EX-12.1 6 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS OF FIXED CHARGES Statement of Computation of Ratio of Earnings of Fixed Charges

Exhibit 12.1

 

LAS VEGAS SANDS CORP.

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

(Dollars in thousands)

 

    Year Ended December 31,
     Pro Forma
Year Ended
December 31,
2004
     Three Months Ended
March 31,
     Pro Forma
Three Months
Ended
March 31,
2005
  
    2000
     2001
     2002(1)
     2003
     2004
       2004
     2005
    

Earnings:

                                                                        

Income (loss) before income taxes

   $ 16,862     $ 7,874     $ (11,844 )   $ 66,634     $ 481,447     $ 131,725     $ 49,916     $ (27,187 )   $ 115,348  

Add: Loss on Guggenheim Investment

     —         2,000       —         —         —         —         —         —         —    

Add, fixed charges

     134,322       123,698       129,606       131,418       146,688       71,220       34,912       32,109       21,697  

Add, amortization of capitalized interest

     1,900       1,900       1,900       2,015       2,300       2,300       575       635       635  

Subtract, interest capitalized

     (100 )     (2,000 )     (2,600 )     (5,600 )     (4,600 )     (2,217 )     (1,200 )     (4,100 )     (4,100 )
   
 
 
 
 
 
 
 
 
    $ 152,984     $ 133,472     $ 117,062     $ 194,467     $ 625,835     $ 203,028     $ 84,203     $ 1,457     $ 133,580  
   
 
 
 
 
 
 
 
 

Fixed Charges:

                                                                        

Interest expense (including amortization of debt discount and issuance costs), net of capitalized interest expense

   $ 131,313     $ 119,007     $ 124,459     $ 122,442     $ 138,077     $ 64,992     $ 32,827     $ 27,083     $ 16,671  

Capitalized interest expense

     100       2,000       2,600       5,600       4,600       2,217       1,200       4,100       4,100  

 1/3 of Lease Expense(2)

     2,909       2,691       2,547       3,376       4,011       4,011       885       926       926  
   
 
 
 
 
 
 
 
 
    $ 134,322     $ 123,698     $ 129,606     $ 131,418     $ 146,688     $ 71,220     $ 34,912     $ 32,109     $ 21,697  
   
 
 
 
 
 
 
 
 

Ratio of earnings to fixed charges

     1.1 x     1.1 x     —         1.5 x     4.3 x     2.9 x     2.4 x     —         6.2 x
   
 
 
 
 
 
 
 
 
(1) For the year ended December 31, 2002 and for the three months ended March 31, 2005, earnings were insufficient to cover fixed charges by $12,544 and $30,652, respectively. Accordingly, such ratios have not been presented.
(2) The interest factor represents one-third of lease expense, which management believes is representative of the interest component of lease expense.