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UNITED STATES SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2003

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

For the Transition period from _______________ to ________________


Commission File Number   333-42147

LAS VEGAS SANDS, INC.
(Exact name of registration as specified in its charter)

Nevada
 04-3010100
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)


3355 Las Vegas Boulevard South, Room 1A  
Las Vegas, Nevada
 89109
(Address of principal executive offices) (Zip Code)


(702) 414-1000
(Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[X] Yes [   ] No

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). [   ]Yes [X] No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of August 14, 2003

Class
 Outstanding at August 14, 2003
Common Stock, $.10 par value 1,000,000 shares


LAS VEGAS SANDS, INC.

Table of Contents
 
Part I
FINANCIAL INFORMATION
 

   
Item 1     Consolidated Balance Sheets at June 30, 2003 (unaudited) and December 31, 2002          

    
      Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2003 and June 30, 2002 (unaudited)          

    
      Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2003 and June 30, 2002 (unaudited)          

    
      Notes to Consolidated Financial Statements          

    
Item 2     Management's Discussion and Analysis of Financial Condition and Results of Operation          

    
Item 3     Quantitative and Qualitative Disclosures about Market Risk          

    
Item 4     Controls and Procedures          

    
Part II
OTHER INFORMATION
     
Item 1     Legal Proceedings          

    
Item 5     Other Information          

    
Item 6     Exhibits and Reports on Form 8-K          

    
      Signatures          

    

LAS VEGAS SANDS, INC.

Part I

FINANCIAL INFORMATION

Item 1.   Financial Statements

Consolidated Balance Sheets
(Dollars in thousands)

June 30, December 31,
2003
 2002
(Unaudited)
ASSETS                
Current assets:            
    Cash and cash equivalents   $ 76,361   $ 93,742  
    Restricted cash    49,547    21,880  
    Accounts receivable, net    51,348    53,312  
    Inventories    5,579    5,070  
    Prepaid expenses       4,788     5,004  
Total current assets    187,623    179,008  

  
Property and equipment, net    1,353,469    1,191,828  
Deferred offering costs, net    35,057    38,015  
Restricted cash    –    83,370  
Other assets, net    30,170    24,460  
    $ 1,606,319   $ 1,516,681  
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)            
Current liabilities:            
    Accounts payable   $ 13,716   $ 12,201  
    Construction payables    39,647    29,727  
    Construction payables-contested    7,232    7,232  
    Accrued interest payable    4,828    4,336  
    Other accrued liabilities    71,215    80,585  
    Current maturities of long-term debt    7,500    2,500  
Total current liabilities    144,138    136,581  

  
Other long-term liabilities    4,955    1,122  
Long-term debt    1,260,000    1,216,250  
     1,409,093    1,353,953  
Redeemable Preferred Interest in            
    Venetian Casino Resort, LLC, a wholly owned subsidiary    224,838    212,111  
Stockholders' equity (deficit):            
    Common stock, $.10 par value, 3,000,000 shares            
    authorized, 1,000,000 shares issued and outstanding    100    100  
    Notes receivable from stockholders    (826 )  –  
    Capital in excess of par value    140,760    140,760  
    Accumulated deficit since June 30, 1996    (167,646 )  (190,243 )
     (27,612 )  (49,383 )
    $ 1,606,319   $ 1,516,681  

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

LAS VEGAS SANDS, INC.

Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2003
 2002
 2003
 2002
Revenues:                            
   Casino   $ 63,378   $ 46,820   $ 136,691   $ 97,293  
   Rooms    56,439    52,635    113,930    109,013  
   Food and beverage    20,817    17,654    40,885    39,533  
   Retail and other       19,221     18,686     37,018     35,447  
     159,855    135,795    328,524    281,286  
Less–promotional allowances    (9,433 )  (7,630 )  (19,437 )  (16,688 )
   Net revenues    150,422    128,165    309,087    264,598  
Operating expenses:                      
   Casino    30,537    25,169    63,455    54,864  
   Rooms    14,555    13,592    29,082    26,626  
   Food and beverage    9,672    8,749    19,114    18,720  
   Retail and other    8,791    7,862    16,615    14,964  
   Provision for doubtful accounts    1,035    4,939    4,756    8,274  
   General and administrative    24,351    22,925    50,963    44,392  
   Corporate expense    2,188    2,914    4,789    4,823  
   Rental expense    2,524    1,875    5,067    3,529  
   Pre–opening and developmental expense    3,018    1,406    4,845    2,071  
   Depreciation and amortization    11,251    10,964    21,988    21,949  
     107,922    100,395    220,674    200,212  
Operating income    42,500    27,770    88,413    64,386  

  
Other income (expense):                      
  Interest income    378    469    824    650  
  Interest expense, net of amounts capitalized    (27,196 )  (27,683 )  (54,732 )  (52,065 )
  Interest expense on indebtedness to Principal Stockholder    –    (1,676 )  –    (4,010 )
  Other income (expense)    259    (307 )  819    363  
  Loss on early retirement of debt    –    (42,763 )  –    (42,763 )
Income (loss) before preferred return    15,941    (44,190 )  35,324    (33,439 )

  
   Preferred return on Redeemable Preferred Interest                      
     in Venetian Casino Resort, LLC    (6,364 )  (5,664 )  (12,727 )  (11,327 )
Net income (loss)   $ 9,577   $ (49,854 ) $ 22,597   $ (44,766 )

  
Basic earnings (loss) per share   $ 9.58   $ (49.85 ) $ 22.60   $ (44.77 )

  
Diluted earnings (loss) per share   $ 9.55   $ (49.85 ) $ 22.53   $ (44.77 )