Las Vegas Sands 8-K Completion of Acquisition or Disposition of Assets

Exhibit 99.2

LAS VEGAS SANDS, INC.
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

The following unaudited pro forma condensed combined financial statements give effect to the acquisition of Interface Group Holding Company, Inc. (“Interface Holding”) by Las Vegas Sands, Inc. (“LVSI”) in a manner similar to a pooling-of-interests and are based upon and should be read in conjunction with the historical financial statements of LVSI and Interface Holding. On July 29, 2004, LVSI acquired 100% of Interface Holding from the Principal Stockholder of LVSI in exchange for 220,370 shares of common stock of LVSI. Sheldon G. Adelson, the principal stockholder of LVSI was the sole stockholder of Interface Holding. Given the common ownership of LVSI and Interface Holding, the acquisition of Interface Holding by LVSI will be presented as a reorganization of entities under common control, in a manner similar to a pooling-of-interests. Interface Holding is the holder of the Redeemable Preferred Interest in Venetian Casino Resort, LLC.

The unaudited pro forma condensed combined statements of operations assume the acquisition occurred on January 1, 2001 and gives effect to the elimination of intercompany revenues and expenses and the Preferred Return on the Redeemable Preferred Interest in Venetian Casino Resort, LLC. The unaudited pro forma condensed combined balance sheet assumes the acquisition occurred on June 30, 2004 and gives effect to the elimination of intercompany receivables and payables and the Redeemable Preferred Interest in Venetian Casino Resort, LLC and a distribution of certain assets by Interface Holding immediately prior to the completion of its acquisition by LVSI.

The unaudited pro forma condensed combined financial statements of LVSI are prepared in accordance with Article 11 of Regulation S-X.

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LAS VEGAS SANDS, INC.
PRO FORMA CONDENSED COMBINED BALANCE SHEET (UNAUDITED)
AS OF JUNE 30, 2004
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

	Las Vegas Sands, Inc. Historical			Interface Holding			Adjustments and Eliminations			Las Vegas Sands, Inc. Pro Forma
ASSETS
Current assets:
Cash and cash equivalents	$	671,241		$	13,241		$	(12,920	)(4)	$	671,562
Restricted cash and cash equivalents		12,460			21,284			–			33,744
Accounts receivable, net		56,050			1,696			(788	)(1)		56,958
Inventories		6,126			–			–			6,126
Prepaid expenses		9,985			550			(46	)(4)		10,489
Total current assets		755,862			36,771			(13,754	)		778,879
Property and equipment, net		1,513,395			51,294			(375	)(4)		1,564,314
Deferred offering costs, net		33,474			–			–			33,474
Redeemable Preferred Interest in Venetian
Casino Resort, LLC		–			252,628			(252,628	)(2)		–
Other assets, net		28,764			68			–			28,832
	$	2,331,495		$	340,761		$	(266,757	)	$	2,405,499
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	27,518		$	3,171		$	(788	)(1)	$	29,901
Construction payables		51,900			–			–			51,900
Construction payables-contested		7,232			–			–			7,232
Accrued interest payable		5,001			–			–			5,001
Other accrued liabilities		105,491			13,619			–			119,110
Current maturities of long-term debt		14,900			3,158			–			18,058
Total current liabilities		212,042			19,948			(788	)		231,202
Other long-term liabilities		188,483			–			–			188,483
Redeemable Preferred Interest in Venetian
Casino Resort, LLC a wholly owned subsidiary		252,628			–			(252,628	)(2)		–
Long-term debt		1,312,540			121,167			–			1,433,707
		1,965,693			141,115			(253,416	)		1,853,392
Stockholders' equity:
Common stock, $.10 par value, 3,000,000 shares
authorized, 1,220,370 shares issued and outstanding		100			1			22	(3)		123
Receivable from stockholders		(858	)		(1,812	)		1,812	(4)		(858	)
Capital in excess of par value		128,653			19,269			(22	)(3)		147,900
Retained earnings		237,907			182,188			(15,153	)(4)		404,942
		365,802			199,646			(13,341	)		552,107
	$	2,331,495		$	340,761		$	(266,757	)	$	2,405,499

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LAS VEGAS SANDS, INC.
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

1. Reflects the elimination of amounts receivable and payable between Interface Holding and LVSI.

2. Reflects the elimination of the Preferred Interest in Venetian Casino Resort.

3. Reflects the the issuance of 220,370 shares of LVSI common stock to the principal stockholder of LVSI in connection with the acquisition of Interface Holding.

