UNITED STATES SECURITIES & EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

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

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

Commission file number 001-32373

LAS VEGAS SANDS CORP.

(Exact name of registration as specified in its charter)

Nevada (State or other jurisdiction of incorporation or organization)		27-0099920 (I.R.S. Employer Identification No.)
3355 Las Vegas Boulevard South Las Vegas, Nevada (Address of principal executive offices)		89109 (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 þ No o

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 þ No o

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 þ		Accelerated filer o		Non-accelerated filer o		Smaller reporting company o
				(Do not check if a 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 o No þ

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 29, 2011
Common Stock ($0.001 par value)		728,978,326 shares

 

 

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Table of Contents

PART I FINANCIAL INFORMATION
Item1. Financial Statements (unaudited)
Condensed Consolidated Balance Sheets at March 31, 2011 and December 31, 2010			3
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2011 and 2010			4
Condensed Consolidated Statements of Equity and Comprehensive Income for the Three Months Ended March 31, 2011 and 2010			5
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2011 and 2010			6
Notes to Condensed Consolidated Financial Statements			7
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
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

ITEM 1		— FINANCIAL STATEMENTS

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

		March 31,				December 31,
		2011				2010
		(In thousands, except share
		and per share data)
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	3,133,941			$	3,037,081
Restricted cash and cash equivalents			146,532				164,315
Accounts receivable, net			803,100				716,919
Inventories			33,633				32,260
Deferred income taxes, net			33,860				61,606
Prepaid expenses and other			54,219				46,726
Total current assets			4,205,285				4,058,907
Property and equipment, net			14,693,989				14,502,197
Deferred financing costs, net			144,402				155,378
Restricted cash and cash equivalents			512,345				645,605
Deferred income taxes, net			8,729				10,423
Leasehold interests in land, net			1,403,797				1,398,840
Intangible assets, net			87,905				89,805
Other assets, net			180,538				183,153
Total assets		$	21,236,990			$	21,044,308
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	87,734			$	113,505
Construction payables			477,989				516,981
Accrued interest payable			23,421				42,625
Other accrued liabilities			1,072,192				1,160,234
Income taxes payable			8,631				—
Current maturities of long-term debt			917,007				767,068
Total current liabilities			2,586,974				2,600,413
Other long-term liabilities			81,182				78,240
Deferred income taxes			124,038				115,219
Deferred proceeds from sale of The Shoppes at The Palazzo			243,928				243,928
Deferred gain on sale of The Grand Canal Shoppes			49,942				50,808
Deferred rent from mall transactions			139,392				147,378
Long-term debt			9,185,752				9,373,755
Total liabilities			12,411,208				12,609,741
Preferred stock, $0.001 par value, issued to Principal Stockholder’s family, 5,250,000 shares issued and outstanding, after allocation of fair value of attached warrants, aggregate redemption/liquidation value of $577,500			526,515				503,379
Commitments and contingencies (Note 9)
Equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 2,437,523 and 3,614,923 shares issued and outstanding with warrants to purchase up to 2,751,506 and 22,663,212 shares of common stock			139,819				207,356
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 728,656,309 and 707,507,982 shares issued and outstanding			729				708
Capital in excess of par value			5,544,162				5,444,705
Accumulated other comprehensive income			164,012				129,519
Retained earnings			1,108,859				880,703
Total Las Vegas Sands Corp. stockholders’ equity			6,957,581				6,662,991
Noncontrolling interests			1,341,686				1,268,197
Total equity			8,299,267				7,931,188
Total liabilities and equity		$	21,236,990			$	21,044,308

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

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

		Three Months Ended
		March 31,
		2011				2010
		(In thousands, except share and
		per share data)
		(Unaudited)
Revenues:
Casino		$	1,664,489			$	1,061,770
Rooms			231,974				180,782
Food and beverage			145,393				92,079
Convention, retail and other			164,655				108,215
			2,206,511				1,442,846
Less-promotional allowances			(94,592	)			(107,958	)
Net revenues			2,111,919				1,334,888
Operating expenses:
Casino			921,536				694,635
Rooms			48,453				29,654
Food and beverage			71,703				44,303
Convention, retail and other			87,245				58,404
Provision for doubtful accounts			35,058				16,442
General and administrative			210,485				126,259
Corporate expense			37,576				23,476
Rental expense			13,156				8,698
Pre-opening expense			9,471				37,459
Development expense			573				157
Depreciation and amortization			190,237				153,089
Loss on disposal of assets			499				492
			1,625,992				1,193,068
Operating income			485,927				141,820
Other income (expense):
Interest income			2,047				1,633
Interest expense, net of amounts capitalized			(73,585	)			(78,165	)
Other expense			(4,675	)			(6,448	)
Gain on early retirement of debt			—				2,176
Income before income taxes			409,714				61,016
Income tax expense			(45,211	)			(13,202	)
Net income			364,503				47,814
Net income attributable to noncontrolling interests			(75,180	)			(30,233	)
Net income attributable to Las Vegas Sands Corp.			289,323				17,581
Preferred stock dividends			(19,598	)			(23,350	)
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family			(23,136	)			(23,136	)
Preferred stock inducement and repurchase premiums			(18,433	)			—
Net income (loss) attributable to common stockholders		$	228,156			$	(28,905	)
Basic earnings (loss) per share		$	0.32			$	(0.04	)
Diluted earnings (loss) per share		$	0.28			$	(0.04	)
Weighted average shares outstanding:
Basic			723,389,226				660,280,641
Diluted			811,239,242				660,280,641

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

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Equity and Comprehensive Income

