Las Vegas Sands Corp. 2Q13 Earnings Call Presentation July 24, 2013 Forward Looking Statements
This presentation contains forward‐looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward‐ looking statements involve a number of risks, uncertainties or other factors beyond the company’s control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, general economic conditions, competition, new ventures, substantial leverage and debt service, government regulation, legalization of gaming, interest rates, future terrorist acts, influenza, insurance, gaming promoters, risks relating to our gaming licenses, certificate and subconcession, infrastructure in Macao and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward‐looking statements, which speak only as of the date thereof. Las Vegas Sands Corp. assumes no obligation to update such information.
2 The Investment Case for Las Vegas Sands
The global leader in Integrated Resort development, with growing free cash flow and earnings and a strong balance sheet
Best positioned operator in Asia, with the pre‐eminent destination Integrated Resort properties in the world’s fastest‐growing consumer markets
Uniquely positioned to bring unmatched track record and powerful business model to the most promising Integrated Resort development opportunities globally
Committed to maximizing returns to shareholders by continuing to increase return of capital through recurring dividend and stock repurchase programs
The industry’s best leadership team – visionary, disciplined and experienced – focused on driving long‐term shareholder value
3 Second Quarter 2013 Highlights Strong Quarterly Results and Increased Return of Capital to Shareholders
Hold‐adjusted, adjusted diluted EPS increased 41.2% to $0.72 (adjusted diluted EPS increased 47.7% to $0.65)
Consolidated hold‐adjusted, adjusted property EBITDA increased 29.0% to $1.17 billion (adjusted property EBITDA increased 31.0% to $1.11 billion)
Macao –Hold‐adjusted, adjusted property EBITDA and adjusted property EBITDA up 53.2% to record $657.2 million driven by strong growth in all segments
Singapore –Hold‐adjusted, adjusted property EBITDA up 5.9% to $396.2 million on strong VIP volume growth and steady mass business (adjusted property EBITDA increased 7.5% to $355.3 million)
U.S. Operations –Las Vegas operations and Sands Bethlehem showed growth
LVS returned a total of $335.5 million to shareholders during the quarter — $289.0 million ($0.35 per share) returned through dividends (an increase of 40%) — $46.5 million returned through share repurchases
Maximizing Return to Shareholders by: 1. Delivering strong growth in current markets 2. Using leadership position in IR development to pursue global growth opportunities 3. Increasing return of capital to shareholders 4 NOTE: All comparisons in this presentation compare the second quarter 2013 against the second quarter 2012 unless otherwise specified Macao – Outstanding Growth in all Gaming Segments Singapore –VIP Strong; Mass Table and Hotel Growing
Macao –Record EBITDA driven by strong growth in all segments
—Mass table win increased 61.1% to record $929.6 million
—Slot and ETG win increased 22.5% to $149.4 million
— Rolling volume increased 25.7% to record $41.94 billion
—Retail mall revenue increased 28.0% to $71.5 million
Singapore –Strong VIP volume growth; Steady mass table business; Continued growth in hotel room and MICE segments
— Rolling volume increased 24.9% to $14.37 billion
—Mass table revenue increased 1.8% to $272.4 million
— Room revenue increased 8.0% to $86.5 million with occupancy of 99.4%
5 Increasing Return of Capital to Shareholders
LVS Recurring Dividends per Share1 The LVS Board of Directors increased recurring $2.00 dividend by 40% to $1.40 per share for the 2013 calendar year ($0.35 per share payable quarterly) $1.40 $1.00 $1.00 The company remains committed to returning capital to shareholders via:
— Recurring quarterly dividend programs at $0.00 Las Vegas Sands and Sands China with a 2012 2013 commitment to grow those dividends Total Capital Returned to Shareholders annually by at least a double‐digit percentage Year 6 Months Ended Ended $ in millions 12/31/2012 6/30/2013 Total — $2.0 billion Las Vegas Sands stock
