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EXHIBIT 12.1
LAS VEGAS SANDS, INC.
COMPUTATION OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
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NINE MONTHS ENDED
YEAR ENDED DECEMBER 31, SEPTEMBER 30,
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1997(2) 1998(2) 1999(2) 2000 2001(2) 2001(2) 2002(2)
-------- -------- --------- --------- --------- --------- ---------
Earnings:
Income before preferred return(1)....... $ (520) $(29,763) $(65,623) $ 15,952 $ (3,401) $ (2,269) $(27,026)
Add, Loss on Guggenheim Investment...... -- -- -- -- 2,000 459 690
Add, fixed charges...................... 8,781 92,362 118,925 141,298 136,201 101,930 106,162
Add, amortization of capitalized
interest.............................. -- -- 900 1,900 1,900 1,395 1,446
Subtract, Preferred Return.............. -- (13,647) (14,399) (18,482) (20,766) (15,423) (17,330)
Subtract, interest capitalized.......... (2,200) (39,700) (31,300) (100) (2,000) (1,395) (1,446)
------- -------- -------- -------- -------- -------- --------
6,061 9,252 8,503 140,568 113,934 84,697 62,496
------- -------- -------- -------- -------- -------- --------
Fixed Charges:
Interest expense, net (including
amortizations of debt discount and
issue costs).......................... $ 6,581 $ 39,015 $ 71,398 $119,807 $110,744 $ 83,016 $ 85,541
Interest capitalized.................... 2,200 39,700 31,300 100 2,000 1,395 1,446
Preferred Return on Redeemable
Interest.............................. -- 13,647 14,399 18,482 20,766 15,423 17,330
1/3 of Rent Expense (3)................ -- -- 1,828 2,909 2,691 2,096 1,845
------- -------- -------- -------- -------- -------- --------
8,781 92,362 118,925 141,298 136,201 101,930 106,162
------- -------- -------- -------- -------- -------- --------
Ratio of earnings to fixed charges........ -- -- -- 1.0x -- -- --
======= ======== ======== ======== ======== ======== ========
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(1) In April 2002, the Financial Accounting Standards Board issued statement No.
145 ('SFAS 145') 'Rescission of FASB Statements Nos. 4. 44 and 64 and
Amendment of FASB Statement No. 13.' SFAS 145 addresses the presentation for
losses on early retirements of debt in the statement of operations to the
extent they do not meet the requirements of APB Opinion No. 30. The Company
has adopted SFAS 145 and will no longer present losses on early retirements
of debt as an extraordinary item. Accordingly, prior period losses on early
retirement of debt have been reclassified to conform to this new
presentation and have been deducted from income before preferred return in
the accompanying table. For the years ended December 31, 1999, 2000 and 2001
and the nine months ended September 30, 2002 such amounts were $589, $2,785,
$1,383 and $51,392.
(2) For the years ended December 31, 1997, 1998, 1999 and 2001 and for the nine
months ended September 30, 2001 and 2002, earnings were insufficient to
cover fixed charges by $2,720, $83,110, $110,422, $22,267, $17,233 and
$43,666, respectively. Accordingly, such ratio has not been presented.
(3) The interest factor represents one-third of lease expense, which management
believes is representative of the interest component of lease expense.