Item 6. — SELECTED FINANCIAL DATA

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Item 6. — SELECTED FINANCIAL DATA

The following reflects selected historical financial data that should be read in conjunction with “Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. The historical results are not necessarily indicative of the results of operations to be expected in the future.


	Year Ended December 31,
	2011(1)			2010(2)			2009(3)(4)			2008(5)			2007(6)
	(In thousands, except per share data)
STATEMENT OF OPERATIONS DATA
Gross revenues	$	9,862,334		$	7,317,937		$	4,929,444		$	4,735,126		$	3,104,422
Less — promotional allowances		(451,589	)		(464,755	)		(366,339	)		(345,180	)		(153,855	)

Net revenues		9,410,745			6,853,182			4,563,105			4,389,946			2,950,567
Operating expenses		7,020,858			5,672,596			4,591,845			4,226,283			2,620,557

Operating income (loss)		2,389,887			1,180,586			(28,740	)		163,663			330,010
Interest expense, net		(268,555	)		(297,866	)		(310,748	)		(402,039	)		(172,344	)
Other income (expense)		(3,955	)		(8,260	)		(9,891	)		19,492			(8,682	)
Loss on modification or early retirement of debt		(22,554	)		(18,555	)		(23,248	)		(9,141	)		(10,705	)

Income (loss) before income taxes		2,094,823			855,905			(372,627	)		(228,025	)		138,279
Income tax benefit (expense)		(211,704	)		(74,302	)		3,884			59,700			(21,591	)

Net income (loss)		1,883,119			781,603			(368,743	)		(168,325	)		116,688
Net (income) loss attributable to noncontrolling interests		(322,996	)		(182,209	)		14,264			4,767			—

Net income (loss) attributable to Las Vegas Sands Corp.		1,560,123			599,394			(354,479	)		(163,558	)		116,688
Preferred stock dividends		(63,924	)		(92,807	)		(93,026	)		(13,638	)		—
Accretion to redemption value of preferred stock issued to Principal Stockholder’s family		(80,975	)		(92,545	)		(92,545	)		(11,568	)		—
Preferred stock inducement, repurchase and redemption premiums		(145,716	)		(6,579	)		—			—			—

Net income (loss) attributable to common stockholders	$	1,269,508		$	407,463		$	(540,050	)	$	(188,764	)	$	116,688

Per share data:
Basic earnings (loss) per share	$	1.74		$	0.61		$	(0.82	)	$	(0.48	)	$	0.33

Diluted earnings (loss) per share	$	1.56		$	0.51		$	(0.82	)	$	(0.48	)	$	0.33

OTHER DATA
Capital expenditures	$	1,508,493		$	2,023,981		$	2,092,896		$	3,789,008		$	3,793,703


	December 31,
	2011(1)		2010		2009		2008		2007
	(In thousands)
BALANCE SHEET DATA
Total assets	$	22,244,123	$	21,044,308	$	20,572,106	$	17,144,113	$	11,466,517
Long-term debt	$	9,577,131	$	9,373,755	$	10,852,147	$	10,356,115	$	7,517,997
Preferred stock issued to Principal Stockholder’s family	$	—	$	503,379	$	410,834	$	318,289	$	—
Total Las Vegas Sands Corp. stockholders’ equity	$	7,850,689	$	6,662,991	$	5,850,699	$	4,422,108	$	2,260,274


(1)		During the year ended December 31, 2011, we repurchased, redeemed or induced holders to redeem all outstanding preferred stock, which resulted in a charge to retained earnings of $145.7 million and is also included in the calculation of net income attributable to common stockholders.

(2)		Marina Bay Sands partially opened on April 27, 2010.

(3)		Sands Bethlehem partially opened on May 22, 2009.

(4)		During the year ended December 31, 2009, we recorded an impairment loss of $169.5 million, a legal settlement expense of $42.5 million and a valuation allowance against our U.S. deferred tax assets of $96.9 million.

(5)		Four Seasons Macao opened on August 28, 2008.

(6)		The Venetian Macao opened on August 28, 2007, and The Palazzo partially opened on December 30, 2007.

Previous: Item 5. — MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES · Next: Item 7. — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 6. — SELECTED FINANCIAL DATA

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