LVS Dividends Paid2 $ 3,085 $ 578 $3,663 repurchase program authorized on June 5, LVS Shares Repurchased ‐ 47 47 2013 Subtotal LVS$ 3,085 $ 625 $ 3,710 3 SCL Dividends Paid 357 411 768 —Special dividends Total$ 3,442 $ 1,036 $ 4,478
The company remains committed to returning capital to shareholders while maintaining a strong balance sheet and the financial flexibility to pursue new development opportunities
1. Excludes dividends paid by Sands China Ltd. 2. Includes a $2.75/share special dividend paid in December 2012 totaling $2.3 billion 6 3. Reflects only the public (non-LVS) portion of dividends paid by Sands China Strong Cash Flow, Balance Sheet and Liquidity Ample Flexibility for Future Growth Opportunities and Return of Capital
Trailing Twelve Months EBITDA – $4.15 billion Trailing Twelve Months LVS Dividends Paid – $3.25 billion Trailing Twelve Months SCL Dividends Paid – $411.4 million1 Trailing Twelve Months LVS Stock Repurchases – $46.5 million Cash Balance – $2.52 billion Net Debt – $6.97 billion Net Debt to TTM EBITDA –1.7x
Figures as of June 30, 2013 Sands China U.S. Corporate (US GAAP in $MM) Ltd. Singapore Operations 2 and Other Total
Cash, Cash Equivalents and Restricted Cash$ 1,644.0 $ 159.2 $ 379.1 $ 338.8 $ 2,521.1
Debt$ 3,216.9 $ 3,636.6 $ 2,637.9 $ ‐ $ 9,491.4
Net Debt$ 1,572.9 $ 3,477.4 $ 2,258.8 $ (338.8) $ 6,970.3
Trailing Twelve Months Adjusted Property EBITDA$ 2,386.7 $ 1,315.5 $ 450.5 $ 0.7 $ 4,153.4
Gross Debt to Trailing Twelve Months EBITDA 1.3 x2.8 x5.9 xNM2.33 x
Net Debt to Trailing Twelve Months EBITDA 0.7 x2.6 x5.0 xNM1.74 x
Strong Balance Sheet and Cash Flow Maximize Financial Flexibility
1. Reflects only the public (non‐LVS) portion of dividends paid by Sands China 2. U.S. Operations includes the cash and debt levels at the U.S. Restricted Group (plus $69.2M in airplane and other financings) and adjusted property EBITDA from Las Vegas operations and Sands Bethlehem 3. The gross leverage ratio for covenant compliance purposes was 1.0x, reflecting the non‐public portion of dividends and royalty fees paid by SCL and Marina Bay Sands 7 4. The net leverage ratio for covenant compliance purposes was 0.9x, reflecting the non‐public portion of dividends and royalty fees paid by SCL and Marina Bay Sands Strong Second Quarter 2013 Financial Results Solid Growth in Revenue, Adjusted Property EBITDA, Margin and EPS
$ in millions, except per share information 2Q12 2Q13 $ Change % Change
Net Revenue$ 2,581.9 $ 3,242.9 $ 661.0 25.6%
Adjusted Property EBITDA$ 844.7 $ 1,106.9 $ 262.2 31.0%
Adj. Property EBITDA Margin 32.7% 34.1% 140 bps
Adjusted Diluted EPS$ 0.44 $ 0.65 $ 0.21 47.7%
Dividends per Common Share$ 0.25 $ 0.35 $ 0.10 40.0%
Hold‐Adjusted, Adjusted Property EBITDA$ 907.4 $ 1,170.9 $ 263.5 29.0%
Hold‐Adjusted, Adj. Property EBITDA Margin 34.2% 35.3% 110 bps
Hold‐Adjusted, Adj. Diluted EPS$ 0.51 $ 0.72 $ 0.21 41.2%
8 Record Macao Operating Performance
Macao Property Operations Adjusted Property EBITDA and Adjusted Property EBITDA Margin Actual Hold‐Adjusted ($MM) +53.2% +53.2% $700 50% $657.2 $657.2 45% $600 40%
$500 35% $429.0 $429.0 30% $400 32.1% 32.1% 29.5% 29.5% 25% $300 20%
$200 15%
10% $100 5%
$0 0% 2Q12 2Q13 2Q12 2Q13 9 Macao Gaming Performance Strong Growth and Increased Efficiency Across Macao Property Portfolio
Mass tables
— Mass table win up 61.1% to record $929.6 million —Mass table efficiency up 30.2% to $10,190 win per table per day —Increased mass table count by 21.6% to reach an average of 1,003 mass tables during the quarter
Slots and ETGs
— Slot and ETG win up 22.5% to $149.4 million driven by 46.7% increase in ETG win to $38.8 million
VIP gaming
— Rolling volume up 25.7% to record $41.94 billion —VIP table efficiency increased 26.2% to $880,000 roll per table per day
—VIP table count reached an average of 525 VIP tables during the quarter
Strong Operating Momentum Across All Gaming Segments 10 Strong Growth in Macao Mass Table Business Growth and Productivity Gains in Macao’s Most Important Segment
Mass Table Revenue1 Increased 59.5% Mass Table Win per Table per Day2