		Las Vegas Sands Corp. Stockholders’ Equity
														Accumulated
										Capital in				Other								Total
		Preferred				Common				Excess of				Comprehensive				Retained				Comprehensive				Noncontrolling
		Stock				Stock				Par Value				Income				Earnings				Income				Interests				Total
		(In thousands)
		(Unaudited)
Balance at January 1, 2010		$	234,607			$	660			$	5,114,851			$	26,748			$	473,833							$	1,089,888			$	6,940,587
Net income			—				—				—				—				17,581				17,581				30,233				47,814
Currency translation adjustment			—				—				—				(877	)			—				(877	)			(1,447	)			(2,324	)
Total comprehensive income																							16,704				28,786				45,490
Exercise of stock options			—				—				73				—				—								—				73
Tax shortfall from stock-based compensation			—				—				(195	)			—				—								—				(195	)
Stock-based compensation			—				—				14,970				—				—								853				15,823
Deemed contribution from Principal Stockholder			—				—				58				—				—								—				58
Dividends declared, net of amounts previously accrued			—				—				—				—				(16,496	)							—				(16,496	)
Accumulated but undeclared dividend requirement on preferred stock issued to Principal Stockholder’s family			—				—				—				—				(6,854	)							—				(6,854	)
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family			—				—				—				—				(23,136	)							—				(23,136	)
Balance at March 31, 2010		$	234,607			$	660			$	5,129,757			$	25,871			$	444,928							$	1,119,527			$	6,955,350
Balance at January 1, 2011		$	207,356			$	708			$	5,444,705			$	129,519			$	880,703							$	1,268,197			$	7,931,188
Net income			—				—				—				—				289,323				289,323				75,180				364,503
Currency translation adjustment			—				—				—				34,493				—				34,493				(2,537	)			31,956
Total comprehensive income																							323,816				72,643				396,459
Exercise of stock options			—				1				8,419				—				—								91				8,511
Tax shortfall from stock-based compensation			—				—				(11	)			—				—								—				(11	)
Stock-based compensation			—				—				20,084				—				—								755				20,839
Exercise of warrants			(65,225	)			20				70,965				—				—								—				5,760
Repurchase of preferred stock			(2,312	)			—				—				—				(2,232	)							—				(4,544	)
Dividends declared, net of amounts previously accrued			—				—				—				—				(12,744	)							—				(12,744	)
Accumulated but undeclared dividend requirement on preferred stock issued to Principal Stockholder’s family			—				—				—				—				(6,854	)							—				(6,854	)
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family			—				—				—				—				(23,136	)							—				(23,136	)
Preferred stock inducement premium			—				—				—				—				(16,201	)							—				(16,201	)
Balance at March 31, 2011		$	139,819			$	729			$	5,544,162			$	164,012			$	1,108,859							$	1,341,686			$	8,299,267

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

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

		Three Months Ended
		March 31,
		2011				2010
		(In thousands)
		(Unaudited)
Cash flows from operating activities:
Net income		$	364,503			$	47,814
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization			190,237				153,089
Amortization of leasehold interests in land included in rental expense			13,156				8,698
Amortization of deferred financing costs and original issue discount			11,871				7,809
Amortization of deferred gain and rent			(1,290	)			(1,290	)
Gain on early retirement of debt			—				(2,176	)
Loss on disposal of assets			499				492
Stock-based compensation expense			20,239				15,093
Provision for doubtful accounts			35,058				16,442
Foreign exchange (gain) loss			2,462				(3,198	)
Deferred income taxes			35,372				4,965
Non-cash contribution from Principal Stockholder included in corporate expense			—				58
Changes in operating assets and liabilities:
Accounts receivable			(119,311	)			8,070
Inventories			(1,239	)			2,139
Prepaid expenses and other			(3,135	)			(8,050	)
Leasehold interests in land			—				(13,891	)
Accounts payable			(26,026	)			4,164
Accrued interest payable			(19,148	)			(1,784	)
Income taxes payable			8,631				7,033
Other accrued liabilities			(93,501	)			37,317
Net cash generated from operating activities			418,378				282,794
Cash flows from investing activities:
Changes in restricted cash and cash equivalents			149,962				(182,575	)
Capital expenditures			(332,508	)			(538,201	)
Proceeds from disposal of property and equipment			3,097				2,311
Acquisition of intangible assets			(329	)			—
Purchases of investments			—				(173,978	)
Net cash used in investing activities			(179,778	)			(892,443	)
Cash flows from financing activities:
Proceeds from exercise of stock options			8,511				73
Proceeds from exercise of warrants			5,760				—
Dividends paid to preferred stockholders			(19,598	)			(23,350	)
Proceeds from long-term debt (Note 3)			—				272,056
Repayments on long-term debt (Note 3)			(121,721	)			(847,326	)
Repurchase of preferred stock			(4,544	)			—
Payments of preferred stock inducement premium			(16,201	)			—
Payments of deferred financing costs			—				(821	)
Net cash used in financing activities			(147,793	)			(599,368	)
Effect of exchange rate on cash			6,053				5,446
Increase (decrease) in cash and cash equivalents			96,860				(1,203,571	)
Cash and cash equivalents at beginning of period			3,037,081				4,955,416
Cash and cash equivalents at end of period		$	3,133,941			$	3,751,845
Supplemental disclosure of cash flow information:
Cash payments for interest, net of amounts capitalized		$	80,881			$	72,149
Cash payments for taxes, net of refunds		$	(5,726	)		$	120
Changes in construction payables		$	(38,992	)		$	(5,519	)
Non-cash investing and financing activities:
Capitalized stock-based compensation costs		$	600			$	730
Property and equipment acquired under capital lease		$	—			$	773
Accumulated but undeclared dividend requirement on preferred stock issued to Principal Stockholder’s family		$	6,854			$	6,854
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family		$	23,136			$	23,136
Warrants exercised and settled through tendering of preferred stock		$	65,225			$	—

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

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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, 2010. The year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States of America. 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.”

In November 2009, the Company’s subsidiary, Sands China Ltd. (“SCL,” the indirect owner and operator of the majority of the Company’s operations in the Macau Special Administrative Region (“Macau”) of the People’s Republic of China), completed an initial public offering by listing its ordinary shares (the “SCL Offering”) on The Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”). Immediately following the SCL Offering and several transactions consummated in connection with such offering, the Company owned 70.3% of the issued and outstanding ordinary shares of SCL. The shares of SCL were 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

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; an enclosed retail, dining and entertainment complex located within The Venetian Las Vegas of approximately 440,000 net leasable square feet (“The Grand Canal Shoppes”), which was sold to GGP Limited Partnership (“GGP”) in 2004; and an enclosed retail and dining complex located within The Palazzo of approximately 400,000 net leasable square feet (“The Shoppes at The Palazzo”), which was sold to GGP in February 2008. See “— Note 2 — Property and Equipment, Net” regarding the sale of The Shoppes at The Palazzo.

Pennsylvania

In May 2009, the Company partially opened 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. The Sands Bethlehem currently features approximately 152,000 square feet of gaming space, which include table games operations that commenced in July 2010. The Company recommenced construction of a 300-room hotel tower, which is expected to open in May 2011. The Company is initiating construction activities on the remaining components of the integrated resort, which include an approximate 200,000-square-foot retail facility and a 50,000-square-foot multipurpose event center. Sands Bethlehem is also expected to be home to the National Museum of Industrial History, an arts and cultural center, and the broadcast home of the local PBS affiliate. The Company owns 86% of the economic interest of 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 of the retail portion of the property through its ownership interest in Sands Bethworks Retail LLC. As of March 31, 2011, the Company has capitalized construction costs of $670.3 million for this project (including $10.1 million in outstanding construction payables). The Company expects to spend approximately $55 million to complete construction of the project, on furniture, fixtures and equipment (“FF&E”) and other costs, and to pay outstanding construction payables, as noted above.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

Macau

The Company currently owns 70.3% of SCL, which includes the operations of the Sands Macao, The Venetian Macao, Four Seasons 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 Sands Macao, the first Las Vegas-style casino in Macau. The Sands Macao offers approximately 197,000 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.

