Las Vegas Sands Corp. Reports Second Quarter 2010 Results

SOURCE: Las Vegas Sands

Consolidated Second Quarter Adjusted Property EBITDA Increases 91.2% to Record $473.5 Million on Record Net Revenue of $1.59 Billion; Macau Adjusted Property EBITDA Increases 73.9% to Record of $307.0 Million and Record Adjusted Property EBITDA Margin of 29.9%; Marina Bay Sands Generates Adjusted Property EBITDA of $94.5 Million and Adjusted Property EBITDA Margin of 43.7% in First 65 Days of Operation; Consolidated Adjusted Property EBITDA Margin Increases to 29.7%, Up 630 Basis Points Compared to the Second Quarter of 2009

LAS VEGAS, NV–(Marketwire – July 28, 2010) – Las Vegas Sands Corp. (NYSE: LVS) today
reported financial results for the quarter ended June 30, 2010.

Company-Wide Operating Results

Net revenue for the second quarter of 2010 was a record $1.59 billion, an
increase of 50.6% compared to $1.06 billion in the second quarter of 2009.
Consolidated adjusted property EBITDA in the second quarter of 2010
increased 91.2% to $473.5 million, compared to $247.6 million in the
year-ago quarter. Consolidated adjusted property EBITDA margin increased
630 basis points to 29.7% in the second quarter of 2010, compared to 23.4%
in the second quarter of 2009.

On a GAAP (Generally Accepted Accounting Principles) basis, operating
income in the second quarter of 2010 increased to $166.8 million, compared
to a loss of $171.3 million in the second quarter of 2009. The increase in
operating income was principally due to stronger results across our
portfolio of properties in Macau and the opening of Marina Bay Sands in
Singapore. The operating loss in the second quarter of 2009 included an
impairment loss of $151.2 million.

Adjusted net income (see Note 1) increased to $129.3 million, or $0.17 per
diluted share, compared to $8.8 million, or $0.01 per diluted share, in the
second quarter of 2009.

On a GAAP basis, net loss attributable to common stockholders in the second
quarter of 2010 was $4.7 million, compared to net loss of $222.2 million in
the second quarter of 2009. Diluted loss per share in the second quarter of
2010 was less than $0.01, compared to a diluted loss per share of $0.34 in
the prior year quarter. The decrease in net loss attributable to common
stockholders of $217.5 million reflects the increase in operating income,
partially offset by increases in net income attributable to noncontrolling
interests (primarily Sands China Ltd.), net interest expense and income tax
expense principally associated with earnings from Marina Bay Sands.

Second Quarter Overview

Sheldon G. Adelson, chairman and CEO, stated, “We are pleased to report
that we delivered record revenues and adjusted property EBITDA during the
second quarter of 2010. Strong revenue growth, increases in operational
efficiency and robust operating margins at Marina Bay Sands in Singapore
all contributed to substantial margin expansion and a record financial
performance overall. In Macau, we delivered an all-time quarterly record of
$307.0 million of adjusted property EBITDA, with each of our properties,
The Venetian Macao, Sands Macao, and Four Seasons Hotel Macao and Plaza
Casino, delivering substantial revenue and adjusted property EBITDA growth,
as well as adjusted property EBITDA margin expansion. In Las Vegas,
increases in gaming volumes and hotel revenues, in concert with the impact
of our efficiency programs, allowed us to deliver $66.0 million of adjusted
property EBITDA during the quarter.

“In Singapore, Marina Bay Sands opened on April 27th and generated $94.5
million of adjusted property EBITDA and an EBITDA margin of 43.7% in its
first 65 days of operation. Both gaming volumes and visitation to the
property have been robust and we are gratified by the overwhelming
reception the property has received. We believe Marina Bay Sands will both
augment Singapore’s reputation as an international business and leisure
destination and provide an ideal platform for strong growth and outstanding
returns for our company in the years ahead.”

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 U.S. GAAP basis, total net revenues for Sands China Ltd.
increased 40.7% to $1.04 billion in the second quarter of 2010, compared to
$738.9 million in the second quarter of 2009. Adjusted Property EBITDA for
Sands China Ltd. increased 79.4% to $300.7 million in the second quarter of
2010, compared to $167.6 million in the second quarter of 2009. Net income
for Sands China Ltd. increased 328.2% to $133.6 million in the second
quarter of 2010, compared to $31.2 million in the second quarter of 2009.

The Venetian Macao Second Quarter Operating Results

The Venetian Macao continues to enjoy market-leading visitation and strong
financial performance. The property delivered adjusted property EBITDA of
$192.8 million for the second quarter of 2010 and a record 33.2% adjusted
property EBITDA margin, an increase of 840 basis points over the second
quarter of 2009. Gaming volumes were healthy in each segment of the
business. Slot handle was a record $701.6 million, increasing 31.1%
compared to the quarter one year ago, while Non-Rolling Chip drop was
$897.7 million for the quarter, an increase of 16.8% compared to the same
quarter last year. Non-Rolling Chip win percentage for the quarter was
24.8%, consistent with last year’s quarter. Rolling Chip volume during the
quarter was $9.77 billion, with the direct play portion representing
approximately $2.39 billion, or 24.5% of that amount.