($MM) $12,000 $1,000 40% $920.8 $10,204 $10,190 $863.6 $9,716 35% $10,000 $800 $767.4 $8,699 30% $7,914 $8,000 $669.5 29.9% 28.8% 27.2% 25% $600 $577.2 26.4% 24.3% $6,000 20%
$400 15% $4,000
10% $200 $2,000 5% $0 $0 0% 2Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q13 Mass 801 823 861 944 1,003 Mass Table Win % of Macao Mass Table Revenue Tables
~ $1.5 Billion of Annual Departmental Profit at the 2Q13 Run‐Rate
Source: Macao DICJ 1. LVS’s mass table revenue as presented above reflects the Macao DICJ’s presentation methodology, which includes live dealer ETG configurations within the mass table segment and Paiza cash revenue within the VIP segment. For financial reporting purposes, LVS presents a non‐rolling table segment (which includes Paiza cash and excludes all ETGs) and a slot segment (which includes all ETGs) 11 2. Excludes revenue from all ETGs Our Macao Assets Have Delivered Consistent and Reliable Mass Market Growth
Macao Market Mass Table and Slot Revenues
($MM) $1,200 $1,052 $995 $1,000 $911
$800 $779 $688 $600 $632 $546 $561 $490 $506 $400 $462 $478 $421 $428 $391 $360 $374
$200
$0 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 LVS SJM Wynn Galaxy MGM Melco Our Mass Table and Slot Revenues Have Grown 16 Quarters in a Row and Now Exceed $1.0 Billion per Quarter 12 Source: Company reports; Macao DICJ Robust Mass Growth Across our Property Portfolio Both Venetian Macao and Sands Cotai Central Growing Faster than the Market
Mass Table, Slot and ETG Win Per Day
Cotai Strip Properties Peninsula Total
($MM) $11.9 $12.0
$9.7
$9.0 $7.8
$6.0 $6.0 $5.6
$4.1 $3.5 $3.0 $1.8 $2.1 $1.4 $0.6 $0.6 $0.0 Venetian Macao Sands Cotai Plaza Casino Total Cotai Strip Sands Macao Total Macao Ops Central¹ (Four Seasons) (Peninsula) 2Q12 2Q13
Macao Portfolio Mass Win Per Day Increased 51.4% to $11.9 Million in 2Q13 –The Macao Market Leader 13 1. Sands Cotai Central’s 2Q12 period reflects 81 days of operations beginning on April 11, 2012 VIP Business Exhibiting Strong Growth Improving Market Share and Table Productivity
Rolling Volume Increased 25.7% Consolidated Rolling Volume per Table per Day
($BN) ($MM)
$45 20% $1.00 $41.2 $41.9 $0.92 $39.3 $0.88 $0.88 $40 $36.0 17.2% 17.4% 17.4% $0.80 $0.78 $35 $33.4 15% $0.72 15.5% 14.8% $30 $0.60 $25 10% $20 $0.40 $15
5% $10 $0.20
$5
$0 0% $0.00 2Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q13 Rolling Rolling Volume % of Macao Market Rolling Volume 511 500 465 517 525 Tables
> $550 Million of Annual Departmental Profit at the 2Q13 Run‐Rate 14 Sands Cotai Central is Ramping Strong Growth in All Gaming Segments and Property Visitation
Mass Table, Slot and ETG Win per Day Mass Table Win per Table per Day ($MM) $12,000 $4.00 $9,616 $3.51 $10,000 $3.01 $7,933 $3.00 $2.58 $8,000 $6,613 $5,887 $6,000 $4,762 $2.00 $1.56 $1.36 $4,000 $1.00 $2,000 $0 $0.00 2Q12¹ 3Q12 4Q12 1Q13 2Q13 2Q12¹ 3Q12 4Q12 1Q13 2Q13 Mass Tables 217 207 316 313 310
VIP Rolling Volume per Table per Day Total Property Visitation per Day ($MM) $1.00 50,000 $0.76 $0.80 $0.79 40,676 $0.75 $0.66 37,969 $0.58 40,000 33,556 30,000 $0.50 22,556 16,757 $0.25 20,000 10,000 $0.00 2Q12¹ 3Q12 4Q12 1Q13 2Q13 0 VIP Tables 145 149 146 190 200 2Q12¹ 3Q12 4Q12 1Q13 2Q13
Increasing Hotel Occupancy and Non‐Gaming Amenities will Drive Future Growth in all Segments 15 1. The 2Q12 period reflects 81 days of operations beginning on April 11, 2012 Expanding Our Critical Mass on the Cotai Strip The Parisian Macao
The Parisian Macao will be a $2.7 billion themed, aspirational destination Integrated Resort Construction progressing with piling and podium and hotel tower substructure work underway Targeted completion date: Late 2015 Hotel rooms and suites: 3,000+ Gaming capacity: ~450 table games and 2,500 slots and ETGs Additional amenities including retail mall, 50% scale replica Eiffel Tower, MICE space, diverse food & beverage options and entertainment Rendering of The Parisian Macao Map of Macao’s Cotai Strip
C City of Dreams The O Macau Venetian Int’l Galaxy Macao T Airport Macau Phase III (Parcel 1) A Conrad / Sands Four Seasons Holiday Inn Hotel Macao Cotai and I Sheraton Plaza Casino Central (Parcel 2) Sheraton Tropical Garden Towers The Parisian S Tropical Garden Macao (Parcel 3) T R Lake and Macau Nature Studio City I Macau Preserve Dome P
