods ending September 30, 2013 through December 31, 2014, decreases to 3.5x for the quarterly periods ending March 31 through December 31, 2015, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. Our Singapore credit facility requires operations of Marina Bay Sands to comply with similar financial covenants, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 4.0x for the quarterly periods ending March 31 through September 30, 2013, decreases to 3.5x for the quarterly periods ending December 31, 2013 through December 31, 2014, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. As of March 31, 2013, our U.S., Macao and Singapore leverage ratios were 1.0x, 1.5x, 2.9x, respectively, compared to the maximum leverage ratios allowed of 5.0x, 4.5x and 4.0x, respectively. If we are unable to maintain compliance with the financial covenants under these credit facilities, we 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. 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 our operations or debt obligations.

We held unrestricted cash and cash equivalents of approximately $2.38 billion and restricted cash and cash equivalents of approximately $6.7 million as of March 31, 2013, of which approximately $1.93 billion of the unrestricted amount is held by non-U.S. subsidiaries. Of the $1.93 billion, approximately $1.41 billion is available to be repatriated to the U.S. with minimal taxes owed on such amounts due to the significant foreign taxes we paid, which would ultimately generate U.S. foreign tax credits if cash is repatriated. The remaining unrestricted amounts are not available for repatriation primarily due to dividend requirements to third party public shareholders in the case of funds being repatriated from SCL. We believe the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenants of our credit facilities. We will need to arrange additional financing to fund the balance of our Cotai Strip developments on terms suitable to us, including pursuing approximately $2.0 billion of financing for The Parisian Macao.

In the normal course of our activities, we will continue to evaluate our capital structure and opportunities for enhancements thereof. During the three months ended March 31, 2013, we repaid the outstanding balance under our 2012 Singapore Revolving Facility.

On February 28, 2013, SCL paid a dividend of 0.67 Hong Kong dollars (“HKD”) per share (a total of $696.4 million) to SCL shareholders (of which we retained $489.1 million). On March 15, 2013, the Board of Directors of SCL proposed the payment of a dividend of HKD 0.66 per share (a total of approximately $685.6 million at exchange rates in effect on March 31, 2013, of which we will retain approximately $481.5 million) to SCL shareholders to be paid on or about June 21, 2013, to shareholders of record on June 7, 2013. On March 29, 2013, we paid a dividend of $0.35 per common share as part of a regular cash dividend program. During the three months ended March 31, 2013, we recorded $288.8 million as a distribution against retained earnings (of which $151.0 million related to our Principal Stockholder’s family). In April 2013, our Board of Directors declared a quarterly dividend of $0.35 per common share (a total estimated to be approximately $289 million) to be paid on June 28, 2013, to shareholders of record on June 20, 2013. We expect this level of dividend to continue quarterly through the remainder of 2013.

Aggregate Indebtedness and Other Known Contractual Obligations

As of March 31, 2013, 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, 2012, with the exception of the repayment of $327.6 million that was outstanding under our 2012 Singapore Revolving Facility (which would have matured in December 2017 with no interim amortization) as of December 31, 2012.

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., Macao 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.

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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:

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

• our substantial leverage, debt service and debt covenant compliance (including the pledge of our assets as security for our indebtedness);

• disruptions in the global financing markets and our ability to obtain sufficient funding for our current and future developments;

• the extensive regulations to which we are subject to and the costs of compliance with such regulations;

• increased competition for labor and materials due to other planned construction projects in Macao and quota limits on the hiring of foreign workers;

• 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 discretionary spending and vacationing at casino-resorts in Macao, Singapore, Las Vegas and Pennsylvania;

• 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 Macao, restrictions on foreign currency exchange or importation of currency, and the judicial enforcement of gaming debts;

• our dependence upon properties primarily in Macao, Singapore and Las Vegas 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;

• new developments, construction and ventures, including our Cotai Strip developments;

• the passage of new legislation and receipt of governmental approvals for our proposed developments in Macao 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 natural or man-made disasters, outbreaks of infectious diseases, such as avian flu, SARS and H1N1 flu, terrorist activity or war;

• government regulation of the casino industry (as well as new laws and regulations and changes to existing laws and regulations), including gaming license regulation, the requirement for certain beneficial owners of our securities to be found suitable by gaming authorities, the legalization of gaming in other jurisdictions and regulation of gaming on the Internet;

• increased competition in Macao and Las Vegas, including recent and upcoming increases in hotel rooms, meeting and convention space, retail space and potential additional gaming licenses;

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

• the popularity of Macao, Singapore and Las Vegas 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, certificate and subconcession;

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• the continued services of our key management and personnel;

• any potential conflict between the interests of our Principal Stockholder and us;

• the ability of our subsidiaries to make distribution payments to us;

• our failure to maintain the integrity of our internal or customer data;

• the completion of infrastructure projects in Macao 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.

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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.

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 March 31, 2013, 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 twelve months ending March 31:

	2014			2015			2016			2017			2018			Thereafter			Total			Fair  Value(1)
							(Dollars in millions)
LIABILITIES
Long-term debt
Fixed rate	$	0.9		$	0.8		$	—		$	—		$	—		$	—		$	1.7		$	1.7
Average interest rate(2)		5.0	%		5.0	%		—	%		—	%		—	%		—	%		5.0	%
Variable rate	$	91.9		$	1,846.9		$	1,951.3		$	4,204.3		$	1,185.5		$	518.6		$	9,798.5		$	9,771.0
Average interest rate(2)		2.0	%		1.9	%		1.9	%		2.1	%		1.9	%		1.9	%		2.0	%
ASSETS
Cap agreements(3)	$	—		$	0.2		$	—		$	—		$	—		$	—		$	0.2		$	0.2

(1) The estimated fair values are based on level 2 inputs (quoted prices in markets that are not active).

(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 March 31, 2013, an assumed 100 basis point change in LIBOR, HIBOR and SOR would cause our annual interest cost to change approximately $98.2 million.

(3) As of March 31, 2013, we have 25 interest rate cap agreements with an aggregate fair value of approximately $0.2 million based on quoted market values from the institutions holding the agreements.

Borrowings under the U.S. credit facility 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 2011 VML 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 Macao pataca denominated loans), as applicable, plus a spread of 1.5% per annum to 2.25% per annum based on a specified consolidated leverage. Borrowings under the 2012 Singapore Credit Facility bear interest at SOR plus a spread of 1.85% per annum, which spread is subject to a reduction based on a specified consolidated adjusted EBITDA ratio, as defined. Borrowings under the airplane financings bear interest at LIBOR plus approximately 1.5% per annum.

Foreign currency transaction losses for the three months ended March 31, 2013, were $2.0 million. We may be vulnerable to changes in the U.S. dollar/pataca exchange rate. Based on balances as of March 31, 2013, an assumed 1% change in the U.S. dollar/pataca exchange rate would cause a foreign currency transaction gain/loss of approximately $14.9 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.”

45

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 March 31, 2013, 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 had a material effect, or was reasonably likely to have a material effect on 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, 2012, 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, 2012.

46

ITEM 6 — EXHIBITS

List of Exhibits

Exhibit No.	Description of Document
10.1	Las Vegas Sands Corp. Amended and Restated Executive Cash Incentive Plan
10.2	Amended Terms of Continued Employment, dated April 24, 2013, between Las Vegas Sands Corp. and Las Vegas Sands, LLC and Michael A. Leven.
10.3	Amendment to Employment Agreement, effective December 31, 2012, between Las Vegas Sands Corp. and Kenneth J. Kay.
10.4	Employment Agreement, dated as of April 1 2012, between Las Vegas Sands Corp. and Chris J. Cahill.
10.5	Amendment to Employment Agreement, effective December 31, 2012, between Las Vegas Sands Corp. and Chris J. Cahill.
10.6	Amendment to Employment Agreement, dated as of March 27, 2013, between Las Vegas Sands Corp. and Chris J. Cahill.
10.7	Employment Letter, dated April 15, 2011, from Las Vegas Sands Corp. to John Caparella.
10.8	Amendment to Employment Letter, effective December 31, 2012, between Las Vegas Sands Corp. and John Caparella.
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

47

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
May 9, 2013		Sheldon G. Adelson
		Chairman of the Board and Chief Executive Officer
	By:	/s/ Kenneth J. Kay
May 9, 2013		Kenneth J. Kay
		Chief Financial Officer

48

EX-10.1

Exhibit 10.1

APPENDIX B

LAS VEGAS SANDS CORP.

EXECUTIVE CASH INCENTIVE PLAN

(Amended and Restated)

I. Purpose

The purpose of the Las Vegas Sands Corp. Executive Cash Incentive Plan (the “Plan”) is to establish a program of incentive compensation for designated officers and/or key executive employees of Las Vegas Sands Corp., a Nevada corporation (the “Company”), and its subsidiaries and divisions that is directly related to the performance results of such individuals. The Plan provides annual incentives, contingent upon continued employment and meeting certain corporate goals, to certain key executives who make substantial contributions to the Company.

II. Definitions

The following definitions shall be applicable throughout the Plan.

“Board” means the Board of Directors of the Company.

“Bonus Award” means the award or awards, as determined by the Committee, to be granted to a Participant based on that Participant’s level of attainment of his or her goals established in accordance with Articles IV and V of the Plan.

“Code” means the Internal Revenue Code of 1986, as amended.

“Committee” means either (i) the Board or (ii) a committee selected by the Board to administer the Plan and composed of not less than two directors, each of whom is an “outside director” (within the meaning of Section 162(m) of the Code). If at any time such a Committee has not been so designated, the Compensation Committee of the Board shall constitute the Committee or if there shall be no Compensation Committee of the Board, the Board shall constitute the Committee. The fact that a Committee member shall fail to qualify as an “outside director” when administering the Plan with respect to 162(m) Bonus Awards shall not invalidate any 162(m) Bonus Award granted by the Committee if such 162(m) Bonus Award is otherwise validly granted under the Plan.

“Company” means Las Vegas Sands, Inc., a Nevada corporation, and any successor thereto.

“Designated Beneficiary” means the beneficiary or beneficiaries designated by a Participant in accordance with Article XIV hereof to receive the amount, if any, payable under the Plan upon such Participant’s death.

“162(m) Bonus Award” means a Bonus Award which is intended to qualify for the performance-based compensation exception to Section 162(m) of the Code, as further described in Article VIII.

“Participant” means any officer or key executive of the Company and its subsidiaries designated by the Committee to participate in the Plan.

“Performance Criteria” means objective performance criteria established by the Committee with respect to 162(m) Bonus Awards. Performance Criteria shall be measured in terms of one or more of the following objectives, described as such objectives relate to Company-wide objectives or of the subsidiary, division, department or function with the Company or subsidiary in which the Participant is employed:

(i) net earnings or net income (before or after taxes);

(ii) basic or diluted earnings per share (before or after taxes);

(iii) net revenue or net revenue growth;

(iv) gross profit or gross profit growth;

(v) net operating profit (before or after taxes);

(vi) return measures (including, but not limited to, return on assets, capital, invested capital, equity, or sales);

(vii) cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital);

(viii) earnings before or after taxes, interest, depreciation, amortization and/or rents;

(ix) gross or operating margins;

(x) productivity ratios;

(xi) share price (including, but not limited to, growth measures and total stockholder return);

(xii) expense targets;

(xiii) margins;

(xiv) operating efficiency;

(xv) objective measures of customer satisfaction;

(xvi) working capital targets;

(xvii) measures of economic value added; and

(xviii) inventory control.

Any one or more of the Performance Criterion may be used to measure the performance of the Company and/or an Affiliate as a whole or any business unit of the Company and/or an Affiliate or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Criteria as compared to the performance of a group of comparator companies, or published or special index that the Committee, in its sole discretion, deems appropriate, or the Company may select Performance Criterion (xi) above as compared to various stock market indices. The Committee also has the authority to provide for accelerated vesting of any Bonus Award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. Each grant of a 162(m) Bonus Award shall specify the Performance Criteria to be achieved, a minimum acceptable level of achievement below which no payment or award will be made, and a formula for determining the amount of any payment or award to be made if performance is at or above the minimum acceptable level but falls short of full achievement of the specified Performance Criteria.

If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which it conducts its business, or other events or circumstances render the Performance Criteria to be unsuitable, the Committee may modify such Performance Criteria or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable; provided, however, that no such modification shall be made if the effect would be to cause a 162(m) Bonus Award to fail to qualify for the performance-based compensation exception to Section 162(m) of the Code. In addition, at the time performance goals are established as to a 162(m) Bonus Award, the Committee is authorized to determine the manner in which the Performance Criteria related thereto will be calculated or measured to take into account certain factors over which the Participant has no control or limited control including changes in industry margins, general economic conditions, interest rate movements and changes in accounting principles. In the event that applicable tax and/or securities laws change to permit Committee discretion to alter the governing Performance Criteria without obtaining shareholder approval of such alterations, the Committee shall have sole discretion to make such alterations without obtaining shareholder approval. Unless otherwise determined by the Committee at the time a 162(m) Bonus Award is granted, the Committee is authorized at any time during the first 90 days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code), or at any time thereafter to the extent the exercise of such authority at such time would not cause the 162(m) Bonus Awards granted to any Participant for such Performance Period to fail to qualify as “performance-based compensation” under Section 162(m) of the Code, to specify adjustments or modifications to be made to the calculation of a performance goal for such Performance Period, based on and in order to appropriately reflect the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported results; (iv) any reorganization and restructuring programs; (v) nonrecurring items as described in Accounting Standards Codification Topic 225-20 (or any successor pronouncement thereto) and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to shareholders for the applicable year; (vi) acquisitions or divestitures; (vii) any other specific unusual or nonrecurring events, or objectively determinable category thereof; (viii) foreign exchange gains and losses; (ix) discontinued operations and nonrecurring charges; and (x) a change in the Company’s fiscal year.

“Performance Period” means the period during which performance is measured to determine the level of attainment of a Bonus Award, which shall be the fiscal year of the Company.

“Plan” means the Las Vegas Sands Corp. Executive Cash Incentive Plan.

III. Eligibility

Participants in the Plan shall be selected by the Committee for each Performance Period from those officers and key executives of the Company and its subsidiaries whose efforts contribute materially to the success of the Company. No employee shall be a Participant unless he or she is selected by the Committee, in its sole discretion. No employee shall at any time have the right to be selected as a Participant nor, having been selected as a Participant for one Performance Period, to be selected as a Participant in any other Performance Period.

IV. Administration

The Committee, in its sole discretion, will determine eligibility for participation, establish the maximum aggregate award which may be earned by each Participant (which may be expressed in terms of a dollar amount, percentage of salary or any other measurement), establish goals for each Participant (which may be objective or subjective, and based on individual, Company, subsidiary and/or division performance), calculate and determine each Participant’s level of attainment of such goals, and calculate the Bonus Award for each Participant based upon such level of attainment.

Except as otherwise herein expressly provided, full power and authority to construe, interpret, and administer the Plan shall be vested in the Committee, including the power to amend or terminate the Plan as further described in Article XVII. The Committee may at any time adopt such rules, regulations, policies, or practices as, in its sole discretion, it shall determine to be necessary or appropriate for the administration of, or the performance of its respective responsibilities under, the Plan. The Committee may at any time amend, modify, suspend, or terminate such rules, regulations, policies, or practices.

V. Bonus Awards

The Committee, based upon information to be supplied by management of the Company and, where determined as necessary by the Board, the ratification of the Board, will establish for each Performance Period a maximum aggregate award (and, if the Committee deems appropriate, threshold and target awards) and goals relating to Company, subsidiary, divisional, departmental and/or functional performance for each Participant and communicate such award levels and goals to each Participant prior to or during the Performance Period for which such award may be made. Bonus Awards will be earned by each Participant based upon the level of attainment of his or her goals during the applicable Performance Period; provided that the Committee may reduce the amount of any Bonus Award in its sole and absolute discretion. As soon as practicable after the end of the applicable Performance Period, the Committee shall determine the level of attainment of the goals for each Participant and the Bonus Award to be made to each Participant.

VI. Payment of Bonus Awards

Except as provided in Articles VII and IX below, Bonus Awards earned during any Performance Period shall be paid as soon as practicable following the end of such Performance Period and the determination of the amount thereof shall be made by the Committee. Payment of Bonus Awards shall be made in the form of cash. Bonus Award amounts earned but not yet paid will not accrue interest.

VII. Deferral of Bonus Awards

If so permitted by the Committee, a Participant may elect to defer receipt of all or a portion of a Bonus Award pursuant to the terms of the Company’s Deferred Compensation Plan.

VIII. 162(m) Bonus Awards

Unless determined otherwise by the Committee, each Bonus Award awarded under the Plan shall be a 162(m) Bonus Award and will be subject to the following requirements, notwithstanding any other provision of the Plan to the contrary:

1 A 162(m) Bonus Award may be made only by a Committee which is comprised solely of not less than two directors, each of whom is an “outside director” (within the meaning of Section 162(m) of the Code).

2. The performance goals to which a 162(m) Bonus Award is subject must be based solely on Performance Criteria. Such performance goals, and the maximum, target and/or threshold (as applicable) Bonus Amount payable upon attainment thereof, must be established by the Committee within the time limits required in order for the 162(m) Bonus Award to qualify for the performance-based compensation exception to Section 162(m) of the Code.

3. No 162(m) Bonus Award may be paid until the Committee has certified the level of attainment of the applicable Performance Criteria; provided, however, that the Committee, in its sole discretion, may permit the payment of a 162(m) Bonus Award to a Participant (or such Participant’s Designated Beneficiary or estate, as applicable) without first certifying the level of attainment of the applicable Performance Criteria following (i) a termination of employment due to the Participant’s death or disability or (ii) a “Change in Control” (as that term is defined in the Las Vegas Sands Corp. 2004 Equity Award Plan.

4. With respect to any single Participant, the maximum amount of any 162(m) Bonus Award for any fiscal year of the Company shall be $10,000,000.

IX. Termination of Employment

A Participant shall be eligible to receive payment of his or her Bonus Award earned during a Performance Period, so long as the Participant is employed on the last day of such Performance Period, notwithstanding any subsequent termination of employment prior to the actual payment of the Bonus Award. In the event of a Participant’s death prior to the payment of a Bonus Award which has been earned, such payment shall be made to the Participant’s Designated Beneficiary or, if there is none living, to the estate of the Participant. Notwithstanding the foregoing, the Committee, in its sole discretion, may permit a Participant to receive payment of all or a pro rata portion of his or her Bonus Award following a termination of such Participant’s employment prior to the last day of a Performance Period; provided, however, that, in the event the Bonus Award is a 162(m) Bonus Award the Committee shall only be permitted to exercise such discretion upon a termination of employment described in Section 4 of Article VIII.

X. Reorganization or Discontinuance

The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from a merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company. The Company will make appropriate provision for the preservation of Participants’ rights under the Plan in any agreement or plan which it may enter into or adopt to effect any such merger, consolidation, reorganization or transfer of assets.

If the business conducted by the Company shall be discontinued, any previously earned and unpaid Bonus Awards under the Plan shall become immediately payable to the Participants then entitled thereto.

XI. Non-Alienation of Benefits

A Participant may not assign, sell, encumber, transfer or otherwise dispose of any rights or interests under the Plan except by will or the laws of descent and distribution. Any attempted disposition in contravention of the preceding sentence shall be null and void.

XII. No Claim or Right to Plan Participation

No employee or other person shall have any claim or right to be selected as a Participant under the Plan. Neither the Plan nor any action taken pursuant to the Plan shall be construed as giving any employee any right to be retained in the employ of the Company or any of its subsidiaries.

XIII. Taxes

The Company shall deduct from all amounts paid under the Plan all federal, state, local and other taxes that the Committee, in its sole discretion, determines are required to be withheld with respect to such payments.

XIV. Designation and Change of Beneficiary

Each Participant may indicate upon notice to him or her by the Committee of his or her right to receive a Bonus Award a designation of one or more persons as the Designated Beneficiary who shall be entitled to receive the amount, if any, payable under the Plan upon the death of the Participant. Such designation shall be in writing to the Committee. A Participant may, from time to time, revoke or change his or her Designated Beneficiary without the consent of any prior Designated Beneficiary by filing a written designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. In the event that a Participant fails to designate a Designated Beneficiary as provided in this Article XIV, or if the Designated Beneficiary predeceases the Participant, then any Bonus Award payable following the Participant’s death shall be payable to such Participant’s estate.

XV. No Liability of Committee Members

No member of the Committee shall be personally liable by reason of any contract or other instrument related to the Plan executed by such member or on his or her behalf in his or her capacity as a member of the Committee, nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each employee, officer, or director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense (including legal fees, disbursements and other related charges) or liability (including any sum paid in settlement of a claim with the approval of the Board) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or bad faith.

XVI. Termination or Amendment of the Bonus Plan

The Committee may amend, suspend or terminate the Plan at any time; provided that no amendment may be made without the approval of the Company’s shareholders if the effect of such amendment would be to cause outstanding or pending 162(m) Bonus Awards to cease to qualify for the performance-based compensation exception to Section 162(m) of the Code.

XVII. Unfunded Plan

Participants shall have no right, title, or interest whatsoever in or to any investments which the Company may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant, Designated Beneficiary, legal representative or any other person. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan.

The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended.

XVIII. Governing Law

The terms of the Plan and all rights thereunder shall be governed by and construed in accordance with the laws of the State of Nevada (and, to the extent applicable, the regulations of the Nevada Gaming Commission, the rules, directives and decisions of the Nevada Gaming Commission and State Gaming Control Board, the ordinances of Clark County, Nevada, and the regulations of the Clark County Liquor and Gaming Licensing Board) without reference to principles of conflict of laws.

XIX. Effective Date

The effective date of the Plan is January 1, 2005.

EX-10.2

Exhibit 10.2

LAS VEGAS SANDS CORP.

LAS VEGAS SANDS, LLC

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109

April 24, 2013

Michael A. Leven

Re: Amended Terms of Continued Employment

Dear Mike:

This letter agreement (“Agreement”) sets forth the terms and conditions of your continued employment with Las Vegas Sands Corp., a Nevada corporation (“LVSC”), and Las Vegas Sands, LLC, a wholly-owned subsidiary of LVSC (together with LVSC, the “Company”), as mutually agreed upon by you and the Company. For valuable consideration and intending to be legally bound, the parties agree that the employment agreement between you and the Company, dated November 13, 2010 and effective as of January 1, 2011, as amended by the Terms of Continued Employment, dated June 7, 2012 (the “Amended Employment Agreement”), will remain in full force and effect subject to the following modifications:

1. Termination of Employment.

(a) Section 6(b) of the Amended Employment Agreement is hereby amended by replacing it in its entirety with the following:

“(b) In addition to the payments provided for in Section 6(a), if (A) your employment terminates prior to expiration of the Term because the Company terminates your employment for reasons other than Cause or you terminate your employment for Good Reason, (B) your employment terminates prior to the expiration of the Term due to your death or Disability or (C) your employment terminates by reason of expiration of the Term, then the 2012 Agreement Equity Awards shall remain outstanding and be eligible to be earned and vest if the appropriate performance targets are satisfied without regard to your continued employment by the Company.”

(b) Section 6(c) of the Amended Employment Agreement is hereby amended deleting the parenthetical phrase “(other than Section 6(b)(D))” therein.

2. Excise Tax Gross-Up.

(a) Section 8 of the Amended Employment Agreement is hereby deleted in its entirety.

(b) Section 10(d) of the Amended Employment Agreement is hereby deleted in its entirety.

3. Definition of Good Reason. The definition of “Good Reason” in Annex A of the Amended Employment Agreement is hereby amended by deleting the phrase “(v) a Change in Control;” and changing the reference to clause (vi) therein to clause (v).

4. Other Provisions Unchanged. Except as specifically provide in this Agreement, the provisions of the Amended Employment Agreement are unchanged. Capitalized terms used in this Agreement and not defined are used as defined in the Amended Employment Agreement.

You and the Company further agree that the Restricted Stock Units Award Agreement between you and LVSC, dated as of June 11, 2012 (the “2012 RSU Award Agreement”), is hereby amended to provide that references therein to the Letter Agreement and the Employment Agreement (each as defined in the 2012 RSU Award Agreement) are deemed to be references to the Letter Agreement and Employment Agreement as each may be amended from time to time, in order to give effect under the 2012 RSU Award Agreement to the amendments set forth in this Agreement.

This Agreement may be executed in several counterparts, each of which shall be considered an original, but which when taken together, shall constitute one agreement.

Enclosed are two copies of this Agreement. Please acknowledge your agreement with the foregoing by signing both copies of this Agreement. Please return one signed and acknowledged copy of this Agreement and retain the second copy for your records.

Sincerely,

/s/ Sheldon G. Adelson

Sheldon G. Adelson

Chairman and Chief Executive Officer,

Las Vegas Sands Corp.

Chairman and Treasurer, Las Vegas Sands, LLC

Acknowledged and agreed,

This 24 day of April, 2013

By:	/s/ Michael A. Leven
Michael A. Leven

Signature Page to Leven 2013 Amended Terms of Continued Employment

2

EX-10.3

Exhibit 10.3

December 31, 2012

Kenneth J. Kay

c/o Las Vegas Sands Corp.

3355 Las Vegas Boulevard South

Las Vegas, NV 89109

Re: Amendment to Employment Agreement

Dear Ken:

Reference is hereby made to that certain employment agreement between you and Las Vegas Sands Corp. (the “Company”), dated as of December 1, 2008 (as amended from time to time, the “Employment Agreement”). As set forth below, you and the Company have agreed to amend the Employment Agreement to clarify its compliance with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder.

Accordingly, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, you and the Company hereby agree as follows, effective December 31, 2012:

1. The Employment Agreement is amended by adding the following language at the end of Section 8.7 thereof:

“Any payments that would have been made between the date of termination of employment and the effective date of the General Release and Covenant Not to Sue, shall be made as soon as practicable but in any event within 10 days following the effective date of the General Release and Covenant Not to Sue.”

2. The Employment Agreement is amended by adding the following language at the end of Section 27 thereof:

“It is intended that the provisions of the Agreement comply with Section 409A, and all provisions of the Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. In addition, for purposes of the Agreement, with respect to payments of any amounts that are considered to be “deferred compensation” subject to Section 409A, references to “termination of employment” (and substantially similar phrases) shall be interpreted and applied in a manner that is consistent with the requirements of Section 409A. To the extent that any reimbursements pursuant to the Agreement are taxable to Executive, any such reimbursement payment due to Executive shall be paid to Executive as promptly as practicable, and in all events on or before the last day of Executive’s taxable year following the taxable year in which the related expense was incurred. Any such reimbursements are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that Executive receives in one taxable year shall not affect the amount of such benefits or reimbursements that Executive receives in any other taxable year. Except as permitted under Section 409A, any deferred compensation that is subject to Section 409A and is payable to or for Executive’s benefit under any Company-sponsored plan, program, agreement or arrangement may not be reduced by, or offset against, any amount owing by Executive to the Company.”