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

                                 Three Months Ended
The Venetian Macao Operations         June 30,
                                --------------------
(In millions, except for
 percentages and basis points)    2010       2009     $ Change     Change
                                ---------  ---------  ---------  ---------
Revenues:
  Casino                        $   506.1  $   380.0  $   126.1       33.2%
  Rooms                              47.8       38.5        9.3       24.2%
  Food and Beverage                  15.5       12.9        2.6       20.2%
  Retail and Other                   37.9       33.2        4.7       14.2%
  Less - Promotional Allowances     (26.3)     (21.0)      (5.3)     -25.2%
                                ---------  ---------  ---------
Net Revenues                    $   581.0  $   443.6  $   137.4       31.0%

Adjusted Property EBITDA        $   192.8  $   110.0  $    82.8       75.3%
  EBITDA Margin %                    33.2%      24.8%              8.4 pts

Operating Income                $   134.7  $    52.7  $    82.0      155.6%

Gaming Statistics
(In millions, except for
 percentages and basis points)

Rolling Chip Volume             $ 9,765.6  $ 9,896.2  $  (130.6)      -1.3%
  Rolling Chip Win %(1)              3.36%      2.28%             1.08 pts

Non-Rolling Chip Drop           $   897.7  $   768.9  $   128.8       16.8%
  Non-Rolling Chip Win %(2)          24.8%      24.8%              0.0 pts

Slot Handle                     $   701.6  $   535.3  $   166.3       31.1%
  Slot Hold %(3)                      7.1%       7.5%             -0.4 pts

Hotel Statistics

  Occupancy %                        91.9%      76.2%             15.7 pts
  Average Daily Rate (ADR)      $     203  $     201  $       2        1.0%
  Revenue per Available Room
   (RevPAR)                     $     187  $     153  $      34       22.2%


(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 Venetian Macao's trailing 12 month Non-Rolling
    Chip win percentage of 24.4% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
    (calculated before slot club cash incentives).

Sands Macao Second Quarter Operating Results

Sands Macao’s second quarter operating performance reflected Sands’ strong
competitive positioning on the Macau peninsula. Gaming volumes were
healthy, while efficiency programs positively impacted financial results.
Adjusted property EBITDA rose to $81.2 million in the quarter, an increase
of 33.1% compared to the second quarter of 2009. Adjusted property EBITDA
margin expanded to 26.9% in the quarter, compared to 26.1% in the year-ago
quarter. Slot handle increased to a record $406.6 million, up 35.6%
compared to the quarter one year ago, while Rolling Chip volume increased
53.3% to $7.22 billion for the quarter.

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

                                 Three Months Ended
Sands Macao Operations                June 30,
                                --------------------
(In millions, except for
 percentages and basis points)    2010       2009     $ Change     Change
                                ---------  ---------  ---------  ---------

Revenues:
  Casino                        $   297.1  $   229.4  $    67.7       29.5%
  Rooms                               6.2        6.4       (0.2)      -3.1%
  Food and Beverage                   9.9        8.8        1.1       12.5%
  Retail and Other                    1.2        1.3       (0.1)      -7.7%
  Less - Promotional Allowances     (12.2)     (11.7)      (0.5)      -4.3%
                                ---------  ---------  ---------
Net Revenues                    $   302.2  $   234.2  $    68.0       29.0%

Adjusted Property EBITDA        $    81.2  $    61.0  $    20.2       33.1%
  EBITDA Margin %                    26.9%      26.1%              0.8 pts

Operating Income                $    70.0  $    48.4  $    21.6       44.6%

Gaming Statistics
(In millions, except for
 percentages and basis points)

Rolling Chip Volume             $ 7,220.9  $ 4,711.4  $ 2,509.5       53.3%
  Rolling Chip Win %(1)              3.05%      2.90%             0.15 pts

Non-Rolling Chip Drop           $   603.6  $   595.5  $     8.1        1.4%
  Non-Rolling Chip Win %(2)          20.7%      19.4%              1.3 pts

Slot Handle                     $   406.6  $   299.8  $   106.8       35.6%
  Slot Hold %(3)                      5.5%       6.5%             -1.0 pts

Hotel Statistics

  Occupancy %                        97.8%      97.8%              0.0 pts
  Average Daily Rate (ADR)      $     245  $     253  $      (8)      -3.2%
  Revenue per Available Room
   (RevPAR)                     $     239  $     247  $      (8)      -3.2%


(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 19.8% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
    (calculated before slot club cash incentives).

Four Seasons Hotel Macao and Plaza Casino Second Quarter Operating Results

The Four Seasons Hotel Macao and Plaza Casino delivered a quarterly record
$33.0 million of adjusted property EBITDA for the second quarter of 2010,
an increase of $27.4 million, or 489.3%, compared to the second quarter of
2009. Rolling Chip volume increased to $4.85 billion during the quarter,
with the direct play portion representing approximately $2.38 billion, or
49.1% of that total. The mass gaming business continued to expand, with
slot handle achieving $107.6 million in the quarter, an increase of 91.8%
compared to last year’s second quarter. Non-Rolling Chip table games drop
increased 18.3% to $95.6 million. Hotel occupancy reached 69.1% during the
quarter, up from 44.5% 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 second quarter of 2010
compared to the second quarter of 2009:

Four Seasons Hotel Macao and     Three Months Ended
 Plaza Casino Operations              June 30,
                                --------------------
(In millions, except for
 percentages and basis points)    2010       2009     $ Change     Change
                                ---------  ---------  ---------  ---------

Revenues:
  Casino                        $   132.5  $    39.6  $    92.9      234.6%
  Rooms                               6.9        4.2        2.7       64.3%
  Food and Beverage                   5.4        3.1        2.3       74.2%
  Retail and Other                    7.0        6.6        0.4        6.1%
  Less - Promotional Allowances      (7.7)      (4.8)      (2.9)     -60.4%
                                ---------  ---------  ---------
Net Revenues                    $   144.1  $    48.7  $    95.4      195.9%

