SOURCE: Las Vegas Sands

Las Vegas Sands

February 03, 2011 16:00 ET

Las Vegas Sands Corp. Reports Fourth Quarter and Full Year 2010 Results

LAS VEGAS, NV--(Marketwire - February 3, 2011) - Las Vegas Sands Corp. (NYSE: LVS)

For the Fourth Quarter Ended December 31, 2010:

-- Consolidated Adjusted Property EBITDA Increases 141.3% to Record
   $738.9 Million on Record Net Revenue of $2.02 Billion
-- Consolidated Adjusted Property EBITDA Margin Increases 1,290 Basis
   Points to 36.7%
-- Consolidated Adjusted Earnings Per Diluted Share Reaches  $0.42
   Compared to $0.03 in the Fourth Quarter of 2009
-- Macau Property Operations Adjusted Property EBITDA Increases 35.7%
   to Record $341.2 Million With EBITDA Margin of 31.8%
-- Marina Bay Sands Generates Adjusted Property EBITDA of $305.8 Million
   and EBITDA Margin of 54.6%

For the Year Ended December 31, 2010:

-- Consolidated Adjusted Property EBITDA Increases 105.2% to Record
   $2.23 Billion on Record Net Revenue of $6.85 Billion
-- Consolidated Adjusted Earnings Per Diluted Share Reaches  $0.98
   Compared to $0.07 in the Year Ended December 31, 2009

Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter and year ended December 31, 2010.

Company-Wide Operating Results

Net revenue for the fourth quarter of 2010 was a record $2.02 billion, an increase of 56.9% compared to $1.28 billion in the fourth quarter of 2009. Consolidated adjusted property EBITDA in the fourth quarter of 2010 increased 141.3% to $738.9 million, compared to $306.2 million in the year-ago quarter. Consolidated adjusted property EBITDA margin increased 1,290 basis points to 36.7% in the fourth quarter of 2010, compared to 23.8% in the fourth quarter of 2009.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the fourth quarter of 2010 increased to $488.7 million, compared to $43.9 million in the fourth quarter of 2009. The increase in operating income was principally due to stronger results across our portfolio of properties in Macau and the U.S., and operations at Marina Bay Sands in Singapore, which opened in April 2010.

Adjusted net income (see Note 1) increased to $340.1 million, or $0.42 per diluted share, compared to $20.9 million, or $0.03 per diluted share, in the fourth quarter of 2009.

On a GAAP basis, net income attributable to common stockholders in the fourth quarter of 2010 was $273.0 million, compared to net loss of $113.9 million in the fourth quarter of 2009. Diluted earnings per share in the fourth quarter of 2010 was $0.34, compared to a diluted loss per share of $0.17 in the prior year quarter. The improvement in our net income attributable to common stockholders of $386.9 million reflects the increase in operating income and lower net interest expense, partially offset by increases in net income attributable to noncontrolling interests (primarily Sands China Ltd.) and income tax expense.

Full year 2010 net revenue increased 50.2% to $6.85 billion, compared to $4.56 billion in 2009. Consolidated adjusted property EBITDA in 2010 increased to $2.23 billion, compared to $1.09 billion in 2009. Consolidated adjusted property EBITDA margin increased 870 basis points to 32.5% in 2010, compared to 23.8% in 2009.

Adjusted net income (see Note 1) was $775.0 million in 2010, an increase of 1,507.9% compared to $48.2 million in 2009.

On a GAAP basis, full year 2010 operating income was $1.18 billion in 2010, compared to an operating loss of $28.7 million in 2009. Net income attributable to common stockholders was $407.5 million, or $0.51 per diluted share in 2010, compared to a net loss of $540.1 million, or a loss of $0.82 per diluted share in 2009. The improvement in our net income attributable to common stockholders of $947.5 million reflects the increase in operating income and lower net interest expense, partially offset by increases in net income attributable to noncontrolling interests (primarily Sands China Ltd.) and income tax expense.

Fourth Quarter and Full Year Overview

Sheldon G. Adelson, chairman and CEO, stated, "We are pleased to report record financial results for the fourth quarter of 2010. We set quarterly records for net revenue, adjusted property EBITDA, and adjusted property EBITDA margin during the quarter. Strong revenue growth and margin expansion in Macau, together with outstanding results at Marina Bay Sands in Singapore and improving results in Las Vegas and Bethlehem, contributed to an industry-leading financial performance.

"In Macau, we experienced stronger gaming volumes at each of our Sands China properties, The Venetian Macao, the Sands Macao and the Four Seasons Macao and Plaza Casino, while adjusted property EBITDA margin expanded across the Sands China property portfolio to reach a market-leading 31.8%. The growth of our higher margin mass table and slot businesses, together with the contribution from the important non-gaming components of our integrated resort business model, are driving significant margin expansion at Sands China. With our strong business momentum, we look forward to introducing our next integrated resort destination, the 13.3 million square foot development on parcels 5 and 6 on the COTAI Strip. That development, which will virtually double our scale on the COTAI Strip, and significantly increase our offering of hotel room inventory that is vital to the future growth of the meeting, incentive, convention and exhibition business in Macau, will include major entertainment attractions and other non-gaming amenities and will feature at completion 6,400 rooms and suites from the Sheraton, Shangri-La, Traders and St. Regis hotel brands.

"In Singapore, Marina Bay Sands generated the highest quarterly adjusted property EBITDA and EBITDA margin from any single property in the history of our company. Marina Bay Sands produced $305.8 million of adjusted property EBITDA during the quarter and an EBITDA margin of 54.6%. Strong gaming volumes coupled with steady growth in non-gaming revenue streams including hotel, food and beverage, retail and entertainment reflect the broad appeal of the property to Singapore's visitors from across the Asian region. Looking ahead, as we open the property's final amenities and as our current offerings mature, we are confident that Marina Bay Sands will continue to deliver on its fundamental promise, the generation of significant increases in business and leisure visitation to Singapore. We are confident that Marina Bay Sands will also provide an ideal platform for strong growth and outstanding returns for our company.

"Looking at the year 2010 in total, we are pleased that the financial benefits of our integrated resort business model, the successful execution of our deleveraging strategy, and the margin profile of our property portfolio in Asia are clearly evident in our financial results. For the year ended December 31, 2010, we are happy to have achieved records for net revenue and adjusted property EBITDA, but I am particularly gratified to report that those strong operating results produced an amplified benefit on the bottom line. While net revenue increased over 50% in 2010 to reach $6.85 billion, and adjusted property EBITDA increased 105.2% for the year to reach $2.23 billion, the flow through to earnings was outstanding, with earnings per diluted share increasing 14 times to reach $0.98 in 2010, compared to just $0.07 in 2009. We are confident that the continued execution of our integrated resort business model and development strategy will produce strong growth in revenue, cash flow and bottom line profitability in the future."