The Company and you each acknowledges and agrees that except as amended hereby, the provisions of the Employment Agreement shall remain in full force and effect. This letter shall be construed and enforced in accordance with and governed by the laws of the State of Nevada other than principles of law that would apply the law of another jurisdiction. This letter may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

Very truly yours,
LAS VEGAS SANDS CORP.
By:	/s/ Ira H. Raphaelson
Name: Ira H. Raphaelson
Title: EVP & Global General Counsel

Agreed and accepted this 31^st day of December 2012:

/s/ Kenneth J. Kay

KENNETH J. KAY

2

EX-10.4

Exhibit 10.4

Execution Copy

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) by and between Las Vegas Sands Corp., a Nevada corporation (the “Company), and Chris J. Cahill (the “Executive”) is made as of April 1, 2012 at 12:01 am (PST) (the “Effective Date”).

WHEREAS, the Company desires to employ the Executive under the terms of this Agreement, and the Executive desires to be employed by the Company subject to and accepting the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the Company and the Executive (each individually a “Party” and together the “Parties”) agree as follows:

1. Term, Positions and Duties.

1.1 Term. Subject to any early termination as provided in accordance with the terms of this Agreement, the term of employment shall be considered as commencing on the Effective Date of this Agreement and shall terminate at the close of business on April 1, 2017 at 11:59 PM (PST) (the “Term”).

1.2 Duties and Responsibilities. During the Term, the Executive shall be employed as Executive Vice President Global Operations with the Company and shall report directly to the President & Chief Operating Officer. The Executive shall be responsible for and shall have such powers, duties and responsibilities as are generally associated with his offices, including supervision of the CEO of Sands China Limited, Presidents of Marina Bay Sands, Venetian/Palazzo, and Bethlehem Sands, the Chief Marketing Officer, Human Resources and other operating departments, provided that same may be modified and/or assigned to the Executive from time to time by the President & Chief Operating Officer, and subject to the supervision, direction and control of the President & Chief Operating Officer and the Board of Directors of the Company.

1.3 Licensing and Compliance Requirement. The Executive shall file an application to obtain a finding of suitability as an officer of the Company (the “License”) with the Nevada State Gaming Control Board and the Nevada Gaming Commission (collectively, the “Nevada Gaming Authorities”), pursuant to the provisions of applicable Nevada gaming laws and the regulations of the Nevada Gaming Commission. The Executive agrees, at the Company’s sole cost and expense, to cooperate with the Nevada Gaming Authorities at all times, including but not limited to in connection with the processing of such application and any investigation thereof undertaken by the Nevada Gaming Authorities. In the event the Executive’s application to obtain a finding of suitability is rejected, this Agreement shall automatically terminate within sixty (60) days from the date of such revocation. Such termination hereunder shall be considered a Termination for Cause pursuant to the provisions of Section 6.1.

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1.4 Performance. The Executive hereby accepts the employment described herein under the terms and conditions set forth in this Agreement. The Executive covenants and agrees that during the Term, Executive will faithfully and diligently perform the duties of Executive’s employment, devoting Executive’s full business and professional time, attention, energy, experience and ability to promote the business interests of the Company. The Executive further agrees that during the period of Executive’s employment with the Company, Executive will not engage in any other employment, occupation, consultation or business or professional pursuits whatsoever unless the Company’s Chief Executive Officer shall consent thereto in writing; provided, however, that the foregoing shall not preclude the Executive from engaging in civic, charitable, or religious activities or from devoting a reasonable amount of time to private investments that do not unreasonably interfere or conflict with the performance of the Executive’s duties under this Agreement.

1.5 Policies and Procedures. In addition to the terms herein, the Executive agrees to be bound by the Company’s policies and procedures as such may be amended by the Company from time to time. In the event the terms in this Agreement conflict with the Company’s policies and procedures, the terms herein shall take precedence.

2. Base Salary. During the Term, the Executive shall be entitled to receive an annual base salary of eight hundred and seventy-five thousand Dollars ($875,000.00) payable in equal bi-monthly installments or as otherwise in accordance with the regular payroll of the Company and subject to applicable withholdings (the “Base Salary”).

3. Annual Bonus. The Executive shall be eligible to receive an annual cash bonus. The amount and payment of any bonus shall be based on the achievement of Company and Executive’s performance objectives that shall be reasonably determined annually by the Company; provided, that the bonus target will be eighty percent (80%) of Executive’s annual Base Salary (the “Target Annual Bonus), determined in accordance with the Management Incentive Plan. Additionally, Executive shall not have any enforceable right to receive any bonus except for such bonuses as are formally approved by the Compensation Committee of the Company’s Board of Directors. Any bonus payable pursuant to this Section shall be paid by the end of the first calendar quarter of the year following the year to which the bonus relates, subject to applicable withholdings. Upon termination of the Executive’s employment for any reason whatsoever, the Company shall have no obligation to pay the Executive any bonus, except to the extent provided elsewhere in this Agreement.

4. Equity Awards. The Executive shall be eligible to receive equity awards under the Company’s 2004 Equity Award Plan (the “Plan”). Management will recommend that the Compensation Committee of the Company’s Board of Directors, which administers the Plan, approve a one-time award of non-qualified options to purchase one hundred and fifty thousand (150,000) shares of the Company’s common stock (the “Option Shares”) to vest as follows: one third (1/3) of the Option Shares (50,000 shares) shall become vested and exercisable on each of the anniversary date of issuance in 2015, 2016, and 2017 conditioned on Executive’s continued employment except as provided herein.

The exercise price of the Option Shares described above will be equal to the Fair Market Value (as defined in the Plan) of the Company’s common stock on the Date of Grant (as defined in the Plan), and the Date of Grant will be the first day of April, 2012. The additional terms of any option award will be governed by the terms of an option agreement to be provided to Employee upon the grant of the options and the terms of the Plan.

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Executive may become eligible to receive additional equity based compensation in such amounts, form, and upon such terms as the Company may decide in its own discretion, it being expressly understood and agreed that this paragraph does not create any obligation on the part of the Company to grant any equity.

5. Employment Benefit Programs.

5.1 Benefit Plans. During the Term, the Executive shall be entitled to participate in any fringe group health, medical, dental, hospitalization, life, accident insurance or other welfare plans, and any tax-qualified pension, tax-qualified profit sharing or tax-qualified retirement plans, which may be placed in effect or maintained by the Company during the Term hereof for the benefit of its employees generally, or for its senior executives subject to all restrictions and limitations contained in such plans or established by governmental regulation. In addition to the foregoing, the Executive shall be entitled to participate in such executive retirement and capital accumulation plans as may be established, sponsored or maintained by the Company and in effect from time to time for the benefit of its senior executives, including without limitation, any nonqualified supplemental executive retirement plan or deferred compensation plan.

5.2 Permitted Leave. The Executive shall be entitled to vacations and holidays as provided in the Company’s vacation, holiday or flex day policies as in effect from time to time, but no less than the following: four (4) weeks of paid vacation leave per year at such times as may be requested by the Executive and approved by the Company. No more than three (3) weeks of vacation shall be taken consecutively. Up to two (2) weeks of vacation may be carried over to the following year (but not to the next). The Executive shall also be entitled to the same sick time, leaves of absence, and other time-off to which other senior executives of the Company are entitled, and in accordance with the rules and regulations applicable to all other employees of the Company.

5.3 Relocation Assistance. The Company will pay Executive’s moving expenses to relocate Executive and his family from Toronto, Canada to Las Vegas, NV, according to The Las Vegas Sands Corporation Domestic Relocation Policy (including the additional items described below) and the Relocation Repayment Agreement, a copy of which will be given to Executive. This includes: 90 days of temporary living (no more than 30 days housing on property), airfare and reasonable expenses back and forth for 90 days for Executive or his spouse.

5.3.1The Company will also provide assistance to Executive in securing such VISAs and work permits as may be necessary for him to assume his duties under this Agreement.

5.3.2 In the event this Agreement is terminated pursuant to Sections 6.2, 6.3 or 1.1/6.4, the Company will also pay Executive’s moving expenses to relocate from Las Vegas, NV to the city of Executive’s choice within the continental US or Canada, including reasonable airfare for Executive and his spouse.

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5.4 Tax Return Preparation. For the 2012 calendar year during which the Executive is subject to taxes as a result of income arising out of his employment by the Company or its affiliates, the Company will secure at its expense the services of a tax professional reasonably satisfactory to the Executive to prepare his tax returns and to manage any audit with respect to such returns.

5.5 Tax Protection. The Executive shall be entitled to tax protection payments such that the aggregate net Income Tax (as defined below), born by the Executive in respect of any compensation, benefit and other remuneration hereunder (“Total Remuneration”) shall be no greater than the net Income Tax that would have been imposed exclusively by United States federal, Nevada state and Clark County local Income Tax laws, based upon the Executive’s being a resident of Clark County, Nevada and of the United States. Tax protection payments, as necessary, shall be paid on or before the later of (i) the time of withholding or payment of Income Taxes subject to protection hereunder, or (ii) the time for filing any tax return in respect of any such Income Taxes, and shall be grossed up as necessary to reimburse for any Income Tax on the tax protection payment itself. For this purpose the term “Income Tax” means all taxes, excises, levies, imposts or other similar withholdings from, or burdens upon, the Executive’s Total Remuneration in any jurisdiction worldwide. The obligation set forth in this paragraph shall survive the Executive’s period of service, and shall apply to any severance payments or benefits.

The Company shall be responsible for and incur the cost of engaging a 3^rd party to perform the calculations necessary to determine the tax protection payments on an annual basis. Such 3^rd party shall be a company generally recognized as an expert in the area of tax protection calculations.

6. Termination.

6.1 Termination by the Company for Cause.

6.1.1 “Cause” shall mean:

(a) (i) conviction of a felony, misappropriation of any material funds or material property of the Company or any of its Affiliates, (ii) commission of fraud or embezzlement with respect to the Company or any of its Affiliates or (iii) any material act of dishonesty relating to the Executive’s employment by the Company resulting in direct or indirect personal gain or enrichment at the expense of the Company or any of its Affiliates;

(b) use of alcohol or drugs that renders the Executive materially unable to perform the functions of his job or carry out his duties to the Company;

(c) a material breach of this Agreement by the Executive; or

(d) committing any act or acts of serious and willful misconduct (including disclosure of Confidential Information or other material breach of Exhibit B of this Agreement) that is likely to cause a material adverse effect on the business of the Company or any of its Affiliates;

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provided that, with respect to (b) or (c) above, the Company shall have first provided the Executive with written notice stating with specificity the acts, duties or directives the Executive has committed or failed to observe or perform, and the Executive shall not have corrected the acts or omissions complained of within thirty (30) days of receipt of such notice.

6.1.2 In the event the Company terminates the Executive’s employment for Cause after the applicable cure period, if any, the Executive shall be entitled to “Standard Benefits” defined as follows:

(a) Base Salary at the rate in effect at the time of the termination through the date of termination of employment, subject to applicable withholdings;

(b) Reimbursement for expenses incurred, but not paid prior to such termination of employment, subject to the receipt of supporting information by the Company; and

(c) Such rights to other compensation and benefits as may be provided in applicable plans and programs of the Company, according to the terms and conditions of such plans and programs.

The exercise and termination of the Executive’s equity referred to in Section 4 and any other equity grants to the Executive awarded pursuant to equity agreements that are listed in Schedule 1 or dated during the Term (and any extensions of the Term) shall be governed by the Plan and the Executive’s equity agreements issued pursuant to the Plan.

6.1.3 Executive may terminate this Agreement on thirty (30) days written notice without Good Reason and receive the Standard Benefits.

6.2 Termination by the Company Without Cause or By the Executive for Good Reason. In the event that the Company terminates the Executive’s employment without Cause or the Executive terminates Executive’s employment for Good Reason, in addition to the Standard Benefits, the Executive shall thereupon be entitled to:

(a) Continuation of the Base Salary (in effect on the date of termination), payable in bi-monthly installments or otherwise in accord with the Company’s policies and procedures, for twelve months if termination occurs prior to April 1, 2015 or six months thereafter (the “Applicable Period”) (the “Salary Continuation”), subject to applicable withholdings.

(b) An amount equal to 80% of Executive’s Base Salary, then in effect, for the Applicable Period as a Bonus for the year in which termination occurs, to be paid at the time such bonuses are awarded in the ordinary course and subject to applicable withholding and Company payroll practice,

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(c) Continued participation in the health and welfare benefit plans of the Company described in Section 5.1 for the Executive and Executive’s spouse and dependents, if any, during the Applicable Period.

(d) Any Bonus awarded for the year prior to termination but not yet paid in the year of termination, to be paid at the time such bonuses are awarded in the ordinary course and subject to applicable withholding and Company payroll practice.

(e) In the event of termination under this Section before the third anniversary of the Effective Date of this Agreement (so that none of the options granted pursuant to Section 4 will have vested yet), Executive will receive pro-rated vesting of 50,000 of the options granted under Section 4 of this Agreement, provided, however, that if Executive is terminated under this Section before the third anniversary of this Agreement (so that none of the options granted pursuant to Section 4 will have vested yet) but after the second anniversary of the Effective Date of this Agreement, Executive will receive vesting of 50,000 of the options granted under Section 4 of this Agreement.

(f) In the event that Executive is terminated by a designated successor to the current President & Chief Operating Officer, not for cause, pursuant to this Section, prior to April 1, 2017, 50,000 options granted under Section 4 of this Agreement will vest upon termination.

6.3 Termination By the Executive For Good Reason. The Executive may terminate Executive’s employment hereunder during the Term for Good Reason (as such term is defined below), on the terms and in the manner set forth in this Agreement.

(1) “Good Reason” shall mean any of the following:

(a) (i) a material breach of this Agreement by the Company; (ii) a reduction in the Executive’s Base Salary; (iii) a material change in the duties and responsibilities of office that would cause the Executive’s position to have less dignity, importance or scope than intended at the Effective Date as set forth herein; or (iv) a “change of control as defined in the Plan; provided, however, that “Good Reason” shall not be deemed to occur solely as a result of a transaction in which the Company becomes a subsidiary of another company, assuming no “change of control”, so long as the Executive’s duties and responsibilities of office are not materially changed as they relate solely to the Company;

(2) If the Executive determines that Good Reason exists for termination of this Agreement and Executive’s employment with the Company for any of the reasons described in Section 6.3(1)(a) above, the Executive shall provide the Company with written notice of Executive’s intention to terminate Executive’s employment. Such notice shall include a reasonably detailed description of the alleged grounds for termination. The Company shall have 30 business days from the date of its receipt of such notice within which to cure the alleged grounds for termination.

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6.4 Termination Upon Expiration of Term. In case of a termination of employment upon its expiration pursuant to Section 1.1 without renewal or superseding Agreement between the parties, Executive shall be entitled to receive the Standard Benefits set forth in Section 6.1.2 (a)-(c) above and any Bonus awarded for the year prior to termination but not yet paid in the year of termination.

6.5 Termination due to the Executive’s Disability or Death.

In the case of a termination of Executive’s employment hereunder due to the Executive’s disability or death, the Executive’s or, in event of death, Executive’s estate, shall be entitled to receive the Standard Benefits and:

(i) Continuation of the Base Salary, subject to applicable withholdings, payable in bi-monthly installments or otherwise in accord with the Company’s policies and procedures for 12 months following termination of employment.

(ii) Any Bonus awarded for the year prior to termination but not yet paid in the year of termination, to be paid at the time such bonuses are awarded in the ordinary course and subject to applicable withholding and Company payroll practice.

(iii) Continued vesting of all stock option awards in accordance with their terms for 12 months following termination of employment so that all such awards continue to vest as if the Executive had remained employed by the Company during the 12 month period following termination of employment, provided, however, that if Executive becomes disabled or dies so that termination before the second anniversary of the Effective Date of this Agreement (so that none of the options granted pursuant to Section 4 will have vested yet or will vest in the next twelve (12) months), Executive will receive pro-rated vesting of 50,000 of the options granted under Section 4 of this Agreement.

(iv) Continued participation in the health and welfare benefit plans of the Company described in Section 5.1 for the Executive’s spouse and dependents, if any, and the Executive, in the event of disability, during the 12 month period following termination of employment.

6.6 Health and Welfare Benefit Equivalents. To the extent that the health and welfare benefits provided for in Section 6 are not permissible after termination of employment under the terms of the benefit plans of the Company then in effect (and cannot be provided through the Company’s paying the applicable premium for the Executive and/or Executive’s spouse and dependents, if any, under COBRA), the Company shall pay to the Executive or Executive’s estate, as applicable, such amount as is necessary to provide the Executive and/or Executive’s spouse and dependents, if any, after tax, with an amount equal to the cost of acquiring, for the Executive and Executive’s spouse and dependents, if any, on a non-group basis, for the required period, those health and other welfare benefits that would otherwise be lost to the Executive and Executive’s spouse and dependents, if any, as a result of the Executive’s termination.

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6.7 Section 409A.

For purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”), each of the payments that may be made under this Agreement are designated as separate payments. In addition, for purposes of this Agreement, with respect to payments of any amounts that are considered to be “deferred compensation” subject to Section 409A, references to “termination of employment” (and substantially similar phrases) shall be interpreted and applied in a manner that is consistent with the requirements of Section 409A. It is intended that the provisions of this Agreement comply with Section 409A, and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. Notwithstanding the foregoing, except as otherwise provided herein, Employee shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for Employee’s account in connection with this Agreement (including any taxes and penalties under Section 409A), and neither the Company nor any affiliate shall have any obligation to indemnify or otherwise hold Employee (or any beneficiary) harmless from any or all of such taxes or penalties. Notwithstanding anything in this Agreement to the contrary, in the event that Employee is deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i), no payments that are “deferred compensation” subject to Section 409A that are made by reason of Employee’s “separation from service” within the meaning of Section 409A shall be made to Employee prior to the date that is six months after the date of Employee’s “separation from service” or, if earlier, Employee’s date of death. Immediately following any applicable six-month delay, all such delayed payments will be paid in a single lump sum. In addition, for a period of six months following the date of separation from service, to the extent that the Company reasonably determines that any of the benefit plan coverage described in Section 6.2-6.5 may not be exempt from U.S. federal income tax, Employee shall in advance pay to the Company an amount equal to the stated taxable cost of such coverage for six months. At the end of such six-month period, Employee shall be entitled to receive from the Company a reimbursement of the amounts paid by Employee for such coverage. To the extent that any reimbursements pursuant to this Agreement are taxable to Employee, any such reimbursement payment due to Employee shall be paid to Employee as promptly as practicable, and in all events on or before the last day of Employee’s taxable year following the taxable year in which the related expense was incurred. Any such reimbursements are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that Employee receives in one taxable year shall not affect the amount of such benefits or reimbursements that Employee receives in any other taxable year. Except as permitted under Section 409A, any deferred compensation that is subject to Section 409A and is payable to or for Employee’s benefit under any Company-sponsored plan, program, agreement or arrangement may not be reduced by, or offset against, any amount owing by Employee to the Company

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6.8 Release. Notwithstanding any other provision of this Agreement to the contrary, the Executive acknowledges and agrees that any and all payments to which the Executive is entitled under this Section 6 are conditional upon and subject to the Executive’s execution, within 60 days following termination of Executive’s employment, of the General Release and Covenant Not to Sue in the form attached hereto as Exhibit A (which form may be reasonably modified to reflect changes in the law), of all claims the Executive may have against the Company, its Affiliates and their respective directors, officers and employees, except as to matters covered by provisions of this Agreement that expressly survive the termination of this Agreement.

7. Equitable Relief. The Executive acknowledges that the breach of Exhibit B of this Agreement by the Executive will cause irreparable injury to the Company and/or its Affiliates which could not be adequately compensated in money damages and shall entitle the Company and/or its Affiliates to all equitable remedies, including without limitation injunctive relief, specific performance and restraining orders. Equitable relief shall be in addition to all other remedies available to the Company. Notwithstanding the foregoing, the Company’s right to damages or other remedies for material breach by the Executive shall be unrestricted.

8. Indemnification & Insurance.

(a) Indemnity. The Company agrees to indemnify and hold harmless Executive from all liability and costs incurred (including reasonable attorney’s fees and disbursements) as a consequence of claims by third parties, whether or not derivatively on behalf of the Company resulting from or growing out of Executive’s status as or as a result of Executive’s having been an officer or director of (or counsel to) the Company or any affiliate thereof, to the full extent permitted by law. In no event shall the terms, provisions and conditions of the indemnity provided for hereunder be less than the same as those presently provided for under the Certificate of Incorporation and By-Laws of the Company. Said terms, provisions and conditions of indemnity shall remain an independent, contractual obligation of the Company to Executive from and after the date hereof regardless of how the Company might hereafter amend or change its Certificate of Incorporation or By-Laws to provide for different terms, conditions and provisions of indemnity for other officers and directors of the Company. In the event the Company should amend its Certificate of Incorporation or Bylaws to provide for different terms, conditions and provisions of indemnity after the effective date hereof, Executive shall be notified in writing of the change. Executive shall thereafter have thirty (30) days to elect in writing to accept the changed conditions of indemnity as a modification to the Company’s contractual obligation hereunder or to continue under the terms of indemnity as provided for herein. The Company’s agreement to provide indemnity hereunder shall survive the termination of this contract regardless of the cause of termination. The Company shall advance promptly as incurred reasonable fees and disbursements of counsel for Executive in defending Executive against any claims for which the Company would be so required to indemnify Executive provided (i) Executive shall otherwise comply with such mandatory requirements of Delaware law as may be required for such indemnification and (ii) Executive shall cause Executive’s counsel to cooperate fully in good faith with such requests as the Company or its counsel may reasonably make in order to endeavor to keep such legal fees at a minimum level consistent with an adequate defense of Executive.

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(b) Officers & Directors. The Company agrees to provide, at no expense to the Executive, insurance insuring Executive in Executive’s capacity as an officer and/or director of the Company and its affiliates in such form and amount substantially equal to that presently maintained by the Company for or covering its executive officers and directors or in such other form and amount as Executive and Company may, from time to time, in good faith agree are reasonable and appropriate for executive officers and directors of corporations substantially similar in size to the Company.

9. Entire Agreement. This Agreement contains the entire agreement between the Parties concerning the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the Parties with respect thereto.

10. Assignability; Binding Nature. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, heirs and assigns. No rights or obligations of the Parties may be assigned except that such rights or obligations may be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. The Company may also assign this Agreement to an Affiliate at its sole discretion.

11. Amendment. No provision in this Agreement may be amended, changed or modified unless such amendment, change or modification is agreed to in writing.

12. Construction. The terms and conditions of this Agreement shall be construed as a whole according to its fair meaning and not strictly for or against any Party. The Parties acknowledge that each of them has reviewed this Agreement and has had the opportunity to have it reviewed by their attorneys and that any rule of construction to the effect that ambiguities are to be resolved against the drafting Party shall not apply in the interpretation of this Agreement.

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13. Waiver. Neither the failure nor any delay on the part of any Party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver of that right, remedy, power or privilege. No provision in this Agreement may be waived unless such waiver is agreed to in writing.

14. Partial Invalidity. If any provision or provisions of this Agreement shall be held to be invalid, illegal, or unenforceable for any reason whatsoever:

a) The validity, legality, and unenforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and

b) To the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal, or unenforceable) shall be construed so as to give maximum possible effect to the intent manifested by the provision held invalid, illegal, or unenforceable.

15. Notices. All notices, consents, or other communications provided for hereunder, including without limitation notices of default, termination of this Agreement and readiness for inspection of portions of the employment, shall be deemed effective (i) on the date when hand-delivered; (ii) on the date when forwarded by confirmed facsimile transmission; or (iii) upon receipt of certified mail, return receipt requested and postage prepaid. All notices shall be addressed to the Parties at their respective addresses set forth below:

As to the Company:	Las Vegas Sands Corp.
	Attn: Chief Executive Officer
	3355 Las Vegas Boulevard South
	Las Vegas, NV 89109
With copy to:	Las Vegas Sands Corp.
	Attn: Office of the General Counsel
	3355 Las Vegas Boulevard South
	Las Vegas, NV 89109
As to the Executive:	Chris J. Cahill
	c/o Las Vegas Sands Corp.
	3355 Las Vegas Boulevard South
	Las Vegas, NV 89109
	With email to: chris.cahill@lasvegassands.com
With copy to Executive:
	at the last known address in the Company’s records

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With copy to:

16. Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of Nevada without reference to the principles of conflict of laws, which could cause the application of the law of any other jurisdiction.

17. Dispute Resolution. Except as set forth in Section 7 above, disputes between the Company and Executive shall be pursuant to arbitration as described in Exhibit C hereto.

18. Headings. The headings of the sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.

19. Counterparts. This Agreement may be executed in counterparts each of which shall be deemed an original and all of which shall constitute one and the same agreement with the same effect as if all Parties and signed the same signature page.

IN WITNESS WHEREOF, the Parties have executed and delivered this Agreement on the date first set forth above.

LAS VEGAS SANDS CORP.:		EXECUTIVE:
By:	/s/ Michael A. Leven	By:	/s/ Chris J. Cahill
Name:	Michael Leven
Title:	President & COO, LVSC

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EXHIBIT A

GENERAL RELEASE

AND COVENANT NOT TO SUE

TO ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW that:

Chris J. Cahill (the “Executive”), on the Executive’s own behalf and on behalf of the Executive’s descendants, dependents, heirs, executors and administrators and permitted assigns, past and present, in consideration for the amounts payable and benefits to be provided to the Executive under that Employment Agreement dated as of April 1, 201_ (the “Employment Agreement”) by and between Las Vegas Sands Corp., a Nevada corporation (the “Company”) and the Executive, does hereby covenant not to sue or pursue any litigation against, and waives, releases and discharges the Company, its assigns, affiliates, subsidiaries, parents, predecessors and successors, and the past and present shareholders, employees, officers, directors, representatives and agents of any and all of them (collectively, the “Company Group”), from any and all claims, demands, rights, judgments, defenses, actions, charges or causes of action whatsoever, of any and every kind and description, whether known or unknown, accrued or not accrued, that the Executive ever had, now has or shall or may have or assert as of the date of this General Release and Covenant Not to Sue against the Company Group relating to his employment with the Company or the termination thereof or Executive’s service as an officer or director of any subsidiary or affiliate of the Company or the termination of such service, including, without limiting the generality of the foregoing, any claims, demands, rights, judgments, defenses, actions, charges or causes of action related to employment or termination of employment or that arise out of or relate in any way to the Age Discrimination in Employment Act of 1967 (“ADEA,” a law that prohibits discrimination on the basis of age), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all as amended, and other Federal, state and local laws relating to discrimination on the basis of age, sex or other protected class, all claims under Federal, state or local laws for express or implied breach of contract, wrongful discharge, defamation, intentional infliction of emotional distress, and any related claims for attorneys’ fees and costs; provided, however, that nothing herein shall release the Company from any of its obligations to the Executive under the Employment Agreement (including, without limitation, its obligation to pay the amounts and provide the benefits upon which the execution, delivery and non-revocation of this General Release and Covenant Not to Sue is conditioned) or any rights the Executive may have to indemnification under any charter or by-laws (or similar documents) of any member of the Company Group or any insurance coverage under any directors and officers insurance or similar policies.