Adjusted Property EBITDA        $    33.0  $     5.6  $    27.4      489.3%
  EBITDA Margin %                    22.9%      11.4%             11.5 pts

Operating Income (Loss)         $    20.6  $    (8.0) $    28.6      357.5%

Gaming Statistics
(In millions, except for
 percentages and basis points)

Rolling Chip Volume             $ 4,845.0  $   566.1  $ 4,278.9      755.9%
  Rolling Chip Win %(1)              3.07%      3.27%             -0.2 pts

Non-Rolling Chip Drop           $    95.6  $    80.8  $    14.8       18.3%
  Non-Rolling Chip Win %(2)          28.4%      27.3%              1.1 pts

Slot Handle                     $   107.6  $    56.1  $    51.5       91.8%
  Slot Hold %(3)                      5.6%       6.0%             -0.4 pts

Hotel Statistics

  Occupancy %                        69.1%      44.5%             24.6 pts
  Average Daily Rate (ADR)      $     298  $     291  $       7        2.4%
  Revenue per Available Room
   (RevPAR)                     $     206  $     130  $      76       58.5%


(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 Plaza Casino's trailing 12 month Non-Rolling Chip
    win percentage of 24.3% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
    (calculated before slot club cash incentives).

Marina Bay Sands Second Quarter Operating Results

Marina Bay Sands in Singapore began operations on April 27, 2010, with a
portion of the property’s gaming, hotel, dining, convention and exhibition,
and retail offerings open to the public for 65 days during the quarter. Net
revenues and adjusted property EBITDA for this 65-day period for Marina Bay
Sands were $216.4 million and $94.5 million, respectively, with adjusted
property EBITDA margin reaching 43.7%.

Rolling Chip volume, which was composed exclusively of non-junket direct
play, was $3.88 billion. Rolling Chip win percentage was 2.18%, which is
lower than our expected Rolling Chip win percentage of 2.7% to 3.0%. Non-
Rolling Chip table games drop was $538.3 million with Non-Rolling Chip win
percentage of 21.5%. Slot handle was $482.3 million for the period with
slot hold percentage of 7.5%.

Marina Bay Sands Operations
(In millions, except for percentages and  Period Ended
 basis points)                            June 30, 2010
                                          -------------
Revenues:
  Casino                                  $       190.8
  Rooms                                             9.7
  Food and Beverage                                13.4
  Retail and Other                                 12.5
  Less - Promotional Allowances                   (10.0)
                                          -------------
Net Revenues                              $       216.4

Adjusted Property EBITDA                  $        94.5
  EBITDA Margin %                                  43.7%

Operating Income                          $        52.0

Gaming Statistics
(In millions, except for percentages and
 basis points)

Rolling Chip Volume                        $    3,884.0
  Rolling Chip Win %(1)                            2.18%

Non-Rolling Chip Drop                      $      538.3
  Non-Rolling Chip Win %                           21.5%

Slot Handle                                $      482.3
  Slot Hold %                                       7.5%

Hotel Statistics

  Occupancy %                                      54.9%
  Average Daily Rate (ADR)                 $        226
  Revenue per Available Room (RevPAR)      $        124


(1) This compares to our expected Rolling Chip win percentage of 2.7% to
    3.0% (calculated before discounts and commissions).

Las Vegas Second Quarter Operating Results

The Venetian Las Vegas and The Palazzo enjoyed stronger gaming volumes,
improved group booking volumes and improved hotel occupancy during the
quarter. However, the quarter’s operating results were negatively impacted
by low table games win percentage of 13.8%, which was lower than both the
19.3% table games win percentage in last year’s second quarter and the
property’s trailing twelve month table games win percentage of 18.3%. Our
Las Vegas operations delivered $66.0 million of adjusted property EBITDA
for the second quarter of 2010, compared to $78.1 million in the second
quarter of 2009. Table games drop increased 8.0% to $417.1 million.

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

                                Three Months Ended
Las Vegas Operations                  June 30,
                                --------------------
(In millions, except for
 percentages and basis points)    2010       2009     $ Change     Change
                                ---------  ---------  ---------  ---------

Revenues:
  Casino                        $   102.9  $   119.1  $   (16.2)     -13.6%
  Rooms                             120.2      112.8        7.4        6.6%
  Food and Beverage                  56.4       59.3       (2.9)      -4.9%
  Retail and Other                   38.6       42.4       (3.8)      -9.0%
  Less - Promotional Allowances     (41.9)     (41.7)      (0.2)      -0.5%
                                ---------  ---------  ---------
Net Revenues                    $   276.2  $   291.9  $   (15.7)      -5.4%

Adjusted Property EBITDA        $    66.0  $    78.1  $   (12.1)     -15.5%
  EBITDA Margin %                    23.9%      26.8%             -2.9 pts

Operating Income (Loss) (1)     $     2.9  $  (137.5) $   140.4      102.1%

Gaming Statistics
(In millions, except for
 percentages and basis points)

Table Games Drop                $   417.1  $   386.1  $    31.0        8.0%
  Table Games Win %(2)               13.8%      19.3%             -5.5 pts

Slot Handle                     $   670.8  $   668.6  $     2.2        0.3%
  Slot Hold %(3)                      7.8%       7.2%              0.6 pts

Hotel Statistics

The Venetian Las Vegas:
  Occupancy %                        97.2%      88.9%              8.3 pts
  Average Daily Rate            $     184  $     186  $      (2)      -1.1%
  Revenue per Available Room    $     179  $     166  $      13        7.8%

The Palazzo:
  Occupancy %                        98.5%      91.5%              7.0 pts
  Average Daily Rate (ADR)      $     202  $     207  $      (5)      -2.4%
  Revenue per Available Room
   (RevPAR)                     $     199  $     190  $       9        4.7%


(1) The 2009 quarter reflects an impairment charge of $151.2 million.
(2) This compares to our Las Vegas Operations trailing 12 month table games
    win percentage of 18.3% (calculated before discounts).
(3) This compares to our expected slot hold percentage of 6% to 7%
    (calculated before slot club cash incentives).