LVS LVS Third Party Third Party Operating Planned Operating Future Assets Development Asset Development 16 Singapore –VIP Strength, Steady Mass, Continued Growth in Hotel and MICE Segments
Hold‐adjusted, adjusted property EBITDA increased 5.9% to reach $396.2 million (adjusted property EBITDA of $355.3 million)
Gaming
— VIP volumes increased 24.9% to $14.37 billion in rolling volume (low hold of 2.53%)
— Mass table revenue grew 1.8% to $272.4 million (between $260 million to $280 million in each of the past eight quarters)
— Slot revenue decreased 3.9% to $138.2 million (between $135 million to $150 million in each of the past eight quarters)
Strong hotel performance –Hotel room revenue up 8.0% to $86.5 million with occupancy of 99.4%
Retail mall revenue decreased 4.3% to $35.8 million while mall repositioning and tenant remix towards high‐performing luxury brands is underway
Our Focus in Singapore: 1. Increasing business and leisure visitors to Singapore, which will drive growth at Marina Bay Sands 2. Identifying high value customers in the region outside of Singapore and attracting them to MBS 17 Disciplined Execution of Our Global Growth Strategy
LVS is the clear global leader in Integrated Resort development and operation and is uniquely positioned to bring its unmatched track record and powerful business model to the most promising Integrated Resort development opportunities globally
Development opportunity parameters: — Minimum of 20% return on total invested capital
— 25% ‐ 35% of total project costs to be funded with equity ‐‐ project financing (65% ‐ 75% of total project costs)
Geographic Areas of Future Development Interest for Las Vegas Sands
Macao Japan South Korea Vietnam The Parisian Macao Sands Cotai Central (Phase III)
Singapore North America South America Europe –Madrid MBS Expansion 18
Appendix Historical Hold‐Adjusted, Adj. Property EBITDA1
$ in millions 2Q12 3Q12 4Q12 1Q13 2Q13
Macao Property Operations Reported$ 429.0 $ 487.9 $ 622.2 $ 630.2 $ 657.2 Hold‐Adjusted$ 429.0 $ 487.9 $ 569.8 $ 630.2 $ 657.2
Marina Bay Sands Reported$ 330.4 $ 260.8 $ 302.5 $ 396.8 $ 355.3 Hold‐Adjusted$ 374.0 $ 372.1 $ 406.4 $ 451.1 $ 396.2
Las Vegas Operations Reported$ 64.4 $ 98.2 $ 52.8 $ 113.4 $ 63.0 Hold‐Adjusted$ 82.6 $ 60.1 $ 87.9 $ 82.7 $ 89.1
Sands Bethlehem Reported$ 26.9 $ 32.1 $ 27.5 $ 29.9 $ 33.6 Hold‐Adjusted$ 27.8 $ 29.8 $ 25.6 $ 28.2 $ 30.5
LVS Consolidated2 Reported$ 844.7 $ 876.9 $ 1,003.0 $ 1,166.6 $ 1,106.9 Hold‐Adjusted$ 907.4 $ 947.7 $ 1,087.6 $ 1,188.5 $ 1,170.9
1. This schedule presents hold-adjusted, adjusted property EBITDA based on the following methodology: (a) for Macao operations and Marina Bay Sands: if the quarter’s rolling win percentage is outside of the 2.70%-3.00% band, then a hold-adjustment is calculated by applying a rolling win percentage of 2.85% to the rolling table volume in that segment for the quarter (b) for Las Vegas operations and Sands Bethlehem: calculated by applying a non-rolling win percentage of 21.0% and 14.8%, respectively (c) for all properties: gaming taxes on incremental win are applied to determine the EBITDA impact 21 2. Reflects consolidated adjusted property EBITDA inclusive of Other Asia segment (principally CotaiJet operations) Capital Expenditures Expectations Future Investments Include SCC, The Parisian Macao and Maintenance
($MM) $2,000 LVS Capex Expectations
$1,508 $1,500 $1,449 $1,450 $1,425 $107 $1,335 $496 $160
$1,000 $300 $850 $900 $975 $830
$375 $450 $820 $500 $500 $150
$472 $500 $450 $450 $450 $500 $193 $0 2011A 2012A 2013E 2014E 2015E 2016E 2017E Maintenance Sands Cotai Central The Parisian Macao¹ Other Developments
Pre‐Opening Development Timeline Post‐Opening Sands Cotai Central The Parisian Macao1 Future Capital Expenditures Focused on Growth in Asia 22 1. The timing of capex is subject to the receipt of timely government approvals Long Dated Maturity Profile Debt Maturity by Year at June 30, 2013
($MM) $5,000
$4,500 $4,386
$4,000 $1,384 $3,500
$3,000
$2,500 $909
$2,000 $1,731 $187 $1,500 $1,322 $1,223 $618 $1,000 $2,088 $802 $969 $500 $1,164 $920 $800 $16 $145 $11 $0 $200 2013 2014 2015 2016 2017 2018 2019 SCL MBS USRG LVSC
