Las Vegas Sands Corp.
announced today that its subsidiaries, Las Vegas Sands, Inc. and Venetian
Casino Resort, LLC (collectively, the “Issuers”) successfully closed their
previously announced $1.620 billion amended senior secured credit
facility, consisting of a $970 million funded term loan, a $200 million
delayed-draw term loan and a $450 million revolving credit facility, which
includes revised covenants to provide greater financial flexibility. The
company expects to realize significant reductions in interest expense as a
result of this transaction. Simultaneously with the closing of the amended credit facility, the gross
proceeds from the company’s recently completed offering of senior notes
were released from escrow. The proceeds from the senior notes offering,
the amended credit facility and cash-on-hand were used to refinance the
Issuers’ term loan indebtedness under the existing credit facility and to
purchase the Issuers’ 11% mortgage notes that were tendered prior to the
consent time and accepted for payment in the previously announced tender
offer and consent solicitation, and to pay related interest, premiums and
expenses. In total $542,308,000 principal amount of mortgage notes were
purchased for total consideration equal to $1,166.56 per $1000 principal
amount of mortgage notes (including a consent payment of $30 per $1000
principal amount of mortgage notes).

The tender offer for the mortgage notes not purchased already as discussed
above remains open and is scheduled to expire at 12 midnight New York City
time, on March 1, 2005. Holders of mortgage notes who tender their notes
after the consent time will not receive the consent payment. The Issuers
have called the remaining outstanding notes for redemption at a price
equal to the principal amount plus a make-whole premium as determined in
accordance with the indenture governing the mortgage notes.

As a result of these transactions Las Vegas Sands estimates it will
achieve approximately $63 million in pre-tax interest savings in 2005
(estimated to be approximately $72 million on an annualized basis) based
upon an applicable LIBOR rate of 2.59 percent. The estimated savings
includes the effect of the expected savings of approximately $31 million
for 2005 (approximately $33 million on an annualized basis) previously
announced in connection with the Issuers’ February 1, 2005 redemption of
approximately $291 million principal amount of mortgage notes (the “Equity
Clawback”). The Equity Clawback amounts include approximately $1 million
and approximately $1 million, respectively, of amortization of previously
deferred offering costs. These transactions are expected to result in a
non-cash, pre-tax charge to net income resulting from loss on early
retirement of indebtedness of approximately $133 million in the first
quarter of 2005. This estimated charge includes the approximately $39
million charge previously announced in connection with the Equity Clawback.
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