Sands Bethlehem Second Quarter Operating Results

Net revenues for Sands Bethlehem in Pennsylvania were $68.6 million and
adjusted property EBITDA reached $12.1 million for the second quarter of
2010, the highest total since the opening of the property in May 2009. Slot
handle at the property continued to expand, reaching $947.4 million for the
quarter. This represents a 2.8% sequential increase compared to the $921.6
million of slot handle in the quarter ended March 31, 2010. Slot hold
percentage was 6.9% during the quarter.

The company introduced 89 table games to Sands Bethlehem on July 18, 2010,
which should benefit the property in the future. Additionally, construction
of the property’s 300-room hotel tower is progressing. The hotel is
expected to open in May 2011.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDA, which is principally composed of
losses in our CotaiJet ferry operation, was negative $6.2 million in the
quarter.

Pre-opening expenses, related principally to Marina Bay Sands in Singapore
and the Shangri-La Traders Sheraton Resort on Parcels 5 & 6 of the Cotai
Strip, increased to $50.1 million in the second quarter of 2010, compared
to $41.8 million in the second quarter of 2009.

Depreciation and amortization expense was $170.7 million in the second
quarter of 2010, compared to $143.6 million in the second quarter of 2009.
The increase was principally driven by the opening of Marina Bay Sands in
April 2010 and Sands Bethlehem in May 2009.

Interest expense, net of amounts capitalized, was $77.0 million for the
second quarter of 2010, compared to $64.9 million during the second quarter
of 2009. Our weighted average borrowing cost in the second quarter of 2010
was 3.7%. Capitalized interest was $22.7 million during the second quarter
of 2010, compared to $14.1 million during the second quarter of 2009.

Corporate expense was $26.0 million in the second quarter of 2010, compared
to $64.3 million in the second quarter of 2009. The second quarter of 2009
amount included a legal settlement expense of $42.5 million.

Loss on disposal of assets was $37.7 million in the second quarter of 2010,
compared to $4.7 million in the second quarter of 2009. The loss reflects
the removal and disposition of certain building and construction materials
and equipment in Macau and Las Vegas.

Other expense, which was principally composed of foreign currency
translation losses, was $6.2 million in the second quarter of 2010,
compared to other income of $0.8 million in the second quarter of 2009.

The company’s effective tax rate for the second quarter of 2010 was 9.3%.
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 second
quarter of $36.7 million was principally related to Sands China Ltd.

Balance Sheet Items

Unrestricted cash balances and short-term investments as of June 30, 2010,
were $3.69 billion, while restricted cash balances were $96.6 million. Of
the restricted cash balances, $25.0 million pertains to Macau-related
construction and interest and principal payments under the Macau Credit
Facility, and $58.5 million is restricted for construction of Marina Bay
Sands in Singapore.

As of June 30, 2010, total debt outstanding, including the current portion,
was $10.40 billion. Scheduled principal payments required in 2010 and 2011
total $90.2 million and $1.00 billion, respectively.

During the quarter, the company paid down $350 million of its Macau Credit
Facility. Additionally, the company purchased approximately $27.6 million
at face value of its 6.375% Senior Notes at an average purchase price of
96.1%.

Capital Expenditures

Capital expenditures during the second quarter totaled $589.1 million,
including construction and development activities of $497.2 million at
Marina Bay Sands, $75.7 million in Macau, $10.9 million at Sands Bethlehem,
and $5.3 million in Las Vegas.

Conference Call Information

The company will hold a conference call to discuss the company’s results on
Wednesday, July 28, 2010 at 8:00 a.m. Eastern 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 Macau gaming 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, loss on disposal of assets, gain on early retirement of
debt, legal settlement expense, preferred stock dividends, and accretion to
redemption value of preferred stock issued to the Principal Stockholder’s
family.

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.
Second Quarter 2010 Results
Non-GAAP Reconciliations

Within the company’s second 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, 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           Six Months Ended
                             June 30,                    June 30,
                        2010          2009          2010          2009
                    ------------  ------------  ------------  ------------

Revenues:
  Casino            $  1,294,301  $    798,053  $  2,356,071  $  1,595,978
  Rooms                  190,767       161,969       371,549       336,357
  Food and beverage      105,079        87,087       197,158       174,395
  Convention, retail
   and other             115,266        95,885       223,481       209,372
                    ------------  ------------  ------------  ------------
                       1,705,413     1,142,994     3,148,259     2,316,102
  Less - promotional
   allowances           (110,937)      (84,294)     (218,895)     (178,340)
                    ------------  ------------  ------------  ------------
                       1,594,476     1,058,700     2,929,364     2,137,762
                    ------------  ------------  ------------  ------------