The Company also 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 in Macau. With a theme similar to that of The Venetian Las Vegas, The Venetian Macao includes a 39-floor luxury hotel with over 2,900 suites; approximately 550,000 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.

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, the “Four Seasons Macao”), which features approximately 70,000 square feet of gaming space; 19 Paiza mansions; retail space of approximately 211,000 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 subsequently monetize units within the Four Seasons Apartments subject to market conditions and obtaining the necessary government approvals. As of March 31, 2011, the Company has capitalized $1.15 billion for the property, including the land premium and $14.1 million in outstanding construction payables. The Company expects to spend approximately $115 million primarily on additional costs to complete the Four Seasons Apartments, including FF&E and pre-opening costs, and to pay outstanding construction payables, as noted above.

Singapore

The Company owns and operates the Marina Bay Sands in Singapore, which partially opened on April 27, 2010, with additional portions opened progressively throughout 2010. The Marina Bay Sands 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 161,000 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 1.3 million square feet and theaters. In February 2011, the Marina Bay Sands opened a landmark iconic structure at the bay-front promenade that contains an art/science museum. As of March 31, 2011, the Company has capitalized 7.56 billion Singapore dollars (“SGD,” approximately $5.99 billion at exchange rates in effect on March 31, 2011) in costs for this project, including the land premium and SGD 383.9 million (approximately $304.0 million at exchange rates in effect on March 31, 2011) in outstanding construction payables. The Company expects to spend approximately SGD 760 million (approximately $602 million at exchange rates in effect on March 31, 2011) on additional costs to complete the construction of the integrated resort, FF&E and other costs, and to pay outstanding construction payables, as noted above. As the Company has obtained Singapore-denominated financing and primarily pays its costs in Singapore dollars, its exposure to foreign exchange gains and losses is expected to be minimal.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

Development Projects

The Company has suspended portions of its development projects to focus its efforts on those projects with the highest expected rates of return on invested capital. 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. In addition, the Company may be subject to penalties under the termination clauses in its construction contracts or termination rights under its management contracts with certain hotel management companies.

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 and expects that it will take approximately 18 months thereafter to complete construction of the project. As of March 31, 2011, the Company has capitalized construction costs of $177.1 million for this project. The impact of the suspension on the estimated overall cost of the project is currently not determinable with certainty.

Macau

The Company submitted plans to the Macau government for its other Cotai Strip developments, which represent three integrated resort developments, in addition to The Venetian Macao and Four Seasons Macao, on an area of approximately 200 acres (which are referred to as parcels 3, 5 and 6, and 7 and 8). Subject to the approval from the Macau government, as discussed further below, the developments are expected to include hotels, exhibition and conference facilities, gaming areas, showrooms, shopping malls, spas, restaurants, entertainment facilities and other amenities. The Company had commenced construction or pre-construction activities on these developments and plans to operate the related gaming areas under the Company’s Macau gaming subconcession.

The Company is staging the construction of its integrated resort development on parcels 5 and 6. Upon completion of phases I and II of the project, the integrated resort is expected to feature approximately 6,000 hotel rooms, approximately 300,000 square feet of gaming space, approximately 1.2 million square feet of retail, entertainment and dining facilities, exhibition and conference facilities and a multipurpose theater. Phase I of the project is expected to include two hotel towers, one of which will be managed by Sheraton International Inc. and Sheraton Overseas Management Co. (collectively “Starwood”) under its Sheraton brand, as well as completion of the structural work of an adjacent hotel tower to be managed by Starwood under its Sheraton brand. The second hotel tower was to be managed by Shangri-La International Hotel Management Limited (“Shangri-La”); however, in March 2011, the Company and Shangri-La mutually agreed to terminate the hotel management agreement and the Company is currently evaluating alternative hotel brands to manage its second tower. Phase I will also include the gaming space and a partial opening of the retail and exhibition and conference facilities. Phase II of the project includes completion of the additional Sheraton hotel tower, the theater and the remaining retail facilities. The total cost to complete phases I and II is expected to be approximately $1.9 billion. Phase III of the project is expected to include a fourth hotel and mixed-use tower to be managed by Starwood under its St. Regis brand and the total cost is expected to be approximately $450 million. In connection with entering into the $1.75 billion Venetian Orient Limited (“VOL”) credit facility to be used together with $500.0 million of proceeds from the SCL Offering, the Company has recommenced construction activities. The Company is currently working with the Macau government to obtain sufficient construction labor for the project. Although the Company has made significant progress on phases I and II with the construction labor currently onsite, the Company’s anticipated opening of phase I may be delayed until the first quarter of 2012 if additional construction labor is not secured. Until adequate labor quotas are received, the timing of the completion of phase II is currently not determinable. The Company intends to commence construction of phase III of the project as demand and market conditions warrant it. As of March 31, 2011, the Company has capitalized costs of $2.24 billion for the entire project, including the land premium and $136.1 million in outstanding construction payables. The Company’s management agreement with Starwood imposes certain construction deadlines and opening obligations on the Company and certain past and/or anticipated delays, as described above, would allow Starwood to terminate its agreement. See “— Note 9 — Commitments and Contingencies — Other Agreements.” The Company is currently negotiating an amendment to the management agreement with Starwood to provide for new opening timelines.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

The Company had commenced pre-construction activities on parcels 7 and 8 and 3, and has capitalized costs of $101.9 million for parcels 7 and 8 and $97.2 million for parcel 3 (including the land premium) as of March 31, 2011. The Company intends to commence construction after the integrated resort on parcels 5 and 6 is complete, necessary government approvals are obtained (including the land concession, see below), regional and global economic conditions improve, future demand warrants it and additional financing is obtained.

The impact of the delayed construction on the Company’s previously estimated cost to complete its Cotai Strip developments is currently not determinable. As of March 31, 2011, the Company has capitalized an aggregate of $6.61 billion in construction costs and land premiums for its Cotai Strip developments, including The Venetian Macao and Four Seasons Macao, as well as the Company’s investments in transportation infrastructure, including its passenger ferry service operations. In addition to funding phases I and II of parcels 5 and 6 with the $1.75 billion VOL credit facility, the Company will need to arrange additional financing to fund the balance of its Cotai Strip developments and there is no assurance that the Company will be able to obtain any of the additional financing required.