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The Executive further agrees that this General Release and Covenant Not to Sue may be pleaded as a full defense to any action, suit or other proceeding covered by the terms hereof that is or may be initiated, prosecuted or maintained by the Executive or the Executive’s heirs or assigns. The Executive understands and confirms that the Executive is executing this General Release and Covenant Not to Sue voluntarily and knowingly, but that this General Release and Covenant Not to Sue does not affect the Executive’s right to claim otherwise under ADEA. In addition, the Executive shall not be precluded by this General Release and Covenant Not to Sue from filing a charge with any relevant Federal, state or local administrative agency, but the Executive agrees to waive the Executive’s rights with respect to any monetary or other financial relief arising from any such administrative proceeding. In furtherance of the agreements set forth above, the Executive hereby expressly waives and relinquishes any and all rights under any applicable statute, doctrine or principle of law restricting the right of any person to release claims that such person does not know or suspect to exist at the time of executing a release, which claims, if known, may have materially affected such person’s decision to give such a release. In connection with such waiver and relinquishment, the Executive acknowledges that the Executive is aware that the Executive may hereafter discover claims presently unknown or unsuspected, or facts in addition to or different from those that the Executive now knows or believes to be true, with respect to the matters released herein. Nevertheless, it is the intention of the Executive to fully, finally and forever release all such matters, and all claims relating thereto, that now exist, may exist or theretofore have existed, as specifically provided herein. The parties hereto acknowledge and agree that this waiver shall be an essential and material term of the release contained above. Nothing in this paragraph is intended to expand the scope of the release as specified herein.

This General Release and Covenant Not to Sue shall be governed by and construed in accordance with the laws of the State of Nevada, applicable to agreements made and to be performed entirely within such State, without regard to principles of conflicts of laws which would cause the application of the law of any other jurisdiction.

To the extent that the Executive is forty (40) years of age or older, this paragraph shall apply. The Executive acknowledges that the Executive has been offered a period of time of at least twenty-one (21) days to consider whether to sign this General Release and Covenant Not to Sue, which the Executive has waived, and the Company agrees that the Executive may cancel this General Release and Covenant Not to Sue at any time during the seven (7) days following the date on which this General Release and Covenant Not to Sue has been signed by all parties to this General Release and Covenant Not to Sue. In order to cancel or revoke this General Release and Covenant Not to Sue, the Executive must deliver to the Chief Executive Officer of the Company written notice stating that the Executive is canceling or revoking this General Release and Covenant Not to Sue. If this General Release and Covenant Not to Sue is timely cancelled or revoked, none of the provisions of this General Release and Covenant Not to Sue shall be effective or enforceable and the Company shall not be obligated to make the payments to the Executive or to provide the Executive with the other benefits described in the Employment Agreement and all contracts and provisions modified, relinquished or rescinded hereunder shall be reinstated to the extent in effect immediately prior hereto.

The Executive acknowledges and agrees that the Executive has entered into this General Release and Covenant Not to Sue knowingly and willingly and has had ample opportunity to consider the terms and provisions of this General Release and Covenant Not to Sue.

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IN WITNESS WHEREOF, the parties hereto have caused this General Release and Covenant Not to Sue to be executed on this             day of                     ,         .

LAS VEGAS SANDS CORP.

By:

Its:

EXECUTIVE

Chris J. Cahill

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Execution Copy

Exhibit B

Restrictive Covenants, Confidentiality, Warranties & Acknowledgements

1. Restrictive Covenant and Covenants not to Engage in Certain Other Acts.

1.1 Restrictive Covenant. The Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its subsidiaries and Affiliates and accordingly agrees that during the Term and for a period equal to one (1) year from the date of termination of employment, the Executive shall not, directly, either as principal, employee, partner, consultant, officer or director, own, manage, operate, control or otherwise engage in, any casino hotel in (i) Clark County, Nevada (including, without limitation, the City of Las Vegas), (ii) the Macau Special Administrative Region of The People’s Republic of China or the Republic of Singapore, (iii) Bethlehem, Pennsylvania or (iv) any other location in which the Company or any of its Affiliates is doing business or has made substantial plans to commence doing business, in each case at the time of the Executive’s termination.

1.2 Non-solicitation. In addition to, and not in limitation of, the provisions of Section, the Executive agrees, for the benefit of the Company and its Affiliates, that during the Term and for the period commencing on the date of the Executive’s termination and ending on the second anniversary of such date of termination, the Executive shall not, directly, either as principal, employee, partner, officer or director, on behalf of the Executive or any other person or entity other than the Company or its Affiliates, (i) solicit or induce, or attempt to solicit or induce, directly or indirectly, any person who is, or during the six months prior to the termination of the Executive’s employment with the Company was, an employee or agent of, or consultant to, the Company or any of its Affiliates to terminate its, his or her relationship therewith, or (ii) hire or engage any person who is, or during the six months prior to the termination of the Executive’s employment with the Company was, an employee, agent of or consultant to the Company or any of its Affiliates.

1.3 General. The Executive understands that the provisions of this Section may limit Executive’s ability to earn a livelihood in a business similar to the business of the Company but he nevertheless agrees and hereby acknowledges that (i) such provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the Company and its Affiliates, (ii) such provisions contain reasonable limitations as to time and scope of activity to be restrained, (iii) such provisions are not harmful to the general public, (iv) such provisions are not unduly burdensome to the Executive, and (v) the consideration provided hereunder is sufficient to compensate the Executive for the restrictions contained in this Section. In consideration of the foregoing and in light of the Executive’s education, skills and abilities, the Executive agrees that he shall not assert that, and it should not be considered that, any provisions of Section otherwise are void, voidable or unenforceable or should be voided or held unenforceable.

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It is expressly understood and agreed that although the Executive and the Company consider the restrictions contained in this Exhibit to be reasonable, if a judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against the Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein.

In the event that the Executive violates any of the restrictive covenants set forth in Sections 1.1 or 1.2, in addition to any other remedy which may be available (i) at law or in equity, (ii) pursuant to any other provision of this Agreement or (iii) pursuant to any applicable equity award agreement, all outstanding restricted stock units to purchase shares of the Company’s common stock and other unvested equity awards granted to the Executive shall be automatically forfeited effective as of the date on which such violation first occurs.

1.4 Waiver. Notwithstanding anything to the contrary in this Exhibit, in the event of a termination by the Company without Cause or by the Executive for Good Reason, and the Executive waives all right to payments and other compensation under this Agreement with respect to the Salary Continuation or any part of thereof, then the restrictive covenant of this Exhibit shall be inapplicable to the Executive with respect to the period for which compensation is so waived.

1.5 Survival. The Executive agrees that the provisions of this Exhibit shall survive the termination of this Agreement and the termination of the Executive’s employment, provided that the restrictive covenants in this Exhibit shall not apply to termination of employment due to expiration of the Term in Section 1.1. The Company agrees that the restrictive covenants contained herein are in consideration for the payments described in Sections 2-4 and 6 of this Agreement.

2. Covenants to Protect Confidential Information:

a) As used in this Agreement:

(i) “Confidential Information” shall mean all material private, personal, confidential or proprietary information, tangible or intangible, owned by or pertaining to the Company or its Affiliates, which information was learned or acquired by the Executive as a result of the employment relationship with the Company; provided, however, that “Confidential Information” shall not include information or data: (i) generally publicly known, (ii) learned by the Executive from third persons with a legal right to disclose such information or (iii) discovered by the Executive through means entirely independent from and in no way arising from the disclosure to the Executive by the Company.

(ii) “Trade Secrets” shall mean the Company’s and/or its Affiliates’ “trade secrets” as such term is defined in the Uniform Trade Secrets Act, as promulgated generally in the United States of America.

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b) Non-Disclosure. Both during and after the employment, the Executive agrees to hold confidential all Confidential Information learned or acquired by the Executive and will take all action necessary to preserve that confidentiality. The Executive represents and covenants that the Executive shall treat any Confidential Information disclosed to, or learned by, the Executive as fiduciary agent of the Company, recognizing that the Company only made the Confidential Information accessible to the Executive by reason of the special trust and confidence which the Company placed in the Executive. The Executive shall not disclose, disseminate, transmit, publish, distribute, make available or otherwise convey any of the Company’s or any of its Affiliates’ Trade Secrets to any person except directors, officers and executives of the Company that in the Executive’s actual and reasonable knowledge are entitled and authorized to view such Trade Secrets and who need to know such Trade Secrets in order to conduct bona fide activities on behalf of the Company.

(c) Without the prior written approval of duly authorized representatives of the Company or any of its Affiliates, which the Company or any of its Affiliates may in their discretion withhold, the Executive agrees that, during the term of this Agreement or at any time thereafter, the Executive shall keep confidential and shall not directly or indirectly disclose, reveal, publish, exploit or otherwise make use of the Confidential Information in any manner whatsoever including, but not limited to, interviews, articles, accounts, books, plays, movies, and documentaries, whether non-fiction or fictional.

(d) Security Measures. While in possession or control of Confidential Information, or any media embodying same, the Executive shall take reasonable efforts to keep such Confidential Information reasonably inaccessible from persons not otherwise authorized to view the Confidential Information.

(e) Forced Disclosure. If the Executive is requested or required (by oral questions, interrogatories, requests for information or documents in legal proceedings, subpoena, civil investigative demand or other similar process) to disclose any of the Confidential Information, the Executive shall provide an officer of the Company with prompt written notice of such request or requirement so that the Company may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Agreement.

(f) Ownership. Notwithstanding any other provision of this Agreement, the Executive hereby acknowledges that the Company owns the exclusive right, title and interest in and to the Confidential Information and the intellectual property embodied in, relating to, based upon or arising from Confidential Information.

(g) Return of Materials. When the Executive’s employment with the Company ends, the Executive shall return to the Company all content, in whatever media, owned by the Company, including, without limitation, all Confidential Information, papers, drawings, notes, memoranda, manuals, specifications, designs, devices, code, e-mail, documents, diskettes, tapes and any other material. The Executive shall also return any keys, access cards, cell phones, computers, identification cards and other property and equipment belonging to the Company and/or its Affiliates. All data and information stored on or transmitted using the Company owned or leased equipment is the property of the Company.

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3. Cooperation. At any time following the effective date of termination of this Agreement, the Executive shall reasonably cooperate with the Company in any litigation or administrative proceedings involving any matters with which the Executive was involved during Executive’s employment by the Company. The Company shall reimburse the Executive for reasonable costs, fees and expenses, if any, incurred in providing such assistance.

4. Warranties

4.1 The Executive warrants and certifies that the Executive has fully read and understands the terms, nature and effect of this Agreement. In executing this Agreement, the Executive does not rely on any inducements, promises or representations by the Company or any person other than the terms and conditions of this Agreement.

4.2 The Executive warrants and represents that the Executive does not know of any restriction or agreement to which the Executive is bound which arguably conflicts with the execution of this Agreement or the employment hereunder.

5. Controlled Substance and Alcohol Screening. Throughout the term of this Agreement, the Executive must abide by the Company’s controlled substance and alcohol policy as adopted from time to time. The Executive acknowledges and agrees that these policies may include requirements that the Executive submit to testing for controlled substances or alcohol on the basis of reasonable suspicion in accordance with the Company’s controlled substance or alcohol policies.

5.1 The Executive agrees that failure to consent or cooperate in testing for controlled substances or alcohol or positive results from such testing may be the subject of disciplinary action up to and including termination.

5.2 The Executive agrees that testing for controlled substance or alcohol may include taking and testing of the Executive’s urine, blood or hair.

5.3 The Executive shall hold the Company and its Affiliates and each of their respective officers, directors, employees, agents and shareholders harmless from any and all claims, demands or liability arising from testing for controlled substances or alcohol and from any disciplinary action resulting from such proposed or actual testing.

Acknowledged this 27 day of February, 2012.

By: EXECUTIVE

/s/ Chris J. Cahill

Chris J. Cahill

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Execution Copy

Exhibit C

DISPUTE RESOLUTION BY ARBITRATION

JURY TRIAL WAIVER. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE EXECUTIVE’S EMPLOYMENT WITH THE COMPANY IS LITIGATED OR HEARD IN ANY COURT.

LVSC:              (Initial) Executive:                (Initial)

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1. Any controversy or claim arising out of or related to any provision of this Agreement other than Section 7 shall be settled by final, binding and non-appealable arbitration in Las Vegas, Nevada. Subject to the following provisions, the arbitration shall be conducted in accordance with the Commercial Rules of the American Arbitration Association (the “AAA”) then in effect. The arbitration shall be conducted by a panel of three arbitrators. One of the arbitrators shall be appointed by the Company, one shall be appointed by the Executive and the third shall be appointed by the first two arbitrators. If the first two arbitrators cannot agree on the third arbitrator within thirty (30) days of the appointment of the second arbitrator, then the third arbitrator shall be selected from a list of seven arbitrators selected by the AAA, each of whom shall be experienced in the resolution of disputes under employment agreements for executive officers of major corporations. From the list of seven arbitrators selected by the AAA, one arbitrator shall be selected by each Party striking in turn with the Party to strike first being chosen by a coin toss. Any award entered by the arbitrators shall be final, binding and non-appealable and judgment may be entered thereon by either Party in accordance with applicable law in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a benefit specifically provided under or by virtue of the Agreement. The Company shall be responsible for all of the fees of the AAA and the arbitrators (if applicable).

2. If the Executive prevails on any material issue which is the subject of an arbitration or litigation, as applicable, the Company shall reimburse one hundred percent (100%) of the Executive’s reasonable legal fees and expenses. If the Company prevails on all issues, the Executive shall reimburse one hundred percent (100%) of the Executive’s reasonable legal fees and expenses. Otherwise, each Party shall be responsible for its own expenses relating to the conduct of the arbitration or litigation, as applicable (including reasonable attorneys’ fees and expenses).

3. The arbitrators shall render an award and written opinion explaining the award.

4. The hearing and arbitration proceedings (as well as any resulting judicial proceedings seeking to enforce or vacate any arbitration award) shall be conducted in a confidential manner and both the conduct and the results of the arbitration shall be kept confidential by the Parties, their attorneys, consultants and agents. The arbitrators shall be advised of the confidentiality of the proceedings and any award and decision of the arbitrators shall be written in such a way as to protect the confidentiality of personal information or information made (or recognized as) confidential by this Agreement or recognized as confidential by any confidentiality agreement.

5. In the event of litigation to secure provisional relief, or to enforce, confirm or review an arbitration award under this Agreement, any such court action shall be brought under seal to the extent permitted by the court in order to maintain the confidentiality of the matter as well as the confidentiality of the arbitration, the decision and award, any personal information and the confidentiality of any information which any Party is required to keep confidential pursuant to this Agreement or any other agreement involving the Parties. Each Party to any such judicial action shall make every effort in any pleadings filed with the court and in Executive’s or its conduct of any court litigation to maintain the confidentiality of any personal information and any information which any Party is required to keep confidential pursuant to this Agreement or any other agreement involving the Parties. To this end, the court shall, inter alia, be informed of the confidentiality obligations of this Agreement and shall be requested that any decision, opinion or order issued by the court be written in such a manner as to protect the confidentiality of any information which is required to be kept confidential pursuant to this Agreement or any other agreement involving the Parties.

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6. In the event of a dispute subject to this Section, the Parties shall be entitled to reasonable, but expedited discovery related to the claim that is the subject of the dispute, subject to the discretion of the arbitrators. Any discovery agreed upon or authorized by the arbitrators shall be concluded prior to the date set for the hearing. In the event of a conflict between the applicable rules of the AAA and the procedures set forth in this Section, the provisions of this Section shall govern.

Acknowledged this 27 day of February, 2012.

By: EXECUTIVE

/s/ Chris J. Cahill

Chris J. Cahill

22 Executive Initials:                         

EX-10.5

Exhibit 10.5

LAS VEGAS SANDS CORP.

3355 Las Vegas Blvd.

Las Vegas, NV 89109

December 18, 2012

Chris J. Cahill

c/o Las Vegas Sands Corp.

3355 Las Vegas Boulevard South

Las Vegas, NV 89109

Re: Amendment to Employment Agreement

Dear Chris:

Reference is hereby made to that certain employment agreement between you and Las Vegas Sands Corp. (the “Company”), dated as of April 1, 2012 (as may be amended from time to time, the “Employment Agreement”). As set forth below, you and the Company have agreed to amend the Employment Agreement to clarify its compliance with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder.

Accordingly, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, you and the Company hereby agree as follows, effective December 31, 2012:

1. The Employment Agreement is amended by adding the following language at the end of Section 6.7 thereof:

“Any tax equalization payments shall be made no later than the end of the second taxable year of Employee beginning after the taxable year of the Company in which the Employee’s U.S. federal income tax return is required to be filed (including any extensions) for the year to which the compensation subject to the tax equalization payment relates, or, if later, the second taxable year of the service provider beginning after the latest such taxable year in which the Employee’s foreign tax return or payment is required to be filed or made for the year to which the compensation subject to the tax equalization payment relates. Any tax gross-up payments will be made by the end of the Employee’s taxable year next following the Employee’s taxable year in which the Employee remits the related taxes.”

2. The Employment Agreement is amended by adding the following language at the end of Section 6.8 thereof:

“Any payments that would have been made between the date of termination of employment and the effective date of the General Release and Covenant Not to Sue, shall be made as soon as practicable but in any event within 10 days following the effective date of the General Release and Covenant Not to Sue.”

The Company and you each acknowledges and agrees that except as amended hereby, the provisions of the Employment Agreement shall remain in full force and effect. This letter shall be construed and enforced in accordance with and governed by the laws of the State of Nevada other than principles of law that would apply the law of another jurisdiction. This letter may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

Very truly yours,
LAS VEGAS SANDS CORP.
By:	/s/ Kenneth J. Kay
Name: Kenneth J. Kay
Title: Executive Vice President &
	Chief Financial Officer

Agreed and accepted this 21 day of December 2012:

/s/ Chris J. Cahill

CHRIS J. CAHILL

2

EX-10.6

Exhibit 10.6

March 27, 2013

Chris J. Cahill

c/o Las Vegas Sands Corp.

3355 Las Vegas Boulevard South

Las Vegas, NV 89109

Re:     Amendment to Employment Agreement

Dear Chris:

Reference is hereby made to that certain employment agreement between you and Las Vegas Sands Corp. (the “Company”), dated as of April 1, 2012 (as may be amended from time to time, the “Employment Agreement”). For valuable consideration, the receipt and sufficiency of which are hereby acknowledged, you and the Company hereby agree as follows, effective as of the date hereof:

1. The Employment Agreement is amended by deleting the language in Section 6.2(b) thereof and replacing it with a new Section 6.2(b) to read as follows:

“An additional amount equal to 80% of Executive’s Base Salary then in effect, payable in installments during the Applicable Period at the same time as the Salary Continuation payable under Section 6.2(a), subject to applicable withholdings.”

The Company and you each acknowledges and agrees that except as amended hereby, the provisions of the Employment Agreement shall remain in full force and effect. This letter shall be construed and enforced in accordance with and governed by the laws of the State of Nevada other than principles of law that would apply the law of another jurisdiction. This letter may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

Very truly yours,
LAS VEGAS SANDS CORP.
By:	/s/ Ira H. Raphaelson
Name:	Ira H. Raphaelson
Title:	EVP & Global General Counsel

Agreed and accepted this          day of March 2013:

/s/ Chris J. Cahill

CHRIS J. CAHILL

Corporate Headquarters

3355 Las Vegas Blvd. South, Las Vegas, Nevada 89109

The Venetian | The Palazzo | Sands Expo | Sands Bethlehem | Paiza | Sands Macao | The Venetian Macao

Four Seasons Hotel Macao | The Plaza Macao | Sands Cotai Central | Marina Bay Sands

EX-10.7

Exhibit 10.7

April 15, 2011

John Caparella

Dear John,

Las Vegas Sands Corp. (“The Company”) is very pleased to offer you the position of President & Chief Operating Officer of The Venetian, Sands Expo & Convention Center and The Palazzo, Las Vegas (“President”).

On your mutually agreed start date, which is anticipated to be May 2, 2011, you will report directly to me, President & Chief Operating Officer, Las Vegas Sands Corp. The initial term of your employment will be three (3) years, the specifics of which will be included in the Employment Agreement that will be prepared to formalize this offer, following your acceptance thereof. As compensation for services rendered during your employment, you shall receive a base salary of $68,750 per month payable in equal installments every two weeks or otherwise in accordance with the regular Company payroll. You will also be eligible to participate in the Company’s annual discretionary management incentive program (MIP), which is designed to reward you for the Company’s achievement of financial objectives as well as achievement of your personal objectives based upon the degree to which the objectives are met. The MIP plan year runs concurrent with the calendar year and, should there be any MIP payout, such payout would not be issued until the end of the first quarter of the year following the MIP plan year. Your current target bonus opportunity under the MIP is up to 50% of your base salary and is based upon your level within the Company.

In your position you will perform such duties as described in the attached Position Profile and that I may assign from time to time. In addition to your daily responsibilities, you will be required to follow and enforce the Company’s policies and procedures in effect, comply with all of LVS’s policies and procedures presently in effect or as adopted and/or modified from time to time.

The Company will pay your moving expenses to relocate you from Longboat Key, FL to Las Vegas, NV, according to The Las Vegas Sands Corporation Domestic Relocation Policy (including the additional items described below) and the Relocation Repayment Agreement, a copy of which will be given to you. This includes: transport of up to three (3) cars; packing, shipping, unpacking and temporary storage of household goods for up to ninety (90) days, up to 90 days of temporary living (no more than 60 days housing on property), a settling in allowance of $5,000, two house hunting trips and grossed-up relocation expenses (when these expenses are non-deductible). You will be provided with a rental car should your automobiles be in transit.

In addition to the monetary benefits listed above, you shall be entitled to participate in all fringe benefits programs available to other employees of similar level of responsibility including group medical and dental insurance, life and disability insurance, and a 401(k) retirement plan, details of which will be provided to you. You will be eligible to participate in our group medical, dental, life insurance and short term disability coverage on the first of the month following successful completion of your introductory period and will be eligible to participate in the Company’s paid time off plan beginning on your first day of employment. Given the introductory period for health benefits is ninety (90) days, upon the express condition that you continue to work for the Company during such introductory period, the Company will reimburse you for COBRA premiums remitted by you to your prior employer until such time as you become eligible to participate in the Company’s health plan provided you furnish evidence that you have made such payments. Additionally, you will be eligible to participate in The Company’s paid time off plan (“Flexday Policy”) beginning on your first day of employment. You will receive three (3) weeks of paid vacation each year during your employment. You will also be given membership to one of our local Country Club & Golf Clubs, and, the Company will pay for or reimburse all of your reasonable business expenses, subject to LVS policy. You will also be provided with a laptop and reimbursement of your monthly cell phone/PDA bill at Company expense.

John Caparella

April 15, 2011

You will be considered for participation in the Company’s Equity Award Plan and in connection with such consideration, we will recommend that the Compensation Committee of the Board of Directors of Las Vegas Sands Corp. (“LVS”), which administers and has the sole decision making authority with respect to the LVS 2004 Equity Award Plan (“Plan”), grant you 25,000 restricted shares and grant you a non-qualified option to purchase shares of LVS common stock in the amount of 30,000 shares. All grants and number of shares associated therewith are determined within the sole, absolute, and unfettered discretion of the Compensation Committee of the Board of Directors of LVS. The terms of the grant are set forth in the Shares Agreement and are subject to the provisions of the Plan. The restricted shares and options will vest over 3 years, with 50% of shares vesting at the end of the second year following the Date of Grant, and the remaining 50% of shares vesting at the end of the third year following the Date of Grant. In addition, vesting accelerates if terminated not for cause.

In the event you are required to obtain any gaming or other licenses or approvals in connection with your employment, you will be expected to comply with all applicable governmental or regulatory requirements issued by the respective authority.

It is contemplated that your employment with the Company will be successful for both you and the Company. Notwithstanding the foregoing, you understand that you are being offered employment “at will,” and so either you or the Company may at any time during the term of your employment terminate such employment with or without cause or notice.

In the event the Company terminates you without cause during the first year of your employment, your will be entitled to continuation of your monthly base salary for a period of six (6) full months. In the event the Company terminates you without cause during your second year of employment, your will be entitled to continuation of your monthly base salary for a period of three (3) months. If change of control or change of present management (Michael A. Leven, Sheldon G. Adelson) occurs, you will receive six (6) months’ severance for the balance of your contract. Each of these arrangements represents a “Base Salary Continuation.” Notwithstanding the foregoing, during the period of any Base Salary Continuation you would be expected to exercise due diligence in securing other employment and obligated to timely notify the Company in writing should you secure a new position with a different employer. Further, in the event you separate from the Company without cause or you resign for good reason, the Company will reimburse you for any COBRA payments you make, subject to the submission of the aforementioned documentation, during the Base Salary Continuation period, or until coverage received through employment with another organization has become effective.

Upon termination of your employment for any reason, all papers and documents in your possession, electronic or hard copy, or under your control belonging to the Company, or obtained or prepared by you in the course and scope of your employment, must be promptly returned to the Company. Moreover, in addition to proprietary information you may obtain during employment with the Company during the course of your employment, you may be required to create or modify works or perform acts that create intellectual property rights, including any such rights protected by an applicable law related to copyrights, patents or any other form of intellectual property (“IP Rights”). In return for the compensation to be paid to you as an employee and as a condition of this offer of employment, you also agree to execute any form of assignment of the IP Rights to LVS as may be required by the Company to perfect and enforce the assignment of the IP Rights whether during or after your employment with the Company.

At the time of termination, regardless of reason, you will in good faith take all reasonable steps to assure that your work is efficiently transitioned to the Company.

During the period of your employment, you will faithfully and diligently devote all of your business and professional time, attention, energy, experience and ability to promote the business and interests of the Company. While employed by the Company, you will not engage in any other employment, occupation, consultation or business pursuit which would interfere with or take time away from the discharge of your employment responsibilities without the prior written consent of the Company. You further agree that you will not, either during or after your employment with the Company, disclose or communicate to any third party any confidential or proprietary information which was learned or acquired by you as a result of your employment relationship with the Company and which is owned by or pertaining to the Company, its parent entity, any of its affiliates or subsidiaries or any of the directors, officers, employees, and or agents thereof, or Sheldon G. Adelson, except to the extent necessary in the ordinary course of performing your duties while employed. Upon termination of your employment for any reason, all papers and documents in your possession or under your control belonging to the Company, or obtained or prepared by you in the course and scope of your employment must be promptly returned to the Company.