% of Total <1% 14% 18%46% 13% 8% <1%
Long Term and Low Cost Financing in Place 23 Our Macao Properties Are Delivering Market‐Leading Visitation
Total Visitation to LVS’s Macao Properties
(MM) 16.0
15.0 14.6 14.2 14.0 13.7
13.0 12.5
12.0
11.0 10.4
10.0
9.0
8.0 2Q12 3Q12 4Q12 1Q13 2Q13
Visitation to Our Macao Properties Has Expanded Over 40% in the Last Year to Reach 14.6 Million Visits in 2Q13 24 Profitable Macao Slot Business Continues to Grow
Macao Slot Revenue1 Increased 18.2% Macao Slot and ETG Win per Unit per Day
($MM) $400 $180 45%
$160 40% $313 $143.2 $300 $299 $140 35% $300 $283 $285 $131.0 $131.1
$120 32.6% 30% $110.9 $109.4 30.0% 28.7% 27.8% $100 27.0% 25% $200
$80 20%
$60 15% $100
$40 10%
$20 5% $0 $0 0% 2Q12 3Q12 4Q12 1Q13 2Q13 2Q12 3Q12 4Q12 1Q13 2Q13 Slots & ETGs 4,290 4,634 5,901 5,843 5,757 Slot Win % of Macao Market Slot Revenue
~ $235 Million of Annual Departmental Profit at the 2Q13 Run‐Rate
Source: Macao DICJ 1. LVS’s slot revenue as presented above reflects the Macao DICJ’s presentation methodology, which includes live dealer ETG configurations within the mass table segment. For financial 25 reporting purposes, LVS presents a non-rolling table segment (which includes Paiza cash and excludes all ETGs) and a slot segment (which includes all ETGs) Sands Cotai Central Phase IIB is Now Completed 2,100 Additional Sheraton Rooms Opened January 28, 2013
Sands Cotai Central Phase III Phase IPhase IIA Phase IIB
Air Conditioned Pedestrian Walkway
Currently Future Operational Phase
Pedestrian Walkway Opened on December 20, 2012 and 2,100 Additional Rooms Opened On January 28, 2013 26 Marina Bay Sands Operations Second Quarter 2013 Details
Adjusted Property EBITDA Hold‐adjusted, adjusted property EBITDA of $396.2 and Adjusted Property EBITDA Margin million, an increase of 5.9% Actual Hold‐Adjusted ($MM) Adjusted property EBITDA of $355.3 million, an increase $500 60% $396.2 of 7.5% $400 $355.3 $374.0 $330.4 50% $300 50.3% 50.4% Rolling volume increased 24.9% to $14.37 billion 47.6% 48.1% $200 compared to $11.51 billion in 2Q12 40% $100
Total mass (non‐rolling tables and slots) win per day was $0 30% $4.51 million, a decrease of 0.2% 2Q12 2Q13 2Q12 2Q13 Non‐Rolling Table and Slot Win Per Day —Non‐Rolling win increased 1.8% to $272.4 million ($MM) $5.0 $4.52 $4.51 —Slot win decreased 3.9% to $138.2 million $4.0 $1.58 $1.52 $3.0 Strong growth in hotel RevPAR, which increased 8.3% to $2.0 $377 while room revenue increased 8.0% to $86.5 $2.94 $2.99 million $1.0 $0.0 2Q12 2Q13 Non‐Rolling Tables Slot Machines
VIP Strong, Mass Stable, and Continued Growth in Hotel and MICE Segments 27 Singapore –Credit Collections Remain Healthy Reserve Balance Has Now Increased to 30.3% of Gross A/R
Casino Credit Collections Remain Healthy
($MM) $450 $418.1 $407.8 $377.5 $367.8 $375 $345.2 $314.3 $311.4 $317.0 $300 $249.9 $271.1 $225 $203.4 $145.5 $150 $75 $40.4 $0 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Reserve Balance Has Increased to $321 Million as Accounts Receivable Balance Has Grown Quarterly $0 $17M$10M $19M $11M $24M $37M $32M $40M $40M $38M $39M $37M Provision Write‐Offs ‐ ‐‐‐‐‐‐‐ ‐ ‐ ‐ $11M $13M ($MM) $1,200 $1,045.2 $1,086.6 $1,059.4 40.0% $821.5 $895.5 $900 $780.1 30.0% $655.7 30.3% $561.1 27.8% $600 $509.6 26.8% 26.7% 20.0% $361.2 23.4% $285.0 18.2% 19.8% $300 $208.3 14.6% 10.0% $70.2 12.9% 11.3% 8.4% 9.6% $0 0.0% 0.0% 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Gross Casino A/R Balance at End of Period Reserve Against A/R Balance
Life to Date Provision of $378M Represents 8% of Rolling Win Since Opening of Property 28 Asian Retail Mall Revenue Increasing Steadily
Trailing Twelve Months Retail Mall Revenue
($MM) $450 $423 $409 $395 $400 $373 $360
$350 $157 $159 $156 $300 $152 $149 $250 $29 $16 $24 $7 $200 $87 $83 $83 $77 $79 $150
$100 $143 $130 $135 $140 $149 $50
$0 2Q12 3Q12 4Q12 1Q13 2Q13 Venetian Macao Four Seasons Macao Sands Cotai Central¹ Marina Bay Sands
Operating $297M $309M $328M $341M $355M Profit Operating 83% 83% 83% 83% 84% Profit Margin 29 1. Sands Cotai Central opened in April 2012 Asian Property Portfolio Dominates EBITDA Generation
