EX-12.1 6 p76413exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Las Vegas Sands Corp.
Computation of Ratio of Earnings to Fixed Charges
                                                         
    Six Months Ended June 30,     Year Ended December 31,  
    2008(1)     2007     2007(1)     2006     2005     2004     2003  
         
    (in thousands)
Income (loss) before income taxes and noncontrolling interest
    (24,336 )     142,192       138,279       504,246       287,936       481,447       66,634  
 
                                                       
Add: Fixed charges
    272,810       197,715       478,483       238,534       126,679       148,001       131,482  
 
                                                       
Add: Amortization of interest capitalized
    6,436       1,043       4,298       2,010       1,933       1,855       1,703  
 
                                                       
Less: Interest capitalized
    (62,220 )     (104,787 )     (223,248 )     (94,594 )     (22,700 )     (4,601 )     (5,640 )
 
                                                       
         
Earnings as adjusted
    192,690       236,163       397,812       650,196       393,848       626,702       194,179  
         
 
                                                       
Interest expensed
    203,174       89,021       244,808       135,853       96,292       138,077       122,442  
 
                                                       
Interest capitalized
    62,220       104,787       223,248       94,594       22,700       4,601       5,640  
 
                                                       
Interest in rental expense
    7,416       3,907       10,427       8,087       7,687       5,323       3,400  
 
                                                       
         
Total fixed charges
    272,810       197,715       478,483       238,534       126,679       148,001       131,482  
         
 
                                                       
Earnings to Fixed Charges(2)
          1.19             2.73       3.11       4.23       1.48  
         
 
                                                       
Deficiency Amount
    (80,120 )           (80,671 )                        
         
 
(1)   Las Vegas Sands Corp.’s earnings were insufficient to cover fixed charges by $80.7 million and $80.1 million for the year ended December 31, 2007 and the six months ended June 30, 2008, respectively.
(2)   Currently, we have no shares of preferred stock outstanding and have not paid any dividends on preferred stock in the periods presented. Therefore, the ratio of earnings to combined fixed charges and preferred stock dividends is not different from the ratio of earnings to fixed charges.