Land concessions in Macau generally have an initial term of 25 years with automatic extensions of 10 years thereafter in accordance with Macau law. The Company has received land concessions from the Macau government to build on parcels 1, 2, 3 and 5 and 6, including the sites on which The Venetian Macao (parcel 1) and Four Seasons Macao (parcel 2) are located. The Company does not own these land sites in Macau; however, the land concessions grant the Company exclusive use of the land. As specified in the land concessions, the Company is required to pay premiums for each parcel, which are either payable in a single lump sum upon acceptance of the land concessions by the Macau government or in seven semi-annual installments (provided that the outstanding balance is due upon the completion of the corresponding integrated resort), as well as annual rent for the term of the land concessions. During December 2010, the Company received notice from the Macau government that its application for a land concession for parcels 7 and 8 was not approved and the Company applied to the Chief Executive of Macau for a review of the decision. In January 2011, the Company filed an appeal with the Court of Second Instance in Macau, which has yet to issue a decision. Should the Company win its appeal, it is still possible for the Chief Executive of Macau to again deny the land concession based upon public policy considerations. If the Company does not obtain the land concession or does not receive full reimbursement of its capitalized investment in this project, the Company would record a charge for all or some portion of the $101.9 million in capitalized construction costs, as of March 31, 2011, related to its development on parcels 7 and 8.

Under the Company’s land concession for parcel 3, the Company was initially required to complete the corresponding development by August 2011. The Macau government has granted the Company a two-year extension to complete the development of parcel 3, which now must be completed by April 2013. The land concession for parcels 5 and 6 contains a similar requirement that the corresponding development be completed by May 2014. The Company believes that if it is not able to complete the developments by the respective deadlines, it will likely be able to obtain extensions from the Macau government; however, no assurances can be given that additional extensions will be granted. If the Company is unable to meet the applicable deadlines and those deadlines are not extended, it could lose its land concessions for parcels 3 or 5 and 6, 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 $97.2 million and $2.24 billion in capitalized construction costs and land premiums, as of March 31, 2011, related to its developments on parcels 3 or 5 and 6, respectively.

Other

When the current economic environment and access to capital improve, the Company may continue exploring the possibility of developing and operating additional properties, including integrated resorts, in additional Asian and U.S. jurisdictions, and in Europe.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

Development Financing Strategy

Through March 31, 2011, the Company has funded its development projects primarily through borrowings under its U.S., Macau and Singapore credit facilities, operating cash flows, proceeds from its recent equity offerings and proceeds from the disposition of non-core assets.

The U.S. credit facility, as amended in August 2010, 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 6.5x for the quarterly periods ended March 31 and June 30, 2011, decreases to 6.0x for the quarterly periods ended September 30 and December 31, 2011, decreases to 5.5x for the quarterly periods ended March 31 and June 30, 2012, and then decreases to 5.0x for all quarterly periods thereafter through maturity. One of the Company’s Macau credit facilities, the VML credit facility, as amended in August 2009, requires certain of the Company’s Macau operations to comply with similar financial covenants, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 3.0x for the quarterly periods through maturity. The Company can elect to contribute up to $50 million and $20 million of cash on hand to its Las Vegas and relevant Macau operations, respectively, on a bi-quarterly basis; such contributions having the effect of increasing Adjusted EBITDA by the corresponding amount during the applicable quarter for purposes of calculating compliance with the maximum leverage ratio (the “EBITDA true-up”). The Singapore credit facility requires operations of Marina Bay Sands to comply with similar financial covenants commencing with the quarterly period ending September 30, 2011, including maintaining a maximum leverage ratio of debt to Adjusted EBITDA. The maximum leverage ratio is 5.5x for the quarterly period ending September 30, 2011, and then decreases by 0.25x every other quarter until it decreases to, and remains at, 3.75x for all quarterly periods thereafter through maturity (commencing with the quarterly period ending September 30, 2014). 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, which, if the respective lenders chose to accelerate the indebtedness outstanding under these agreements, would result in a default under the Company’s senior notes. A default under the VML credit facility would trigger a cross-default under the Company’s ferry financing. 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.

In 2008, the Company completed a $475.0 million convertible senior notes offering and a $2.1 billion common and preferred stock and warrants offering. In 2009, the Company completed a $600.0 million exchangeable bond offering and its $2.5 billion SCL Offering. A portion of the proceeds from these offerings was used in the U.S. to pay down $775.9 million under the revolving portion of the U.S. credit facility in March 2010 and $1.0 billion under the term loan portions of the U.S. credit facility in August 2010, and to exercise the EBITDA true-up provision during the quarterly periods ended September 30, 2010 and March 31, 2011.

The Company held unrestricted and restricted cash and cash equivalents of approximately $3.13 billion and $658.9 million, respectively, as of March 31, 2011. The Company believes that the cash on hand, cash flow generated from operations and available borrowings under its credit facilities will be sufficient to fund its development plans and maintain compliance with the financial covenants of its U.S., Macau and Singapore credit facilities. In the normal course of its activities, the Company will continue to evaluate its capital structure and opportunities for enhancements thereof. In connection with the $1.75 billion VOL credit facility to be used together with $500.0 million of proceeds from the SCL Offering, the Company has recommenced construction activities on the Company’s Cotai Strip development on parcels 5 and 6.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board issued authoritative guidance for fair value measurements, which requires new disclosures regarding significant transfers in and out of Level 1 and 2 fair value measurements and gross presentation of activity within the reconciliation for Level 3 fair value measurements. The guidance also clarifies existing requirements on the level of disaggregation and required disclosures regarding inputs and valuation techniques for both recurring and nonrecurring Level 2 and 3 fair value measurements. The guidance is effective for interim and annual reporting periods beginning after December 15, 2009, with the exception of gross presentation of Level 3 activity, which is effective for interim and annual reporting periods beginning after December 15, 2010. The adoption of this guidance did not have a material effect on the Company’s financial condition, results of operations or cash flows. See “— Note 8 — Fair Value Measurements” for the required disclosure.

NOTE 2 — PROPERTY AND EQUIPMENT, NET

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

		March 31,				December 31,
		2011				2010
Land and improvements		$	428,636			$	410,758
Building and improvements			11,227,718				10,881,936
Furniture, fixtures, equipment and leasehold improvements			2,037,863				1,990,721
Transportation			402,832				402,904
Construction in progress			3,114,633				3,147,750
			17,211,682				16,834,069
Less — accumulated depreciation and amortization			(2,517,693	)			(2,331,872	)
		$	14,693,989			$	14,502,197

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

		March 31,				December 31,
		2011				2010
Cotai Strip parcels 5 and 6		$	2,138,211			$	2,005,386
Four Seasons Macao (principally the Four Seasons Apartments)			379,474				379,161
Marina Bay Sands			165,703				337,835
Sands Bethlehem			116,100				101,960
Other			315,145				323,408
		$	3,114,633			$	3,147,750

The $315.1 million in other construction in progress consists primarily of construction of the Las Vegas Condo Tower and costs incurred at the Cotai Strip parcels 3 and 7 and 8.

