Las Vegas Sands Corp. Reports Third Quarter 2009 Results

30 October 2009

LAS VEGAS, Oct. 29 /PRNewswire-FirstCall/ -- Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended September 30, 2009.

Company-Wide Operating Results

Net revenue for the third quarter of 2009 was $1.14 billion, an increase of 3.2% compared to $1.11 billion in the third quarter of 2008. Consolidated adjusted property EBITDAR in the third quarter of 2009 increased 11.7% to $272.3 million, compared to $243.8 million in the year-ago quarter.

On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the third quarter of 2009 was $62.4 million, compared to $28.2 million in the third quarter of 2008, an increase of 121.3%. The increase in operating income was principally due to healthy gaming volumes and the steady execution of our cost savings and efficiency initiatives in Macau, which contributed to stronger margins at each of our properties and a record operating performance in Macau overall. Those record results in Macau were partially offset by lower revenues in Las Vegas and an increase in depreciation and amortization expense.

Adjusted net income (see Note 1) increased $12.0 million to $20.1 million, or $0.03 per diluted share, compared to $8.1 million in the third quarter of 2008, or $0.02 per diluted share.

On a GAAP basis, net loss attributable to common stockholders in the third quarter of 2009, which reflects an increase in income tax expense of $73.7 million, or $0.11 per diluted share, was $123.0 million, compared to $32.2 million in the third quarter of 2008. Diluted loss per share was $0.19 compared to a loss of $0.09 in the prior year quarter. The increase in net loss attributable to common stockholders of $90.8 million reflects the increase in income tax expense, which included the recording of a valuation allowance during the quarter on certain of our United States deferred tax assets, as well as increases in preferred stock dividends and accretion on preferred stock, partially offset by an increase in operating income.

Third Quarter Overview

Sheldon G. Adelson, chairman and CEO, stated, "We are pleased to report that our properties in Macau delivered a record performance in adjusted property EBITDAR, led by healthy gaming volumes in combination with the consistent execution of our right-sizing and cost savings programs. These efforts resulted in record adjusted property EBITDAR margin at The Venetian Macao of 30.5%, compared to 26.0% in the prior year quarter, and meaningfully improved EBITDAR margin at Sands Macao of 27.5%, compared to 17.1% during the third quarter of last year.

"While our current quarter's results in Las Vegas reflected unusually low table games hold, which negatively impacted our revenues by approximately $40 million, the execution of our cost savings programs has positioned us to deliver improved operating margins and cash flows as the economy recovers. In addition, we just completed the best quarter in our history with respect to future group room night bookings, and today we have more group rooms on the books for 2010 than we expect to realize in calendar year 2009.

"We remain focused on our de-leveraging strategy and during the quarter we increased our financial flexibility by completing both an amendment of our Macau credit facilities and a $600 million pre-IPO exchangeable bond financing. We also filed an application for a listing of our Macau operations on the Hong Kong Stock Exchange.

"In Singapore, we continue to progress on the development of Marina Bay Sands. After topping off the three 55-story hotel towers in July, we are making progress on the installation of the SkyPark(TM), which is the final major structural feature of the property. We are making steady progress on pre-opening activities for each of the major operational areas of the property and remain focused on opening Marina Bay Sands in the first quarter of 2010."

Cost Savings Program Update

Mike Leven, president and COO, stated, "We have effectively completed the implementation of our cost savings and operating efficiencies initiatives across the company. Our annualized cost savings will exceed $500 million across our entire organization and we will continue to pursue additional areas where savings may be achieved. As of September 30, 2009, we have successfully eliminated approximately 90% of these costs from our current expense run rate, or approximately $450 million on an annualized basis. These ongoing efforts have positioned us to benefit from meaningful operating leverage as economic conditions improve. Our adjusted property EBITDAR margins for the company as a whole reached 23.9% during the third quarter, compared to 22.1% in the year ago quarter.