Operating expenses:
  Resort operations    1,129,774       816,560     2,099,471     1,643,422
  Corporate expense       25,954        64,307        49,430        87,731
  Rental expense          12,806         7,877        21,504        15,806
  Pre-opening
   expense                50,118        41,830        87,577        86,764
  Development
   expense                   676            10           833           264
  Depreciation and
   amortization          170,694       143,633       323,783       282,882
  Impairment loss              -       151,175             -       151,175
  Loss on disposal
   of assets              37,679         4,653        38,171         4,784
                    ------------  ------------  ------------  ------------
                       1,427,701     1,230,045     2,620,769     2,272,828
                    ------------  ------------  ------------  ------------

Operating income
 (loss)                  166,775      (171,345)      308,595      (135,066)

  Interest income          2,073         2,692         3,706         8,241
  Interest expense,
   net of amounts
   capitalized           (76,987)      (64,871)     (155,152)     (135,989)
  Other income
   (expense)              (6,201)          773       (12,649)       (4,970)
  Gain on early
   retirement of
   debt                      961             -         3,137             -
                    ------------  ------------  ------------  ------------

Income (loss) before
 income taxes             86,621      (232,751)      147,637      (267,784)

Income tax benefit
 (expense)                (8,073)       54,488       (21,275)       53,675
                    ------------  ------------  ------------  ------------

Net income (loss)         78,548      (178,263)      126,362      (214,109)

Net (income) loss
 attributable to
 noncontrolling
 interests               (36,741)        2,323       (66,974)        3,563
                    ------------  ------------  ------------  ------------

Net income (loss)
 attributable to Las
 Vegas Sands Corp.        41,807      (175,940)       59,388      (210,546)

Preferred stock
 dividends               (23,350)      (23,172)      (46,700)      (46,326)
Accretion to
 redemption value of
 preferred stock
 issued to Principal
 Stockholder's
 family                  (23,136)      (23,136)      (46,272)      (46,272)
                    ------------  ------------  ------------  ------------

Net loss
 attributable
 to common
 stockholders       $     (4,679) $   (222,248) $    (33,584) $   (303,144)
                    ============  ============  ============  ============

Basic and diluted
 loss per share     $      (0.01) $      (0.34) $      (0.05) $      (0.46)
                    ============  ============  ============  ============

Basic and diluted
 weighted average
 shares outstanding  660,364,559   658,877,256   660,322,428   653,370,686
                    ============  ============  ============  ============





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 June 30, 2010

                                          (Gain)
                            Depreciation   Loss
                 Operating      and         on         Pre-
                  Income      Amortiz-   Disposal    Opening    Development
                  (Loss)       ation     of Assets   Expense      Expense
                ----------  ----------- ----------  ----------  -----------
The Venetian
 Macao          $  134,667  $    51,073 $      218  $        -  $         -
Sands Macao         70,009       10,373       (278)          -            -
Four Seasons
 Hotel Macao
 and Plaza
 Casino             20,553       10,218          -         780            -
                ----------  ----------- ----------  ----------  -----------
  Macau Property
   Operations      225,229       71,664        (60)        780            -
Las Vegas
 Operating
 Properties          2,923       58,874        277           -            -
Sands Bethlehem      3,679        7,034          -         840            -
                ----------  ----------- ----------  ----------  -----------
  United States
   Property
   Operations        6,602       65,908        277         840            -
Marina Bay Sands    52,043       25,282         (9)     13,409            -
Other Asia (2)     (10,523)       4,043          -          46            -
Other
 Development       (77,605)         780     37,471      35,043          676
Corporate          (28,971)       3,017          -           -            -
                ----------  ----------- ----------  ----------  -----------
                $  166,775  $   170,694 $   37,679  $   50,118  $       676
                ==========  =========== ==========  ==========  ===========


                     Three Months Ended June 30, 2010

                    (1)                                  Adjusted
                Stock-Based    Corporate     Rental      Property
                Compensation    Expense      Expense      EBITDA
                ------------  -----------  -----------  -----------
The Venetian
 Macao          $      1,859  $         -  $     5,012  $   192,829
Sands Macao              754            -          354       81,212
Four Seasons
 Hotel Macao
 and Plaza
 Casino                  118            -        1,330       32,999
                ------------  -----------  -----------  -----------
  Macau Property
   Operations          2,731            -        6,696      307,040
Las Vegas
 Operating
 Properties            3,918            -            -       65,992
Sands Bethlehem          568            -            -       12,121
                ------------  -----------  -----------  -----------
  United States
   Property
   Operations          4,486            -            -       78,113
Marina Bay Sands       1,266            -        2,475       94,466
Other Asia (2)           280            -            -       (6,154)
Other
 Development               -            -        3,635            -
Corporate                  -       25,954            -            -
                ------------  -----------  -----------  -----------
                $      8,763  $    25,954  $    12,806  $   473,465
                ============  ===========  ===========  ===========


                     Three Months Ended June 30, 2009

                                         Impairment
                            Depreciation  and Loss
                 Operating      and         on         Pre-
                  Income      Amortiz-   Disposal    Opening    Development
                  (Loss)       ation     of Assets   Expense      Expense
                ----------  ----------- ----------  ----------  -----------
The Venetian
 Macao          $   52,678  $    50,911 $    4,636  $     (218) $         -
Sands Macao         48,446       12,248         30           -            -
Four Seasons
 Hotel Macao
 and Plaza
 Casino             (8,043)      12,749         37        (186)           -
                ----------  ----------- ----------  ----------  -----------
  Macau Property
   Operations       93,081       75,908      4,703        (404)           -
Las Vegas
 Operating
 Properties       (137,507)      58,052    151,125           1            -
Sands Bethlehem        563        1,965          -           -            -
                ----------  ----------- ----------  ----------  -----------
  United States
   Property
   Operations     (136,944)      60,017    151,125           1            -
Other Asia (2)     (13,399)       3,265          -         319            -
Other
 Development       (47,084)       1,751          -      41,914           10
Corporate          (66,999)       2,692          -           -            -
                ----------  ----------- ----------  ----------  -----------
                $ (171,345) $   143,633 $  155,828  $   41,830  $        10
                ==========  =========== ==========  ==========  ===========