As of March 31, 2011, the Company has received proceeds of $295.4 million from the sale of The Shoppes at The Palazzo; however, the final purchase price will be determined in accordance with the April 2004 purchase and sale agreement, as amended, between Venetian Casino Resort, LLC (“VCR”) and GGP (the “Amended Agreement”) based on net operating income (“NOI”) of The Shoppes at The Palazzo calculated 30 months after the closing date of the sale, as defined under the Amended Agreement (the “Final Purchase Price”) and subject to certain later audit adjustments. Given the economic and market conditions facing retailers on a national and local level, tenants are facing economic challenges that have had an effect on the calculation of NOI. Approximately $282.1 million of property and equipment (net of $29.3 million of accumulated depreciation), which was sold to GGP, is included in the condensed consolidated balance sheet as of March 31, 2011. In April 2009, GGP and its subsidiary that owns The Shoppes at The Palazzo filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code (the “Chapter 11 Cases”). The United States Bankruptcy Court for the Southern District of New York entered orders approving the plans of reorganization of GGP and the subsidiary that owns The Shoppes at The Palazzo on October 21 and April 29, 2010, respectively, and the effective date of such plans of reorganization occurred on November 9 and May 28, 2010, respectively. Under the confirmed plans of reorganization, the only impaired creditors were mortgage holders. The Company will continue to review the Chapter 11 Cases and will adjust the estimates of NOI and capitalization rates as additional information is received. The Company and GGP have entered into several amendments to the Amended Agreement to defer the time to reach agreement on the Final Purchase Price as both parties are continuing to work on various matters related to the calculation of NOI. The Company may be required to record a loss on the sale in the future depending on the resolution of such matters and the resulting agreed upon Final Purchase Price.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

During the three months ended March 31, 2011 and 2010, the Company capitalized interest expense of $30.6 million and $19.7 million, respectively.

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

The Company had commenced pre-construction activities on parcels 7 and 8, and has capitalized construction costs of $101.9 million as of March 31, 2011. During December 2010, the Company received notice from the Macau government that its application for a land concession for parcels 7 and 8 was not approved and the Company applied to the Chief Executive of Macau for a review of the decision. In January 2011, the Company filed an appeal with the Court of Second Instance in Macau, which has yet to issue a decision. Should the Company win its appeal, it is still possible for the Chief Executive of Macau to again deny the land concession based upon public policy considerations. In order to obtain the land concession and construct the resort, the Company would need to win its appeal and avoid any future denial of the land concession based upon public policy considerations. If the Company does not obtain the land concession or does not receive full reimbursement of its capitalized investment in this project, the Company would record a charge for all or some portion of the $101.9 million in capitalized construction costs, as of March 31, 2011, related to its development on parcels 7 and 8.

NOTE 3 — LONG-TERM DEBT

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

		March 31,				December 31,
		2011				2010
Corporate and U.S. Related:
Senior Secured Credit Facility — Term B		$	2,151,775			$	2,157,199
Senior Secured Credit Facility — Delayed Draws I and II			718,522				720,332
6.375% Senior Notes (net of original issue discount of $677 and $720, respectively)			189,035				188,992
Airplane Financings			77,500				78,422
HVAC Equipment Lease			22,580				23,006
Other			3,640				3,868
Macau Related:
VML Credit Facility — Term B			1,479,289				1,483,789
VML Credit Facility — Term B Delayed			575,279				577,029
VOL Credit Facility — Term			749,316				749,930
Ferry Financing			165,961				175,011
Other			551				640
Singapore Related:
Singapore Credit Facility			3,967,274				3,980,435
Other			2,037				2,170
			10,102,759				10,140,823
Less — current maturities			(917,007	)			(767,068	)
Total long-term debt		$	9,185,752			$	9,373,755

Senior Secured Credit Facility

As of March 31, 2011, the Company had $724.6 million of available borrowing capacity under the Senior Secured Credit Facility, net of outstanding letters of credit and undrawn amounts committed to be funded by Lehman Brothers Commercial Paper Inc.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

VML Credit Facility

As of March 31, 2011, the Company had $595.3 million of available borrowing capacity under the VML Credit Facility, net of undrawn amounts committed to be funded by Lehman Brothers Commercial Paper Inc.

VOL Credit Facility

As of March 31, 2011, the Company had $1.0 billion of available borrowing capacity under the VOL Credit Facility.

Singapore Credit Facility

As of March 31, 2011, the Company had SGD 48.4 million (approximately $38.3 million at exchange rates in effect on March 31, 2011) of available borrowing capacity under the Singapore Credit Facility, net of outstanding banker’s guarantees.

Cash Flows from Financing Activities

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

		Three Months Ended
		March 31,
		2011				2010
Proceeds from Singapore Credit Facility		$	—			$	272,056
Repayments on Singapore Credit Facility		$	(97,691	)		$	—
Repayments on Senior Secured Credit Facility			(7,234	)			(785,860	)
Repayments on VML Credit Facility			(6,250	)			(12,525	)
Repayments on Ferry Financing			(8,745	)			(8,762	)
Repayments on Airplane Financings			(922	)			(922	)
Repayments on HVAC Equipment Lease			(426	)			(437	)
Repurchase and cancellation of Senior Notes			—				(30,156	)
Repayments on FF&E Facility and Other Long-Term Debt			(453	)			(8,664	)
		$	(121,721	)		$	(847,326	)

Fair Value of Long-Term Debt

The estimated fair value of the Company’s long-term debt as of March 31, 2011, was approximately $9.84 billion, compared to its carrying value of $10.08 billion. As of December 31, 2010, the estimated fair value of the Company’s long-term debt was approximately $9.72 billion, compared to its carrying value of $10.10 billion. The estimated fair value of the Company’s long-term debt is based on quoted market prices, if available, or by pricing models based on the value of related cash flows discounted at current market interest rates.