The Venetian Macao Third Quarter Operating Results

"The Venetian Macao delivered a quarterly record $150.4 million in adjusted property EBITDAR for the third quarter. Visitation to The Venetian Macao continues to lead the market, with over 17.7 million visits in 2009, an increase of 4.5% over the first nine months of 2008. Gaming volumes at The Venetian Macao remain healthy, with slot handle increasing 10.9% compared to the quarter one year ago. Mass table volumes at The Venetian Macao continue to lead the market, at nearly $835 million during the quarter. Our Rolling Volume play was $9.06 billion, with the portion of that volume representing direct play increasing to a record 19.3% in the third quarter of 2009, compared to 14.9% in the third quarter of 2008. The increase in direct play is an important development for this business segment, given its meaningfully higher margin structure in comparison to Rolling Volume play that involves the services of a gaming promoter," continued Leven.

"We have now implemented cost savings of approximately $270 million on an annualized basis across our Macau operations, or approximately 90% of our $300 million target. We realized approximately $45 million in cost savings across our Macau operations in the quarter, while approximately $60 million of these savings will be realized in the year ended December 31, 2010."

The following table summarizes our key operating results for The Venetian Macao for the third quarter of 2009 compared to the third quarter of 2008:

                               Three Months Ended    Venetian Macao Operations     September 30,                                  -------------    (In millions, except for     percentages and  basis     points)                  2009            2008        $Change     % Change                              ----            ----        -------     --------    Revenues:      Casino                 $420.8          $432.6       $(11.8)       -2.7%      Rooms                    45.0            51.1         (6.1)      -11.9%      Food and Beverage        13.6            16.8         (3.2)      -19.0%      Retail and Other         39.6            52.0        (12.4)      -23.8%      Less - Promotional       Allowances             (25.4)          (30.1)         4.7        15.6%                              -----           -----          ---    Net Revenues             $493.6          $522.4       $(28.8)       -5.5%    Adjusted Property     EBITDAR                 $150.4          $135.7        $14.7        10.8%      EBITDAR Margin %         30.5%           26.0%                 4.5 pts    Operating Income          $95.6           $81.6        $14.0        17.2%    Gaming Statistics    (In millions,     except for     percentages and     basis points)    Rolling Chip Volume    $9,062.2        $9,778.7      $(716.5)       -7.3%      Rolling Chip Win %(1)    2.83%           3.06%              -  0.23 pts    Non-Rolling Chip     Table Games Drop        $834.9          $930.6       $(95.7)      -10.3%    Non-Rolling     Chip Table Games     Win %(2)                  23.0%           19.7%                  3.3 pts    Slot Handle              $609.7          $549.9        $59.8        10.9%      Slot Hold %(3)            7.5%            7.8%                 -0.3 pts    Hotel Statistics      Occupancy %              88.1%           92.1%                 -4.0 pts      Average Daily Rate       $198            $211         $(13)       -6.2%      Revenue per       Available Room          $175            $194         $(19)       -9.8%    (1)  This compares to our expected Rolling Chip win percentage of 3.0%    (calculated before discounts and commissions).    (2)  This compares to our expected Non-Rolling Chip win percentage of 18%    to 20% (calculated before discounts).    (3)  This compares to our expected slot hold percentage of 6% to 7%    (calculated before slot club cash incentives).

Sands Macao Third Quarter Operating Results

Sands Macao's third quarter operating performance reflected solid gaming volumes and the benefits of the implementation of our cost savings and efficiency programs, with adjusted property EBITDAR increasing to $77.1 million in the quarter, an increase of 81.0% compared to the third quarter of 2008. EBITDAR margin was 27.5% in the quarter, compared to 17.1% in the year-ago quarter, an increase of 1,040 basis points. Our gaming volumes, including slot handle that was up nearly 20% compared to the same quarter last year, continue to reflect the strong market positioning of the Sands Macao on the Macau peninsula.