4. Reflects the distribution of cash, accounts receivable and fixed and other assets by Interface Holding to its sole stockholder immediately prior to LVSI's acquisition of Interface Holding.

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LAS VEGAS SANDS, INC.
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2004
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

	Las Vegas Sands, Inc. Historical			Interface Holding			Eliminations			Las Vegas Sands, Inc. Pro Forma
Revenues:
Casino	$	228,597		$	–		$	–		$	228,597
Rooms		164,597			–			–			164,597
Food and beverage		67,528			–			(1,847	)(1)		65,681
Retail and other		37,703			36,752			(966	)(2)(3)		73,489
		498,425			36,752			(2,813	)		532,364
Less-promotional allowances		(26,521	)		–			–			(26,521	)
Net revenues		471,904			36,752			(2,813	)		505,843
Operating expenses:
Casino		98,630			–			(94	)(3)		98,536
Rooms		38,717			–			–			38,717
Food and beverage		33,296			–			(465	)(2)		32,831
Retail and other		17,323			15,805			(1,853	)(1)		31,275
Provision for doubtful accounts		6,692			–			–			6,692
General and administrative		67,457			9,291			–			76,748
Corporate expense		6,105			–			(401	)(3)		5,704
Rental expense		4,689			–			–			4,689
Pre-opening and developmental expense		19,107			–			–			19,107
Depreciation and amortization		30,862			1,521			–			32,383
Gain on sale of Grand Canal Shops		(418,222	)		–			–			(418,222	)
		(95,344	)		26,617			(2,813	)		(71,540	)
Operating income		567,248			10,135			–			577,383
Other income (expense):
Interest income		897			197			–			1,094
Interest expense, net of amounts capitalized		(61,750	)		(3,541	)		–			(65,291	)
Preferred return on Redeemable Preferred
Interest in Venetian Casino Resort, LLC		(14,300	)		14,300			–			–
Other income (expense)		(9	)		–			–			(9	)
Loss on early retirement of debt		(1,371	)		–			–			(1,371	)
Net income	$	490,715		$	21,091		$	–		$	511,806
Basic earnings per share	$	490.72								$	419.39	(5)
Diluted earnings per share	$	490.01								$	418.89	(5)
Dividends declared per share	$	107.91								$	88.42	(5)
Weighted average shares outstanding:
Basic		1,000,000									1,220,370
Diluted		1,001,437									1,221,807

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LAS VEGAS SANDS, INC.
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2003
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

	Las Vegas Sands, Inc. Historical			Interface Holding			Eliminations			Las Vegas Sands, Inc. Pro Forma
Revenues:
Casino	$	136,691		$	–		$	–		$	136,691
Rooms		113,930			–			–			113,930
Food and beverage		40,885			–			(1,637	)(1)		39,248
Retail and other		37,018			28,732			(625)	(2)(3)		65,125
		328,524			28,732			(2,262	)		354,994
Less-promotional allowances		(19,437	)		–			–			(19,437	)
Net revenues		309,087			28,732			(2,262	)		335,557
Operating expenses:
Casino		63,455			–			(87	)(3)		63,368
Rooms		29,082			–			–			29,082
Food and beverage		19,114			–			(117	)(2)		18,997
Retail and other		16,615			11,169			(1,665	)(1)		26,119
Provision for doubtful accounts		4,756			–			–			4,756
General and administrative		50,963			9,764			–			60,727
Corporate expense		4,789			–			(393	)(3)		4,396
Rental expense		5,067			–			–			5,067
Pre-opening and developmental expense		4,845			–			–			4,845
Depreciation and amortization		21,988			1,526			–			23,514
		220,674			22,459			(2,262	)		240,871
Operating income		88,413			6,273			–			94,686
Other income (expense):
Interest income		824			209			–			1,033
Interest expense, net of amounts capitalized		(54,732	)		(3,833	)		–			(58,565	)
Preferred return on Redeemable Preferred
Interest in Venetian Casino Resort, LLC		–			12,727			(12,727	)(4)		–
Other income (expense)		819			–			–			819
Income before preferred return		35,324			15,376			(12,727	)		37,973
Preferred return on Redeemable Preferred
Interest in Venetian Casino Resort, LLC		(12,727	)		–			12,727	(4)		–
Net income	$	22,597		$	15,376		$	–		$	37,973
Basic earnings per share	$	22.60								$	31.12	(5)
Diluted earnings per share	$	22.53								$	31.04	(5)
Weighted average shares outstanding:
Basic		1,000,000									1,220,370
Diluted		1,003,000									1,223,370