NOTE 4 — EQUITY AND EARNINGS (LOSS) PER SHARE

Preferred Stock and Warrants

Preferred stock dividend activity is as follows (in thousands):

						Preferred Stock
						Dividends Paid to				Preferred Stock				Total Preferred
Board of Directors’						Principal				Dividends Paid to				Stock
Declaration Date		Payment Date				Stockholder’s Family				Public Holders				Dividends Paid
February 5, 2010		February 16, 2010				$	13,125			$	10,225			$	23,350
February 1, 2011		February 15, 2011				$	13,125			$	6,473			$	19,598
May 5, 2011		May 16, 2011				$	13,125			$	6,094			$	19,219

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

During the three months ended March 31, 2011, holders of preferred stock exercised 1,194,700 warrants to purchase an aggregate of 19,911,702 shares of the Company’s common stock at $6.00 per share and tendered 1,137,100 shares of preferred stock and $5.8 million in cash as settlement of the warrant exercise price. In conjunction with certain of these transactions, the Company paid $16.2 million in premiums to induce the exercise of warrants with settlement through tendering preferred stock. During the three months ended March 31, 2011, the Company also repurchased and retired 40,300 shares of preferred stock for $4.5 million and recorded a $2.2 million repurchase premium as part of the transaction. During the three months ended March 31, 2010, no warrants were exercised.

Earnings (Loss) Per Share

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

		Three Months Ended
		March 31,
		2011				2010
Weighted-average common shares outstanding (used in the calculation of basic earnings (loss) per share)			723,389,226				660,280,641
Potential dilution from stock options, restricted stock and warrants			87,850,016				—
Weighted-average common and common equivalent shares (used in the calculation of diluted earnings (loss) per share)			811,239,242				660,280,641
Antidilutive stock options, restricted stock and warrants excluded from the calculation of diluted earnings (loss) per share			5,334,276				172,467,803

Accumulated Comprehensive Income and Comprehensive Income

As of March 31, 2011 and December 31, 2010, accumulated comprehensive income consisted solely of foreign currency translation adjustments.

Total comprehensive income consisted of the following (in thousands):

		Three Months Ended
		March 31,
		2011				2010
Net income		$	364,503			$	47,814
Currency translation adjustment			31,956				(2,324	)
Total comprehensive income			396,459				45,490
Less: comprehensive income attributable to noncontrolling interests			(72,643	)			(28,786	)
Comprehensive income attributable to Las Vegas Sands Corp.		$	323,816			$	16,704

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.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

As of March 31, 2011 and December 31, 2010, the Company’s joint ventures had total assets of $94.6 million and $95.3 million, respectively, and total liabilities of $81.2 million and $78.4 million, respectively.

NOTE 6 — INCOME TAXES

The Company’s major tax jurisdictions are the U.S., Macau and Singapore. During the year ended December 31, 2010, the Internal Revenue Service (“IRS”) issued a Revenue Agent’s Report for years 2005 through 2008 proposing certain adjustments. The Company disagrees with several of the proposed adjustments and has submitted a protest and a request for an appeals conference to the IRS. The opening appeals conference is scheduled to occur during the third quarter of 2011. While the final outcome of these matters is inherently uncertain, the Company believes it is reasonably possible that the total amount of unrecognized tax benefits may decrease by a range between zero and $23 million within the next twelve months primarily due to the possible settlement of matters presently under consideration at appeals. In the U.S., the Company’s 2009 tax year is also under examination by the IRS. The Company is subject to examination for years after 2006 in Macau and Singapore. 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 more or less than the Company’s expected outcome and impact the provision for income taxes.

The Company recorded valuation allowances on the net deferred tax assets of the Company’s U.S. operations and certain foreign jurisdictions and does not anticipate recording an income tax benefit related to these deferred tax assets. The Company will reassess the realization of deferred tax assets based on accounting standards for income taxes each reporting period and will be able to reduce the valuation allowance to the extent that the financial results of these operations improve and it becomes more likely than not that the deferred tax assets are realizable.

The Company received a 5-year income tax exemption in Macau 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. In February 2011, the Company entered into an agreement with the Macau government effective through 2013 that provides for an annual payment of 14.4 million patacas (approximately $1.8 million at exchange rates in effect on March 31, 2011). The annual payment is in substitution of a 12% tax otherwise due from Venetian Macau Limited (“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,
		2011				2010
Compensation expense:
Stock options		$	15,301			$	14,968
Restricted shares			4,938				125
		$	20,239			$	15,093
Compensation cost capitalized as part of property and equipment		$	600			$	730
LVSC 2004 Plan:
Stock options granted			230				2,046
Weighted average grant date fair value		$	36.22			$	10.66
Restricted shares granted			620				—
Weighted average grant date fair value		$	48.01			$	—
SCL Equity Plan:
Stock options granted			2,746				17,876
Weighted average grant date fair value		$	1.52			$	1.06

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

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,
		2011				2010
LVSC 2004 Plan:
Weighted average volatility			94.3	%			97.8	%
Expected term (in years)			6.3				4.4
Risk-free rate			2.8	%			2.9	%
Expected dividends			—				—
SCL Equity Plan:
Weighted average volatility			68.9	%			73.6	%
Expected term (in years)			6.3				6.3
Risk-free rate			1.7	%			2.0	%
Expected dividends			—				—

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:
						Quoted Market				Significant Other				Significant
		Total Carrying				Prices in Active				Observable Inputs				Unobservable Inputs
		Value				Markets (Level 1)				(Level 2)				(Level 3)
As of March 31, 2011
Cash equivalents(1)		$	2,202,759			$	2,202,759			$	—			$	—
Interest rate caps(2)		$	1,414			$	—			$	1,414			$	—
As of December 31, 2010
Cash equivalents(1)		$	2,490,809			$	2,490,809			$	—			$	—
Interest rate caps(2)		$	1,617			$	—			$	1,617			$	—

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 claims 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.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

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, 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 Macau 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. 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, Nevada, 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. 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. The Company intends to defend this matter vigorously.

On February 9, 2011, LVSC received a subpoena from the Securities and Exchange Commission 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 that it is conducting a similar investigation. It is the Company’s belief that the subpoena may have emanated from allegations contained in the lawsuit filed by Steven C. Jacobs described above. The Company intends to cooperate with the investigations.

On March 31, 2011, SCL filed an announcement with the SEHK stating that SCL has been informed by the Securities and Futures Commission of Hong Kong (the “SFC”) that SCL is under investigation by the SFC in relation to alleged breaches of the provisions of the Hong Kong Securities and Futures Ordinance and has been requested to produce certain documents. The Company intends to cooperate with the investigation.

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 “District Court”), against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleges 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 seeks, 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 District Court, against LVSC, Sheldon G. Adelson, and William P. Weidner. The complaint alleges 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 is substantially similar to the Fosbre litigation, discussed above, seeks, among other relief, class certification, compensatory damages and attorneys’ fees and costs.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

On August 31, 2010, the District Court entered an order consolidating the Fosbre and Combs cases, and appointed lead plaintiffs and lead counsel. 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. 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. 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, Nevada, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Foreman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors. 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. 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. 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 District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Foreman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim action. 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. 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. The Company intends to defend this matter vigorously.