The following table summarizes our key operating results for the Sands Macao for the third quarter of 2009 compared to the third quarter of 2008:

    Sands Macao              Three Months Ended     Operations                 September 30,                               -------------    (In millions, except for     percentages and     basis points)         2009              2008         $Change     % Change                           ----              ----         -------     --------    Revenues:      Casino              $275.4            $243.5         $31.9        13.1%      Rooms                  6.6               6.7          (0.1)       -1.5%      Food and Beverage      9.4              12.0          (2.6)      -21.7%      Retail and Other       1.2               1.4          (0.2)      -14.3%      Less - Promotional       Allowances          (11.8)            (15.2)          3.4        22.4%                           -----             -----           ---    Net Revenues          $280.8            $248.4         $32.4        13.0%    Adjusted Property     EBITDAR               $77.1             $42.6         $34.5        81.0%      EBITDAR Margin %      27.5%             17.1%                  10.4 pts    Operating Income       $64.4             $28.5         $35.9       126.0%    Gaming Statistics    (In millions,     except for     percentages and     basis points)    Rolling Chip Volume $5,479.1          $7,256.4     $(1,777.3)      -24.5%      Rolling Chip       Win %(1)             3.37%             2.35%                  1.02 pts    Non-Rolling Chip     Table Games Drop     $626.4            $652.3        $(25.9)       -4.0%     Non-Rolling      Chip Table Games      Win %(2)              19.0%             17.9%                  1.1 pts    Slot Handle           $327.5            $273.1         $54.4        19.9%      Slot Hold %(3)         6.6%              7.3%                  -0.7 pts    Hotel Statistics      Occupancy %           97.9%             98.8%                  -0.9 pts      Average Daily Rate       (ADR)                $254              $258           $(4)       -1.6%      Revenue per       Available Room       (RevPAR)             $248              $255           $(7)       -2.7%    (1)  This compares to our expected Rolling Chip win percentage of 3.0%    (calculated before discounts and commissions).    (2)  This compares to our expected Non-Rolling Chip win percentage of 18%    to 20% (calculated before discounts).    (3)  This compares to our expected slot hold percentage of 6% to 7%    (calculated before slot club cash incentives).

Four Seasons Macao & Plaza Casino Macao Third Quarter Operating Results

Net revenues for the Four Seasons Macao were $67.1 million in the third quarter of 2009, with casino revenues representing $54.8 million of that total. The debut of our Paiza mansion suites drove higher Rolling Chip play during the quarter, with Rolling Chip volume for the quarter reaching $2.18 billion. Nearly 50% of that Rolling Chip play was generated in our higher-margin direct rolling program. Rolling Chip win percentage was 2.31%. Adjusted property EBITDAR for the third quarter of 2009 was $10.2 million.

The following table summarizes our key operating results for the Four Seasons Macao for the third quarter of 2009 compared to the second quarter of 2009. This sequential comparison is presented because the Four Seasons Macao opened on August 28, 2008, and was only open for 34 days during the third quarter of 2008.

    Four Seasons Macao     & Plaza Casino            Three Months Ended     Macao Operations          ------------------    (In millions, except     for percentages      September 30,      June 30,     and basis points)        2009             2009        $Change    % Change                              ----             ----        -------    --------    Revenues:      Casino                 $54.8            $39.6         $15.2       38.4%      Rooms                    5.5              4.2           1.3       31.0%      Food and Beverage        3.9              3.1           0.8       25.8%      Retail and Other         8.0              6.6           1.4       21.2%      Less - Promotional       Allowances             (5.1)            (4.8)         (0.3)      -6.3%                              ----             ----          ----    Net Revenues             $67.1            $48.7         $18.4       37.8%    Adjusted Property     EBITDAR                 $10.2             $5.6          $4.6       82.1%      EBITDAR Margin %        15.1%            11.4%                  3.7 pts    Operating Loss           $(4.3)           $(8.0)         $3.7       46.3%    Gaming Statistics    (In millions,     except for     percentages)    Rolling Chip Volume   $2,183.7           $566.1      $1,617.6      285.8%      Rolling Chip       Win %(1)               2.31%            3.27%                -0.96 pts    Non-Rolling Chip     Table Games Drop        $82.9            $80.8          $2.1        2.6%      Non-Rolling       Chip Table Games       Win %(2)               22.3%            27.3%                 -5.0 pts    Slot Handle              $60.6            $56.1          $4.5        8.0%      Slot Hold %(3)           5.4%            6.0%                   0.6 pts    Hotel Statistics      Occupancy %             56.2%            44.5%                 11.7 pts      Average Daily Rate       (ADR)                  $294             $291            $3        1.0%      Revenue per       Available Room       (RevPAR)               $165             $130           $35       26.9%    (1)  This compares to our expected Rolling Chip win percentage of 3.0%    (calculated before discounts and commissions).    (2)  This compares to our expected Non-Rolling Chip win percentage of 18%    to 20% (calculated before discounts).    (3)  This compares to our expected slot hold percentage of 6% to 7%    (calculated before slot club cash incentives).