Sands China Ltd. Consolidated Financial Results

Sands China Ltd. is a majority-owned subsidiary of the company, which owns and operates the company's integrated resort properties and other assets in Macau. On a GAAP basis, total net revenues for Sands China Ltd. increased 13.1% to $1.09 billion in the fourth quarter of 2010, compared to $964.1 million in the fourth quarter of 2009. Adjusted property EBITDA for Sands China Ltd. increased 36.7% to $332.8 million in the fourth quarter of 2010, compared to $243.4 million in the fourth quarter of 2009. Net income for Sands China Ltd. increased 211.8% to $213.3 million in the fourth quarter of 2010, compared to $68.4 million in the fourth quarter of 2009.

The Venetian Macao Fourth Quarter Operating Results

The Venetian Macao continues to enjoy strong visitation and financial performance. The property delivered record adjusted property EBITDA of $235.6 million for the fourth quarter of 2010 and a record 35.6% adjusted property EBITDA margin, an increase of 500 basis points over the fourth quarter of 2009. Gaming volumes were healthy in each segment of the business. Non-Rolling Chip drop was a record $961.2 million for the quarter, an increase of 6.3% compared to the same quarter last year, while Non-Rolling Chip win percentage was 28.2%. Rolling Chip volume during the quarter increased 17.4% to $11.80 billion, while slot handle was $700.6 million, an increase of 6.3% compared to the quarter one year ago.

The following table summarizes our key operating results for The Venetian Macao for the fourth quarter of 2010 compared to the fourth quarter of 2009:

The Venetian Macao            Three Months Ended
 Operations                      December 31,
                             --------------------
(Dollars in millions)          2010      2009(1)   $ Change     Change
                             ---------  ---------  ----------  --------
Revenues:
   Casino                    $   565.6  $   485.5  $     80.1      16.5%
   Rooms                          53.3       48.8         4.5       9.2%
   Food and Beverage              16.9       15.7         1.2       7.6%
   Retail and Other               51.7       47.9         3.8       7.9%
   Less - Promotional
    Allowances                   (26.0)     (26.1)        0.1       0.4%
                             ---------  ---------  ----------
Net Revenues                 $   661.5  $   571.8  $     89.7      15.7%

Adjusted Property EBITDA     $   235.6  $   174.7  $     60.9      34.9%
   EBITDA Margin %                35.6%      30.6%                  5.0 pts

Operating Income             $   185.8  $   119.7  $     66.1      55.2%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume          $11,799.6  $10,048.7  $  1,750.9      17.4%
   Rolling Chip Win %(2)          2.99%      3.00%                -0.01 pts

Non-Rolling Chip Drop        $   961.2  $   904.6  $     56.6       6.3%
   Non-Rolling Chip Win %(3)      28.2%      24.6%                  3.6 pts

Slot Handle                  $   700.6  $   659.1  $     41.5       6.3%
   Slot Hold %(4)                  7.3%       7.1%                  0.2 pts

Hotel Statistics

   Occupancy %                    88.8%      92.3%                 -3.5 pts
   Average Daily Rate (ADR)  $     231  $     204  $       27      13.2%
   Revenue per Available
    Room (RevPAR)            $     205  $     188  $       17       9.0%


(1) Revenue amounts have been reclassified to conform to the current
    period presentation.
(2) This compares to our expected Rolling Chip win percentage of 2.7% to
    3.0% (calculated before discounts and commissions).
(3) This compares to The Venetian Macao's trailing 12 month Non-Rolling
    Chip win percentage of 25.3% (calculated before discounts).
(4) This compares to The Venetian Macao's trailing 12 month slot hold
    percentage of 7.0% (calculated before slot club cash incentives).

Sands Macao Fourth Quarter Operating Results

Sands Macao's outstanding fourth quarter operating performance reflected the Sands' strong competitive positioning on the Macau peninsula. Gaming volumes reflected healthy growth, while margins expanded. Adjusted property EBITDA was $93.4 million in the quarter, an increase of 65.6% compared to the fourth quarter of 2009. Adjusted property EBITDA margin was 29.3% for the quarter, compared to 19.8% for the year-ago quarter. Non-Rolling Chip drop increased 15.7% to $669.4 million compared to the fourth quarter of 2009. Slot handle increased to $394.4 million, up 12.0% compared to the quarter one year ago, while Rolling Chip volume increased 13.9% to $7.51 billion for the quarter.

The following table summarizes our key operating results for the Sands Macao for the fourth quarter of 2010 compared to the fourth quarter of 2009:

                              Three Months Ended
Sands Macao Operations           December 31,
                             --------------------
(Dollars in millions)          2010       2009     $ Change    Change
                             ---------  ---------  ---------   --------

Revenues:
   Casino                    $   311.3  $   278.8  $    32.5       11.7%
   Rooms                           5.6        6.9       (1.3)     -18.8%
   Food and Beverage              10.7        9.3        1.4       15.1%
   Retail and Other                2.3        1.3        1.0       76.9%
   Less - Promotional
    Allowances                   (10.6)     (11.4)       0.8        7.0%
                             ---------  ---------  ---------
Net Revenues                 $   319.3  $   284.9  $    34.4       12.1%

Adjusted Property EBITDA     $    93.4  $    56.4  $    37.0       65.6%
   EBITDA Margin %                29.3%      19.8%                  9.5 pts

Operating Income             $    84.5  $    43.9  $    40.6       92.5%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume          $ 7,512.6  $ 6,595.8  $   916.8       13.9%
   Rolling Chip Win %(1)          3.04%      3.11%                -0.07 pts

Non-Rolling Chip Drop        $   669.4  $   578.6  $    90.8       15.7%
   Non-Rolling Chip Win %(2)      20.0%      20.8%                 -0.8 pts

Slot Handle                  $   394.4  $   352.1  $    42.3       12.0%
   Slot Hold %(3)                  6.2%       6.4%                 -0.2 pts

Hotel Statistics

   Occupancy %                    81.2%      98.3%                -17.1 pts
   Average Daily Rate (ADR)  $     260  $     264  $      (4)      -1.5%
   Revenue per Available
    Room (RevPAR)            $     211  $     259  $     (48)     -18.5%

(1) This compares to our expected Rolling Chip win percentage of 2.7% to
    3.0% (calculated before discounts and commissions).
(2) This compares to the Sands Macao's trailing 12 month Non-Rolling Chip
    win percentage of 20.5% (calculated before discounts).
(3) This compares to the Sands Macao's trailing 12 month slot hold
    percentage of 5.9% (calculated before slot club cash incentives).