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, Nevada, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Foreman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors. The complaint raises substantially similar claims as alleged in the Kohanim and Moradi actions. The complaint seeks to recover for the Company unspecified damages, and also seeks to recover attorneys’ fees, costs and related expenses for the plaintiffs. 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. The Company intends to defend this matter vigorously.

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 District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Foreman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors, 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. 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. The Company intends to defend this matter vigorously.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

On April 22, 2011, John Zaremba filed a shareholder derivative action on behalf of the Company in the District Court, against Sheldon G. Adelson, Jason N. Ader, Irwin Chafetz, Charles D. Foreman, George P. Koo, Michael A. Leven, Jeffrey H. Schwartz and Irwin A. Siegel, the current members of the Board of Directors, 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. 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. The Company intends to defend this matter vigorously.

Singapore Development Project

In August 2006, the Company entered into a development agreement, as amended by a supplementary agreement on December 11, 2009 (the “Development Agreement”), with the Singapore Tourism Board (the “STB”), which requires the Company to construct and operate the Marina Bay Sands in accordance with the Company’s proposal for the integrated resort and in accordance with the agreement. The Company entered into the SGD 5.44 billion (approximately $4.31 billion at exchange rates in effect on March 31, 2011) Singapore Credit Facility to fund a significant portion of the construction, operating and other development costs of the Marina Bay Sands.

The Development Agreement permits the Marina Bay Sands to open in stages and in accordance with an agreed upon schedule that runs through September 30, 2011. There are no financial consequences to MBS if it fails to meet the agreed upon schedule, provided that the entire integrated resort is opened by December 31, 2011. The Company believes it will meet this deadline; however, if it doesn’t, the STB will be entitled to draw on the SGD 192.6 million (approximately $152.5 million at exchange rates in effect on March 31, 2011) security deposit under the Singapore Credit Facility.

Other Agreements

The Company has entered into an agreement with Starwood to manage hotels, as well as brand serviced luxury apart-hotels, on the Company’s Cotai Strip parcels 5 and 6. The management agreement imposes certain construction and opening obligations and deadlines on the Company, and certain past and/or anticipated delays would allow Starwood to terminate its agreement. The Company has recommenced construction activities on parcels 5 and 6 and is negotiating an amendment to its management agreement with Starwood to provide for new opening timelines. If negotiations are unsuccessful and Starwood exercises its rights to terminate its agreement, the Company would have to find a new manager and brand for these projects. The Company’s agreements with Shangri-La related to the management of a hotel on parcels 5 and 6 and Starwood related to the sales and marketing of the Las Vegas Condo Tower have been terminated. Management is currently evaluating alternative hotel brands to manage and brand these projects. If the Company is unsuccessful in finding new managers and brands in Macau or Las Vegas, such measures could have a material adverse effect on the Company’s financial condition, results of operations and cash flows.

NOTE 10 — SEGMENT INFORMATION

The Company’s principal operating and developmental activities occur in three geographic areas: United States, Macau and Singapore. The Company reviews the results of operations for each of its key operating segments: The Venetian Las Vegas, which includes the Sands Expo Center; The Palazzo; Sands Bethlehem; Sands Macao; The Venetian Macao; Four Seasons Macao; and Other Asia (comprised primarily of the Company’s ferry operations and various other operations that are ancillary to the Company’s properties in Macau); and Marina Bay Sands. The Company also reviews construction and development activities for each of its primary projects: The Venetian Las Vegas; The Palazzo; Sands Bethlehem; Sands Macao; The Venetian Macao; Four Seasons Macao;

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

Other Asia; Marina Bay Sands; Other Development Projects (on Cotai Strip parcels 3, 5 and 6, and 7 and 8); and Corporate and Other (comprised primarily of airplanes and the Las Vegas Condo Tower). 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 service and products, the regulatory business environment of the operations within each segment and the Company’s organizational and management reporting structure. The information for the three months ended March 31, 2010, has been reclassified to conform to the current presentation. The Company’s segment information as of March 31, 2011 and December 31, 2010, and for the three months ended March 31, 2011 and 2010, is as follows (in thousands):

		Three Months Ended
		March 31,
		2011				2010
Net Revenues:
Macau:
The Venetian Macao		$	638,269			$	549,695
Sands Macao			322,793				283,806
Four Seasons Macao			172,107				102,344
Other Asia			33,773				24,172
			1,166,942				960,017
United States:
Las Vegas Operating Properties			305,075				330,510
Sands Bethlehem			91,030				67,241
			396,105				397,751
Marina Bay Sands			584,925				—
Intersegment eliminations			(36,053	)			(22,880	)
Total net revenues		$	2,111,919			$	1,334,888
Adjusted Property EBITDA(1)
Macau:
The Venetian Macao		$	228,400			$	169,915
Sands Macao			92,648				69,761
Four Seasons Macao			57,547				19,495
Other Asia			(4,606	)			(4,432	)
			373,989				254,739
United States:
Las Vegas Operating Properties			65,165				105,292
Sands Bethlehem			22,109				10,968
			87,274				116,260
Marina Bay Sands			284,471				—
Total adjusted property EBITDA			745,734				370,999
Other Operating Costs and Expenses
Stock-based compensation expense			(8,295	)			(5,808	)
Corporate expense			(37,576	)			(23,476	)
Rental expense			(13,156	)			(8,698	)
Pre-opening expense			(9,471	)			(37,459	)
Development expense			(573	)			(157	)
Depreciation and amortization			(190,237	)			(153,089	)
Loss on disposal of assets			(499	)			(492	)
Operating income			485,927				141,820
Other Non-Operating Costs and Expenses
Interest income			2,047				1,633
Interest expense, net of amounts capitalized			(73,585	)			(78,165	)
Other expense			(4,675	)			(6,448	)
Gain on early retirement of debt			—				2,176
Income tax expense			(45,211	)			(13,202	)
Net income		$	364,503			$	47,814

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

		Three Months Ended
		March 31,
		2011				2010
Intersegment Revenues
Macau:
The Venetian Macao		$	895			$	2,413
Other Asia			7,901				13,826
			8,796				16,239
Las Vegas Operating Properties			27,060				6,641
Marina Bay Sands			197				—
Total intersegment revenues		$	36,053			$	22,880

		Three Months Ended
		March 31,
		2011				2010
Capital Expenditures
Corporate and Other		$	2,845			$	8,009
Macau:
The Venetian Macao			—				5,867
Sands Macao			—				654
Four Seasons Macao			1,293				11,636
Other Asia			3,718				1,784
Other Development Projects			140,094				27,798
			145,105				47,739
United States:
Las Vegas Operating Properties			8,402				4,631
Sands Bethlehem			18,172				11,259
			26,574				15,890
Marina Bay Sands			157,984				466,563
Total capital expenditures		$	332,508			$	538,201