                     Three Months Ended June 30, 2009

                    (1)                                  Adjusted
                Stock-Based    Corporate     Rental      Property
                Compensation    Expense      Expense      EBITDA
                ------------  -----------  -----------  -----------
The Venetian
 Macao          $        (87) $         -  $     2,054   $  109,974
Sands Macao              (29)           -          354       61,049
Four Seasons
 Hotel Macao
 and Plaza
 Casino                  350            -          656        5,563
                ------------  -----------  -----------  -----------
  Macau Property
   Operations            234            -        3,064      176,586
Las Vegas
 Operating
 Properties            5,035            -        1,404       78,110
Sands Bethlehem          309            -            -        2,837
                ------------  -----------  -----------  -----------
  United States
   Property
   Operations          5,344            -        1,404       80,947
Other Asia (2)           (76)           -            -       (9,891)
Other
 Development               -            -        3,409            -
Corporate                  -       64,307            -            -
                ------------  -----------  -----------  -----------
                $      5,502  $    64,307  $     7,877   $  247,642
                ============  ===========  ===========  ===========


                       Six Months Ended June 30, 2010

                                          (Gain)
                            Depreciation   Loss
                 Operating      and         on         Pre-
                  Income      Amortiz-   Disposal    Opening    Development
                  (Loss)       ation     of Assets   Expense      Expense
                ----------  ----------- ----------  ----------  -----------
The Venetian
 Macao          $  248,554  $   104,235 $      272  $        -  $         -
Sands Macao        128,829       20,815       (589)          -            -
Four Seasons
 Hotel Macao
 and Plaza
 Casino             24,731       24,571         (5)        988            -
                ----------  ----------- ----------  ----------  -----------
  Macau Property
   Operations      402,114      149,621       (322)        988            -
Las Vegas
 Operating
 Properties         44,240      118,990        277           -            -
Sands Bethlehem      7,311       13,892          -         875            -
                ----------  ----------- ----------  ----------  -----------
  United States
   Property
   Operations       51,551      132,882        277         875            -
Marina Bay Sands    52,043       25,282         (9)     13,409            -
Other Asia (2)     (19,054)       7,961          -          44            -
Other
 Development      (122,593)       2,001     38,225      72,261          833
Corporate          (55,466)       6,036          -           -            -
                ----------  ----------- ----------  ----------  -----------
                $  308,595  $   323,783 $   38,171  $   87,577  $       833
                ==========  =========== ==========  ==========  ===========


                      Six Months Ended June 30, 2010

                    (1)                                  Adjusted
                Stock-Based    Corporate     Rental      Property
                Compensation    Expense      Expense      EBITDA
                ------------  -----------  -----------  -----------
The Venetian
 Macao          $      2,619  $         -  $     7,064  $   362,744
Sands Macao            1,211            -          707      150,973
Four Seasons
 Hotel Macao
 and Plaza
 Casino                  224            -        1,985       52,494
                ------------  -----------  -----------  -----------
  Macau Property
   Operations          4,054            -        9,756      566,211
Las Vegas
 Operating
 Properties            7,777            -            -      171,284
Sands Bethlehem        1,011            -            -       23,089
                ------------  -----------  -----------  -----------
  United States
   Property
   Operations          8,788            -            -      194,373
Marina Bay Sands       1,266            -        2,475       94,466
Other Asia (2)           463            -            -      (10,586)
Other
 Development               -            -        9,273            -
Corporate                  -       49,430            -            -
                ------------  -----------  -----------  -----------
                $     14,571  $    49,430  $    21,504  $   844,464
                ============  ===========  ===========  ===========


                      Six Months Ended June 30, 2009

                                         Impairment
                            Depreciation  and Loss
                 Operating      and         on         Pre-
                  Income      Amortiz-   Disposal    Opening    Development
                  (Loss)       ation     of Assets   Expense      Expense
                ----------  ----------- ----------  ----------  -----------
The Venetian
 Macao          $  119,653  $   100,918 $    4,770  $      (95) $         -
Sands Macao         85,199       24,632         87           -            -
Four Seasons
 Hotel Macao
 and Plaza
 Casino            (17,487)      24,641         37       1,286            -
                ----------  ----------- ----------  ----------  -----------
  Macau Property
   Operations      187,365      150,191      4,894       1,191            -
Las Vegas
 Operating
 Properties       (112,005)     116,557    151,065         (54)           -
Sands Bethlehem        563        1,965          -           -            -
                ----------  ----------- ----------  ----------  -----------
  United States
   Property
   Operations     (111,442)     118,522    151,065         (54)           -
Other Asia (2)     (23,716)       6,478          -         895            5
Other
 Development       (94,229)       2,378          -      84,732          259
Corporate          (93,044)       5,313          -           -            -
                ----------  ----------- ----------  ----------  -----------
                $ (135,066) $   282,882 $  155,959  $   86,764  $       264
                ==========  =========== ==========  ==========  ===========