Composition of 2Q13 Adjusted Property EBITDA Actual Results Hold‐Adjusted Results
Bethlehem Bethlehem 3% 2%
Las Las Vegas Vegas 6% 8%
Singapore Singapore Macao Macao 32% 34% 59% 56%
$1,106.9 Million $1,170.9 Million
30 Las Vegas Operations Second Quarter 2013 Details
On a hold‐adjusted basis, adjusted property EBITDA Adjusted Property EBITDA was $89.1 million, an increase of 8.0% and Adjusted Property EBITDA Margin Actual Hold‐Adjusted — Adjusted property EBITDA was $63.0 million, a ($MM) decrease of 2.2% $100 $89.1 40% $82.6 $80 30% Table games drop increased 26.9% to $551.3 million, $64.4 $63.0 $60 driven by a 39.6% increase in baccarat drop 23.8% 23.8% 20% $40 19.7% 18.2% 10% Slot handle increased 6.8% to $475.4 million $20
$0 0% RevPAR increased 6.8% to $188 driven by increased 2Q12 2Q13 2Q12 2Q13 hotel occupancy Composition of Table Games Drop — Room revenue increased 6.9% to $120.6 million ($MM) $700 $551 Best opportunities for future growth: $600 $500 $435 $209 $400 — High‐end Asian gaming growth $300 $189 $200 $342 $245 —Increase in group room sales in 2013 and 2014 $100 $0 2Q12 2Q13 Baccarat Non‐Baccarat
Las Vegas is Stable. . . And We Are Investing in Our Properties for the Future 31 Sands Bethlehem Operations Second Quarter 2013 Details
Hold‐adjusted, adjusted property EBITDA increased 9.5% Adjusted Property EBITDA to reach $30.5 million and Adjusted Property EBITDA Margin Actual Hold‐Adjusted — Adjusted property EBITDA increased 24.9% to ($MM) record $33.6 million $40 40% $33.6 $30.5 $30 $26.9 $27.8 30% Table games drop increased 18.5% to reach $258.9 $20 26.5% 20% million 23.4% 23.9% 24.8%
$10 10% Slot handle increased 4.2% to $1.06 billion $0 0% 2Q12 2Q13 2Q12 2Q13 Retail outlet mall (150,000 SF) featuring 23 stores including Coach, Tommy Hilfiger, DKNY and recently Composition of Table Games Drop
opened European Body Concepts Day Spa ($MM) $300 $259 Event Center (50,000 SF) $218 $200 $138 $118 — Headline events include Willie Nelson, The Beach $100 Boys, Incubus, Glenn Frey, Crosby Stills and Nash, $100 $121 NBC Fight Night, and Diana Krall with average $0 occupancy of 85% 2Q12 2Q13 Baccarat Non‐Baccarat
Table Games, Slots, Hotel and Event Center All Contributing to Growth 32 European Development Update
In December 2012, the government of the region of Madrid passed legislation that outlined the regulatory framework to enable Integrated Resort development in the Madrid region
The next steps in the development process include:
1 Local, Regional and National Governments to complete enabling legislation and secure approval by EU as required
2 Madrid Government to conduct a competitive tender process
3 Determination of specific development site
4 Determination of size and scope of first phase of master plan
5 Complete evaluation of financing options
6 Acquisition of land for development
Any Investment Would be Subject to the Receipt of Government Approvals and the Finalization of a Grants and Incentives Package that Would Enable Investment, as well as Success in a Competitive Tender Process 33 Macao Market Background and Infrastructure Slides VIP Gaming is 68% of Total Macao GGR… …but Mass Tables and Slots Generate ~65% of Gaming Operating Profit
LTM June 2013 Macao Market Composition of Macao Market Gross Gaming Gross Gaming Revenue Revenue and Est. Gaming Operating Profit2 2Q13 YoY ($MM) Growth $45,000 100% $40,915 +16% $40,000 35% $35,000 80%
$30,000 68% $27,757 +11% 60% $25,000
$20,000 ~2X 40% $15,000 65% $10,000 20% $13,159 +27%1 32% $5,000
$0 0% Gross Gaming Revenue Gross Gaming Revenue Operating Profit Mass Tables and Slots VIP Gaming Mass Tables and Slots VIP Gaming
Mass Gaming Generates 32% of the Gaming Revenue, but ~65% of the Gaming Operating Profit
Source: Macao DICJ 1. The mass table segment grew 30% and the slot business grew 6% year-over-year 35 2. This presentation reflects an assumed operating profit margin of 10.0% on gross VIP revenue and a blended margin of 40% on mass table and slot gross revenue Strong and Consistent Growth in Macao’s High Margin Mass Market Macao Mass Table and Slot Gross Gaming Revenue
($MM)
$14,000 $13,159 60%
$12,000 $11,674 50%