Page 2 of 3

John Caparella

April 15, 2011

You warrant that you have the full power and authority to accept this position and perform according to the terms of herein specified, and have no disability or obligation, express or implied, to any other party, including former employers, that prevents you from entering into a formal agreement of these terms, or from complying with all of its provisions to the fullest extent, and represent that no third party approval or consent is necessary for your entry into or performance under a formal agreement with the Company.

Finally, this offer is contingent upon your successful completion of a company compliance background review, mandatory pre-employment drug screening, and attainment of required licensing (if applicable, and completion of reference checks. However, if the results of either the background check or the drug test are unsatisfactory in the exclusive and unreviewable discretion of the Company, subject to any statutory opportunity to dispute certain consumer reports, if any, obtained during the background check, you agree that your employment will be terminated by the Company.

John, I am pleased to have found such an excellent executive for this key position and look forward to you joining our leadership team for the start of what I believe will be a mutually rewarding employment relationship. If you have any questions or concerns regarding this offer, please do not hesitate to contact me.

To accept this conditional offer of employment based upon the terms and conditions herein presented, please sign and return one copy of this letter to me.

Very truly yours,

/s/ Michael A. Leven

Michael A. Leven

President & Chief Operating Officer

Cc:

OFFER AGREED TO AND ACCEPTED:
By:	/s/ John Caparella
	John P. Caparella

Date:     /        /        

Page 3 of 3

EX-10.8

Exhibit 10.8

LAS VEGAS SANDS CORP.

3355 Las Vegas Blvd.

Las Vegas, NV 89109

December 18, 2012

John P. Caparella

c/o Las Vegas Sands Corp.

3355 Las Vegas Boulevard South

Las Vegas, NV 89109

Re: Amendment to Employment Letter

Dear John:

Reference is hereby made to that certain employment offer letter between you and Las Vegas Sands Corp. (the “Company”), dated as of April 15, 2011 (as may be amended from time to time, the “Employment Letter”). As set forth below, you and the Company have agreed to amend the Employment Letter to clarify its compliance with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder.

Accordingly, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, you and the Company hereby agree as follows, effective December 31, 2012:

The Employment Letter is amended by adding the following language immediately preceding the penultimate paragraph thereof:

“Section 409A of the Code.

(a)     Separate Payments. For purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”), each of the payments that may be made under this letter are designated as separate payments.

(b)     General; No Indemnity. It is intended that the provisions of this letter comply with Section 409A, and all provisions of this letter shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. Notwithstanding the foregoing, except as otherwise provided in this letter, you shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or for your account in connection with this letter (including any taxes and penalties under Section 409A), and neither the Company nor any affiliate shall have any obligation to indemnify or otherwise hold you (or any beneficiary) harmless from any or all of such taxes or penalties.

(c)     Six-Month Delay for Specified Employees. Notwithstanding anything in this letter to the contrary, in the event that you are deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i), no payments that are “deferred compensation” subject to Section 409A that are made by reason of your “separation from service” within the meaning of Section 409A shall be made to you prior to the date that is six months after the date of your “separation from service” or, if earlier, your date of death. Immediately following any applicable six-month delay, all such delayed payments will be paid in a single lump sum. In addition, for a period of six months following the date of separation from service, to the extent that the Company reasonably determines that any of the benefit plan coverage described above in this letter may not be exempt from U.S. federal income tax, you shall in advance pay to the Company an amount equal to the stated taxable cost of such coverage for six months. At the end of such six-month period, you shall be entitled to receive from the Company a reimbursement of the amounts paid by Employee for such coverage.

(d)     Termination of Employment as Separation from Service. In addition, for purposes of this letter, with respect to payments of any amounts that are considered to be “deferred compensation” subject to Section 409A, references to “termination of employment” (and substantially similar phrases) shall be interpreted and applied in a manner that is consistent with the requirements of Section 409A.

(e)     Reimbursement Timing. To the extent that any reimbursements pursuant to this letter are taxable to you, any such reimbursement payment due to you shall be paid to you as promptly as practicable, and in all events on or before the last day of your taxable year following the taxable year in which the related expense was incurred. Any such reimbursements are not subject to liquidation or exchange for another benefit and the amount of such benefits and reimbursements that you receive in one taxable year shall not affect the amount of such benefits or reimbursements that you receive in any other taxable year.

(f)     Limitation of Offsets. Except as permitted under Section 409A, any deferred compensation that is subject to Section 409A and is payable to or for your benefit under any Company-sponsored plan, program, agreement or arrangement may not be reduced by, or offset against, any amount owing by you to the Company.”

The Company and you each acknowledges and agrees that except as amended hereby, the provisions of the Employment Letter shall remain in full force and effect. This letter shall be construed and enforced in accordance with and governed by the laws of the State of Nevada other than principles of law that would apply the law of another jurisdiction. This letter may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

Very truly yours,
LAS VEGAS SANDS CORP.
By:	/s/ Michael Leven
	Name: Michael Leven
	Title: President & Chief Operating Officer

Agreed and accepted this 28 day of December 2012:

/s/ John P. Caparella

JOHN P. CAPARELLA

2

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
Date: May 9, 2013		Sheldon G. Adelson
		Chief Executive Officer

49

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
Date: May 9, 2013		Kenneth J. Kay
		Chief Financial Officer

50

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 March 31, 2013, 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
Date: May 9, 2013		Sheldon G. Adelson
		Chief Executive Officer

51

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 March 31, 2013, 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
Date: May 9, 2013		Kenneth J. Kay
		Chief Financial Officer

52

XML

Fair Value Measurements - Schedule of Fair Value Measurements (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 200
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,365,975	1,377,330
Interest rate caps	171	218
Fair Value, Measurements, Recurring [Member] | Quoted Market Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,365,975	1,377,330
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Interest rate caps	171	218
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Interest rate caps

XML

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Net income	$ 703,974	$ 579,109
Currency translation adjustment	(48,456)	98,878
Total comprehensive income	655,518	677,987
Comprehensive income attributable to noncontrolling interests	(129,333)	(81,214)
Comprehensive income attributable to Las Vegas Sands Corp.	526,185	596,773
Las Vegas Sands Corp. [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	571,961	498,942
Currency translation adjustment	(45,776)	97,831
Total comprehensive income	526,185	596,773
Comprehensive income attributable to noncontrolling interests
Comprehensive income attributable to Las Vegas Sands Corp.	526,185	596,773
Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	564,846	486,649
Currency translation adjustment	(51,828)	83,269
Total comprehensive income	513,018	569,918
Comprehensive income attributable to noncontrolling interests	(479)	(525)
Comprehensive income attributable to Las Vegas Sands Corp.	512,539	569,393
Non-Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	643,329	542,157
Currency translation adjustment	(48,456)	98,878
Total comprehensive income	594,873	641,035
Comprehensive income attributable to noncontrolling interests	(128,854)	(80,689)
Comprehensive income attributable to Las Vegas Sands Corp.	466,019	560,346
Consolidating/Eliminating Entries [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	(1,076,162)	(948,639)
Currency translation adjustment	97,604	(181,100)
Total comprehensive income	(978,558)	(1,129,739)
Comprehensive income attributable to noncontrolling interests
Comprehensive income attributable to Las Vegas Sands Corp.	$ (978,558)	$ (1,129,739)

XML

Equity and Earnings Per Share - Additional Information (Detail)	1 Months Ended				3 Months Ended		1 Months Ended	3 Months Ended			1 Months Ended		3 Months Ended
	Feb. 28, 2013 USD ($)	Feb. 28, 2013 HKD	Feb. 28, 2012 USD ($)	Feb. 28, 2012 HKD	Mar. 31, 2013 USD ($)	Mar. 31, 2012 USD ($)	Mar. 02, 2012 Principal Stockholder's Family [Member] USD ($)	Mar. 31, 2013 Principal Stockholder's Family [Member] USD ($)	Mar. 31, 2012 Principal Stockholder's Family [Member] USD ($)	Mar. 31, 2012 Public [Member] USD ($)	Mar. 29, 2013 LVSC Common Stock Dividend [Member] USD ($)	Mar. 30, 2012 LVSC Common Stock Dividend [Member] USD ($)	Mar. 31, 2013 LVSC Common Stock Dividend [Member] USD ($)	Mar. 31, 2012 LVSC Common Stock Dividend [Member] USD ($)	Jun. 30, 2013 LVSC Common Stock Dividend [Member] Subsequent Event [Member] USD ($)
Class of Stock [Line Items]
Dividends declared					$ 496,000,000	$ 383,907,000		$ 151,000,000	$ 107,800,000				$ 288,800,000	$ 205,700,000	$ 289,000,000
Dividends payable													500,000
Common stock, dividends paid, per share											$ 0.35	$ 0.25			$ 0.35
Cash in settlement of the warrant exercise price						526,168,000	525,000,000			1,200,000
Exercise price of warrants							6.00			6.00
Warrants exercised										11,670
Common stock shares issued upon exercise of warrants							87,500,175			194,499
Subsidiary common stock, dividends, per share, cash paid		0.67		0.58
Subsidiary common stock, dividends, cash paid	696,400,000		599,800,000
Subsidiary common stock, dividends, cash paid, retained by company	489,100,000		421,600,000
Distributions to noncontrolling interests					$ 2,174,000	$ 2,195,000

XML

Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2013

Text Block [Abstract]

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

March 31, 2013

							Consolidating/
	Las Vegas		Restricted		Non-Restricted		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		Entries			Total
Cash and cash equivalents	$	110,938	$	287,723	$	1,981,087	$	—		$	2,379,748
Restricted cash and cash equivalents		—		34		5,638		—			5,672
Intercompany receivables		209,961		50,376		—		(260,337	)		—
Intercompany notes receivable		—		611,275		237,161		(848,436	)		—
Accounts receivable, net		1,852		310,323		1,661,809		—			1,973,984
Inventories		4,346		12,319		25,716		—			42,381
Deferred income taxes, net		5,780		—		4		(4,019	)		1,765
Prepaid expenses and other		16,597		12,496		69,058		—			98,151
Total current assets		349,474		1,284,546		3,980,473		(1,112,792	)		4,501,701
Property and equipment, net		173,364		3,298,558		12,176,720		—			15,648,642
Investments in subsidiaries		7,186,451		5,114,684		—		(12,301,135	)		—
Deferred financing costs, net		224		10,957		187,256		—			198,437
Restricted cash and cash equivalents		—		1,067		6		—			1,073
Intercompany receivables		6,109		54,982		—		(61,091	)		—
Intercompany notes receivable		—		970,776		—		(970,776	)		—
Deferred income taxes, net		1,340		35,779		—		196			37,315
Leasehold interests in land, net		—		—		1,431,111		—			1,431,111
Intangible assets, net		690		—		67,346		—			68,036
Other assets, net		243		23,412		100,983		—			124,638
Total assets	$	7,717,895	$	10,794,761	$	17,943,895	$	(14,445,598	)	$	22,010,953
Accounts payable	$	14,700	$	26,533	$	91,698	$	—		$	132,931
Construction payables		3,505		3,952		359,359		—			366,816
Intercompany payables		5,271		173,698		81,368		(260,337	)		—
Intercompany notes payable		237,161		—		611,275		(848,436	)		—
Accrued interest payable		87		1,024		2,361		—			3,472
Other accrued liabilities		19,481		230,914		1,620,087		—			1,870,482
Income taxes payable		553		9		217,416		—			217,978
Deferred income taxes		—		4,019		—		(4,019	)		—
Current maturities of long-term debt		3,688		90,491		3,168		—			97,347
Total current liabilities		284,446		530,640		2,986,732		(1,112,792	)		2,689,026
Other long-term liabilities		40,969		9,878		87,749		—			138,596
Intercompany payables		—		—		61,091		(61,091	)		—
Intercompany notes payable		—		—		970,776		(970,776	)		—
Deferred income taxes		—		—		178,830		196			179,026
Deferred amounts related to mall transactions		—		429,178		—		—			429,178
Long-term debt		66,437		2,747,222		6,917,343		—			9,731,002
Total liabilities		391,852		3,716,918		11,202,521		(2,144,463	)		13,166,828
Total Las Vegas Sands Corp. stockholders’ equity		7,326,043		7,077,438		5,223,697		(12,301,135	)		7,326,043
Noncontrolling interests		—		405		1,517,677		—			1,518,082
Total equity		7,326,043		7,077,843		6,741,374		(12,301,135	)		8,844,125
Total liabilities and equity	$	7,717,895	$	10,794,761	$	17,943,895	$	(14,445,598	)	$	22,010,953

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2012

							Consolidating/
	Las Vegas		Restricted		Non-Restricted		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		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 Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2013

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	159,897		$	2,576,157		$	—		$	2,736,054
Rooms		—			121,114			203,902			—			325,016
Food and beverage		—			54,821			130,508			—			185,329
Mall		—			—			85,461			—			85,461
Convention, retail and other		—			86,436			84,042			(44,417	)		126,061
		—			422,268			3,080,070			(44,417	)		3,457,921
Less —  promotional allowances		(272	)		(22,230	)		(132,204	)		(496	)		(155,202	)
Net revenues		(272	)		400,038			2,947,866			(44,913	)		3,302,719
Operating expenses:
Casino		—			79,583			1,447,526			(830	)		1,526,279
Rooms		—			39,151			29,539			—			68,690
Food and beverage		—			24,031			73,766			(1,066	)		96,731
Mall		—			—			17,258			—			17,258
Convention, retail and other		—			31,290			53,267			(5,708	)		78,849
Provision for doubtful accounts		—			9,578			55,101			—			64,679
General and administrative		—			68,809			221,822			(217	)		290,414
Corporate		46,740			131			46,486			(37,085	)		56,272
Pre-opening		—			115			6,723			(1	)		6,837
Development		4,971			386			—			(6	)		5,351
Depreciation and amortization		6,154			44,973			201,430			—			252,557
Amortization of leasehold interests in land		—			—			10,167			—			10,167
Loss on disposal of assets		—			563			1,369			—			1,932
		57,865			298,610			2,164,454			(44,913	)		2,476,016
Operating income (loss)		(58,137	)		101,428			783,412			—			826,703
Other income (expense):
Interest income		1,063			47,536			3,898			(48,704	)		3,793
Interest expense, net of amounts capitalized		(1,378	)		(22,744	)		(93,414	)		48,704			(68,832	)
Other expense		—			(1,984	)		(124	)		—			(2,108	)
Income from equity investments in subsidiaries		601,261			474,901			—			(1,076,162	)		—
Income before income taxes		542,809			599,137			693,772			(1,076,162	)		759,556
Income tax benefit (expense)		29,152			(34,291	)		(50,443	)		—			(55,582	)
Net income		571,961			564,846			643,329			(1,076,162	)		703,974
Net income attributable to noncontrolling interests		—			(479	)		(131,534	)		—			(132,013	)
Net income attributable to Las Vegas Sands Corp.	$	571,961		$	564,367		$	511,795		$	(1,076,162	)	$	571,961

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2012

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	158,694		$	2,107,799		$	—		$	2,266,493
Rooms		—			113,449			154,278			—			267,727
Food and beverage		—			47,854			105,601			—			153,455
Mall		—			—			71,418			—			71,418
Convention, retail and other		—			75,840			91,278			(37,401	)		129,717
		—			395,837			2,530,374			(37,401	)		2,888,810
Less — promotional allowances		(233	)		(22,385	)		(102,997	)		(453	)		(126,068	)
Net revenues		(233	)		373,452			2,427,377			(37,854	)		2,762,742
Operating expenses:
Casino		—			78,164			1,130,005			(618	)		1,207,551
Rooms		—			33,126			19,661			(1	)		52,786
Food and beverage		—			22,796			56,600			(1,095	)		78,301
Mall		—			—			16,301			—			16,301
Convention, retail and other		—			20,712			62,117			(3,305	)		79,524
Provision for doubtful accounts		—			6,548			45,670			—			52,218
General and administrative		—			68,489			150,444			(216	)		218,717
Corporate		46,195			91			35,281			(32,612	)		48,955
Pre-opening		—			—			51,460			(1	)		51,459
Development		1,204			—			—			(6	)		1,198
Depreciation and amortization		3,587			55,899			135,261			—			194,747
Amortization of leasehold interests in land		—			—			9,945			—			9,945
Impairment loss		—			—			42,893			—			42,893
Loss on disposal of assets		—			402			191			—			593
		50,986			286,227			1,755,829			(37,854	)		2,055,188
Operating income (loss)		(51,219	)		87,225			671,548			—			707,554
Other income (expense):
Interest income		98			31,476			5,292			(31,218	)		5,648
Interest expense, net of amounts capitalized		(3,358	)		(25,368	)		(67,164	)		31,218			(64,672	)
Other income (expense)		(47	)		339			(3,711	)		—			(3,419	)
Loss on early retirement of debt		(2,831	)		—			—			—			(2,831	)
Income from equity investments in subsidiaries		528,287			420,352			—			(948,639	)		—
Income before income taxes		470,930			514,024			605,965			(948,639	)		642,280
Income tax benefit (expense)		28,012			(27,375	)		(63,808	)		—			(63,171	)
Net income		498,942			486,649			542,157			(948,639	)		579,109
Net income attributable to noncontrolling interests		—			(525	)		(79,642	)		—			(80,167	)
Net income attributable to Las Vegas Sands Corp.	$	498,942		$	486,124		$	462,515		$	(948,639	)	$	498,942

Condensed Consolidating Statements of Comprehensive Income

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2013

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net income	$	571,961		$	564,846		$	643,329		$	(1,076,162	)	$	703,974
Currency translation adjustment		(45,776	)		(51,828	)		(48,456	)		97,604			(48,456	)
Total comprehensive income		526,185			513,018			594,873			(978,558	)		655,518
Comprehensive income attributable to noncontrolling interests		—			(479	)		(128,854	)		—			(129,333	)
Comprehensive income attributable to Las Vegas Sands Corp.	$	526,185		$	512,539		$	466,019		$	(978,558	)	$	526,185

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2012

									Consolidating/
	Las Vegas		Restricted			Non-Restricted			Eliminating
	Sands Corp.		Subsidiaries			Subsidiaries			Entries			Total
Net income	$	498,942	$	486,649		$	542,157		$	(948,639	)	$	579,109
Currency translation adjustment		97,831		83,269			98,878			(181,100	)		98,878
Total comprehensive income		596,773		569,918			641,035			(1,129,739	)		677,987
Comprehensive income attributable to noncontrolling interests		—		(525	)		(80,689	)		—			(81,214	)
Comprehensive income attributable to Las Vegas Sands Corp.	$	596,773	$	569,393		$	560,346		$	(1,129,739	)	$	596,773

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2013

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from operating activities	$	388,794		$	54,730		$	863,229		$	(421,235	)	$	885,518
Cash flows from investing activities:
Change in restricted cash and cash equivalents		—			1			(295	)		—			(294	)
Capital expenditures		(8,266	)		(18,014	)		(170,911	)		—			(197,191	)
Proceeds from disposal of property and equipment		—			16			410			—			426
Dividends received from non-restricted subsidiaries		—			408,000			—			(408,000	)		—
Repayments of receivable from non-restricted subsidiaries		—			488,983			—			(488,983	)		—
Capital contributions to subsidiaries		—			(400,000	)		—			400,000			—
Net cash generated from (used in) investing activities		(8,266	)		478,986			(170,796	)		(496,983	)		(197,059	)
Cash flows from financing activities:
Proceeds from exercise of stock options		10,399			—			1,556			—			11,955
Excess tax benefit from stock option exercises		1,525			—			—			—			1,525
Dividends paid		(288,554	)		—			(207,266	)		—			(495,820	)
Distributions to noncontrolling interests		—			(479	)		(1,695	)		—			(2,174	)
Dividends paid to Las Vegas Sands Corp.		—			(421,235	)		—			421,235			—
Dividends paid to Restricted Subsidiaries		—			—			(408,000	)		408,000			—
Capital contributions received		—			—			400,000			(400,000	)		—
Repayments on borrowings from Restricted Subsidiaries		—			—			(488,983	)		488,983			—
Repayments on 2012 Singapore credit facility		—			—			(325,979	)		—			(325,979	)
Repayments on senior secured credit facility		—			(6,106	)		—			—			(6,106	)
Repayments on airplane financings		(922	)		—			—			—			(922	)
Repayments on HVAC equipment lease and other long-term debt		—			(575	)		(996	)		—			(1,571	)
Net cash used in financing activities		(277,552	)		(428,395	)		(1,031,363	)		918,218			(819,092	)
Effect of exchange rate on cash		—			—			(2,385	)		—			(2,385	)
Increase (decrease) in cash and cash equivalents		102,976			105,321			(341,315	)		—			(133,018	)
Cash and cash equivalents at beginning of period		7,962			182,402			2,322,402			—			2,512,766
Cash and cash equivalents at end of period	$	110,938		$	287,723		$	1,981,087		$	—		$	2,379,748

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2012

	Las Vegas			Restricted			Non-Restricted			Consolidating/ Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from operating activities	$	22,116		$	273,221		$	472,362		$	(100,248	)	$	667,451
Cash flows from investing activities:
Change in restricted cash and cash equivalents		—			—			(195	)		—			(195	)
Capital expenditures		(4,805	)		(16,694	)		(376,761	)		—			(398,260	)
Proceeds from disposal of property and equipment		—			11			750			—			761
Notes receivable to non-restricted subsidiaries		—			(5,198	)		—			5,198			—
Dividends received from non-restricted subsidiaries		—			268,000			—			(268,000	)		—
Repayments of receivable from non restricted subsidiaries		—			250			—			(250	)		—
Capital contributions to subsidiaries		(33	)		(250,000	)		—			250,033			—
Net cash used in investing activities		(4,838	)		(3,631	)		(376,206	)		13,019			(397,694	)
Cash flows from financing activities:
Proceeds from exercise of stock options		19,183			—			2,076			—			21,259
Proceeds from the exercise of warrants		526,168			—			—			—			526,168
Dividends paid		(205,245	)		—			(178,218	)		—			(383,463	)
Distributions to noncontrolling interests		—			(525	)		(1,670	)		—			(2,195	)
Dividends paid to Las Vegas Sands Corp.		—			(100,248	)		—			100,248			—
Dividends paid to Restricted Subsidiaries		—			—			(268,000	)		268,000			—
Capital contributions received		—			—			250,033			(250,033	)		—
Borrowings from Restricted Subsidiaries		—			—			5,198			(5,198	)		—
Repayments on borrowings from Restricted Subsidiaries		—			—			(250	)		250			—
Repayments on Singapore credit facility		—			—			(98,577	)		—			(98,577	)
Repayments on senior secured credit facility		—			(7,234	)		—			—			(7,234	)
Redemption of senior notes		(189,712	)		—			—			—			(189,712	)
Repayments on ferry financing		—			—			(8,779	)		—			(8,779	)
Repayments on airplane financings		(922	)		—			—			—			(922	)
Repayments on HVAC equipment lease and other long-term debt		—			(415	)		(592	)		—			(1,007	)
Payments of deferred financing costs		—			—			(114	)		—			(114	)
Net cash generated from (used in) financing activities		149,472			(108,422	)		(298,893	)		113,267			(144,576	)
Effect of exchange rate on cash		—			—			28,461			—			28,461
Increase (decrease) in cash and cash equivalents		166,750			161,168			(174,276	)		—			153,642
Cash and cash equivalents at beginning of period		12,849			689,642			3,200,227			—			3,902,718
Cash and cash equivalents at end of period	$	179,599		$	850,810		$	3,025,951		$	—		$	4,056,360

XML

Segment Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Operating Statistics [Line Items ]
Net revenues	$ 3,302,719	$ 2,762,742
Adjusted property EBITDA	1,166,633	1,066,513
Stock-based compensation	(6,814)	(9,169)
Corporate	(56,272)	(48,955)
Pre-opening	(6,837)	(51,459)
Development	(5,351)	(1,198)
Depreciation and amortization	(252,557)	(194,747)
Amortization of leasehold interests in land	(10,167)	(9,945)
Impairment loss		(42,893)
Loss on disposal of assets	(1,932)	(593)
Operating income	826,703	707,554
Interest income	3,793	5,648
Interest expense, net of amounts capitalized	(68,832)	(64,672)
Other expense	(2,108)	(3,419)
Loss on early retirement of debt		(2,831)
Income tax expense	(55,582)	(63,171)
Net income	703,974	579,109
Intersegment revenues	53,359	43,107
Capital expenditures	197,191	398,260
Assets	22,010,953		22,163,652
Long-lived assets	17,079,753		17,225,489
The Venetian Macao [Member]
Operating Statistics [Line Items ]
Net revenues	872,212	772,760
Adjusted property EBITDA	348,482	281,933
Intersegment revenues	1,074	913
Capital expenditures	26,439	20,606
Assets	2,716,927		3,254,193
Long-lived assets	1,953,454		1,968,415
Sands Cotai Central [Member]
Operating Statistics [Line Items ]
Net revenues	587,179
Adjusted property EBITDA	131,521
Intersegment revenues	89
Capital expenditures	79,541	262,986
Assets	4,469,177		4,791,560
Long-lived assets	3,879,939		3,836,471
Four Seasons Macao [Member]
Operating Statistics [Line Items ]
Net revenues	223,220	299,604
Adjusted property EBITDA	53,552	67,519
Capital expenditures	1,979	16,705
Assets	1,375,830		1,338,714
Long-lived assets	959,321		971,732
Sands Macao [Member]
Operating Statistics [Line Items ]
Net revenues	310,273	349,083
Adjusted property EBITDA	96,602	106,956
Capital expenditures	4,611	4,729
Assets	429,180		414,531
Long-lived assets	281,739		285,344
Other Asia [Member]
Operating Statistics [Line Items ]
Net revenues	33,873	35,568
Adjusted property EBITDA	(3,589)	(5,722)
Intersegment revenues	9,254	6,416
Capital expenditures	46	232
Assets	315,733		345,522
Long-lived assets	198,690		202,392
Macao [Member]
Operating Statistics [Line Items ]
Net revenues	2,026,757	1,457,015
Adjusted property EBITDA	626,568	450,686
Intersegment revenues	10,417	7,329
Capital expenditures	128,646	305,302
Assets	9,450,748		10,263,618
Long-lived assets	7,416,857		7,383,266
Marina Bay Sands [Member]
Operating Statistics [Line Items ]
Net revenues	794,864	848,669
Adjusted property EBITDA	396,781	472,519
Intersegment revenues	2,408	488
Capital expenditures	36,128	62,391
Assets	6,729,264		6,941,510
Long-lived assets	5,514,729		5,657,351
Las Vegas Operating Properties [Member]
Operating Statistics [Line Items ]
Net revenues	411,541	384,603
Adjusted property EBITDA	113,428	115,806
Intersegment revenues	40,534	35,290
Capital expenditures	18,345	16,509
Assets	3,736,197		3,605,513
Long-lived assets	3,144,309		3,179,426
Sands Bethlehem [Member]
Operating Statistics [Line Items ]
Net revenues	122,916	115,562
Adjusted property EBITDA	29,856	27,502
Capital expenditures	1,035	9,034
Assets	734,215		766,223
Long-lived assets	601,095		607,346
United States [Member]
Operating Statistics [Line Items ]
Net revenues	534,457	500,165
Adjusted property EBITDA	143,284	143,308
Capital expenditures	19,380	25,543
Assets	4,470,412		4,371,736
Long-lived assets	3,745,404		3,786,772
Intersegment eliminations [Member]
Operating Statistics [Line Items ]
Intersegment revenues	(53,359)	(43,107)
Corporate and Other [Member]
Operating Statistics [Line Items ]
Capital expenditures	13,037	5,024
Assets	1,360,529		586,788
Long-lived assets	402,763		398,100
The Parisian Macao [Member]
Operating Statistics [Line Items ]
Capital expenditures	16,030	44
Assets	143,714		118,975
Long-lived assets	143,714		118,912
Other Development Projects [Member]
Operating Statistics [Line Items ]
Assets	$ 187		$ 123