Four Seasons Hotel Macao and Plaza Casino Fourth Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino generated $12.2 million of adjusted property EBITDA for the fourth quarter of 2010. The property's operating results were negatively impacted by lower than expected Rolling Chip win percentage of 1.55%, which compares to the expected Rolling Chip win percentage of 2.7% to 3.0%. Rolling Chip volume increased 22.3% to $4.59 billion during the quarter. The mass gaming business continued to expand, with Non-Rolling Chip table games drop increasing 15.6% to $98.5 million and slot handle reaching $133.8 million in the quarter, an increase of 67.9% compared to last year's fourth quarter. Hotel occupancy reached 70.2% during the quarter, with ADR increasing 17.1% to $349, compared to $298 in the same quarter last year.

The following table summarizes our key operating results for the Four Seasons Hotel Macao and Plaza Casino for the fourth quarter of 2010 compared to the fourth quarter of 2009:

Four Seasons Hotel Macao and   Three Months Ended
 Plaza Casino Operations         December 31,
                             --------------------
(Dollars in millions)          2010       2009     $ Change      Change
                             ---------  ---------  ---------   --------

Revenues:
   Casino                    $    68.2  $    77.4  $    (9.2)     -11.9%
   Rooms                           8.6        6.9        1.7       24.6%
   Food and Beverage               5.8        4.7        1.1       23.4%
   Retail and Other               16.6       15.5        1.1        7.1%
   Less - Promotional
    Allowances                    (7.4)      (6.7)      (0.7)     -10.4%
                             ---------  ---------  ---------
Net Revenues                 $    91.8  $    97.8  $    (6.0)      -6.1%

Adjusted Property EBITDA     $    12.2  $    20.4  $    (8.2)     -40.2%
   EBITDA Margin %                13.3%      20.9%                 -7.6 pts

Operating Income (Loss)      $    (3.0) $     2.9  $    (5.9)    -203.4%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume          $ 4,587.3  $ 3,750.6  $   836.7       22.3%
   Rolling Chip Win %(1)          1.55%      2.12%                -0.57 pts

Non-Rolling Chip Drop        $    98.5  $    85.2  $    13.3       15.6%
   Non-Rolling Chip Win %(2)      33.0%      22.2%                 10.8 pts

Slot Handle                  $   133.8  $    79.7  $    54.1       67.9%
   Slot Hold %(3)                  6.9%       6.4%                  0.5 pts

Hotel Statistics

   Occupancy %                    70.2%      69.6%                  0.6 pts
   Average Daily Rate (ADR)  $     349  $     298  $      51       17.1%
   Revenue per Available
    Room (RevPAR)            $     245  $     208  $      37       17.8%


(1) This compares to our expected Rolling Chip win percentage of 2.7%
    to 3.0% (calculated before discounts and commissions).
(2) This compares to the Plaza Casino's trailing 12 month Non-Rolling
    Chip win percentage of 26.5% (calculated before discounts).
(3) This compares to the Plaza Casino's trailing 12 month slot hold
    percentage of 5.7% (calculated before slot club cash incentives).

Marina Bay Sands Fourth Quarter Operating Results

Marina Bay Sands in Singapore delivered adjusted property EBITDA of $305.8 million and adjusted property EBITDA margin of 54.6%. Net revenue in the quarter was $560.4 million. After its debut in April 2010, the property continues to build momentum as additional dining, convention and exhibition, and retail offerings came online during the fourth quarter.

Gaming volumes were healthy in each segment of the business. Rolling Chip volume was $8.14 billion, with Rolling Chip win percentage of 3.11%, slightly above our expected Rolling Chip win percentage of 2.7% to 3.0%. Non-Rolling Chip drop was $942.1 million with Non-Rolling Chip win percentage of 22.6%. Slot handle, which includes play from electronic table games, was $1.84 billion for the period with slot hold percentage of 5.3%.

The following table summarizes our key operating results for Marina Bay Sands for the fourth quarter of 2010 compared sequentially to the third quarter of 2010:

                          Three Months Ended
                        ----------------------
Marina Bay Sands         December   September
 Operations(1)              31,         30,
(Dollars in millions)      2010        2010      $ Change      Change
                        ----------  ----------  ----------  -----------

Revenues:
   Casino               $    457.1  $    414.5  $     42.6         10.3%
   Rooms                      50.8        38.2        12.6         33.0%
   Food and Beverage          38.4        31.9         6.5         20.4%
   Retail and Other           43.7        31.3        12.4         39.6%
   Less - Promotional
    Allowances               (29.6)      (30.0)        0.4          1.3%
                        ----------  ----------  ----------
Net Revenues            $    560.4  $    485.9  $     74.5         15.3%

Adjusted Property
 EBITDA                 $    305.8  $    241.6  $     64.2         26.6%
   EBITDA Margin %           54.60%       49.7%                     4.9 pts

Operating Income        $    225.1  $    166.2  $     58.9         35.4%

Gaming Statistics
(Dollars in millions)

Rolling Chip Volume     $ 8,139.10  $ 10,254.6  $ (2,115.5)       -20.6%
   Rolling Chip Win
    %(2)                      3.11%       2.65%                    0.46 pts

Non-Rolling Chip Drop   $    942.1  $    892.1  $     50.0          5.6%
   Non-Rolling Chip Win
    %                         22.6%       22.1%                     0.5 pts

Slot Handle             $ 1,835.40  $  1,358.7  $    476.7         35.1%
   Slot Hold %                 5.3%        5.9%                    -0.6 pts

Hotel Statistics

   Occupancy %                84.8%       68.2%                    16.6 pts
   Average Daily Rate
    (ADR)               $      258  $      246  $       12          4.9%
   Revenue per
    Available Room
    (RevPAR)            $      219  $      168  $       51         30.4%


(1) In lieu of comparing to prior year operating results, which are not
    available given the property opened in April 2010, a quarterly
    sequential comparison is presented.
(2) This compares to our expected Rolling Chip win percentage of 2.7%
    to 3.0% (calculated before discounts and commissions).

Las Vegas Fourth Quarter Operating Results

The Venetian Las Vegas and The Palazzo delivered $80.6 million of adjusted property EBITDA for the fourth quarter of 2010, an increase of 41.7% compared to the fourth quarter of 2009. Operating efficiencies including lower promotional allowances contributed to adjusted property EBITDA margin of 25.9%, an increase of 460 basis points compared to 21.3% last quarter.

