Las Vegas Sands Reports Fourth Quarter

Las Vegas Sands, Inc., owner and operator of The Venetian Casino Resort
and The Grand Canal Shops in Las Vegas, and The Sands Macau, in Macau, a
Special Administrative Region of the People`s Republic of China, today
reported financial results for the quarter and full year ended December
31, 2003.
A conference call with management is scheduled today at 1:00 p.m. EST and
is transmitted via live web cast, and accessible via the Internet at the
following web addresses:

*  (Logo: http://www.hpbroadband.com/program.cfm?key=S28ZDL276K)

In the fourth quarter of 2003, Las Vegas Sands, Inc. reported Adjusted
Property EBITDAR of $63.4 million, an increase of 8.7 percent when
compared to $58.3 million in the year-ago quarter. Of this amount the
Grand Canal Shops Mall subsidiary contributed $6.4 million of EBITDAR
during the fourth quarter of 2003, as compared to $6.4 million during the
fourth quarter of 2002, (See the accompanying tables and footnotes, which
reconcile Net Income to Adjusted Property EBITDAR.)

Net income before preferred return for the fourth quarter of 2003 was $9.3
million. That compares to net income before preferred return of $12.0
million for the fourth quarter of 2002. Net income for the fourth quarter
of 2003 was $2.6 million, as compared to $6.0 million for the fourth
quarter of 2002. The decline in net income for the fourth quarter was
partially the result of table games win percentage being significantly
lower during the fourth quarter of 2003 as compared to the fourth quarter
of 2002 at the Venetian, increased depreciation expense and interest
expense associated with placing in service the Venezia Tower at the
Venetian and increased pre-opening and developmental expenses for the
Sands Macau.

Net revenue for the fourth quarter of 2003 was $164.1 million, an increase
of 6.6 percent when compared to $154.0 million in the fourth quarter of
2002.

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Adjusted Property EBITDAR for the year ended December 31, 2003 was $259.2
million, an increase of 20.6 percent when compared to $215.0 million in
the year-ago period. Table games win percentage was within a normal range
during the full years of 2003 and 2002. Of this amount the Grand Canal
Shops Mall subsidiary contributed $23.3 million of EBITDAR during the full
year 2003, an increase of 6.4 percent when compared to $21.9 million
during the full year 2002.

Net income before preferred return for the year ended December 31, 2003
was $64.4 million. That compares to a net loss before preferred return of
$15.1 million for the year ended December 31, 2002. Net income for the
year ended December 31, 2003 was $38.2 million as compared to a net loss
of $38.4 million for the year ended December 31, 2002. Results for the
year ended December 31, 2002 included a loss on early retirement of debt
of $51.4 million.
Net revenue for the year ended December 31, 2003 was $641.5 million an
increase of 12.3 percent when compared to $571.4 million in net revenue
reported for the year ended December 31, 2002.

William P. Weidner, President and Chief Operating Officer of Las Vegas
Sands, Inc. stated, “The opening of the 1,013 room Venezia Tower at the
Venetian during 2003 contributed considerably to increased revenues and
margins. The Venezia Tower features a lavish pool deck, an exclusive
Concierge-Level featuring a private lounge and the Venetian`s first
wedding chapel. The opening of the tower coincided with the debut of the
Venetian Congress Center expansion of 150,000 square feet, including three
ballrooms, sixty-four meeting rooms and three permanent boardrooms. Also,
early in the first quarter, we opened a new restaurant, Bouchon, operated
by Thomas Keller of the French Laundry restaurant of Napa Valley. We
believe that the addition of The Venezia rooms coupled with the additional
meeting space, resulted in increased group and individual room demand. The
additional room guests resulted in increased demand for our casino, food
and beverage, and retail business, along with increased mall traffic and
the enhanced mall tenants` sales, all positively contributing to the
overall continuing strength of the Venetian during 2003.”

Weidner went on to say, “We continue to plan and explore financing
alternatives for our second Las Vegas mega-resort on land between the
Venetian and Wynn Las Vegas Resort, as well as with our development
activities in Macau, which continue to raise our profile in Asia. We
believe that we are on schedule to complete in the second quarter of 2004,
The Sands Macau Casino, a 163,000 square foot casino that will feature 320
table games and 500 slot machines and is located in the ferry terminal
tourism district in one of the most dynamically economic development areas
of China near Hong Kong. In addition, we continue the formulation of
development plans and strategies for our destination resort hotel casino
in Macau, The Venetian Macau.”
Hotel revenues were $69.7 million during the fourth quarter of 2003, an
increase of 39.1 percent when compared to $50.1 million in the fourth
quarter of 2002. The Venetian`s occupancy of available guestrooms was 92.8
percent during the fourth quarter of 2003, compared with the 90.4 percent
during the prior year`s fourth quarter, generating revenue per available
room (REVPAR) of $189 during the fourth quarter of 2003, as compared to
$180 in the fourth quarter of 2002. The Venetian`s average daily room rate
(ADR) was $204 during the fourth quarter of 2003, as compared to $199
during the prior year`s fourth quarter. Weidner remarked, “In the fourth
quarter, we improved hotel occupancy along with higher average daily room
rates, and continued to receive strong room demand for The Venezia Tower
and its club level suites, without affecting occupancy and room rates of
the original Venetian Hotel Tower.”
Casino revenues were $66.9 million in the fourth quarter of 2003, a
decrease of 15.4 percent when compared to $79.1 million in the fourth
quarter of 2002. Table games win percentage was significantly lower in the
fourth quarter of 2003 at 18.2 percent as compared to 28.2 percent during
the fourth quarter of 2002. Casino win percentage is reasonably
predictable over time, but can fluctuate significantly over shorter
periods, such as between fiscal quarters. Table games drop (volume) was
$212.9 million in the fourth quarter of 2003, as compared to $225.2
million in the prior year`s fourth quarter, a decrease of 5.5 percent.
Slot machine handle (volume) was $489.4 million in the fourth quarter of
2003, as compared to $416.7 million during the fourth quarter of 2002, an
increase of 17.4 percent. Weidner indicated, “Table games volume declined
because of fewer select high end casino guests during the fourth quarter
of 2003, as compared to the same period of 2002. We believe that the
occurrence of the Chinese lunar New Year during January nearer the
Christmas holidays than normal, affected our Asian high end table games
volume during December. As a result of this, the January lunar New Year`s
period was particularly strong, because many of our guest arrived in
January rather than December for their traditional new years trip to Las
Vegas.
Food and beverage revenues were $19.6 million in the fourth quarter of
2003, an increase of 26.5 percent, when compared to $15.5 million in the
fourth quarter of 2002. The increase in food and beverage revenue was a
continuing indicator of the Venetian`s strong group banquet business and
the addition of 150,000 square feet of new state-of-the-art meeting rooms
and the new Venezia Tower hotel rooms. Retail and other operating revenues
were $10.9 million in the fourth quarter of 2003, as compared to $8.3
million during the fourth quarter of 2002.

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