Rob Goldstein: April both slots of The Venetian are above 95% and an ADR excess 245. Bookings are trending upward slots are filling up. As the property ramps up, we get stronger. The economic conditions in Las Vegas have been difficult in first quarter, but they are improving and as always the first segment to improve and to grow is the group segment, which is our strength and we will keep playing with that strength.

Sheldon Adelson: On VP, we are up 110,000 rooms in forward bookings for the seven month balance of the year.

Larry Klatzkin (Jefferies): You had some bad rock at Sands Macao. Could you quantify what that cost you?

Scott Henry: At the Sands Macao, it is more complicated to calculate that now because of the two different programs we operate at the VIP level. If you go back and look at the way we do, we do it where we hold win constant, then we also do it where we hold the ruling volume pass it and the mid-point of that range is around $7 million or $8 million of the Sands.

Larry Klatzkin (Jefferies): Could you give a breakout of net revenues and EBITDA for the Palazzo?

Bob Rozek: It was under $20 million for the quarter.

Scott Henry: We opened on January 17, with 44,000 that is off the books and it was a work in progress.

Larry Klatzkin (Jefferies): As far as timing of the future projects and the budgets for everything can do usually go through that or is that possible?

Brad Stone: We have mentioned the Four Seasons property opening early in the third quarter. The budget on that is intact, as we discussed on the investors day. Sites five and six, continue to move towards their spring of the first phase of spring of 2009 opening for the Shangri La traders and first Sheridan Tower and again with the second Sheridan Tower and the St. Regis, and St. Regis, apartment is opening towards the end of the year. That project is in the same budgetary state. It is seems to be tracking on well. We are ready to start work on site 7and 8. We have the rigs there. We have just been frustrated because of the some challenges within the government, based upon the scandal that happened here in an area that related to the Public Works Department. There has definitely been a slowing in the pace throughout Macao of approvals. We are anxiously waiting to get through that. That is a project whose budget is still work in progress, as we go through, and take the conceptual design and work on pricing it. We do not have any reports specifically on that project. On site three, it is similar site somewhat behind seven and eight. We have filings in for all this projects with the government and we are just waiting for the government to write itself in such a way that we can get a more normal development cycle. In Singapore, that project is progressing well. I was there about a week an half ago, and spend some time on the site. If you look at pictures of it, yet one has to realize that there was several floors underground. We are coming out of the ground with the towers now. We have an aggressive goal of the end of next year in the fourth quarter of 2009. We are working basically 24x7 on that project, where we are allowed with the government. We are still in the range that we have been talking about $4.5 billion, $4.6 billion, including land and all end costs on that project. Bethlehem is progressing nicely. Steel is being erected aggressively, now. Our goal is to get that open by the third quarter of next year. That project is consistent budgetary with what we expressed in the investor conference Day, back in February. Those are the main projects that we have discussed. Though the Condo tower is also moving along nicely and that is currently on the same budget we discussed at the investor day.

Larry Klatzkin (Jefferies): When do you start to see Condos, Four Seasons unit sales?

Sheldon Adelson: It is a complicated process, and we have met some resistance shall we say, in Macao, in terms of the sale of the units. I do not want to get into too many details at this point. We have plans to move forward. I think the primary issue we are having there in Macao is, having those that have invested interest in real estate to understand, we are not selling residences here. We are selling, what we call vacation suites. We do not want to just sell real estate and pick up dollars, although that is a nice thing to do. We want to sell reasons for people to visit. We want our cake and eat it too. We want people to pay us a lot of money for these residences that they use when they come to visit. We do not want a residential tower. We want units that wealthy people buy, so they have their own place on the Coati Strip, similar to the market that we are focusing on here in Las Vegas. We want that tower not to be quote unquote residences per say. We want them to be residences for wealthy people that want their own place on the Strip. So they pay us, and they make an investment, and they expect to make money on that investment, when and if they decide to sell it. But in the mean time they come and visit three times a year, eight times a year, seven times a year or whatever number of times a year to have their own residents on the strip. It is exactly the same intentions in Macao, it is that the local market who sell real estate do not get. We are working our way through and we are comfortable we will find a resolution.

Larry Klatzkin (Jefferies): How is the mall going in Macao?

Sheldon Adelson: I am told that there was a separate committee that was formed by the Macao government and the committee decided, there are no guarantees on this, but it appears as though they wanted to take a different approach and called it something else other than residential. But they concluded the only approach they can that everybody can be happy with is a co-op approach, like the New York where people buy in to the shares of company with a right to use a particular apartment. Without any guarantees it sounds more encouraging that we will be allowed if it goes through in the near future to move the property in to a separate condo regime and be able to sell co-op interests.

Larry Klatzkin (Jefferies): Do you still think 2000 a foot makes sense?

Sheldon Adelson: We have no reason to believe that what we estimated in the past should be changed at this time. We stop taking orders at 100, we took indications of interest. Sometime ago when we that we do not want to get the interest to get stale, so we stop taking expressions or interest and we are going to startup again soon.

Bill Weidner: The rates that we have been talking that historically have not changed with respect to minimum ramps. You noticed that we put for the first time in bill script that revenue or retail sales themselves are running north of 700 a foot on an average basis. You have got some high end retailers that are doing far, far in excess of that and then you have got, people in the pieces of the mall will benefit from more traffic that are doing south of that number. We are pleased with the progress there.

Larry Klatzkin (Jefferies): How do you see the re-division of slots and tables with the proposed changes in laws in Macao?

Sheldon Adelson: It is too early to make any predictions. If you ask me what I am wishing for when I fantasize like there we do solve the casinos back to eight or 10 and give it of all the VIP rooms that are operated independently. My fantasy is such, I mean when we first got involve in Macao. We were assured that it would take a couple of years to phase out the VIP rooms. That has not happened and they were a lot more independent casino''s to open. I think the announcement by Edmund Ho last week was a reaction to pressure he has gotten from both us and from the CLO, the Chinese Liaison Office, that the way the development was going was not what they originally intended for it to be. We are hoping that our goal is to turn a city of CD backwater gambling dens into a city of convention, business travel, and business and leisure travel, where the casino represent no more than 10% of the total amount of space. Now the biggest casino in the world that we have at The Venetian is only 5% of the total amount of space. We are speaking to welcome ears. We are suggesting you are going to have a certain percentage, certain ratio of exhibition space, convention center space, shopping space, et cetera, et cetera. If you do not have that we are suggesting that the proportion of casino occupancy be reduced.

Steve Kent (Goldman Sachs): Can you give comments on progress on financing for the Macao development?

Scott Henry: The message is the same that we delivered during our investor day. We intend to finance our needs for the Macao properties that are under construction and to be developed in an offshore transaction predominantly anchored by Asian banks, and other global banks that have a large operation and lending capacity in Asia, similar to what we did in Singapore. I have been having active conversations with a number of our bigger banks, and even some of our medium and smaller sized banks and the level of interest, and level of enthusiasm there is good. Hopefully by the next quarter conference call, we will be able to have more indicative direction in terms of the size to what that financing might be and what it may cost us.