The following table summarizes our key operating results for our Las Vegas operations for the fourth quarter of 2010 compared to the fourth quarter of 2009:

                                 Three Months Ended
Las Vegas Operations                December 31,
                                 ------------------
(Dollars in millions)              2010    2009(1)   $ Change   Change
                                 --------  --------  --------  --------

Revenues:
   Casino                        $  121.8  $  125.3  $   (3.5)     -2.8%
   Rooms                             99.6     103.2      (3.6)     -3.5%
   Food and Beverage                 55.5      44.5      11.0      24.7%
   Retail and Other                  59.1      35.3      23.8      67.4%
   Less - Promotional Allowances    (25.4)    (41.6)     16.2      38.9%
                                 --------  --------  --------
Net Revenues                     $  310.6  $  266.7  $   43.9      16.5%

Adjusted Property EBITDA         $   80.6  $   56.9  $   23.7      41.7%
   EBITDA Margin %                   25.9%     21.3%                4.6 pts

Operating Income (Loss)          $   44.4  $  (14.0) $   58.4     417.1%

Gaming Statistics
(Dollars in millions)

Table Games Drop                 $  463.3  $  508.8  $  (45.5)     -8.9%
   Table Games Win %(2)              19.8%     17.1%                2.7 pts

Slot Handle                      $  577.5  $  658.6  $  (81.1)    -12.3%
   Slot Hold %(3)                     8.0%      7.8%                0.2 pts

Hotel Statistics

The Venetian Las Vegas:
   Occupancy %                       80.7%     77.7%                3.0 pts
   Average Daily Rate (ADR)      $    185  $    193  $     (8)     -4.1%
   Revenue per Available Room
    (RevPAR)                     $    149  $    150  $     (1)     -0.7%

The Palazzo:
   Occupancy %                       79.3%     84.6%               -5.3 pts
   Average Daily Rate (ADR)      $    202  $    204  $     (2)     -1.0%
   Revenue per Available Room
    (RevPAR)                     $    160  $    172  $    (12)     -7.0%


(1) Revenue amounts have been reclassified to conform to the current
    presentation.
(2) This compares to our Las Vegas Operation's trailing 12 month table
    games win percentage of 18.1% (calculated before discounts).
(3) This compares to our Las Vegas Operation's trailing 12 month slot
    hold percentage of 7.8% (calculated before slot club cash incentives).

Sands Bethlehem Fourth Quarter Operating Results

Net revenue for Sands Bethlehem in Pennsylvania was $83.4 million and adjusted property EBITDA reached $19.5 million for the fourth quarter of 2010, the highest total since the opening of the property in May 2009. EBITDA margin was also a record for the property at 23.4%, up 1,230 basis points compared to the fourth quarter of 2009. The introduction of 89 table games in July 2010 expanded the property's offerings and produced $101.7 million of table games drop during the quarter. Table games win percentage was 14.5%. Slot handle was $840.7 million for the quarter. Construction of the property's 300-room hotel tower is progressing and the hotel is expected to open in May 2011.

The following table summarizes our key operating results for Sands Bethlehem for the fourth quarter of 2010 compared to the fourth quarter of 2009:

                                 Three Months Ended
Sands Bethlehem Operations          December 31,
                                 ------------------
(Dollars in millions)              2010      2009    $ Change   Change
                                 --------  --------  --------  --------

Revenues:
   Casino                        $   79.1  $   53.6  $   25.5      47.6%
   Food and Beverage                  4.9       4.5       0.4       8.9%
   Retail and Other                   2.8       1.2       1.6     133.3%
   Less - Promotional Allowances     (3.4)     (1.8)     (1.6)    -88.9%
                                 --------  --------  --------
Net Revenues                     $   83.4  $   57.5  $   25.9      45.0%

Adjusted Property EBITDA         $   19.5  $    6.4  $   13.1     204.7%
   EBITDA Margin %                   23.4%     11.1%               12.3 pts

Operating Income (Loss)          $   10.5  $   (2.1) $   12.6     600.0%

Gaming Statistics
(Dollars in millions)

Table Games Drop(1)              $  101.7
   Table Games Win %                 14.5%

Slot Handle                      $  840.7  $  847.6  $   (6.9)     -0.8%
   Slot Hold %(2)                     7.4%      6.3%                1.1 pts


(1) Table games were introduced at the property on July 18, 2010.
(2) This compares to Sands Bethlehem's trailing 12 month slot hold
    percentage of 6.8% (calculated before slot club cash incentives).

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of losses from our CotaiJet ferry operation, was negative $8.3 million in the quarter.

Pre-opening expenses, related principally to Marina Bay Sands in Singapore and the Shangri-La, Traders, Sheraton, St. Regis development on parcels 5 and 6 of the COTAI Strip in Macau, decreased to $17.1 million in the fourth quarter of 2010, compared to $42.1 million in the fourth quarter of 2009.

Depreciation and amortization expense was $184.5 million in the fourth quarter of 2010, compared to $154.5 million in the fourth quarter of 2009. The increase was principally driven by the opening of Marina Bay Sands in April 2010.

Interest expense, net of amounts capitalized, was $74.9 million for the fourth quarter of 2010, compared to $97.4 million during the fourth quarter of 2009. The decrease was principally the result of lower debt balances in the quarter compared to the fourth quarter of 2009, including the repayment of over $2.6 billion of debt as we advanced our deleveraging strategy. Our weighted average borrowing cost in the fourth quarter of 2010 was 4.1%. Capitalized interest was $31.7 million during the fourth quarter of 2010, compared to $20.3 million during the fourth quarter of 2009.

Corporate expense was $30.7 million in the fourth quarter of 2010, compared to $26.8 million in the fourth quarter of 2009. The increase was driven principally by higher incentive compensation expenses attributable to the company's improved financial and operating performance.

Other expense, which was principally composed of foreign currency losses, was $2.1 million in the fourth quarter of 2010, compared to $3.4 million in the fourth quarter of 2009.

The company's effective tax rate for the fourth quarter of 2010 was 6.7%. The effective tax rate includes a provision for the earnings from Marina Bay Sands at the 17% Singapore income tax rate.

Net income attributable to noncontrolling interests during the fourth quarter of $60.9 million was principally related to Sands China Ltd.

The financial results for the fourth quarter of 2009 were impacted by a non-cash impairment loss of $18.3 million and a loss on modification or early retirement of debt of $23.0 million. No such losses were experienced in the fourth quarter of 2010.

Balance Sheet Items

Unrestricted cash balances as of December 31, 2010, were $3.04 billion, while restricted cash balances were $809.9 million. Of the restricted cash balances, $775.7 million pertains to construction for the Shangri-La, Traders, Sheraton, St. Regis development on parcels 5 and 6 in Macau, and $14.3 million is restricted for construction of Marina Bay Sands in Singapore.

As of December 31, 2010, total debt outstanding, including the current portion, was $10.14 billion. Scheduled principal payments required in 2011 total $767.1 million.

Capital Expenditures

Capital expenditures during the fourth quarter totaled $373.7 million, including construction and development activities of $210.2 million at Marina Bay Sands, $143.9 million in Macau, $11.6 million at Sands Bethlehem, and $8.0 million in Las Vegas.

Conference Call Information

The company will hold a conference call to discuss the company's results on Thursday, February 3, 2011 at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.lasvegassands.com.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificates and subconcession, infrastructure in Macau and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.

