ITEM 2.02. Results of Operations and Financial Condition.





On September 8, 2021, Sands China Ltd., a majority-owned subsidiary of Las Vegas
Sands Corp. ("SCL"), distributed certain information to fixed income investors.
The information contained in Item 7.01 below is incorporated herein by
reference.


ITEM 7.01.     Regulation FD Disclosure.

Current Impact of COVID-19 Pandemic on SCL's Liquidity and Financial Highlights



The Macao government announced publicly that monthly gross gaming revenue and
total visitation from mainland China increased by 528.1% and 989.4%,
respectively, in July 2021, as compared to the same period in 2020. Monthly
gross gaming revenue and total visitation from mainland China decreased by 65.5%
and 71.8%, respectively, in July 2021, as compared to pre-pandemic levels from
the same period in 2019. In August 2021, monthly gross gaming revenue increased
by 234.0% as compared to the same period in 2020 but decreased by 81.7% as
compared to pre-pandemic levels from the same period in 2019.

SCL's net revenues totaled US$265 million and US$148 million in July and August
2021 compared to US$43 million and US$53 million in July and August, 2020,
respectively, representing an increase of 516.3% and 179.2%, respectively. SCL
had an operating loss of US$25 million and US$83 million and a net loss of US$63
million and US$125 million in July and August 2021, respectively, as compared to
operating loss of US$141 million and US$148 million and net loss of US$165
million and US$175 million, respectively, in the same periods in the prior year.
Additionally, SCL's financial performance reflects adjusted property EBITDA of
US$44 million and adjusted property EBITDA loss of US$14 million in July and
August 2021, respectively, as compared to adjusted property EBITDA loss of US$79
million and US$83 million, respectively, in the same periods in the prior year.

As of August 31, 2021, SCL had total liquidity of US$2.56 billion, consisting of
US$556 million of total cash and cash equivalents excluding restricted cash and
cash equivalents and US$2.0 billion of available borrowing capacity under the
2018 SCL Revolving Facility. SCL believes it is able to support continuing
operations, complete the major construction projects that are underway and
respond to the current COVID-19 pandemic challenges. SCL has taken various
mitigating measures to manage through the current environment, including a cost
and capital expenditure reduction program to minimize cash outflow for
non-essential items. SCL's board of directors did not recommend the payment of a
final dividend in respect of the year ended December 31, 2020 or an interim
dividend for the six months ended June 30, 2021.

From the end of July 2021 and for most of August 2021, tighter border
restrictions were implemented in Macao affecting visitation to SCL's properties.
These restrictions included travelers from Guangdong being required to submit a
negative nucleic acid test certification issued within 48 hours, which tightened
to 12 hours for a period, and then eased to the more relaxed 7 day requirement
near the end of August 2021.

The tightening of the border restrictions in Macao is unpredictable as it is
dependent on the number of new COVID-19 cases in Macao as well as mainland China
and the Macao government's response to such information. SCL continues to look
forward to the opportunity to welcome more guests back to SCL's properties as
greater volumes of visitors are eventually able to travel to Macao. Demand for
the SCL's offerings from customers who have been able to visit remains robust,
but pandemic-related travel restrictions and the evolving COVID-19 situation in
Macao and mainland China continue to limit visitation and hinder SCL's current
financial performance. The COVID-19 pandemic has materially adversely affected
the number of visitors to SCL's facilities and disrupted SCL's operations, and
SCL expects this adverse impact to continue until the COVID-19 pandemic is
contained.


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Reconciliation of Non-GAAP Financial Measures

The following is a reconciliation of loss attributable to equity holders of SCL to adjusted property EBITDA:



                                                          One Month Ended                       One Month Ended
                                                              July 31,                            August 31,
                                                       2020                2021              2020              2021
                                                                             (In millions)
                                                                              (Unaudited)
Loss attributable to equity holders of SCL        $    (165)            $   (63)         $    (175)         $  (125)
Add (deduct):
Income tax expense                                        7                   -                  -                1
Finance costs, net of amounts capitalized                19                  32                 27               31
Interest income                                          (1)                  -                  -                -
Loss on disposal of property and equipment and
investment properties                                     -                   -                  2                1
Net foreign exchange losses                               -                   6                  -               10
Depreciation and amortization                            57                  62                 58               61
Pre-opening expense                                       1                   1                  1                1
Corporate expense                                         2                   6                  2                5
Share-based compensation, net of amounts
capitalized                                               1                   -                  2                1
Adjusted property EBITDA(1)                       $     (79)            $

44 $ (83) $ (14)

__________________


(1)Adjusted property EBITDA, which is a non-GAAP financial measure, is profit or
loss attributable to equity holders of SCL before share-based compensation,
corporate expense, pre-opening expense, depreciation and amortization, net
foreign exchange gains or losses, impairment loss on property and equipment,
gain or loss on disposal of property and equipment, investment properties and
intangible assets, interest, gain or loss on modification or early retirement of
debt and income tax benefit or expense. Adjusted property EBITDA is a
supplemental non-GAAP financial measure used by management. SCL presents
non-GAAP financial measures so that investors have the same financial data that
management uses in evaluating financial performance with the belief that it will
assist the investment community in assessing the underlying financial
performance of SCL on a year-over-year basis. In particular, management utilizes
adjusted property EBITDA to compare the operating profitability of its
operations with those of its competitors, as well as a basis for determining
certain incentive compensation. Integrated resort companies have historically
reported adjusted property EBITDA as a supplemental performance measure to US
GAAP financial measures. In order to view the operations of their properties on
a more stand-alone basis, integrated resort companies, including SCL, have
historically excluded certain expenses that do not relate to the management of
specific properties, such as pre-opening expense and corporate expense, from
their adjusted property EBITDA calculations. Adjusted property EBITDA should not
be interpreted as an alternative to profit or operating profit (as an indicator
of operating performance) or to cash flows from operations (as a measure of
liquidity), in each case, as determined in accordance with US GAAP. SCL has
significant uses of cash flow, including capital expenditures, dividend
payments, interest payments, debt principal repayments and income taxes, which
are not reflected in adjusted property EBITDA. Not all companies calculate
adjusted property EBITDA in the same manner. As a result, adjusted property
EBITDA as presented by SCL may not be directly comparable to other similarly
titled measures presented by other companies.

The information furnished under Item 2.02 and Item 7.01 in this Form 8-K shall
not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), or otherwise subject to the
liabilities of that section and shall not be deemed incorporated by reference in
any filing made by Las Vegas Sands Corp. under the Securities Act of 1933, as
amended, or the Exchange Act, except as set forth by specific reference in such
filing.

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