                      Six Months Ended June 30, 2009

                    (1)                                  Adjusted
                Stock-Based    Corporate     Rental      Property
                Compensation    Expense      Expense      EBITDA
                ------------  -----------  -----------  -----------
The Venetian
 Macao          $      2,107  $         -  $     4,107  $   231,460
Sands Macao              782            -          707      111,407
Four Seasons
 Hotel Macao
 and Plaza
 Casino                  143            -        1,311        9,931
                ------------  -----------  -----------  -----------
  Macau Property
   Operations          3,032            -        6,125      352,798
Las Vegas
 Operating
 Properties            9,500            -        2,821      167,884
Sands Bethlehem          309            -            -        2,837
                ------------  -----------  -----------  -----------
  United States
   Property
   Operations          9,809            -        2,821      170,721
Other Asia (2)           437            -            -      (15,901)
Other
 Development               -            -        6,860            -
Corporate                  -       87,731            -            -
                ------------  -----------  -----------  -----------
                $     13,278  $    87,731  $    15,806  $   507,618
                ============  ===========  ===========  ===========


(1) During the three months ended June 30, 2010 and 2009, the Company
    recorded stock-based compensation expense of $13.8 million and
    $9.3 million, respectively, of which $4.8 million and $2.4 million,
    respectively, is included in corporate expense and $0.2 million and
    $1.4 million, respectively, is included in pre-opening and development
    expense on the Company's condensed consolidated statements of
    operations. During the six months ended June 30, 2010 and 2009, the
    Company recorded stock-based compensation expense of $28.9 million and
    $20.9 million, respectively, of which $12.5 million and $4.7 million,
    respectively, is included in corporate expense and $1.8 million and
    $2.9 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         Six Months Ended
                                 June 30,                  June 30,
                            2010         2009         2010         2009    
                         ----------   ----------   ----------   ----------
Net income (loss)
 attributable to Las
 Vegas Sands Corp.       $   41,807   $ (175,940)  $   59,388   $ (210,546)
  Add (deduct) :
    Net income (loss)
     attributable to
     noncontrolling
     interests               36,741       (2,323)      66,974       (3,563)
    Income tax (benefit)
     expense                  8,073      (54,488)      21,275      (53,675)
    Gain on early
     retirement of debt        (961)           -       (3,137)           -
    Other (income)
     expense                  6,201         (773)      12,649        4,970
    Interest expense,
     net of amounts
     capitalized             76,987       64,871      155,152      135,989
    Interest income          (2,073)      (2,692)      (3,706)      (8,241)
    Loss on disposal of
     assets                  37,679        4,653       38,171        4,784
    Impairment loss               -      151,175            -      151,175
    Depreciation and
     amortization           170,694      143,633      323,783      282,882
    Development expense         676           10          833          264
    Pre-opening expense      50,118       41,830       87,577       86,764
    Stock-based
     compensation (1)         8,763        5,502       14,571       13,278
    Rental expense           12,806        7,877       21,504       15,806
    Corporate expense        25,954       64,307       49,430       87,731
                         ----------   ----------   ----------   ----------

Adjusted Property EBITDA $  473,465   $  247,642   $  844,464   $  507,618
                         ==========   ==========   ==========   ==========


(1) See prior page



_______________________

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


                            Three Months Ended         Six Months Ended
                                 June 30,                  June 30,
                            2010         2009         2010         2009
                         ----------   ----------   ----------   ----------

The Venetian Macao       $  581,032   $  443,608   $1,130,727   $  927,708
Sands Macao                 302,212      234,198      586,018      458,610
Four Seasons Hotel Macao
 and Plaza Casino           144,096       48,700      246,440       95,691
Las Vegas Operating
 Properties                 276,219      291,940      601,729      610,578
Sands Bethlehem              68,624       32,711      135,865       32,711
Marina Bay Sands            216,393            -      216,393            -
Other Asia                   28,386       19,110       52,558       43,039
Eliminations                (22,486)     (11,567)     (40,366)     (30,575)
                         ----------   ----------   ----------   ----------

                         $1,594,476   $1,058,700   $2,929,364   $2,137,762
                         ==========   ==========   ==========   ==========



_______________________

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


                            Three Months Ended         Six Months Ended
                                 June 30,                  June 30,
                            2010         2009         2010         2009
                         ----------   ----------   ----------   ----------
The Venetian Macao             33.2%        24.8%        32.1%        24.9%
Sands Macao                    26.9%        26.1%        25.8%        24.3%
Four Seasons Hotel Macao
 and Plaza Casino              22.9%        11.4%        21.3%        10.4%
Las Vegas Operating
 Properties                    23.9%        26.8%        28.5%        27.5%
Sands Bethlehem                17.7%         8.7%        17.0%         8.7%
Marina Bay Sands               43.7%         N/A         43.7%         N/A
Other Asia                    -21.7%       -51.8%       -20.1%       -36.9%

Total                          29.7%        23.4%        28.8%        23.7%





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             Six Months Ended
                           June 30,                      June 30,
                     2010           2009           2010           2009
                 ------------   ------------   ------------   ------------

Net loss
 attributable to
 common
 stockholders    $     (4,679)  $   (222,248)  $    (33,584)  $   (303,144)

Pre-opening
 expense, net          50,118         39,316         87,577         82,476
Development
 expense, net             676              7            833            207
Impairment loss,
 net                        -         98,264              -         98,264
Loss on disposal
 of assets, net        37,679          4,671         38,171          4,823
Gain on early
 retirement of
 debt                    (961)             -         (3,137)             -
Legal settlement
 expense                    -         42,500              -         42,500
Preferred stock
 dividends             23,350         23,172         46,700         46,326
Accretion to
 redemption
 value of
 preferred stock
 issued to
 Principal
 Stockholder's
 family                23,136         23,136         46,272         46,272
                 ------------   ------------   ------------   ------------