Note 1

Adjusted net income excludes pre-opening expense, development expense, impairment loss, gain or loss on disposal of assets, loss on modification or early retirement of debt, legal settlement expense, preferred stock dividends, accretion to redemption value of preferred stock issued to the Principal Stockholder's family, and preferred stock inducement premium.

About Las Vegas Sands Corp.

Las Vegas Sands Corp. (NYSE: LVS) is a Fortune 500 company and the leading global developer of destination properties (integrated resorts) that feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.

THE VENETIAN® and THE PALAZZO®, Five-Diamond luxury resorts on the Las Vegas Strip, are among the company's properties in the United States. In Singapore, the iconic MARINA BAY SANDS® is the most recent addition to the company's portfolio.

Through its majority-owned subsidiary Sands China Ltd., the company also owns a collection of properties in Macau, including THE VENETIAN® Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at its COTAI STRIP® development, as well as the SANDS® Macao on the Macau peninsula.

The company is currently constructing a 6,400-room complex at the COTAI STRIP, which will feature the Shangri-La, Traders, Sheraton, and St. Regis hotel brands.

Las Vegas Sands is also committed to global sustainability through its SANDS Eco 360 program and is an active community partner through its various charitable organizations.

Las Vegas Sands Corp.

Fourth Quarter 2010 Results

Non-GAAP Reconciliations

Within the company's fourth quarter 2010 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," and "adjusted property EBITDA." Whenever such information is presented, the company has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why the company's management believes that the presentation of each of these non-GAAP financial measures provides useful information to investors regarding Las Vegas Sands Corp.'s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.

Adjusted property EBITDA consists of operating income (loss) before depreciation and amortization, impairment loss, gain or loss on disposal of assets, pre-opening expense, development expense, stock-based compensation, corporate expense, and rental expense. Reconciliations of GAAP operating income (loss) and GAAP net income (loss) attributable to Las Vegas Sands Corp. to adjusted property EBITDA are included in the financial schedules accompanying this release.


Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

                           Three Months Ended            Year Ended
                              December 31,              December 31,
                            2010         2009         2010         2009
                        -----------  -----------  -----------  -----------

Revenues:
  Casino                $ 1,603,166  $ 1,020,565  $ 5,533,088  $ 3,524,798
  Rooms                     217,790      165,753      797,499      657,783
  Food and beverage         132,214       78,847      446,558      327,699
  Convention, retail
   and other                170,132      114,188      540,792      419,164
                        -----------  -----------  -----------  -----------
                          2,123,302    1,379,353    7,317,937    4,929,444
  Less - promotional
   allowances              (108,256)     (95,154)    (464,755)    (366,339)
                        -----------  -----------  -----------  -----------
                          2,015,046    1,284,199    6,853,182    4,563,105
                        -----------  -----------  -----------  -----------

Operating expenses:
  Resort operations       1,284,914      986,228    4,656,247    3,506,874
  Corporate expense          30,732       26,848      108,848      132,098
  Rental expense             10,612        7,402       41,302       29,899
  Pre-opening expense        17,149       42,112      114,833      157,731
  Development expense           525          189        1,783          533
  Depreciation and
   amortization             184,450      154,482      694,971      586,041
  Impairment loss                 -       18,293       16,057      169,468
  (Gain) loss on
   disposal of assets        (2,022)       4,701       38,555        9,201
                        -----------  -----------  -----------  -----------
                          1,526,360    1,240,255    5,672,596    4,591,845
                        -----------  -----------  -----------  -----------

Operating income (loss)     488,686       43,944    1,180,586      (28,740)

  Interest income             2,580        1,282        8,947       11,122
  Interest expense, net
   of amounts
   capitalized              (74,938)     (97,367)    (306,813)    (321,870)
  Other expense              (2,055)      (3,357)      (8,260)      (9,891)
  Loss on modification
   or early retirement
   of debt                        -      (23,044)     (18,555)     (23,248)
                        -----------  -----------  -----------  -----------

Income (loss) before
 income taxes               414,273      (78,542)     855,905     (372,627)

Income tax benefit
 (expense)                  (27,866)       4,525      (74,302)       3,884
                        -----------  -----------  -----------  -----------

Net income (loss)           386,407      (74,017)     781,603     (368,743)

Net (income) loss
 attributable to
 noncontrolling
 interests                  (60,898)       6,590     (182,209)      14,264
                        -----------  -----------  -----------  -----------

Net income (loss)
 attributable to Las
 Vegas Sands Corp.          325,509      (67,427)     599,394     (354,479)

Preferred stock
 dividends                  (22,757)     (23,350)     (92,807)     (93,026)
Accretion to redemption
 value of preferred
 stock issued to
 Principal Stockholder's
 family                     (23,137)     (23,137)     (92,545)     (92,545)
Preferred stock
 inducement premium          (6,579)           -       (6,579)           -
                        -----------  -----------  -----------  -----------

Net income (loss)
 attributable to common
 stockholders           $   273,036  $  (113,914) $   407,463  $  (540,050)
                        ===========  ===========  ===========  ===========
Basic earnings (loss)
 per share              $      0.40  $     (0.17) $      0.61  $     (0.82)
                        ===========  ===========  ===========  ===========
Diluted earnings (loss)
 per share              $      0.34  $     (0.17) $      0.51  $     (0.82)
                        ===========  ===========  ===========  ===========
Weighted average shares
 outstanding:
  Basic                 688,139,581  660,247,807  667,463,535  656,836,950
                        ===========  ===========  ===========  ===========
  Diluted               806,346,583  660,247,807  791,760,624  656,836,950
                        ===========  ===========  ===========  ===========


Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)

The following are reconciliations of Operating Income (Loss) to Adjusted
Property EBITDA:

                Three Months Ended December 31, 2010

                                               Impairment
                                                and (Gain) Pre-Opening
                      Operating  Depreciation     Loss       and on
                        Income       and        Disposal   Development
                        (Loss)   Amortization  of Assets     Expense
                      ---------  ------------- ----------  ------------
The Venetian Macao    $ 185,796  $      43,336 $      631  $      2,175
Sands Macao              84,498          8,244         40             -
Four Seasons Hotel
 Macao and Plaza
 Casino                  (3,029)        13,201          -         1,263
                      ---------  ------------- ----------  ------------
  Macau Property
   Operations           267,265         64,781        671         3,438
Las Vegas Operating
 Properties              44,438         54,172        426             -
Sands Bethlehem          10,486          7,441        807           122
                      ---------  ------------- ----------  ------------
  United States
   Property Operations   54,924         61,613      1,233           122
Marina Bay Sands        225,124         49,575          -         6,184
Other Asia (2)          (14,790)         5,064     (5,532)        1,830
Other Development        (8,430)           170          1         6,100
Corporate               (35,407)         3,247      1,605             -
                      ---------  ------------- ----------  ------------
                      $ 488,686  $     184,450 $   (2,022) $     17,674
                      =========  ============= ==========  ============