Las Vegas Third Quarter Operating Results

"The Venetian Las Vegas and The Palazzo produced an adjusted property EBITDAR of $34.5 million for the quarter. The greatest impact to our operating results in Las Vegas was low table hold, which negatively impacted our revenues by approximately $40 million. Hotel revenues were also down as a result of a lower ADR at both properties.

"Despite an extremely low table hold and reduced room revenues, the quarter yielded an increase in our slot hold percentage and we saw demand for future group rooms continue to accelerate. In fact, we put more future group room nights on the books this quarter than we have during any other 90-day period in our history," stated Leven.

The following table summarizes our key operating results for our Las Vegas operations for the third quarter of 2009 compared to the third quarter of 2008:

                                 Three Months Ended    Las Vegas Operations           September 30,                                   -------------    (In millions, except for     percentages and basis     points)                     2009            2008       $Change   % Change                                 ----            ----       -------   --------    Revenues:      Casino                    $99.0          $113.2       $(14.2)    -12.5%      Rooms                      98.6           130.5        (31.9)    -24.4%      Food and Beverage          41.8            61.6        (19.8)    -32.1%      Retail and Other           30.7            48.5        (17.8)    -36.7%      Less - Promotional       Allowances               (42.0)          (45.8)         3.8       8.3%                                -----          ------          ---    Net Revenues               $228.1          $308.0       $(79.9)    -25.9%    Adjusted Property EBITDAR   $34.5           $73.3       $(38.8)    -52.9%      EBITDAR Margin %           15.1%           23.8%               -8.7 pts    Operating Income (Loss)    $(28.9)           $6.1       $(35.0)   -573.8%    Gaming Statistics    (In millions, except for     percentages and basis     points)    Table Games Drop           $429.7          $477.2       $(47.5)    -10.0%      Table Games Win %(1)       12.2%           13.8%               -1.6 pts    Slot Handle                $672.2          $976.6      $(304.4)    -31.2%      Slot Hold %(2)              7.8%            6.0%                1.8 pts    Hotel Statistics    The Venetian Las Vegas:      Occupancy %                88.7%           92.0%               -3.3 pts      Average Daily Rate         $171            $207         $(36)    -17.4%      Revenue per Available       Room                      $152            $191         $(39)    -20.4%    The Palazzo:      Occupancy %                87.9%           94.5%               -6.6 pts      Average Daily Rate         $174            $231         $(57)    -24.7%      Revenue per Available       Room                      $153            $218         $(65)    -29.8%    (1)  This compares to our expected table games win percentage of 20% to    22% (calculated before discounts).    (2)  This compares to our expected slot hold percentage of 6% to 7%    (calculated before slot club cash incentives).

Sands Bethlehem Third Quarter Operating Results

Sands Bethlehem in Bethlehem, Pennsylvania opened the first phase of its facilities for business in May 2009, featuring 3,000 slot machines, dining and entertainment amenities. In the property's first full quarter of operations, net revenues were $63.0 million, operating income was $0.9 million, and adjusted property EBITDAR was $8.3 million. Slot handle was $813.3 million while slot hold percentage was 7.2%.

Other Factors Affecting Earnings

Other Asia adjusted property EBITDAR was negative $8.1 million, which was mainly from losses generated by our CotaiJet ferry service in the quarter.

