Las Vegas Sands S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

LAS VEGAS SANDS CORP.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Year Ended December 31,															Pro Forma Year Ended December 31, 2004			Three Months Ended March 31,						Pro Forma Three Months Ended March 31, 2005
	2000			2001			2002(1)			2003			2004						2004			2005
Earnings:
Income (loss) before income taxes	$	16,862		$	7,874		$	(11,844	)	$	66,634		$	481,447		$	131,725		$	49,916		$	(27,187	)	$	115,348
Add: Loss on Guggenheim Investment		—			2,000			—			—			—			—			—			—			—
Add, fixed charges		134,322			123,698			129,606			131,418			146,688			71,220			34,912			32,109			21,697
Add, amortization of capitalized interest		1,900			1,900			1,900			2,015			2,300			2,300			575			635			635
Subtract, interest capitalized		(100	)		(2,000	)		(2,600	)		(5,600	)		(4,600	)		(2,217	)		(1,200	)		(4,100	)		(4,100	)
	$	152,984		$	133,472		$	117,062		$	194,467		$	625,835		$	203,028		$	84,203		$	1,457		$	133,580
Fixed Charges:
Interest expense (including amortization of debt discount and issuance costs), net of capitalized interest expense	$	131,313		$	119,007		$	124,459		$	122,442		$	138,077		$	64,992		$	32,827		$	27,083		$	16,671
Capitalized interest expense		100			2,000			2,600			5,600			4,600			2,217			1,200			4,100			4,100
1/3 of Lease Expense(2)		2,909			2,691			2,547			3,376			4,011			4,011			885			926			926
	$	134,322		$	123,698		$	129,606		$	131,418		$	146,688		$	71,220		$	34,912		$	32,109		$	21,697
Ratio of earnings to fixed charges		1.1	x		1.1	x		—			1.5	x		4.3	x		2.9	x		2.4	x		—			6.2	x

(1) For the year ended December 31, 2002 and for the three months ended March 31, 2005, earnings were insufficient to cover fixed charges by $12,544 and $30,652, respectively. Accordingly, such ratios have not been presented.

(2) The interest factor represents one-third of lease expense, which management believes is representative of the interest component of lease expense.