Stock-Based Employee Compensation

6 Months Ended

Jun. 30, 2011

Stock-Based Employee Compensation [Abstract]

STOCK-BASED EMPLOYEE COMPENSATION

NOTE 7 — STOCK-BASED EMPLOYEE COMPENSATION

Stock-based compensation activity under the LVSC 2004 and SCL Equity Plans is as follows (in thousands, except weighted average grant date fair values):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Compensation expense:
Stock options	$	9,668	$	13,714	$	24,969	$	28,682
Restricted shares		3,382		125		8,320		250
	$	13,050	$	13,839	$	33,289	$	28,932
Compensation cost capitalized as part of property and equipment	$	416	$	798	$	1,016	$	1,528
LVSC 2004 Plan:
Stock options granted		30		2,043		260		4,089
Weighted average grant date fair value	$	37.19	$	25.69	$	36.33	$	20.62
Restricted shares granted		71		14		691		14
Weighted average grant date fair value	$	44.19	$	24.94	$	47.62	$	24.94
SCL Equity Plan:
Stock options granted		2,531		2,500		5,277		20,376
Weighted average grant date fair value	$	1.81	$	0.88	$	1.66	$	1.03

The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
LVSC 2004 Plan:
Weighted average volatility		95.1	%		88.1	%		94.4	%		92.9	%
Expected term (in years)		6.3			6.3			6.3			5.3
Risk-free rate		2.4	%		3.0	%		2.7	%		2.9	%
Expected dividends		—			—			—			—
SCL Equity Plan:
Weighted average volatility		68.4	%		73.6	%		68.7	%		73.6	%
Expected term (in years)		6.3			5.6			6.3			6.2
Risk-free rate		1.6	%		2.0	%		1.6	%		2.0	%
Expected dividends		—			—			—			—