$10,000 39% $8,949 40% 33% $8,000 30% 30% 36% $6,587 28% 30% $6,000 $4,952 $4,358 16% 20% $4,000 $3,355 14% $2,409 $2,084 10% $2,000
$0 0% 2005 2006 2007 2008 2009 2010 2011 2012 LTM 6/30/13 Mass Table and Slot GGR Year‐over‐Year Growth
Macao’s Mass Table and Slot Revenue has Grown by at Least 27% in each of the Last 15 Quarters 36 Source: Macao DICJ China’s High‐Speed Rail Connecting More of Mainland China to Macao
Guangzhou – Zhuhai Intercity Rail . Wuhan– Guangzhou High‐Speed Rail Rail line connecting Guangzhou to . Wuhan is the capital of Hubei Province Zhuhai, where the Gongbei border and the most populous city in Central gate to Macao is located China with ~10 million people . Guangzhou is the largest city in . Wuhan is a major transportation hub Guangdong province and is a key and known as the economic hub of economic and transportation hub Central China . Reduces travel time from Guangzhou . HSR reduces travel time to Guangzhou to Zhuhai from 2+ hours by bus to as from 11 hours by bus to 3.5 hours by short as 60 minutes train . Zhuhai station opened in Jan 2013 . One of the most successful routes with . 75‐80 trains in each direction each day Future link to Macao Light Rail System
37 Source: Union Gaming, LVS Growth in Visitation from Deeper Within China is Happening…
Year‐Over‐Year Visitation Growth Mainland China Visitation to Macao
Twelve Months Ended June 30, Population Penetration Province 2012 2013 % Change (MM) Rate (LTM)
Guangdong 8,295,741 7,937,614 ‐4% 104 7.6%
Fujian 931,500 784,851 ‐16% 37 2.1%
Zhejiang 603,219 631,603 +5% 54 1.2%
Hunan 584,318 600,880 +3% 66 0.9%
Shanghai 487,537 540,647 +11% 23 2.3%
Jiangsu 460,943 510,863 +11% 79 0.6%
Sichuan 316,684 369,432 +17% 80 0.5%
Beijing 328,157 343,710 +5% 20 1.8%
Henan 295,447 356,168 +21% 94 0.4%
Tianjin 120,615 124,302 +3% 13 1.0%
All Other Provinces 4,374,712 5,497,569 +26% 784 0.7% Less than ‐10% 0% ‐ 10% Greater than 20% Total China 16,798,873 17,697,639 +5% 1,354 1.3% ‐10% ‐ 0% 10% ‐ 20% Data Not Available
NOTE: Penetration rates assume that each visitor to Macao from Mainland China is a unique visitor 38 Source: Macao DSEC; National Bureau of Statistics of China; LVS Estimates Meaningful Infrastructure Improvements Throughout the Pearl River Delta Region
Guangzhou Wuhan – Guangzhou High‐Speed Rail Population: 16M • 3.5 hour train ride GDP Per Capita: US$12,000 • 75‐80 trains in each direction per day
Guangzhou – Shenzhen –Hong Kong Rail • 2 hour train ride from Guangzhou to HK • 25 trains in each direction per day Guangzhou – Zhuhai Intercity Rail • 70 ‐ 90 minute train ride (2+ hours by bus) • 25 ‐ 35 trains in each direction per day • Final link to Gongbei border gate completed in Shenzhen January 2013 Population: 10M GDP Per Capita: US$18,000
China Border Gate Expansion • Daily capacity going from 150,000 to 350,000 people in 2H13 Hong Kong • Will reduce average wait times on China side of Population: 7M border (2+ hours today) GDP Per Capita: US$34,000
Hong Kong‐Macao‐Zhuhai Bridge Hengqin Island (2016) • Special economic area • Over $20B of overall investment • Over 10,000 hotel rooms Macao Infrastructure Legend • First phase of Chimelong theme park to open in Population: 0.6M 2013 and expected to attract 20M visitors GDP Per Capita: US$66,000 Existing annually when fully built Completed in 1Q13 Future 39 Source: World Bank, China Daily, Chinatrainguide.com, Analyst reports. Note: population and GDP data from 2011 While Day‐Trip Visitation Growth to Macao has Slowed….Overnight Visitation has Continued to Expand
Mainland China Day‐Trip Visitors to Macao Mainland China Overnight Visitors to Macao Growth ‐9% +19% +28% 0% +1%1 Growth ‐1% +22% +16% +10% +10%0 1 (MM) (MM)
10.0 9.0 8.5 9.2 8.8 8.8 8.1 9.0 8.0 7.3 8.0 7.0 6.9 6.3 7.0 6.0 5.8 6.0 5.2 5.0 5.0 4.0 4.0 3.0 3.0 2.0 2.0
1.0 1.0
0.0 0.0 2009 2010 2011 2012 LTM 2009 2010 2011 2012 LTM June 2013 June 2013 Additional Hotel Capacity and Transportation Infrastructure will Enhance Overnight Visitation Growth to Macao in the Future
Source: Macao DSEC 40 1. Reflects the growth compared to the twelve month period ended June 30, 2012 Visitation to Macao Can Meaningfully Grow 34.9 Million Residents of Mainland China Visited Hong Kong in 2012