Pre-opening expenses, related principally to Marina Bay Sands in Singapore, Four Seasons Macao and resorts for which development is currently suspended on the Cotai Strip, decreased to $28.9 million in the third quarter of 2009, compared to $40.8 million in the third quarter of 2008.

Depreciation and amortization expense was $148.7 million in the third quarter of 2009, compared to $132.2 million in the third quarter of 2008. The increase was principally driven by increased depreciation related to the openings of the Four Seasons Macao and Sands Bethlehem.

Interest expense, net of amounts capitalized, was $88.5 million for the third quarter of 2009, compared to $90.5 million during the third quarter of 2008. Our average borrowing cost in the third quarter of 2009 was 3.8% compared to 5.6% in the third quarter of 2008. Capitalized interest was $16.9 million during the third quarter of 2009, compared to $38.4 million during the third quarter of 2008.

Corporate expense was $17.5 million in the third quarter of 2009, compared to $23.4 million in the third quarter of 2008.

Other expense was $1.6 million in the third quarter of 2009 compared to other income of $7.2 million in the third quarter of 2008. The other expense relates principally to a decrease in the value of interest rate caps in the quarter, which was partially offset by foreign exchange gains recognized in the quarter.

The company's effective tax rate reflects the recording of a valuation allowance of $67.8 million in the current quarter related to certain of our United States deferred tax assets.

Balance Sheet Items

Unrestricted cash balances as of September 30, 2009, were $3.09 billion, while restricted cash balances were $229.1 million. Of the restricted cash balances, $196.7 million is restricted for Macau-related construction and $15.5 million is restricted for construction of Marina Bay Sands in Singapore.

As of September 30, 2009, total debt outstanding, including the current portion, was $11.76 billion. Scheduled principal payments required for the remainder of 2009 and in 2010 total $35.6 million and $191.4 million, respectively.

Capital Expenditures

Capital expenditures during the third quarter totaled $516.5 million. This includes construction and development activities of $370.9 million at Marina Bay Sands, $100.7 million in Macau, $38.3 million at Sands Bethlehem, and $6.6 million in Las Vegas.

Conference Call Information

The company will hold a conference call to discuss the company's results on Thursday, October 29, 2009 at1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). Interested parties can listen to the conference call through a live audio webcast at www.lasvegassands.com (click on Investor Information).

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, 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 United States deferred tax valuation allowance.

About Las Vegas Sands Corp.

Las Vegas Sands Corp. (NYSE: LVS) is the leading international developer of multi-use integrated resorts.

The Las Vegas, Nevada-based company owns and operates The Venetian Resort-Hotel-Casino, The Palazzo Resort-Hotel-Casino, and the Sands Expo and Convention Center in Las Vegas and the Sands Casino Resort Bethlehem(TM) in Eastern Pennsylvania. The company also owns and operates The Venetian Macao Resort-Hotel and the Sands Macao in the People's Republic of China (PRC) Special Administrative Region of Macau. In addition, LVS owns the Four Seasons Hotel Macao and is also developing the Marina Bay Sands(TM) integrated resort in Singapore.

LVS is also creating the Cotai Strip(R), a master-planned development of resort-casino properties in Macau. At completion, the Cotai Strip will feature approximately 21,000 rooms from world-renowned hotel brands such as St. Regis, Sheraton, Shangri-La, Traders, Hilton, Conrad, Fairmont, Raffles, Holiday Inn, and InterContinental.

For more information, please visit www.lasvegassands.com

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

Las Vegas Sands Corp.