                                    (1)                           Adjusted
                      Royalty   Stock-Based  Corporate  Rental   Property
                        Fees    Compensation  Expense   Expense    EBITDA
                      --------  ------------ ---------- -------- ---------

The Venetian Macao    $      -  $      1,347 $        - $  2,273  $235,558
Sands Macao                  -           308          -      353    93,443
Four Seasons Hotel
 Macao and Plaza
 Casino                      -            96          -      705    12,236
                      --------  ------------ ---------- -------- ---------
  Macau Property
   Operations                -         1,751          -    3,331   341,237
Las Vegas Operating
 Properties            (22,449)        3,971          -        -    80,558
Sands Bethlehem              -           676          -        -    19,532
                      --------  ------------ ---------- -------- ---------
  United States
   Property Operations (22,449)        4,647          -        -   100,090
Marina Bay Sands        17,626         2,212          -    5,122   305,843
Other Asia (2)           5,000           148          -        -    (8,280)
Other Development            -             -          -    2,159         -
Corporate                 (177)            -     30,732        -         -
                      --------  ------------ ---------- -------- ---------

                      $      -  $      8,758 $   30,732 $ 10,612 $ 738,890
                      ========  ============ ========== ======== =========


                        Three Months Ended December 31, 2009

                                              Impairment
                                                 and      Pre-Opening
                      Operating  Depreciation  Loss on       and
                        Income       and       Disposal   Development
                        (Loss)   Amortization  of Assets    Expense
                      ---------  ------------- ---------- ------------
The Venetian Macao    $ 119,675  $      50,291 $      941 $          -
Sands Macao              43,899         10,724        483            -
Four Seasons Hotel
 Macao and Plaza
 Casino                   2,941         16,528          6           86
                      ---------  ------------- ---------- ------------
  Macau Property
   Operations           166,515         77,543      1,430           86
Las Vegas Operating
 Properties             (13,991)        61,629      6,558            -
Sands Bethlehem          (2,075)         7,396          -          446
                      ---------  ------------- ---------- ------------
 United States
  Property Operations   (16,066)        69,025      6,558          446
Other Asia (2)          (30,030)         3,952     15,006          401
Other Development       (46,636)           971          -       41,368
Corporate               (29,839)         2,991          -            -
                      ---------  ------------- ---------- ------------
                      $  43,944  $     154,482 $   22,994 $     42,301
                      =========  ============= ========== ============



                                   (1)                           Adjusted
                      Royalty  Stock-Based   Corporate  Rental   Property
                        Fees   Compensation   Expense   Expense    EBITDA
                      -------  ------------- ---------- -------- ---------
The Venetian Macao    $     -  $       1,738 $        - $  2,053 $ 174,698
Sands Macao                 -            943          -      354    56,403
Four Seasons Hotel
 Macao and Plaza
 Casino                     -            227          -      656    20,444
                      -------  ------------- ---------- -------- ---------
  Macau Property
   Operations               -          2,908          -    3,063   251,545
Las Vegas Operating
 Properties            (1,753)         4,385          -       42    56,870
Sands Bethlehem             -            639          -        -     6,406
                      -------  ------------- ---------- -------- ---------
  United States
   Property Operations (1,753)         5,024          -       42    63,276
Other Asia (2)          1,753            297          -        -    (8,621)
Other Development           -              -          -    4,297         -
Corporate                   -              -     26,848        -         -
                      -------  ------------- ---------- -------- ---------
                      $     -  $       8,229 $   26,848 $  7,402 $ 306,200
                      =======  ============= ========== ======== =========



                           Year Ended December 31, 2010

                                                 Impairment
                                                 and (Gain)  Pre-Opening
                       Operating   Depreciation   Loss on       and
                         Income         and      Disposal    Development
                         (Loss)    Amortization  of Assets     Expense
                      -----------  ------------- ----------  -----------
The Venetian Macao    $   591,222  $     195,947 $    4,345  $     2,175
Sands Macao               277,429         38,546       (526)           -
Four Seasons Hotel
 Macao and Plaza
 Casino                    55,767         50,753        (76)       3,422
                      -----------  ------------- ----------  -----------
  Macau Property
   Operations             924,418        285,246      3,743        5,597
Las Vegas Operating
 Properties               122,119        229,900      1,026            -
Sands Bethlehem            26,211         28,204        807        1,422
                      -----------  ------------- ----------  -----------
  United States
   Property Operations    148,330        258,104      1,833        1,422
Marina Bay Sands          443,383        119,588        302       22,126
Other Asia (2)            (58,802)        17,114     (5,532)       1,943
Other Development        (154,105)         2,341     52,661       85,528
Corporate                (122,638)        12,578      1,605            -
                      -----------  ------------- ----------  -----------
                      $ 1,180,586  $     694,971 $   54,612  $   116,616
                      ===========  ============= ==========  ===========



                                   (1)                           Adjusted
                      Royalty  Stock-Based  Corporate  Rental    Property
                        Fees   Compensation  Expense   Expense    EBITDA
                      -------  ------------ ---------- -------- ----------
The Venetian Macao    $     -  $      4,505 $        - $ 11,604  $ 809,798
Sands Macao                 -         1,658          -    1,412    318,519
Four Seasons Hotel
 Macao and Plaza
 Casino                     -           432          -    3,394    113,692
                      -------  ------------ ---------- -------- ----------
  Macau Property
   Operations               -         6,595          -   16,410  1,242,009
Las Vegas Operating
 Properties           (58,883)       15,951          -        -    310,113
Sands Bethlehem             -         2,338          -        -     58,982
                      -------  ------------ ---------- -------- ----------
  United States
   Property
   Operations         (58,883)       18,289          -        -    369,095
Marina Bay Sands       39,276         5,906          -   11,317    641,898
Other Asia (2)         20,000           848          -        -    (24,429)
Other Development           -             -          -   13,575          -
Corporate                (393)            -    108,848        -          -
                      -------  ------------ ---------- -------- ----------
                      $     -  $     31,638 $  108,848 $ 41,302 $2,228,573
                      =======  ============ ========== ======== ==========