XML

Stock-Based Employee Compensation - Stock-Based Compensation Activity (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Compensation expense:
Stock options	$ 9,033	$ 10,866
Restricted stock and stock units	5,584	8,300
Total compensation expense	14,617	19,166
Compensation cost capitalized as part of property and equipment	$ 272	$ 218
LVSC 2004 Plan [Member]
Compensation expense:
Stock options granted	58	51
Weighted average grant date fair value	$ 31.71	$ 35.49
LVSC 2004 Plan [Member] | Restricted stock [Member]
Compensation expense:
Restricted stock granted	18	497
Weighted average grant date fair value	$ 51.08	$ 53.30
LVSC 2004 Plan [Member] | Restricted stock units (RSUs) [Member]
Compensation expense:
Restricted stock granted	8	13
Weighted average grant date fair value	$ 52.17	$ 51.07
SCL Equity Plan [Member]
Compensation expense:
Stock options granted	1,487	2,435
Weighted average grant date fair value	$ 2.19	$ 1.68

XML

Condensed Consolidating Financial Information - Condensed Consolidating Statements of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Net cash generated from operating activities	$ 885,518	$ 667,451
Cash flows from investing activities:
Change in restricted cash and cash equivalents	(294)	(195)
Capital expenditures	(197,191)	(398,260)
Proceeds from disposal of property and equipment	426	761
Dividends received from non-restricted subsidiaries
Repayments of receivable from non restricted subsidiaries
Capital contributions to subsidiaries
Net cash used in investing activities	(197,059)	(397,694)
Cash flows from financing activities:
Proceeds from exercise of stock options	11,955	21,259
Proceeds from exercise of warrants		526,168
Excess tax benefit from stock option exercises	1,525
Dividends paid	(495,820)	(383,463)
Distributions to noncontrolling interests	(2,174)	(2,195)
Dividends paid to Las Vegas Sands Corp.
Dividends paid to Restricted Subsidiaries
Capital contributions received
Repayments on borrowings from Restricted Subsidiaries
Repayments on Singapore credit facility		(98,577)
Repayments on 2012 Singapore credit facility	(325,979)
Repayments on senior secured credit facility	(6,106)	(7,234)
Redemption of senior notes		(189,712)
Repayments on ferry financing		(8,779)
Repayments on airplane financings	(922)	(922)
Repayments on HVAC equipment lease and other long-term debt	(1,571)	(1,007)
Payments of deferred financing costs		(114)
Net cash used in financing activities	(819,092)	(144,576)
Effect of exchange rate on cash	(2,385)	28,461
Increase (decrease) in cash and cash equivalents	(133,018)	153,642
Cash and cash equivalents at beginning of period	2,512,766	3,902,718
Cash and cash equivalents at end of period	2,379,748	4,056,360
Las Vegas Sands Corp. [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash generated from operating activities	388,794	(22,116)
Cash flows from investing activities:
Change in restricted cash and cash equivalents
Capital expenditures	(8,266)	(4,805)
Proceeds from disposal of property and equipment
Dividends received from non-restricted subsidiaries
Repayments of receivable from non restricted subsidiaries
Capital contributions to subsidiaries		(33)
Net cash used in investing activities	(8,266)	(4,838)
Cash flows from financing activities:
Proceeds from exercise of stock options	10,399	19,183
Proceeds from exercise of warrants		526,168
Excess tax benefit from stock option exercises	1,525
Dividends paid	(288,554)	(205,245)
Distributions to noncontrolling interests
Dividends paid to Las Vegas Sands Corp.
Dividends paid to Restricted Subsidiaries
Capital contributions received
Repayments on borrowings from Restricted Subsidiaries
Repayments on 2012 Singapore credit facility
Repayments on senior secured credit facility
Redemption of senior notes		(189,712)
Repayments on airplane financings	(922)	(922)
Repayments on HVAC equipment lease and other long-term debt
Net cash used in financing activities	(277,552)	149,472
Effect of exchange rate on cash
Increase (decrease) in cash and cash equivalents	102,976	166,750
Cash and cash equivalents at beginning of period	7,962	12,849
Cash and cash equivalents at end of period	110,938	179,599
Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash generated from operating activities	54,730	273,221
Cash flows from investing activities:
Change in restricted cash and cash equivalents	1
Capital expenditures	(18,014)	(16,694)
Proceeds from disposal of property and equipment	16	11
Notes receivable to non-restricted subsidiaries		(5,198)
Dividends received from non-restricted subsidiaries	408,000	268,000
Repayments of receivable from non restricted subsidiaries	488,983	250
Capital contributions to subsidiaries	(400,000)	(250,000)
Net cash used in investing activities	478,986	(3,631)
Cash flows from financing activities:
Proceeds from exercise of stock options
Excess tax benefit from stock option exercises
Distributions to noncontrolling interests	(479)	(525)
Dividends paid to Las Vegas Sands Corp.	(421,235)	(100,248)
Dividends paid to Restricted Subsidiaries
Capital contributions received
Repayments on borrowings from Restricted Subsidiaries
Repayments on 2012 Singapore credit facility
Repayments on senior secured credit facility	(6,106)	(7,234)
Repayments on airplane financings
Repayments on HVAC equipment lease and other long-term debt	(575)	(415)
Net cash used in financing activities	(428,395)	(108,422)
Effect of exchange rate on cash
Increase (decrease) in cash and cash equivalents	105,321	161,168
Cash and cash equivalents at beginning of period	182,402	689,642
Cash and cash equivalents at end of period	287,723	850,810
Non-Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash generated from operating activities	863,229	472,362
Cash flows from investing activities:
Change in restricted cash and cash equivalents	(295)	(195)
Capital expenditures	(170,911)	(376,761)
Proceeds from disposal of property and equipment	410	750
Dividends received from non-restricted subsidiaries
Repayments of receivable from non restricted subsidiaries
Capital contributions to subsidiaries
Net cash used in investing activities	(170,796)	(376,206)
Cash flows from financing activities:
Proceeds from exercise of stock options	1,556	2,076
Excess tax benefit from stock option exercises
Dividends paid	(207,266)	(178,218)
Distributions to noncontrolling interests	(1,695)	(1,670)
Dividends paid to Las Vegas Sands Corp.
Dividends paid to Restricted Subsidiaries	(408,000)	(268,000)
Capital contributions received	400,000	250,033
Borrowings from Restricted Subsidiaries		5,198
Repayments on borrowings from Restricted Subsidiaries	(488,983)	(250)
Repayments on Singapore credit facility		(98,577)
Repayments on 2012 Singapore credit facility	(325,979)
Repayments on senior secured credit facility
Repayments on ferry financing		(8,779)
Repayments on airplane financings
Repayments on HVAC equipment lease and other long-term debt	(996)	(592)
Payments of deferred financing costs		(114)
Net cash used in financing activities	(1,031,363)	(298,893)
Effect of exchange rate on cash	(2,385)	28,461
Increase (decrease) in cash and cash equivalents	(341,315)	(174,276)
Cash and cash equivalents at beginning of period	2,322,402	3,200,227
Cash and cash equivalents at end of period	1,981,087	3,025,951
Consolidating/Eliminating Entries [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash generated from operating activities	(421,235)	(100,248)
Cash flows from investing activities:
Change in restricted cash and cash equivalents
Capital expenditures
Proceeds from disposal of property and equipment
Notes receivable to non-restricted subsidiaries		5,198
Dividends received from non-restricted subsidiaries	(408,000)	(268,000)
Repayments of receivable from non restricted subsidiaries	(488,983)	(250)
Capital contributions to subsidiaries	400,000	250,033
Net cash used in investing activities	(496,983)	13,019
Cash flows from financing activities:
Proceeds from exercise of stock options
Excess tax benefit from stock option exercises
Distributions to noncontrolling interests
Dividends paid to Las Vegas Sands Corp.	421,235	100,248
Dividends paid to Restricted Subsidiaries	408,000	268,000
Capital contributions received	(400,000)	(250,033)
Borrowings from Restricted Subsidiaries		(5,198)
Repayments on borrowings from Restricted Subsidiaries	488,983	250
Repayments on 2012 Singapore credit facility
Repayments on senior secured credit facility
Repayments on airplane financings
Repayments on HVAC equipment lease and other long-term debt
Net cash used in financing activities	918,218	113,267
Effect of exchange rate on cash
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

XML

Property and Equipment, Net

3 Months Ended

Mar. 31, 2013

Property Plant And Equipment [Abstract]

Property and Equipment, Net

NOTE 2 — PROPERTY AND EQUIPMENT, NET

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

	March 31,			December 31,
	2013			2012
Land and improvements	$	557,842		$	515,538
Building and improvements		15,262,127			14,414,026
Furniture, fixtures, equipment and leasehold improvements		2,605,623			2,557,071
Transportation		441,671			411,671
Construction in progress		970,042			1,824,531
		19,837,305			19,722,837
Less — accumulated depreciation and amortization		(4,188,663	)		(3,956,089	)
	$	15,648,642		$	15,766,748

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

	March 31,		December 31,
	2013		2012
Four Seasons Macao (principally the Four Seasons Apartments)	$	415,497	$	415,367
The Parisian Macao		85,037		59,510
Sands Cotai Central		83,150		913,432
Other		386,358		436,222
	$	970,042	$	1,824,531

The $386.4 million in other construction in progress as of March 31, 2013, consists primarily of construction of the Las Vegas Condo Tower and various projects at The Venetian Macao.

Under generally accepted accounting principles, the sale of The Shoppes at The Palazzo 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 $247.9 million (net of $63.5 million of accumulated depreciation) as of March 31, 2013, 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 months ended March 31, 2013 and 2012, the Company capitalized interest expense of $1.8 million and $22.1 million, respectively. During the three months ended March 31, 2013 and 2012, the Company capitalized approximately $5.7 million and $2.8 million, respectively, of internal costs, consisting primarily of compensation expense for individuals directly involved with the development and construction of property.

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

XML

Condensed Consolidating Financial Information - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]
Property and equipment, net	$ 15,648,642,000		$ 15,766,748,000
Total liabilities	13,166,828,000		13,505,240,000
Net loss	(571,961,000)	(498,942,000)
The Shoppes at The Palazzo [Member]
Condensed Financial Statements, Captions [Line Items]
Net liabilities	20,400,000		17,300,000
Property and equipment, net	247,900,000		250,800,000
Total liabilities	268,300,000		268,100,000
Net loss	$ 3,200,000	$ 3,800,000

XML

Property and Equipment, Net - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Construction in progress	$ 970,042,000		$ 1,824,531,000
Property and equipment, net	15,648,642,000		15,766,748,000
Accumulated depreciation and amortization	4,188,663,000		3,956,089,000
Capitalized interest expense	1,800,000	22,100,000
Capitalized internal costs	5,700,000	2,800,000
Other [Member]
Construction in progress	386,358,000		436,222,000
The Shoppes at The Palazzo [Member]
Proceeds from sale of mall assets	266,200,000
Property and equipment, net	247,900,000
Accumulated depreciation and amortization	$ 63,500,000

XML

Property and Equipment, Net - Construction in Progress (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Construction In Progress By Project [Line Items]
Construction in progress	$ 970,042	$ 1,824,531
Four Seasons Macao [Member]
Construction In Progress By Project [Line Items]
Construction in progress	415,497	415,367
The Parisian Macao [Member]
Construction In Progress By Project [Line Items]
Construction in progress	85,037	59,510
Sands Cotai Central [Member]
Construction In Progress By Project [Line Items]
Construction in progress	83,150	913,432
Other [Member]
Construction In Progress By Project [Line Items]
Construction in progress	$ 386,358	$ 436,222

XML

Condensed Consolidating Financial Information - Condensed Consolidating Balance Sheets (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2011
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 2,379,748	$ 2,512,766	$ 4,056,360	$ 3,902,718
Restricted cash and cash equivalents	5,672	4,521
Intercompany receivables
Intercompany notes receivable
Accounts receivable, net	1,973,984	1,819,260
Inventories	42,381	43,875
Deferred income taxes, net	1,765	2,299
Prepaid expenses and other	98,151	94,793
Total current assets	4,501,701	4,477,514
Property and equipment, net	15,648,642	15,766,748
Investments in subsidiaries
Deferred financing costs, net	198,437	214,465
Restricted cash and cash equivalents	1,073	1,938
Intercompany receivables
Intercompany notes receivable
Deferred income taxes, net	37,315	43,280
Leasehold interests in land, net	1,431,111	1,458,741
Intangible assets, net	68,036	70,618
Other assets, net	124,638	130,348
Total assets	22,010,953	22,163,652
Accounts payable	132,931	106,498
Construction payables	366,816	343,372
Intercompany payables
Intercompany notes payable
Accrued interest payable	3,472	15,542
Other accrued liabilities	1,870,482	1,895,483
Income taxes payable	217,978	164,126
Deferred income taxes
Current maturities of long-term debt	97,347	97,802
Total current liabilities	2,689,026	2,622,823
Other long-term liabilities	138,596	133,936
Intercompany payables
Intercompany notes payable
Deferred income taxes	179,026	185,945
Deferred amounts related to mall transactions	429,178	430,271
Long-term debt	9,731,002	10,132,265
Total liabilities	13,166,828	13,505,240
Total Las Vegas Sands Corp. stockholders' equity	7,326,043	7,061,842
Noncontrolling interests	1,518,082	1,596,570
Total equity	8,844,125	8,658,412	10,297,848	9,439,152
Total liabilities and equity	22,010,953	22,163,652
Las Vegas Sands Corp. [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	110,938	7,962	179,599	12,849
Restricted cash and cash equivalents
Intercompany receivables	209,961	209,961
Intercompany notes receivable
Accounts receivable, net	1,852	6,646
Inventories	4,346	3,501
Deferred income taxes, net	5,780	5,687
Prepaid expenses and other	16,597	13,257
Total current assets	349,474	247,014
Property and equipment, net	173,364	173,065
Investments in subsidiaries	7,186,451	7,045,198
Deferred financing costs, net	224	238
Restricted cash and cash equivalents
Intercompany receivables	6,109	6,109
Intercompany notes receivable
Deferred income taxes, net	1,340	3,665
Leasehold interests in land, net
Intangible assets, net	690	690
Other assets, net	243	243
Total assets	7,717,895	7,476,222
Accounts payable	14,700	9,948
Construction payables	3,505	5,318
Intercompany payables	5,271
Intercompany notes payable	237,161	237,161
Accrued interest payable	87	82
Other accrued liabilities	19,481	42,318
Income taxes payable	553
Deferred income taxes
Current maturities of long-term debt	3,688	3,688
Total current liabilities	284,446	298,515
Other long-term liabilities	40,969	48,506
Intercompany payables
Intercompany notes payable
Deferred income taxes
Deferred amounts related to mall transactions
Long-term debt	66,437	67,359
Total liabilities	391,852	414,380
Total Las Vegas Sands Corp. stockholders' equity	7,326,043	7,061,842
Noncontrolling interests
Total equity	7,326,043	7,061,842
Total liabilities and equity	7,717,895	7,476,222
Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	287,723	182,402	850,810	689,642
Restricted cash and cash equivalents	34	34
Intercompany receivables	50,376	62,968
Intercompany notes receivable	611,275	1,100,000
Accounts receivable, net	310,323	259,691
Inventories	12,319	13,081
Deferred income taxes, net
Prepaid expenses and other	12,496	12,223
Total current assets	1,284,546	1,630,399
Property and equipment, net	3,298,558	3,329,824
Investments in subsidiaries	5,114,684	4,657,313
Deferred financing costs, net	10,957	12,528
Restricted cash and cash equivalents	1,067	1,068
Intercompany receivables	54,982	54,982
Intercompany notes receivable	970,776	928,728
Deferred income taxes, net	35,779	39,429
Leasehold interests in land, net
Intangible assets, net
Other assets, net	23,412	18,994
Total assets	10,794,761	10,673,265
Accounts payable	26,533	25,007
Construction payables	3,952	7,680
Intercompany payables	173,698	173,698
Intercompany notes payable
Accrued interest payable	1,024	1,050
Other accrued liabilities	230,914	235,882
Income taxes payable	9	4
Deferred income taxes	4,019	3,475
Current maturities of long-term debt	90,491	90,649
Total current liabilities	530,640	537,445
Other long-term liabilities	9,878	9,776
Intercompany payables
Intercompany notes payable
Deferred income taxes
Deferred amounts related to mall transactions	429,178	430,271
Long-term debt	2,747,222	2,753,745
Total liabilities	3,716,918	3,731,237
Total Las Vegas Sands Corp. stockholders' equity	7,077,438	6,941,623
Noncontrolling interests	405	405
Total equity	7,077,843	6,942,028
Total liabilities and equity	10,794,761	10,673,265
Non-Restricted Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	1,981,087	2,322,402	3,025,951	3,200,227
Restricted cash and cash equivalents	5,638	4,487
Intercompany receivables
Intercompany notes receivable	237,161	237,161
Accounts receivable, net	1,661,809	1,552,923
Inventories	25,716	27,293
Deferred income taxes, net	4	87
Prepaid expenses and other	69,058	69,313
Total current assets	3,980,473	4,213,666
Property and equipment, net	12,176,720	12,263,859
Investments in subsidiaries
Deferred financing costs, net	187,256	201,699
Restricted cash and cash equivalents	6	870
Intercompany receivables
Intercompany notes receivable
Deferred income taxes, net
Leasehold interests in land, net	1,431,111	1,458,741
Intangible assets, net	67,346	69,928
Other assets, net	100,983	111,111
Total assets	17,943,895	18,319,874
Accounts payable	91,698	71,543
Construction payables	359,359	330,374
Intercompany payables	81,368	99,231
Intercompany notes payable	611,275	1,100,000
Accrued interest payable	2,361	14,410
Other accrued liabilities	1,620,087	1,617,283
Income taxes payable	217,416	164,122
Deferred income taxes
Current maturities of long-term debt	3,168	3,465
Total current liabilities	2,986,732	3,400,428
Other long-term liabilities	87,749	75,654
Intercompany payables	61,091	61,091
Intercompany notes payable	970,776	928,728
Deferred income taxes	178,830	185,759
Deferred amounts related to mall transactions
Long-term debt	6,917,343	7,311,161
Total liabilities	11,202,521	11,962,821
Total Las Vegas Sands Corp. stockholders' equity	5,223,697	4,760,888
Noncontrolling interests	1,517,677	1,596,165
Total equity	6,741,374	6,357,053
Total liabilities and equity	17,943,895	18,319,874
Consolidating/Eliminating Entries [Member]
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents
Restricted cash and cash equivalents
Intercompany receivables	(260,337)	(272,929)
Intercompany notes receivable	(848,436)	(1,337,161)
Accounts receivable, net
Inventories
Deferred income taxes, net	(4,019)	(3,475)
Prepaid expenses and other
Total current assets	(1,112,792)	(1,613,565)
Property and equipment, net
Investments in subsidiaries	(12,301,135)	(11,702,511)
Deferred financing costs, net
Restricted cash and cash equivalents
Intercompany receivables	(61,091)	(61,091)
Intercompany notes receivable	(970,776)	(928,728)
Deferred income taxes, net	196	186
Leasehold interests in land, net
Intangible assets, net
Other assets, net
Total assets	(14,445,598)	(14,305,709)
Accounts payable
Construction payables
Intercompany payables	(260,337)	(272,929)
Intercompany notes payable	(848,436)	(1,337,161)
Accrued interest payable
Other accrued liabilities
Income taxes payable
Deferred income taxes	(4,019)	(3,475)
Current maturities of long-term debt
Total current liabilities	(1,112,792)	(1,613,565)
Other long-term liabilities
Intercompany payables	(61,091)	(61,091)
Intercompany notes payable	(970,776)	(928,728)
Deferred income taxes	196	186
Deferred amounts related to mall transactions
Long-term debt
Total liabilities	(2,144,463)	(2,603,198)
Total Las Vegas Sands Corp. stockholders' equity	(12,301,135)	(11,702,511)
Noncontrolling interests
Total equity	(12,301,135)	(11,702,511)
Total liabilities and equity	$ (14,445,598)	$ (14,305,709)

XML

Long-Term Debt - Schedule of Long-Term Debt Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Total debt	$ 9,828,349	$ 10,230,067
Less - current maturities	(97,347)	(97,802)
Total long-term debt	9,731,002	10,132,265
Senior Secured Credit Facility - Term B [Member]
Debt Instrument [Line Items]
Total debt	1,811,899	1,816,477
Senior Secured Credit Facility - Delayed Draws I and II [Member]
Debt Instrument [Line Items]
Total debt	605,033	606,561
Senior Secured Credit Facility - Revolving [Member]
Debt Instrument [Line Items]
Total debt	400,000	400,000
Airplane Financings [Member]
Debt Instrument [Line Items]
Total debt	70,125	71,047
HVAC Equipment Lease [Member]
Debt Instrument [Line Items]
Total debt	19,311	19,714
Other [Member]
Debt Instrument [Line Items]
Total debt	3,215	3,689
2011 VML Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	3,206,847	3,209,839
Macao Related Other Long-Term Debt [Member]
Debt Instrument [Line Items]
Total debt	6,901	7,313
2012 Singapore Credit Facility - Term [Member]
Debt Instrument [Line Items]
Total debt	3,704,593	3,767,141
2012 Singapore Credit Facility - Revolving [Member]
Debt Instrument [Line Items]
Total debt		327,578
Singapore Related Other Long-Term Debt [Member]
Debt Instrument [Line Items]
Total debt	$ 425	$ 708

XML

Long-Term Debt - Additional Information (Detail)	Mar. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Mar. 31, 2013 Senior Secured Credit Facility [Member] USD ($)	Mar. 31, 2013 2011 VML Credit Facility [Member] USD ($)	Mar. 31, 2013 2012 Singapore Credit Facility [Member] USD ($)	Mar. 31, 2013 2012 Singapore Credit Facility [Member] SGD
Debt Instrument [Line Items]
Debt instrument, available borrowing capacity			$ 95,500,000	$ 500,000,000	$ 396,700,000	492,600,000
Long-term debt, fair value	9,770,000,000	10,120,000,000
Long-term debt, carrying value	$ 9,800,000,000	$ 10,200,000,000

XML

Organization and Business of Company

3 Months Ended

Mar. 31, 2013

Accounting Policies [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, 2012. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). 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.”

The shares of the Company’s subsidiary, Sands China Ltd. (“SCL,” the indirect owner and operator of the majority of the Company’s operations in the Macao Special Administrative Region (“Macao”) of the People’s Republic of China) are listed on The Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) and are 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

Macao

The Company currently owns 70.2% of SCL, which includes the operations of The Venetian Macao, Sands Cotai Central, Four Seasons Macao, Sands 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 Venetian Macao Resort Hotel (“The Venetian Macao”), which anchors the Cotai Strip, the Company’s master-planned development of integrated resort properties on an area of approximately 140 acres in Macao (consisting of parcels referred to as 1, 2, 3 and 5 and 6). The Venetian Macao (located on parcel 1) includes a 39-floor luxury hotel with over 2,900 suites; approximately 374,000 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.

In April and September 2012 and January 2013, the Company opened phases I, IIA and IIB, respectively, of its Sands Cotai Central integrated resort (located on parcels 5 and 6), which is situated across the street from The Venetian Macao and Four Seasons Macao. Phase I consists of a hotel tower on parcel 5, which includes approximately 600 five-star rooms and suites under the Conrad brand and approximately 1,200 four-star rooms and suites under the Holiday Inn brand; more than 350,000 square feet of meeting space; several food and beverage establishments; along with the 230,000-square-foot casino and VIP gaming areas. Phase IIA, includes the first hotel tower on parcel 6, which features approximately 1,800 rooms and suites managed by Starwood Asia Pacific Hotels and Resorts Pte Ltd. and Sheraton Overseas Management Co. (collectively “Starwood”) under the Sheraton brand, along with the second casino and additional retail, entertainment, dining and meeting facilities. Phase IIB consists of the second hotel tower on parcel 6 and features approximately 2,100 rooms and suites managed by Starwood under the Sheraton brand. With the completion of phases I and II of the project, the integrated resort features approximately 300,000 square feet of gaming space, approximately 800,000 square feet of retail, dining and entertainment space, over 550,000 square feet of meeting facilities and a multipurpose theater (to open in 2014). Phase III of the project is expected to include a fourth hotel and mixed-use tower, located on parcel 5, to be managed by Starwood under the St. Regis brand and the total cost to complete is expected to be approximately $450 million. The Company intends to commence construction of phase III of the project as demand and market conditions warrant it. As of March 31, 2013, the Company has capitalized costs of $4.07 billion for the entire project, including the land premium (net of amortization) and $225.1 million in outstanding construction payables.

The Company owns the Four Seasons Hotel Macao, Cotai Strip (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 and located on parcel 2, the “Four Seasons Macao”), which features approximately 108,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 260,000 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 (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 monetize units within the Four Seasons Apartments after the necessary government approvals are obtained and future demand warrants it.

The Company owns and operates the Sands Macao, the first Las Vegas-style casino in Macao. The Sands Macao offers approximately 249,000 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.

Singapore

The Company owns and operates the Marina Bay Sands in Singapore, which features three 55-story hotel towers (totaling approximately 2,600 rooms and suites), the Sands SkyPark (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 1.2 million square feet, theaters and a landmark iconic structure at the bay-front promenade that contains an art/science museum. In April 2013, the Company paid 57.0 million Singapore dollars (“SGD,” approximately $45.9 million at exchange rates in effect on March 31, 2013) to the Casino Regulatory Authority in Singapore as part of the process to renew its gaming license, which now expires April 2016.

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; and enclosed retail, dining and entertainment complexes located within The Venetian Las Vegas (“The Grand Canal Shoppes”) and The Palazzo (“The Shoppes at The Palazzo”), both of which were sold to GGP Limited Partnership (“GGP”, see “— Note 2 — Property and Equipment, Net” regarding the sale of The Shoppes at The Palazzo).