Third Quarter 2009 Results

Non-GAAP Reconciliations

Within the company's third quarter 2009 press release, the company makes reference to certain non-GAAP financial measures including "adjusted net income," "adjusted earnings per diluted share," "adjusted EBITDA," and "adjusted property EBITDAR." 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 EBITDA consists of operating income (loss) before depreciation and amortization, impairment loss, gain or loss on disposal of assets, pre-opening expense, development expense, and stock-based compensation. Adjusted property EBITDAR 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) to adjusted EBITDA and adjusted property EBITDAR 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         Nine Months Ended                                   September 30,             September 30,                                 2009         2008         2009         2008                                 ----         ----         ----         ----    Revenues:      Casino                  $908,255     $805,258   $2,504,233   $2,404,973      Rooms                    155,673      188,794      492,030      575,172      Food and beverage         74,457       91,025      248,852      272,315      Retail and other          95,604      123,233      304,976      290,791                                ------      -------      -------      -------                             1,233,989    1,208,310    3,550,091    3,543,251      Less - promotional       allowances              (92,845)    (102,876)    (271,185)    (246,680)                               -------     --------     --------     --------                             1,141,144    1,105,434    3,278,906    3,296,571                             ---------    ---------    ---------    ---------    Operating expenses:      Resort operations        877,224      871,290    2,520,646    2,501,723      Rental expense             6,691        8,437       22,497       25,573      Corporate expense         17,519       23,390      105,250       82,529      Pre-opening expense       28,855       40,777      115,619      105,470      Development expense           80        1,153          344       11,504      Depreciation and       amortization            148,677      132,239      431,559      364,753      Impairment loss                -            -      151,175            -      (Gain) loss on       disposal of assets         (284)         (47)       4,500        6,977                                  ----          ---        -----        -----                             1,078,762    1,077,239    3,351,590    3,098,529                             ---------    ---------    ---------    ---------    Operating income (loss)     62,382       28,195      (72,684)     198,042      Interest income            1,599        3,215        9,840       11,813      Interest expense,       net of amounts       capitalized             (88,514)     (90,535)    (224,503)    (293,709)      Other income       (expense)                (1,564)       7,209       (6,534)      11,624      Loss on modification or       early retirement of       debt                       (204)           -         (204)      (4,022)                                  ----          ---         ----       ------    Loss before income     taxes                     (26,301)     (51,916)    (294,085)     (76,252)    Income tax benefit     (expense)                 (54,316)      19,425         (641)      19,533                               -------       ------         ----       ------    Net loss                   (80,617)     (32,491)    (294,726)     (56,719)    Noncontrolling interest      4,111          283        7,674        4,481                                 -----          ---        -----        -----    Net loss attributable to     Las Vegas Sands Corp.     (76,506)     (32,208)    (287,052)     (52,238)    Preferred stock     dividends                 (23,350)           -      (69,676)           -    Accretion to redemption     value of preferred stock     issued to Principal     Stockholder's family      (23,136)           -      (69,408)           -                               -------          ---      -------          ---    Net loss     attributable to     common     stockholders            $(122,992)    $(32,208)   $(426,136)    $(52,238)                             =========     ========    =========     ========    Basic and diluted     loss per share             $(0.19)      $(0.09)      $(0.65)      $(0.15)                                ======       ======       ======       ======    Basic and diluted     weighted average     shares outstanding    660,245,590  355,393,259  655,687,503  355,344,306                           ===========  ===========  ===========  ===========    Las Vegas Sands Corp. and Subsidiaries    Non-GAAP Measure    (In thousands)    (Unaudited)    The following are reconciliations of Operating Income (Loss) to Adjusted     EBITDA and Adjusted Property EBITDAR                            Three Months Ended September 30, 2009                                           (Gain)                  Operating  Depreciation  Loss on                   Income        and       Disposal   Pre-Opening  Development                   (Loss)    Amortization  of Assets    Expense      Expense                   ------    ------------  ---------    -------      -------    The Venetian     Macao        $95,580      $51,056       $(323)      $(10)          $-    Sands Macao    64,432       11,430           6          -            -    Four     Seasons     Macao         (4,322)      12,876          28        722            -                   ------       ------         ---        ---          ---      Macau       Property       Operations 155,690       75,362        (289)       712            -    Las Vegas     Operating     Properties   (28,908)      58,706           3         (1)           -    Sands     Bethlehem        917        7,033           -       (262)           -                      ---        -----         ---       ----          ---      United       States       Property       Operations (27,991)      65,739           3       (263)           -    Other     Asia (2)     (12,344)       3,701           2        460            -    Other     Development  (32,389)         810           -     27,946           80    Corporate     (20,584)       3,065           -          -            -                  -------