                       Year Ended December 31, 2009

                                              Impairment
                                                and       Pre-Opening
                   Operating    Depreciation   Loss on        and
                     Income          and       Disposal    Development
                     (Loss)     Amortization   of Assets     Expense
                   -----------  ------------- ------------ -------------
The Venetian Macao $   334,908  $     202,265 $      5,388 $        (105)
Sands Macao            193,530         46,786          576             -
Four Seasons Hotel
 Macao and Plaza
 Casino               (18,868)        54,045           71         2,094
                   -----------  ------------- ------------ -------------
  Macau Property
   Operations          509,570        303,096        6,035         1,989
Las Vegas Operating
 Properties           (154,904)       236,892      157,626           (55)
Sands Bethlehem           (595)        16,394            -           184
                   -----------  ------------- ------------ -------------
  United States
   Property
   Operations         (155,499)       253,286      157,626           129
Other Asia (2)         (66,090)        14,131       15,008         1,761
Other Development     (173,254)         4,159            -       154,385
Corporate             (143,467)        11,369            -             -
                   -----------  ------------- ------------ -------------
                   $   (28,740) $     586,041 $    178,669 $     158,264
                   ===========  ============= ============ =============

                                 (1)                             Adjusted
                    Royalty  Stock-Based  Corporate   Rental     Property
                     Fees    Compensation  Expense    Expense     EBITDA
                   ---------  ---------- ---------- ---------- -----------
The Venetian Macao $       -  $    5,877 $        - $    8,214 $   556,547
Sands Macao                -       2,617          -      1,416     244,925
Four Seasons Hotel
 Macao and Plaza
 Casino                    -         563          -      2,622      40,527
                   ---------  ---------- ---------- ---------- -----------
  Macau Property
   Operations              -       9,057          -     12,252     841,999
Las Vegas Operating
 Properties           (1,753)     18,463          -      2,937     259,206
Sands Bethlehem            -       1,583          -          -      17,566
                   ---------  ---------- ---------- ---------- -----------
  United States
   Property
   Operations         (1,753)     20,046          -      2,937     276,772
Other Asia (2)         1,753         827          -          -     (32,610)
Other Development          -           -          -     14,710           -
Corporate                  -           -    132,098          -           -
                   ---------  ---------- ---------- ---------- -----------
                   $       -  $   29,930 $  132,098 $   29,899 $ 1,086,161
                   =========  ========== ========== ========== ===========

(1) During the three months ended December 31, 2010 and 2009, the Company
    recorded stock-based compensation expense of $15.4 million and $12.6 
    million, respectively, of which $6.6 million and $2.8 million,
    respectively, is included in corporate expense and $0.1 million and
    $1.6 million, respectively, is included in pre-opening and development
    expense on the Company's condensed consolidated statements of
    operations.  During the year ended December 31, 2010 and 2009, the
    Company recorded stock-based compensation expense of $58.0 million and
    $45.5 million, respectively, of which $24.4 million and $9.7 million,
    respectively, is included in corporate expense and $2.0 million and
    $5.9 million, respectively, is included in pre-opening and development
    expense on the Company's condensed consolidated statements of
    operations.

(2) Primarily includes the results of the CotaiJet ferry operations.



Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure
(In thousands)
(Unaudited)

The following is a reconciliation of Net Income (Loss) Attributable to Las
Vegas Sands Corp. to Adjusted Property EBITDA:

                           Three Months Ended            Year Ended
                              December 31,              December 31,
                            2010         2009         2010         2009
                        -----------  -----------  -----------  -----------
Net income (loss)
 attributable to Las
 Vegas Sands Corp.      $   325,509  $   (67,427) $   599,394  $  (354,479)
  Add (deduct):
    Net income (loss)
     attributable to
     noncontrolling
     interests               60,898       (6,590)     182,209      (14,264)
    Income tax expense
     (benefit)               27,866       (4,525)      74,302       (3,884)
    Loss on
     modification or
     early retirement
     of debt                      -       23,044       18,555       23,248
    Other expense             2,055        3,357        8,260        9,891
    Interest expense,
     net of amounts
     capitalized             74,938       97,367      306,813      321,870
    Interest income          (2,580)      (1,282)      (8,947)     (11,122)
    (Gain) loss on
     disposal of assets      (2,022)       4,701       38,555        9,201
    Impairment loss               -       18,293       16,057      169,468
    Depreciation and
     amortization           184,450      154,482      694,971      586,041
    Development expense         525          189        1,783          533
    Pre-opening expense      17,149       42,112      114,833      157,731
    Stock-based
     compensation (1)         8,758        8,229       31,638       29,930
    Rental expense           10,612        7,402       41,302       29,899
    Corporate expense        30,732       26,848      108,848      132,098
                        -----------  -----------  -----------  -----------

Adjusted Property
 EBITDA                 $   738,890  $   306,200  $ 2,228,573  $ 1,086,161
                        ===========  ===========  ===========  ===========


(1)  See prior page (Exhibit 2)


Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Net Revenues
(In thousands)
(Unaudited)

                           Three Months Ended            Year Ended
                              December 31,              December 31,
                            2010         2009         2010        2009
                        -----------  -----------  -----------  -----------

The Venetian Macao      $   661,518  $   571,809  $ 2,412,990  $ 1,993,531
Sands Macao                 319,336      284,865    1,193,589    1,024,268
Four Seasons Hotel
 Macao and Plaza Casino      91,842       97,824      498,649      260,567
Las Vegas Operating
 Properties                 310,627      266,692    1,213,046    1,106,263
Sands Bethlehem              83,393       57,493      302,101      153,198
Marina Bay Sands            560,411            -    1,262,690            -
Other Asia                   29,625       23,817      110,586       87,987
Eliminations                (41,706)     (18,301)    (140,469)     (62,709)
                        -----------  -----------  -----------  -----------
                        $ 2,015,046  $ 1,284,199  $ 6,853,182  $ 4,563,105
                        ===========  ===========  ===========  ===========



Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Adjusted Property EBITDA as a Percentage of Net
 Revenues
(Unaudited)

                           Three Months Ended            Year Ended
                              December 31,              December 31,
                            2010         2009         2010         2009
                        -----------  -----------  -----------  -----------
The Venetian Macao             35.6%        30.6%        33.6%        27.9%
Sands Macao                    29.3%        19.8%        26.7%        23.9%
Four Seasons Hotel
 Macao and Plaza Casino        13.3%        20.9%        22.8%        15.6%
Las Vegas Operating
 Properties                    25.9%        21.3%        25.6%        23.4%
Sands Bethlehem                23.4%        11.1%        19.5%        11.5%
Marina Bay Sands               54.6%         N/A         50.8%         N/A
Other Asia                    -27.9%       -36.2%       -22.1%       -37.1%
Total                          36.7%        23.8%        32.5%        23.8%



Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Measure - Adjusted Net Income and Adjusted Earnings Per Diluted
Share
(In thousands, except share and per share data)
(Unaudited)

                           Three Months Ended            Year Ended
                              December 31,              December 31,
                            2010         2009         2010         2009
                        -----------  -----------  ------------ -----------

Net income (loss)
 attributable to common
 stockholders           $   273,036  $  (113,914) $    407,463 $  (540,050)