Pennsylvania

The Company owns and operates the 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. Sands Bethlehem features approximately 145,000 square feet of gaming space; a 300-room hotel tower; a 150,000-square-foot retail facility; an arts and cultural center; and a 50,000-square-foot multipurpose event center, which opened in May 2012. The Company owns 86% of the economic interest in 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 in the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC.

Development Projects

The Company has suspended portions of its development projects and 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.

Macao

The Company submitted plans to the Macao government for The Parisian Macao (located on parcel 3), an integrated resort that will be connected to The Venetian Macao and Four Seasons Macao. The Parisian Macao, which is currently expected to open in late 2015, is intended to include a gaming area (to be operated under the Company’s gaming subconcession), hotel and shopping mall. The Company expects the cost to design, develop and construct The Parisian Macao will be approximately $2.7 billion, inclusive of payments made for the land premium. The Company has commenced construction activities and has capitalized costs of $143.7 million, including the land premium (net of amortization), as of March 31, 2013. In addition, the Company will be completing the development of some public areas surrounding its Cotai Strip properties on behalf of the Macao government.

Under the Company’s land concession for Sands Cotai Central, the Company is required to complete the development by May 2014. The land concession for The Parisian Macao contains a similar requirement, which was extended by the Macao government in July 2012, that the development be completed by April 2016. The Company expects to apply for an extension from the Macao government to complete Sands Cotai Central, as the Company will be unable to meet the May 2014 deadline. Should the Company determine that it is unable to complete The Parisian Macao by April 2016, the Company would then also expect to apply for an extension from the Macao government. If the Company is unable to meet The Parisian Macao deadline and the deadlines for either development are not extended, the Company could lose its land concessions for Sands Cotai Central or The Parisian Macao, 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 $4.07 billion or $143.7 million in capitalized construction costs and land premiums (net of amortization), as of March 31, 2013, related to Sands Cotai Central and The Parisian Macao, respectively.

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. As of March 31, 2013, the Company has capitalized construction costs of $178.8 million for this project. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty.

Other

The Company continues to aggressively pursue a variety of new development opportunities around the world.

Development Financing Strategy

Through March 31, 2013, the Company has funded its development projects primarily through borrowings under its credit facilities, operating cash flows, proceeds from its equity offerings and proceeds from the disposition of non-core assets.

The U.S. credit facility 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 5.0x for all quarterly periods through maturity. The Company can elect to contribute up to $50 million of cash on hand to its Las Vegas operations on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio. The Company’s Macao facility also requires the Company’s Macao operations to comply with similar financial covenants, which commenced with the quarterly period ended March 31, 2012, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 4.5x for the quarterly periods ending March 31 through June 30, 2013, decreases to 4.0x for the quarterly periods ending September 30, 2013 through December 31, 2014, decreases to 3.5x for the quarterly periods ending March 31 through December 31, 2015, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. The Singapore credit facility (the “2012 Singapore Credit Facility”) requires operations of Marina Bay Sands to comply with similar financial covenants, which commenced with the quarterly period ended September 30, 2012, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 4.0x for the quarterly periods ending March 31 through September 30, 2013, decreases to 3.5x for the quarterly periods ending December 31, 2013 through December 31, 2014, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity. 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. 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.

The Company held unrestricted cash and cash equivalents of approximately $2.38 billion and restricted cash and cash equivalents of $6.7 million as of March 31, 2013. The Company believes the cash on hand and cash flow generated from operations will be sufficient to maintain compliance with the financial covenants of its credit facilities. The Company will need to arrange additional financing to fund the balance of its Cotai Strip developments on terms suitable to the Company, including pursuing approximately $2.0 billion of financing for The Parisian Macao. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof, including evaluating strategic alternatives related to the Company’s Pennsylvania operations.

Recent Accounting Pronouncements

In February 2013, the FASB issued authoritative guidance on the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. The guidance is effective for fiscal years beginning after December 15, 2012, with early adoption permitted. The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations or cash flows.

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Long-Term Debt - Cash Flows from Financing Activities Related to Long-Term Debt and Capital Lease Obligations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Debt Instrument [Line Items]
Repayments of long-term debt	$ (334,578)	$ (306,231)
2012 Singapore Credit Facility [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	(325,979)
Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	(6,106)	(7,234)
Singapore Credit Facility [Member]
Debt Instrument [Line Items]
Repayments of long-term debt		(98,577)
Senior Notes [Member]
Debt Instrument [Line Items]
Repayments of long-term debt		(189,712)
Airplane Financings [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	(922)	(922)
Ferry Financing [Member]
Debt Instrument [Line Items]
Repayments of long-term debt		(8,779)
HVAC Equipment Lease and Other Long-Term Debt [Member]
Debt Instrument [Line Items]
Repayments of long-term debt	$ (1,571)	$ (1,007)

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Fair Value Measurements - Schedule of Fair Value Measurements (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013 Derivative	Dec. 31, 2012 Derivative
Fair Value Disclosures [Abstract]
Cash equivalents, original maturities	Less than 90 days
Number of interest rate cap agreements	25	30
Fair value of interest rate cap agreements	$ 0.2

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 2,379,748	$ 2,512,766
Restricted cash and cash equivalents	5,672	4,521
Accounts receivable, net	1,973,984	1,819,260
Inventories	42,381	43,875
Deferred income taxes, net	1,765	2,299
Prepaid expenses and other	98,151	94,793
Total current assets	4,501,701	4,477,514
Property and equipment, net	15,648,642	15,766,748
Deferred financing costs, net	198,437	214,465
Restricted cash and cash equivalents	1,073	1,938
Deferred income taxes, net	37,315	43,280
Leasehold interests in land, net	1,431,111	1,458,741
Intangible assets, net	68,036	70,618
Other assets, net	124,638	130,348
Total assets	22,010,953	22,163,652
Current liabilities:
Accounts payable	132,931	106,498
Construction payables	366,816	343,372
Accrued interest payable	3,472	15,542
Other accrued liabilities	1,870,482	1,895,483
Income taxes payable	217,978	164,126
Current maturities of long-term debt	97,347	97,802
Total current liabilities	2,689,026	2,622,823
Other long-term liabilities	138,596	133,936
Deferred income taxes	179,026	185,945
Deferred proceeds from sale of The Shoppes at The Palazzo	268,099	267,956
Deferred gain on sale of The Grand Canal Shoppes	43,014	43,880
Deferred rent from mall transactions	118,065	118,435
Long-term debt	9,731,002	10,132,265
Total liabilities	13,166,828	13,505,240
Commitments and contingencies (Note 9)
Equity:
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 824,852,598 and 824,297,756 shares issued and outstanding	825	824
Capital in excess of par value	6,264,237	6,237,488
Accumulated other comprehensive income	217,302	263,078
Retained earnings	843,679	560,452
Total Las Vegas Sands Corp. stockholders' equity	7,326,043	7,061,842
Noncontrolling interests	1,518,082	1,596,570
Total equity	8,844,125	8,658,412
Total liabilities and equity	$ 22,010,953	$ 22,163,652

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Condensed Consolidating Financial Information - Condensed Consolidating Statements of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues:
Casino	$ 2,736,054	$ 2,266,493
Rooms	325,016	267,727
Food and beverage	185,329	153,455
Mall	85,461	71,418
Convention, retail and other	126,061	129,717
Revenues, gross	3,457,921	2,888,810
Less - promotional allowances	(155,202)	(126,068)
Net revenues	3,302,719	2,762,742
Operating expenses:
Casino	1,526,279	1,207,551
Rooms	68,690	52,786
Food and beverage	96,731	78,301
Mall	17,258	16,301
Convention, retail and other	78,849	79,524
Provision for doubtful accounts	64,679	52,218
General and administrative	290,414	218,717
Corporate	56,272	48,955
Pre-opening	6,837	51,459
Development	5,351	1,198
Depreciation and amortization	252,557	194,747
Amortization of leasehold interests in land	10,167	9,945
Impairment loss		42,893
Loss on disposal of assets	1,932	593
Total operating expenses	2,476,016	2,055,188
Operating income (loss)	826,703	707,554
Other income (expense):
Interest income	3,793	5,648
Interest expense, net of amounts capitalized	(68,832)	(64,672)
Other income (expense)	(2,108)	(3,419)
Loss on early retirement of debt		(2,831)
Income from equity investments in subsidiaries
Income before income taxes	759,556	642,280
Income tax benefit (expense)	(55,582)	(63,171)
Net income	703,974	579,109
Net income attributable to noncontrolling interests	(132,013)	(80,167)
Net income attributable to Las Vegas Sands Corp.	571,961	498,942
Las Vegas Sands Corp. [Member]
Revenues:
Casino
Rooms
Food and beverage
Mall
Convention, retail and other
Revenues, gross
Less - promotional allowances	(272)	(233)
Net revenues	(272)	(233)
Operating expenses:
Casino
Rooms
Food and beverage
Mall
Convention, retail and other
Provision for doubtful accounts
General and administrative
Corporate	46,740	46,195
Pre-opening
Development	4,971	1,204
Depreciation and amortization	6,154	3,587
Amortization of leasehold interests in land
Loss on disposal of assets
Total operating expenses	57,865	50,986
Operating income (loss)	(58,137)	(51,219)
Other income (expense):
Interest income	1,063	98
Interest expense, net of amounts capitalized	(1,378)	(3,358)
Other income (expense)		(47)
Loss on early retirement of debt		(2,831)
Income from equity investments in subsidiaries	601,261	528,287
Income before income taxes	542,809	470,930
Income tax benefit (expense)	29,152	28,012
Net income	571,961	498,942
Net income attributable to noncontrolling interests
Net income attributable to Las Vegas Sands Corp.	571,961	498,942
Restricted Subsidiaries [Member]
Revenues:
Casino	159,897	158,694
Rooms	121,114	113,449
Food and beverage	54,821	47,854
Mall
Convention, retail and other	86,436	75,840
Revenues, gross	422,268	395,837
Less - promotional allowances	(22,230)	(22,385)
Net revenues	400,038	373,452
Operating expenses:
Casino	79,583	78,164
Rooms	39,151	33,126
Food and beverage	24,031	22,796
Mall
Convention, retail and other	31,290	20,712
Provision for doubtful accounts	9,578	6,548
General and administrative	68,809	68,489
Corporate	131	91
Pre-opening	115
Development	386
Depreciation and amortization	44,973	55,899
Amortization of leasehold interests in land
Loss on disposal of assets	563	402
Total operating expenses	298,610	286,227
Operating income (loss)	101,428	87,225
Other income (expense):
Interest income	47,536	31,476
Interest expense, net of amounts capitalized	(22,744)	(25,368)
Other income (expense)	(1,984)	339
Income from equity investments in subsidiaries	474,901	420,352
Income before income taxes	599,137	514,024
Income tax benefit (expense)	(34,291)	(27,375)
Net income	564,846	486,649
Net income attributable to noncontrolling interests	(479)	(525)
Net income attributable to Las Vegas Sands Corp.	564,367	486,124
Non-Restricted Subsidiaries [Member]
Revenues:
Casino	2,576,157	2,107,799
Rooms	203,902	154,278
Food and beverage	130,508	105,601
Mall	85,461	71,418
Convention, retail and other	84,042	91,278
Revenues, gross	3,080,070	2,530,374
Less - promotional allowances	(132,204)	(102,997)
Net revenues	2,947,866	2,427,377
Operating expenses:
Casino	1,447,526	1,130,005
Rooms	29,539	19,661
Food and beverage	73,766	56,600
Mall	17,258	16,301
Convention, retail and other	53,267	62,117
Provision for doubtful accounts	55,101	45,670
General and administrative	221,822	150,444
Corporate	46,486	35,281
Pre-opening	6,723	51,460
Development
Depreciation and amortization	201,430	135,261
Amortization of leasehold interests in land	10,167	9,945
Impairment loss		42,893
Loss on disposal of assets	1,369	191
Total operating expenses	2,164,454	1,755,829
Operating income (loss)	783,412	671,548
Other income (expense):
Interest income	3,898	5,292
Interest expense, net of amounts capitalized	(93,414)	(67,164)
Other income (expense)	(124)	(3,711)
Income from equity investments in subsidiaries
Income before income taxes	693,772	605,965
Income tax benefit (expense)	(50,443)	(63,808)
Net income	643,329	542,157
Net income attributable to noncontrolling interests	(131,534)	(79,642)
Net income attributable to Las Vegas Sands Corp.	511,795	462,515
Consolidating/Eliminating Entries [Member]
Revenues:
Casino
Rooms
Food and beverage
Mall
Convention, retail and other	(44,417)	(37,401)
Revenues, gross	(44,417)	(37,401)
Less - promotional allowances	(496)	(453)
Net revenues	(44,913)	(37,854)
Operating expenses:
Casino	(830)	(618)
Rooms		(1)
Food and beverage	(1,066)	(1,095)
Mall
Convention, retail and other	(5,708)	(3,305)
Provision for doubtful accounts
General and administrative	(217)	(216)
Corporate	(37,085)	(32,612)
Pre-opening	(1)	(1)
Development	(6)	(6)
Depreciation and amortization
Amortization of leasehold interests in land
Loss on disposal of assets
Total operating expenses	(44,913)	(37,854)
Operating income (loss)
Other income (expense):
Interest income	(48,704)	(31,218)
Interest expense, net of amounts capitalized	48,704	31,218
Other income (expense)
Income from equity investments in subsidiaries	(1,076,162)	(948,639)
Income before income taxes	(1,076,162)	(948,639)
Income tax benefit (expense)
Net income	(1,076,162)	(948,639)
Net income attributable to noncontrolling interests
Net income attributable to Las Vegas Sands Corp.	$ (1,076,162)	$ (948,639)

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (USD $) In Thousands	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2011	$ 9,439,152	$ 733	$ 5,610,160	$ 94,104	$ 2,145,692	$ 1,588,463
Net income	579,109				498,942	80,167
Currency translation adjustment	98,878			97,831		1,047
Exercise of stock options	21,259	1	20,151			1,107
Stock-based compensation	19,384		18,383			1,001
Issuance of restricted stock		1	(1)
Exercise of warrants	526,168	88	526,080
Dividends declared	(383,907)				(205,689)	(178,218)
Distributions to noncontrolling interests	(2,195)					(2,195)
Ending Balance at Mar. 31, 2012	10,297,848	823	6,174,773	191,935	2,438,945	1,491,372
Beginning Balance at Dec. 31, 2012	8,658,412	824	6,237,488	263,078	560,452	1,596,570
Net income	703,974				571,961	132,013
Currency translation adjustment	(48,456)			(45,776)		(2,680)
Exercise of stock options	11,955	1	11,208			746
Tax benefit from stock-based compensation	1,525		1,525
Stock-based compensation	14,889		14,016			873
Dividends declared	(496,000)				(288,734)	(207,266)
Distributions to noncontrolling interests	(2,174)					(2,174)
Ending Balance at Mar. 31, 2013	$ 8,844,125	$ 825	$ 6,264,237	$ 217,302	$ 843,679	$ 1,518,082

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Variable Interest Entities - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Total assets in Company's joint ventures	$ 92.1	$ 94.5
Total liabilities in Company's joint ventures	$ 99.7	$ 95.8

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Stock-Based Employee Compensation (Tables)

3 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation Activity

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
	March 31,
	2013		2012
Compensation expense:
Stock options	$	9,033	$	10,866
Restricted stock and stock units		5,584		8,300
	$	14,617	$	19,166
Compensation cost capitalized as part of property and equipment	$	272	$	218
LVSC 2004 Plan:
Stock options granted		58		51
Weighted average grant date fair value	$	31.71	$	35.49
Restricted stock granted		18		497
Weighted average grant date fair value	$	51.08	$	53.30
Restricted stock units granted		8		13
Weighted average grant date fair value	$	52.17	$	51.07
SCL Equity Plan:
Stock options granted		1,487		2,435
Weighted average grant date fair value	$	2.19	$	1.68

Black-Scholes Option-Pricing Model Weighted Average Assumptions

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
	March 31,
	2013			2012
LVSC 2004 Plan:
Weighted average volatility		94.9	%		95.3	%
Expected term (in years)		5.5			6.3
Risk-free rate		1.0	%		1.1	%
Expected dividends		2.7	%		1.9	%
SCL Equity Plan:
Weighted average volatility		68.3	%		70.4	%
Expected term (in years)		6.3			6.2
Risk-free rate		0.4	%		0.6	%
Expected dividends		3.6	%		4.0	%

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Income Taxes - Additional Information (Detail) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013 USD ($)	Mar. 31, 2013 MOP
Income Tax Disclosure [Abstract]
Decrease in unrecognized tax benefits due to IRS audit	$ 9.3
Macao income tax exemption, term	5 year exemption period	5 year exemption period
Macao tax exemption annual payment	$ 1.8	14.4
Macao income tax exemption, termination date	Through the end of 2013	Through the end of 2013
Macao percentage tax due on dividend distributions	12.00%	12.00%

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Schedule of Segment Information

The Company’s segment information as of March 31, 2013 and December 31, 2012, and for the three months ended March 31, 2013 and 2012, is as follows (in thousands):

	Three Months Ended
	March 31,
	2013			2012
Net Revenues:
Macao:
The Venetian Macao	$	872,212		$	772,760
Sands Cotai Central		587,179			—
Four Seasons Macao		223,220			299,604
Sands Macao		310,273			349,083
Other Asia		33,873			35,568
		2,026,757			1,457,015
Marina Bay Sands		794,864			848,669
United States:
Las Vegas Operating Properties		411,541			384,603
Sands Bethlehem		122,916			115,562
		534,457			500,165
Intersegment eliminations		(53,359	)		(43,107	)
Total net revenues	$	3,302,719		$	2,762,742
Adjusted Property EBITDA(1)
Macao:
The Venetian Macao	$	348,482		$	281,933
Sands Cotai Central		131,521			—
Four Seasons Macao		53,552			67,519
Sands Macao		96,602			106,956
Other Asia		(3,589	)		(5,722	)
		626,568			450,686
Marina Bay Sands		396,781			472,519
United States:
Las Vegas Operating Properties		113,428			115,806
Sands Bethlehem		29,856			27,502
		143,284			143,308
Total adjusted property EBITDA		1,166,633			1,066,513
Other Operating Costs and Expenses
Stock-based compensation		(6,814	)		(9,169	)
Corporate		(56,272	)		(48,955	)
Pre-opening		(6,837	)		(51,459	)
Development		(5,351	)		(1,198	)
Depreciation and amortization		(252,557	)		(194,747	)
Amortization of leasehold interests in land		(10,167	)		(9,945	)
Impairment loss		—			(42,893	)
Loss on disposal of assets		(1,932	)		(593	)
Operating income		826,703			707,554
Other Non-Operating Costs and Expenses
Interest income		3,793			5,648
Interest expense, net of amounts capitalized		(68,832	)		(64,672	)
Other expense		(2,108	)		(3,419	)
Loss on early retirement of debt		—			(2,831	)
Income tax expense		(55,582	)		(63,171	)
Net income	$	703,974		$	579,109

(1) Adjusted property EBITDA is net income before royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, impairment loss, loss on disposal of assets, interest, other expense, loss 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
	March 31,
	2013		2012
Intersegment Revenues
Macao:
The Venetian Macao	$	1,074	$	913
Sands Cotai Central		89		—
Other Asia		9,254		6,416
		10,417		7,329
Marina Bay Sands		2,408		488
Las Vegas Operating Properties		40,534		35,290
Total intersegment revenues	$	53,359	$	43,107
	Three Months Ended
	March 31,
	2013		2012
Capital Expenditures
Corporate and Other	$	13,037	$	5,024
Macao:
The Venetian Macao		26,439		20,606
Sands Cotai Central		79,541		262,986
Four Seasons Macao		1,979		16,705
Sands Macao		4,611		4,729
Other Asia		46		232
The Parisian Macao		16,030		44
		128,646		305,302
Marina Bay Sands		36,128		62,391
United States:
Las Vegas Operating Properties		18,345		16,509
Sands Bethlehem		1,035		9,034
		19,380		25,543
Total capital expenditures	$	197,191	$	398,260
	March 31,		December 31,
	2013		2012
Total Assets
Corporate and Other	$	1,360,529	$	586,788
Macao:
The Venetian Macao		2,716,927		3,254,193
Sands Cotai Central		4,469,177		4,791,560
Four Seasons Macao		1,375,830		1,338,714
Sands Macao		429,180		414,531
Other Asia		315,733		345,522
The Parisian Macao		143,714		118,975
Other Development Projects		187		123
		9,450,748		10,263,618
Marina Bay Sands		6,729,264		6,941,510
United States:
Las Vegas Operating Properties		3,736,197		3,605,513
Sands Bethlehem		734,215		766,223
		4,470,412		4,371,736
Total assets	$	22,010,953	$	22,163,652

	March 31,		December 31,
	2013		2012
Total Long-Lived Assets
Corporate and Other	$	402,763	$	398,100
Macao:
The Venetian Macao		1,953,454		1,968,415
Sands Cotai Central		3,879,939		3,836,471
Four Seasons Macao		959,321		971,732
Sands Macao		281,739		285,344
Other Asia		198,690		202,392
The Parisian Macao		143,714		118,912
		7,416,857		7,383,266
Marina Bay Sands		5,514,729		5,657,351
United States:
Las Vegas Operating Properties		3,144,309		3,179,426
Sands Bethlehem		601,095		607,346
		3,745,404		3,786,772
Total long-lived assets	$	17,079,753	$	17,225,489

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities:
Net income	$ 703,974	$ 579,109
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization	252,557	194,747
Amortization of leasehold interests in land	10,167	9,945
Amortization of deferred financing costs and original issue discount	14,185	11,596
Amortization of deferred gain and rent	(1,236)	(1,236)
Non-cash change in deferred proceeds from sale of The Shoppes at The Palazzo	341	428
Loss on early retirement of debt		815
Impairment and loss on disposal of assets	1,932	43,486
Stock-based compensation expense	14,617	19,166
Provision for doubtful accounts	64,679	52,218
Foreign exchange (gain) loss	(6,941)	724
Excess tax benefits from stock-based compensation	(1,525)
Deferred income taxes	2,619	(4,083)
Changes in operating assets and liabilities:
Accounts receivable	(234,417)	(223,358)
Inventories	1,344	(4,742)
Prepaid expenses and other	1,111	(27,785)
Accounts payable	26,992	356
Accrued interest payable	(12,023)	(24,903)
Income taxes payable	58,874	63,134
Other accrued liabilities	(11,732)	(22,166)
Net cash generated from operating activities	885,518	667,451
Cash flows from investing activities:
Change in restricted cash and cash equivalents	(294)	(195)
Capital expenditures	(197,191)	(398,260)
Proceeds from disposal of property and equipment	426	761
Net cash used in investing activities	(197,059)	(397,694)
Cash flows from financing activities:
Proceeds from exercise of stock options	11,955	21,259
Proceeds from exercise of warrants		526,168
Excess tax benefits from stock-based compensation	1,525
Dividends paid	(495,820)	(383,463)
Distributions to noncontrolling interests	(2,174)	(2,195)
Repayments on long-term debt (Note 3)	(334,578)	(306,231)
Payments of deferred financing costs		(114)
Net cash used in financing activities	(819,092)	(144,576)
Effect of exchange rate on cash	(2,385)	28,461
Increase (decrease) in cash and cash equivalents	(133,018)	153,642
Cash and cash equivalents at beginning of period	2,512,766	3,902,718
Cash and cash equivalents at end of period	2,379,748	4,056,360
Supplemental disclosure of cash flow information:
Cash payments for interest, net of amounts capitalized	62,928	77,786
Cash payments for taxes, net of refunds	2,086	1,955
Change in construction payables	23,444	(48,341)
Non-cash investing and financing activities:
Capitalized stock-based compensation costs	272	218
Change in dividends payable on unvested restricted stock and stock units included in other accrued liabilities	180	444
Property and equipment acquired under capital lease		$ 340

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	824,852,598	824,297,756
Common stock, shares outstanding	824,852,598	824,297,756

XML

Segment Information

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Information

NOTE 10 — SEGMENT INFORMATION

The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the United States. The Company reviews the results of operations for each of its operating segments: The Venetian Macao; Sands Cotai Central; Four Seasons Macao; Sands Macao; Other Asia (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to the Company’s properties in Macao); Marina Bay Sands; The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; and Sands Bethlehem. 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 services and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure. The Company also reviews construction and development activities for each of its primary projects under development, some of which have been suspended, in addition to its reportable segments noted above. The Company’s primary projects under development are The Parisian Macao and phase III of Sands Cotai Central in Macao, and the Las Vegas Condo Tower (included in Corporate and Other) in the U.S. The corporate activities of the Company are also included in Corporate and Other. The information for the three months ended March 31, 2012, has been reclassified to conform to the current presentation. The Company’s segment information as of March 31, 2013 and December 31, 2012, and for the three months ended March 31, 2013 and 2012, is as follows (in thousands):

	Three Months Ended
	March 31,
	2013			2012
Net Revenues:
Macao:
The Venetian Macao	$	872,212		$	772,760
Sands Cotai Central		587,179			—
Four Seasons Macao		223,220			299,604
Sands Macao		310,273			349,083
Other Asia		33,873			35,568
		2,026,757			1,457,015
Marina Bay Sands		794,864			848,669
United States:
Las Vegas Operating Properties		411,541			384,603
Sands Bethlehem		122,916			115,562
		534,457			500,165
Intersegment eliminations		(53,359	)		(43,107	)
Total net revenues	$	3,302,719		$	2,762,742
Adjusted Property EBITDA(1)
Macao:
The Venetian Macao	$	348,482		$	281,933
Sands Cotai Central		131,521			—
Four Seasons Macao		53,552			67,519
Sands Macao		96,602			106,956
Other Asia		(3,589	)		(5,722	)
		626,568			450,686
Marina Bay Sands		396,781			472,519
United States:
Las Vegas Operating Properties		113,428			115,806
Sands Bethlehem		29,856			27,502
		143,284			143,308
Total adjusted property EBITDA		1,166,633			1,066,513
Other Operating Costs and Expenses
Stock-based compensation		(6,814	)		(9,169	)
Corporate		(56,272	)		(48,955	)
Pre-opening		(6,837	)		(51,459	)
Development		(5,351	)		(1,198	)
Depreciation and amortization		(252,557	)		(194,747	)
Amortization of leasehold interests in land		(10,167	)		(9,945	)
Impairment loss		—			(42,893	)
Loss on disposal of assets		(1,932	)		(593	)
Operating income		826,703			707,554
Other Non-Operating Costs and Expenses
Interest income		3,793			5,648
Interest expense, net of amounts capitalized		(68,832	)		(64,672	)
Other expense		(2,108	)		(3,419	)
Loss on early retirement of debt		—			(2,831	)
Income tax expense		(55,582	)		(63,171	)
Net income	$	703,974		$	579,109