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LAS VEGAS SANDS, INC.
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE YEAR ENDED DECEMBER 31, 2003
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

	Las Vegas Sands, Inc. Historical			Interface Holding			Eliminations			Las Vegas Sands, Inc. Pro Forma
Revenues:
Casino	$	272,804		$	–		$	–		$	272,804
Rooms		251,397			–			–			251,397
Food and beverage		82,882			–			(2,675	)(1)		80,207
Retail and other		79,242			54,502			(1,542	)(2)(3)		132,202
		686,325			54,502			(4,217	)		736,610
Less-promotional allowances		(44,856	)		–			–			(44,856	)
Net revenues		641,469			54,502			(4,217	)		691,754
Operating expenses:
Casino		128,339			–			(169	)(3)		128,170
Rooms		64,819			–			–			64,819
Food and beverage		40,797			–			(620	)(2)		40,177
Retail and other		33,468			22,778			(2,690	)(2)		53,556
Provision for doubtful accounts		8,084			–			–			8,084
General and administrative		107,523			18,611			–			126,134
Corporate expense		10,914			–			(738	)(3)		10,176
Rental expense		10,128			–			–			10,128
Pre-opening and developmental expense		10,525			–			–			10,525
Depreciation and amortization		50,837			3,022			–			53,859
		465,434			44,411			(4,217	)		505,628
Operating income		176,035			10,091			–			186,126
Other income (expense):
Interest income		1,716			409			–			2,125
Interest expense, net of amounts capitalized		(114,924	)		(7,518	)		–			(122,442	)
Other income (expense)		825			–			–			825
Preferred return on Redeemable Preferred
Interest in Venetian Casino Resort, LLC		–			26,217			(26,217	)(4)		–
Income before preferred return		63,652			29,199			(26,217	)		66,634
Preferred return on Redeemable Preferred
Interest in Venetian Casino Resort, LLC		(26,217	)		–			26,217	(4)		–
Net income	$	37,435		$	29,199		$	–		$	66,634
Basic earnings per share	$	37.44								$	54.60	(5)
Diluted earnings per share	$	37.36								$	54.51	(5)
Dividends declared per share	$	4.20								$	3.44	(5)
Weighted average shares outstanding:
Basic		1,000,000									1,220,370
Diluted		1,002,000									1,222,370

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LAS VEGAS SANDS, INC.
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE YEAR ENDED DECEMBER 31, 2002
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

	Las Vegas Sands, Inc. Historical			Interface Holding			Eliminations			Las Vegas Sands, Inc. Pro Forma
Revenues:
Casino	$	256,484		$	–		$	–		$	256,484
Rooms		206,706			–			–			206,706
Food and beverage		70,300			–			(2,655	)(1)		67,645
Retail and other		72,395			55,640			(1,326)	(2)(3)		126,709
		605,885			55,640			(3,981)			657,544
Less-promotional allowances		(34,208	)		–			–			(34,208	)
Net revenues		571,677			55,640			(3,981	)		623,336
Operating expenses:
Casino		119,186			–			(343	)(3)		118,843
Rooms		53,435			–			–			53,435
Food and beverage		35,217			–			(73	)(2)		35,144
Retail and other		32,736			21,260			(2,664	)(1)		51,332
Provision for doubtful accounts		21,393			–			–			21,393
General and administrative		94,410			18,503			–			112,913
Corporate expense		11,015			–			(901	)(3)		10,114
Rental expense		7,640			–			–			7,640
Pre-opening and developmental expense		5,925			–			–			5,925
Depreciation and amortization		43,638			3,024			–			46,662
		424,595			42,787			(3,981	)		463,401
Operating income		147,082			12,853			–			159,935
Other income (expense):
Interest income		2,564			463			–			3,027
Interest expense, net of amounts capitalized		(110,348	)		(10,101	)		–			(120,449	)
Interest expense on indebtedness to
Principal Stockholder		(4,010	)		–			–			(4,010	)
Other income (expense)		1,045			–			–			1,045
Preferred return on Redeemable Preferred
Interest in Venetian Casino Resort, LLC		–			23,333			(23,333	)(4)		–
Loss on early retirement of debt		(51,392	)		–			–			(51,392	)
Loss before preferred return		(15,059	)		26,548			(23,333	)		(11,844	)
Preferred return on Redeemable Preferred
Interest in Venetian Casino Resort, LLC		(23,333	)		–			23,333	(4)		–
Net loss	$	(38,392	)	$	26,548		$	–		$	(11,844	)
Basic loss per share	$	(38.39	)							$	(9.71	)(5)
Diluted loss per share	$	(38.39	)							$	(9.71	)(5)
Weighted average shares outstanding:
Basic		1,000,000									1,220,370
Diluted		1,000,000									1,220,370