Mainland China Visitation to Macao and Hong Kong
Macao ‐5% +20% +22% +5% Hong Kong+6% +26% +24% +24% (MM) 40.0 34.9 35.0 Hong Kong Received 30.0 28.1 18M More Visitors from 25.0 22.7 China in 2012 than did 20.0 18.0 16.9 Macao 16.2 15.0 13.2 11.0 10.0
5.0
0.0 2009 2010 2011 2012 Macao Hong Kong Robust Transportation Infrastructure, 74,000 Hotel Rooms and World‐Class Dining and Shopping Amenities Enabled 34.9 Million Mainland Chinese Visitors to Hong Kong in 2012 41 Source: Macao DSEC; Hong Kong Tourism Board Hengqin Island to Support Macao’s Long Term Growth and Diversification
Map of Hengqin Island New Area Important Facts
Island adjacent to Macao (3X the size of Macao) that has been welcomed by President Xi Jinping as a strategic zone for cooperation among Guangdong Province, Hong Kong and Macao Master‐planned island with greater than US$20 billion of investment focused on tourism development, industrial and technological innovation and education Designed to contribute to the diversification of Macao —Hengqin’s central business district will feature a 2.5 million square foot convention center —More than 10,000 hotel rooms expected to open over the next five years Phase one of the US$3 billion Chimelong International Ocean Resort is expected to open in September 2013 —Phase one will feature 1,888 hotel rooms and an outdoor theme park containing the world’s longest roller coaster and largest Ferris wheel —At completion, the resort is expected to attract 20 million visitors per year 42 Sources: Macau Daily, Zhuhai Daily, Chimelong Group, Hengqin New Area Administrative Committee Market Leading Hotel Capacity at LVS Las Vegas Sands Operates 39% of Macao’s Current 4/5‐Star Hotel Inventory Macao Market Gaming Operator Hotel Rooms1
10,000 9,277 Hotel % of Gaming % of Total Gaming Operator Rooms Operators Market Sands Macao, 289 9,000 Four Seasons Las Vegas Sands 9,354 56% 39% Macao, 360 ` Galaxy Entertainment 3,259 19% 13% 8,000 Melco Crown 1,677 10% 7% The Wynn Resorts 1,014 6% 4% Venetian Macao 7,000 SJM Holdings² 839 5% 3% 2,905 MGM China 587 4% 2% 6,000 Subtotal Gaming Operators 16,730 100% 69% Other 4/5 Star 7,510 0% 31% 5,000 Total 24,240 100% 100%
4,000 3,259 Sands Cotai 3,000 Central Starworld, 509 5,723 Grand Waldo, 550 2,000 1,677 Altira Macau, 216 Galaxy Macau 1,014 839 1,000 Melco Crown 587 2,200 Wynn Macau Sofitel Macau, 408 1,461 1,014 Grand Lisboa, 431 MGM Grand, 587 0 Las Vegas Sands Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China
LVS has developed more hotel rooms than the other five gaming operators combined
1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,510 additional four‐ and five‐star hotel rooms in Macao 2. Reflects only SJM Holdings self‐owned hotels 43 Source: Company filings, Macao DSEC Market Leading Hotel Capacity at LVS Projected Macao Market 4/5 Star Hotel Rooms at December 31, 2017
Macao Market Gaming Operator Hotel Rooms at December 31, 20171
14,000 Hotel % of Gaming % of Total 12,377 Gaming Operator Rooms Operators Market Las Vegas Sands 12,454 44% 35% 12,000 ` The Parisian Galaxy Entertainment 4,559 16% 13% Macao Melco Crown 3,677 13% 10% Wynn Resorts 3,014 11% 8% 10,000 3,100 SJM Holdings² 2,339 8% 7% Sands Macao, 289 Four Seasons MGM China 2,187 8% 6% Macao, 360 Subtotal Gaming Operators 28,230 100% 78% 8,000 The Other 4/5 Star 7,746 0% 22% Venetian Macao Total 35,976 100% 100% 2,905 6,000 4,559 3,677 4,000 Galaxy Macau Phase II Sands Cotai 1,300 3,014 Central Starworld, 509 Macau Studio City 2,339 2,187 5,723 Grand Waldo, 550 2,000 Wynn Cotai 2,000 SJM Cotai Altira Macau, 216 2,000 MGM Cotai Galaxy Macau 1,500 2,200 City of Dreams 1,600 1,461 Wynn Macau, 1,014 Sofitel Macau, 408 0 Grand Lisboa, 431 MGM Grand, 587 Las Vegas Sands Galaxy Entertainment Melco Crown Wynn Resorts SJM Holdings² MGM China
At the completion of the next phase of development, LVS will operate 44% of all gaming operator hotel rooms
1. In addition to the hotel rooms that are owned by gaming operators presented here, there are 7,746 additional four‐ and five‐star hotel rooms in Macao 2. Reflects only SJM Holdings self‐owned hotels 44 Source: Company filings, DSEC