(1) Adjusted property EBITDA is net income before royalty fees, stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, impairment loss, loss on disposal of assets, interest, other expense, loss 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
	March 31,
	2013		2012
Intersegment Revenues
Macao:
The Venetian Macao	$	1,074	$	913
Sands Cotai Central		89		—
Other Asia		9,254		6,416
		10,417		7,329
Marina Bay Sands		2,408		488
Las Vegas Operating Properties		40,534		35,290
Total intersegment revenues	$	53,359	$	43,107
	Three Months Ended
	March 31,
	2013		2012
Capital Expenditures
Corporate and Other	$	13,037	$	5,024
Macao:
The Venetian Macao		26,439		20,606
Sands Cotai Central		79,541		262,986
Four Seasons Macao		1,979		16,705
Sands Macao		4,611		4,729
Other Asia		46		232
The Parisian Macao		16,030		44
		128,646		305,302
Marina Bay Sands		36,128		62,391
United States:
Las Vegas Operating Properties		18,345		16,509
Sands Bethlehem		1,035		9,034
		19,380		25,543
Total capital expenditures	$	197,191	$	398,260
	March 31,		December 31,
	2013		2012
Total Assets
Corporate and Other	$	1,360,529	$	586,788
Macao:
The Venetian Macao		2,716,927		3,254,193
Sands Cotai Central		4,469,177		4,791,560
Four Seasons Macao		1,375,830		1,338,714
Sands Macao		429,180		414,531
Other Asia		315,733		345,522
The Parisian Macao		143,714		118,975
Other Development Projects		187		123
		9,450,748		10,263,618
Marina Bay Sands		6,729,264		6,941,510
United States:
Las Vegas Operating Properties		3,736,197		3,605,513
Sands Bethlehem		734,215		766,223
		4,470,412		4,371,736
Total assets	$	22,010,953	$	22,163,652

	March 31,		December 31,
	2013		2012
Total Long-Lived Assets
Corporate and Other	$	402,763	$	398,100
Macao:
The Venetian Macao		1,953,454		1,968,415
Sands Cotai Central		3,879,939		3,836,471
Four Seasons Macao		959,321		971,732
Sands Macao		281,739		285,344
Other Asia		198,690		202,392
The Parisian Macao		143,714		118,912
		7,416,857		7,383,266
Marina Bay Sands		5,514,729		5,657,351
United States:
Las Vegas Operating Properties		3,144,309		3,179,426
Sands Bethlehem		601,095		607,346
		3,745,404		3,786,772
Total long-lived assets	$	17,079,753	$	17,225,489

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2013	Apr. 30, 2013
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Trading Symbol	LVS
Entity Registrant Name	LAS VEGAS SANDS CORP
Entity Central Index Key	0001300514
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		824,860,248

XML

Condensed Consolidating Financial Information

3 Months Ended

Mar. 31, 2013

Text Block [Abstract]

Condensed Consolidating Financial Information

NOTE 11 — 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, 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. In March 2013, Phase II Mall Holding, LLC was merged into Lido Casino Resort Holding Company, LLC, which was then merged into Lido Intermediate Holding Company, LLC, which was then merged into VCR. Mall Intermediate Holding Company, LLC was also merged into VCR in March 2013. The noncontrolling interest amount included in the Restricted 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; 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 $20.4 million (consisting of $247.9 million of property and equipment, offset by $268.3 million of liabilities consisting primarily of deferred proceeds from the sale) and $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) as of March 31, 2013 and December 31, 2012, respectively, and a net loss (consisting primarily of depreciation expense) of $3.2 million and $3.8 million for the three months ended March 31, 2013 and 2012, 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 March 31, 2013 and December 31, 2012, and for the three months ended March 31, 2013 and 2012, is as follows (in thousands):

CONDENSED CONSOLIDATING BALANCE SHEETS

March 31, 2013

							Consolidating/
	Las Vegas		Restricted		Non-Restricted		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		Entries			Total
Cash and cash equivalents	$	110,938	$	287,723	$	1,981,087	$	—		$	2,379,748
Restricted cash and cash equivalents		—		34		5,638		—			5,672
Intercompany receivables		209,961		50,376		—		(260,337	)		—
Intercompany notes receivable		—		611,275		237,161		(848,436	)		—
Accounts receivable, net		1,852		310,323		1,661,809		—			1,973,984
Inventories		4,346		12,319		25,716		—			42,381
Deferred income taxes, net		5,780		—		4		(4,019	)		1,765
Prepaid expenses and other		16,597		12,496		69,058		—			98,151
Total current assets		349,474		1,284,546		3,980,473		(1,112,792	)		4,501,701
Property and equipment, net		173,364		3,298,558		12,176,720		—			15,648,642
Investments in subsidiaries		7,186,451		5,114,684		—		(12,301,135	)		—
Deferred financing costs, net		224		10,957		187,256		—			198,437
Restricted cash and cash equivalents		—		1,067		6		—			1,073
Intercompany receivables		6,109		54,982		—		(61,091	)		—
Intercompany notes receivable		—		970,776		—		(970,776	)		—
Deferred income taxes, net		1,340		35,779		—		196			37,315
Leasehold interests in land, net		—		—		1,431,111		—			1,431,111
Intangible assets, net		690		—		67,346		—			68,036
Other assets, net		243		23,412		100,983		—			124,638
Total assets	$	7,717,895	$	10,794,761	$	17,943,895	$	(14,445,598	)	$	22,010,953
Accounts payable	$	14,700	$	26,533	$	91,698	$	—		$	132,931
Construction payables		3,505		3,952		359,359		—			366,816
Intercompany payables		5,271		173,698		81,368		(260,337	)		—
Intercompany notes payable		237,161		—		611,275		(848,436	)		—
Accrued interest payable		87		1,024		2,361		—			3,472
Other accrued liabilities		19,481		230,914		1,620,087		—			1,870,482
Income taxes payable		553		9		217,416		—			217,978
Deferred income taxes		—		4,019		—		(4,019	)		—
Current maturities of long-term debt		3,688		90,491		3,168		—			97,347
Total current liabilities		284,446		530,640		2,986,732		(1,112,792	)		2,689,026
Other long-term liabilities		40,969		9,878		87,749		—			138,596
Intercompany payables		—		—		61,091		(61,091	)		—
Intercompany notes payable		—		—		970,776		(970,776	)		—
Deferred income taxes		—		—		178,830		196			179,026
Deferred amounts related to mall transactions		—		429,178		—		—			429,178
Long-term debt		66,437		2,747,222		6,917,343		—			9,731,002
Total liabilities		391,852		3,716,918		11,202,521		(2,144,463	)		13,166,828
Total Las Vegas Sands Corp. stockholders’ equity		7,326,043		7,077,438		5,223,697		(12,301,135	)		7,326,043
Noncontrolling interests		—		405		1,517,677		—			1,518,082
Total equity		7,326,043		7,077,843		6,741,374		(12,301,135	)		8,844,125
Total liabilities and equity	$	7,717,895	$	10,794,761	$	17,943,895	$	(14,445,598	)	$	22,010,953

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2012

							Consolidating/
	Las Vegas		Restricted		Non-Restricted		Eliminating
	Sands Corp.		Subsidiaries		Subsidiaries		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 STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2013

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	159,897		$	2,576,157		$	—		$	2,736,054
Rooms		—			121,114			203,902			—			325,016
Food and beverage		—			54,821			130,508			—			185,329
Mall		—			—			85,461			—			85,461
Convention, retail and other		—			86,436			84,042			(44,417	)		126,061
		—			422,268			3,080,070			(44,417	)		3,457,921
Less —  promotional allowances		(272	)		(22,230	)		(132,204	)		(496	)		(155,202	)
Net revenues		(272	)		400,038			2,947,866			(44,913	)		3,302,719
Operating expenses:
Casino		—			79,583			1,447,526			(830	)		1,526,279
Rooms		—			39,151			29,539			—			68,690
Food and beverage		—			24,031			73,766			(1,066	)		96,731
Mall		—			—			17,258			—			17,258
Convention, retail and other		—			31,290			53,267			(5,708	)		78,849
Provision for doubtful accounts		—			9,578			55,101			—			64,679
General and administrative		—			68,809			221,822			(217	)		290,414
Corporate		46,740			131			46,486			(37,085	)		56,272
Pre-opening		—			115			6,723			(1	)		6,837
Development		4,971			386			—			(6	)		5,351
Depreciation and amortization		6,154			44,973			201,430			—			252,557
Amortization of leasehold interests in land		—			—			10,167			—			10,167
Loss on disposal of assets		—			563			1,369			—			1,932
		57,865			298,610			2,164,454			(44,913	)		2,476,016
Operating income (loss)		(58,137	)		101,428			783,412			—			826,703
Other income (expense):
Interest income		1,063			47,536			3,898			(48,704	)		3,793
Interest expense, net of amounts capitalized		(1,378	)		(22,744	)		(93,414	)		48,704			(68,832	)
Other expense		—			(1,984	)		(124	)		—			(2,108	)
Income from equity investments in subsidiaries		601,261			474,901			—			(1,076,162	)		—
Income before income taxes		542,809			599,137			693,772			(1,076,162	)		759,556
Income tax benefit (expense)		29,152			(34,291	)		(50,443	)		—			(55,582	)
Net income		571,961			564,846			643,329			(1,076,162	)		703,974
Net income attributable to noncontrolling interests		—			(479	)		(131,534	)		—			(132,013	)
Net income attributable to Las Vegas Sands Corp.	$	571,961		$	564,367		$	511,795		$	(1,076,162	)	$	571,961

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

For the Three Months Ended March 31, 2012

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Revenues:
Casino	$	—		$	158,694		$	2,107,799		$	—		$	2,266,493
Rooms		—			113,449			154,278			—			267,727
Food and beverage		—			47,854			105,601			—			153,455
Mall		—			—			71,418			—			71,418
Convention, retail and other		—			75,840			91,278			(37,401	)		129,717
		—			395,837			2,530,374			(37,401	)		2,888,810
Less — promotional allowances		(233	)		(22,385	)		(102,997	)		(453	)		(126,068	)
Net revenues		(233	)		373,452			2,427,377			(37,854	)		2,762,742
Operating expenses:
Casino		—			78,164			1,130,005			(618	)		1,207,551
Rooms		—			33,126			19,661			(1	)		52,786
Food and beverage		—			22,796			56,600			(1,095	)		78,301
Mall		—			—			16,301			—			16,301
Convention, retail and other		—			20,712			62,117			(3,305	)		79,524
Provision for doubtful accounts		—			6,548			45,670			—			52,218
General and administrative		—			68,489			150,444			(216	)		218,717
Corporate		46,195			91			35,281			(32,612	)		48,955
Pre-opening		—			—			51,460			(1	)		51,459
Development		1,204			—			—			(6	)		1,198
Depreciation and amortization		3,587			55,899			135,261			—			194,747
Amortization of leasehold interests in land		—			—			9,945			—			9,945
Impairment loss		—			—			42,893			—			42,893
Loss on disposal of assets		—			402			191			—			593
		50,986			286,227			1,755,829			(37,854	)		2,055,188
Operating income (loss)		(51,219	)		87,225			671,548			—			707,554
Other income (expense):
Interest income		98			31,476			5,292			(31,218	)		5,648
Interest expense, net of amounts capitalized		(3,358	)		(25,368	)		(67,164	)		31,218			(64,672	)
Other income (expense)		(47	)		339			(3,711	)		—			(3,419	)
Loss on early retirement of debt		(2,831	)		—			—			—			(2,831	)
Income from equity investments in subsidiaries		528,287			420,352			—			(948,639	)		—
Income before income taxes		470,930			514,024			605,965			(948,639	)		642,280
Income tax benefit (expense)		28,012			(27,375	)		(63,808	)		—			(63,171	)
Net income		498,942			486,649			542,157			(948,639	)		579,109
Net income attributable to noncontrolling interests		—			(525	)		(79,642	)		—			(80,167	)
Net income attributable to Las Vegas Sands Corp.	$	498,942		$	486,124		$	462,515		$	(948,639	)	$	498,942

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2013

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net income	$	571,961		$	564,846		$	643,329		$	(1,076,162	)	$	703,974
Currency translation adjustment		(45,776	)		(51,828	)		(48,456	)		97,604			(48,456	)
Total comprehensive income		526,185			513,018			594,873			(978,558	)		655,518
Comprehensive income attributable to noncontrolling interests		—			(479	)		(128,854	)		—			(129,333	)
Comprehensive income attributable to Las Vegas Sands Corp.	$	526,185		$	512,539		$	466,019		$	(978,558	)	$	526,185

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2012

									Consolidating/
	Las Vegas		Restricted			Non-Restricted			Eliminating
	Sands Corp.		Subsidiaries			Subsidiaries			Entries			Total
Net income	$	498,942	$	486,649		$	542,157		$	(948,639	)	$	579,109
Currency translation adjustment		97,831		83,269			98,878			(181,100	)		98,878
Total comprehensive income		596,773		569,918			641,035			(1,129,739	)		677,987
Comprehensive income attributable to noncontrolling interests		—		(525	)		(80,689	)		—			(81,214	)
Comprehensive income attributable to Las Vegas Sands Corp.	$	596,773	$	569,393		$	560,346		$	(1,129,739	)	$	596,773

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2013

										Consolidating/
	Las Vegas			Restricted			Non-Restricted			Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from operating activities	$	388,794		$	54,730		$	863,229		$	(421,235	)	$	885,518
Cash flows from investing activities:
Change in restricted cash and cash equivalents		—			1			(295	)		—			(294	)
Capital expenditures		(8,266	)		(18,014	)		(170,911	)		—			(197,191	)
Proceeds from disposal of property and equipment		—			16			410			—			426
Dividends received from non-restricted subsidiaries		—			408,000			—			(408,000	)		—
Repayments of receivable from non-restricted subsidiaries		—			488,983			—			(488,983	)		—
Capital contributions to subsidiaries		—			(400,000	)		—			400,000			—
Net cash generated from (used in) investing activities		(8,266	)		478,986			(170,796	)		(496,983	)		(197,059	)
Cash flows from financing activities:
Proceeds from exercise of stock options		10,399			—			1,556			—			11,955
Excess tax benefit from stock option exercises		1,525			—			—			—			1,525
Dividends paid		(288,554	)		—			(207,266	)		—			(495,820	)
Distributions to noncontrolling interests		—			(479	)		(1,695	)		—			(2,174	)
Dividends paid to Las Vegas Sands Corp.		—			(421,235	)		—			421,235			—
Dividends paid to Restricted Subsidiaries		—			—			(408,000	)		408,000			—
Capital contributions received		—			—			400,000			(400,000	)		—
Repayments on borrowings from Restricted Subsidiaries		—			—			(488,983	)		488,983			—
Repayments on 2012 Singapore credit facility		—			—			(325,979	)		—			(325,979	)
Repayments on senior secured credit facility		—			(6,106	)		—			—			(6,106	)
Repayments on airplane financings		(922	)		—			—			—			(922	)
Repayments on HVAC equipment lease and other long-term debt		—			(575	)		(996	)		—			(1,571	)
Net cash used in financing activities		(277,552	)		(428,395	)		(1,031,363	)		918,218			(819,092	)
Effect of exchange rate on cash		—			—			(2,385	)		—			(2,385	)
Increase (decrease) in cash and cash equivalents		102,976			105,321			(341,315	)		—			(133,018	)
Cash and cash equivalents at beginning of period		7,962			182,402			2,322,402			—			2,512,766
Cash and cash equivalents at end of period	$	110,938		$	287,723		$	1,981,087		$	—		$	2,379,748

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2012

	Las Vegas			Restricted			Non-Restricted			Consolidating/ Eliminating
	Sands Corp.			Subsidiaries			Subsidiaries			Entries			Total
Net cash generated from operating activities	$	22,116		$	273,221		$	472,362		$	(100,248	)	$	667,451
Cash flows from investing activities:
Change in restricted cash and cash equivalents		—			—			(195	)		—			(195	)
Capital expenditures		(4,805	)		(16,694	)		(376,761	)		—			(398,260	)
Proceeds from disposal of property and equipment		—			11			750			—			761
Notes receivable to non-restricted subsidiaries		—			(5,198	)		—			5,198			—
Dividends received from non-restricted subsidiaries		—			268,000			—			(268,000	)		—
Repayments of receivable from non-restricted subsidiaries		—			250			—			(250	)		—
Capital contributions to subsidiaries		(33	)		(250,000	)		—			250,033			—
Net cash used in investing activities		(4,838	)		(3,631	)		(376,206	)		13,019			(397,694	)
Cash flows from financing activities:
Proceeds from exercise of stock options		19,183			—			2,076			—			21,259
Proceeds from the exercise of warrants		526,168			—			—			—			526,168
Dividends paid		(205,245	)		—			(178,218	)		—			(383,463	)
Distributions to noncontrolling interests		—			(525	)		(1,670	)		—			(2,195	)
Dividends paid to Las Vegas Sands Corp.		—			(100,248	)		—			100,248			—
Dividends paid to Restricted Subsidiaries		—			—			(268,000	)		268,000			—
Capital contributions received		—			—			250,033			(250,033	)		—
Borrowings from Restricted Subsidiaries		—			—			5,198			(5,198	)		—
Repayments on borrowings from Restricted Subsidiaries		—			—			(250	)		250			—
Repayments on Singapore credit facility		—			—			(98,577	)		—			(98,577	)
Repayments on senior secured credit facility		—			(7,234	)		—			—			(7,234	)
Redemption of senior notes		(189,712	)		—			—			—			(189,712	)
Repayments on ferry financing		—			—			(8,779	)		—			(8,779	)
Repayments on airplane financings		(922	)		—			—			—			(922	)
Repayments on HVAC equipment lease and other long-term debt		—			(415	)		(592	)		—			(1,007	)
Payments of deferred financing costs		—			—			(114	)		—			(114	)
Net cash generated from (used in) financing activities		149,472			(108,422	)		(298,893	)		113,267			(144,576	)
Effect of exchange rate on cash		—			—			28,461			—			28,461
Increase (decrease) in cash and cash equivalents		166,750			161,168			(174,276	)		—			153,642
Cash and cash equivalents at beginning of period		12,849			689,642			3,200,227			—			3,902,718
Cash and cash equivalents at end of period	$	179,599		$	850,810		$	3,025,951		$	—		$	4,056,360

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues:
Casino	$ 2,736,054	$ 2,266,493
Rooms	325,016	267,727
Food and beverage	185,329	153,455
Mall	85,461	71,418
Convention, retail and other	126,061	129,717
Gross revenue	3,457,921	2,888,810
Less - promotional allowances	(155,202)	(126,068)
Net revenues	3,302,719	2,762,742
Operating expenses:
Casino	1,526,279	1,207,551
Rooms	68,690	52,786
Food and beverage	96,731	78,301
Mall	17,258	16,301
Convention, retail and other	78,849	79,524
Provision for doubtful accounts	64,679	52,218
General and administrative	290,414	218,717
Corporate	56,272	48,955
Pre-opening	6,837	51,459
Development	5,351	1,198
Depreciation and amortization	252,557	194,747
Amortization of leasehold interests in land	10,167	9,945
Impairment loss		42,893
Loss on disposal of assets	1,932	593
Total operating expenses	2,476,016	2,055,188
Operating income	826,703	707,554
Other income (expense):
Interest income	3,793	5,648
Interest expense, net of amounts capitalized	(68,832)	(64,672)
Other expense	(2,108)	(3,419)
Loss on early retirement of debt		(2,831)
Income before income taxes	759,556	642,280
Income tax expense	(55,582)	(63,171)
Net income	703,974	579,109
Net income attributable to noncontrolling interests	(132,013)	(80,167)
Net income attributable to Las Vegas Sands Corp.	$ 571,961	$ 498,942
Earnings per share:
Basic	$ 0.69	$ 0.66
Diluted	$ 0.69	$ 0.61
Weighted average shares outstanding:
Basic	823,367,441	760,437,437
Diluted	827,452,691	818,797,155
Dividends declared per common share	$ 0.35	$ 0.25

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Variable Interest Entities

3 Months Ended

Mar. 31, 2013

Text Block [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 March 31, 2013 and December 31, 2012, the Company’s joint ventures had total assets of $92.1 million and $94.5 million, respectively, and total liabilities of $99.7 million and $95.8 million, respectively.

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Equity and Earnings Per Share

3 Months Ended

Mar. 31, 2013

Text Block [Abstract]

Equity and Earnings Per Share

NOTE 4 — EQUITY AND EARNINGS PER SHARE

Common Stock Dividends

On March 29, 2013, the Company paid a dividend of $0.35 per common share as part of a regular cash dividend program. During the three months ended March 31, 2013, the Company recorded $288.8 million as a distribution against retained earnings (of which $151.0 million related to the Principal Stockholder’s family). Of this amount, approximately $0.5 million has been recorded as a liability, which will be paid to holders of unvested restricted stock and stock units upon vesting.

On March 30, 2012, the Company paid a dividend of $0.25 per common share as part of a regular cash dividend program. During the three months ended March 31, 2012, the Company recorded $205.7 million as a distribution against retained earnings (of which $107.8 million related to the Principal Stockholder’s family).

In April 2013, the Company’s Board of Directors declared a quarterly dividend of $0.35 per common share (a total estimated to be approximately $289 million) to be paid on June 28, 2013, to shareholders of record on June 20, 2013.

Warrants

On March 2, 2012, the Principal Stockholder’s family exercised all of their outstanding warrants to purchase 87,500,175 shares of the Company’s common stock for $6.00 per share and paid $525.0 million in cash as settlement of the warrant exercise price. Additionally, during the three months ended March 31, 2012, 11,670 warrants were exercised to purchase an aggregate of 194,499 shares of the Company’s common stock at $6.00 per share and $1.2 million in cash was received as settlement of the warrant exercise price.

Noncontrolling Interests

On February 28, 2013, SCL paid a dividend of 0.67 Hong Kong dollars per share (a total of $696.4 million) to SCL shareholders of record on February 19, 2013 (of which the Company retained $489.1 million). On February 28, 2012, SCL paid a dividend of 0.58 Hong Kong dollars per share (a total of $599.8 million) to SCL shareholders of record on February 20, 2012 (of which the Company retained $421.6 million).

During the three months ended March 31, 2013 and 2012, the Company distributed $2.2 million to certain of its noncontrolling interests.

Earnings Per Share

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

	Three Months Ended
	March 31,
	2013		2012
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)		823,367,441		760,437,437
Potential dilution from stock options, warrants and restricted stock and stock units		4,085,250		58,359,718
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)		827,452,691		818,797,155
Antidilutive stock options excluded from the calculation of diluted earnings per share		4,384,859		4,269,417

Accumulated Other Comprehensive Income

As of March 31, 2013 and December 31, 2012, accumulated other comprehensive income consisted solely of foreign currency translation adjustments.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

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

			Fair Value Measurements Using:
	Total  Carrying Value		Quoted Market Prices in  Active Markets (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of March 31, 2013
Cash equivalents(1)	$	1,365,975	$	1,365,975	$	—	$	—
Interest rate caps(2)	$	171	$	—	$	171	$	—
As of December 31, 2012
Cash equivalents(1)	$	1,377,330	$	1,377,330	$	—	$	—
Interest rate caps(2)	$	218	$	—	$	218	$	—

(1) The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

(2) As of March 31, 2013 and December 31, 2012, the Company had 25 and 30 interest rate cap agreements, respectively, with an aggregate fair value of approximately $0.2 million based on quoted market values from the institutions holding the agreements.

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Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2013

Property Plant And Equipment [Abstract]

Property and Equipment

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

	March 31,			December 31,
	2013			2012
Land and improvements	$	557,842		$	515,538
Building and improvements		15,262,127			14,414,026
Furniture, fixtures, equipment and leasehold improvements		2,605,623			2,557,071
Transportation		441,671			411,671
Construction in progress		970,042			1,824,531
		19,837,305			19,722,837
Less — accumulated depreciation and amortization		(4,188,663	)		(3,956,089	)
	$	15,648,642		$	15,766,748

Construction in Progress

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

	March 31,		December 31,
	2013		2012
Four Seasons Macao (principally the Four Seasons Apartments)	$	415,497	$	415,367
The Parisian Macao		85,037		59,510
Sands Cotai Central		83,150		913,432
Other		386,358		436,222
	$	970,042	$	1,824,531

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Fair Value Measurements

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [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:
	Total  Carrying Value		Quoted Market Prices in  Active Markets (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of March 31, 2013
Cash equivalents(1)	$	1,365,975	$	1,365,975	$	—	$	—
Interest rate caps(2)	$	171	$	—	$	171	$	—
As of December 31, 2012
Cash equivalents(1)	$	1,377,330	$	1,377,330	$	—	$	—
Interest rate caps(2)	$	218	$	—	$	218	$	—

(1) The Company has short-term investments classified as cash equivalents as the original maturities are less than 90 days.

(2) As of March 31, 2013 and December 31, 2012, the Company had 25 and 30 interest rate cap agreements, respectively, with an aggregate fair value of approximately $0.2 million based on quoted market values from the institutions holding the agreements.

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Income Taxes

3 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 6 — INCOME TAXES

The Company’s major tax jurisdictions are the U.S., Macao and Singapore. In January 2013, the Internal Revenue Service (“IRS”) completed its examination of tax years 2005 through 2009. The Company decreased its unrecognized tax benefits by $9.3 million due to the conclusion of the IRS audit. The Inland Revenue Authority of Singapore is performing a compliance review of the Marina Bay Sands tax return for tax year 2010. The Company is subject to examination for tax years after 2007 in Macao and Singapore and for tax years after 2009 in the U.S. 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 different from the Company’s expected outcome and impact the provision for income taxes.

Since January 1, 2012, the Company no longer considers the current portion of the tax earnings and profits of certain of its foreign subsidiaries to be permanently reinvested. The Company has not provided a deferred tax provision for these foreign earnings as the Company expects there will be sufficient U.S. foreign tax credits to offset the U.S. income tax that would result from the repatriation of foreign earnings. The Company recorded valuation allowances on the net deferred tax assets of its U.S. operations and certain foreign jurisdictions. Management will reassess the realization of deferred tax assets based on the accounting standards for income taxes each reporting period. To the extent it becomes “more-likely-than-not” that the deferred tax assets are realizable, the Company will be able to reduce the valuation allowance.

The Company received a 5-year income tax exemption in Macao 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. During July 2012, Venetian Macau Limited (“VML”) requested an additional 5-year income tax exemption; however, there is no assurance that the Company will receive the extension. In February 2011, the Company entered into an agreement with the Macao government, effective through the end of 2013 that provides for an annual payment of 14.4 million patacas (approximately $1.8 million at exchange rates in effect on March 31, 2013) that is a substitution for a 12% tax otherwise due from VML shareholders on dividend distributions paid from VML gaming profits.