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LAS VEGAS SANDS, INC.
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE YEAR ENDED DECEMBER 31, 2001
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

	Las Vegas Sands, Inc. Historical			Interface Holding			Eliminations			Las Vegas Sands, Inc. Pro Forma
Revenues:
Casino	$	227,240		$	–		$	–		$	227,240
Rooms		204,242			–			–			204,242
Food and beverage		61,977			–			(2,487	)(1)		59,490
Retail and other		73,034			66,827			(1,266	)(2)(3)		138,595
		566,493			66,827			(3,753	)		629,567
Less-promotional allowances		(42,594	)		–			–			(42,594	)
Net revenues		523,899			66,827			(3,753	)		586,973
Operating expenses:
Casino		139,936			–			(713	)(3)		139,223
Rooms		50,039			–			–			50,039
Food and beverage		29,630			–			(239	)(2)		29,391
Retail and other		32,302			24,579			(2,504	)(1)		54,377
Provision for doubtful accounts		20,198			–			–			20,198
General and administrative		86,887			18,176			–			105,063
Corporate expense		6,376			–			(297	)(3)		6,079
Rental expense		8,074			–			–			8,074
Pre-opening and developmental expense		355			–			–			355
Depreciation and amortization		40,823			3,149			–			43,972
		414,620			45,904			(3,753	)		456,771
Operating income		109,279			20,923			–			130,202
Other income (expense):
Interest income		1,385			3,777			–			5,162
Interest expense, net of amounts capitalized		(101,724	)		(13,425	)		–			(115,149	)
Interest expense on indebtedness to
Principal Stockholder		(9,020	)		–			–			(9,020	)
Other income (expense)		(1,938	)		–			–			(1,938	)
Preferred return on Redeemable Preferred
Interest in Venetian Casino Resort, LLC		–			20,766			(20,766	)(4)		–
Loss on early retirement of debt		(1,383	)		–			–			(1,383	)
Income (loss) before preferred return		(3,401	)		32,041			(20,766	)		7,874
Preferred return on Redeemable Preferred
Interest in Venetian Casino Resort, LLC		(20,766	)		–			20,766	(4)		–
Net income (loss)	$	(24,167	)	$	32,041		$	–		$	7,874
Basic earnings (loss) per share	$	(24.17	)							$	6.45	(5)
Diluted earnings (loss) per share	$	(24.17	)							$	6.45	(5)
Weighted average shares outstanding:
Basic		1,000,000									1,220,370
Diluted		1,000,000									1,220,370

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LAS VEGAS SANDS, INC.
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

1. Reflects the elimination of revenues and expenses from audio visual, telecommunications, electrical, janitorial and other related services provided by LVSI to Interface Holding.

2. Reflects the elimination of revenues and expenses from meeting and conference facility usage, custodial labor, telecommunications, custom signage and graphic imaging services provided by Interface Holding to LVSI.

3. Reflects the elimination of revenues and expenses from travel and aircraft usage services provided by Interface Holdings to LVSI.

4. Reflects the elimination of the Preferred Return on the Redeemable Preferred Interest in Venetian Casino Resort, LLC.

5. Reflects the dilutive impact of the issuance of 220,370 shares of LVSI common stock in connection with the acquisition of Interface Holding.

9