Adjusted net
 income          $    129,319   $      8,818   $    182,832   $     17,724
                 ============   ============   ============   ============


Per diluted
 share of common
 stock:
Net loss
 attributable to
 common
 stockholders    $      (0.01)  $      (0.32)  $      (0.04)  $      (0.46)

Pre-opening
 expense, net            0.07           0.06           0.11           0.13
Development
 expense, net               -              -              -              -
Impairment loss,
 net                        -           0.14              -           0.15
Loss on disposal
 of assets, net          0.05           0.01           0.05           0.01
Gain on early
 retirement of
 debt                       -              -              -              -
Legal settlement
 expense                    -           0.06              -           0.06
Preferred stock
 dividends               0.03           0.03           0.06           0.07
Accretion to
 redemption
 value of
 preferred stock
 issued to
 Principal
 Stockholder's
 family                  0.03           0.03           0.06           0.07
                 ------------   ------------   ------------   ------------

Adjusted
 earnings per
 diluted share   $       0.17   $       0.01   $       0.24   $       0.03
                 ============   ============   ============   ============

Weighted average
 diluted shares
 outstanding      782,625,373    700,796,549    776,713,399    661,053,146





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


                                  Three Months Ended     Six Months Ended
                                       June 30,              June 30,
                                    2010       2009       2010       2009
                                  -------    -------    -------    -------

Room Statistics:
  The Venetian Macao:
    Occupancy %                      91.9%      76.2%      92.4%      76.7%
    Average daily room rate
     (ADR) (1)                    $   203    $   201    $   203    $   209
    Revenue per available room
     (RevPAR) (2)                 $   187    $   153    $   187    $   160

  Sands Macao:
    Occupancy %                      97.8%      97.8%      97.6%      97.3%
    Average daily room rate
     (ADR) (1)                    $   245    $   253    $   253    $   261
    Revenue per available room
     (RevPAR) (2)                 $   239    $   247    $   247    $   253

  Four Seasons Hotel Macao and
   Plaza Casino:
    Occupancy %                      69.1%      44.5%      71.0%      41.5%
    Average daily room rate
     (ADR) (1)                    $   298    $   291    $   288    $   293
    Revenue per available room
     (RevPAR) (2)                 $   206    $   130    $   204    $   122

  The Venetian Las Vegas:
    Occupancy %                      97.2%      88.9%      93.3%      89.0%
    Average daily room rate
     (ADR) (1)                    $   184    $   186    $   192    $   198
    Revenue per available room
     (RevPAR) (2)                 $   179    $   166    $   179    $   176

  The Palazzo:
    Occupancy %                      98.5%      91.5%      96.2%      92.1%
    Average daily room rate
     (ADR) (1)                    $   202    $   207    $   208    $   214
    Revenue per available room
     (RevPAR) (2)                 $   199    $   190    $   200    $   197

  Marina Bay Sands:
    Occupancy %                      54.9%       N/A       54.9%       N/A
    Average daily room rate
     (ADR) (1)                    $   226        N/A    $   226        N/A
    Revenue per available room
     (RevPAR) (2)                 $   124        N/A    $   124        N/A

Casino Statistics:
  The Venetian Macao:
    Table games win per unit
     per day (3)                  $10,193    $ 7,625    $ 9,973    $ 7,965
    Slot machine win per unit
     per day (4)                  $   251    $   201    $   252    $   212
    Average number of table
     games                            594        600        596        609
    Average number of slot
     machines                       2,181      2,184      2,183      2,150

  Sands Macao:
    Table games win per unit
     per day (3)                  $ 9,116    $ 6,818    $ 8,889    $ 6,518
    Slot machine win per unit
     per day (4)                  $   209    $   193    $   211    $   196
    Average number of table
     games                            416        407        415        425
    Average number of slot
     machines                       1,180      1,105      1,173      1,097

  Four Seasons Hotel Macao and
   Plaza Casino:
    Table games win per unit
     per day (3)                  $16,579    $ 4,717    $13,818    $ 4,053
    Slot machine win per unit
     per day (4)                  $   352    $   147    $   426    $   145
    Average number of table
     games                            117         94        117        106
    Average number of slot
     machines                         187        253        185        219

  The Venetian Las Vegas:
    Table games win per unit
     per day (3)                  $ 2,155    $ 2,437    $ 2,442    $ 3,313
    Slot machine win per unit
     per day (4)                  $   253    $   209    $   231    $   209
    Average number of table
     games                            114        113        114        121
    Average number of slot
     machines                       1,284      1,435      1,364      1,457

  The Palazzo:
    Table games win per unit
     per day (3)                  $ 3,360    $ 3,937    $ 6,347    $ 3,829
    Slot machine win per unit
     per day (4)                  $   175    $   163    $   175    $   166
    Average number of table
     games                            116        138        117        135
    Average number of slot
     machines                       1,417      1,420      1,415      1,408

  Sands Bethlehem:
    Slot machine win per unit
     per day (4)                  $   229    $   250    $   224    $   250
    Average number of slot
     machines                       3,121      3,000      3,170      3,000

  Marina Bay Sands:
    Table games win per unit
     per day (3)                  $ 5,255        N/A    $ 5,255        N/A
    Slot machine win per unit
     per day (4)                  $   364        N/A    $   364        N/A
    Average number of table
     games                            588        N/A        588        N/A
    Average number of slot
     machines                       1,523        N/A      1,523        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.


Contacts:

Investment Community:
Daniel Briggs
(702) 414-1221
Media:
Ron Reese
(702) 414-3607

Click here to see all recent news from this company

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