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Stock-Based Employee Compensation

3 Months Ended

Mar. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [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
	March 31,
	2013		2012
Compensation expense:
Stock options	$	9,033	$	10,866
Restricted stock and stock units		5,584		8,300
	$	14,617	$	19,166
Compensation cost capitalized as part of property and equipment	$	272	$	218
LVSC 2004 Plan:
Stock options granted		58		51
Weighted average grant date fair value	$	31.71	$	35.49
Restricted stock granted		18		497
Weighted average grant date fair value	$	51.08	$	53.30
Restricted stock units granted		8		13
Weighted average grant date fair value	$	52.17	$	51.07
SCL Equity Plan:
Stock options granted		1,487		2,435
Weighted average grant date fair value	$	2.19	$	1.68

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
	March 31,
	2013			2012
LVSC 2004 Plan:
Weighted average volatility		94.9	%		95.3	%
Expected term (in years)		5.5			6.3
Risk-free rate		1.0	%		1.1	%
Expected dividends		2.7	%		1.9	%
SCL Equity Plan:
Weighted average volatility		68.3	%		70.4	%
Expected term (in years)		6.3			6.2
Risk-free rate		0.4	%		0.6	%
Expected dividends		3.6	%		4.0	%

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2013

Commitments And Contingencies Disclosure [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 costs 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 (the “District Court of Clark County”), 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 Macao 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. On February 27, 2012, the District Court of Clark County set a date of March 25, 2013, for the new trial. On June 22, 2012, the defendants filed a request to add experts and plaintiffs filed a motion seeking additional financial data as part of their discovery. The District Court of Clark County granted both requests. The trial began on March 27, 2013, and is in process as of the date of this filing. 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 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. On August 26, 2011, the Nevada Supreme Court issued a writ of mandamus instructing the District Court of Clark County to hold an evidentiary hearing on whether personal jurisdiction exists over SCL and stayed the case until after the district court’s decision. On January 17, 2012, Mr. Jacobs filed his opening brief with the Nevada Supreme Court regarding his appeal of the defamation claim against Mr. Adelson. On January 30, 2012, Mr. Adelson filed his reply to Mr. Jacobs’ opening brief. On March 8, 2012, the District Court of Clark County set a hearing date for the week of June 25-29, 2012, for the evidentiary hearing on personal jurisdiction over SCL. On May 24, 2012, the District Court of Clark County vacated the hearing date previously set for June 25-29 and set a status conference for June 28, 2012. At the June 28 status hearing, the District Court of Clark County set out a hearing schedule to resolve a discovery dispute and did not reset a date for the jurisdictional hearing. From September 10 to September 12, 2012, the District Court of Clark County held a hearing to determine the outcome of certain discovery disputes and issued an Order on September 14, 2012. In its Order, the District Court of Clark County fined LVSC $25,000 and, for the purposes of the jurisdictional discovery and evidentiary hearing, precluded the Defendants from relying on the Macao Data Privacy Act as an objection or defense under its discovery obligations. On December 21, 2012, the District Court of Clark County ordered the defendants to produce documents from a former counsel to LVSC containing attorney client privileged information. On January 23, 2013, the defendants filed a writ with the Nevada Supreme Court challenging this order. On January 29, 2013, the District Court of Clark County granted defendants motion for a stay of the order. On February 15, 2013, the Nevada Supreme Court ordered the plaintiff to answer the writ. On February 28, 2013, the District Court of Clark County ordered a hearing on plaintiffs request for sanctions and additional discovery (the “February 28^th Order”). On April 8, 2013, the defendants filed a writ with the Nevada Supreme Court challenging the February 28^th Order; and the Nevada Supreme Court ordered the plaintiff to answer the writ by May 20, 2013. The defendants also filed and were granted a stay of the February 28^th Order by the District Court of Clark County until such time as the Nevada Supreme Court decides the writ. 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 (the “SEC”) 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 (the “DOJ”) that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from the lawsuit filed by Steven C. Jacobs described above.

After the Company’s receipt of the subpoena from the SEC on February 9, 2011, the Board of Directors delegated to the Audit Committee, comprised of three independent members of the Board of Directors, the authority to investigate the matters raised in the SEC subpoena and related inquiry of the DOJ.

As part of the annual audit of the Company’s financial statements, the Audit Committee advised the Company and its independent accountants that it had reached certain preliminary findings, including that there were likely violations of the books and records and internal controls provisions of the FCPA and that in recent years, the Company has improved its practices with respect to books and records and internal controls.

Based on the information provided to management by the Audit Committee and its counsel, the Company believes, and the Audit Committee concurs, that the preliminary findings:

• do not have a material impact on the financial statements of the Company;

• do not warrant any restatement of the Company’s past financial statements; and

• do not represent a material weakness in the Company’s internal controls over financial reporting as of March 31, 2013.

The investigation by the Audit Committee, though largely completed, remains ongoing. The Company is cooperating with all investigations. Based on proceedings to date, management is currently unable to determine the probability of the outcome of this matter, the extent of materiality, 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 alleged 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 sought, 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 alleged 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 was substantially similar to the Fosbre complaint, discussed above, sought, 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. As such, the Fosbre and Combs cases are reported as one consolidated matter. 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, on August 24, 2011, was granted in part, and denied in part, with the dismissal of certain allegations. On November 7, 2011, the defendants filed their answer to the allegations remaining in the amended complaint. On July 11, 2012, the U.S. District Court issued an order allowing Defendants’ Motion for Partial Reconsideration of the Court’s Order dated August 24, 2011, striking additional portions of the plaintiff’s complaint and reducing the class period to a period of February 4 to November 6, 2008. On August 7, 2012, the plaintiff filed a purported class action second amended complaint (the “Second Amended Complaint”) seeking to expand their allegations back to a time period of 2007 (having previously been cut back to 2008 by the U.S. District Court) essentially alleging very similar matters that had been previously stricken by the U.S. District Court. On October 16, 2012, the defendants filed a new motion to dismiss the Second Amended Complaint. The plaintiffs responded to the motion to dismiss on November 1, 2012, and defendants filed their reply on November 12, 2012. On November 20, 2012, the U.S. District Court granted a stay of discovery under the Private Securities Litigation Reform Act pending a decision on the new motion to dismiss and therefore, the discovery process has been suspended. On April 16, 2013, the case was reassigned to a new judge. This consolidated 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 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 members of the Board of Directors at the time. 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. 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 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 members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim action. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. The Kohanim and Gaines actions have been consolidated and are reported as one consolidated matter. On July 25, 2011, the plaintiffs filed a first verified amended consolidated complaint. The plaintiffs have twice agreed to stay the proceedings. A 120-day stay was entered by the Court in October 2011. It was extended for another 90 days in February 2012 and expired in May 2012. The parties agreed to an extension of the May 2012 deadline that expired on October 30, 2012. The defendants filed a motion to dismiss on November 1, 2012, based on the fact that the plaintiffs have suffered no damages. On January 23, 2013, the Court denied the motion to dismiss in part, deferred the remainder of the motion to dismiss and stayed the proceedings until a July 22, 2013 status hearing. This consolidated 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 members of the Board of Directors at the time. The complaint raises substantially similar claims as alleged in the Kohanim and Gaines actions. 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. 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 members of the Board of Directors at the time, 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. On April 22, 2011, John Zaremba filed a shareholder derivative action (the “Zaremba 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 members of the Board of Directors at the time, 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. On August 25, 2011, the U.S. District Court consolidated the Moradi, LAMPERS and Zaremba actions and such actions are reported as one consolidated matter. On November 17, 2011, the defendants filed a motion to dismiss or alternatively to stay the federal action due to the parallel state court action described above. On May 25, 2012, the case was transferred to a new judge. On August 27, 2012, the U.S. District Court granted the motion to stay pending a further update of the Special Litigation Committee due on October 30, 2012. On October 30, 2012, the defendants filed the update asking the judge to determine whether to continue the stay until January 31, 2013, or to address motions to dismiss. On November 7, 2012, the U.S. District Court denied defendants request for an extension of the stay but asked the parties to brief the motion to dismiss. On November 21, 2012, defendants filed their motion to dismiss. On December 21, 2012, plaintiffs filed their opposition and on January 18, 2013, defendants filed their reply. This consolidated 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 23, 2012, Ernest Kleinschmidt filed a shareholder derivative action (the “Kleinschmidt action”) on behalf of the Company in the District Court of Clark County against Sheldon G. Adelson, Michael A. Leven, Irwin A. Siegel, Jeffrey H. Schwartz, Jason N. Ader, Charles D. Forman, Irwin Chafetz and George P. Koo, who are currently members of the Board of Directors, and Wing T. Chao, Andrew R. Heyer, James Purcell, Bradley H. Stone and William P. Weidner, who are former members of the Board of Directors and/or executives of the Company. The complaint alleges, among other things, breach of fiduciary duties for disseminating false and misleading information, failure to maintain internal controls and failing to properly oversee and manage the Company, and unjust enrichment. The complaint seeks, among other relief, unspecified damages, direction to LVSC to take unspecified actions to improve its corporate governance and internal procedures, restitution and disgorgement of profits, and attorneys’ fees, costs and related expenses for the plaintiff. On June 29, 2012, the defendants who had been served at that time including nominal defendant LVSC and defendants Michael A. Leven, Irwin A. Siegel, Jason N. Ader, Charles D. Forman, Irwin Chafetz, George P. Koo, James Purcell, Bradley H. Stone and William P. Weidner filed a motion to dismiss. On July 20 and July 25, 2012, defendants Jeffery H. Schwartz and Wing T. Chao, respectively, each filed a substantially similar motion to dismiss. On October 10, 2012, the case was transferred to business court within the District Court of Clark County. On October 12, 2012, the case was reassigned to a new judge. On January 14, 2013, the District Court of Clark County filed its order dismissing the entire case for failure to make a demand on the Board of Directors of LVSC with 5 of 6 claims dismissed with prejudice as being time barred under applicable statutes of limitations. The sixth claim for unjust enrichment was allowed to be re-filed, but only after demand on the Board of Directors of LVSC is made. The Company received a letter from the plaintiffs lawyers dated February 9, 2013, making their demand on the Board of Directors of LVSC for the unjust enrichment claim that the District Court of Clark County previously dismissed without prejudice. In addition, on February 19, 2013, the plaintiffs filed a notice of appeal with the Nevada Supreme Court appealing the dismissal of the case. Based on proceedings to date, management is 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 January 19, 2012, Asian American Entertainment Corporation, Limited (“AAEC”) filed a claim (the “Macao action”) with the Macao Judicial Court (Tribunal Judicial de Base) against VML, LVS (Nevada) International Holdings, Inc. (“LVS (Nevada)”), Las Vegas Sands, LLC (“LVSLLC”) and Venetian Casino Resort, LLC (“VCR” and collectively, the “Defendants”). The claim is for 3.0 billion patacas (approximately $375.8 million at exchange rates in effect on March 31, 2013) as compensation for damages resulting from the alleged breach of agreements entered into between AAEC and the Defendants for their joint presentation of a bid in response to the public tender held by the Macao government for the award of gaming concessions at the end of 2001. On July 4, 2012, the Defendants filed their defense to the Macao action with the Macao Judicial Court. AAEC then filed a reply that included several amendments to the original claim, although the amount of the claim was not amended. On January 4, 2013, the Defendants filed an amended defense to the amended claim with the Macao Judicial Court. The Macao 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.

As previously disclosed by the Company, on February 5, 2007, AAEC brought a similar claim (the “Prior Action”) in the U.S. District Court, against LVSI (now known as LVSLLC), VCR and Venetian Venture Development, LLC, which are subsidiaries of the Company, and William P. Weidner and David Friedman, who are former executives of the Company. The U.S. District Court entered an order on April 16, 2010, dismissing the Prior Action. On April 20, 2012, LVSLLC, VCR and LVS (Nevada) filed an injunctive action (the “Nevada Action”) against AAEC in the U.S. District Court seeking to enjoin AAEC from proceeding with the Macao Action based on AAEC’s filing, and the U.S. District Court’s dismissal, of the Prior Action. On June 14, 2012, the U.S. District Court issued an order that denied the motions requesting the Nevada Action, thereby effectively dismissing the Nevada Action.

On August 1, 2012, SCL filed an announcement with the SEHK stating that SCL’s subsidiary, VML, has received a notification from the Office for Personal Data Protection of the Macao government (the “OPDP”) indicating that the OPDP has launched an official investigation procedure in relation to the alleged transfer from Macao by VML to the United States of certain data contrary to the Personal Data Protection Act (Macau). On April 13, 2013, the OPDP presented its findings and VML received a cumulative fine of 40,000 patacas (approximately $5,002 at exchange rates in effect on March 31, 2013). VML paid the fine as levied by the OPDP.

The Company has received subpoenas from the U.S. Attorney’s Office requesting the production of documents relating to two prior customers of the Company’s properties. The Company is cooperating with the U.S. Attorney’s Office on these matters. 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.

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Equity and Earnings Per Share - Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share (Detail)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Weighted Average Number Of Shares Outstanding [Abstract]
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)	823,367,441	760,437,437
Potential dilution from stock options, warrants and restricted stock and stock units	4,085,250	58,359,718
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)	827,452,691	818,797,155
Antidilutive stock options excluded from the calculation of diluted earnings per share	4,384,859	4,269,417

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Equity and Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2013

Text Block [Abstract]

Weighted Average Number of Common and Common Equivalent Shares Used in Calculation of Basic and Diluted Earnings Per Share

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

	Three Months Ended
	March 31,
	2013		2012
Weighted-average common shares outstanding (used in the calculation of basic earnings per share)		823,367,441		760,437,437
Potential dilution from stock options, warrants and restricted stock and stock units		4,085,250		58,359,718
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings per share)		827,452,691		818,797,155
Antidilutive stock options excluded from the calculation of diluted earnings per share		4,384,859		4,269,417

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Organization and Business of Company - Additional Information (Detail)	3 Months Ended					3 Months Ended				3 Months Ended					3 Months Ended												3 Months Ended
	Mar. 31, 2013 USD ($)	Mar. 31, 2013 SGD	Dec. 31, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Mar. 31, 2013 Senior Secured Credit Facility [Member] USD ($)	Mar. 31, 2013 2011 VML Credit Facility [Member]	Mar. 31, 2013 2012 Singapore Credit Facility [Member]	Mar. 31, 2013 Sands Bethworks Gaming LLC [Member]	Mar. 31, 2013 Sands Bethworks Retail LLC [Member]	Mar. 31, 2013 Sands Bethlehem [Member] Room	Mar. 31, 2013 Sands Bethlehem [Member] Gaming Space [Member] sqft	Mar. 31, 2013 Sands Bethlehem [Member] Retail [Member] sqft	Mar. 31, 2013 Sands Bethlehem [Member] Event Center [Member] sqft	Mar. 31, 2013 The Parisian Macao [Member] USD ($)	Mar. 31, 2013 Las Vegas Condo Tower [Member] USD ($)	Mar. 31, 2013 Sands Cotai Central [Member] USD ($)	Mar. 31, 2013 Sands Cotai Central [Member] Phase IIA [Member] Room	Mar. 31, 2013 Sands Cotai Central [Member] Phase IIB [Member] Room	Mar. 31, 2013 Sands Cotai Central [Member] Gaming Space [Member] Phase I [Member] sqft	Mar. 31, 2013 Sands Cotai Central [Member] Gaming Space [Member] Phases I and II [Member] sqft	Mar. 31, 2013 Sands Cotai Central [Member] Five-Star Rooms [Member] Phase I [Member] Room	Mar. 31, 2013 Sands Cotai Central [Member] Four-Star Rooms [Member] Phase I [Member] Room	Mar. 31, 2013 Sands Cotai Central [Member] Convention Center and Meeting Room Facilities [Member] Phase I [Member] sqft	Mar. 31, 2013 Sands Cotai Central [Member] Convention Center and Meeting Room Facilities [Member] Phases I and II [Member] sqft	Mar. 31, 2013 Sands Cotai Central [Member] Retail, Dining and Entertainment Complex [Member] Phases I and II [Member] sqft	Mar. 31, 2013 Sands Cotai Central Phase III [Member] USD ($)	Mar. 31, 2013 Macao [Member]	Mar. 31, 2013 Cotai Strip [Member] acre	Mar. 31, 2013 The Venetian Macao [Member] Room Floors	Mar. 31, 2013 The Venetian Macao [Member] Gaming Space [Member] sqft	Mar. 31, 2013 The Venetian Macao [Member] Arena [Member] Seat	Mar. 31, 2013 The Venetian Macao [Member] Theater [Member] Seat	Mar. 31, 2013 The Venetian Macao [Member] Retail and Dining Space [Member] sqft	Mar. 31, 2013 The Venetian Macao [Member] Convention Center and Meeting Room Complex [Member] sqft	Mar. 31, 2013 Four Seasons Macao [Member] Room	Mar. 31, 2013 Four Seasons Macao [Member] Gaming Space [Member] sqft	Mar. 31, 2013 Four Seasons Macao [Member] Retail [Member] sqft	Mar. 31, 2013 Four Seasons Macao [Member] Paiza Mansion [Member] Room	Mar. 31, 2013 Four Seasons Macao [Member] Four Seasons Apartments [Member] sqft	Mar. 31, 2013 Sands Macao [Member] Room	Mar. 31, 2013 Sands Macao [Member] Gaming Space [Member] sqft	Mar. 31, 2013 Marina Bay Sands [Member] Room Floors	Mar. 31, 2013 Marina Bay Sands [Member] Gaming Space [Member] sqft	Mar. 31, 2013 Marina Bay Sands [Member] Convention Center and Meeting Room Complex [Member] sqft	Mar. 31, 2013 Marina Bay Sands [Member] Retail, Dining and Entertainment Complex [Member] sqft	Mar. 31, 2013 Las Vegas Operating Properties [Member] Room	Mar. 31, 2013 Las Vegas Operating Properties [Member] Gaming Space [Member] sqft	Mar. 31, 2013 Las Vegas Operating Properties [Member] Convention Center and Meeting Room Complex [Member] Sands Expo Center [Member] sqft	Mar. 31, 2013 Las Vegas Operating Properties [Member] Convention Center and Meeting Room Facilities [Member] sqft
Operating Statistics [Line Items ]
Gaming subconcession term																												20 years
Ownership interest in Sands China Ltd	70.20%	70.20%
Area of property																													140
Number of floors																														39													55
Number of hotel rooms											300							1,800	2,100			600	1,200							2,900						360			19		289		2,600				7,100
Area of real estate property												145,000	150,000	50,000						230,000	300,000			350,000	550,000	800,000					374,000			1,000,000	1,200,000		108,000	260,000		1,000,000		249,000		160,000	1,200,000	800,000		225,000	1,200,000	1,100,000
Number of seats																																15,000	1,800
Capitalized costs															$ 143,700,000	$ 178,800,000	$ 4,070,000,000
Expected cost to complete															2,700,000,000												450,000,000
Outstanding construction payables	366,816,000		343,372,000														225,100,000
Acquired finite-lived gaming license, amount	45,900,000	57,000,000
Acquired finite-lived gaming license, expiration date	Apr. 30, 2016	Apr. 30, 2016
Economic interest in subsidiary, percentage									86.00%
Economic interest in subsidiary, percentage range										More than 35%
Maximum leverage ratio arrangements						The maximum leverage ratio is 5.0x for all quarterly periods through maturity.	The maximum leverage ratio is 4.5x for the quarterly periods ending March 31 through June 30, 2013, decreases to 4.0x for the quarterly periods ending September 30, 2013 through December 31, 2014, decreases to 3.5x for the quarterly periods ending March 31 through December 31, 2015, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity.	The maximum leverage ratio is 4.0x for the quarterly periods ending March 31 through September 30, 2013, decreases to 3.5x for the quarterly periods ending December 31, 2013 through December 31, 2014, and then decreases to, and remains at, 3.0x for all quarterly periods thereafter through maturity.
Contribution of cash allowed for maximum leverage ratio						50,000,000
Cash and cash equivalents	2,379,748,000		2,512,766,000	4,056,360,000	3,902,718,000
Restricted cash and cash equivalents	6,700,000
Future financing															$ 2,000,000,000

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Commitments and Contingencies - Additional Information (Detail)	1 Months Ended			1 Months Ended	3 Months Ended		1 Months Ended
	May 24, 2008 Suen and Round Square Company Limited [Member] USD ($)	Oct. 15, 2004 Suen and Round Square Company Limited [Member] USD ($)	Jun. 30, 2008 Suen and Round Square Company Limited [Member] USD ($)	Sep. 14, 2012 Steven Jacobs Matter [Member] USD ($)	Mar. 31, 2013 Asian American Entertainment Corporation, Limited [Member] USD ($)	Mar. 31, 2013 Asian American Entertainment Corporation, Limited [Member] MOP	Apr. 13, 2013 OPDP [Member] Subsequent Event [Member] USD ($)	Apr. 13, 2013 OPDP [Member] Subsequent Event [Member] MOP
Loss Contingencies [Line Items]
Loss Contingency, Allegations		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 Macao resort operations to the plaintiffs as well as other related claims.
Jury returned a verdict for the plaintiffs with the amount	$ 43,800,000
Loss contingency, range of possible loss, maximum			58,600,000
Loss contingency allegations, success fee		5,000,000
Loss contingency allegations, net profit percentage		2.00%
Loss contingency, fines paid				25,000			5,002	40,000
Amount of claim					$ 375,800,000	3,000,000,000

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 703,974	$ 579,109
Currency translation adjustment	(48,456)	98,878
Total comprehensive income	655,518	677,987
Comprehensive income attributable to noncontrolling interests	(129,333)	(81,214)
Comprehensive income attributable to Las Vegas Sands Corp.	$ 526,185	$ 596,773

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Long-Term Debt

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 3 — LONG-TERM DEBT

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

	March 31,			December 31,
	2013			2012
Corporate and U.S. Related:
Senior Secured Credit Facility — Term B	$	1,811,899		$	1,816,477
Senior Secured Credit Facility — Delayed Draws I and II		605,033			606,561
Senior Secured Credit Facility — Revolving		400,000			400,000
Airplane Financings		70,125			71,047
HVAC Equipment Lease		19,311			19,714
Other		3,215			3,689
Macao Related:
2011 VML Credit Facility		3,206,847			3,209,839
Other		6,901			7,313
Singapore Related:
2012 Singapore Credit Facility — Term		3,704,593			3,767,141
2012 Singapore Credit Facility — Revolving		—			327,578
Other		425			708
		9,828,349			10,230,067
Less — current maturities		(97,347	)		(97,802	)
Total long-term debt	$	9,731,002		$	10,132,265

Senior Secured Credit Facility

As of March 31, 2013, the Company had $95.5 million of available borrowing capacity under the Senior Secured Credit Facility, net of outstanding letters of credit.

2011 VML Credit Facility

As of March 31, 2013, the Company had $500.0 million of available borrowing capacity under the 2011 VML Credit Facility.

2012 Singapore Credit Facility

As of March 31, 2013, the Company had SGD 492.6 million (approximately $396.7 million at exchange rates in effect on March 31, 2013) of available borrowing capacity under the 2012 Singapore Credit Facility, net of outstanding banker’s guarantees.

Cash Flows from Financing Activities

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

	Three Months Ended
	March 31,
	2013			2012
Repayments on 2012 Singapore Credit Facility	$	(325,979	)	$	—
Repayments on Senior Secured Credit Facility		(6,106	)		(7,234	)
Repayments on Singapore Credit Facility		—			(98,577	)
Redemption of Senior Notes		—			(189,712	)
Repayments on Airplane Financings		(922	)		(922	)
Repayments on Ferry Financing		—			(8,779	)
Repayments on HVAC Equipment Lease and Other Long-Term Debt		(1,571	)		(1,007	)
	$	(334,578	)	$	(306,231	)

Fair Value of Long-Term Debt

The estimated fair value of the Company’s long-term debt as of March 31, 2013 and December 31, 2012, was approximately $9.77 billion and $10.12 billion, respectively, compared to its carrying value of $9.80 billion and $10.20 billion, respectively. The estimated fair value of the Company’s long-term debt is based on level 2 inputs (quoted prices in markets that are not active).

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Property and Equipment, Net - Property and Equipment (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Property Plant And Equipment Net By Type [Abstract]
Land and improvements	$ 557,842	$ 515,538
Building and improvements	15,262,127	14,414,026
Furniture, fixtures, equipment and leasehold improvements	2,605,623	2,557,071
Transportation	441,671	411,671
Construction in progress	970,042	1,824,531
Property and equipment, gross	19,837,305	19,722,837
Less - accumulated depreciation and amortization	(4,188,663)	(3,956,089)
Property and equipment, net	$ 15,648,642	$ 15,766,748

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Stock-Based Employee Compensation - Black-Scholes Option-Pricing Model Weighted Average Assumptions (Detail)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
LVSC 2004 Plan [Member]
Black-Scholes option-pricing model, weighted average assumptions
Weighted average volatility	94.90%	95.30%
Expected term (in years)	5 years 6 months	6 years 3 months 18 days
Risk-free rate	1.00%	1.10%
Expected dividends	2.70%	1.90%
SCL Equity Plan [Member]
Black-Scholes option-pricing model, weighted average assumptions
Weighted average volatility	68.30%	70.40%
Expected term (in years)	6 years 3 months 18 days	6 years 2 months 12 days
Risk-free rate	0.40%	0.60%
Expected dividends	3.60%	4.00%

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

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

	March 31,			December 31,
	2013			2012
Corporate and U.S. Related:
Senior Secured Credit Facility — Term B	$	1,811,899		$	1,816,477
Senior Secured Credit Facility — Delayed Draws I and II		605,033			606,561
Senior Secured Credit Facility — Revolving		400,000			400,000
Airplane Financings		70,125			71,047
HVAC Equipment Lease		19,311			19,714
Other		3,215			3,689
Macao Related:
2011 VML Credit Facility		3,206,847			3,209,839
Other		6,901			7,313
Singapore Related:
2012 Singapore Credit Facility — Term		3,704,593			3,767,141
2012 Singapore Credit Facility — Revolving		—			327,578
Other		425			708
		9,828,349			10,230,067
Less — current maturities		(97,347	)		(97,802	)
Total long-term debt	$	9,731,002		$	10,132,265

Cash Flows from Financing Activities Related to Long-Term Debt and Capital Lease Obligations

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

	Three Months Ended
	March 31,
	2013			2012
Repayments on 2012 Singapore Credit Facility	$	(325,979	)	$	—
Repayments on Senior Secured Credit Facility		(6,106	)		(7,234	)
Repayments on Singapore Credit Facility		—			(98,577	)
Redemption of Senior Notes		—			(189,712	)
Repayments on Airplane Financings		(922	)		(922	)
Repayments on Ferry Financing		—			(8,779	)
Repayments on HVAC Equipment Lease and Other Long-Term Debt		(1,571	)		(1,007	)
	$	(334,578	)	$	(306,231	)