		March 31,				December 31,
		2011				2010
Total Assets
Corporate and Other		$	1,412,180			$	1,574,180
Macau:
The Venetian Macao			3,377,662				3,194,598
Sands Macao			469,216				483,678
Four Seasons Macao			1,133,927				1,155,243
Other Asia			382,963				370,525
Other Development Projects			3,136,676				3,140,905
			8,500,444				8,344,949
United States:
Las Vegas Operating Properties			3,966,295				3,966,754
Sands Bethlehem			785,903				757,993
			4,752,198				4,724,747
Marina Bay Sands			6,572,168				6,400,432
Total assets		$	21,236,990			$	21,044,308

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

		March 31,				December 31,
		2011				2010
Total Long-Lived Assets
Corporate and Other		$	307,236			$	308,438
Macau:
The Venetian Macao			2,086,513				2,138,419
Sands Macao			306,506				315,380
Four Seasons Macao			1,010,665				1,024,302
Other Asia			226,787				230,640
Other Development Projects			2,433,401				2,303,959
			6,063,872				6,012,700
United States:
Las Vegas Operating Properties			3,384,003				3,429,997
Sands Bethlehem			616,817				608,021
			4,000,820				4,038,018
Marina Bay Sands			5,725,858				5,541,881
Total long-lived assets		$	16,097,786			$	15,901,037

NOTE 11 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION

LVSC is the obligor of the Senior Notes due 2015. Las Vegas Sands, LLC, 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 “Guarantor Subsidiaries”), have jointly and severally guaranteed the Senior Notes on a full and unconditional basis. The voting stock of all entities included as Guarantor Subsidiaries is 100% owned directly or indirectly by Las Vegas Sands Corp. The noncontrolling interest amount included in the Guarantor 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 and in connection therewith, it was released as a guarantor under the Senior Notes. The sale is not complete from an accounting perspective due to the Company’s continuing involvement in the transaction related to the completion of construction on the remainder of The Shoppes at The Palazzo, certain activities to be performed on behalf of GGP and the uncertainty of the final sales price. Certain of the assets, liabilities, operating results and cash flows 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 Guarantor Subsidiaries until the final sales price has been determined, and therefore are included in the “Guarantor Subsidiaries” columns in the following condensed consolidating financial information. As a result, net assets of $38.0 million (consisting of $282.1 million of property and equipment, offset by $244.1 million of liabilities consisting primarily of deferred proceeds from the sale) as of March 31, 2011 and December 31, 2010, and a net loss (consisting primarily of depreciation expense) of $3.7 million for the three months ended March 31, 2010, related to the mall and are being accounted for by the Guarantor Subsidiaries. These balances and amounts are not collateral for the Senior Notes and should not be considered as credit support for the guarantees of the Senior Notes.

LAS VEGAS SANDS CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(UNAUDITED)

The condensed consolidating financial information of LVSC, the Guarantor Subsidiaries and the non-guarantor subsidiaries on a combined basis as of March 31, 2011 and December 31, 2010, and for the three months ended March 31, 2011 and 2010, is as follows (in thousands):

Condensed Consolidating Balance Sheets
March 31, 2011

														Consolidating/
		Las Vegas				Guarantor				Non-Guarantor				Eliminating
		Sands Corp.				Subsidiaries				Subsidiaries				Entries				Total
Cash and cash equivalents		$	930,935			$	468,724			$	1,734,282			$	—			$	3,133,941
Restricted cash and cash equivalents			—				2,090				144,442				—				146,532
Intercompany receivables			45,092				59,209				21,640				(125,941	)			—
Accounts receivable, net			763				174,130				628,438				(231	)			803,100
Inventories			2,338				12,006				19,289				—				33,633
Deferred income taxes, net			—				26,427				17,665				(10,232	)			33,860
Prepaid expenses and other			7,889				9,124				37,206				—				54,219
Total current assets			987,017				751,710				2,602,962				(136,404	)			4,205,285
Property and equipment, net			132,147				3,526,378				11,035,464				—				14,693,989
Investment in subsidiaries			6,667,060				5,288,011				—				(11,955,071	)			—
Deferred financing costs, net			728				27,193				116,481				—				144,402
Restricted cash and cash equivalents			—				4,705				507,640				—				512,345
Intercompany receivables			31,976				105,989				—				(137,965	)			—
Intercompany notes receivable			—				681,626				—				(681,626	)			—
Deferred income taxes, net			59,668				—				—				(50,939	)			8,729
Leasehold interests in land, net			—				—				1,403,797				—				1,403,797
Intangible assets, net			690				—				87,215				—				87,905
Other assets, net			113				25,266				155,159				—				180,538
Total assets		$	7,879,399			$	10,410,878			$	15,908,718			$	(12,962,005	)		$	21,236,990
Accounts payable		$	4,025			$	23,053			$	60,887			$	(231	)		$	87,734
Construction payables			—				2,090				475,899				—				477,989
Intercompany payables			21,640				45,092				59,209				(125,941	)			—
Accrued interest payable			1,604				1,033				20,784				—				23,421
Other accrued liabilities			6,926				175,088				890,178				—				1,072,192
Income taxes payable			7,965				—				666				—				8,631
Deferred income taxes			10,232				—				—				(10,232	)			—
Current maturities of long-term debt			3,688				30,595				882,724				—				917,007
Total current liabilities			56,080				276,951				2,390,347				(136,404	)			2,586,974
Other long-term liabilities			26,761				10,282				44,139				—				81,182
Intercompany payables			49,615				—				88,350				(137,965	)			—
Intercompany notes payable			—				—				681,626				(681,626	)			—
Deferred income taxes			—				51,847				123,130				(50,939	)			124,038
Deferred amounts related to mall transactions			—				433,262				—				—				433,262
Long-term debt			262,847				2,862,282				6,060,623				—				9,185,752
Total liabilities			395,303				3,634,624				9,388,215				(1,006,934	)			12,411,208
Preferred stock issued to Principal Stockholder’s family			526,515				—				—				—				526,515
Total Las Vegas Sands Corp. stockholders’ equity			6,957,581				6,775,849				5,179,222				(11,955,071	)			6,957,581
Noncontrolling interests			—				405				1,341,281				—				1,341,686
Total equity			6,957,581				6,776,254				6,520,503				(11,955,071	)			8,299,267
Total liabilities and equity		$	7,879,399			$	10,410,878			$	15,908,718			$	(12,962,005	)		$	21,236,990