This summary is based on the first quarter fiscal 2008 earnings call conducted by Las Vegas Sands Corp. (LVS: chart) on April 30, 2008.

Management:

Chairman: Sheldon Adelson
President and COO: Bill Weidner
EVP: Brad Stone
President, The Venetian and The Palazzo: Rob Goldstein
SVP: Scott Henry
CFO: Bob Rozek
VP IR: Dan Briggs

Key Investors Issues

- EPS were a loss of 3 cents per share compared to a profit of 26 cents a share last year.
- Net income was a loss of $11.2 million compared to a profit of $90.9 million a year earlier.
- Net revenue increased 71.8% to $1.08 billion, compared to $628.2 million in the first quarter of 2007.

First Quarter Highlights

Net revenue increased 71.8% to $1.08 billion, compared to $628.2 million in the first quarter of 2007.

- Consolidated adjusted property EBITDAR was $288.3 million, an increase of 34.4%, compared to $214.4 million in the year-ago quarter.
- On a GAAP basis, operating income was $96.6 million versus operating income of $131 million in the first quarter of 2007. The decrease in operating income of $34.4 million reflects increases in operating costs as the company expands infrastructure to execute global growth plans, depreciation and amortization expense, and pre-opening expense related to preparations for the opening of the Four Seasons Macao and other properties which will open in the future in Macao, Singapore, and the United States.

Adjusted net income (excluding loss on disposal of assets, pre-opening expense, development expense, and loss on early retirement of debt) was $23.6 million, or adjusted earnings per share of 7 cents per share, compared to $114.6 million, or adjusted earnings per share of 32 cents per share, in the first quarter of 2007.

The decrease in adjusted net income of $91 million was driven principally by the increased operating costs mentioned above and increases in net interest expense and depreciation and amortization expense. On a GAAP basis, net loss was $11.2 million, or 3 cents per share, compared to net income of $90.9 million, or 26 cents per share, in the first quarter of 2007. The decrease in GAAP net income of $102.1 million was principally driven by the increases in operating costs, depreciation and amortization expense, pre-opening expense, and net interest expense.

Adjusted property EBITDAR for Las Vegas operations increased 9.3% to $122.6 million compared to $112.1 million in the first quarter of 2007.

On a GAAP basis, operating income for Las Vegas operations decreased 36.4% to $57.4 million, compared to $90.3 million in the 2007 period. The increase in adjusted property EBITDAR was principally driven by the opening of The Palazzo. The decrease in operating income was driven principally by the increase in depreciation and amortization expense of $31.4 million compared to the quarter one year ago, which is principally related to the opening of The Palazzo.

Las Vegas operations'' table games drop was $456.6 million versus $353.1 million during the first quarter of 2007, an increase of 29.3%.

- Slot machine handle (volume) increased 38.7% to $816.2 million compared to $588.4 million during the first quarter of 2007. The increases in table games drop and slot handle were principally driven by the expansion of gaming capacity at The Palazzo.
- Table games win percentage (calculated before discounts) was 25.3% compared to 29.1% in the first quarter of last year. This compares to expected range of 20% to 22%.
- Slot win percentage (calculated before slot club cash incentives) was 6%, the same as in the first quarter last year.
- Casino revenues for Las Vegas operations were $147.8 million compared to $119.6 million a year ago.

Las Vegas operations'' hotel revenues increased 41.7% to $136.2 million versus $96.1 million in the first quarter of 2007.

The increase in hotel revenues was principally due to the opening of The Palazzo.

The Venetian Las Vegas'' average daily rate (ADR) was $274, down compared to $276 in the first quarter of 2007.

- The Venetian''s occupancy of available guestrooms decreased to 91.1%, down from 98.8% during the prior year period.
- Revenue per available room (REVPAR) at the Venetian decreased 8.4% to $250 compared to $273 in the first quarter of 2007. In its first quarter of operation,
- The Palazzo''s ADR was $244, while occupancy of available guestrooms was 79.1%, generating REVPAR of $193.

-Food and beverage revenues for Las Vegas operations increased to $55.9 million compared to $39.8 million in the 2007 period, an increase of 40.5%.
- Retail and other operating revenues were $41.2 million compared to $41.3 million in the first quarter last year.

At the Sands Macao, Rolling Chip volume decreased 18.2% to $5.61 billion compared to $6.86 billion in the first quarter of 2007, while table games drop (the Non-Rolling Chip segment) was $723.6 million compared to $1.04 billion in the first quarter of 2007.