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Rating Action:

Moody's upgrades Las Vegas Sands CFR to B1; positive rating outlook

18 Nov 2010

New York, November 18, 2010 -- Moody's Investors Service today upgraded Las Vegas Sands Corp's ("LVSC") Corporate Family and Probability of Default ratings to B1 from B2. All of the company's long-term debt ratings were also raised to B1 from B2. LVSC has an SGL-2 Speculative Grade Liquidity rating. The ratings outlook remains positive.

Ratings upgraded and LGD assessments revised:

Las Vegas Sands Corp.:

Corporate Family Rating to B1 from B2

Probability of Default Rating to B1 from B2

6.375% senior notes due 2015 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

Venetian Casino Resort, LLC and Las Vegas Sands, LLC (as co-issuer):

Senior secured revolver expiring 5/2012 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

Senior secured revolver expiring 5/2014 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

Senior secured term loan B due 5/2014 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

Senior secured term loan B due 11/2016 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

Senior secured delayed draw term loan 1 due 5/2014 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

Senior secured delayed draw term loan 1 due 11/2016 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

Senior secured delayed draw term loan 2 due 5/2013 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

Senior secured delayed draw term loan 2 due 11/2015 to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

Venetian Macao Limited:

Senior secured term loans to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

Senior secured revolver to B1 (LGD 4, 50%) from B2 (LGD 4, 51%)

RATINGS RATIONALE

The upgrade of LVSC's Corporate Family Rating to B1 from B2 reflects the very strong initial operating results from the company's Marina Bay Sands integrated resort in Singapore which opened in April 2010. The upgrade also anticipates that LVSC's consolidated results will continue to benefit from its significant presence in the Asian gaming market, which Moody's expects will continue to experience strong and growing visitation and consumer demand trends during the next few years.

"The strong performance of LVSC's Macau casinos combined with the progressive opening of Marina Bay Sands in Singapore through the beginning of 2011 should result in continued de-leveraging of the consolidated entity," stated Keith Foley, a Senior Vice President at Moody's. Combined, LVSC's Macau casinos and Marina Bay Sands integrated resort in Singapore now account for about 75% of the company's consolidated net revenue and property-level EBITDA.

The B1 Corporate Family Rating is also supported by LVSC's high quality gaming and resort assets and good liquidity. At the same time, the ratings also acknowledge that the challenging operating environment and supply growth in Las Vegas will continue to pressure earnings. Additionally, the ratings anticipate that LVSC will continue to use both internal cash resources and additional debt to fund large, high risk/high reward integrated casino resort development opportunities as they arise.

The positive rating outlook indicates that LVSC's ratings could be upgraded if Marina Bay Sands continues to ramp up at a pace that will facilitate further significant reduction in leverage. Consolidated debt/EBITDA for the 12-month period ended September 30, 2010 was 6.6 times, about 2 turns lower than it was for the 12-month period ended June 30, 2010. This was largely the result of the significant EBITDA contribution from Marina Bay Sands which opened in April 2010.

The positive outlook also incorporates Moody's view that LVSC will have the ability to rapidly delever over the next year. Hence, an upgrade could occur if we become comfortable that Marina Bay Sands can generate a longer-term rate of return that will contribute to LVSC's ability to reduce and sustain debt/EBITDA at or below 4 times on a gross basis. The company would also need to adhere to a more conservative long-term financial policy that is consistent with a higher rating. The rating outlook would likely be revised to stable if we come to believe that LVSC will not be able to achieve and sustain consolidated debt/EBITDA at 4 times, but would be able to achieve and maintain consolidated debt/EBITDA no higher than 5 times. Ratings could be lowered if we come to believe that, for any reason, LVSC will not be able to achieve lower than 5 times consolidated debt/EBITDA.

LVSC's SGL-2 Speculative Grade Liquidity rating indicates good liquidity and anticipates that the company will have more than enough internal cash resources to cover its required debt service payments, planned capital expenditures, working capital investment, and preferred dividend obligations through fiscal 2011. The SGL-2 also anticipates that LVSC's large unrestricted cash balance, along with recent amendments to the company's US restricted subsidiary bank facilities and an equity cure provision currently in place, will help assure covenant compliance at the company's Las Vegas subsidiary.

The principal methodologies used in this rating were Global Gaming published in December 2009, and Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009.

Las Vegas Sands Corp. owns and operates hotel and casino integrated resort facilities in Las Vegas, NV, Bethlehem, PA, Macau, China and Singapore. The company generates consolidated annual net revenue of about $6.1 billion.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Keith Foley
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Andris G. Kalnins
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.

Moody's upgrades Las Vegas Sands CFR to B1; positive rating outlook
No Related Data.
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