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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, 2004

[   ]        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 16, 2004

Class
 Outstanding at August 16, 2004
Common Stock, $.10 par value 1,220,370 shares


LAS VEGAS SANDS, INC.
 
Table of Contents
 
Part I
FINANCIAL INFORMATION
 

   
Item 1     Financial Statments        
      Consolidated Balance Sheets at June 30, 2004 and December 31, 2003 (unaudited)       1  

    
      Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2004 and June 30, 2003 (unaudited)       2  

    
      Consolidated Statements of Stockholder's Equity (Deficit) for Six Months Ended June 30, 2004       3  

    
      Consolidated Statements of Cash Flows for the Three and Six Months Ended June 30, 2004 and June 30, 2003 (unaudited)       4  

    
      Notes to Consolidated Financial Statements       5  

    
Item 2     Management's Discussion and Analysis of Financial Condition and Results of Operation       30  

    
Item 3     Quantitative and Qualitative Disclosures About Market Risk       48  

    
Item 4     Controls and Procedures       50  

    
Part II
OTHER INFORMATION
     
Item 1     Legal Proceedings       51  

    
Item 5     Other Information       51  

    
Item 6     Exhibits and Reports on Form 8-K       51  

    
      Signatures       53  

LAS VEGAS SANDS, INC.

Item 1. Financial Statements

Consolidated Balance Sheets
(Dollars in thousands, except per share data)
(Unaudited)


June 30,
2004
 December 31,
2003
 
ASSETS                
Current assets:            
    Cash and cash equivalents   $ 671,241   $ 142,360  
    Restricted cash and cash equivalents    12,460    36,358  
    Accounts receivable, net    56,050    52,542  
    Inventories    6,126    6,093  
    Prepaid expenses       9,985     3,462  
Total current assets    755,862    240,815  

  
Property and equipment, net    1,513,395    1,432,176  
Deferred offering costs, net    33,474    38,489  
Restricted cash and cash equivalents    –    86,144  
Other assets, net    28,764    34,270  
    $ 2,331,495   $ 1,831,894  

  
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)            
Current liabilities:            
    Accounts payable   $ 27,518   $ 14,991  
    Construction payables    51,900    42,155  
    Construction payables–contested    7,232    7,232  
    Accrued interest payable    5,001    4,809  
    Other accrued liabilities    105,491    95,940  
    Current maturities of long–term debt    14,900    12,633  
Total current liabilities    212,042    177,760  

  
Other long–term liabilities    7,317    6,445  
Deferred gain on sale of Grand Canal Shops    73,325    –  
Deferred rent from Grand Canal Shops transaction    107,841    –  
Redeemable Preferred Interest in Venetian Casino Resort, LLC,            
    a wholly owned subsidiary    252,628    –  
Long–term debt    1,312,540    1,426,350  
     1,965,693    1,610,555  
Redeemable Preferred Interest in Venetian Casino Resort, LLC,            
    a wholly owned subsidiary    –    238,328  
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    (858 )  (843 )
    Capital in excess of par value    128,653    136,562  
    Retained earnings (deficit)    237,907    (152,808 )
     365,802    (16,989 )
    $ 2,331,495   $ 1,831,894  

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

LAS VEGAS SANDS, INC.

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


Three Months Ended
June 30,		 Six Months Ended
June 30,
2004
 2003
 2004
 2003
 
Revenues:                        
   Casino   $ 133,889   $ 63,378   $ 228,597   $ 136,691  
   Rooms    79,230    56,439    164,597    113,930  
   Food and beverage    34,073    20,817    67,528    40,885  
   Retail and other       16,672     19,221     37,703     37,018  
     263,864    159,855    498,425    328,524  
Less-promotional allowances    (12,761 )  (9,433 )  (26,521 )  (19,437 )
   Net revenues    251,103    150,422    471,904    309,087  
Operating expenses:                      
   Casino    62,002    30,537    98,630    63,455  
   Rooms    18,676    14,555    38,717    29,082  
   Food and beverage    17,798    9,672    33,296    19,114  
   Retail and other    7,817    8,791    17,323    16,615  
   Provision for doubtful accounts    3,448    1,035    6,692    4,756  
   General and administrative    35,495    24,351    67,457    50,963  
   Corporate expense    3,445    2,188    6,105    4,789  
   Rental expense    2,238    2,524    4,689    5,067  
   Pre-opening and developmental expense    10,728    3,018    19,107    4,845  
   Depreciation and amortization    16,081    11,251    30,862    21,988  
   Gain on sale of Grand Canal Shops    (418,222 )  –    (418,222 )  –  
     (240,494 )  107,922    (95,344 )  220,674  
Operating income    491,597    42,500    567,248    88,413  

  
Other income (expense):                      
  Interest income    539    378    897    824  
  Interest expense, net of amounts capitalized    (30,704 )  (27,196 )  (61,750 )  (54,732 )
  Preferred return on Redeemable Preferred Interest                      
     in Venetian Casino Resort, LLC    (7,150 )  –    (14,300 )  –  
  Other income (expense)    –    259    (9 )  819  
  Loss on early retirement of debt    (1,371 )  –    (1,371 )  –  
Income before preferred return    452,911    15,941    490,715    35,324  

  
  Preferred return on Redeemable Preferred Interest                      
     in Venetian Casino Resort, LLC    –    (6,364 )  –    (12,727 )
Net income    452,911    9,577    490,715