Pre-opening expense,
 net                         16,098       42,112       100,699     157,731
Development expense,
 net                            525          189         1,783         533
Impairment loss, net              -       18,293        16,057     169,468
(Gain) loss on disposal
 of assets, net              (2,022)       4,701        38,555       9,201
Loss on modification or
 early retirement of
 debt                             -       23,044        18,555      23,248
Legal settlement
 expense                          -            -             -      42,500
Preferred stock
 dividends                   22,757       23,350        92,807      93,026
Accretion to redemption
 value of preferred
 stock issued to
 Principal
 Stockholder's family        23,137       23,137        92,545      92,545
Preferred stock
 inducement premium           6,579            -         6,579           -
                        -----------  -----------  ------------ -----------

Adjusted net income     $   340,110  $    20,912  $    775,043 $    48,202
                        ===========  ===========  ============ ===========


Per diluted share of
 common stock:
Net income (loss)
 attributable to common
 stockholders           $      0.34  $     (0.15) $       0.51 $     (0.74)

Pre-opening expense,
 net                           0.02         0.06          0.13        0.22
Development expense,
 net                              -            -             -           -
Impairment loss, net              -         0.02          0.02        0.23
(Gain) loss on disposal
 of assets, net                   -         0.01          0.05        0.01
Loss on modification or
 early retirement of
 debt                             -         0.03          0.02        0.03
Legal settlement
 expense                          -            -             -        0.06
Preferred stock
 dividends                     0.03         0.03          0.12        0.13
Accretion to redemption
 value of preferred
 stock issued to
 Principal
 Stockholder's family          0.02         0.03          0.12        0.13
Preferred stock
 inducement premium            0.01            -          0.01           -
                        -----------  -----------  ------------ -----------

Adjusted earnings per
 diluted share          $      0.42  $      0.03  $       0.98 $      0.07
                        ===========  ===========  ============ ===========

Weighted average
 diluted shares
 outstanding            806,346,583  762,199,201   791,760,624 727,616,670



Las Vegas Sands Corp. and Subsidiaries
Supplemental Data Schedule
(Unaudited)

                           Three Months Ended            Year Ended
                              December 31,              December 31,
                            2010         2009         2010         2009
                        -----------  -----------  -----------  -----------

Room Statistics:
  The Venetian Macao:
    Occupancy %                88.8%        92.3%        90.9%        83.6%
    Average daily room
     rate (ADR) (1)     $       231  $       204  $       213  $       205
    Revenue per
     available room
     (RevPAR) (2)       $       205  $       188  $       194  $       171

  Sands Macao:
    Occupancy %                81.2%        98.3%        93.2%        97.7%
    Average daily room
     rate (ADR) (1)     $       260  $       264  $       251  $       260
    Revenue per
     available room
     (RevPAR) (2)       $       211  $       259  $       234  $       254

  Four Seasons Hotel
   Macao and Plaza
   Casino:
    Occupancy %                70.2%        69.6%        70.8%        52.3%
    Average daily room
     rate (ADR) (1)     $       349  $       298  $       309  $       295
    Revenue per
     available room
     (RevPAR) (2)       $       245  $       208  $       219  $       154

  The Venetian Las
   Vegas:
    Occupancy %                80.7%        77.7%        90.3%        86.1%
    Average daily room
     rate (ADR) (1)     $       185  $       193  $       184  $       190
    Revenue per
     available room
     (RevPAR) (2)       $       149  $       150  $       166  $       163

  The Palazzo:
    Occupancy %                79.3%        84.6%        91.2%        89.1%
    Average daily room
     rate (ADR) (1)     $       202  $       204  $       201  $       202
    Revenue per
     available room
     (RevPAR) (2)       $       160  $       172  $       183  $       180

  Marina Bay Sands:
    Occupancy %                84.8%         N/A         73.4%         N/A
    Average daily room
     rate (ADR) (1)     $       258          N/A  $       250          N/A
    Revenue per
     available room
     (RevPAR) (2)       $       219          N/A  $       184          N/A

  Casino Statistics:
    The Venetian Macao:
    Table games win per
     unit per day (3)   $    11,276  $     9,565  $    10,489  $     8,434
    Slot machine win
     per unit per day
     (4)                $       263  $       237  $       263  $       223
    Average number of
     table games                601          595          598          601
    Average number of
     slot machines            2,118        2,155        2,151        2,154

  Sands Macao:
    Table games win per
     unit per day (3)   $     9,449  $     8,575  $     8,899  $     7,415
    Slot machine win
     per unit per day
     (4)                $       223  $       211  $       218  $       201
    Average number of
     table games                416          412          416          417
    Average number of
     slot machines            1,185        1,166        1,178        1,130

  Four Seasons Hotel
   Macao and Plaza
   Casino:
    Table games win per
     unit per day (3)   $     9,552  $     9,096  $    13,318  $     6,132
    Slot machine win
     per unit per day
     (4)                $       538  $       331  $       439  $       191
    Average number of
     table games                118          118          118          110
    Average number of
     slot machines              187          167          188          203

  The Venetian Las
   Vegas:
    Table games win per
     unit per day (3)   $     2,917  $     3,078  $     2,893  $     3,164
    Slot machine win
     per unit per day
     (4)                $       193  $       206  $       215  $       209
    Average number of
     table games                105          115          111          118
    Average number of
     slot machines            1,462        1,495        1,423        1,474

  The Palazzo:
    Table games win per
     unit per day (3)   $     5,826  $     4,705  $     5,615  $     3,530
    Slot machine win
     per unit per day
     (4)                $       168  $       182  $       175  $       174
    Average number of
     table games                119          126          118          132
    Average number of
     slot machines            1,305        1,389        1,387        1,403

  Sands Bethlehem:
    Table games win per
     unit per day (3)   $     2,085          N/A  $     1,885          N/A
    Slot machine win
     per unit per day
     (4)                $       225  $       199  $       229  $       214
    Average number of
     table games                 77          N/A           77          N/A
    Average number of
     slot machines            3,023        2,923        3,097        2,959

  Marina Bay Sands:
    Table games win per
     unit per day (3)   $     8,195          N/A  $     7,416          N/A
    Slot machine win
     per unit per day
     (4)                $       538          N/A  $       478          N/A
    Average number of
     table games                619          N/A          615          N/A
    Average number of
     slot machines            1,956          N/A        1,784          N/A

(1) ADR is calculated by dividing total room revenue by total rooms
    occupied.

(2) RevPAR is calculated by dividing total room revenue by total rooms
    available.

(3) Table games win per unit per day is shown before discounts and
    commissions.

(4) Slot machine win per unit per day is shown before deducting cost for
    slot points.

Contact Information

  • Contacts:

    Investment Community:
    Daniel Briggs
    (702) 414-1221

    Media:
    Ron Reese
    (702) 414-3607